MIRA
INFORM REPORT
|
Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
STAHL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1/A, Sarguna Salai, Nagalkeni, Chrompet, Chennai-600044, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
|
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Date of
Incorporation : |
29.01.1998 |
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Com. Reg. No.: |
18-039811 |
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Capital
Investment / Paid-up Capital : |
Rs.81.450
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24117TN1998PTC039811 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES05466G |
|
|
|
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PAN No.: [Permanent Account No.] |
AACCS3208H |
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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 (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a Subsidiary of ‘Stahl Netherlands BV’. It is a well
established company having a fine track record. Directors are reported to be an
experienced and respectable businessmen. There appears slight dip in the
profits. However, financial position of the company is good. Trade relations
are reported as decent. Business is active. Payments are reported to be
regular and as per commitment. The company can be considered good for any 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 |
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/ 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: 09.09.2012
|
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 |
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|
|
|
Name : |
Mr. Tuncay Deriner |
|
Designation : |
Director |
|
Address : |
3-B, |
|
Date of Birth/Age : |
29.06.1971 |
|
Date of Appointment : |
03.09.2012 |
|
DIN No.: |
06372009 |
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|
|
|
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 : |
S. Saravanan |
|
Designation : |
Secretary |
|
PAN No.: |
AASPS5744B |
MAJOR SHAREHOLDERS
As on: 09.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
8144999 |
|
Stahl |
|
1 |
|
TOTAL |
|
8145000 |
Equity Share Break up (Percentage of Total Equity)
As on: 09.09.2012
|
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. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
32, Khader Nawaz Khan Road, Nungambakkam, Chennai-600006, Tamilnadu,
India |
|
PAN No.: |
AADFP9359C |
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Ultimate Holding
Company: |
Stahl Holdings BV |
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|
|
|
Holding Company: |
Stahl Netherlands BV |
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Fellow Subsidiaries
: |
· Stahl International BV · Stahl UK Limited · Stahl Brazil SA · Stahl Europe BV · Stahl (USA) Inc · Stahl Asia Pte Limited · Stahl Finance BV · Stahl de Mexico SA de · Stahl Pakistan · Stahl Trading (Shanghai) Company · Stahl Coatings and Fine Chemicals(Suzhou) Company Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
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 |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
81.450 |
81.450 |
90.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
433.560 |
396.844 |
381.417 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
515.010 |
478.294 |
471.417 |
|
|
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 |
14.400 |
9.200 |
12.500 |
|
|
|
|
|
|
|
|
TOTAL |
529.410 |
487.494 |
483.917 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
159.781 |
154.300 |
163.305 |
|
|
Capital work-in-progress |
1.533 |
7.288 |
3.006 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
205.410
|
188.538 |
128.917
|
|
|
Sundry Debtors |
301.577
|
269.303 |
273.991
|
|
|
Cash & Bank Balances |
38.767
|
37.758 |
53.081
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.162
|
|
|
Loans & Advances |
50.848
|
62.508 |
42.176
|
|
Total
Current Assets |
596.602
|
558.107 |
498.327 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
155.170
|
153.730 |
161.292
|
|
|
Other Current Liabilities |
70.514
|
68.652 |
10.106
|
|
|
Provisions |
2.822
|
9.819 |
9.323
|
|
Total
Current Liabilities |
228.506
|
232.201 |
180.721 |
|
|
Net Current Assets |
368.096
|
325.906 |
317.606
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
529.410 |
487.494 |
483.917 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
NA |
1065.629 |
|
|
|
Other Income |
|
|
14.376 |
|
|
|
TOTAL (A) |
NA |
NA |
1080.005 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
603.938 |
|
|
|
Administrative Expenses |
|
|
151.179 |
|
|
|
Advertising Expenses |
|
|
67.699 |
|
|
|
TOTAL (B) |
NA |
NA |
822.816 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
257.189 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST/
FINANCIAL EXPENSES (D) |
NA |
NA |
0.936 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
239.828 |
273.193 |
256.253 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.140 |
14.741 |
14.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
223.688 |
258.452 |
242.184 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
75.600 |
84.600 |
82.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
148.088 |
173.852 |
159.284 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
