MIRA INFORM REPORT
|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DENSO INTERNATIONAL INDIA PRIVATE LIMITED (w.e.f. 29.10.2010) |
|
|
|
|
Formerly Known
As : |
DENSO SALES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-1/D-4, Ground Floor, Mohan Co - operative Industrial Estate, Mathura Roa New Delhi-110044 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.04.1999 |
|
|
|
|
Com. Reg. No.: |
55-099530 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 104.400 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210DL1999PTC099530 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD1103D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Management and Technical Consultancy services |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Denso Corporation, Japan’. It is an
established company having a satisfactory track record. There appears some dip in the profitability of the company during
2012. However, trade relations are reported as decent. Business is active.
Payment terms are usually correct and as per commitment. The concern 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 |
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 : |
B-1/D-4, Ground Floor, Mohan Co - operative Industrial
Estate, Mathura Roa New Delhi-110044, India |
|
Tel. No.: |
91- 11-26952308 / 26953994
|
|
Fax No.: |
91- 11-26953993 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Chimes 61, Sector 44, Gurgaon-122003, Haryana, India |
|
Tel. No.: |
91-124-4803200 |
|
Fax No.: |
91-124-4803201 |
|
|
|
|
Branch Office: |
Located at · Plot No - 3, Sector - 3, IMT Manesar, Gurgaon -122050, Haryana, India ·
Chennai ·
Kolkata ·
Mumbai ·
Pune |
|
|
|
|
Sales Office : |
Located at · Kolkata · Mumbai · Pune · Bangalore · Chennail |
|
|
|
|
Technical Centre : |
Located at · Manesar, Gurgaon, Haryana, India |
DIRECTORS
As on 28.09.2012
|
Name : |
Yoshitaka Kajita |
|
Designation : |
Managing Director |
|
Address : |
F-81, Raheja Atlantis, NH-8, Gurgaon-122002, Haryana, India |
|
Date of Birth/Age : |
04.04.1957 |
|
Qualification : |
Bachelor of Economics |
|
Experience : |
30 Years |
|
Date of Appointment : |
06.05.2009 |
|
DIN No.: |
02677480 |
|
|
|
|
Name : |
Takao Nojiri |
|
Designation : |
Director |
|
Address : |
1701, Tower A-2, World SPA, Sector-31, Gurgao-122001, Haryana, India |
|
Date of Birth/Age : |
09.09.1960 |
|
Qualification : |
Master of Mechanical Engg. |
|
Experience : |
27 Years |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
03264647 |
|
|
|
|
Name : |
Shigehiro Nishimura |
|
Designation : |
Director |
|
Address : |
#3-205, OSU Nagoya, Aichi, Japan |
|
Date of Birth/Age : |
19.07.1950 |
|
Date of Appointment : |
17.07.2012 |
|
DIN No.: |
01768704 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Aneja |
|
Designation : |
Secretary |
|
Address : |
206, Tower-2, Valley View Estate, Gurgaon-122003, Haryana, India |
|
Date of Birth/Age : |
19.11.1972 |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
ADIPA4486D |
|
|
|
|
Name : |
Mr. M. Shimazaki |
|
Designation : |
Senior General Manager |
|
|
|
|
Name : |
Mr. R. Seita |
|
Designation : |
Senior General Manager |
|
|
|
|
Name : |
Mr. T. Yamada |
|
Designation : |
Assistant General Manager |
|
|
|
|
Name : |
Mr. H. Morii |
|
Designation : |
General Manager |
|
|
|
|
Name : |
MR. T. Itabashi |
|
Designation : |
Dy General Manager |
|
|
|
|
Name : |
Mr. Chang-Hoon Jung |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Issei Nohara |
|
Designation : |
Senior Advisor |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Denso Corporation, Japan |
|
10440000 |
|
Denso International Asia Pte. Limited, Singapore |
|
20 |
|
Total |
|
10440020 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 : |
Providing Management and Technical Consultancy services |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
T 4 – 4301, Planet Godrej, K K Marg, Mumbai-400011, Maharashtra, India |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Holding Company : |
Denso Corporation |
|
|
|
|
Fellow Subsidiary
Company : |
· Denso India Limited CIN No.: L52110DL1984PLC019375 · Denso Haryana Private Limited CIN No.: U74899DL1997PTC089205 · Denso Kirloskar Industries Private Limited CIN No.: U34300KA1998PTC023708 · Denso Subros Thermal Engineering Centre India Limited CIN No.: U93000DL2011FLC212269 · Denso International Asia Company Limited · Denso International Singapore Pte Limited · Denso Thailand Company Limited · Denso Sales Korea Corporation · Siam Denso Manufacturing Company Limited · Denso International · Denso Marston Limited · Hamakano Denso |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50010000 |
