MIRA
INFORM REPORT
|
Report Date : |
10.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ACCUMAX ENGINEERING PRIVATE LIMITED (w.e.f. 09.06.2010) |
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Formerly Known
As : |
ACCUMAX ENGINEERING LIMITED |
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Registered
Office : |
Plot No. D-302, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai –
400705, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
04.10.1979 |
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Com. Reg. No.: |
11-021743 |
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Capital
Investment / Paid-up Capital : |
Rs. 22.650 Millions |
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CIN No.: [Company Identification
No.] |
U28900MH1979PTC021743 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19107E |
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PAN No.: [Permanent Account No.] |
AABCA0150B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Cutting Tools. |
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No. of Employees
: |
51 (Approximately) |
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 |
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Maximum Credit Limit : |
USD 87000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low reserves. However, trade relation are fair. Business is active. Payment terms
are slow but correct. 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
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 |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Dinkar Anant Kamat |
|
Designation : |
Director |
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Contact No.: |
91-9833113582 |
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Date : |
08.12.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.D-302, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai –
400705, |
|
Tel. No. : |
91-22-64553600/ 65205280/ 64553600/ 64553615/ 01/ 02/ 03/ 04/ 05/ 06/
07/ 08/ 09/ 10/ 11/ 12/ 13/ 14/ 15 |
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Mobile No. : |
91-9833113582 (Mr. Dinkar Anant Kamat) |
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Fax No. : |
91-22-27615107/ 27835270 |
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E-Mail : |
dinkar.kamath@accumaxsaws.com |
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Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Dinkar Anant Kamat |
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Designation : |
Director |
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Address : |
Flat No.8, Avon Apartments, 153, Veer Savarkar Marg, Mahim, Mumbai –
400016, |
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Date of Birth/Age : |
29.06.1948 |
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Date of Appointment : |
04.10.1979 |
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DIN No.: |
01532948 |
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Other Directorship :
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Name : |
Mrs. Nilima Dinkar Kamat |
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Designation : |
Director |
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Address : |
Flat No.8, Avon Apartments, 153, Veer Savarkar Marg, Mahim, Mumbai –
400016, Maharashtra, India |
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Date of Birth/Age : |
01.11.1955 |
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Date of Appointment : |
01.11.1990 |
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DIN No.: |
02029859 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Dinkar Anant Kamat |
763190 |
33.69 |
|
Nilima Dinkar Kamat |
384500 |
16.98 |
|
Amrita Dinkar Kamat |
30370 |
1.34 |
|
Sachit Dinkar Kamat |
46440 |
2.05 |
|
Kishor Anant Kamat |
318000 |
14.04 |
|
Chhaya Kishor Kamat |
182000 |
8.04 |
|
Pradeep Jagdishraj Vohra |
125760 |
5.55 |
|
Sarvapriya Leasine Private Limited, |
374240 |
16.52 |
|
Sachi Danand and Company (HUF), |
40500 |
1.79 |
|
Total |
2265000 |
100.00 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
78.00 |
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Other top fifty shareholders |
22.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Cutting Tools. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· USA UAE Saudi Arabia Africa |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Germany South Korea China Luxemburg |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer |
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No. of Employees : |
51 (Approximately) |
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Bankers : |
· Central Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Piyush C Shah Chartered Accountant |
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Address : |
165, Samuel Street, 1st Floor, Masjid, Mumbai – 400009, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
ACOPS3132P |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,265,000 |
Equity Shares |
Rs.10/- each |
Rs. 22.650 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 |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
22.650 |
22.650 |
22.650 |
|
(b) Reserves & Surplus |
7.719 |
5.839 |
0.136 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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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) |
30.369 |
28.489 |
22.786 |
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(3) Non-Current Liabilities |
|
|
|
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(a) long-term borrowings |
40.629 |
29.644 |
16.001 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
40.629 |
29.644 |
16.001 |
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(4) Current Liabilities |
|
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
1.764 |
1.530 |
1.464 |
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(c) Other current liabilities |
2.269 |
2.205 |
5.441 |
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(d) Short-term provisions |
0.000 |
0.561 |
0.978 |
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Total Current Liabilities (4) |
