MIRA INFORM REPORT
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Report No. : |
302148 |
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Report Date : |
07.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
V-LINK AUTOMOTIVE SERVICES PRIVATE LIMITED |
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Registered
Office : |
128, Ijmima, Raheja Metroplex, Behind Goregaon Sports Club, Off Link
Road, Malad (West), Mumbai – 400064, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.01.2010 |
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Com. Reg. No.: |
11-198987 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U50500MH2010PTC198987 |
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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 : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of operating a garage for repairs and
maintenance of cars and providing tourist taxi services. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Networth of the company has been eroded due to continuous accumulated
loss incurred from its operations. However, business is active. Payment terms are reported to be slow. The company can be considered for dealings on safe and secured 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
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-40520100]
LOCATIONS
|
Registered Office : |
128, Ijmima, Raheja Metroplex, Behind Goregaon Sports Club, Off Link
Road, Malad (West), Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-40520100/ 40520000 |
|
Fax No.: |
91-22-40520199 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mrs. Divya Sehgal |
|
Designation : |
Director |
|
Address : |
G-2, Hallmark Apartment, Plot A-43, Road No. 6, Film Nagar, Hyderabad
– 500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
20.10.1972 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
01775308 |
|
|
|
|
Name : |
Mr. Dinesh Jain |
|
Designation : |
Director |
|
Address : |
Flat No. 24, Monalisa Apartment, St. John Bapist Road, Bandra (West),
Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
01.09.1974 |
|
Date of Appointment : |
29.09.2012 |
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DIN No.: |
05264877 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
V-Link Travel Solutions Private Limited, India |
|
9999 |
|
Neeraj Gupta jointly with Farhat Gupta [As nominee of V-Link Travel
Solutions Private Limited, India] |
|
1 |
|
|
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|
|
Total |
|
10000 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of operating a garage for repairs
and maintenance of cars and providing tourist taxi services. |
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Brand Names : |
“Meru Plus” |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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 : |
· ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda - 390015,
Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
· Tata Motors Finance Limited C/O. Tata Motors Limited, 3rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Mumbai - 400001, Maharashtra , India · Reliance Capital Limited "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India |
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Auditors : |
|
|
Name : |
S R Batliboi and Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar
(West), Mumbai – 400028, Maharashtra, India |
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Tel. No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Income-tax
PAN of auditor or auditor's firm : |
AABFS3421N |
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Holding Company : |
V-Link Travel Solutions Private Limited |
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Fellow Subsidiaries : |
· Meru Cab Company Private Limited · V-Link Fleet Solutions Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
(323.104) |
(177.620) |
(104.299) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
312.000 |
132.000 |
72.000 |
|
Total Shareholders’
Funds (1) + (2) |
(11.004) |
(45.520) |
(32.199) |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
103.648 |
11.725 |
17.699 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
19.349 |
12.801 |
4.085 |
|
(d)
long-term provisions |
0.092 |
0.032 |
0.021 |
|
Total
Non-current Liabilities (3) |
123.089 |
24.558 |
21.805 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
10.630 |
75.495 |
89.350 |
|
(b)
Trade payables |
20.189 |
14.991 |
15.548 |
|
(c)
Other current liabilities |
67.983 |
18.882 |
13.400 |
|
(d)
Short-term provisions |
2.479 |
2.069 |
0.970 |
|
Total
Current Liabilities (4) |
101.281 |
111.437 |
119.268 |
|
|
|
|
|
|
TOTAL |
213.366 |
90.475 |
108.874 |
|
|
|
|
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II.
