MIRA
INFORM REPORT
|
Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SM EBERSPAECHER EXHAUST PRIVATE LIMITED (w.e.f. 12.05.2009) |
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Formerly Known
As : |
SMA EBERSPACHER EXHAUST SYSTEMS PRIVATE LIMITED ZEUNA STARKER-SME INDIA PRIVATE LIMITED |
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Registered
Office : |
12, Bhosale Nagar, Near Godawari Apartment, Pune – 411007, Maharashtra
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.01.1997 |
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Com. Reg. No.: |
11-105104 |
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Capital
Investment / Paid-up Capital : |
Rs. 530.000 Millions |
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CIN No.: [Company Identification
No.] |
U29120PN1997PTC105104 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES09667A |
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PAN No.: [Permanent Account No.] |
AAACZ0538K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Seller of exhaust systems, catalytic converters, soot filters, manifolds, air gas tubes, tubes, engines and components ancillaries. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is 50:50 joint venture between SM Auto Engineering Private
Limited and Eberspaecher GmbH and Co. KG, Germany. It is an established company having a moderate track record. There appears accumulated loss recorded by the company during 2013. However, trade relations are improving. Business is active. Payments
are reported to be slow. The company can be considered for business dealing with some caution. |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs
41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched
in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = B- |
|
Rating Explanation |
Having high risk of default |
|
Date |
27.11.2012 |
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 BY
|
Name : |
Mr. S. Bahansali |
|
Designation : |
Senior Finances Manager |
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Contact No.: |
91-20-25537649 |
|
Date : |
25.11.2013 |
LOCATIONS
|
Registered Office : |
12, Bhosale Nagar, Near Godawari Apartment, Pune – 411007,
Maharashtra, India |
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Tel. No.: |
91-20-25537649 |
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Fax No.: |
91-20-25531960 |
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E-Mail : |
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Corporate Office : |
Plot No. B-19, ‘H’ Block, MIDC, Pimpri, Pune – 411018, Maharashtra,
India |
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Tel. No.: |
91-20-27470178 / 27473471 |
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Fax No.: |
91-20-27476539 |
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E-Mail : |
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Factory : |
Gat No 310 B, Nanekarwadi, Chakan, Khed, Pune - 410501, Maharashtra, India |
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Tel. No.: |
91-2135-286263 |
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E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Sanjay Mohanlal Chopda |
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Designation : |
Managing director |
|
Address : |
12, Bhosale Nagar, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
12.10.1962 |
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Date of Appointment : |
14.01.1997 |
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DIN No.: |
00247401 |
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PAN No.: |
ABMPC6728L |
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Name : |
Mr. Mohanlal Girdharilal Chopda |
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Designation : |
Director |
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Address : |
12, Shosale Nagar, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
13.08.1934 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
00040868 |
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Name : |
Mr. Chandrashekar Subramanian Iyer |
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Designation : |
Whole-Time Director |
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Address : |
A3/50, Royal Orchad Co-operative HSG. Society, Near Wireless CLY Aundh, Pune - 411007, Maharashtra, India |
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Date of Birth/Age : |
27.03.1959 |
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Date of Appointment : |
31.03.2008 |
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DIN No.: |
02166654 |
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PAN No.: |
AAAPI2594R |
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Name : |
Mr. Thomas Franz Waldhier |
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Designation : |
Director |
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Address : |
Hoher Weg 2, Pforzheim, Germany - 75175 |
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Date of Birth/Age : |
02.11.1962 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
02181888 |
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Name : |
Mr. Moritz Gerig |
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Designation : |
Director |
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Address : |
Ortsteil Oberbergen Vogtsburs Kaiserstusl – 79235, Germany |
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Date of Birth/Age : |
07.11.1958 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02507035 |
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Name : |
Mr. Kanwal Preet Singh |
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Designation : |
Director |
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Address : |
WZ 161, First Floor, G Block, Hari Nagar, New Delhi – 110058, India |
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Date of Birth/Age : |
14.07.1974 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
03063856 |
KEY EXECUTIVES
|
Name : |
Mr. S. Bahansali |
|
Designation : |
Senior Finances Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Mohanlal Chopda |
|
81920 |
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Maya S Chopda |
|
32780 |
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S M Auto Engineering Private Limited, India |
|
26385300 |
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Eberspaecher Exhaust Technology International GMBH, Germany |
|
26500000 |
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Total |
|
53000000 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
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Bodies corporate |
49.78 |
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Directors or relatives of Directors |
0.22 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of exhaust systems, catalytic converters,
soot filters, manifolds, air gas tubes, tubes, engines and components
ancillaries. |
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Products : |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management |
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Bankers : |
