MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHARMANJI YARNS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Village |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.04.2002 |
|
|
|
|
Com. Reg. No.: |
16-025049 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 91.169 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24304PB2002PTC025049 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDS06054G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCS6629R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company operates in Manufacturing of Yarns, trading of cotton and
trading of knitted cloth. The company also engaged in agriculture activity. |
|
|
|
|
No. of Employees
: |
Not Divulge |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Profitability of the company seems to be fair. General financial
position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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 services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
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 DENIED BY
|
Name : |
Mr. Sunny Jain |
|
Designation : |
Director |
|
Contact No.: |
91-9781023059 |
|
Date : |
28.01.2014 |
LOCATIONS
|
Registered Office / Factory: |
Village Lakhowal Road, Kohara, Ludhiana –
141112, Punjab, India |
|
Tel. No.: |
91-161-2843990 |
|
Mobile No.: |
91-97810-23059/ 97811–23059 (Mr. Sunny Jain) 91-8284900442 (Mr Sanjay Verma) |
|
Fax No.: |
91-161-2843980 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Jatinder Kumar Jain |
|
Designation : |
Director |
|
Address : |
171-A, Majir Gurdial Singh Road, Civil Lines. Ludhiana, Punjab, India |
|
Date of Appointment : |
19.06.2013 |
|
DIN No.: |
06609397 |
|
|
|
|
Name : |
Mr. Ashu Jain |
|
Designation : |
Director |
|
Address : |
171-A, Majir Gurdial Singh Road, Civil Lines. Ludhiana, Punjab, India |
|
Date of Appointment : |
05.04.2002 |
|
DIN No.: |
01360304 |
|
|
|
|
Name : |
Mrs. Monika Jain |
|
Designation : |
Director |
|
Address : |
171-A, Majir Gurdial Singh Road, Civil Lines. Ludhiana, Punjab, India |
|
Date of Appointment : |
09.06.2013 |
|
DIN No.: |
06611298 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Sunny jain |
1533235 |
|
Ashu Jain |
1535990 |
|
Jatinder Kumar Jain |
1267900 |
|
Jatinder Kumar and Sons HUF |
690050 |
|
Master Udhav Jain |
54370 |
|
Baby Ridhima Jain |
97535 |
|
Master Vaibhav Jain |
55160 |
|
Sunny Jain and Sons HUF |
710725 |
|
Tarsem Jain |
644175 |
|
Monika Jain |
768850 |
|
Ashu Jain and Sons HUF |
709375 |
|
Deepali Jain |
769700 |
|
Baby Arshiya Jain |
20000 |
|
Mangat Rai Garg |
22000 |
|
Suresh Chander Saluja |
117500 |
|
Neha Jain |
16000 |
|
Anup Kumar Jain HUF |
16000 |
|
Smita Jain |
5700 |
|
Rudra Securities and Capital Limited |
80000 |
|
Baby Nehal Jain |
1750 |
|
Sambhav Jain |
850 |
|
Total
|
9116865 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
1.00 |
|
Directors or relatives of Directors |
97.00 |
|
Other top fifty shareholders |
2.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company operates in Manufacturing of Yarns, trading of cotton and
trading of knitted cloth. The company also engaged in agriculture activity. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulge |
|||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, Specialised Commercial
Branch, Phawa Complex, Miller Ganj, Ludhiana – 141003, Punjab, India |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
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Facilities : |
Secured By hypothecation of specific machinery financed, equitable
mortgage of company's land and building first charge with SBI, pari passu
charge in plant and machinery, personally guaranteed by directors. |
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Anup Kumar Jain and Company |
|
Address : |
53-C, Udham Singh Nagar, Near Diagnostic Centre, Punjab, India |
|
PAN No.: |
ACQPJ0114J |
|
|
|
|
Associates |
·
Sharman Traders ·
J.S Woollen Mils. |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs. 10/- Each |
Rs.110.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9116865 |
Equity Shares |
Rs. 10/- Each |
Rs.91.169 Million |
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 |
91.169 |
74.325 |
70.318 |
|
(b) Reserves & Surplus |
604.146 |
377.860 |
242.531 |
|