Equity Shares |
Rs.10/- each |
Rs. 500.100 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10440020 |
Equity Shares |
Rs.10/- each |
Rs. 104.400 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
104.400 |
70.000 |
|
(b) Reserves & Surplus |
|
511.696 |
108.821 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
500.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
6.224 |
3.269 |
|
|
|
|
|
|
(4)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
42.950 |
16.885 |
|
(c) Other
current liabilities |
|
180.877 |
11.218 |
|
(d) Short-term
provisions |
|
23.514 |
0.465 |
|
TOTAL |
|
1369.661 |
210.658 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
131.474 |
37.036 |
|
(ii)
Intangible Assets |
|
4.932 |
0.000 |
|
(iii)
Capital work-in-progress |
|
572.781 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
9.406 |
5.237 |
|
(d) Long-term Loan and Advances |
|
84.160 |
61.543 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c) Trade
receivables |
|
147.803 |
80.768 |
|
(d) Cash
and cash equivalents |
|
388.535 |
8.183 |
|
(e)
Short-term loans and advances |
|
20.430 |
12.966 |
|
(f) Other
current assets |
|
10.140 |
4.925 |
|
TOTAL |
|
1369.661 |
210.658 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
70.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
43.987 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
113.987 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
13.500 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
13.500 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
127.487 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
14.584 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
4.629 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
30.879 |
|
|
Cash & Bank Balances |
|
|
1.949 |
|
|
Other Current Assets |
|
|
0.573 |
|
|
Loans & Advances |
|
|
94.328 |
|
Total
Current Assets |
|
|
127.729 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
9.213 |
|
|
Other Current Liabilities |
|
|
6.281 |
|
|
Provisions |
|
|
3.961 |
|
Total
Current Liabilities |
|
|
19.455 |
|
|
Net Current Assets |
|
|
108.274 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
127.487 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
643.539 |
424.574 |
285.240 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
579.972 |
316.096 |
217.468 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
63.567 |
108.478 |
67.772 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.714 |
9.288 |
6.761 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
45.853 |
99.190 |
61.011 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
24.631 |
34.356 |
23.607 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
21.222 |
64.834 |
37.404 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
106.387 |
41.553 |
4.149 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
127.609 |
106.387 |
41.553 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Entrustment Income |
56.257 |
3.889 |
2.259 |
|
|
TOTAL EARNINGS |
56.257 |
3.889 |
2.259 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.03 |
9.26 |
5.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.30
|
15.27 |
13.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.52
|
68.94 |
42.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.55 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.81
|
0.00 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
3.73 |
6.57 |
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 |
]BUSINESS, EXPANSIONA CTIVITIES :
The Directors are taking all possible steps for business expansion for the Company. Now the Company has also started its R and D functions in the newly built up Technical Centre in the leased premises at Manesar, Gurgaon.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Long term
Borrowing |
|
|
|
Foreign currency term loans from others |
500.000 |
0.000 |
|
Total |
500.000 |
0.000
|
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
i) Claims against the Company not acknowledged as debts: |
|
|
|
- Income Tax |
0.492 |
0.000 |
FIXED ASSETS
¯
Tangible
Assets
· Plant and Equipment
· Factory Equipments
· Other Plant and Equipment
· 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.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.