MIRA INFORM REPORT
|
Report No. : |
335207 |
|
Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
RENAULT NISSAN AUTOMOTIVE INDIA PRIVATE LIMITED (w.e.f. 13.03.2008) |
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Formerly Known
As : |
RHOMBUS AUTOMOTIVE PRIVATE LIMITED |
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Registered
Office : |
Plot No. 1, Sipcot Industrial Estate, Oragadam, Mattur (Post),
Sriperumbudur – 602 105, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.09.2007 |
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Com. Reg. No.: |
18-073002 |
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Capital
Investment / Paid-up Capital : |
Rs.40017.220
Million |
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CIN No.: [Company Identification
No.] |
U34100TN2007PTC073002 |
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IEC No.: |
0308018311 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCR7965B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Purchase and Sale of Engines and Motor Vehicles. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 102000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Nissan Group. Japan and Renault Group,
Netherlands. It is an established company having moderate track record. The company has incurred some accumulated losses however, the company
receives good operational and financial support from its joint venture
entities. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. In view of strong capital base and strong promoter, the company can be
considered normal for business dealings at usual trade terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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
31-03-2013.
INFORMATION DENIED BY
Management Non Co-Operative (Tel No.: 91-44-37199999)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 1, Sipcot Industrial Estate, Oragadam, Mattur (Post),
Sriperumbudur – 602 105, |
|
Tel. No.: |
91-44-37196983 / 37199999 |
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Fax No.: |
91-44-67206016 |
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E-Mail : |
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Website : |
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Factory 2 : |
2nd Floor, Krisp IT Park, 942, Vandalur - Kelambakkam Road,
Kizhakottayur, Chennai – 600 048, Tamilnadu, India |
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Tel. No.: |
91-44-67480777 |
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Fax No.: |
91-44-67480739 |
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Factory 3 : |
Mathur PO, Kanchipuram, Village Oragadam, Kanchipuram – 602112,
Tamilnadu, India |
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Tel No.: |
91-44-97481008 |
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Marketing Office : |
Hover Automotive India Private Limited Grade Palladium, 5th Floor, B Wing, 175, CSt Road, Kalina,
Santacruz (East), Mumbai-400098, Maharashtra, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Sano Toshihiko |
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Designation : |
Managing Director |
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Address : |
5/120, Dr. Seshadri Avenue, Injambakkam Village, Chennai-600041,
Tamilnadu, India |
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Date of Birth/Age : |
24.06.1956 |
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Date of Appointment : |
30.04.2012 |
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DIN No.: |
05332346 |
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Name : |
Brian Minto Duncan |
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Designation : |
Director |
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Address : |
Room 1901, 19/F, 80 Kennedy Road, Bamboo Grave, Wan Chai, Hong Kong |
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Date of Birth/Age : |
30.06.1975 |
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Date of Appointment : |
27.09.2013 |
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DIN No.: |
06695925 |
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Name : |
Axel Galametz |
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Designation : |
Alternate Director |
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Address : |
Villa 3B Melrose Park, Sundeep Road, Neelankarai, Chennai-600041,
Tamilnadu, India |
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Date of Birth/Age : |
10.02.1970 |
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Date of Appointment : |
15.09.2014 |
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DIN No.: |
06718346 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
Rajeswari Nachiappan |
|
Designation : |
Secretary |
|
Address : |
7/11, Balaji Homes, Flat No. G3, Abhi Apartments, Brahmin Stret,
Nemilichery, Chrompet-600044, Tamilnadu, India |
|
Date of Birth/Age : |
27.01.1987 |
|
Date of Appointment : |
25.09.2013 |
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PAN No.: |
AIDPN0185A |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Renault Group BV, The Netherlands |
1200516500 |
30.00 |
|
Nissan Motor Company Limited, Japan |
2801205000 |
70.00 |
|
Total |
4001721500 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Purchase and Sale of Engines and Motor Vehicles. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
TPL House No. 3, |
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Tel. No.: |
91-44-42194400 |
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Fax No.: |
91-44-24311450 |
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PAN No: |
AABFS3421N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding Company: |
Nissan Motors
Company Limited, Japan |
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Fellow Subsidiaries : |