(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) |
695.315 |
452.185 |
312.849 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
898.890 |
315.848 |
406.693 |
|
(b) Deferred tax liabilities (Net) |
21.050 |
0.000 |
1.766 |
|
(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) |
919.94 |
315.848 |
408.459 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
797.629 |
511.017 |
671.285 |
|
(b) Trade payables |
65.638 |
14.348 |
21.036 |
|
(c) Other current
liabilities |
195.222 |
95.119 |
84.117 |
|
(d) Short-term provisions |
63.424 |
69.967 |
68.749 |
|
Total Current Liabilities (4) |
1121.913 |
690.451 |
845.187 |
|
|
|
|
|
|
TOTAL |
2737.168 |
1458.484 |
1566.495 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1178.851 |
414.381 |
510.796 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
5.342 |
15.645 |
14.957 |
|
(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 |
12.616 |
0.000 |
|
(d) Long-term Loan and Advances |
96.696 |
31.716 |
25.816 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1280.889 |
474.358 |
551.569 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
821.700 |
352.591 |
587.261 |
|
(c) Trade receivables |
473.819 |
551.939 |
345.436 |
|
(d) Cash and cash
equivalents |
26.136 |
5.118 |
7.995 |
|
(e) Short-term loans
and advances |
18.883 |
5.011 |
12.220 |
|
(f) Other current
assets |
115.741 |
69.467 |
62.014 |
|
Total Current Assets |
1456.279 |
984.126 |
1014.926 |
|
|
|
|
|
|
TOTAL |
2737.168 |
1458.484 |
1566.495 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1646.569 |
2066.554 |
1464.911 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
1422.912 |
1898.534 |
1263.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
223.657 |
168.020 |
201.020 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
81.588 |
55.274 |
21.158 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
142.069 |
112.746 |
179.862 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
226.679 |
NIL |
48.645 |
|
|
TOTAL EARNINGS |
226.679 |
NIL |
48.645 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.63
|
5.45 |
12.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.58
|
8.13 |
13.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.19
|
11.74 |
12.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.37 |
0.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.44
|
1.83 |
3.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.43 |
1.20 |
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 |
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 |
No |
|
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 |
REGISTERED OFFICE
CHANGE:
Registered office of the company has been shifted from Madhopurigali No.2,
Ludhiana, Punjab, India to the present address w.e.f.03.03.2009.
INDEX OF CHARGE:
|
S.No.
|
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
10346802
|
13/12/2012
* |
400,000,000.00
|
PUNJAB
NATIONAL BANK |
Bhagwati
Tower, RK Road, Cheema Chowk, LUDHIANA, |
B67050245
|
|
2 |
10351941
|
13/12/2012
* |
400,000,000.00
|
STATE
BANK OF INDIA |
MID CORPORATE
BRANCH, SCB, MILLER GANJ, LUDHIANA, |
B65792152
|
|
3 |
10270364
|
24/02/2011
|
50,000,000.00
|
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, BHAGWATI TOWER, R.K. ROAD |
B07648306
|
|
4 |
10217158
|
15/02/2011
* |
55,000,000.00
|
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, BHAGWATI TOWER, R.K. ROAD |
B09550328
|
|
5 |
10088274
|
30/03/2013
* |
882,100,000.00
|
STATE
BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH, PHAWA COMPLEX, MIL |
B73655276
|
|
6 |
10050213
|
15/01/2008
* |
300,000,000.00
|
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, BHAGWATI TOWER, CHEEMA CH |
A32770554
|
|
7 |
10040619
|
17/02/2007
|
300,000,000.00
|
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, BHAGWATI TOWER, LUDHIANA, |
A11871332
|
|
8 |
10041066
|
15/01/2008
* |
300,000,000.00
|
STATE
BANK OF INDIA |
MID
CORPORATE BRANCH, SCB,MILLER GANJ, LUDHIANA, |
A32648255
|
FIXED ASSETS:
·
Land
·
Building
·
Factory building
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Other 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] 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.62.50 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
5 |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.