|
Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SREEVATSA ENGINEERING AND TRADING COMPANY SREEVATSA TUBE CORPORATION - A
DIVISION OF SREEVATSA ENGINEERING AND TRADING COMPANY |
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Registered
Office : |
No.7, Kamaraj Park Street, (off Suryanarayanana St.,) Royapuram, Chennai - 600013, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Year of
Establishment : |
1973 |
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Com. Reg. No.: |
VAT No: 33900060270 Date: 01.01.2007 CST No.: 69238 Date : 27.03.1986 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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IEC No.: |
IEC CODE - 0489015719 ECC No. AAACS 3098 RXD003. RANGE-5, COLL-121, Uthamar Gandhi Salai, Chennai - 600 034, Tamilnadu, India |
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Legal Form : |
Sole Proprietary Concern |
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Line of Business
: |
Trader, Dealer, Distributor and Stockists of Steel Tubes and Pipes |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established proprietary concern having satisfactory
track record. The concern is performing well. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitment. The concern can be considered normal for 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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.
INFORMATION PARTED BY
|
Name : |
Mr. A. Ramachandran |
|
Designation : |
Marketing Manager |
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Contact No.: |
91-44-42117953 |
|
Date : |
26.11.2013 |
LOCATIONS
|
Registered Office : |
No.7, Kamaraj Park Street, (off Suryanarayanana St.,)
Royapuram, Chennai - 600013, Tamilnadu, India. |
|
Tel. No.: |
91-44-25953149 / 25961029 / 25961030 / 25961031 / 25980120
/ 25950179 / 42117953 / 25960270 / 42115032 / 25965032 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Located At : Coimbatore |
|
Factory is in Coimbatore. Now
it is a shop floor more than manufacturing activities. The tube department is more about
procuring the tubes from various companies and stocking them. They are dealers and stockists for a number
of companies and thus production is not so active now. They have huge warehouses both in
Coimbatore and Chennai from where stocks are dispatched all over the state. |
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Branch Office : |
Located At · Bengaluru · Kovai · Pondicherry · Ernakulam · Mumbai ·
Secunderabad |
SOLE PROPRIETOR
|
Name : |
Mr. C.V.Ravindranath |
|
Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Mr. A. Ramachandran |
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Designation : |
Marketing Manager |
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Name : |
Mr. V.S. Ram Koundinya |
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Designation : |
Marketing Team - Office: |
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Name : |
Mr. K. Govinda Rajan |
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Designation : |
Finance Team - Office: |
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Name : |
Mr. N. Sridhar |
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Designation : |
Marketing and Finance |
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Sales Department: |
· Ms. Malini · Mr. N. Lakshminarayanan · Mr. R. Manikandan · Mr. D. Manoharan |
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Ware House and
Logistics : |
· Mr. D. Manoharan · Mr. K. Srinivasan · Mr. Saravanan |
BUSINESS DETAILS
|
Line of Business : |
Trader, Dealer, Distributor and Stockists of Steel Tubes
and Pipes |
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|
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Products : |
· Carbon Steel (CS) Welded Pipes and Tubes · GI Pipes · Carbon Steel (CS) Seamless Pipes and Tubes · Alloy Steel Pipes and Tubes · Stainless Steel Pipes and Tubes · Square and Rectangular Pipes · Boiler Tubes and Aerated Tubes · Fittings |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Steel Tubes |
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Countries : |
·
China ·
Korea |
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Terms : |
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Selling : |
L/C / Credit (30 Days) |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· State Bank of India · ICICI Bank Limited · Union Bank of India · HDFC Bank |
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Banking
Relations : |
--- |
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Auditors : |
Not Available |
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Sister Concern : |
·
Sree Venkateswara Engineering Corporation –
Specialized Industrial Fabrication and Manufacturing Division ·
Sreevatsa Tube Corporation – The Group’s Tube
trading Division ·
Sreevatsa Real estate Private Limited – The
Group’s Realty division ·
Sreevatsa Trading Company –Values and Utility
Related Trade Division |
CAPITAL STRUCTURE
|
Capital Investment : |
|
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
800.00 |
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The above information has been parted by Mr. A. Ramachandran.
