MIRA
INFORM REPORT
|
Report Date : |
13.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMITEC EMISSION CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi, Pune
– 411057, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.07.2005 |
|
|
|
|
Com. Reg. No.: |
11-021027 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN2005PTC021027 |
|
|
|
|
IEC No.: |
3105007954 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01739D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE4857D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Metallic Substrates’ (for catalytic
after-treatment of emissions) for automotive emission control with
application in 2 and 3 wheelers, cars, light and heavy duty commercial
vehicles and off-road and stationary engines. |
|
|
|
|
No. of Employees
: |
200 (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 |
|
Maximum Credit Limit : |
USD 2060000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘EMITEC GESELLSCHAFT FÜR EMISSIONSTECHNOLOGIE
MBH, GERMANY’. It is an established
company having a satisfactory track record. The company has recorded a better growth in its total revenue earned
from its operations and profits during 2013. Trade relations are reported as fair. Business is active. Payment
terms are reported as usually correct. The company can be considered for business dealing 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.
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. Ashish Kauthekar |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9881498684 |
|
Date : |
11.12.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi, Pune
– 411057, Maharashtra, India |
|
Tel. No.: |
91-20-39114800/ 39114801/ 39114830 |
|
Mobile No.: |
91-9881498684 (Mr. Ashish Kauthekar) |
|
Fax No.: |
91-20-39114999 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. ft. |
|
Location : |
Rented |
DIRECTORS
As on: 17.07.2013
|
Name : |
Mr. Christopher Francis Dias |
|
Designation : |
Managing Director |
|
Address : |
6 Manali Apartments, 421 B, |
|
Date of Birth/Age : |
31.12.1953 |
|
Qualification : |
B.Sc. (Chemistry) |
|
Date of Appointment : |
25.07.2005 |
|
Pan No.: |
AAMPD6666P |
|
DIN No.: |
00165680 |
|
|
|
|
Name : |
Mr. Andreas Aumueller |
|
Designation : |
Director |
|
Address : |
EIBENWFG 7, Regensburg 93055, Germany |
|
Date of Birth/Age : |
30.03.1965 |
|
Date of Appointment : |
30.06.2006 |
|
DIN No.: |
01369359 |
|
|
|
|
Name : |
Mr. Brij Mohan Kataria |
|
Designation : |
Director |
|
Address : |
7, Mahindra Colony, 121, Nagar Road, Yerawada, Pune-411006,
Maharashtra, India |
|
Date of Birth/Age : |
31.03.1940 |
|
Date of Appointment : |
25.07.2005 |
|
DIN No.: |
00549567 |
|
|
|
|
Name : |
Mr. Martin Kohn |
|
Designation : |
Alternate Director |
|
Address : |
41 Parseval Strasse 53757, Sankt Augustin, Germany |
|
Date of Birth/Age : |
25.06.1969 |
|
Date of Appointment : |
25.07.2005 |
|
DIN No.: |
01369311 |
|
|
|
|
Name : |
Berthold Johannes Curtius |
|
Designation : |
Director |
|
Address : |
Heinestr, 9, 50321 Bruhl 50321 |
|
Date of Birth/Age : |
06.05.1964 |
|
Date of Appointment : |
17.07.2013 |
|
DIN No.: |
06607011 |
|
|
|
|
Name : |
Sven Seifert Friedhelm |
|
Designation : |
Alternate Director |
|
Address : |
Wiesenweg 7, 53639, Koenigs Winter, Berg Hausen 53639 Germany |
|
Date of Birth/Age : |
31.03.1972 |
|
Date of Appointment : |
14.06.2013 |
|
DIN No.: |
06607019 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Kauthekar |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 17.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Christopher Francis Dias |
|
1 |
|
Emitec Gesellschaft Fur |
|
9999999 |
|
|
|
|
|
Total |
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 17.07.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Directors or relatives of Directors |
|
0.01 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Metallic Substrates’ (for catalytic
after-treatment of emissions) for automotive emission control with
application in 2 and 3 wheelers, cars, light and heavy duty commercial vehicles
and off-road and stationary engines. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
200 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
State Bank of India, Industrial Finance Branch 2nd Floor, 'Tara Chambers' Near Mariaaipolicechowky, Mumbai Pune Highway, Wakdewadi, Pune - 411003, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Muttha Towers, Suite No. 8, 5th Floor, Off Airport Road,
Pune-411006, Maharashtra, India |
|
PAN No.: |
AADFP9359C |
|
|
|
|
Holding Company : |
Emitec Gesellschaft Fur Emissionstechnologie mbH |
|
|
|
|
Fellow Subsidiary
Company : |
Emitec Inc. |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
12000000 |
Preference Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
100.000 |
208.000 |
208.000 |
|
(b) Reserves & Surplus |
417.272 |
224.195 |
56.883 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
517.272 |
432.195 |
264.883 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
99.094 |
120.924 |
60.502 |
|
(b) Deferred tax liabilities (Net) |
2.040 |
4.450 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.803 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
105.937 |
125.374 |
60.502 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
29.962 |
|
(b) Trade payables |
96.591 |
73.821 |
83.455 |
|
(c) Other current liabilities |
72.919 |
127.512 |
46.894 |
|
(d) Short-term provisions |
97.342 |
9.900 |
9.409 |
|
Total Current Liabilities
(4) |
266.852 |
211.233 |
169.720 |
|
|
|
|
|
|
TOTAL |
890.061 |
768.802 |
495.105 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
412.642 |
361.510 |
164.959 |
|
(ii) Intangible Assets |
0.379 |
0.175 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
2.218 |
1.449 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
4.000 |
|
(d) Long-term Loan and Advances |
19.175 |
67.990 |
77.916 |
|
(e) Other Non-current assets |
1.063 |
1.139 |
1.316 |
|
Total Non-Current
Assets |
433.259 |
433.032 |
249.640 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
109.171 |
91.037 |
108.297 |
|
(c) Trade receivables |
217.074 |
141.673 |
112.908 |
|
(d) Cash and cash equivalents |
99.924 |
65.990 |
1.194 |
|
(e) Short-term loans and advances |
30.213 |
36.734 |
22.740 |
|
(f) Other current assets |
0.420 |
0.336 |
0.326 |
|
Total Current
Assets |
456.802 |
335.770 |
245.465 |
|
|
|
|
|
|
TOTAL |
890.061 |
768.802 |
495.105 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Total Revenue |
1634.908 |
1396.042 |
897.645 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
520.739 |
308.055 |
169.090 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
95.976 |
59.792 |
46.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
424.763 |
248.263 |
122.995 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
138.090 |
80.950 |
41.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
286.673 |
167.313 |
81.795 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
177.208 |
70.270 |
88.797 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.67 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
47.72 |
32.29 |
24.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.82 |
0.57 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19 |
0.28 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
1.59 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
53.200 |
89.702 |
36.324 |
|
|
|
|
|
|
Total |
53.200 |
89.702 |
36.324 |
|
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 |
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 |
-- |
|
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 |
No |
NOTE
The registered office address of the company
shifted from 6, Manali Apartments, 421 B, Gokhale Road, Pune – 411016,
Maharashtra, India to the present address w.e.f. 10.05.2007
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80036530 |
05/05/2011 * |
485,100,000.00 |
State Bank of India Industrial Finance Branch |
2ND FLOOR, 'TARA CHAMBERS' NEAR MARIAAIPOLICECHOWKY, |
B13362686 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Plant and Equipment
· Factory Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
Intangible Assets
· 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.61.62 |
|
|
1 |
Rs.100.84 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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.