MIRA INFORM REPORT
|
Report Date : |
26.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
BST TEXTILES MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 09, 3rd Floor, |
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|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.09.2005 |
|
|
|
|
Com. Reg. No.: |
11-156368 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.125.187 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111MH2005PTC156368 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB15660B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB7130P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Yarn. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. The rating takes into considered company’s improved operational risk
profile marked by fair profitability margins and improved liquidity position
of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for 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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
October 14, 2014 |
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 DECLINED
Management non- corporative (91-22-42063999)
LOCATIONS
|
Registered/ Head Office : |
Office No. 09, 3rd Floor, |
|
Tel. No.: |
91-22-42063999 |
|
Fax No.: |
91-22-42063902 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot No.9, Sector No.9, SIDCUL, Pantnagar, Rudrapur-263153, |
|
Tel. No.: |
91-5944-250209 |
|
Fax No.: |
91-5944-250109 |
|
|
|
|
Overseas Office : |
71, |
|
Tel. No.: |
+44-1162694799 |
|
Fax No.: |
+44-7961386136 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Mukesh Balrajsingh Tyagi |
|
Designation : |
Director |
|
Address : |
131/2A, Windermere Building, Near Oshiwara Police Station, Azad Nagar,
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
04.03.1962 |
|
Date of Appointment : |
27.09.2005 |
|
DIN No.: |
01711370 |
|
|
|
|
Name : |
Ms. Sangeeta Mukesh Tyagi |
|
Designation : |
Director |
|
Address : |
131/2A, Windermere Building, Near Oshiwara Police Station, Azad Nagar,
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
07.03.1963 |
|
Date of Appointment : |
27.09.2005 |
|
DIN No.: |
01349616 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Mukesh Balrajsingh Tyagi |
|
2124000 |
|
Sangeela Mukesh Tyagi |
|
1012556 |
|
Pauan Balrajsingh Tyagi |
|
1046805 |
|
Ajay Tyagi |
|
431900 |
|
Sheetal Tyagi |
|
68100 |
|
Sagar Birhal Singh |
|
350000 |
|
Ved Prakash Tyagi |
|
245000 |
|
Yogesh Tyagi |
|
255000 |
|
Munesh
Kumar Tyagi |
|
700000 |
|
BST Yarn
Fab Private Limited, |
|
3769798 |
|
Arvind
Kumar |
|
20000 |
|
Virendra
Kumar |
|
20000 |
|
Mukesh
Kumar Tyagi (HUF) |
|
1530000 |
|
Geeta Tyagi |
|
460000 |
|
Sudha |
|
140000 |
|
Sanju Tyagi |
|
125600 |
|
Ashu Munesh Tyagi |
|
220000 |
|
Total |
|
12518759 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
30.11 |
|
Directors or relatives of Directors |
69.89 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Yarn. |
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|
|
|
Products : |
Not Available |
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|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
Auditors : |
|
|
Name : |
Sunil Shandilya and Company Chartered Accountants |
|
Address : |
1104 Neel Padam IiSector4, Vaishali |
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PAN No.: |
ABBPK7241H |
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|
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Memberships : |
Not Divulged |
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|
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Collaborators : |
Not Divulged |
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|
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12518759 |
Equity Shares |
Rs.10/- each |
Rs.125.187
millions |
|
|
|
|
|
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 |
125.187 |
125.187 |
125.187 |
|
(b) Reserves & Surplus |
109.859 |
44.419 |
37.744 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
235.046 |
169.606 |
162.931 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
405.837 |
476.236 |
544.037 |
|
(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 |
|
Total Non-current
Liabilities (3) |
405.837 |
476.236 |
544.037 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
265.394 |
266.596 |
201.463 |
|
(b) Trade
payables |
88.049 |
79.349 |
164.993 |
|
(c) Other
current liabilities |
87.020 |
82.423 |
46.422 |
|
(d) Short-term
provisions |
21.735 |
0.402 |
0.332 |
|
Total Current
Liabilities (4) |
462.198 |
428.770 |
413.210 |
|
|
|
|
|
|
TOTAL |
1103.081 |
1074.612 |
1120.178 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
516.371 |
578.547 |
600.630 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
24.422 |
5.278 |
28.678 |
|
(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 |
32.665 |
20.001 |
11.787 |
|
(e) Other
Non-current assets |
0.195 |
0.262 |
0.328 |
|
Total Non-Current
Assets |
573.653 |
604.088 |
641.423 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
