MIRA INFORM REPORT
|
Report No. : |
328233 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MODERN INSECTICIDES LIMITED (w.e.f. 30.11.1992) |
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Formerly Known
As : |
MODERN INSECTICIDES PRIVATE LIMITED |
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Registered Office
: |
2nd Floor Kesar Complex, Near Malhar Cinema,
Ludhiana-141001, Punjab |
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Tel. No.: |
91-161-4300000 / 5043900 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.10.1990 |
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Com. Reg. No.: |
16-010771 |
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Capital
Investment / Paid-up Capital : |
Rs. 17.600 Million |
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CIN No.: [Company Identification
No.] |
U24211PB1990PLC010771 |
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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 Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Fungicide, Public Health,
Insecticide, Seed Treatment, Combination Product and Herbicide. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 220000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account company’s weak financial risk profile
characterized by low profitability margins, high gearing and stressed
liquidity position. The rating further take into account the vulnerability of MIL’s sales
and profitability to the agro-climatic conditions and highly fragmented
nature of the industry leading to pricing pressure. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. In view of moderate financial profile, the company can be considered
for business dealing 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.
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 |
CARE |
|
Rating |
Long term bank facilities: BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
15 April 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
15 April 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 BY
|
Name : |
Mr. Gagan |
|
Designation : |
Admin Department |
|
Contact No.: |
91-161-4300000 |
|
Date : |
20.06.2015 |
LOCATIONS
|
Registered Office : |
2nd Floor Kesar Complex, Near Malhar Cinema,
Ludhiana-141001, Punjab, India |
|
Tel. No.: |
91-161-4300000 / 5043900 |
|
Mobile No.: |
91-9953356509 (Mr. Lalchand) |
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Fax No.: |
91-161-5043920 |
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E-Mail : |
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Website : |
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Branch Office : |
30-A, Shastri Nagar, Adj. Archie’s Gallery, Ishmeet Chowk, Ludhiana –
141001, Punjab, India |
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|
|
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Factory : |
C-162, Phase – V, Focal Point, Ludhiana, Punjab, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Surinder Singh Kooner |
|
Designation : |
Director |
|
Address : |
50-5F, Raj Guru Nagar, Ludhiana-141003, Punjab, India |
|
Date of Birth/Age : |
05.05.1943 |
|
Date of Appointment : |
22.10.1990 |
|
DIN No.: |
00704517 |
|
|
|
|
Name : |
Mr. Charanjit Singh |
|
Designation : |
Director |
|
Address : |
435/7, Krishna Nagark, Civil Lines, Ludhiana-141002, Punjab, India |
|
Date of Birth/Age : |
05.12.1980 |
|
Date of Appointment : |
16.07.2003 |
|
DIN No.: |
00704532 |
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|
|
|
Name : |
Mr. Avtar Singh Gujral |
|
Designation : |
Director |
|
Address : |
435/7, Krishna Nagar, Civil Lines, Ludhiana-141003, Punjab, India |
|
Date of Birth/Age : |
04.03.1943 |
|
Date of Appointment : |
22.10.1990 |
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DIN No.: |
00704545 |
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|
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|
Name : |
Mr. Saranjeet Singh Sibal |
|
Designation : |
Director |
|
Address : |
22F, Gurdev Nagar, Ludhiana, Punjab, India |
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Date of Appointment : |
27.09.2014 |
|
DIN No.: |
006984212 |
KEY EXECUTIVES
|
Name : |
Mr. Gagan |
|
Designation : |
Admin Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
SHAREHOLDERS DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
0.57 |
|
Directors or relatives of Directors |
95.34 |
|
Other top fifty shareholders |
4.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Fungicide, Public Health,
Insecticide, Seed Treatment, Combination Product and Herbicide. |
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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 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 : |
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Facilities : |
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Financial Institution : |
Reliance Home Finance Limited, 570, Rectifier House, 3rd Floor, Naigaum Cross Road, Wadala, Mumbai - 400031, Maharashtra, India |
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Auditors : |
|
|
Name : |
Ashok Sareen and Associates Chartered Accountants |
|
Address : |
89-90, Partap Colony, Model Gram, Ludhiana - 141001, Punjab, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAOFA9539Q |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Million |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,760,000 |
Equity Shares |
Rs.10/- each |
Rs.17.600
Million |
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|
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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 |
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|
|
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(a) Share Capital |
17.600 |
17.600 |
17.600 |
|
