MIRA INFORM REPORT
|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAMA CYLINDERS PRIVATE LIMITED |
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|
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Registered
Office : |
181A, Maker Tower E, Cuffe Parade, Mumbai-400005, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
22.11.2004 |
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Com. Reg. No.: |
11-149620 |
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Capital
Investment / Paid-up Capital : |
Rs.244.150 Millions |
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|
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CIN No.: [Company Identification
No.] |
U28113MH2004PTC149620 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR17236C |
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PAN No.: [Permanent Account No.] |
AACCR8653D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of High Pressure Seamless Steel Cylinders. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6600000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usualy correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a satisfactory track
record. There appears dip in the
profitability and sales during 2011-2012. However, general financial position is good. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating: BBB+ |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
February, 2013 |
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 : |
181A, |
|
Tel. No.: |
91-22-22162344 |
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Fax No.: |
91-22-22154294 |
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E-Mail : |
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Website : |
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Factory 1 : |
Survey No.334-P2 and 335, Village Bhimasar, Taluka Anjar, District
Kutch-370240, |
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Tel. No.: |
91-2836-285200 |
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Fax No.: |
91-2836-285402 |
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E-Mail : |
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Factory 2: |
Plot No. 629 to 635, New Area of Kandla Special Economic
Zone, Gandhidham, District: Kutch – 370230, Gujarat, India |
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|
Branch Office : |
Located at: ·
·
·
Kolkata ·
Dubai |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vashu Jiasingh Ramsinghani |
|
Designation : |
Managing Director |
|
Address : |
111, |
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Date of Birth/Age : |
08.09.1943 |
|
Date of Appointment : |
22.11.2004 |
|
PAN No.: |
AAAPR6824R |
|
DIN No.: |
00011881 |
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|
|
|
Name : |
Mr. Amit Vashu Ramsinghani |
|
Designation : |
Director |
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Address : |
111, |
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Date of Birth/Age : |
23.10.1981 |
|
Date of Appointment : |
25.01.2005 |
|
DIN No.: |
00039949 |
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|
|
|
Name : |
Mr. Padmanabh Pundarikray Vora |
|
Designation : |
Additional Director |
|
Address : |
Flat No.503-504, 5th Floor, a Wing, Mount Everest Tower,
Bhakti Park, Wadala, Mumbai – 400037, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1943 |
|
Date of Appointment : |
29.04.2008 |
|
DIN No.: |
00003192 |
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|
|
|
Name : |
Mr. Sanjay Shridhar Mande |
|
Designation : |
Whole time Director |
|
Address : |
B-503, Neelkanth Co-Operative CHS, L. B. S. Marg, Near Makhamali
Talao, Thane-400601, |
|
Date of Birth/Age : |
27.05.1947 |
|
Date of Appointment : |
22.11.2004 |
|
DIN No.: |
00011895 |
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|
|
|
Name : |
Mr. Chhato Ukarmal Mangtani |
|
Designation : |
Director |
|
Address : |
B-1/7, Gautam Arcade, |
|
Date of Birth/Age : |
10.06.1941 |
|
Date of Appointment : |
25.11.2004 |
|
DIN No.: |
00011902 |
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|
|
|
Name : |
Mr. Premkumar Menon Ramunni |
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Designation : |
Additional Director |
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Address : |
101, Praneet, dr. Jayant Palkar Marg, Worli, Mumbai – 400030,
Maharashtra, India |
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Date of Birth/Age : |
16.08.1945 |
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Date of Appointment : |
29.04.2008 |
|
DIN No.: |
00328942 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vashu Jiasingh Ramsinghani |
|
539820 |
|
Sanjay Shridhar Mande |
|
180 |
|
Highrise Properties Private Limited, India |
|
8536500 |
|
Rama Fininvest India Private Limited, India |
|
610800 |
|
Manju Vashu Ramsinghani |
|
495000 |
|
Amit Vashu Ramsinghani |
|
1485000 |
|
Sonia Suraj Chhabria |
|
90000 |
|
Rama Recycling Private Limited, India |
|
1476000 |
|
Rama Chemicals India Private Limited, India |
|
5053500 |
|
Deutsche Bank AG, Hong Kong |
|
2441496 |
|
PAG Asset Portfolio VII Mauritus Limited, India |
|
3686657 |
|
Total |
|
24414953 |
As on 29.09.2012
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 |
25.10 |
|
Bodies corporate |
64.21 |
|
Directors or relatives of Directors |
10.69 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of High Pressure Seamless Steel Cylinders. |
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Products : |
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PRODUCTION STATUS (31.03.2012)
|
Particulars |
Unit |
Actual
Production |
|
Installed Capacity (per annum) |
Nos |
4,80,000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India, Commercial Branch, N. G. N. Vaidya
Marg, (Bank Street) Hormiman Circle, Fort, Mumbai-400023, Maharashtra, India ·
Canara Bank, Fort Main Branch, Warden House, Sir
P. M. Road, Fort-400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
42 Free Press House 4th Floor 215 Nariman Point Mumbai-400021, Maharashtra, India |
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PAN.: |
AAAFH2010F |
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Subsidiary : |
R C Commodities Trading Private Limited, India CIN No.: U51909MH2010PTC208009 |
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Related parties where
control exist: Subsidiaries : |
· Racho Precision Engineering Private Limited · Rama CNG Services Private Limited |
