MIRA
INFORM REPORT
|
Report No. : |
335762 |
|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PESTICIDES AND BREWERS LIMITED |
|
|
|
|
Registered
Office : |
Chitalsar, Manpada, Swami Vivekanand, Thane – 400607, |
|
Tel. No.: |
91-22-22047131 |
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Country : |
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|
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.10.1960 |
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|
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Com. Reg. No.: |
11-011864 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 10.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1960PLC011864 |
|
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|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Trader of electrical items and chemical. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1540000000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject company was incorporated in the year 1960 and it is having
satisfactory track record. Company has achieved sales turnover of Rs. 1105.900 Million and reported 23.32% top
line growth during the year ended 2014. Profitability margin of the company reported
low backed by sound financial base of the company. However, its trade relations are reported to be fair. Business is
active, payments terms are slow but correct. In view of company’s established track record, the company can be
considered for business dealings with its usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
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 (Tel No.: 91-22-22047131)
LOCATIONS
|
Registered Office : |
Chitalsar, Manpada, Swami Vivekanand, Thane – 400607, Maharashtra,
India |
|
Tel. No.: |
91-22-22047131 (Ms. Sheetal - Admin Executive) |
|
E-Mail : |
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Admins Office : |
18 Prem Kutir, Gr. Flr, 177 Babubhai Chinai Rd, Marine Drive, Mumbai –
400020, Maharashtra, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Omprakash Gurdayal Berlia |
|
Designation : |
Managing Director |
|
Address : |
2b-177, Prem Kutir, N.S. Road,, Colaba, Mumbai – 400008, Maharashtra, India |
|
Date of Appointment : |
15.03.2004 |
|
DIN No.: |
00646890
|
|
|
|
|
Name : |
Damodar Poonam Chand Vyas |
|
Designation : |
Director |
|
Address : |
C402, Sreesiddhi Vinayak Tower, Orlem Tank Lane, Malad-W, Mumbai – 400054, Maharashtra, India |
|
Date of Appointment : |
19.04.2006 |
|
DIN No.: |
00647187
|
|
|
|
|
Name : |
Annie Jaquim Fernandes |
|
Designation : |
Director |
|
Address : |
203/7,Rita Mansion,, Bora Bazar Street, Fort, Mumbai – 400001, Maharashtra, India |
|
Date of Appointment : |
19.04.2006 |
|
DIN No.: |
00691072
|
|
|
|
|
Name : |
Rajendrakumar Kishanlal Agarwal |
|
Designation : |
Director |
|
Address : |
21-A Meher Apts, Altamount Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
03.11.2007 |
|
DIN No.: |
01879869
|
|
|
|
|
Name : |
Pratik Didwania |
|
Designation : |
Director |
|
Address : |
1 Ballyganj Park Road, 7a Bally-High, Calcutta - 700019, West Bengal, India |
|
Date of Appointment : |
28.04.2011 |
|
DIN No.: |
01966886
|
|
|
|
|
Name : |
Parimal Vibhash Mehta |
|
Designation : |
Director |
|
Address : |
35/608, Azad Nagar -Ii,Veera Desai Road,, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Date of Appointment : |
28.04.2011 |
|
DIN No.: |
03514645
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
SHAREHOLDING DETAILS FILE ATTACHED.
