MIRA INFORM REPORT
|
Report No. : |
320988 |
|
Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
JRB STRIPS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
37-R, Industrial Area - B, Ludhiana – 141003, Punjab |
|
Tel. No.: |
91-161-2512883 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
23.04.1999 |
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Com. Reg. No.: |
16-022498 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.6.323 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27106PB1999PTC022498 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDJ01299E |
|
|
|
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PAN No.: [Permanent Account No.] |
AABCJ1125F |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Erw Steel Tubes, Mild Steel and Mild Steel Tube, Erw Steel Pipes, Steel Flanges, Erw Black Steel Pipes. |
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|
|
|
No. of Employees
: |
60 (Approximately) |
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 |
|
Status : |
Moderate |
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|
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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. Rating takes into consideration, company’s moderate financial risk
profile marked by low profitability levels and huge external borrowing taken
by the company, which acts as threatening to liquidity position of the
company. However, trade relations seems to be fair. Business is active. Payment
terms are reported to be slow but correct. The company 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Puneet Kumar |
|
Designation : |
Director |
|
Contact No.: |
91-9814800883 |
|
Date : |
05.05.2015 |
LOCATIONS
|
Registered Office : |
37-R, Industrial Area - B, Ludhiana – 141003, Punjab, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9814800883 (Mr. Puneet Kumar) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned [Commercial] |
|
|
|
|
Factory : |
Industrial Area - C, Sua Road, Dhandari
Kalan, Ludhiana - 141010, Punjab, India |
|
Tel. No.: |
91-161-2512883 |
|
Fax No.: |
91-161-2512883 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Surinder Kumar |
|
Designation : |
Director |
|
Address : |
321-A, Aggar Nagar, Ludhiana - 141001, Punjab, India |
|
Date of Birth/Age : |
16.11.1957 |
|
Date of Appointment : |
23.07.1999 |
|
DIN No.: |
00596430 |
|
|
|
|
Name : |
Puneet Kumar |
|
Designation : |
Director |
|
Address : |
321-A, Aggar Nagar, Ludhiana - 141002, Punjab, India |
|
Date of Birth/Age : |
22.08.1982 |
|
Date of Appointment : |
05.10.2007 |
|
DIN No.: |
02036610 |
|
|
|
|
Name : |
Usha Rani |
|
Designation : |
Director |
|
Address : |
H. No. 321-A,, Aggar Nagar, Ludhiana - 141004, Punjab, India |
|
Date of Birth/Age : |
04.05.1957 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
02647438 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Surinder
Kumar |
|
543164 |
|
Puneet
Garg |
|
51010 |
|
Rajneesh
Jain |
|
10 |
|
Sheela
Rani |
|
10 |
|
Usha
Rani |
|
30 |
|
Surinder
Kumar, Karta, Surinder Kumar and Sons (HUF) |
|
10 |
|
Amar
Nath, Karta, Amar Nath and Sons |
|
10 |
|
Puneet
Kumar (HUF) |
|
1 |
|
Saru
Garg |
|
1 |
|
Shelly
Aggarwal |
|
10 |
|
JRB
Industries Private Limited, India |
|
10 |
|
Surinder
Kumar Family Trust, India |
|
38000 |
|
Cross
Country Apparels Business, India |
|
1 |
|
Piyush
Overseas Private Limited Company, India |
|
1 |
|
Surya
Land Promoters Private Limited Company, India |
|
1 |
|
Tushar
Goyal, Prop. Tushar Engineering Businessman |
|
1 |
|
|
|
|
|
Total |
|
632270 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
98.41 |
|
Other top fifty shareholders |
1.59 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Erw Steel Tubes, Mild Steel and Mild Steel Tube, Erw Steel Pipes, Steel Flanges, Erw Black Steel Pipes. |
|
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
V.K. Nayyar and Company Chartered Accountants |
|
Address : |
Above PNB, Chowk Bharat Nagar, Ludhiana – 141003, Punjab, India |
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Tel. No.: |
91-161-2442260 / 2447404 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFV9997N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750,000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
632,270 |
Equity Shares |
Rs.10/- each |
Rs.6.323
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 |
6.323 |
6.323 |
6.323 |
|
(b) Reserves &
Surplus |
29.856 |
27.628 |
24.775 |
|
(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) |
36.179 |
33.951 |
