|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL TRACTORS LIMITED |
|
|
|
|
Formerly Known
As : |
INTERNATIONAL TRACTORS AND FARM EQUIPMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
283, Sonalika House, AGCR Enclave, Karkardooma, Delhi – 110092 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
17.10.1995 |
|
|
|
|
Com. Reg. No.: |
55-073245 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.55.213 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PLC073245 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
JLDI00124F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI2272H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Tractors and Parts. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 53000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having good track record. Overall financials of the company appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are
regular and as per commitment. The company can be considered 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA: Fund Based Limits (CC/BPLC) |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
17th July, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+: Non Fund Based Limits (LC/BG) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
17th July, 2013 |
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. Ajit Singh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-1882-302220 |
|
Date : |
19.11.2013 |
LOCATIONS
|
Registered Office : |
283, Sonalika House, AGCR Enclave, Karkardooma, Delhi – 110092, India |
|
Tel. No.: |
91-11-45192200 / 22373785 |
|
Fax No.: |
91-11-22370492 / 22377472 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
Village Chak Gujran, P.O. Piplanwala Jalandhar Road, Hoshiarpur - 146022, Punjab, India |
|
Tel. No.: |
91-1882-302220/ 221/ 223 |
|
Fax No.: |
91-1882-302222 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Pankaj Plaza -1, Plot No. 2, Karkardooma Community Centre, Commercial Complex, New Delhi – 110092, India |
|
Tel. No.: |
91-11-22373785/ 89/ 91 |
|
Fax No.: |
91-11-22377472/ 0492 |
|
|
|
|
Factory : |
Located at: ·
Hoshiarpur, Punjab, India |
DIRECTORS
As on: 25.09.2012
|
Name : |
Mr. Lachman Dass Mittal |
|
Designation : |
Whole Time Director |
|
Address : |
283, Sonalika House, AGCR Enclave, Delhi - 110092, India |
|
Date of Birth/Age : |
05.11.1930 |
|
Date of Appointment : |
17.10.1995 |
|
PAN No.: |
AAFPM2407C |
|
DIN No.: |
00296922 |
|
|
|
|
Name : |
Mr. Amrit Sagar Mittal |
|
Designation : |
Whole Time Director |
|
Address : |
Sonalika Estate, D.C. Road, Hoshiarpur - 146001, Punjab, India |
|
Date of Birth/Age : |
03.08.1953 |
|
Date of Appointment : |
17.10.1995 |
|
PAN No.: |
AASPM1102D |
|
DIN No.: |
00307471 |
|
|
|
|
Name : |
Mr. Deepak Mittal |
|
Designation : |
Managing Director |
|
Address : |
Sonalika Estate, D. C. Road, Hoshiarpur 146001, Punjab, India |
|
Date of Birth/Age : |
23.03.1960 |
|
Date of Appointment : |
17.10.1995 |
|
PAN No.: |
AARPM7571R |
|
DIN No.: |
00307448 |
|
|
|
|
Name : |
Mr. Raman Mittal |
|
Designation : |
Whole Time Director |
|
Address : |
Sonalika Estate, D.C.Road, Hoshiarpur - 146001, Punjab, India |
|
Date of Birth/Age : |
29.11.1984 |
|
Date of Appointment : |
22.12.2008 |
|
PAN No.: |
AJGPM7096R |
|
DIN No.: |
00298756 |
|
|
|
|
Name : |
Mr. Sushant Sagar Mittal |
|
Designation : |
Director |
|
Address : |
Sonalika Estate, D.C.Road, Hoshiarpur 146001, Punjab, India |
|
Date of Birth/Age : |
18.08.1987 |
|
Date of Appointment : |
22.12.2008 |
|
PAN No.: |
ANLPM4910D |
|
DIN No.: |
00307274 |
|
|
|
|
Name : |
Eiichi Ozaki |
|
Designation : |
Nominee Director |
|
Address : |
1-15, Senriokanaya Suita City, Osaka Prefecture – 5650812, Japan |
|
Date of Birth/Age : |
01.11.1959 |
|
Date of Appointment : |
17.12.2009 |
|
DIN No.: |
02886199 |
|
|
|
|
Name : |
Mr. Pranab Ghosal |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No.1, Building No.3, Atur Park, Koregaon Roadm Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
07.02.1962 |
|
Date of Appointment : |
26.05.2008 |
|
PAN No.: |
ACJPG5836H |
|
DIN No.: |
03099685 |
|
|
|
|
Name : |
Fumio Nakagawa |
|
Designation : |
Alternate director |
|
Date of Appointment : |
19.08.2009 |
|
DIN No.: |
02705816 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Singh |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Priya Tosh Sood |
|
Designation : |
Company Secretary |
|
Address : |
# 322, Lane No.2, Tagore Nagar, Hoshiarpur, |
|
Date of Birth/Age : |
01.02.1963 |
|
Date of Appointment : |
01.10.2001 |
|
PAN No.: |
AEZPS2323F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Laxman Dass Mittal |
|
1311486 |
|
Amrit Sagar Mittal |
|
1210677 |
|
Deepak Mittal |
|
1450286 |
|
Raj Rani Mittal |
|
2900 |
|
Sangeeta Mittal |
|
70100 |
|
Neeru Mittal |
|
70100 |
|
Sushant Sagar Mittal |
|
149800 |
|
Geetika Mittal |
|
50000 |
|
Sagarika Mittal |
|
200 |
|
Rahul Mittal |
|
