MIRA INFORM REPORT
|
Report No. : |
334349 |
|
Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAJOR BRANDS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
401, 4th Floor, Skyline Icon, Near Mittal Estate, Andheri Kurla Road, Andheri (East),
Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-42693400 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.05.2001 |
|
|
|
|
Com. Reg. No.: |
11-131895 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 64.582 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101MH2001PTC131895 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMM14472D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM4949B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Service provider of cosmetics and toiletries, ladies fashion footwear and
cosmetic products. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Major Brands India Private Limited is a private company incorporated
on 08 May 2001. It is classified as Indian Non-Government Company and is
registered at Registrar of Companies, Mumbai. Its authorized share capital is
Rs. 100.000 Million and its paid up capital is Rs. 64.582 Million. Subject has achieved better growth in sales turnover and net profit of
the company during FY 2014. Rating takes into consideration, subjects above average financial risk
profile marked low profitability, small cash balance and relatively high
gearing. Rating also takes into consideration, unfavorable gap between trade
receivables and payables of the company. However, rating derives strength from extensive experience of promoters
and long track record of operations. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. Subject can be considered for business dealings with some caution. |
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 |
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 PARTED BY
|
Name : |
Ms. Namrata |
|
Designation : |
Front Desk Executive |
|
Contact No.: |
91-22-42693400 |
LOCATIONS
|
Registered Office : |
401, 4th Floor, Skyline Icon, Near Mittal Estate, Andheri Kurla Road, Andheri (East),
Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-42693400/ 3500 |
|
Fax No.: |
91-22-28500291 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 19.09.2014
|
Name : |
Kamal Kotak |
|
Designation : |
Director |
|
Address : |
Plot No.52, Shakti Nagar Society, Dabhure Road, Veraval, Junagadh –
362265, Gujarat, India |
|
Date of Birth/Age : |
12.11.1976 |
|
Date of Appointment : |
24.12.2007 |
|
DIN No.: |
01993075 |
|
|
|
|
Name : |
Neeraj Tekchandani |
|
Designation : |
Director |
|
Address : |
G-289, Shastri Nagar, Jodhpur – 342003, Rajasthan, India |
|
Date of Birth/Age : |
23.08.1972 |
|
Date of Appointment : |
24.12.2007 |
|
DIN No.: |
01995441 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Nilesh Ved |
4618328 |
71.51 |
|
Ms. Sima Ganwani Ved |
1839888 |
28.49 |
|
Total |
6458216 |
100.00 |
%20PRIVATE%20LIMITED%20-%20334349_MIRA%2029-Jul-2015_files/image013.gif)
AS ON 19.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 : |
Service provider of cosmetics and toiletries, ladies fashion footwear
and cosmetic products. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
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Terms : |
|
|
Selling : |
Cash and Credit (30/60/90 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30/60/90 days) |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
20 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th-32nd Floor, Senapati Bapat Marg,
Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
-- |
|
|
|
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Collaborators : |
-- |
|
|
|
|
Related Party : |
Fashions Brands (India) Private Limited (CIN No.: U74994MH2004PTC147770) |
CAPITAL STRUCTURE
AS ON 19.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6458216 |
Equity Shares |
Rs. 10/-
each |
Rs. 64.582
Millions |
|
|
|
|
|
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 |
64.582 |
64.582 |
44.459 |
|
(b) Reserves & Surplus |
337.142 |
296.412 |
188.092 |
|
(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) |
401.724 |
360.994 |
232.551 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
95.626 |
75.811 |
62.533 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.255 |
|
(c) Other long term
liabilities |
16.000 |
16.000 |
22.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
32.534 |
|
Total Non-current
Liabilities (3) |
