MIRA INFORM REPORT
|
Report No. : |
336245 |
|
Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SKODA AUTO INDIA
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.A-1/1, Shendra, Five Star Industrial Area, MIDC, |
|
Tel. No.: |
91-240-6631111 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.12.1999 |
|
|
|
|
Com. Reg. No.: |
11-123254 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2354.008 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100MH1999PTC123254 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
NSKS05815F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS3749M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufactures of Passenger cars and SUVs |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in December 1999 and is a subsidiary of Skoda
Auto, one of the fastest growing car manufacturers in Europe. It is an
established company having good track. Skoda Auto is a part of the international Volkswagen Group and is
based in Czech Republic. It manufacturers and markets passenger car
throughout the world. The rating also reflects strong operational and financial support from
the Volkswagen AG (Holding Company). Trade relations are reported as good. Business is active. Payment
terms are reported to be regular and as per the commitment. In view of the strong support from the Volkswagen AG, 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
|
Rating Agency Name |
ICRA |
|
Rating |
Long term bank
facilities = AAA |
|
Rating Explanation |
Highest degree of
safety and carry lowest credit risk. |
|
Date |
May, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term bank
facilities = A1+ |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
May, 2015 |
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 (91-240-6631159 / 1301)
LOCATIONS
|
Registered Office : |
Plot No.A-1/1, Shendra, Five Star Industrial Area, MIDC,
Aurangabad – 431 201, Maharashtra, India |
|
Tel. No.: |
91-240-6631111 / 6631159 /
1301 |
|
Fax No.: |
91-240-6631299/ 6631199 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
E-76, MIDC Waluj, |
DIRECTORS
As on 09.09.2014
|
Name : |
Mr. Sudhir Puskur Rao |
|
Designation : |
Managing Director |
|
Address : |
10, Lodhi Khan Street, Tnagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth/Age : |
11.09.1959 |
|
Date of Appointment : |
01.03.2012 |
|
DIN No.: |
00399736 |
|
|
|
|
Name : |
Jean Marie Francois Lagey |
|
Designation : |
Director |
|
Address : |
Avenue Des Cottages 45, Genappe, 1474, Belgium |
|
Date of Birth/Age : |
11.05.1954 |
|
Date of Appointment : |
01.02.2012 |
|
DIN No.: |
01215703 |
|
|
|
|
Name : |
Christian Udo Cahn Von Seelen |
|
Designation : |
Director |
|
Address : |
Staromestske Namesti 88, Mlada Boleslav, 29301, , Germany |
|
Date of Birth/Age : |
15.05.1965 |
|
Date of Appointment : |
02.09.2013 |
|
DIN No.: |
06665592 |
|
|
|
|
Name : |
Mr. Rajagopalan Paliyath |
|
Designation : |
Whole-Time Director |
|
Address : |
203, Ganga Preet Apartment, ITI Road Aundh, Pune - 411007, Maharashtra, India |
|
Date of Appointment : |
12.01.2015 |
|
DIN No.: |
07067968 |
|
|
|
|
Name : |
Mr. Ashutosh Dixit |
|
Designation : |
Whole-Time Director |
|
Address : |
504, Tower 5, Orchid Petals, Sohna Road, Gurgaon, 122001, Haryana, India |
|
Date of Appointment : |
01.02.2015 |
|
DIN No.: |
07082046 |
|
|
|
|
Name : |
Ronald Paul Cowen |
|
Designation : |
Whole-Time Director |
|
Address : |
Row House No.6, Skoda Housing, Plot No. R3, Shendra Five Star Industrial Area, Aurangabad, 431201, Maharashtra, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
07133793 |
KEY EXECUTIVES
|
Name : |
Swapna Jain |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.1, Surbhi Appartment, Jadhav Mandi, Kuwarfalli, Aurangabad - 431001, Maharashtra, India |
|
Date of Birth/Age : |
11.10.1981 |
|
Date of Appointment : |
08.06.2012 |
|
PAN No.: |
AHMPJ3761E |
MAJOR SHAREHOLDERS
As on 09.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Skoda Auto a.s. |
|
235400802 |
|
Skoda Auto Deutsc Hland G.M.B.H. |
|
1 |
|
Total |
|
235400803 |
As on 09.09.2014
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Manufactures of Passenger cars and SUVs |
||||||
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|
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|
Products : |
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|
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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 |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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|
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|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Muttha Towers 5th Floor, Suite No. 8, Off. Airport Road, Yerwada, Pune, Maharashtra, India |
|
PAN No.: |
AAEFP5579P |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
|
|
|
|
|
Ultimate Holding
Company : |
Porsche Automobile Holding SE, Germany |
|
|
|
|
Fellow Subsidiary
