MIRA
INFORM REPORT
|
Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
MONAD TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 40-49, EPIP-II Village Thane, P.O. Baddi Tehsil -
Nalagarh Solan - 173205, Himachal Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.09.2003 |
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Com. Reg. No.: |
06-026412 |
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Capital
Investment / Paid-up Capital : |
Rs. 30.000 Millions |
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CIN No.: [Company Identification
No.] |
U21093HP2003PTC026412 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PTLM13066E |
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PAN No.: [Permanent Account No.] |
AAECM1635N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
and Supplier of corrugated paper boxes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 380000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of the ‘Horizon Pack Group’. It is an established company
having moderate track. It has recorded a healthy growth in its sales turnover during 2011 but
it has incurred heavy loss. External borrowings of the company appears to be huge. However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with slight
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 23, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 40-49, EPIP-II Village Thane, P.O. Baddi Tehsil -
Nalagarh Solan - 173205, Himachal Pradesh, India |
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Tel. No.: |
91-1795-274166 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
205/206, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla
(West), Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-23074652/ 23075042 |
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Fax No.: |
91-22-23073414 |
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E-Mail : |
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Factory 2 : |
Khasara No. 69, 70G, 72, Village-Jafferpur, Tehsil-Gadarpur, District Udham
Singh Nagar - 263153, Uttarkhand, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mrs. Kirit Natvarlal Modi |
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Designation : |
Director |
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Address : |
Q-3/Q-4, 17th Floor, Eden Hall, Dr. A.B. Road, Worli, Mumbai
– 400018, Maharashtra, India |
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Date of Birth/Age : |
09.03.1949 |
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Date of Appointment : |
18.02.2005 |
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DIN No.: |
00167607 |
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Other Directorship: |
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Name : |
Mr. Sachin Kirit Modi |
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Designation : |
Director |
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Address : |
Q-3/Q-4, 17th Floor, Eden Hall, Dr. A.B. Road, Worli,
Mumbai – 400018, Maharashtra, India |
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Date of Birth/Age : |
31.12.1973 |
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Date of Appointment : |
18.02.2005 |
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DIN No.: |
00701561 |
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Other Directorship: |
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Name : |
Mr. Swapnil Kirit Modi |
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Designation : |
Director |
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Address : |
Q-3/Q-4, 17th Floor, Eden Hall, Dr. A.B. Road, Worli,
Mumbai – 400018, Maharashtra, India |
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Date of Birth/Age : |
27.02.1980 |
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Date of Appointment : |
18.02.2005 |
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DIN No.: |
00701614 |
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Other Directorship: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Nandini Modi |
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1074000 |
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Kirti Natwarlal Modi |
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6000 |
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Sachin K. Modi |
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960000 |
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Swapnil K. Modi |
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960000 |
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Total |
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3000000 |
AS ON 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of corrugated paper boxes. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Corrugated Boxes/ Partitions |
Nos. |
Industrial
License |
Not Applicable |
-- |
GENERAL INFORMATION
|
Suppliers : |
Ř Agarwal Duplex
Board Mills Limited Ř Bhagwati Kripa
Paper Mills Private Limited Ř Compac
Technologies India Limited Ř Cosy Packagers
Private Limited Ř Dev Priya
Industries Limited Ř Doplhin Inks
Private Limited Ř Genus Paper products
Limited Ř Gangotri Paper
Mills Private Limited Ř Manisha
Corporation Ř Maruti Paper
Limited Ř Manisha Wire
Industry Ř Reliable
Corporation Ř Ruby Macons
Limited Ř Shagun and
Company Ř Shree Laxmi
Trading Company Ř XL Associates |
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Customers : |
Ř Ace Plastics Ř Alliance Inc. Ř Alpla India
Private Limited Ř Asian Aerosol Ř Avalon Cosmetics
Private Limited Ř Chrysalis Plasso Ř Cadbury India
Limited Ř Clear Plastics
Limited Ř Colgate
Palmolive India Limited Ř D.B. Plastics Ř Essel Propack Ř Everest
Laminators Private Limited Ř Gillette India
Limited Ř Godrej Consumer
Products Limited Ř Hitesh Plastics
Private limited Ř ITC Limited Ř Johnson and
Johnson Limited |
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No. of Employees : |
Not Available |
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Bankers : |
Ř Small Industries
Development Bank of India, 145-146, First and Second Floor, Sector-17C,
Chandigarh – 160017, India Ř Citibank N.A.,
Trent House, 2nd Floor, G Block, Plot No. C60, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Ř Union Bank of
India, Fauzi Complex, Sai Road, Baddi – 173205, Himachal Pradesh, India Ř Yes Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sood Ajay and Company Chartered Accountants |
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Address : |
