MIRA
INFORM REPORT
|
Report Date : |
02.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BARCO ELECTRONIC SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C/O Perfect Accounting and Shared Services Private Limited, E-20, 1st
and 2nd Floor, Hauz Khas,
New Delhi - 110016 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.07.1996 |
|
|
|
|
Com. Reg. No.: |
55-080352 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 309.840 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92111DL1996PTC080352 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB03544C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB5865F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Video Projectors and Other Related Accessories. |
|
|
|
|
No. of Employees
: |
Not Available |
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 10000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having good track record. The
company have performed well in the current year. The financial capability of
the company is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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/ Factory : |
C/O Perfect Accounting and Shared Services Private Limited, E-20, 1st
and 2nd Floor, Hauz Khas,
New Delhi - 110016, India |
|
Tel. No.: |
91-11-43156000 |
|
Fax No.: |
91-11-41649080 |
|
E-Mail : |
|
|
|
|
|
Regional Office 1: |
A-38, B and C, Sector 64, Gautam Budh Nagar, Noida-201301, Uttar
Pradesh, India |
|
Tel. No.: |
91-120-4020000/ 2421660/ 2421651 |
|
Website : |
|
|
|
|
|
Regional Office 2: |
103, Balarama, Bandra
Kurla Complex, Bandra
(East), Mumbai-400051, |
|
Tel. No.: |
91-22-30685995 |
|
|
|
|
Regional Office 3: |
115 Prestige Center Point, |
|
Tel. No.: |
91-80-30521717 |
DIRECTORS
As on: 21.09.2012
|
Name : |
Mr. Jacques Pierre Marie Joseph Bertrand |
|
Designation : |
Director |
|
Address : |
Bluf- D 55, Yamate-Cho,
Naka-Ku, Yokohama, Kanagawa Tokyo, Japan |
|
Date of Appointment : |
16.03.2005 |
|
DIN No.: |
00238491 |
|
|
|
|
Name : |
Mr. Rakesh Kumar Vohra
|
|
Designation : |
Managing Director |
|
Address : |
D-104, First Floor, Som Vihar,
R K Puram, New Delhi - 110022, India |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
Graduate Economics, MBA Finance and Marketing |
|
Date of Appointment : |
06.09.2011 |
|
DIN No.: |
00252822 |
|
|
|
|
Name : |
Mr. Karl Jozef Hendrika
Peeters |
|
Designation : |
Director |
|
Address : |
Barones Ludwina De Borrekenslaan 15, 2630 Aartselaar
- 110022, Belgium |
|
Date of Appointment : |
17.06.2004 |
|
DIN No.: |
00531642 |
|
|
|
|
Name : |
Mr. Abel Garamhegyi |
|
Designation : |
Managing Director |
|
Address : |
2151 Harsfa Str.
36 Fot N.A. |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
03563986 |
|
|
|
|
Name : |
Mr. Filip Geert
Johan Dominiek Pintelon |
|
Designation : |
Director |
|
Address : |
Klossestraat 54, 9052 |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
03586338 |
|
|
|
|
Name : |
Mr. Eric Helene Victor Van Zele |
|
Designation : |
Director |
|
Address : |
Hertenllan 9, Hoeilaart,
1560, |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
03599913 |
|
|
|
|
Name : |
Mr. Nalin Chanderban
Advani |
|
Designation : |
Director |
|
Address : |
Ph - 07, ATS Greens Village, Sector 93A, Gautam
Buddha Nagar, Noida –
201303, Uttar Pradesh, India |
|
Date of Birth/Age : |
01.10.1965 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
02805835 |
|
|
|
|
Name : |
Mr. Dirk S.R.Y. De man |
|
Designation : |
Director |
|
Address : |
M. Thyssenlaan 49, B-1780, Wemmel, NA |
|
Date of Birth/Age : |
30.12.1966 |
|
Date of Appointment : |
29.09.2008 |
|
DIN No.: |
02216268 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Goel |
|
Designation : |
Secretary |
|
Address : |
J-23, Gangaram Vatika,
Tilak Nagar, New Delhi -
110018, India |
|
Date of Appointment : |
18.03.2004 |
|
PAN No.: |
AAEPG3004C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 21.09.2012
|
Names of Shareholders |
No. of Shares |
|
|
3098402 |
|
Barco Integrated Solutions NV, |
01 |
|
TOTAL
|
3098403 |
Equity Share Break up (Percentage of Total Equity)
As on: 21.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Video Projectors and Other Related Accessories. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Interfaces |
Nos. |
6,657 |
|
Populated PCB |
Nos. |
3,016 |
|
Data Projectors (PU+IU) |
