MIRA INFORM REPORT
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Report No. : |
316803 |
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Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MONACHEM ADDITIVES PRIVATE LIMITED |
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Registered
Office : |
401/A, 4th Floor, Synergy Square, Krishna Industrial Estate, Opposite
BIDC, Gorwa, Vadodara – 390016, Gujarat |
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Tel No.: |
91-265-3028999 / 3028900 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
25.10.2007 |
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Com. Reg. No.: |
04-052058 |
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Capital
Investment / Paid-up Capital : |
Rs.12.600 Million |
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CIN No.: [Company Identification
No.] |
U24100GJ2007PTC052058 |
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TIN No.: |
Not Available |
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IEC No.: |
3407004834 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDM02948B |
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PAN No.: [Permanent Account No.] |
AAFCM2739M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, exporter and importer of all type and forms of
chemicals such as polymer additives, specialty chemicals, catalyst,
co-catalyst, raw material, pigments, molecular sieve and all bye products and
joint products thereof and also acts as
an indenting agents for the same. |
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No. of Employees
: |
44 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company seems to be decent. However, trade relations are reported to be 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 conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Shamik Shah Dilip |
|
Designation : |
Director |
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Contact No.: |
91-9376236949 |
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Date : |
10.04.2015 |
LOCATIONS
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Registered / Head Office : |
401/A, 4th Floor, Synergy Square, Krishna Industrial Estate, Opposite
BIDC, Gorwa, Vadodara – 390016, Gujarat, India |
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Tel. No.: |
91-265-3028999 / 3028900 |
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Mobile No.: |
91-9376236949 (Mr. Shamik Shah Dilip) |
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Fax No.: |
91-265-3028990 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Ft. |
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Location : |
Owned |
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Locality : |
Commercial |
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Warehouse: |
Located at
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DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Shamik Shah Dilip |
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Designation : |
Director |
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Address : |
9/10, Sarswati Society, Behind Sevashray Society, Vasna Road, Vadodara
– 390015, Gujarat, India |
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Date of Birth/Age : |
24.07.1978 |
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Qualification : |
BE, Petro Chemical, MBA from USA |
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Date of Appointment : |
25.10.2007 |
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DIN No.: |
01843803 |
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Name : |
Mr. Dilip Govindlal Shah |
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Designation : |
Director |
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Address : |
9/10, Sarswati Society, Behind Sevashray Society, Vasna Road, Vadodara
– 390015, Gujarat, India |
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Date of Birth/Age : |
23.01.1950 |
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Qualification : |
BSC |
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Date of Appointment : |
25.10.2007 |
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DIN No.: |
01843830 |
MAJOR SHAREHOLDERS
As on 26.09.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Shamik Shah Dilip |
1105000 |
87.70 |
|
Dilip Govindlal Shah |
155000 |
12.30 |
|
Total |
1260000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, exporter and importer of all type and forms of
chemicals such as polymer additives, specialty chemicals, catalyst,
co-catalyst, raw material, pigments, molecular sieve and all bye products and
joint products thereof and also acts as
an indenting agents for the same. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods (Polymer) |
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Countries : |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
44 (Approximately) |
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Bankers : |
· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Dhanlaxmi Bank · Kotak Mahindra Bank Limited · ICICI Bank Limited · Bank of India · Axis Bank Limited |
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Facilities : |
Cash Credit = Rs.50.000 Million (From Axis Bank Limited) Cash Credit = Rs.12.500 Million (From HDFC Bank Limited)
Note: Long Term Borrowings Loan is repayable over a period of 3 Years. Borrowings from Related Parties:-There are no terms and conditions relating to interest, repayment etc. Short Term Borrowings Secured against property of Director – Personal Guarantee of the
Directors and Charge on Stock and Debtors |
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Auditors : |
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Name : |
Lalpuria Patel and Associates Chartered Accountants |
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Address : |
318/ 319/ 320, Saffron Tower, Opposite Camp's Corner, Fatehgunj,
Vadodara – 390002, Gujarat, India |
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Tel. No.: |
91-265-2786759/ 2794070 |
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Fax No.: |
91-265-2794070 |
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E-Mail : |
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PAN No.: |
AAAFL5406B |
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Memberships : |
-- |
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Collaborators : |
-- |
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Entities
owned by key Management Personnel : |
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Entities owned by Relatives of Key
Management Personnel : |
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CAPITAL STRUCTURE
As on 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1260000 |
Equity Shares |
Rs.10/- each |
Rs.12.600 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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|
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(a) Share Capital |
12.600 |
12.600 |
12.600 |
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(b) Reserves & Surplus |
33.877 |
28.371 |
24.680 |
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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) |
