|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
INFINITY CARS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12/A, Lotus Cinema, Dr. Annie Besant Road, Opposite Nehru Centre, Worli,
Mumbai – 400018, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.09.2006 |
|
|
|
|
Com. Reg. No.: |
11-164260 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51502MH2006PTC164260 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI5671H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading in High
End Cars, Vehicles and also Sales and Service of BMW Cars and BMW Passenger
Cars. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 950000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears dip in profitability during the current year. The external borrowing
seems to be increasing over a year. However, general financial position seems to be good. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered for normal 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.
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE.
Contact No.: 91-22-67145100
LOCATIONS
|
Registered Office : |
12/A, Lotus Cinema, Dr. Annie Besant Road, Opposite Nehru Centre,
Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-67145100/ 67145122 |
|
Fax No.: |
91-22-67145199 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Workshop
(Chembur): |
W. T. Patil Marg, Opposite Shatabdi Hospital, Chembur, Mumbai –
400074, Maharashtra, India |
|
Tel. No.: |
91-22-67522222 |
|
Fax No.: |
91-22-67522299 |
|
|
|
|
Mumbai Workshop (Worli) : |
Mohatta Bhavan Compound, Plot No 3, Manjrekar Lane, Off Dr. E Moses
Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-61144444 |
|
Fax No.: |
91-22-61144455 |
|
|
|
|
Mumbai Workshop (Turbhe): |
D-83,Turbhe, M.I.D.C., TTC Industrial Area, Near Amul Dairy, Navi
Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-65664444 |
|
Fax No.: |
91-22-27635354 |
|
|
|
|
Indore Showroom and Workshop : |
No.17 Mangal Compound, MR - 11 Pipliya Kumar, Dewas Naka, Indore -
452010, Madhya Pradesh, India |
|
Tel. No.: |
91-731-4008989 |
|
Fax No.: |
91-731-4008999 |
|
Email : |
|
|
|
|
|
Godown : |
Anjur Road, W/Housing Complex, Bhiwandi – 423102, Maharashtra, India |
DIRECTORS
(AS ON 29.09.2012)
|
Name : |
Mr. Lalitchandra Choudary |
|
Designation : |
Director |
|
Address : |
F No-4001, Tower -1 Planet Godrej, Sant Gadge Maharaj Chowk, 30 K K
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Date of Birth/Age : |
26.12.1974 |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
01662474 |
|
PAN No.: |
ACUPP4047L |
|
|
|
|
Name : |
Mrs. Pooja Choudary |
|
Designation : |
Director |
|
Address : |
F No-4001, Tower -1 Planet Godrej, Sant Gadge Maharaj Chowk, 30 K K
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1977 |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
01662561 |
|
PAN No.: |
AGJPB9056A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Lalitchandra Choudary Pamulapati |
|
580000 |
|
Pooja Pamulapati Lalit Choudary |
|
580000 |
|
|
|
|
|
Total |
|
1160000 |
(AS ON 29.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in High
End Cars, Vehicles and also Sales and Service of BMW Cars and BMW Passenger
Cars. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
HDFC Bank |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions : |
· BMW India Financial Services Private Limited Tower C, 14th
Floor, Building No. 10, DLF Cyber City, Phase-II, Gurgaon - 122002, Haryana,
India ·
Kotak Mahindra Prime Limited 36-38A Nariman
Bhavan, 227, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
Lodha Excelus,
5th Floor, Apollo Mills, Compound, N M Joshi Marg, Mahalakshmi, Mumbai –
400011, Maharashtra, India |
|
PAN No.: |
AAIFB7357B |
|
|
|
|
Associates Companies : |
· Infinity Yachts Private Limited CIN No.:
U74900MH2008PTC186257 · Infinity Autolinks Private Limited CIN No.:
U50403MH2008PTC186256 · Liquid Properties Private Limited CIN No.:
U70102MH2006PTC159813 |
CAPITAL STRUCTURE
(AS ON 29.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1160000 |
Equity Shares |
Rs.10/- each |
Rs.11.600 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1160000 |
Equity Shares |
Rs.10/- each |
Rs.11.600
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 |
11.600 |
11.600 |
11.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
225.919 |
184.413 |
96.190 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
237.519 |
196.013 |
107.790 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