4.033 |
4.296 |
7.883 |
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TOTAL |
75.031 |
62.429 |
46.670 |
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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 |
10.960 |
12.919 |
13.104 |
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(ii) Intangible Assets |
0.300 |
0.300 |
0.300 |
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(iii) Capital
work-in-progress |
11.910 |
10.431 |
10.285 |
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(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 |
2.516 |
1.964 |
0.000 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
25.686 |
25.614 |
23.689 |
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(2) Current assets |
|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
34.602 |
24.592 |
13.457 |
|
(c) Trade receivables |
9.354 |
9.274 |
6.976 |
|
(d) Cash and cash
equivalents |
0.701 |
1.163 |
0.353 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
4.688 |
1.786 |
2.195 |
|
Total Current Assets |
49.345 |
36.815 |
22.981 |
|
|
|
|
|
|
TOTAL |
75.031 |
62.429 |
46.670 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
|
|
|
|
|
|
|
Income |
30.940 |
40.324 |
33.341 |
|
|
|
Other Income |
0.348 |
0.817 |
0.000 |
|
|
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TOTAL (A) |
31.288 |
41.141 |
33.341 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
19.591 |
|
|
|
|
|
Change in Inventories |
(10.010) |
(11.136) |
|
|
|
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Employees benefits expense |
4.503 |
5.564 |
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|
|
|
Other expenses |
8.557 |
5.344 |
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|
|
TOTAL (B) |
22.641 |
32.516 |
27.519 (Including
Financial Expenses) |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
8.647 |
8.625 |
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
4.796 |
3.006 |
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.851 |
5.619 |
5.821 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.971 |
0.560 |
2.195 |
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|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1.880 |
5.059 |
3.626 |
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Less |
TAX (H) |
0.000 |
(0.644) |
0.000 |
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PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1.880 |
5.703 |
3.626 |
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EARNINGS IN
FOREIGN CURRENCY |
0.129 |
1.966 |
0.000 |
|
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|
Earnings / (Loss)
Per Share (Rs.) |
0.83 |
2.52 |
1.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.08 |
14.14 |
10.88 |
|
|
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|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
27.95 |
21.39 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.98 |
9.73 |
9.97 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.18 |
0.16 |
|
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|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
1.34 |
1.04 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.24 |
8.57 |
2.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
22.650 |
22.650 |
22.650 |
|
Reserves & Surplus |
0.136 |
5.839 |
7.719 |
|
Net
worth |
22.786 |
28.489 |
30.369 |
|
|
|
|
|
|
long-term borrowings |
16.001 |
29.644 |
40.629 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
16.001 |
29.644 |
40.629 |
|
Debt/Equity
ratio |
0.702 |
1.041 |
1.338 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
33.341 |
40.324 |
30.940 |
|
|
|
20.944 |
(23.272) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
33.341 |
40.324 |
30.940 |
|
Profit |
3.626 |
5.703 |
1.880 |
|
|
10.88% |
14.14% |
6.08% |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10311965 |
05/12/2012 * |
16,000,000.00 |
CORPORATION BANK |
520, MANGIREESH BUILDING, GROUND FLOOR, L J CROSS ROAD, MUMBAI, MUMBAI, MAHARASHTRA - 400016, INDIA |
B63773527 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances
from Related Parties |
|
|
|
Dinkar A. Kamath |
1.902 |
0.000 |
|
Neelima D. Kamath |
0.303 |
0.000 |
|
Chhaya Kishore Kamath |
0.644 |
0.644 |
|
Kanayalal Talreja and Sons (HUF) |
0.942 |
1.342 |
|
Kanayalal Talreja and Sons (Kaushal K. Talreja) |
0.020 |
0.019 |
|
Marudhar Diamond Private Limited |
0.000 |
3.243 |
|
Sarvapriya Leasing Private Limited |
0.000 |
0.020 |
|
Tarun Vohra |
0.007 |
0.321 |
|
Unimax Tools |
0.000 |
0.054 |
|
Pradeep J. Vohra |
0.005 |
0.005 |
|
Dheeraj P. Vohra |
0.001 |
0.001 |
|
Geeta P. Vohra |
0.011 |
0.011 |
|
HDB Financial Services |
0.213 |
0.000 |
|
Doshi Enterprises |
0.000 |
0.800 |
|
Pranita Pranav Doshi |
0.005 |
0.005 |
|
Narayan Realtors |
0.217 |
0.017 |
|
Total |
4.27 |
6.482 |
REVIEW OF
OPERATIONS
During the year, Net Sales and Other Income decrease to Rs 31.288 Millions from Rs 41.141 Millions in the previous year, a decline of nearly 23.949%. The operating profit (PBDIT) withnessed decrease to Rs 3.850 Millions from Rs 7.167 Millions earned in the previous year, a decline of nearly 46.268%. Net Profit after Tax arrived at Rs 1.879 Millions as compared to Rs 5.702 Millions in the previous year, shown a decline of nearly 67.04%.
During the year, the Company mainly focused on manufacture of Non-standard large diameter Saw Blades, mostly for cutting non-ferrous metals and thus, earned higher value addition as compared to previous year. New products viz. Tungsten Carbide tipped cold circular saw blades and poly crystalline Diamond tipped saw blades technically performed well and shown excellent market acceptance, both in India and overseas.
FIXED ASSETS
TANGIBLE ASSETS
· Plant and Equipments
Office
Equipment/ Business Machine
Material
Handling Equipment
Fire
Fighting Equipment
Electrical
Installation
Air
Conditioner
Motor
Car
Computer
and Printers
Furniture
and Fixtures
INTANGIBLE ASSETS
· Goodwill
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.61.88 |
|
|
1 |
Rs.96.90 |
|
Euro |
1 |
Rs.76.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.