60000 |
|
Raman Mittal |
|
149500 |
|
Sonali Mittal |
|
10000 |
|
Yanmar Asia (Singapore) Corporation Private Limited, Singapore |
|
696172 |
|
JM Financial Trustee Company Private Limited, India |
|
290071 |
|
Total |
|
5521292 |
Equity Share Break up (Percentage of Total Equity)
As on: 25.09.2012
|
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 |
12.61 |
|
Bodies corporate |
5.25 |
|
Directors or relatives of Directors |
82.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tractors and Parts. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· Export Import Bank of India, Floor – 21, Centre 1, World Trade Centre, Cuff Parade, Mumbai – 400 005, Maharashtra, India · Oriental Bank of Commerce, Roshan Road, Hoshiarpur - 146001, Punjab, India Tel. No.: 91-1882-222687 · HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R Batliboi and Company Chartered Accountants |
|
Address : |
Golf View, Corporate Tower-B, Sector-42, Sector Road,Gurgaon-122002, Haryana, India |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Joint Venture: |
Renault Agriculture and Sonaloka International |
|
|
|
|
Other Related
Parties : |
· Sunshine Corporation Private Limited · Sonalika Agro Industries Corporation · International autotrac Finance limited · International Engineers · International Cars and Motors Limited · Indian Tractors and Components Limited · Auto Industries · AD Trading Private Limited · Magma ITL Finance Limited CIN No.: U65910WB2007PLC120137 · Cllasic Vehicles And Components Limited CIN No.:U34100PB2010PLC033491 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5521292 |
Equity Shares |
Rs.10/- each |
Rs.55.213 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOTE: FINANCIAL
DETAILS FILE ATTACHED
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 |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
ITA 1189/2009
COMMISSIONER OF INCOME TAX (LTU) ..... Appellant
Through: Ms. Prem Lata Bansal, Advocate
versus
INTERNATIONAL TRACTORS LIMITED ..... Respondent
Through:Ms. Anshul Sharma, Advocate
CORAM:
HON'BLE MR. JUSTICE BADAR DURREZ AHMED
HON'BLE MR. JUSTICE MANMOHAN SINGH
O R D E R
20.04.2010
C.M. No. 16110/2009(delay)
For the reasons stated in the application, the delay in re-filing the appeal is condoned.
Application stands disposed of.
ITA 1189/2009
Admit.
The following substantial questions of law arise for the consideration of this Court:-
1. Whether the Income Tax Appellate Tribunal was correct in law in holding that there was no failure on the part of the assessee to disclose truly and fully all material facts and in thereby concluding that the reopening of th assessment was not justified in view of the proviso to section 147 of the Income Tax Act, 1961?
2. Whether the Income Tax Appellate Tribunal was correct in law in holding that for the purpose of deduction under section 80-IA of the Income Tax Act, 1961, the assessee should be a small scale undertaking on the last date of the previous year relating to the initial/first assessment year and that the said requirement need not be satisfied in subsequent years?
Paper books be filed by the appellant within three months as per rules.
List along with ITA No. 1082/2006.
BADAR DURREZ AHMED,J
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits from shareholders |
49.104 |
40.271 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
0.971 |
3.877 |
|
Total |
50.075 |
44.148 |
PERFORMANCE OF THE COMPANY
DURING THE YEAR :
In the FY 2012 2013, the Tractor Industry witnessed a decline of 2% ie., 590728 units of tractors in the current year as against 604211 units in the last year. However, in this downward scenario, your Company has achieved the growth of 23%.
The Company has achieved a total turnover of Rs. 29170.500 Millions as compared to Rs. 22516.300 Millions in the last year ie., an increase of 30%.
The Company has sold 58216 units of tractors (last year 47245 units) resulting into growth of 23%.
The Book value of your Company's equity share has increased from Rs. 0.002 Million to Rs. 0.002 Millions ie., a growth of 33%.
The Earnings Per Share (EPS), both Basic and Diluted, has increased from Rs. 536/- to Rs. 699/- ie., growth of 30%.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90048843 |
10/10/2013 * |
100,000,000.00 |
ORIENTAL BANK OF COMMERCE |
ROSHAN ROAD, HOSHIARPUR, Punjab -146001, INDIA |
B86835402 |
|
2 |
90047763 |
21/01/2000 |
41,000,000.00 |
ORIENTAL BANK OF COMMERCE |
E - BLOCK, CONNAUGHT PALCE, NEW DELHI, Delhi, INDIA |
- |
|
3 |
90047300 |
10/10/2013 * |
700,000,000.00 |
ORIENTAL BANK OF COMMERCE |
ROSHAN ROAD, HOSHIARPUR, Punjab - 146001, INDIA |
B86835923 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
Intangible Assets
· Brands
· Trade Marks
· Computer Software
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.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
63 |
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.