31.098 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
53.568 |
30.515 |
23.731 |
|
(b) Deferred tax
liabilities (Net) |
0.609 |
0.440 |
0.311 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.735 |
0.578 |
0.475 |
|
Total Non-current
Liabilities (3) |
54.912 |
31.533 |
24.517 |
|
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|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
70.019 |
69.426 |
43.659 |
|
(b) Trade payables |
83.232 |
124.484 |
121.935 |
|
(c) Other current
liabilities |
22.230 |
32.836 |
24.379 |
|
(d) Short-term provisions |
1.344 |
0.783 |
0.417 |
|
Total Current Liabilities
(4) |
176.825 |
227.529 |
190.390 |
|
|
|
|
|
|
TOTAL |
267.916 |
293.013 |
246.005 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
42.767 |
39.897 |
34.126 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.206 |
0.343 |
1.955 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3.921 |
3.614 |
4.498 |
|
(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 |
0.798 |
0.677 |
0.666 |
|
Total Non-Current Assets |
47.692 |
44.531 |
41.245 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
45.550 |
72.996 |
46.707 |
|
(c) Trade receivables |
158.459 |
161.936 |
151.512 |
|
(d) Cash and cash
equivalents |
6.247 |
7.212 |
0.030 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
9.968 |
6.338 |
6.511 |
|
Total Current Assets |
220.224 |
248.482 |
204.760 |
|
|
|
|
|
|
TOTAL |
267.916 |
293.013 |
246.005 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
575.415 |
618.139 |
586.967 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
8.010 |
8.492 |
7.207 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.428 |
4.193 |
3.066 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3.582 |
4.299 |
4.141 |
|
|
|
|
|
|
|
Less |
TAX |
0.169 |
1.344 |
1.321 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3.413 |
2.955 |
2.820 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
5.40 |
4.67 |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.59 |
0.48 |
0.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.36 |
1.49 |
1.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.13 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.42 |
2.94 |
2.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.09 |
1.08 |
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 |
6.323 |
6.323 |
6.323 |
|
Reserves & Surplus |
24.775 |
27.628 |
29.856 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
31.098 |
33.951 |
36.179 |
|
|
|
|
|
|
long-term borrowings |
23.731 |
30.515 |
53.568 |
|
Short term borrowings |
43.659 |
69.426 |
70.019 |
|
Total borrowings |
67.390 |
99.941 |
123.587 |
|
Debt/Equity ratio |
2.167 |
2.944 |
3.416 |
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 |
586.967 |
618.139 |
575.415 |
|
|
|
5.311 |
(6.912) |
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 |
586.967 |
618.139 |
575.415 |
|
Profit |
2.820 |
2.955 |
3.413 |
|
|
0.48% |
0.48% |
0.59% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans from Director |
|
|
|
Surinder Kumar |
2.937 |
3.258 |
|
Puneet Kumar |
2.196 |
2.089 |
|
Usha Rani |
6.137 |
5.632 |
|
Loans from Director’s relatives and Shareholders |
|
|
|
Puneet Kumar and Sons HUF |
4.690 |
4.233 |
|
Shelly Aggarwal |
3.565 |
3.320 |
|
Surinder Kumar and Sons HUF |
2.535 |
2.288 |
|
Saru Garg |
2.736 |
2.469 |
|
Surinder Kumar Family Trust |
3.007 |
2.714 |
|
Loans from other shareholders |
24.141 |
2.566 |
|
|
|
|
|
Total |
51.944 |
28.569 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10361352 |
26/04/2012 |
3,200,000.00 |
ALLAHABAD BANK |
LINK ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
B41923806 |
|
2 |
10072822 |
02/09/2007 |
300,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A24682981 |
|
3 |
80030420 |
26/04/2012 * |
70,000,000.00 |
ALLAHABAD BANK |
LINK ROAD BRANCH, LUDHIANA, PUNJAB - 141001, INDIA |
B41925231 |
* Date of charge modification
NOTE
The registered office of the company has been shifted
from 12618/1 Vishwakarma Colonystreet No Zero, Near Sangeet Cinema, Ludhiana – 141003, Punjab, India to the present address w.e.f. 26.03.2012.
FIXED ASSETS
- Land
- Building
- Machinery
- Scooter
- Tools and Dies
- Computer
- Car
- Auto 3 Wheeler
- Tata
- Motor cycle
- Office Equipment
- Water Cooler
- Telephone
- Electrical Goods
- Generator
- Scale
- Furniture
- Air Conditioner
- EPABK
- Cycle
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.63.89 |
|
|
1 |
Rs.97.21 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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.