744.541 |
196.813 |
91.844 |
|
|
2] Unsecured Loans |
16.183 |
0.017 |
21.195 |
|
|
TOTAL BORROWING |
760.724 |
196.830 |
113.039 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
998.243 |
392.843 |
220.829 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
255.149 |
105.112 |
87.834 |
|
|
Capital work-in-progress |
302.213 |
28.088 |
2.465 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
3.508 |
1.545 |
1.175 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
721.435
|
420.162 |
242.767 |
|
|
Sundry Debtors |
165.430
|
176.654 |
47.195 |
|
|
Cash & Bank Balances |
97.559
|
110.857 |
53.322 |
|
|
Other Current Assets |
14.183
|
13.249 |
0.000 |
|
|
Loans & Advances |
181.434
|
142.940 |
68.627 |
|
Total
Current Assets |
1180.041
|
863.862 |
411.911 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
522.173
|
370.211 |
220.932 |
|
|
Other Current Liabilities |
217.538
|
221.858 |
59.065 |
|
|
Provisions |
2.958
|
13.695 |
2.558 |
|
Total
Current Liabilities |
742.669
|
605.764 |
282.555 |
|
|
Net Current Assets |
437.372
|
258.098 |
129.356 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
998.243 |
392.843 |
220.829 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3945.299 |
3443.517 |
1906.318 |
|
|
|
Other Income |
14.298 |
3.640 |
168.604 |
|
|
|
TOTAL (A) |
3959.597 |
3447.157 |
2074.922 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL
(B) |
3789.219 |
3266.968 |
1975.307 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
170.378 |
180.189 |
99.615 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
84.656 |
26.805 |
31.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
85.722 |
153.384 |
68.547 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.180 |
16.530 |
11.808 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
61.542 |
136.854 |
56.739 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.036 |
48.631 |
20.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
41.506 |
88.223 |
36.349 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
184.413 |
96.190 |
59.841 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
225.919 |
184.413 |
96.190 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
3.834 |
2.157 |
0.148 |
|
|
|
Capital Goods |
0.072 |
11.065 |
0.000 |
|
|
|
Traded Goods |
263.042 |
94.090 |
36.897 |
|
|
TOTAL IMPORTS |
266.948 |
107.312 |
37.045 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
35.78 |
76.05 |
31.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.05
|
2.56 |
1.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.56
|
3.97 |
2.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29
|
14.12 |
11.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.70 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.20
|
1.00 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.43 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
522.173
|
370.211 |
220.932 |
|
|
|
|
|
|
Total |
522.173
|
370.211 |
220.932 |
|
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 |
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 |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Deposits from directors |
16.183 |
0.017 |
|
|
|
|
|
Total |
16.183 |
0.017 |
BACKGROUND
The Company was incorporated on 1st September 2006. The
business of the Company comprises purchase of BMW passenger cars from BMW India
Private Limited from their Chennai location (‘BMW India’), and selling the cars
on retail basis and servicing of the BMW passenger cars. The Company has
entered into a dealership agreement with BMW India for obtaining sales and
service rights for BMW cars, parts and accessories. The Company operates
through two showrooms, one at Mumbai and one at Indore and workshops at Mumbai
and Indore. In 2008, the Company started a division in the name of Infinity
yachts to cater to high-end customers for sale and service of yachts. The
Company is an authorized dealer for brands like Princess, Brunswicks, Fibrafort
and Sealine.
In 2010, the Company started a division in the name of Performance Cars to
cater to high end customers for sale and service of Aston Martin Cars. The
Company operates through one showroom and one workshop at Mumbai.
FIXED ASSETS:
·
Plant and Machinery
·
Other Equipments
·
Computer
·
Furniture and Fixtures
·
Vehicles
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.54.40 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
44 |
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.