CIN No.: U65923TN2013FTC093374
CIN No.: U34102TN2008PLC067838
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Associates : |
CIN No.: U34100TN2005FT078835 |
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Joint Venture : |
CIN No.: U34100TN2005FT078835 |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital : Rs.76500.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 67806.916
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000000 |
Equity Shares |
Rs.10/- each |
Rs.45000.000 Million |
|
|
|
|
|
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|
Total |
|
Rs.45000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4001722000 |
Equity Shares |
Rs.10/- each
|
Rs.40017.220
Million |
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|
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|
|
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Total |
|
Rs.40017.220 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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
40017.220 |
40017.220 |
18917.220 |
|
(b) Reserves & Surplus |
(4325.950) |
(4594.870) |
(2887.910) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
35691.270 |
35422.350 |
16029.310 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12434.750 |
6517.460 |
5513.480 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
169.840 |
53.700 |
22.820 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
12604.590 |
6571.160 |
5536.300 |
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
16750.000 |
13800.000 |
0.000 |
|
(b) Trade
payables |
36877.970 |
24978.330 |
11506.930 |
|
(c) Other
current liabilities |
9423.650 |
9918.700 |
3793.170 |
|
(d) Short-term
provisions |
40.570 |
2.450 |
6.450 |
|
Total Current
Liabilities (4) |
63092.190 |
48699.480 |
15306.550 |
|
|
|
|
|
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TOTAL |
111388.050 |
90692.990 |
36872.160 |
|
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
40832.920 |
30895.390 |
20654.080 |
|
(ii)
Intangible Assets |
123.770 |
71.800 |
22.360 |
|
(iii) Capital
work-in-progress |
1464.110 |
9151.050 |
1612.040 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8126.260 |
4305.900 |
2170.480 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
50547.060 |
44424.140 |
24458.960 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
13252.270 |
14113.320 |
5999.960 |
|
(c) Trade
receivables |
21159.910 |
19233.210 |
2636.680 |
|
(d) Cash
and cash equivalents |
1890.910 |
80.480 |
177.680 |
|
(e) Short-term
loans and advances |
21804.740 |
11223.070 |
3459.520 |
|
(f) Other
current assets |
2733.160 |
1618.770 |
139.360 |
|
Total
Current Assets |
60840.990 |
46268.850 |
12413.200 |
|
|
|
|
|
|
TOTAL |
111388.050 |
90692.990 |
36872.160 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
129715.600 |
104773.660 |
13694.330 |
|
|
|
Other Income |
9738.900 |
7429.490 |
1161.090 |
|
|
|
TOTAL (A) |
139454.500 |
112203.150 |
14855.420 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
132557.430 |
110232.070 |
13994.840 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6897.070 |
1971.080 |
860.580 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2666.110 |
891.500 |
173.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4230.960 |
1079.580 |
686.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3843.170 |
2786.540 |
1077.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
387.790 |
(1706.960) |
(390.640) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
118.870 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
268.920 |
(1706.960) |
(390.640) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.07 |
(0.50) |
--- |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
2784.350 |
(15407.630) |
3643.490 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.21 |
(1.63) |
(2.85) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.32 |
1.88 |
6.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.35 |
(2.09) |
(1.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.05) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.82 |
0.57 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.95 |
0.81 |
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 |
18917.220 |
40017.220 |
40017.220 |
|
Reserves & Surplus |
(2887.910) |
(4594.870) |
(4325.950) |
|
Net
worth |
16029.310 |
35422.350 |
35691.270 |
|
|
|
|
|
|
long-term borrowings |
5513.480 |
6517.460 |
12434.750 |
|
Short term borrowings |
0.000 |
13800.000 |
16750.000 |
|
Total
borrowings |
5513.480 |
20317.460 |
29184.750 |
|
Debt/Equity
ratio |
0.344 |
0.574 |
0.818 |
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) |
|
Sales |
13694.330 |
104773.660 |
129715.600 |
|
|
|
665.088 |
23.806 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
13694.330 |
104773.660 |
129715.600 |
|
Profit |
(390.640) |
(1706.960) |
268.920 |
|
|
(2.85%) |
(1.63%) |
0.21% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
Note: The Registered Office of the company has been shifted from Chintamani
Plaza, B Wing, Office No. 524, Andheri Kurla Road, Andheri (East), Mumbai –
400099, Maharashtra, India to the present address w.e.f 15.09.2009.
|
UNSECURED LOANS |
31.03.2014 (Rs. In Million) |
31.03.2013 (Rs. In Million) |
|
Long Term Borrowings |
|
|
|
Term loans from other |
11946.750 |
6029.460 |
|
|
|
|
|
Short term
Borrowings |
|
|
|
Loans and advances from related parties |
16750.000 |
13800.000 |
|
|
|
|
|
Total |
28696.750 |
19829.460 |
NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
- Leasehold land
- Building
- Plant and machinery
- Computers and other peripherals
- Office Equipment
- Furniture and Fittings
- Vehicles
- Tools
- 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.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
31 |
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.