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Enterprises over
which key management personnel have significant influence : |
· Rama Chemicals India Private Limited · R C Fertilisers Private Limited |
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Parties having
interest in voting power of the company that gives them significant influence
over the company : |
· Deutsche Bank AG, Hongkong · Rama Chemicals India Private Limited · Highrise Properties Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24414953 |
Equity Shares |
Rs.10/- each |
Rs.244.150
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 |
244.150 |
228.585 |
228.585 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Share Warrant |
0.000 |
62.165 |
59.768 |
|
|
4] Reserves & Surplus |
1408.955 |
1307.034 |
1179.903 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1653.105 |
1597.784 |
1468.256 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
100.043 |
113.125 |
97.420 |
|
|
2] Unsecured Loans |
504.947 |
140.299 |
0.000 |
|
|
TOTAL BORROWING |
604.990 |
253.424 |
97.420 |
|
|
DEFERRED TAX LIABILITIES |
108.327 |
94.941 |
69.331 |
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|
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|
|
|
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TOTAL |
2366.422 |
1946.149 |
1635.007 |
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APPLICATION OF FUNDS |
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|
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|
|
|
|
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FIXED ASSETS [Net Block] |
909.169 |
958.385 |
861.171 |
|
|
Capital work-in-progress |
14.291 |
13.908 |
38.876 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.164 |
0.164 |
0.013 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1214.031
|
759.794
|
586.622 |
|
|
Sundry Debtors |
281.438
|
256.997
|
170.457 |
|
|
Cash & Bank Balances |
58.062
|
74.714
|
65.920 |
|
|
Other Current Assets |
29.888
|
17.031
|
0.000 |
|
|
Loans & Advances |
201.921
|
188.227
|
125.982 |
|
Total
Current Assets |
1785.340
|
1296.763
|
948.981 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
260.238
|
216.111
|
140.000 |
|
|
Other Current Liabilities |
57.804
|
96.664
|
65.288 |
|
|
Provisions |
24.500
|
10.296
|
9.081 |
|
Total
Current Liabilities |
342.542
|
323.071
|
214.369 |
|
|
Net Current Assets |
1442.798
|
973.692
|
734.612 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.335 |
|
|
|
|
|
|
|
|
TOTAL |
2366.422 |
1946.149 |
1635.007 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1440.217 |
1554.192 |
1061.731 |
|
|
|
Other Income |
NA |
NA |
16.403 |
|
|
|
TOTAL (A) |
NA |
NA |
1078.134 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
NA |
NA |
704.911 |
|
|
|
Increase/(Decrease) in stock |
NA |
NA |
(29.377) |
|
|
|
Manufacturing and Other Expenses |
NA |
NA |
200.691 |
|
|
|
TOTAL (B) |
NA |
NA |
876.225 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
279.631 |
283.029 |
201.909 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
74.908 |
40.565 |
43.996 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
204.723 |
242.464 |
157.913 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
102.422 |
87.224 |
61.054 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
102.301 |
155.240 |
96.859 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
46.981 |
31.861 |
37.962 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
55.320 |
127.132 |
58.897 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
493.752 |
366.620 |
307.723 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
549.072 |
493.752 |
366.620 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
326.844 |
419.505 |
68.657 |
|
|
TOTAL EARNINGS |
326.844 |
419.505 |
68.657 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
830.027 |
404.798 |
|
|
|
Capital Goods |
NA |
7.463 |
0.486 |
|
|
TOTAL IMPORTS |
NA |
837.490 |
405.284 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.27 |
5.56 |
2.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
5.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.10
|
9.99
|
9.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80
|
6.88
|
5.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.10
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.37
|
0.16
|
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.21
|
4.01
|
4.23 |
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 |
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 |
Yes |
COMPANY OVERVIEW
Subject was incorporated in 2004, is engaged in the production of High Pressure Seamless Steel Cylinders, with installed capacity of 4,80,000 nos. p.a. at its two units. The Company is a quality manufacturer of CNG, industrial, fire fighting cylinders and cascades of various capacities.
The Company is regularly exporting cylinders to countries like Iran, Pakistan, Bangladesh, Thailand, Russia, Malaysia and Armenia, besides domestic market.
REVIEW OF OPERATIONS
During the current year the company achieved sales of Rs. 1440.200 millions as against sales of Rs. 1554.200 millions for the previous year, due to adverse economic and market conditions, which coupled with sharp depreciation of Rupee against US Dollar, affected profitability of the Company. Profit after tax was Rs. 55.300 millions as against Rs. 127.100 millions in the previous year.
The wind turbine generators installed by Company are performing satisfactorily and have generated 7347904 units during the financial year, resulting in substantial reduction in cost of power.
OUTLOOK
Company is taking various measures to reduce and control costs besides increasing sales. New export markets are being explored.
SALES
They expect total turnover of around Rs.1300.000 millions for the current financial year. Domestic sales are improving and so does exports. The Company is testing various new markets domestically and internationally. The Wind mill is giving good returns resulting in sizeable reduction in power bill for the Company.
UNSECURED
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Loans repayable on demand from others |
504.947 |
140.299 |
|
Total |
504.947 |
140.299
|
FIXED ASSETS
· Land
· Buildings
· Factory building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· 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.55.04 |
|
|
1 |
Rs.83.61 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.