MIRA INFORM REPORT
|
Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CENGRES TILES LIMITED (w.e.. f28.09.2010) |
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Formerly Known
As : |
M. B. INDUSTRIES LIMITED |
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Registered
Office : |
D-401, Ganesh Meridian, Opposite Amiraj Farm, Near Gujarat High Court,
S G Highway, Ahmedabad – 380060, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.12.2007 |
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Com. Reg. No.: |
04-052480 |
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Capital
Investment / Paid-up Capital : |
Rs.77.500 Millions |
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CIN No.: [Company Identification
No.] |
U26914GJ2007PLC052480 |
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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 Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer different varieties of vitrified tiles. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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. Management has failed to file latest financial for FY 14, with the statutory
authorites. Trade relations are fair. Business is active. Payment terms are
reported as 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
|
Rating Agency Name |
CARE |
|
Rating |
Long terms bank facilities: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
27.10.2014 |
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Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
27.10.2014 |
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 DECLINED
MANAGEMENT NON – COOPERATIVE (91-79-29298137)
LOCATIONS
|
Registered Office : |
D-401, Ganesh Meridian, Opposite Amiraj Farm, Near Gujarat High Court,
S G Highway, Ahmedabad – 380060, Gujarat, India |
|
Tel. No.: |
91-79-29298137 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 28.09.2013
|
Name : |
Mr. Ganpatlal Dahyalal Patel |
|
Designation : |
Managing director |
|
Address : |
At-Javangadh, Post – Gandhiol, Taluka Idar, Javangadh, Sabarkantha –
383410, Gujarat, India |
|
Date of Birth/Age : |
05.03.1967 |
|
Qualification: |
B.E. CIVIL |
|
Date of Appointment : |
28.12.2007 |
|
DIN No.: |
00034188 |
|
PAN No.: |
ACVPP8200A |
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Name : |
Mr. Bharatkumar Savjibhai Patel |
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Designation : |
Director |
|
Address : |
AT Narsinhpura, Post – Kukadiya, Taluka Idar, Narsinhpura, Sabarkantha
– 383430, Gujarat, India |
|
Date of Birth/Age : |
03.03.1974 |
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Qualification: |
B.E. Mechnical |
|
Date of Appointment : |
28.12.2007 |
|
DIN No.: |
00034160 |
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Name : |
Mr. Parth Rajesh Shah |
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Designation : |
Director |
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Address : |
9, Matru Pitru Asish Shrini Ketan Society, Shanti Nagar, Naranpura,
Ahmedabad – 380013, Gujarat, India |
|
Date of Birth/Age : |
16.05.1985 |
|
Date of Appointment : |
15.06.2013 |
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DIN No.: |
02489335 |
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Name : |
Mr. Sureshbhai Shamaldas Patel |
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Designation : |
Additional director |
|
Address : |
At Rampur, Po Ganthiyol, Taluka – Idar, Rampur, Sabarkantha – 383410,
Gujarat, India |
|
Date of Birth/Age : |
28.05.1970 |
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Qualification: |
B.E. Agri |
|
Date of Appointment : |
22.06.2010 |
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DIN No.: |
03110444 |
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Name : |
Mr. Ashish Chandravadan Patel |
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Designation : |
Director |
|
Address : |
At Javangadh, Po Ganthiyol, Taluka – Idar, Javangadh, Sabarkantha –
383410, Gujarat, India |
|
Date of Birth/Age : |
04.07.1984 |
|
Date of Appointment : |
15.06.2013 |
|
DIN No.: |
05295019 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2013
|
Category |
Percentage |
|
Bodies corporate |
11.34 |
|
Directors or relatives of Directors |
38.77 |
|
Other top fifty shareholders |
49.89 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer different varieties of vitrified tiles. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Vitrified Tiles |
|
N.A |
7000 Sq.Mtr |
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 : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
K.K Patel and Associates Chartered Accountants |
|
Address : |
F-51, 2nd Floor, "Akash Ganga" Complex, Near S. T. Stand, Himatnagar – 383001, Gujarat, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AGPPP6687D |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associate Concern: |
Shivam Infracon Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7750000 |
Equity Shares |
Rs.10/- each |
Rs. 77.500
Millions |
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|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
77.500 |
65.000 |
65.000 |
|
(b) Reserves & Surplus |
294.861 |
196.437 |
161.598 |
|
(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) |
