MIRA INFORM REPORT
|
Report No. : |
340836 |
|
Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
JAYBANAS METALS PRIVATE LIMITED |
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|
|
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Registered
Office : |
Block No.453/2, Chhatral, Taluka Kalol, Gandhinagar – 382729, Gujarat |
|
Tel. No. : |
91-2764-234439 / 234495 |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.01.2007 |
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Com. Reg. No.: |
04-049861 |
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Capital
Investment / Paid-up Capital : |
Rs.6.000 Million |
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|
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CIN No.: [Company Identification
No.] |
U27106GJ2007PTC049861 |
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IEC No.: |
0807011053 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMJ03297A |
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PAN No.: [Permanent Account No.] |
AABCJ8384L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Copper and Copper Alloys. |
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|
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No. of Employees
: |
60 (Approximately) [55-Permanent ; 05 Contract] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 60000 |
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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 was incorporated in the year 2007 and it is manufacturer,
exporter and importer of copper and copper alloys. Subject is an established company
having moderate track record. Management has failed to file its financial record with government
department for the year 2014. As per available financial record of 2013, company possesses moderate
operational performance and it has reported low profit margins. Rating further constrained on account of company’s moderate financial
risk profile marked by modest networth along with huge borrowings and
leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported
to be slow but correct. In view of aforesaid, 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
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 (GENERAL DETAILS)
|
Name : |
Ms. Minal Sisodia |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9099975084 |
|
Date : |
11.09.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Block No.453/2, Chhatral, Taluka Kalol, Gandhinagar – 382729, Gujarat,
India |
|
Tel. No.: |
91-2764-234439 / 234495 |
|
Mobile No.: |
91-9099975084 (Ms. Minal Sisodia) |
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Fax No.: |
91-2764-234459 |
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E-Mail : |
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Website : |
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Area : |
12000 Sq. Yards |
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Location : |
Owned |
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|
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Corporate Office : |
Jaybanas House, 34, Rang Upvan Society, Near Saradar Patel Colony,
Near Navrang Circle Bus Stand, Opposite Vrundavan Hospital, Ahmedabad
– 380014, Gujarat, India |
|
Tel. No.: |
91 79 27682056 / 57 |
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Fax No.: |
91 79 27682058 |
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Branch Office : |
35, Kika Street, Gulalwadi, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23460071 / 23460248 |
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Fax No.: |
91-22-23472326 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Jitendra Chhaganlal Jain |
|
Designation : |
Director |
|
Address : |
11, Nalanda Society, Near Naranpura Railway Crossing
Naranpura, Ahmedabad – 380 013, Gujarat, India |
|
Date of Birth/Age : |
29.10.1979 |
|
Date of Appointment : |
20.08.2007 |
|
DIN No.: |
00296829 |
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Other Directorship :
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||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Vimal Chunilal Sanghvi |
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Designation : |
Director |
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Address : |
2, Sambhavana Flat, Sabarmati, Ahmedabad – 380 005, Gujarat, India |
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Date of Birth/Age : |
11.07.1988 |
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Date of Appointment : |
29.08.2007 |
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DIN No.: |
01753839 |
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KEY EXECUTIVES
|
Name : |
Ms. Minal Sisodia |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Chhaganlal M. Shah |
138500 |
|
Jitendra C. Jain |
210100 |
|
Vimal C. Sanghvi |
100000 |
|
Chunnilal F. Sanghvi |
80000 |
|
Tipuben C. Sanghvi |
18000 |
|
Mukesh C. Sanghvi |
34400 |
|
Dimond Trading, India (Proprietor Prakash M. Shah) |
1000 |
|
Ramesh F. Shah |
9000 |
|
Pramila R. Shah |
500 |
|
Dipak F. Shah |
8000 |
|
Pavni F. Shah |
500 |
|
Total |
600000 |
AS ON 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Copper and Copper Alloys. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Singapore |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS
– NOT AVAILABLE
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
60 (Approximately) [55-Permanent ; 05 Contract] |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Raman M. Shah and Company Chartered Accountants |
