MIRA
INFORM REPORT
|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
HARDCASTLE PETROFER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
10, Kitab Mahal, 2nd Floor, 192, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.10.2004 |
|
|
|
|
Com. Reg. No.: |
11-149240 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.462 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2004PTC149240 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH08606D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH5032R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
Specialty Chemical Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
s
|
Maximum Credit Limit : |
USD 1744000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment
terms are usually correct. The company can be considered normal 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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million
in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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. Prashant |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-23686617 |
|
Date : |
30.12.2013 |
LOCATIONS
|
Registered Office : |
10, Kitab Mahal, 2nd Floor, 192, Dr. D.N. Road, Fort,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-23686617 |
|
Fax No. : |
91-22-23684644 |
|
Email : |
DIRECTORS
As on: 21.09.2012
|
Name : |
Shatadru Sengupta |
|
Designation : |
Director |
|
Address : |
EMP-34, Flat 101, Neptune Co operative Housing. Society Limited,
Evershinemillenium Paradise, Thakur Village, Kandivli, Mumbai – 400101.
Maharashtra, India |
|
Date of Birth/Age : |
25.09.1969 |
|
Date of Appointment : |
25.10.2005 |
|
DIN No. : |
00291695 |
|
|
|
|
Name : |
Constantin Heinz Marcus Fischer |
|
Designation : |
Director |
|
Address : |
Mozartstrasse, 20, Hildesheim, Germany 31141 |
|
Date of Birth/Age : |
31.01.1971 |
|
Date of Appointment : |
01.09.2009 |
|
DIN No. : |
02674171 |
|
|
|
|
Name : |
Mr. Amit Jatia |
|
Designation : |
Director |
|
Address : |
Avanti, 67-A, Bhulabhai Desai Road, Mumbai – 400026. Maharashtra, India
|
|
Date of Birth/Age : |
11.02.1967 |
|
Date of Appointment : |
07.10.2011 |
|
DIN No. : |
00016871 |
|
|
|
|
Name : |
Ms. Achal Jatia |
|
Designation : |
Director |
|
Address : |
Avanti, 67-A, Bhulabhai Desai Road, Mumbai – 400026. Maharashtra, India
|
|
Date of Birth/Age : |
08.12.1943 |
|
Date of Appointment : |
05.08.2011 |
|
DIN No. : |
03587681 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 21.09.2012
|
Names of Shareholders |
No. of Shares |
|
Smt Lalita Devi Jatia |
178700 |
|
Smt Usha Devi Jatia |
168700 |
|
Winmore Leasing and Holdings Limited |
10 |
|
Shri Ayush Jatia |
52175 |
|
Shri Akshay Jatia |
52175 |
|
Petrofer GmbH |
220000 |
|
Horizon Impex Private Limited |
20 |
|
Vishwas Investments & Trading Corporative Private Limited |
10 |
|
Concept Highland Business Private Limited |
10 |
|
Shri Anurag Jatia |
104350 |
|
Achal Exim Private Limited |
70000 |
|
Saubhagya Impex Private Limited |
10 |
|
|
|
|
Total |
846160 |
As on: 21.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
26.00 |
|
Bodies corporate |
8.00 |
|
Directors or relatives of Directors |
66.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Specialty Chemical Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
ING Vysya Bank Limited, Patel Chambers, Ground Floor, Sandhurst
Bridge, Opera House, Mumbai – 400007, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khare and Company Chartered Accountants |
|
Address : |
795, Mini Apartment, Bhandarkar Road, Deccen Gymkhana, Pune – 411004,
Maharashtra, India |
|
PAN No. : |
ADWPS9180J |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
846160 |
Equity Shares |
Rs.10/- each |
Rs.8.462 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 |
8.462 |
8.462 |
8.462 |
|
(b) Reserves & Surplus |
427.729 |
374.312 |
296.771 |
|
(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) |
436.191 |
382.774 |
305.233 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.644 |
0.535 |
0.496 |
|
(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) |
0.644 |
0.535 |
0.496 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
144.280 |
61.394 |
78.026 |
|
(b) Trade payables |
6.408 |
4.504 |
16.644 |
|
(c) Other current
liabilities |
28.325 |
41.362 |
22.978 |
|
(d) Short-term provisions |
57.888 |
38.500 |
34.305 |
|
Total Current Liabilities (4) |
236.901 |
145.760 |
151.953 |
|
|
|
|
|
|
TOTAL |
673.736 |
529.069 |