Nos. |
8,604 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountant |
|
Address : |
Golf View Corporate Tower B, Sector – 4 2, Sector Road, Gurgaon - 122202, Haryana,
India |
|
Tel. No.: |
91-124-4644000 |
|
Fax No.: |
91-124-4644050 |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Holding Company: |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Fellow Subsidiaries: |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.100/- each |
Rs. 350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3098403 |
Equity Shares |
Rs.10/- each |
Rs. 309.840
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 |
309.840 |
309.840 |
309.840 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3542.724 |
3351.147 |
3189.417 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3852.564 |
3660.987 |
3499.257 |
|
|
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 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3852.564 |
3660.987 |
3499.257 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
319.775
|
229.208
|
153.767 |
|
|
Capital work-in-progress |
6.586
|
2.681
|
3.678 |
|
|
|
|
|
|
|
|
INVESTMENT |
1726.532
|
1726.532
|
1332.844 |
|
|
DEFERREX TAX ASSETS |
73.713 |
69.327 |
51.291 |
|
|
OTHER NON CURRENT ASSESTS |
7.109 |
4.558 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1292.005
|
1056.165
|
301.138
|
|
|
Sundry Debtors |
674.333
|
441.111
|
453.671
|
|
|
Cash & Bank Balances |
456.521
|
699.841
|
1267.431
|
|
|
Other Current Assets |
22.031
|
23.663
|
31.357
|
|
|
Loans & Advances |
129.282
|
136.593
|
166.150
|
|
Total
Current Assets |
2574.172
|
2357.373
|
2219.747
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
733.020
|
600.223
|
182.635
|
|
|
Other Current Liabilities |
71.428
|
65.972
|
35.475
|
|
|
Provisions |
50.875
|
62.497
|
43.960
|
|
Total
Current Liabilities |
855.323
|
728.692
|
262.070
|
|
|
Net Current Assets |
1718.849
|
1628.681
|
1957.677
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3852.564 |
3660.987 |
3499.257 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3924.000 |
2434.000 |
2122.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
3565.000 |
2120.000 |
1815.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
359.000 |
316.000 |
307.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
2.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
359.000 |
314.000 |
307.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
76.000 |
63.000 |
46.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
283.000 |
251.000 |
261.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
91.000 |
89.000 |
(15.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
192.000 |
162.000 |
276.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3351.000 |
3189.000 |
2911.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3543.000 |
3351.000 |
3187.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Software and IT Enabled Services |
|
|
137.604 |
|
|
|
Export of Manufactured Goods |
|
|
1722.467 |
|
|
|
Sales of Traded Goods |
|
|
20.436 |
|
|
|
Service Income |
|
|
18.686 |
|
|
|
Sales Commission |
|
|
31.510 |
|
|
TOTAL EARNINGS |
35.592 |
2141.000 |
1930.703 |
|
|
|
|
|
|
|
|
|
|
MPORTS |
29.162 |
2059.000 |
1003.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
61.96 |
52.28 |
89.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.89
|
6.66 |
13.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.78
|
9.71 |
11.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.07 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
0.20 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01
|
3.23 |
8.47 |
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 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 |
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 |
No |
|
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 |
NOTE
Registered office address of the company has been sifted from 14 LSC
Community Centre, 2nd Floor, Mandigpur, Pushp Vihar,
FIXED ASSETS
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicle
·
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 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. 54.83 |
|
|
1 |
Rs. 89.23 |
|
Euro |
1 |
Rs. 72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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.