ASSETS |
|
|
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(1) Non-current assets |
|
|
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(a)
Fixed Assets |
|
|
|
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(i)
Tangible assets |
134.737 |
47.790 |
58.274 |
|
(ii)
Intangible Assets |
0.927 |
0.390 |
1.010 |
|
(iii)
Capital work-in-progress |
26.598 |
0.000 |
0.000 |
|
(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 |
7.889 |
17.292 |
13.296 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
170.151 |
65.472 |
72.580 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.455 |
16.170 |
21.011 |
|
(c)
Trade receivables |
13.759 |
3.561 |
7.454 |
|
(d)
Cash and cash equivalents |
17.033 |
1.508 |
0.605 |
|
(e)
Short-term loans and advances |
8.906 |
3.764 |
7.224 |
|
(f)
Other current assets |
3.062 |
0.000 |
0.000 |
|
Total
Current Assets |
43.215 |
25.003 |
36.294 |
|
|
|
|
|
|
TOTAL |
213.366 |
90.475 |
108.874 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
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TOTAL INCOME |
345.673 |
250.765 |
172.305 |
|
|
|
|
|
|
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TOTAL
EXPENDITURE |
314.725 |
96.442 |
245.611 |
|
|
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|
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|
PROFIT/ (LOSS)
AFTER TAX |
(145.484) |
(73.321) |
(73.079) |
|
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|
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|
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PROVISION FOR
TAXES |
0.000 |
0.000 |
0.000 |
|
|
|
|
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|
PROFIT/ [LOSS]
FOR THE YEAR |
(145.484) |
(73.321) |
(73.079) |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(14548.38) |
(7332.10) |
(7307.90) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
(10.39) |
(1.92) |
(3.32) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.43 |
0.22 |
0.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
(104.299) |
(177.620) |
(323.104) |
|
Share Application money pending allotment |
72.000 |
132.000 |
312.000 |
|
Net
worth |
(32.199) |
(45.520) |
(11.004) |
|
|
|
|
|
|
Long-term borrowings |
17.699 |
11.725 |
103.648 |
|
Short term borrowings |
89.350 |
75.495 |
10.630 |
|
Total
borrowings |
107.049 |
87.220 |
114.278 |
|
Debt/Equity ratio |
(3.325) |
(1.916) |
(10.385) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
172.305 |
250.765 |
345.673 |
|
|
|
45.536 |
37.847 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
172.305 |
250.765 |
345.673 |
|
Profit/ (Loss) |
(73.079) |
(73.321) |
(145.484) |
|
|
(42.41%) |
(29.24%) |
(42.09%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Term loan from bank |
0.000 |
5.974 |
5.974 |
|
Vehicle loan from bank |
18.202 |
0.000 |
0.000 |
|
Vehicle loan from Non-Banking Financial Companies |
12.371 |
0.000 |
0.000 |
|
Term loan from bank |
11.725 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
42.298 |
5.974 |
5.974 |
|
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 |
Yes |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10531426 |
12/06/2014 |
24,165,500.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C33221086 |
|
2 |
10505291 |
28/04/2014 |
2,548,895.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
C06864623 |
|
3 |
10518195 |
14/04/2014 |
14,156,250.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
C19259753 |
|
4 |
10525020 |
05/04/2014 |
2,781,460.00 |
TATA MOTORS FINANCE LIMITED |
C/O. TATA MOTORS
LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI,
MAHARASHTRA |
C20753166 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Interest free loan from fellow subsidiary repayable on demand |
0.000 |
65.500 |
|
|
|
|
|
Total |
0.000 |
65.500 |
NATURE OF
OPERATIONS
Subject was incorporated on January 18, 2010. The Company is engaged in the
business of operating a garage for repairs and maintenance of cars and
providing tourist taxi services under the brand name of “Meru Plus”, radio taxi
services under the repairs and maintenance segment with effect from March 31,
2014.
OUTLOOK AND BUSINESS
PROSPECT
They believe that their “Meru” “Meru Flexi” and “Genie” brand is one of
the leading brands in the taxicab business in India and they believe that it
has gained the trust and loyalty of their customers over a period of time.
Trustworthiness is one of the ley brand perceptions for their customers, which
they have carefully developed bu focusing on, among other things, the safety,
reliability and quality of their service. They believe this is evidenced by
their ranking as the largest taxicab operator in terms of consumer revenue in
Mumbai, Delhi, Bangalore and Hyderabad. They believe that the following key
factors, among other things, have contributed to the strength og their brand in
India:
Early mover advantage in the Indian taxicab market
Sustained presence in the Indian taxicab market, especially in the key
cities of Mumbai and New Delhi
Strength and quality of their technology platform for bookings and fleet
management and
Consistent delivery of quality customer experience
One key to their success has been the strength of their technology,
including both front-end technology to suit the needs of their customers, as
well as back-end technology that helps them to more efficiently run their
business. While they maintain a dedicated in-house call center, approximately
43% of the bookings for their taxicab aggregator business are made via their
website and / or their mobile applicable [excluding airport and curb-side
pickups]. Since its launch in 2011 their app has been downloaded number of times.
They also employ data analytics technology such as predictive analytics and
dispatch algorithms to help them better manage their resources and which result
in more efficient drivers, which decreases their taxi aggregator business being
fully automated and integrated from the front end customer facing booking
application to the back end operations and maintenance of the fleet, billing
and driver management. Their technology platform also allows them to monitor
vehicle speeds, identify maintenance and repair issues in their taxicabs and
thereby increase the safety of their customers and drivers.
FIXED ASSETS:
· Leasehold Improvements
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Air Conditioner
· Motor Vehicles
· Computers and peripherals
· Computer Softwares
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. 63.39 |
|
|
1 |
Rs. 96.72 |
|
Euro |
1 |
Rs. 75.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
14 |
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.