MIRA INFORM REPORT
|
Report Date : |
22.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
NUANCE GROUP (INDIA) PRIVATE LIMITED (w.e.f. 16.03.2007) |
|
|
|
|
Formerly Known
As : |
SHOPPER’S STOP DUTY FREE PRIVATE LIMITED |
|
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2012 |
|
|
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|
Date of
Incorporation : |
12.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-166148 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 728.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51228MH2006PTC166148 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN14745D |
|
|
|
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PAN No.: [Permanent Account No.] |
AAKCS4860P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Subject is engaged in the business of retailing products through duty
free retail outlets at international airports. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3100000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a joint venture between Nuance Group and Shoppers Stop
Limited. It is an established company having moderate track record. There
appear huge accumulated losses recorded by the company. However, in the
current year company has performed well with regulars to turnover. Trade
relations are reported to be fair. Business is active. Payments are reported
to be slow but correct. The company can be considered for business dealings with some caution. Note: The financial
has been provided for the year 2012 by the company itself. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the core
sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the spending
capacity in India. Over 72 % respondents from middle and lower middle income
families would be forced to slash their Diwali expenditure by 40 % and on
average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 : |
Eureka Towers, B Wing, 9th Floor, Mindspace, Link Road,
Malad (West), Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-66887688/ 28800808/ 42497000/ 66887239 / 66783700 |
|
Fax No.: |
91-22-28445060/ 66887455/ 28808877 |
|
E-Mail : |
chandrashekarn@shoppersstop.co.in |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Bangalore International Airport, Alpha 3, Airline Bldg. 1st
Floor, Devanahalli – 560300, Bangalore, India |
|
Tel. No.: |
91-80-66783700 |
|
Fax No.: |
91-80-66783701 |
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E-Mail : |
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Global Headquarters : |
|
DIRECTORS
As on: 29.06.2012
|
Name : |
Mr. Roberto Graziani |
|
Designation : |
Director |
|
Address : |
Lindenstrasse 7, 8125 Zollokerberg, Switzerland |
|
Date of Birth/Age : |
25.11.1964 |
|
Date of Appointment : |
08.02.2007 |
|
DIN No.: |
01236846 |
|
|
|
|
Name : |
Mr. Carlo Bernasconi |
|
Designation : |
Director |
|
Address : |
Homstrasse 30, 5015 Erliinsbach SO, Switzerland |
|
Date of Birth/Age : |
05.09.1960 |
|
Date of Appointment : |
08.02.2007 |
|
DIN No.: |
01236974 |
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|
|
|
Name : |
Mr. Salil Puliankodan Kunjiraman Nair |
|
Designation : |
Director |
|
Address : |
Flat No. 201, 20th Floor, Yugdharma, Link Road, Malad
(West), Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1965 |
|
Date of Appointment : |
18.10.2007 |
|
DIN No.: |
01955091 |
|
|
|
|
Name : |
Mr. Sanjay Chakravarti |
|
Designation : |
Director |
|
Address : |
Flat No.1101, B Wing, Anmol Apartments, Excel Industrial Estate,
Opposite Patel Auto, Off. S. V. Road, Goregaon (West), Mumbai-400062,
Maharashtra, India |
|
Date of Birth/Age : |
05.11.1969 |
|
Date of Appointment : |
29.06.2012 |
|
DIN No.: |
05246624 |
|
|
|
|
Name : |
Mr. Nicholas Girotto |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Vinay Bhatiya |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajeet |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Shoppers Stop Limited, Mumbai, India |
|
36410000 |
|
The Nuance Group AG, Switzerland, India |
|
36410000 |
|
|
|
|
|
Total |
|
72820000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.06.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of retailing products through duty
free retail outlets at international airports. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Tel No. 91-22-28254601
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Delloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
|
Tel. No.: |
91-22-66679030 |
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Fax No.: |
91-22-66679100 |
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PAN No.: |
AACFD4815A |