372.361 |
261.437 |
226.598 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
293.918 |
141.220 |
176.725 |
|
(b) Deferred tax liabilities
(Net) |
1.997 |
1.022 |
0.971 |
|
(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) |
295.915 |
142.242 |
177.696 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
302.749 |
179.530 |
148.595 |
|
(b) Trade payables |
275.797 |
119.145 |
102.373 |
|
(c) Other current liabilities |
94.534 |
69.020 |
68.696 |
|
(d) Short-term provisions |
57.582 |
45.000 |
26.017 |
|
Total
Current Liabilities (4) |
730.662 |
412.695 |
345.681 |
|
|
|
|
|
|
TOTAL |
1398.938 |
816.374 |
749.975 |
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
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|
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(a) Fixed Assets |
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|
|
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(i) Tangible assets |
636.822 |
341.837 |
364.858 |
|
(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 |
0.650 |
0.584 |
0.510 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
637.472 |
342.421 |
365.368 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.928 |
2.593 |
4.396 |
|
(b) Inventories |
444.543 |
247.250 |
194.136 |
|
(c) Trade receivables |
223.360 |
171.248 |
144.628 |
|
(d) Cash and cash equivalents |
21.947 |
29.539 |
20.022 |
|
(e) Short-term loans and
advances |
55.981 |
19.043 |
15.946 |
|
(f) Other current assets |
12.707 |
4.280 |
5.479 |
|
Total
Current Assets |
761.466 |
473.953 |
384.607 |
|
|
|
|
|
|
TOTAL |
1398.938 |
816.374 |
749.975 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1177.086 |
1143.909 |
920.901 |
|
|
Other Income |
2.698 |
2.168 |
2.042 |
|
|
TOTAL
(A) |
1179.784 |
1146.077 |
922.943 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
930.280 |
735.648 |
634.809 |
|
|
Purchases of Stock-in-Trade |
55.659 |
151.681 |
26.418 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(172.075) |
(53.114) |
(7.058) |
|
|
Employees benefits expense |
78.717 |
59.748 |
49.993 |
|
|
Other expenses |
91.151 |
85.390 |
73.189 |
|
|
TOTAL
(B) |
983.732 |
979.353 |
777.351 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
196.052 |
166.724 |
145.592 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
66.057 |
57.433 |
44.276 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
129.995 |
109.291 |
101.316 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
65.498 |
56.688 |
56.392 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
64.497 |
52.603 |
44.924 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.975 |
16.551 |
12.265 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
63.522 |
36.052 |
32.659 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
36.213 |
31.957 |
|
|
Components and Stores parts |
NA |
26.249 |
26.586 |
|
|
Capital Goods |
NA |
0.000 |
30.309 |
|
|
TOTAL
IMPORTS |
NA |
62.462 |
88.852 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.20 |
5.55 |
5.02 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.40 |
3.15 |
3.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.66 |
14.57 |
15.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.61 |
6.45 |
5.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.20 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.60 |
1.23 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.15 |
1.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
65.000 |
65.000 |
77.500 |
|
Reserves & Surplus |
161.598 |
196.437 |
294.861 |
|
Net
worth |
226.598 |
261.437 |
372.361 |
|
|
|
|
|
|
long-term borrowings |
176.725 |
141.220 |
293.918 |
|
Short term borrowings |
148.595 |
179.530 |
302.749 |
|
Total
borrowings |
325.320 |
320.750 |
596.667 |
|
Debt/Equity
ratio |
1.436 |
1.227 |
1.602 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
920.901 |
1143.909 |
1177.086 |
|
|
|
24.216 |
2.900 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
920.901 |
1143.909 |
1177.086 |
|
Profit |
32.659 |
36.052 |
63.522 |
|
|
3.55% |
3.15% |
5.40% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
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 |
No |
|
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 |
Yes |
OPERATIONS
The turnover of the Company for the year increased from Rs. 1143.910 Millions to Rs. 1177.086 Millions. During the year the Company has earned Net Profit of Rs. 50.618 Millions as against the Net Profit of Rs. 36.052 Millions in the previous year. Barring unforeseen circumstance, the Directors are hopeful to achieve better financial performance in the coming years.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Other loans and advances, others |
144.802 |
32.087 |
|
Total |
144.802 |
32.087 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10117535 |
10/06/2014 * |
833,900,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
"PARAMSIDDHI COMPLEX", OPP. V. |
C09420159 |
|
2 |
10091873 |
28/03/2014 * |
833,900,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
"PARAMSIDDHI COMPLEX", OPP. V. |
C03708807 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- 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.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
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.