|
Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
STAHL INDIA PRIVATE LIMITED |
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Registered
Office : |
1/A, Sarguna Salai, Nagalkeni, Chrompet, Chennai-600044, Tamilnadu |
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Country : |
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|
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Financials (as
on) : |
31.03.2010 |
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|
|
Date of
Incorporation : |
29.01.1998 |
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|
|
|
Com. Reg. No.: |
18-039811 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 90.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24117TN1998PTC039811 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturers and
suppliers of leather processing products such as Filler, Lacquer, Resin Binder,
Poly Urethene top coat and other chemicals used in leather industry and agro
industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1890000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Directors are reported to be an experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Corporate office : |
1/A, Sarguna Salai, Nagalkeni, Chrompet, Chennai-600044, |
|
Tel. No.: |
91-44-2362702/ 22362703/22485102 |
|
Fax No.: |
91-44-2388389/22484389 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
84, |
DIRECTORS
As on 18.08.2011
|
Name : |
Mr. Timothy Amos |
|
Designation : |
Managing Director |
|
Address : |
3-B, |
|
Date of Birth/Age : |
08.04.1853 |
|
Date of Appointment : |
01.01.2002 |
|
DIN No.: |
00391232 |
|
|
|
|
Name : |
Mr. Srinivasan Rajgopalan |
|
Designation : |
Director |
|
Address : |
5/712, B New Bharthi Nagar, Sipcot, Ranipet, Vellore-632403, |
|
Date of Birth/Age : |
22.08.1958 |
|
Date of Appointment : |
01.01.2002 |
|
DIN No.: |
00382720 |
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|
|
|
Name : |
Mr. Christiann Johannes Maria Daamen |
|
Designation : |
Director |
|
Address : |
Molenbeek 26, 5172CG Kaatsheuvel, The |
|
Date of Birth/Age : |
20.09.1958 |
|
Date of Appointment : |
09.02.2008 |
|
DIN No.: |
02256199 |
KEY EXECUTIVES
|
Name : |
I K Gayathri |
|
Designation : |
Secretary |
|
Address : |
B-2, Kottur Villa Apartments, |
|
Date of Birth/Age : |
03.09.1970 |
|
Date of Appointment : |
01.03.2010 |
|
Pan No.: |
AGUPG0001F |
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|
|
|
Name : |
S. Saravanan |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
8144999 |
|
Stahl |
|
1 |
|
TOTAL |
|
8145000 |
Equity Share Break up (Percentage of Total Equity)
As on 18.08.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and suppliers
of Leather Processing products such as Filler, Lacquer, Resin Binder, Poly
Urethene top coat and other chemicals used in Leather Industry and Agro
Industry. |
||||
|
|
|
||||
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Products : |
|
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Specialty Leather Finishing Chemicals |
Kgs |
NA |
5000000 |
4632955 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
ABN Amro Bank, N.V, Chennai ·
State Bank of ·
State Bank of ·
IDBI Bank Limited, Chennai |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chartered Accountant |
|
Address : |
Price Waterhouse and Company, 32, |
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PAN.: |
AADFP9359C |
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|
|
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Ultimate Holding Company : |
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|
|
|
|
Holding Company : |
|
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|
|
|
Fellow Subsidiaries : |
·
·
·
·
Stahl Trading Shanghai Company Limited ·
Stahl UK Limited ·
Stahl USA Inc ·
Stahl De Maxico SA De ·
Stahl Coating and Fine Chemicals ( ·
Stahl Brazil SA ·
Stahl Asia Private Limited ·
Stahl |
CAPITAL STRUCTURE
As on 18.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- Each |
Rs.90.000 Millions |
|
9000000 |
Preference Shares |
Rs. 10/- Each |
Rs. 90.000 Millions |
|
|
TOTAL |
|
Rs. 180.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8145000 |
Equity Shares |
Rs.10/- Each |
Rs.81.450 Millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- Each |
Rs.90.000 Millions |
|
9000000 |
Preference Shares |
Rs. 10/- Each |
Rs. 90.000 Millions |
|
|
TOTAL |
|
Rs. 180.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- Each |
Rs.90.000 Millions |
|
|
|
|
|
Notes: Number of Equity shares held by the holding company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
90.000 |
90.000 |
90.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
381.417 |
379.478 |
316.849 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
471.417 |
469.478 |
406.849 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
12.500 |
16.100 |
15.200 |
|
|
|
|
|
|
|
|
TOTAL |
483.917 |
485.578 |
422.049 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
163.305 |
166.873 |
164.566 |
|
|
Capital work-in-progress |
3.006 |
0.226 |
1.148 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
128.917
|
133.471
|
126.679
|
|
|
Sundry Debtors |
273.991
|
170.013
|
172.147
|
|
|
Cash & Bank Balances |
53.081
|
82.855
|
71.322
|
|
|
Other Current Assets |
0.162
|
0.562
|
0.448 |
|
|
Loans & Advances |
42.176
|
51.542
|
38.069
|
|
Total
Current Assets |
498.327
|
438.443 |
408.665 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
