MIRA
INFORM REPORT
|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABHILASHA PHARMA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
11, Chaudhari Co-Operative Society Limited, Paldi Gam, Near Narhari
Bhuvan, Paldi, Ahmedabad-380007, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
29.12.2005 |
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Com. Reg. No.: |
04-047400 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U24230GJ2005PTC047400 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Exporter of Bulk Drugs and Intermediates |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 99000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. It has achieved a healthy growth in its sales turnover during 2012. Trade relations are reported as decent. Business is active. Payments
terms are usually correct 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.
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 PARTED BY
|
Name : |
Mr. M D Sani |
|
Designation : |
Director |
|
Contact No.: |
91-9227135395 |
|
Date : |
15.03.2013 |
LOCATIONS
|
Registered Office : |
11, Chaudhari Co-Operative Society Limited, Paldi Gam, Near Narhari
Bhuvan, Paldi, Ahmedabad-380007, Gujarat, India |
|
Tel. No.: |
91-2646-227426 / 645395 |
|
Mobile No.: |
91-9227135395 (Mr. M D Sani) |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No. 1408/1409, GIDC, Ankleshwar-393002, Gujarat, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Amratlal Nathalal Chaudhary |
|
Designation : |
Director |
|
Date of Appointment : |
29.12.2005 |
|
DIN No.: |
01878776 |
|
|
|
|
Name : |
Mr. Mukeshkumar Dhirajlal Soni |
|
Designation : |
Director |
|
Address : |
5, Navjeevan Society, GIDC, Ankleshwar-393002, Gujarat, India |
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Date of Birth/Age : |
07.02.1958 |
|
Date of Appointment : |
05.08.2006 |
|
DIN No.: |
01920337 |
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|
|
|
Name : |
Mr. Priyang Yashvantbhai Chaudhari |
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Designation : |
Director |
|
Date of Appointment : |
29.12.2005 |
|
DIN No.: |
01985869 |
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|
|
|
Name : |
Mr. Hiren Amrutlal Chaudhary |
|
Designation : |
Director |
|
Date of Appointment : |
29.12.2005 |
|
DIN No.: |
02100477 |
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|
|
|
Name : |
Mr. Bhargavkumar Mukeshbhai Soni |
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Designation : |
Director |
|
Date of Appointment : |
29.12.2005 |
|
DIN No.: |
02107159 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Amrutbhai
Nathalal Chaudhri |
132300 |
|
Hiren Amrutlal Chaudhri |
25200 |
|
Priyang
Yashwantbhai Chaudhri |
35300 |
|
Bhargav Mukeshkumar Soni |
12800 |
|
Yashwantbhai J. Chaudhri |
46000 |
|
Mehul M. Soni |
500 |
|
Mukeshkumar D. Soni |
27500 |
|
Nathalal R. Chaudhri |
41000 |
|
Tejal Y. Chaudhri |
50000 |
|
Maniben J. Chaudhri |
2600 |
|
Velabhai M. Chaudhri |
2600 |
|
Prabhudas C. Chaudhri |
2600 |
|
Fatabhai R. Chaudhri |
2600 |
|
Ambica Chemicals |
22500 |
|
Rangodadhi Chemicals Private Limited, India |
96500 |
|
TOTAL
|
500000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
19.30 |
|
Directors or relatives of Directors |
80.70 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Bulk Drugs and Intermediates |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Thailand ·
South Africa ·
Germany |
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Imports : |
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Products : |
·
Raw Materials |
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Countries : |
·
China ·
Europe |
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Terms : |
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Selling : |
L/C, Advance Payment |
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Purchasing : |
L/C, Advance Payment |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Production |
|
Metforming Hy. Chloride |
Kg. |
125232 |
|
Cerous Chloride |
Kg. |
0.05 |
GENERAL INFORMATION
|
Customers : |
Manufacturer ·
Orchid Biotech Limited |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat
MArg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Rajesh J Shah and Associates Chartered Accountant |
|
Address : |
B 401-404, Rajshree Avenue, Behind Noble Classes, Near Dinesh Hall,
Income Tax, Ahmedabad-380009, Gujarat, India
|
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PAN No.: |
AADFR0856J |
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Related Parties : |
·
Ambica Acid and Chemical Company ·
Rangodadhi Chemicals Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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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 |
5.000 |
5.000 |
5.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
19.950 |
17.508 |
10.586 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.950 |
22.508 |
15.586 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
23.709 |
21.644 |
33.410 |
|
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2] Unsecured Loans |
17.244 |
18.348 |
15.650 |
|
|
TOTAL BORROWING |
40.953 |
39.992 |
49.060 |
|
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DEFERRED TAX LIABILITIES |
3.610 |
3.733 |
3.579 |
|
|
SHARE PREMIUM |
0.000 |
0.000 |
5.880 |
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TOTAL |
69.513 |
66.233 |
74.105 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.687 |
51.214 |
47.856 |
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Capital work-in-progress |
0.000 |
0.000 |
3.504 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.091 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.252
