MIRA INFORM REPORT
|
Report No. : |
334627 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERPLEX ELECTRONICS INDIA PRIVATE LIMITED (w.e.f. 25th
July, 2000) |
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|
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Formerly Known
As : |
INTERPLEX ELECTRONICS INDIA LIMITED |
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Registered
Office : |
89A, Electronics City, Hosur Road, Bangalore – 560100, Karnataka |
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Tel. No.: |
91-80-66445330/ 28520536/ 537/ 66445316/ 66445366/ 66445330 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.01.1996 |
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Com. Reg. No.: |
08-026010 |
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Capital
Investment / Paid-up Capital : |
Rs.84.363 Million |
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|
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CIN No.: [Company Identification
No.] |
U32202KA1996PTC026010 |
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|
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRI01652A BLRI00616A |
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PAN No.: [Permanent Account No.] |
AAACI5754J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is primarily engaged in the Manufacture of Metal Stampings, Plating and Moulding for Electronics, Telecommunication and Automotive Industries. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 630000 |
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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 : |
Interplex Electronics India Private Limited incorporated on 1996, it
is established company having satisfactory track record. Rating take consideration, general financial position of the company
sees to be sound and healthy. The fundamental of the company seems to be
strong. Rating take into account on company established track record and
experience of the promoters. Trade relation are fair. Business is active. Payments terms are
reported to be usually correct. In view of sound operational and financial base, 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.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-80-66445330
LOCATIONS
|
Registered Office : |
89A, Electronics City, Hosur Road, Bangalore – 560100, Karnataka,
India |
|
Tel. No.: |
91-80-66445330/ 28520536/ 537/ 66445316/ 66445366/ 66445330 |
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Fax No.: |
91-80-28520600 |
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E-Mail : |
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Website : |
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Factory : |
Located
at: ·
Bangalore ·
Chennai |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Padmanabhan Krishnan |
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|
Designation : |
Whole Time Director |
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Address : |
303, LAA Paradise, 9 Puttappa Layout, New Tippasandra, Bangalore - 560
075, Karnataka, India |
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Date of Birth/Age : |
12.05.1957 |
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Qualification : |
BE |
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Date of Appointment : |
26.09.2008 |
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PAN No.: |
AAPPP0335A |
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DIN No.: |
02071803 |
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Other Directorship:
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Name : |
Mr. Steven Daniel Feinstein |
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Designation : |
Director |
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Address : |
12, Kolbert Drive, Scarsdale, New York 10583 USA |
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Date of Birth/Age : |
06.12.1961 |
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Date of Appointment : |
27.09.2012 |
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DIN No.: |
05292474 |
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KEY EXECUTIVES
|
Name : |
Mr. Santhanam Narayanan |
|
Designation : |
Secretary |
|
Address : |
27, TNEB Quarters, 230 KV Substation, Thalli Road, Hosur – 635109, Tamilnadu, India |
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Date of Birth/Age : |
02.06.1962 |
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Date of Appointment : |
30.11.1998 |
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PAN No.: |
AKQPS9345G |
MAJOR SHAREHOLDERS
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Interplex Industries Inc., USA |
|
147 |
|
Interplex Asia Limited, USA |
|
1992679 |
|
Interplex Industries Inc., USA |
|
6443442 |
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|
|
|
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Total |
|
8436268 |
As on 29.09.2014
|
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 : |
Subject is primarily engaged in the Manufacture of Metal Stampings, Plating and Moulding for Electronics, Telecommunication and Automotive Industries. |
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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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
Citibank N.A., 506-507, Level 5, Prestige
Meridian 2, No.30, M.G. Road, Bangalore – 560001, Karnataka, India |
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Facilities : |
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Auditors : |
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Name : |
Suresh and Company Chartered Accountants |
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Address : |
#43/61,
‘Srinidhi’, I Floor, Surveyors Street, Bsavanagudi, Bangalore – 560004,
Karnataka, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AANFS0423Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
Company: |
·
Interplex Asia Inc., USA ·
Interplex Industries Inc, USA |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
|
8000000 |
Preference Shares |
Rs.10/- each |
Rs.80.000
Million |
|
|
Total |
|
Rs.100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1992826 |
Equity Shares |
Rs.10/- each |
Rs.19.928
Million |
|
6443442 |
Preference Shares |
Rs.10/- each |
Rs.64.435
Million |
|
|
Total |
|
Rs.84.363 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 |
|
|
|
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(a) Share Capital |
84.363 |
84.363 |
84.363 |
|
(b) Reserves & Surplus |
137.469 |
105.111 |
86.627 |
|
(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 |
|
Total
Shareholders’ Funds (1) + (2) |
221.832 |
189.474 |
170.990 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
76.000 |
126.591 |
171.393 |
|
(b) Deferred tax liabilities
(Net) |
4.077 |
4.941 |
7.392 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
10.096 |
8.743 |
6.573 |
|
Total
Non-current Liabilities (3) |
90.173 |
140.275 |
185.358 |
|
|
|
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|
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(4) Current Liabilities |
|
|
|
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(a) Short term borrowings |
40.088 |
16.697 |
10.638 |
|
(b) Trade payables |
75.385 |
51.061 |
43.549 |
|
(c) Other current liabilities |
99.048 |
91.542 |
74.925 |
|
(d) Short-term provisions |
48.761 |
30.216 |
15.091 |
|
Total
Current Liabilities (4) |
263.282 |
189.516 |
144.203 |
|
|
|
|
|
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TOTAL |
575.287 |
519.265 |
500.551 |
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II.