221.997 |
229.932 |
241.360 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
14.809 |
17.385 |
15.928 |
|
|
|
Interim Dividend |
93.668 |
70.047 |
132.300 |
|
|
|
Tax on Interim Dividend |
15.195 |
11.634 |
22.484 |
|
|
|
Premium on Buy Back of Shares |
0.000 |
74.171 |
0.000 |
|
|
|
Amount Transferred to Capital Redemption Reserve |
0.000 |
8.500 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
246.413 |
221.997 |
229.932 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
51.545 |
45.048 |
28.025 |
|
|
TOTAL EARNINGS |
51.545 |
45.048 |
28.025 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
243.399 |
231.545 |
178.700 |
|
|
|
Stores & Spares |
0.602 |
0.591 |
0.180 |
|
|
|
Trading Goods |
159.683 |
110.487 |
102.035 |
|
|
|
Capital Goods |
1.629 |
1.550 |
5.444 |
|
|
TOTAL IMPORTS |
405.313 |
344.173 |
286.359 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.18 |
20.39 |
17.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
14.75
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
22.73
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.57
|
36.28 |
36.60
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.54 |
0.51
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
2.40 |
2.76
|
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 one year |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
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 |
No |
BUSINESS:
The year 2011-12 though a very tough year for business, Stahl India, with a growth of 9% in sales compared to previous year has proven that Quality and Technical Skills are predominant in this market and customers lap up Quality products when provided with Quality Technical Service. Raw material prices saw record highs during the period of 2011-12 which impacted cost of products. To top up the Raw Material Price increases, Indian Rupee depreciated significantly against US Dollar and Euro adding to prices of raw materials. To counter the Raw Material price increases and Currency Depreciation They increased selling prices during the year of 2011-12, but increase in Raw Material prices far outstripped selling price increases leading to lower gross margins. They are quite confident that with better negotiations with Raw Material Vendors during the coming year and further increases in selling prices, they will be able to get back lost gross margin next year. Competition was tough and customers were more demanding, however, despite 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 8,943 tons during 2011-12 as compared to 8,344 tons in 2010-11. On value terms their sales have grown by 9% as compared to the previous year.
During the year we have invested Rs.19 mio in new machineries and Lab Equipments in their Ranipet factory to augment their capacity and Pielcolor Lab in Chennai. They have installed ACN tank in Ranipet factory, which will help us handle this hazardous chemical more safely. During the year They have also inaugurated Pielcolor Lab at Chennai. Total additions to their Capital Assets during the year was Rs.24.5 mio as against Rs.8.7 mio in the previous year.
Our technical sales team is well respected in the leather industry circles, for its innovativeness and speed of response. Their stand by their objective of being the first choice call for tanners and coaters when they have a problem. As of March 2012 their total technician’s strength stood at 62 with another 13 in business support.
Their earnings per share is Rs.18.18 in 2011-12 and Rs.20.39 in 2010-11.
FUTURE OUTLOOK:
Future for leather industry looks positive with its own set of challenges. 2012-13 will be a challenging year considering the problems in Europe and US. There may be contraction in demand, but they are sure to keep their market share and have plans to grow market share in this tough market. They have set up their budgets which are 15% higher than the previous year and have action plans ready to meet the same. They will ensure that all strings are pulled so that they yet again outperform the market growth. They have set theirselves an ambitious growth target of more than 15% in sales and EBITDA. All their labs in Chennai, Ambur, Kolkata and Kanpur are fully geared and ready to service customers. Their new Pielcolor Lab, and the high investments in capital equipments during the year will help them reach their goal of 15% sales growth. Technicians are fully trained and equipped to provide customers with innovative products. During the next year they will be completing the New Shoe Finish Competency Centre which will help them meet global demand on Shoe Finish products. They also have ambitious plans to build a new RandD Lab and a new Application Lab at Ranipet which is a nerve centre for Leather Industry in India. Overall a very positive outlook and they are confident of better performance.
CONTINGENT LIABILITY
AS ON 31.03.2012
(Rs. in Millions)
|
Particulars |
As at 31.03.2012 |
|
Claims against the Company not acknowledged as debts Service tax matters under dispute by the Company |
0.156 |
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 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.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.