MIRA
INFORM REPORT
|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BORGWARNER MORSE TEC INDIA PRIVATE LIMITED [w.e.f.19.04.2010] |
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Formerly Known
As : |
BORGWARNER MORSE TEC MURUGAPPA PRIVATE LIMITED ROMBO TIMING CHAIN LIMITED |
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Registered
Office : |
Plot No. G78, G79, G92, G93, Puttlur Village, Kakkalur Industrial
Estate, Tiruvallur Taluka, District Kancheepuram – 602001, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
09.07.2001 |
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Com. Reg. No.: |
18-047397 |
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Capital
Investment / Paid-up Capital : |
Rs. 214.839 Millions |
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CIN No.: [Company Identification
No.] |
U28991TN2001FTC047397 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEB04005B |
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PAN No.: [Permanent Account No.] |
AABCR8852R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Trading of Engine Timing Kits. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1950000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Borg Warner Morse Tec Inc. USA. It is an established company having good track record. Financial position of the company is sound. Fundamental of the company
are healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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-COOPERATIVE
[CONTACT NO.: 91-44-33621200]
LOCATIONS
|
Registered Office : |
Plot No. G78, G79, G92, G93, Puttlur Village, Kakkalur Industrial Estate,
Tiruvallur Taluka, District Kancheepuram – 602001, Tamilnadu, India |
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Tel. No.: |
91-44-33621200 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
No. 79, Sidco Industrial Estate, Kakkalur, Tiruvallur, Kancheepuram – 602003, Tamilnadu, India |
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Tel. No.: |
91-44-27660576 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Anthony Daniel Hensel |
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Designation : |
Director |
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Address : |
2665, Invitational Dr, Oakland Township, Michigan
483632456, United States of America |
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Date of Birth/Age : |
07.12.1958 |
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Date of Appointment : |
25.01.2002 |
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DIN No.: |
02805185 |
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Name : |
Daryl John Gingell |
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Designation : |
Director |
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Address : |
501, Cedarwood St, Oxford, Mighigan 483713422, United
States of America |
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Date of Birth/Age : |
19.04.1968 |
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Date of Appointment : |
28.09.2011 |
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DIN No.: |
05118627 |
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Name : |
Joseph Francis Fadool |
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Designation : |
Director |
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Address : |
531, N Ponchartrain St, White Lake, Michigan 48386, United
States of America |
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Date of Birth/Age : |
15.06.1966 |
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Date of Appointment : |
29.09.2012 |
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DIN No.: |
05336214 |
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Other Directorship :
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Name : |
Ramasamy Murali |
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Designation : |
Director |
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Address : |
1168, TVS Colony, Anna Nagar (West) Extn., Chennai -
600050, Tamilnadu, India |
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Date of Birth/Age : |
09.06.1969 |
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Date of Appointment : |
29.09.2011 |
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DIN No.: |
03605520 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
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No. of Shares |
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BorgWarner Morse TEC Inc. USA |
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21483862 |
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BorgWarner Holding Inc. USA |
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10 |
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Total |
|
21483872 |
AS ON 30.09.2013
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Engine Timing Kits. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
No 32, Khader Nawas Khan Road, Nungambakkam, Chennai -
600006, Tamilnadu, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAEFP5579P |
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Ultimate Holding
company : |
BorgWarner Inc., Michigan USA |
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Holding company : |
BorgWarner Morse TEC Inc., USA |
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Fellow Subsidiary
company : |
· Borgwarner Morse TEC Japan KK Borgwarner Morse TEC Korea Morse TEC Europe S.R.I Borgwarner China Borgwarner Cooling Systems (India) Private Limited [U28999TN2001PTC047184] Borg Warner Automotive Morse TEC Corporation, Ithaca BorgWarner Automotive-Taiwan Co., Limited BorgWarner Canada Inc BorgWarner Emissions Systems India Private Limited
[U28910DL2007PTC158761] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
24,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 240.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
21,483,872 |
Equity Shares |
Rs. 10/- each |
Rs. 214.839 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 |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
214.839 |
214.839 |
214.839 |
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(b) Reserves & Surplus |
273.620 |
176.226 |
98.004 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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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) |
488.459 |