111.626 |
91.811 |
117.322 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1204.497 |
842.770 |
426.309 |
|
(b) Trade
payables |
666.318 |
784.859 |
727.344 |
|
(c) Other
current liabilities |
160.112 |
201.358 |
205.521 |
|
(d) Short-term
provisions |
5.959 |
17.846 |
9.163 |
|
Total Current
Liabilities (4) |
2036.886 |
1846.833 |
1368.337 |
|
|
|
|
|
|
TOTAL |
2550.236 |
2299.638 |
1718.210 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
639.548 |
627.211 |
529.794 |
|
(ii)
Intangible Assets |
5.969 |
6.706 |
8.370 |
|
(iii)
Capital work-in-progress |
33.405 |
67.169 |
16.795 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.020 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
13.145 |
2.090 |
0.000 |
|
(d) Long-term Loan and Advances |
288.514 |
349.914 |
212.145 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
980.601 |
1053.090 |
767.104 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
25.288 |
|
(b)
Inventories |
1311.943 |
1009.724 |
753.772 |
|
(c) Trade
receivables |
19.290 |
29.650 |
19.476 |
|
(d) Cash
and cash equivalents |
163.393 |
166.504 |
8.483 |
|
(e)
Short-term loans and advances |
64.496 |
38.260 |
144.087 |
|
(f) Other
current assets |
10.513 |
2.410 |
0.000 |
|
Total
Current Assets |
1569.635 |
1246.548 |
951.106 |
|
|
|
|
|
|
TOTAL |
2550.236 |
2299.638 |
1718.210 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL INCOME
|
4151.682 |
3775.829 |
2662.413 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
4104.260 |
3744.266 |
2629.238 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
47.422 |
31.563 |
33.175 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.691 |
9.773 |
10.911 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
40.731 |
21.790 |
22.264 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.31 |
3.37 |
3.45 |
|
Expected Sales (2014-15): Rs. 5000.000 Millions
The above information has been parted by Mr. Kamal Kotak (Director).
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 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.63 |
0.98 |
1.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.06 |
0.10 |
|
|
|
|
|
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
44.459 |
64.582 |
64.582 |
|
Reserves & Surplus |
188.092 |
296.412 |
337.142 |
|
Net
worth |
232.551 |
360.994 |
401.724 |
|
|
|
|
|
|
long-term borrowings |
62.533 |
75.811 |
95.626 |
|
Short term borrowings |
426.309 |
842.770 |
1204.497 |
|
Total
borrowings |
488.842 |
918.581 |
1300.123 |
|
Debt/Equity
ratio |
2.102 |
2.545 |
3.236 |
%20PRIVATE%20LIMITED%20-%20334349_MIRA%2029-Jul-2015_files/image015.gif)
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 |
2662.413 |
3775.829 |
4151.682 |
|
|
|
41.820 |
9.954 |
%20PRIVATE%20LIMITED%20-%20334349_MIRA%2029-Jul-2015_files/image017.gif)
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 |
2662.413 |
3775.829 |
4151.682 |
|
Profit |
22.264 |
21.790 |
40.731 |
|
|
0.84% |
0.58% |
0.98% |
%20PRIVATE%20LIMITED%20-%20334349_MIRA%2029-Jul-2015_files/image019.gif)
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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) |
---- |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10512469 |
03/11/2014 * |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE,, SENAPATI BAPAT MARG, LOWER PAREL - (WEST), MUMBAI, Maharashtra - 400013, INDIA |
C39049986 |
|
2 |
10491450 |
09/04/2014 |
50,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH
FLOOR, DISCOVERY OF INDIA, DR. Maharashtra - 400018, INDIA |
C04083481 |
|
3 |
10421572 |
03/04/2013 |
50,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B73704090 |
|
4 |
10389354 |
12/10/2012 |
50,000,000.00 |
Axis Bank Limited |
Corporate Banking
Br., AXIS House, Gr. Flr., C-2 |
B63107148 |
|
5 |
10376061 |
21/08/2012 |
50,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B57945651 |
|
6 |
10366470 |
27/05/2012 |
50,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
B44151157 |
|
7 |
10312501 |
20/04/2012 * |
20,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. Maharashtra - 400018, INDIA |
B41099466 |
* Date of charge modification
FIXED ASSETS
- Furniture and
Fixture
- Vehicles
- Office
Equipments
- Computer
- 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, 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. 64.03 |
|
UK Pound |
1 |
Rs. 99.72 |
|
Euro |
1 |
Rs. 70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.