161.292
|
103.245 |
131.804 |
|
|
Other Current Liabilities |
10.106
|
7.903 |
11.431 |
|
|
Provisions |
9.323
|
8.816 |
9.095 |
|
Total
Current Liabilities |
180.721
|
119.964 |
152.330 |
|
|
Net Current Assets |
317.606
|
318.479
|
256.335
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
483.917 |
485.578 |
422.049 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
1065.629 |
869.778 |
767.405 |
|
|
|
Other Income |
14.376 |
9.598 |
12.098 |
|
|
|
TOTAL (A) |
1080.005 |
879.376 |
779.503 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
603.938 |
500.421 |
417.796 |
|
|
|
Manufacturing Expenses |
151.179 |
142.872 |
126.229 |
|
|
|
Employee cost |
67.699 |
55.836 |
48.236 |
|
|
|
TOTAL (B) |
822.816 |
699.129 |
592.261 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
257.189 |
180.247 |
187.242 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST/
FINANCIAL EXPENSES (D) |
0.936 |
0.740 |
0.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
256.253 |
179.507 |
186.516 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.069 |
13.249 |
12.232 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
242.184 |
166.258 |
174.284 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
82.900 |
59.121 |
60.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
159.284 |
107.137 |
114.067 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
241.360 |
187.055 |
150.731 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.928 |
10.714 |
11.407 |
|
|
|
Dividend |
132.300 |
36.000 |
56.700 |
|
|
|
Tax on Dividend |
22.484 |
6.118 |
9.636 |
|
|
BALANCE CARRIED
TO THE B/S |
229.932 |
241.360 |
187.055 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
28.025 |
14.999 |
11.066 |
|
|
|
Commission |
0.000 |
0.000 |
2.231 |
|
|
TOTAL EARNINGS |
28.025 |
14.999 |
13.297 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
178.700 |
157.765 |
129.130 |
|
|
|
Stores & Spares |
0.180 |
0.433 |
0.115 |
|
|
|
Trading Goods |
102.035 |
107.182 |
57.918 |
|
|
|
Capital Goods |
5.444 |
2.702 |
1.621 |
|
|
TOTAL IMPORTS |
286.359 |
268.082 |
188.784 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.70 |
11.90 |
12.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.75
|
12.18
|
14.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.73
|
19.11
|
22.71
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.60
|
34.26
|
30.42
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.35
|
0.43
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.26
|
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
3.65
|
2.68 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
The year 2009-10 has been a year of growth and consolidation for us. The
effects of recession faded out and they grew by 22% compared to previous year.
Raw material prices also softened a bit in 2009-10 compared to previous year
and they were able to reduce their raw materials costs by 1% this year due to
better availability of materials and better negotiation capability of their
purchasing team. Competition was tough and customers were more demanding,
however, inspite of all the difficulties they were able to maintain their
leadership position in the industry and were able to maintain their sales
higher as compared to competition. On tonnage they achieved sales of 6,912 tons
during 2009-10 as compared to 5,733 tons in 2008-09. On value terms our sales
have grown by 22% as compared to the previous year.
During the year they commenced operations of their Ambur lab wherein
they have invested in land, building and machineries. This lab will cater to
requirements of Ambur, Vaniyambadi and Ranipet markets, and will help them in
further penetration of their business.
Their technical sales team is well respected in the leather industry
circles, for its innovativeness and speed of response. They stand by their
objective of being the “first choice call for tanners and coaters when they
have a problem”. As of March 2010 our total technician’s strength stood at 51
with another 12 in business support.
Their earnings per share had jumped up quite significantly to P.s. 17.70
in 2009-10 from Ps.1 1.90 in 2008-09 this is mainly due to higher sales and
better cost of raw materials.
FUTURE OUTLOOK
2010-11 is expected to be a boom year with economies across the globe
coming out of recession, and demand renewing. As usual they will ensure that
all strings are pulled so that they yet again outperform the market growth.
They have set ourselves an ambitious growth target of more than 12% in sales
and EBJTDA. With their Ambur lab filly operational during this year we should
see good growth in business. During the year we have invested Rs. 14.2 million
in fixed assets in our Ranipet factory, Ambur lab and Chennal corporate office
in order to improve their manufacturing efficiency and achieve our targeted
growth levels. In the next year they are planning to improve their production
capacity significantly to help cater to growth plans of their company.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2010 Rs. In Millions |
31.03.2009 Rs. In Millions |
|
Claims against the company not acknowledge as debts |
0.156 |
0.049 |
|
|
|
|
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Computer
·
Office Equipments
·
Furniture and Fixtures
·
Motor Vehicles
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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.