(b) Reserves & Surplus |
53.393 |
44.387 |
37.764 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
5.146 |
5.146 |
5.146 |
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Total
Shareholders’ Funds (1) + (2) |
76.139 |
67.133 |
60.510 |
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
10.618 |
8.225 |
6.390 |
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(b) Deferred tax liabilities (Net) |
6.488 |
5.856 |
3.158 |
|
(c) Other long term
liabilities |
77.406 |
77.406 |
60.798 |
|
(d) long-term
provisions |
1.450 |
1.389 |
1.147 |
|
Total Non-current Liabilities
(3) |
95.962 |
92.876 |
71.493 |
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(4)
Current Liabilities |
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|
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(a) Short
term borrowings |
232.961 |
201.654 |
162.206 |
|
(b) Trade
payables |
342.449 |
534.405 |
267.548 |
|
(c) Other
current liabilities |
159.608 |
130.549 |
41.093 |
|
(d) Short-term
provisions |
3.700 |
3.300 |
1.850 |
|
Total Current
Liabilities (4) |
738.718 |
869.908 |
472.697 |
|
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|
|
|
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TOTAL |
910.819 |
1029.917 |
604.700 |
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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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|
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(i)
Tangible assets |
67.926 |
55.770 |
39.973 |
|
(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 |
7.947 |
|
(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 |
1.342 |
1.462 |
1.181 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
69.268 |
57.232 |
49.101 |
|
|
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|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
3.000 |
0.000 |
0.000 |
|
(b)
Inventories |
482.500 |
619.524 |
356.803 |
|
(c) Trade
receivables |
231.500 |
164.361 |
89.251 |
|
(d) Cash
and cash equivalents |
60.347 |
65.728 |
46.749 |
|
(e)
Short-term loans and advances |
64.204 |
123.072 |
62.796 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
841.551 |
972.685 |
555.599 |
|
|
|
|
|
|
TOTAL |
910.819 |
1029.917 |
604.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1701.663 |
1309.378 |
957.146 |
|
|
|
Other Income |
16.656 |
22.971 |
5.188 |
|
|
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TOTAL (A) |
1718.319 |
1332.349 |
962.334 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1479.559 |
1120.642 |
782.436 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
23.732 |
22.594 |
21.089 |
|
|
|
Other expenses |
160.975 |
129.936 |
115.047 |
|
|
|
TOTAL (B) |
1664.266 |
1273.172 |
918.572 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.053 |
59.177 |
43.762 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.115 |
42.018 |
31.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.938 |
17.159 |
12.382 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.420 |
4.406 |
3.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.518 |
12.753 |
9.082 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.511 |
6.349 |
2.798 |
|
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|
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|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.007 |
6.404 |
6.284 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.12 |
3.76 |
3.57 |
|
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 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.53 |
0.49 |
0.66 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.18 |
4.52 |
4.57 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.48 |
1.24 |
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.19 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.20 |
3.13 |
2.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.12 |
1.18 |
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 |
17.600 |
17.600 |
17.600 |
|
Reserves & Surplus |
37.764 |
44.387 |
53.393 |
|
Share Application money pending allotment |
5.146 |
5.146 |
5.146 |
|
Net
worth |
60.510 |
67.133 |
76.139 |
|
|
|
|
|
|
long-term borrowings |
6.390 |
8.225 |
10.618 |
|
Short term borrowings |
162.206 |
201.654 |
232.961 |
|
Total
borrowings |
168.596 |
209.879 |
243.579 |
|
Debt/Equity
ratio |
2.786 |
3.126 |
3.199 |
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 |
957.146 |
1309.378 |
1701.663 |
|
|
|
36.800 |
29.960 |
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 |
957.146 |
1309.378 |
1701.663 |
|
Profit |
6.284 |
6.404 |
9.007 |
|
|
0.66% |
0.49% |
0.53% |
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 |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
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 |
PERFORMANCE REVIEW
The Company achieved sales and other misc. income of Rs. 1718.300 Million during the year, in comparison to the previous year of Rs. 1332.300 Million. And incurred a profit before tax of Rs. 13.500 Million Whereas it was profit of Rs. 12.700 Million in the previous year. After making adjustments and provision of income tax, the accumulated profits of Rs. 9.000 Million is being carried over to Balance Sheet as at 31.03.2014
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10281644 |
10/03/2011 |
3,100,000.00 |
PUNJAB NATIONAL BANK |
CHANDIGARH ROAD, LUDHIANA, Punjab - 141001, INDIA |
B11121266 |
|
2 |
10027218 |
12/03/2015 * |
250,000,000.00 |
Punjab National Bank |
Chandigarh Road, Ludhiana, Punjab - 141001, INDIA |
C51862894 |
FIXED ASSETS
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Television
- Lab
Equipment’s
- Vehicle
- Office
Equipment
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.63.82 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.