|
11.696 |
12.905 |
|
|
Sundry Debtors |
54.215
|
17.500 |
14.913 |
|
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Cash & Bank Balances |
1.327
|
1.301 |
1.119 |
|
|
Other Current Assets |
0.795
|
0.750 |
0.710 |
|
|
Loans & Advances |
6.559
|
8.451 |
4.408 |
|
Total
Current Assets |
86.148
|
39.698 |
34.055 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.026
|
17.772 |
8.634 |
|
|
Other Current Liabilities |
7.315
|
6.876 |
0.000 |
|
|
Provisions |
0.981
|
0.031 |
2.772 |
|
Total
Current Liabilities |
63.322
|
24.679 |
11.406 |
|
|
Net Current Assets |
22.826
|
15.019 |
22.649 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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TOTAL |
69.513 |
66.233 |
74.105 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
220.002 |
67.956 |
46.827 |
|
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Other Income |
1.512 |
1.591 |
0.515 |
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TOTAL |
221.514 |
69.547 |
47.342 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
212.662 |
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|
Administrative Expenses |
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Advertising Expenses |
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TOTAL |
212.662 |
62.998 |
37.851 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.852 |
6.549 |
9.491 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.177 |
5.010 |
3.698 |
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PROFIT / (LOSS)
BEFORE TAX |
3.675 |
1.539 |
5.793 |
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Less |
TAX |
1.233 |
0.497 |
0.974 |
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PROFIT / (LOSS)
AFTER TAX |
2.442 |
1.042 |
4.819 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Export Earnings |
10.657 |
0.032 |
NA |
|
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TOTAL EARNINGS |
10.657 |
0.032 |
NA |
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IMPORTS |
|
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|
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Raw Materials and Samples |
17.580 |
3.824 |
NA |
|
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TOTAL IMPORTS |
17.580 |
3.824 |
NA |
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|
Earnings Per
Share (Rs.) |
4.88 |
2.08 |
7.69 |
|
Expected Sales (2012-2013) : Rs. 310.000 Millions
The above information has been parted by Mr. M D Soni.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.10
|
1.50 |
10.18 |
|
|
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.67
|
2.26 |
12.37 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.77
|
1.69 |
7.06 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.07 |
0.37 |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
1.64
|
1.78 |
3.15 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.61 |
2.99 |
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term Borrowing |
|
|
|
Other Loans and Advances |
|
|
|
(a) Loans From Director |
5.858 |
6.962 |
|
(b) Loans From Relative Parties, Members and Others |
11.386 |
11.386 |
|
TOTAL |
17.244 |
18.348 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Payable to Others |
|
|
|
|
Creditors for Goods |
50.888 |
10.775 |
3.959 |
|
Creditors for Expenses |
4.138 |
6.997 |
4.675 |
|
TOTAL |
55.026 |
17.772 |
8.634 |
BACKGROUND
The company is
incorporated in the year 2005, under the Companies Act 1956 vide certificate of
incorporation no.
U24230GJ2005PTC047400
issued on 29.12.2005 by the Registrar of Companies, Ahmedabad, Gujarat. The company
is mainly engaged in the business of manufacturing and trading in Drugs,
Pharmaceuticals AND Formulations. The company serves domestic as well as Export
markets.
FORM 8
|
Corporate
identity number of the company |
U24230GJ2005PTC047400 |
|
Name of the
company |
ABHILASHA PHARMA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
11, Chaudhari Co-Operative Society Limited, Paldi Gam, Near Narhari Bhuvan, Paldi, Ahmedabad-380007, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation. |
|
Date of
instrument Creating the charge |
17.09.2012 |
|
Amount secured by
the charge |
Rs. 56.715
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of repayment Working Capital
facility shall be repayable on demand. Term Loan
facility shall be repayable in suitable installments. Margin As may be
stipulated by the Bank from time to time. Extent and operation of the charge Hypothecation by
way of First Charge on Stocks and Book Debts, Plant and Machinery, Vehicles and
other Fixed Assets, to secure as a continuing security for the repayment of
Rs.56.715 Millions together with interest, costs, charges, expenses and other
moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property charged (Including location of the property) |
Stock-in-trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties, now All the Debts, that
is, all the book debts, out standings, monies receivables, claims, bills, invoice documents, contracts,
guarantees, and rights which are now The movable plant
and machinery, vehicles and other fixed assets which may now or at any time
hereafter belong to the Borrower or come to the Borrowers |
TRADE REFERENCES
·
Orchid Biotech Limited
FIXED ASSETS
·
Land
·
Building
·
Main Plant Building
·
Effluent Treatment Plant
·
Utility Building
·
Plant amd Machinery
·
Lab equipments
·
Electrification
·
D G Set
·
Utility
·
Office equipments
·
Vehicle Account
·
Compound Wall
·
Computer
·
Air Conditioner
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. 54.44 |
|
|
1 |
Rs. 81.33 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.