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
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 |
No |
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8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
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31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
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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 |
PROFILE
The rapid growth in the Indian economy has been made possible due to the large
strides made by industry and service sectors. The growth of industry in Tamilnadu
has been led on the forefront by several medium and large enterprises. The
Sreevatsa Group based in Coimbatore has been one such contributor to this
changing industrial scenario.
Started in a humble way in 1943, Sreevatsa Engineering and Trading Company began to manufacture and market material handling equipment like wheel barrows, sacks, trucks, handcarts etc. The group’s relentless commitment to excel has resulted in consistent and continuous growth over the years. The group has a combined turnover of over Rs.800.000 Millions. The Sreevatsa Group includes :
· Sree Venkateswara Engineering Corporation-Specialized industrial fabrication and Manufacturing division
· Sreevatsa Tube Corporation - The Group’s Tube Trading Division
· Sreevatsa Real Estate Private Limited - The Group’s Realty division
· Sreevatsa trading Company - Values and Utility related trade division and
· Pneumatic Atomizing Mills - Group’s Chemical Division
Sreevatsa – The name is synonymous with all kinds of steel tubes and pipes. The Sreevats group started its activities in the mid forties as a small fabrication shop at Coimbatore and have branched out for trading activities in Chennai in early fifties. As the largest stockists and dealers they have been able to catch up to very many industries for their multi core activities for the past four decades and more. They have been able to maintain the continuous and timely supplies with highest quality with all the necessary precautions taken with utmost care for ensuring proper materials to be supplied to the proper client at the proper time to the maximum satisfaction of the clients specialization.
They are dealers and
stockists for the following companies :
Carbon Steel (CS)
Welded Pipes and Tubes
1. Jindal Pipes Limited
2. Topworth
3. Rathnamani
4. Welspun
5. PSL Holdings
6. Jindal Industries
7. Surindra Engineering
8. SAIL
9. Lalith Profiles
10. Nezone
GI Pipes and tubes
1. Jindal Pipes Limited
2. Maharashtra Seamless Limited
3. Swastik Pipes
4. Jindal Industries (Hissar)
5. Crimson
Carbon Steel (CS)
Seamless Pipes and Tubes
1. Maharashtra Seamless Limited
2. Jindal Saw Limited
3. ISMT (Indian Seamless Metal Tubes)
4. Mahalaxmi Seamless Limited
5. Anand Seamless Limited
Alloy Steel Pipes and
Tubes
1. Jindal Saw Limited
2. ISMT (Indian Seamless Metal Tubes)
3. Maharashtra Seamless Limited
Stainless Steel Pipes
and Tubes
1. REMI
2. Quality
3. APEX
4. Rathnamani
5. Prakash Steelage
Square and
Rectangular Pipes
1. Tata Steels
2. Jindal Pipes Limited
3. Nezone
Boiler Tubes and
Aerated Tubes
1. TI (Tube Investments)
2. Jindal Saw Limited
3. ISMT (Indian Seamless Metal Tubes)
4. Maharashtra Seamless Limited
5. Nezone Strips
Fittings
1. Hindustan Forge
2. KS Pipe Fittings
3. Chowdary Pipe Fittings
4. Sivananda Pipe Fittings
5. DHV Stainless Steel
In Tamilnadu and nearby states of Karnataka and Kerala, Sreevatsa tube are the most sought after. Be it in industrial application, construction, domestic, agricultural or any other application Sreevatsa has a solution for every need. They are a very quality conscious company and they are known for the quality products and services. They have a separate department for quality and
Their Quality Policy is listed below:
· Sreevatsa and Quality are synchronous with each other.
· Test Certificates provided for every tube.
· 3rd Party inspection done from time to time.
· Correlations tests conducted.
· Meeting customers’ requirements at all times.
Additionally, they have registered themselves with the Collectorate of customs and Central Excise and obtained Central Excise Registration Certificate in order to facilitate MODVAT Benefit to the buyers who have registered with the Central Excise.
The turnover for the group is over 1000.000 Millions. They are a cash rich company and have no financial outstandings. The premises both is Coimbatore and Chennai is their own and they have their own warehouses for storage.
A big reputed group from South India with their hands is many areas and doing well in all of them.
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.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.