391.065 |
312.843 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
17.676 |
13.073 |
12.829 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
4.578 |
2.906 |
2.146 |
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Total Non-current
Liabilities (3) |
22.254 |
15.979 |
14.975 |
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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 |
126.691 |
163.816 |
162.783 |
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(c)
Other current liabilities |
55.436 |
49.068 |
62.020 |
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(d) Short-term
provisions |
23.589 |
16.134 |
16.590 |
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Total Current
Liabilities (4) |
205.716 |
229.018 |
241.393 |
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TOTAL |
716.429 |
636.062 |
569.211 |
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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 |
341.063 |
279.599 |
207.557 |
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(ii)
Intangible Assets |
2.050 |
3.321 |
5.305 |
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(iii)
Capital work-in-progress |
45.364 |
59.300 |
15.266 |
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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 |
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(d) Long-term Loan and Advances |
77.078 |
2.170 |
30.562 |
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(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
465.555 |
344.390 |
258.690 |
|
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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 |
92.602 |
107.451 |
126.551 |
|
(c)
Trade receivables |
116.224 |
118.443 |
128.092 |
|
(d) Cash
and cash equivalents |
14.215 |
29.483 |
23.837 |
|
(e)
Short-term loans and advances |
26.872 |
32.190 |
29.977 |
|
(f)
Other current assets |
0.961 |
4.105 |
2.064 |
|
Total
Current Assets |
250.874 |
291.672 |
310.521 |
|
|
|
|
|
|
TOTAL |
716.429 |
636.062 |
569.211 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
|
|
|
|
|
|
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Income |
948.921 |
924.186 |
1255.206 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL (A) |
NA
|
NA
|
NA
|
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|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL (B) |
NA
|
NA
|
NA
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
205.789 |
165.778 |
192.858 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
3.475 |
10.286 |
3.976 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
202.314 |
155.492 |
188.882 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.318 |
38.925 |
36.867 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
146.996 |
116.567 |
152.015 |
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|
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Less |
TAX (H) |
49.603 |
38.345 |
71.696 |
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
97.393 |
78.222 |
80.319 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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Export Earnings |
4.821 |
5.088 |
3.210 |
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|
|
|
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Earnings Per
Share (Rs.) |
4.53 |
3.64 |
3.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
10.26 |
8.46 |
6.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.49 |
12.61 |
12.11 |
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|
|
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Return on Investment (ROI) (PBT/Networth) |
|
21.90 |
20.21 |
27.44 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.30 |
0.30 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.00 |
0.00 |
0.00 |
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 |
214.839 |
214.839 |
214.839 |
|
Reserves & Surplus |
98.004 |
176.226 |
273.620 |
|
Net
worth |
312.843 |
391.065 |
488.459 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
1255.206 |
924.186 |
948.921 |
|
|
|
(26.372) |
2.676 |
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 |
1255.206 |
924.186 |
948.921 |
|
Profit |
80.319 |
78.222 |
97.393 |
|
|
6.40% |
8.46% |
10.26% |
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 |
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 |
No |
|
24] |
Banking facility details |
No |
|
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: NO
CHARGES EXIST FOR COMPANY
FINANCIAL
HIGHLIGHTS
At the outset, the successful execution of all aspects of the operations,
the company has achieved overall sales of Rs. 949.000 Millions and profit
before tax Rs. 147.000 Millions. The company’s profit as a percentage of sales
has been increased from 9.17% (2012) to 10.93% (2013) due to Localization of
parts through effective cost reduction measures.
Overall automotive sales have come down due to increase in fuel cost,
higher bank interest rate. Depreciation of Indian rupees against USD and
Japanese YEN also impacted many OEM’s and has forced them to increase vehicle
cost.
Due to market slowdown, their sales has gone down nearly 20-35% for
automotive gasoline engine especially requirements from Maruti Suzuki and
Hyundai India. At the same time, they also see an increase from Mahindra and
Mahindra due to steady demand for Diesel engine. Due to new Program Launches
from Two wheeler Customers like Yamaha (5YY) and Suzuki Motor Cycle (GE110) our
sales in Two wheeler segment has increased by 17.3% compared to previous year.
FACTORY / PROJECT
ACTIVITIES
New Equipments and Plant Facility activities. They have added # 4 Pin
cut equipment and expanded the facility and added #1 Shot peening equipment.
Further we are planning to add #5 Punch Press, #1 Flexible tensioner assembly
line and #1 8mm Pitch Roller Bushing chain assembly line in the coming year.
They completed the shop floor office relocation work with additional
mezzanine floor to create more space. Press relocation work is under progress
to accommodate new punch presses. They are working on the proposal to expand the
shop floor space for additional 20 k sq. ft to accommodate equipments planned
during the LRP period.
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
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. 61.57 |
|
|
1 |
Rs. 100.42 |
|
Euro |
1 |
Rs. 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.