|
Address : |
B-31, Ghanshyam Avenue, Opposite C.U. Shah College, Navjivan, Income
Tax, Ahmedabad – 380 009, Gujarat, India |
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Tel. No. : |
91-79-27542823/ 27542819 |
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E-Mail : |
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PAN
No.: |
AAIFR2139K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
6.000 |
6.000 |
6.000 |
|
(b) Reserves & Surplus |
17.507 |
13.849 |
10.877 |
|
(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) |
23.507 |
19.849 |
16.877 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
71.742 |
60.152 |
66.235 |
|
(b) Deferred tax liabilities (Net) |
0.510 |
0.094 |
0.131 |
|
(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) |
72.252 |
60.246 |
66.366 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
54.741 |
71.982 |
58.836 |
|
(b) Trade
payables |
12.869 |
12.112 |
2.843 |
|
(c) Other
current liabilities |
13.212 |
5.514 |
5.744 |
|
(d) Short-term
provisions |
1.257 |
1.715 |
2.078 |
|
Total Current
Liabilities (4) |
82.079 |
91.323 |
69.501 |
|
|
|
|
|
|
TOTAL |
177.838 |
171.418 |
152.744 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
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|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
50.193 |
28.478 |
30.430 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(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 |
50.193 |
28.478 |
30.430 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
33.438 |
68.650 |
46.258 |
|
(c) Trade
receivables |
70.009 |
54.018 |
59.642 |
|
(d) Cash
and cash equivalents |
3.808 |
2.494 |
2.736 |
|
(e) Short-term
loans and advances |
20.290 |
17.715 |
13.642 |
|
(f) Other
current assets |
0.100 |
0.063 |
0.036 |
|
Total
Current Assets |
127.645 |
142.940 |
122.314 |
|
|
|
|
|
|
TOTAL |
177.838 |
171.418 |
152.744 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
436.075 |
369.206 |
343.655 |
|
|
Other Income |
NA |
NA |
2.117 |
|
|
TOTAL |
NA |
NA |
345.772 |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
327.978 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
23.291 |
14.861 |
17.794 |
|
|
|
|
|
|
|
Less/ Add |
FINANCIAL
EXPENSES & DEPRECIATION/ AMORTISATION |
18.232 |
11.909 |
16.321 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
5.059 |
2.952 |
1.473 |
|
|
|
|
|
|
|
Less |
TAX |
1.401 |
(0.020) |
0.119 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
3.658 |
2.972 |
1.354 |
|
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|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
17.722 |
43.556 |
28.431 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.10 |
4.95 |
2.26 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
6.491 |
4.077 |
3.534 |
|
Cash generated from operations |
44.293 |
2.188 |
NA |
|
Net cash flows from operating activities |
43.308 |
1.598 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.84 |
0.80 |
0.39 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
5.34 |
4.03 |
5.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.84 |
1.72 |
0.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.15 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.66 |
6.86 |
7.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
1.57 |
1.76 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
6.000 |
6.000 |
6.000 |
|
Reserves & Surplus |
10.877 |
13.849 |
17.507 |
|
Net worth |
16.877 |
19.849 |
23.507 |
|
|
|
|
|
|
long-term borrowings |
66.235 |
60.152 |
71.742 |
|
Short term borrowings |
58.836 |
71.982 |
54.741 |
|
Current Maturities of
Long Term Debt |
3.534 |
4.077 |
6.491 |
|
Total borrowings |
128.605 |
136.211 |
132.974 |
|
Debt/Equity ratio |
7.620 |
6.862 |
5.657 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Sales |
343.655 |
369.206 |
436.075 |
|
|
|
7.435 |
18.112 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Sales |
343.655 |
369.206 |
436.075 |
|
Profit |
1.354 |
2.972 |
3.658 |
|
|
0.39% |
0.80% |
0.84% |
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 |
Yes |
|
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) |
Yes |
|
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 |
No |
|
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 |
No |
|
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 |
Note:
The registered office of the company has been shifted from 11, Nalanda
Society, Near Naranpura Railway, Crossing, Naranpura, Ahmedabad – 380 013,
Gujarat to present address w.e.f. 29.08.2007
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from related
parties and Others |
|
|
|
- Intercorporate Deposits |
20.000 |
25.000 |
|
- Others |
39.440 |
27.497 |
|
SHORT TERM
BORROWINGS |
|
|
|
Labour Contractor |
0.253 |
0.212 |
|
Total |
59.693 |
52.709 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10253054 |
30/05/2012 * |
129,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B40728867 |
|
2 |
10246788 |
29/05/2012 * |
129,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B40132680 |
* Date of charge modification
FIXED ASSETS
·
Freehold Land
·
Factory Buildings
·
Plant and Machineries
·
Computer
·
Furniture and Fixtures
·
Vehicles
·
Office 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 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.66.58 |
|
|
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71
|
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.