ASSETS |
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|
|
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(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
242.898 |
249.281 |
252.561 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
3.211 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c)Foreign currency monetary item translation difference asset account |
0.000 |
0.000 |
11.943 |
|
(d) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(e) Long-term Loan and Advances |
1.666 |
2.713 |
1.850 |
|
(f) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
244.564 |
251.994 |
269.565 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
128.037 |
112.146 |
109.379 |
|
(c) Trade receivables |
136.263 |
104.207 |
88.585 |
|
(d) Cash and cash equivalents |
4.482 |
5.016 |
1.199 |
|
(e) Short-term loans and
advances |
61.821 |
45.896 |
31.821 |
|
(f) Other current assets |
0.120 |
0.006 |
0.002 |
|
Total
Current Assets |
330.723 |
267.271 |
230.986 |
|
|
|
|
|
|
TOTAL |
575.287 |
519.265 |
500.551 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
REVENUE |
669.800 |
613.750 |
551.390 |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Exceptional Items |
7.660 |
4.520 |
4.460 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
86.750 |
78.570 |
55.770 |
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
33.440 |
32.040 |
28.410 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
53.310 |
46.530 |
27.360 |
|
|
|
|
|
|
|
Less |
TAX |
17.540 |
13.050 |
11.290 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
35.770 |
33.480 |
16.070 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
120.100 |
86.620 |
70.550 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
155.870 |
120.100 |
86.620 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
54.830 |
56.000 |
47.480 |
|
|
TOTAL
EARNINGS |
54.830 |
56.000 |
47.480 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
158.930 |
104.670 |
82.160 |
|
|
Components and Stores parts |
4.570 |
1.200 |
3.030 |
|
|
Capital Goods |
16.100 |
8.500 |
1.620 |
|
|
TOTAL
IMPORTS |
179.600 |
114.370 |
86.810 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.42 |
0.40 |
0.19 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
59.753 |
53.454 |
46.629 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
75.905 |
84.445 |
41.598 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.48 |
6.19 |
3.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.60 |
9.83 |
6.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.27 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.79 |
1.04 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.41 |
1.60 |
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 |
84.363 |
84.363 |
84.363 |
|
Reserves & Surplus |
86.627 |
105.111 |
137.469 |
|
Net
worth |
170.990 |
189.474 |
221.832 |
|
long-term borrowings |
171.393 |
126.591 |
76.000 |
|
Short term borrowings |
10.638 |
16.697 |
40.088 |
|
Current Maturities of
Long-Term Debts |
46.629 |
53.454 |
59.753 |
|
Total
borrowings |
228.660 |
196.742 |
175.841 |
|
Debt/Equity
ratio |
1.337 |
1.038 |
0.793 |
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 |
551.390 |
613.750 |
669.800 |
|
|
|
11.310 |
9.132 |
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 |
551.390 |
613.750 |
669.800 |
|
Profit |
16.070 |
33.480 |
35.770 |
|
|
2.91% |
5.45% |
5.34% |
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 |
Yes |
|
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 |
Yes |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from others |
57.784 |
82.122 |
|
|
|
|
|
Total |
57.784 |
82.122 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10271301 |
02/02/2011 |
50,000,000.00 |
Citi Bank N A |
506-507, Level 5,
Prestige Meridian 2,, No 30, M |
B07511884 |
|
2 |
10165356 |
26/09/2011 * |
62,500,000.00 |
Axis Bank Ltd |
8, Nitesh Times
Square, M.G. Road, Bangalore, Kar |
B23085947 |
|
3 |
10124186 |
11/06/2009 * |
50,000,000.00 |
AXIS BANK LTD |
'NITESH
TIMESQUARE', 1st FLOOR, NO:8, M.G.ROAD, B |
A64452105 |
FIXED ASSETS
- Land
- Buildings
- Other building
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Other equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.63.81 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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 |
|
45 |
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.