46.477 |
40.971 |
37.280 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
5.955 |
8.521 |
18.110 |
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(b) Deferred tax liabilities (Net) |
0.040 |
0.151 |
0.198 |
|
(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) |
5.995 |
8.672 |
18.308 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
52.861 |
43.143 |
46.279 |
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(b) Trade
payables |
30.780 |
18.811 |
19.275 |
|
(c) Other current
liabilities |
7.760 |
14.432 |
21.926 |
|
(d) Short-term
provisions |
4.573 |
3.789 |
2.714 |
|
Total Current
Liabilities (4) |
95.974 |
80.175 |
90.194 |
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TOTAL |
148.446 |
129.818 |
145.782 |
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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 |
16.745 |
17.746 |
18.032 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.271 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.247 |
7.600 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.017 |
|
(d) Long-term Loan and Advances |
0.542 |
0.663 |
0.673 |
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(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
17.287 |
18.656 |
26.593 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
43.759 |
42.318 |
66.271 |
|
(c) Trade
receivables |
73.628 |
53.681 |
46.894 |
|
(d) Cash
and cash equivalents |
7.942 |
8.184 |
1.523 |
|
(e)
Short-term loans and advances |
5.830 |
6.979 |
4.501 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
131.159 |
111.162 |
119.189 |
|
|
|
|
|
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TOTAL |
148.446 |
129.818 |
145.782 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
419.198 |
405.907 |
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Other Income |
0.736 |
2.533 |
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TOTAL (A) |
419.934 |
408.440 |
468.097 |
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Less |
EXPENSES |
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Purchase of Stock-in-trade |
361.967 |
331.438 |
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Changes in Inventories of finished goods, work-in-progress and stock-in-trade |
(1.440) |
23.953 |
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Employee Benefits Expenses |
24.590 |
20.345 |
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Other Expenses |
16.674 |
14.850 |
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TOTAL (B) |
401.791 |
390.586 |
463.856 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.143 |
17.854 |
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Less |
FINANCIAL
EXPENSES (D) |
8.066 |
10.410 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.077 |
7.444 |
4.241 |
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Less |
DEPRECIATION/
AMORTISATION (F) |
1.978 |
1.986 |
1.658 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
8.099 |
5.458 |
2.583 |
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Less |
TAX (H) |
2.593 |
1.767 |
0.813 |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
5.506 |
3.691 |
1.770 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28.371 |
24.680 |
25.033 |
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Less |
APPROPRIATIONS |
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Interim Dividend |
0.000 |
0.000 |
1.827 |
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Tax on Dividend |
0.000 |
0.000 |
0.296 |
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BALANCE CARRIED
TO THE B/S |
33.877 |
28.371 |
24.680 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
11.879 |
8.078 |
11.302 |
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TOTAL EARNINGS |
11.879 |
8.078 |
11.302 |
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IMPORTS |
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Stock in Trade |
252.400 |
213.280 |
NA |
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TOTAL IMPORTS |
252.400 |
213.280 |
NA |
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Earnings /
(Loss) Per Share (Rs.) |
4.37 |
2.93 |
1.41 |
||
Expected Sales (2014-2015): Rs.550.000 Million
The above information has been parted by Mr. Shamik Shah Dilip
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.31 |
0.91 |
NA |
|
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Operating Profit Margin (PBDIT/Sales) |
(%) |
4.33 |
4.40 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.46 |
4.21 |
1.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.13 |
0.07 |
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Debt Equity Ratio (Total Debt /Networth) |
|
1.27 |
1.26 |
1.73 |
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Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.39 |
1.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
12.600 |
12.600 |
12.600 |
|
Reserves & Surplus |
24.680 |
28.371 |
33.877 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
37.280 |
40.971 |
46.477 |
|
|
|
|
|
|
Long Term borrowings |
18.110 |
8.521 |
5.955 |
|
Short Term borrowings |
46.279 |
43.143 |
52.861 |
|
Total
borrowings |
64.389 |
51.664 |
58.816 |
|
Debt/Equity
ratio |
1.727 |
1.261 |
1.265 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
468.097 |
408.440 |
419.934 |
|
|
|
(12.745) |
2.814 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
468.097 |
408.440 |
419.934 |
|
Profit |
1.770 |
3.691 |
5.506 |
|
|
0.38% |
0.90% |
1.31% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Million
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
2.674 |
8.596 |
14.143 |
|
Total |
2.674 |
8.596 |
14.143 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: The Registered
Office of the company has been shifted from 604, A, Galav Chamber, Near Sardar Patel
Statue, Sayajigunj, Vadodara – 390005, Gujarat, India to the present address
w.e.f.01.03.2011
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
From Banks |
|
|
|
Dhanlaxmi Bank |
0.000 |
0.505 |
|
Finance
Companies |
|
|
|
Kotak Mahindra Bank Limited |
0.000 |
0.418 |
|
Religare Investments |
0.000 |
0.778 |
|
Related Parties |
|
|
|
Dilip G. Shah (Loan 1) |
0.000 |
0.529 |
|
Dilip G. Shah (Loan 2) |
5.500 |
5.746 |
|
Total |
5.500 |
7.976 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10546186 |
23/09/2014 |
50,000,000.00 |
Axis Bank Limited |
Vardhman Complex, Opp. Geb Race Course Circle, Opp. Geb Race Course Circle (North), Vadodara, Gujarat - 390007, India |
C41861691 |
|
2 |
10488916 |
10/04/2014 |
3,000,000.00 |
Bank Of Baroda |
Bank Of Baroda, Vadodara, Gujarat - 390016, INDIA |
C02537314 |
|
3 |
10177678 |
28/02/2015 * |
20,000,000.00 |
HDFC Bank Limited |
HDFC Bank House senapati Bapat Marg, Lower Parel W Mumbai, Maharashtra - 400013, India |
C45437829 |
*Date of modification Charges
FIXED ASSETS:
· Air Conditioner
· Computer Lan System
· Computer Printer
· Furniture
· Office Equipment
· Sawing Machines
· Vehicles
· Computer Software
· Office Building
· Land
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.62.26 |
|
|
1 |
Rs.92.49 |
|
Euro |
1 |
Rs.67.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
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.