Company : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs.5000.000 Million |
|
60000000 |
Preference Shares |
Rs.10/- each |
Rs.600.000 Million |
|
|
Total |
|
Rs.5600.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235400803 |
Equity Shares |
Rs.10/- each |
Rs.2354.008
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 |
2354.008 |
2354.008 |
2916.008 |
|
(b) Reserves &
Surplus |
2324.349 |
778.476 |
1631.063 |
|
(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) |
4678.357 |
3132.484 |
4547.071 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2710.120 |
5711.963 |
6941.329 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.500 |
6.650 |
4.150 |
|
(d) long-term provisions |
1470.079 |
882.597 |
672.515 |
|
Total Non-current
Liabilities (3) |
4181.699 |
6601.210 |
7617.994 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
148.773 |
0.000 |
|
(b) Trade payables |
7788.718 |
7597.735 |
8530.970 |
|
(c) Other current
liabilities |
3022.281 |
4184.323 |
1683.691 |
|
(d) Short-term provisions |
322.938 |
788.491 |
872.922 |
|
Total Current Liabilities
(4) |
11133.937 |
12719.322 |
11087.583 |
|
|
|
|
|
|
TOTAL |
19993.993 |
22453.016 |
23252.648 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2574.229 |
3035.222 |
1957.276 |
|
(ii) Intangible Assets |
9.391 |
95.816 |
284.006 |
|
(iii) Capital
work-in-progress |
77.554 |
113.437 |
64.769 |
|
(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 |
2658.494 |
1370.798 |
857.025 |
|
(e) Other Non-current
assets |
0.128 |
0.116 |
0.107 |
|
Total Non-Current Assets |
5319.796 |
4615.389 |
3163.183 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
8019.841 |
9056.400 |
9677.637 |
|
(c) Trade receivables |
1219.869 |
739.862 |
3888.045 |
|
(d) Cash and cash
equivalents |
1749.039 |
965.548 |
2568.567 |
|
(e) Short-term loans and
advances |
3654.756 |
7063.755 |
3930.837 |
|
(f) Other current assets |
30.692 |
12.062 |
24.379 |
|
Total Current Assets |
14674.197 |
17837.627 |
20089.465 |
|
|
|
|
|
|
TOTAL |
19993.993 |
22453.016 |
23252.648 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
Income |
52278.399 |
59693.914 |
|
|
|
Other Income |
|
122.035 |
NA |
|
|
TOTAL |
49068.258 |
52400.434 |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
45706.472 |
52560.732 |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3361.786 |
(160.298) |
285.756 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
133.156 |
120.722 |
47.082 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
3228.630 |
-281.020 |
238.674 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1197.759 |
571.566 |
628.636 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2030.871 |
(852.586) |
(389.962) |
|
|
|
|
|
|
|
Less |
TAX |
485.000 |
0.000 |
(60.262) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1545.871 |
(852.586) |
(329.700) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.56 |
(3.62) |
(1.40) |
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) operations |
(551.263) |
874.608 |
(4559.733) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA |
(1.63) |
(0.55) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
6.85 |
-0.31 |
0.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.20 |
-3.82 |
-1.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43 |
-0.27 |
-0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.58 |
1.87 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.40 |
1.81 |
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 |
2916.008 |
2354.008 |
2354.008 |
|
Reserves & Surplus |
1631.063 |
778.476 |
2324.349 |
|
Net worth |
4547.071 |
3132.484 |
4678.357 |
|
|
|
|
|
|
long-term borrowings |
6941.329 |
5711.963 |
2710.120 |
|
Short term borrowings |
0.000 |
148.773 |
0.000 |
|
Total borrowings |
6941.329 |
5860.736 |
2710.120 |
|
Debt/Equity ratio |
1.527 |
1.871 |
0.579 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
52400.434 |
49068.258 |
|
|
(6.359) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
52400.434 |
49068.258 |
|
Profit |
(852.586) |
1545.871 |
|
|
(1.63%) |
3.15% |
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 |
No |
|
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 |
Yes |
|
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
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Deferred sales tax loan |
2710.120 |
5711.963 |
|
SHORT TERM
BORROWING |
|
|
|
Term loans from banks |
0.000 |
148.773 |
|
Total |
2710.120 |
5711.963 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Land
- Buildings
- Plant and Equipment
- Factory Equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office Equipment
- 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,
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 records 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.63.75 |
|
|
1 |
Rs.98.75 |
|
Euro |
1 |
Rs.69.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
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.