457.682 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
59.605 |
60.498 |
57.321 |
|
(ii) Intangible Assets |
0.259 |
0.407 |
0.160 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.692 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.101 |
0.103 |
0.379 |
|
(c) Deferred tax assets (net) |
10.107 |
6.283 |
22.434 |
|
(d) Long-term Loan and Advances |
2.092 |
6.040 |
5.767 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
72.164 |
73.331 |
86.753 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
217.640 |
193.561 |
177.573 |
|
(c) Trade receivables |
238.252 |
216.446 |
161.317 |
|
(d) Cash and cash
equivalents |
88.491 |
15.389 |
19.336 |
|
(e) Short-term loans and
advances |
57.189 |
30.342 |
12.703 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
601.572 |
455.738 |
370.929 |
|
|
|
|
|
|
TOTAL |
673.736 |
529.069 |
457.682 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
129.935 |
135.570 |
116.018 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
22.247 |
23.717 |
15.497 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
107.688 |
111.853 |
100.521 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
261.397 |
195.763 |
136.545 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.800 |
11.800 |
11.800 |
|
|
|
Dividend |
45.693 |
29.615 |
25.385 |
|
|
|
Tax on Dividend |
7.765 |
4.804 |
4.118 |
|
|
BALANCE CARRIED
TO THE B/S |
303.827 |
261.397 |
195.763 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
127.27 |
132.19 |
118.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.58
|
25.94 |
26.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.35 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.33
|
0.16 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.54
|
3.13 |
2.44 |
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 |
No |
|
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 |
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 |
NOTE:
The registered address of the company has been
shifted from Room No. 18, 2nd Floor, Kitab Mahal, Dr. D N Road,
Fort, Mumbai – 400001, Maharashtra, India
UNSECURED LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowing |
|
|
|
Deposit from other |
0.172 |
42.121 |
|
Loans and advance from others |
0.000 |
2.530 |
|
|
|
|
|
Total |
0.172 |
44.651 |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80001984 |
24/07/2012 * |
175,000,000.00 |
ING VYSYA BANK LIMITED |
Gr Floor, Patel Chambers, Sandhurst
Bridge,, Hughes Road, Grant Road, Mumbai, Maharashtra - 400007, INDIA |
B56123623 |
* Date of charge modification
OPERATIONS:
Revenue of the Company
from operations has shown an appreciable increase from Rs. 1287.985 millions to
Rs. 1367.597 millions this year, a growth of about 6.18%. The Profit after tax
for the year was Rs. 107.688 millions.
The global economy
in the Financial Year 2012-13 improved slowly, but was short on expectations.
Several European economies experienced recession due to high unemployment,
banking fragility, fiscal tightening and sluggish growth. The U.S. economy
improved marginally, driven mainly by housing and the consumer sectors; however
capital investments remained sluggish. Among the Asian economies, China going
through a political transition experienced considerably slow growth.
Deceleration in industrial output and exports weakened India’s economic growth
significantly.
Financial Year
2012-13 proved to be a challenging year amidst global economic uncertainties
and disturbances in many parts of the world. The year gone by has been a
difficult one in terms of the operating business environment. Persisting
inflationary conditions together with poor market sentiments and infrastructure
bottlenecks hampered short term growth and profitability. The effects of
uncertainties in the rest of the World weighed significantly on investments,
exchange rates and commodity prices. Latest estimates indicate a GDP growth of
5% for 2012-13, down from 6.2% in 2011-12. Industry growth rates are estimated
at 3.1% with manufacturing growth projected at an even lower 1.9%. These
constraints and the challenging environment had affected the performance of the
Company.
FIXED ASSETS:
Ø
Land
Ø
Building
Ø Plant and
Equipment
Ø
Furniture and Fixture
Ø
Office Equipments
Ø Computers
Ø Vehicles
Ø Motor 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.61.93 |
|
|
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
47 |
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.