State Bank of India Industrial Finance Branch, Tara Chamber, 2nd floor, Near Mariaai Policechowky, Old Pune Mumbai Highway, Wakdewadi, Pune - 411003, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S. V. Ghatalia and Associates LLP Chartered Accountants |
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Address : |
C – 401, 4th Floor, Panchshil Tech Park, Near Don
Bosco School, Yerwada, Pune – 411006, Maharashtra, India |
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PAN No.: |
ACHFS9181P |
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Joint Venture : |
· S M Auto Engineering Private Limited · Eberspaecher Exhaust Technology International GmbH, Germany |
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Associate : |
· Sparco Engineering Private Limited · Eberspaecher Climate Control System GmbH and Co. KG, Germany · Eberspaecher Exhaust Technology GmbH amd Co. KG, Germany · Eberspaecher North America Inc · Eberspaecher South Africa (pty) ·
Eberspaecher International GmbH, Germany |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
53000000 |
Equity Shares |
Rs.10/- each |
Rs.530.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
53000000 |
Equity Shares |
Rs.10/- each |
Rs.530.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
530.000 |
430.000 |
302.000 |
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(b) Reserves & Surplus |
(221.832) |
(172.769) |
(130.721) |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
308.168 |
257.231 |
171.279 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
61.500 |
85.500 |
5.106 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.189 |
0.641 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.311 |
0.762 |
0.461 |
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Total Non-current Liabilities (3) |
61.811 |
86.451 |
6.208 |
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(4) Current Liabilities |
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|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
29.569 |
|
(b) Trade payables |
90.148 |
31.987 |
26.399 |
|
(c) Other current
liabilities |
57.922 |
38.135 |
18.920 |
|
(d) Short-term provisions |
2.127 |
1.500 |
1.154 |
|
Total Current Liabilities (4) |
150.197 |
71.622 |
76.042 |
|
|
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|
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TOTAL |
520.176 |
415.304 |
253.529 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
174.375 |
97.794 |
85.806 |
|
(ii) Intangible Assets |
4.806 |
5.235 |
3.736 |
|
(iii) Capital work-in-progress |
0.000 |
81.372 |
6.566 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.007 |
16.442 |
19.882 |
|
(e) Other Non-current assets |
17.002 |
38.062 |
0.000 |
|
Total Non-Current Assets |
207.190 |
238.905 |
115.990 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
10.000 |
0.000 |
50.000 |
|
(b) Inventories |
77.204 |
36.559 |
26.109 |
|
(c) Trade receivables |
166.846 |
75.323 |
38.571 |
|
(d) Cash and cash
equivalents |
12.716 |
28.278 |
0.149 |
|
(e) Short-term loans and
advances |
45.396 |
33.060 |
22.670 |
|
(f) Other current assets |
0.824 |
3.179 |
0.040 |
|
Total Current Assets |
312.986 |
176.399 |
137.539 |
|
|
|
|
|
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TOTAL |
520.176 |
415.304 |
253.529 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
|
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|
|
|
|
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|
492.043 |
|
244.240 |
|
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Other Income |
|
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TOTAL |
492.043 |
319.834 |
244.240 |
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Office Expenses |
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Administrative Expenses |
541.106 |
361.882 |
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Advertising Expenses |
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TOTAL |
541.106 |
361.882 |
276.951 |
|
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(Including Financial
Expenses) |
|
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|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(9.093) |
(10.752) |
|
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FINANCIAL
EXPENSES |
15.049 |
6.385 |
|
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(24.142) |
(17.137) |
(15.079) |
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DEPRECIATION/
AMORTISATION |
24.920 |
16.414 |
17.631 |
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PROFIT / (LOSS)
BEFORE TAX |
(49.062) |
(42.047) |
(32.710) |
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TAX |
0.000 |
0.000 |
0.000 |
|
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PROFIT / (LOSS)
AFTER TAX |
(49.062) |
(42.047) |
(32.710) |
|
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|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.93) |
(0.98) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(9.97)
|
(13.15) |
(13.39) |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.43)
|
(12.59) |
(13.24) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16)
|
(0.16) |
(0.19) |
|
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Debt Equity Ratio (Total Debt /Networth) |
|
0.20
|
0.33 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.46 |
1.81 |
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 |
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 |
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 |
CORPORATE INFORMATION
Subject was incorporated on January 14, 1997. The Company is primarily engaged in the business of manufacturing and sales of exhaust systems, catalytic converters, soot filters, manifolds, air gas tubes, tubes, engines and components ancillaries. It also deals in accessories used in automobiles and vehicles and engines, spare parts and tools used in or required for automobiles, diesel engines, oil engines and all kinds of engines including internal combustion engines
PERFORMANCE
During the year the Company has recorded a turnover (net) of Rs. 486.200 Millions against turnover of Rs. 313.900 Millions during the previous financial year.
During the financial year ended on 31.03.2013, Company has provided Design and Development services to the tune of Rs. 8.136 Millions as compare to last year of Rs. 22.278 Millions.
During the year the Company has successfully commenced production of hot end for General Motors CN100 (Enjoy vehicle) and Z13 NGS (Sail vehicle) and has also received communication from General Motors of having been selected for a Quality Award.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10010942 |
22/03/2013 * |
193,500,000.00 |
STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
TARA CHAMBER,2ND FLOOR, NEAR MARIAAI POLICECHOWKY, OLD PUNE MUMBAI HIGHWAY, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B73218562 |
* Date of charge modification
FIXED ASSETS
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
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 records 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] 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.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.