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Joint Venture : (As on 31.12.2011) |
The Nuance Group AG, Switzerland, India Shoppers Stop Limited CIN No.:-
L51900MH1997PLC108798 |
CAPITAL STRUCTURE
As on: 29.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85000000 |
Equity Shares |
Rs.10/- each |
Rs.850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72820000 |
Equity Shares |
Rs.10/- each |
Rs.728.200
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
728.200 |
728.200 |
728.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(520.500) |
(522.615) |
(545.566) |
|
|
NETWORTH |
207.700 |
205.585 |
182.634 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
115.000 |
|
|
2] Unsecured Loans |
55.000 |
55.000 |
0.000 |
|
|
TOTAL BORROWING |
55.000 |
55.000 |
115.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
262.700 |
260.585 |
297.634 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.000 |
78.235 |
101.321 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
138.400
|
128.174
|
128.494
|
|
|
Sundry Debtors |
15.000
|
17.679
|
19.965
|
|
|
Cash & Bank Balances |
130.200
|
64.232
|
69.265
|
|
|
Other Current Assets |
8.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
175.400
|
175.698
|
229.713
|
|
Total
Current Assets |
467.000
|
385.783 |
447.437 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
|
198.881
|
244.068
|
|
|
Other Current Liabilities |
224.300
|
3.802
|
6.440
|
|
|
Provisions |
1.000
|
0.750
|
0.616
|
|
Total
Current Liabilities |
225.300
|
203.433 |
251.124 |
|
|
Net Current Assets |
241.700
|
182.350 |
196.313 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
262.700 |
260.585 |
297.634 |
|
%20PRIVATE%20LIMITED%20-%20240579%2022-Oct-2013_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
797.300 |
|
|
|
|
|
Other Income |
1.800 |
|
|
|
|
|
TOTAL (A) |
799.100 |
651.183 |
650.193 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods |
353.000 |
|
|
|
|
|
Administrative Expenses |
319.700 |
|
|
|
|
|
Other Expenses |
55.100 |
|
|
|
|
|
TOTAL (B) |
727.800 |
600.290 |
647.258 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
71.300 |
50.893 |
2.935 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.200 |
2.840 |
28.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
63.100 |
48.053 |
(25.591) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.000 |
25.102 |
39.151 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2.100 |
22.951 |
(64.742) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2.100 |
22.951 |
(64.742) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(522.615) |
(545.566) |
(480.824) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(520.515) |
(522.615) |
(545.566) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Foreign currency and foreign credit collection on sale of merchandise |
NA |
|
459.180 |
|
|
|
Other retail operating income received in foreign currency |
NA |
|
54.079 |
|
|
TOTAL EARNINGS |
NA |
485.445 |
513.259 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Machineries |
NA |
NA |
234.749 |
|
|
TOTAL IMPORTS |
NA |
NA |
234.749 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.02 |
0.32 |
(0.89) |
|
%20PRIVATE%20LIMITED%20-%20240579%2022-Oct-2013_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20240579%2022-Oct-2013_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20240579%2022-Oct-2013_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20240579%2022-Oct-2013_files/image005.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20240579%2022-Oct-2013_files/image006.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
0.26 |
3.74
|
(9.96) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.26 |
NA
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.43 |
4.95
|
(11.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.11
|
(0.35) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26 |
0.27
|
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07 |
1.90
|
1.78 |
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 |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As on 31.12.2012 |
As on 31.12.2011 |
|
|
|
|
|
Rupee term loans unsecured |
55.000 |
55.000 |
|
|
|
|
|
Total |
55.000 |
55.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10258805 |
30/11/2010 |
165,000,000.00 |
IDBI BANK LIMITED |
47,OPUS CENTER, CENTRAL ROAD, MIDC ,ANDHERI EAST, |
B01834936 |
FIXED ASSETS
- Shop Fittings
- Leasehold Improvements
- Office Equipments
- Computer Hardware
- 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. 61.49 |
|
|
1 |
Rs. 99.41 |
|
Euro |
1 |
Rs. 84.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
30 |
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.