294, Phase - II, Housing Board Colony, Sai Road, Baddi, Solan –
173205, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-247117 |
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Income-tax
PAN of auditor or auditor's firm : |
ABDFS5812Q |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
30.000 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
65.089 |
89.448 |
58.650 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
95.089 |
119.448 |
71.150 |
|
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
317.773 |
249.317 |
54.095 |
|
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2] Unsecured Loans |
130.122 |
43.183 |
23.993 |
|
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TOTAL BORROWING |
447.895 |
292.500 |
78.088 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
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|
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|
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TOTAL |
542.984 |
411.948 |
149.238 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
314.939 |
259.277 |
104.293 |
|
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Capital work-in-progress |
51.076 |
81.809 |
2.343 |
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INVESTMENT |
0.100 |
0.100 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
97.162
|
48.704 |
35.853 |
|
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Sundry Debtors |
125.672
|
58.359 |
55.287 |
|
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Cash & Bank Balances |
(9.202)
|
12.076 |
(11.471) |
|
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Advance Taxes |
22.923
|
22.368 |
5.305 |
|
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Loans & Advances |
3.170
|
3.914 |
6.772 |
|
Total
Current Assets |
239.725
|
145.421 |
91.746 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
49.803
|
67.704 |
41.003 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
19.269
|
15.505 |
8.912 |
|
Total
Current Liabilities |
69.072
|
83.209 |
49.915 |
|
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Net Current Assets |
170.653
|
62.212 |
41.831 |
|
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MISCELLANEOUS EXPENSES |
6.216 |
8.550 |
0.721 |
|
|
|
|
|
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|
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TOTAL |
542.984 |
411.948 |
149.238 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
|
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|
|
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Other Income |
|
|
|
|
|
|
TOTAL (A) |
709.752 |
429.533 |
416.935 |
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Less |
EXPENSES |
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|
|
|
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Administrative Expenses |
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Advertising Expenses |
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|
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|
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TOTAL (B) |
663.653 |
381.319 |
369.151 |
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|
|
|
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
46.099 |
48.214 |
47.784 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.054 |
8.591 |
5.137 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.045 |
39.623 |
42.647 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
38.640 |
12.638 |
9.935 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(20.595) |
26.985 |
32.712 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.764 |
8.390 |
4.523 |
|
|
|
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|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(24.359) |
18.595 |
28.189 |
|
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|
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|
Earnings/ (Loss)
Per Share (Rs.) |
(8.12) |
6.20 |
22.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(3.43) |
4.33 |
6.76 |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.71) |
6.67 |
16.69 |
|
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|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22) |
0.23 |
0.46 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.44 |
3.15 |
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.47 |
1.75 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U21093HP2003PTC026412 |
|
Name of the
company |
MONAD
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 40-49, EPIP-IIVILL. Thane, P.O. Baddi Tehsil -
Nalagarh Solan - 173205, Himachal Pradesh, India Email: horizon@horizonpacks.com
|
|
This form is for |
Creation of charge
|
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Small Industries Development Bank of India, 145-146, First and Second
Floor, Sector-17C, Chandigarh – 160017, India Email: msinha@sidbi.in |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation dated August 21, 2012 |
|
Date of
instrument Creating the charge |
21.08.2012 |
|
Amount secured by
the charge |
Rs. 351.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest NA Terms of Repayment NA Margin NA Extent and Operation of the charge The charge
operates on second charge basis over the assets as detailed at Sr. No.15 Others Second charge on
the current assets of the company ceded by Union bank of India in favour of
SIDBI. |
|
Short particulars
of the property charged |
Second charge on
the current assets i.e. stocks and Book Debts of the company. |
FIXED ASSETS:
Ř
Hyundai Account
Ř
Boiler
Ř
Borewell
Ř
Computer and Printers
Ř
DG-Genset
Ř
Electrical Installation
Ř
EPBX and Telephone System
Ř
Factory Building
Ř
Factory Security Systems
Ř
Fire Fighting Equipments
Ř
Forklift
Ř
Furniture and Fixture
Ř
Vehicles
Ř
Land
Ř
Plant and Machinery
Ř
Waste Treatment Plant
Ř
Water Cooler
Ř
Water Purifier
Ř
Weigh Bridge etc.
WEBSITE DETAILS:
MILESTONES:
1991 - Commencement of the First Corrugated Box Plant
1993 - Pyramid Packaging Private Limited – Bangalore
1995 - Sigma Pack– Puducherry
1997 - Trend Pack – Khamgaon
1997 - Tech Packs – Chhindwara
1998 - Corrukraft Packaging – Daman
2003 - Everest Laminators Private Limited – Kolkata
2005 - Monad Technologies Private Limited – Baddi, Himachal Pradesh
2007 - Sigma Pack – Tamil Nadu
2008 - Sigma Pack – Chennai
2010 - Monad Technologies Private Limited - Rudrapur, Uttarakhand
2012 - Pyramid Packaging Private Limited - Bangalore
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 53.12 |
|
|
1 |
Rs. 85.15 |
|
Euro |
1 |
Rs. 68.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.