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Public financial
companies |
0.24 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
19.05 |
|
Bodies corporate |
75.90 |
|
Directors or relatives of Directors |
0.09 |
|
Other top fifty shareholders |
4.72 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of electrical items and chemical. |
|
|
|
|
Products : |
Not Divulged |
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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 : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Auditors : |
|
|
Name : |
Shah Ajitkumar Chinubhai Chartered Accountant |
|
Address : |
Yusuf Building, II Floor 43,
Mahatma Gandhi Road, Flora Fountain Fort, Ville Parle, Mumbai,
Maharashtra, India |
|
PAN No.: |
AAAFM1433H |
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|
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Million |
|
50000 |
Preference Shares |
Rs. 100/- each |
Rs. 5.000 Million |
|
|
Total |
|
Rs. 20.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1050000 |
Equity Shares |
Rs.10/- each |
Rs. 10.500
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 |
10.500 |
10.500 |
10.500 |
|
(b) Reserves & Surplus |
11.538 |
3.756 |
2.125 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
22.038 |
14.256 |
12.625 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3.732 |
2.437 |
4.295 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
21.000 |
|
(c) Other long term liabilities |
33.680 |
21.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
37.412 |
23.437 |
25.295 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
83.335 |
118.683 |
117.726 |
|
(c) Other current
liabilities |
127.346 |
100.445 |
3.757 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
210.681 |
219.128 |
121.483 |
|
|
|
|
|
|
TOTAL |
270.131 |
256.821 |
159.403 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6.555 |
5.066 |
6.667 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.028 |
2.028 |
2.028 |
|
(c) Deferred tax assets (net) |
0.452 |
0.502 |
0.049 |
|
(d) Long-term Loan and Advances |
12.167 |
9.790 |
7.234 |
|
(e) Other Non-current assets |
0.010 |
0.010 |
0.010 |
|
Total Non-Current Assets |
21.212 |
17.396 |
15.988 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
89.977 |
85.084 |
77.343 |
|
(c) Trade receivables |
139.469 |
140.665 |
49.558 |
|
(d) Cash and cash
equivalents |
7.052 |
4.530 |
13.425 |
|
(e) Short-term loans and
advances |
12.421 |
9.146 |
3.089 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
248.919 |
239.425 |
143.415 |
|
|
|
|
|
|
TOTAL |
270.131 |
256.821 |
159.403 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1105.960 |
896.746 |
757.763 |
|
|
|
Other Income |
0.013 |
0.013 |
0.209 |
|
|
|
TOTAL |
1105.973 |
896.759 |
757.972 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
1012.262 |
833.857 |
730.014 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(4.894) |
(7.741) |
(19.774) |
|
|
|
Employees benefits expense |
6.830 |
5.529 |
3.222 |
|
|
|
Other expenses |
74.429 |
61.332 |
41.875 |
|
|
|
TOTAL |
1088.627 |
892.977 |
755.337 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
17.346 |
3.782 |
2.635 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.010 |
0.504 |
0.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.336 |
3.278 |
2.312 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.304 |
1.602 |
0.973 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
10.032 |
1.676 |
1.339 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.251 |
0.046 |
0.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
7.781 |
1.630 |
1.253 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
252.382 |
219.773 |
128.528 |
|
|
TOTAL IMPORTS |
252.382 |
219.773 |
128.528 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.41 |
1.55 |
1.19 |
|
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 flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.70 |
0.18 |
0.17 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.57 |
0.42 |
0.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.75 |
0.66 |
0.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46 |
0.12 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17 |
0.17 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.09 |
1.18 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- (BSE Listed) |
|
|
(Not listed with NSE) |
Note: Bombay stock exchange limited has suspended
trading of company shares on stock exchange due to which company is not traded
on BSE.
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 |
10.500 |
10.500 |
10.500 |
|
Reserves & Surplus |
2.125 |
3.756 |
11.538 |
|
Net
worth |
12.625 |
14.256 |
22.038 |
|
|
|
|
|
|
long-term borrowings |
4.295 |
2.437 |
3.732 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
4.295 |
2.437 |
3.732 |
|
Debt/Equity
ratio |
0.340 |
0.171 |
0.169 |
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 |
757.763 |
896.746 |
1105.960 |
|
|
|
18.341 |
23.330 |
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 |
757.763 |
896.746 |
1105.960 |
|
Profit |
1.253 |
1.630 |
7.781 |
|
|
0.17% |
0.18% |
0.70% |
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 |
No |
|
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
OPERATONS
The company activity were local trading and import of chemicals. During the year it has register the growth of 18.92% as compared to last year’s sales. Due to stiff competition and Foreign Currency fluctuation profitability of the company has been severely effected. The directors hope to achieve better results during the current year.
INDEX OF CHARGES
NO CHARGES EXIST FOR THE COMPANY.
FIXED ASSETS
·
Land
·
Building
·
Furniture and Fixture
·
Vehicles
·
Office Equipments
·
Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 63.93 |
|
UK Pound |
1 |
Rs. 99.82 |
|
Euro |
1 |
Rs. 70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.