251.412 |
246.251 |
260.345 |
|
(c) Trade
receivables |
191.539 |
155.209 |
179.426 |
|
(d) Cash
and cash equivalents |
2.845 |
2.343 |
3.383 |
|
(e)
Short-term loans and advances |
83.024 |
66.191 |
35.206 |
|
(f) Other
current assets |
0.608 |
0.530 |
0.395 |
|
Total
Current Assets |
529.428 |
470.524 |
478.755 |
|
|
|
|
|
|
TOTAL |
1103.081 |
1074.612 |
1120.178 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
TOTAL REVENUE |
|
|
|
|
|
|
|
TOTAL |
1902.486 |
1664.046 |
1133.076 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1717.359 |
1571.980 |
1010.708 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
185.127 |
92.066 |
122.368 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
96.218 |
86.396 |
105.159 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
88.909 |
5.670 |
17.209 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.823 |
(1.006) |
1.696 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
80.086 |
6.676 |
15.513 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
41.036 |
34.360 |
18.846 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
2.128 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
12.519 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
106.475 |
41.036 |
34.359 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
74.791 |
177.885 |
79.059 |
|
|
TOTAL EARNINGS |
74.791 |
177.885 |
79.059 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.40 |
0.53 |
1.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Total Revenue) |
(%) |
4.21 |
0.40 |
1.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.24 |
0.53 |
1.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.03 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.86 |
4.38 |
4.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.10 |
1.16 |
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 |
125.187 |
125.187 |
125.187 |
|
Reserves & Surplus |
37.744 |
44.419 |
109.859 |
|
Net
worth |
162.931 |
169.606 |
235.046 |
|
|
|
|
|
|
long-term borrowings |
544.037 |
476.236 |
405.837 |
|
Short term borrowings |
201.463 |
266.596 |
265.394 |
|
Total
borrowings |
745.500 |
742.832 |
671.231 |
|
Debt/Equity
ratio |
4.576 |
4.380 |
2.856 |
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) |
|
Total Revenue |
1133.076 |
1664.046 |
1902.486 |
|
|
|
46.861 |
14.329 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Revenue |
1133.076 |
1664.046 |
1902.486 |
|
Profit |
15.513 |
6.676 |
80.086 |
|
|
1.37% |
0.40% |
4.21% |
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 |
No |
|
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 |
No |
|
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 |
Yes |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10200769 |
12/06/2010 * |
380,000,000.00 |
STATE BANK OF TRAVANCORE |
112-115, TULSIANI CHAMBER, WEST WING, 1ST FLOOR, 212, NARIMAN
POINT, MUMBAI, Maharashtra - 400021, |
A95792834 |
|
2 |
10010243 |
16/11/2013 * |
637,000,000.00 |
STATE BANK OF |
STATE BANK OF |
B93580066 |
* Date of charge modification
BUSINESS OPERATIONS & FINANCIAL RESULTS
The directors
proudly announce that during the year under report, the company has accelerated
its business operations and has been able to make substantial increase in
business volumes. The market trend was also favorable and the company has been
able to reap good profits. In the light of pleasing financial results, the
Board of Directors feels pleasure to recommend a dividend of Re 1 per equity
share to its equity shareholders. The directors are hopeful and fully confident
to accelerate the growth further in the current financial year
FINANCE
The Authorised
Share Capital of the company is Rs.140.000 millions which remained unchanged as
compared to immediately preceding year. The issued, subscribed and paid-up
share Capital of Rs.125.187 millions also remained unchanged as compared to the
immediately preceding year. The balance of working capital limit stood at
Rs.265.394 millions as on 31st March, 2013, as compared to Rs.266.595 millions
as on 31st March, 2012.
The outstanding
balance of term loans availed from scheduled banks stood at Rs.405.836 millions
as on 31st March, 2013 (excluding installments of Rs.70.400 millions due to be
settled within next twelve months). The preceding years balance of such term
loan stood at Rs.476.236 millions as on 31st March, 2012 (excluding
installments of Rs.67.800 millions due to be settled within next twelve months
from that date). The company has neither raised any unsecured loans nor
accepted or held any public deposits. There are no material changes and
commitments, affecting the financial position of the company, occurring from
the end of the financial year under report till the date of this report.
FIXED ASSETS
- Land
- Plant and
Machinery
- Computer
- Electrical
Installation
- Furniture
- Vehicles
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.63.46 |
|
|
1 |
Rs.98.51 |
|
Euro |
1 |
Rs.77.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.