MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
RESINS AND PLASTICS LIMITED |
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Registered Office : |
Plot No. 8, Marol Industrial Estate of |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.12.1961 |
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Com. Reg. No.: |
11-12223 |
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CIN No.: [Company
Identification No.] |
U25209MH1961PLC012223 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR14062G |
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PAN No.: [Permanent
Account No.] |
AAACRI888C |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business : |
Manufacturer and Marketer of various types of Synthetic Resins. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 725700 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Financial position of the company appears to be sound.
Payments are reported to be usually correct and as per commitments. The company can be considered good for business dealings at usual
trade terms and condition. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Plot No. 8, Marol Industrial Estate of |
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Tel. No.: |
91-22-28207897 / 28321671 / 28347897 |
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Fax No.: |
91-22-28217906 / 27412380 |
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E-Mail : |
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Website : |
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Factory 1 : |
Taloja Industrial Estate of M.I.D.C., Post Box No.6, Taloje A. V.
410208, District |
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Tel. No.: |
91-2646-223262 / 91-22-7412229, 7412380 |
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Factory 2 : |
Plot No. 3607, GIDC Industrial Estate, Ankleshwar, District Bharuch –
393 002, |
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Tel. No.: |
91-2646-223262 |
DIRECTORS
As on 22.07.2010
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Name : |
Mr. Ashwin Suryakant Dani |
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Designation : |
Chairman |
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Address : |
Home Villa, 48 Krishna Sanghi Path, Mumbai-400007, |
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Date of Birth/Age : |
24.10.1942 |
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Date of Appointment : |
13.01.1970 |
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Name : |
Mr. Mahendra Chimanlal Choksi |
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Designation : |
Director |
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Address : |
402 Shivtirth No. 2, |
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Date of Birth/Age : |
19.04.1941 |
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Date of Appointment : |
13.01.1970 |
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Name : |
Mr. Amar Arvind Vakil |
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Designation : |
Director |
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Address : |
Geetanjali, |
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Date of Birth/Age : |
11.08.1952 |
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Date of Appointment : |
01.10.1996 |
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Name : |
Mr. Chatrabhuj Dwarkadas Kapadia |
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Designation : |
Director |
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Address : |
64, |
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Date of Birth/Age : |
14.07.1933 |
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Date of Appointment : |
15.03.1989 |
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Name : |
Mr. Sridhar S |
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Designation : |
Director |
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Address : |
103, Sewri-Wadala Estate, Mumbai-400031, |
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Date of Birth/Age : |
05.02.1951 |
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Date of Appointment : |
29.03.1989 |
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Name : |
Mr. Bharat Bhogilal Chovatia |
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Designation : |
Director |
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Address : |
10 Sanjog, |
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Date of Birth/Age : |
13.09.1954 |
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Date of Appointment : |
28.08.2002 |
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Name : |
Mr. P Ananthnarayanan |
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Designation : |
Managing Director |
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Address : |
603, Mululd Lakshmi Jyothi CHS Limited, |
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Date of Birth/Age : |
29.03.1944 |
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Date of Appointment : |
05.07.2002 |
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Name : |
Mr. Rupen Ashwin Choksi |
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Designation : |
Executive Director |
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Address : |
11A, Jeevan Asha, 60A |
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Date of Birth/Age : |
02.08.1976 |
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Date of Appointment : |
21.06.2007 |
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Name : |
Prof. V.C. Malshe |
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Designation : |
Director |
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Name : |
Shri Dhiren P. Mehta |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2010
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Equity share
breakup |
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Category |
Percentage |
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Foreign holdings (Foreign institutional investor (s), Foreign companie
(s) Foreign financial institution (s), Non-resident Indian (s) or Overseas
corporate bodies or Others) |
0.03 |
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Bodies corporate |
33.23 |
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Directors or relatives of directors |
39.16 |
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Other top fifty (50) shareholders |
7.43 |
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Others |
20.15 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Marketer of various types of Synthetic Resins. |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Synthetic Resin 100% |
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M.T. |
5150 |
5619 |
Note: *As per certificate issued by the managing
director on whom auditors have relied without verification.
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah and Company Chartered Accountants |
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Address : |
Maker Bhavan 2, Marine Lines, Mumbai-400020, |
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Associates/Subsidiaries : |
·
Pragati Chemicals Limited ·
Asian Paints ( ·
Asian PPG Industries Limited ·
Ricinash Oil Mill Limited ·
Choksey Chemical Private Limited ·
Ayme Chemicals ·
Thirumali Chemicals Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Share |
Rs.10/- Each |
Rs. 50.000 Millions |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3661100 |
Equity Share |
Rs.10/- Each |
Rs. 36.611
Millions. |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3572300 |
Equity Share |
Rs.10/- Each |
Rs. 35.723
Millions. |
Note:
Of the above, 2375000 Equity Shares are
allotted as Bonus Shares by capitalization of Reserves.
As on 22.07.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Share |
Rs.10/- Each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3572300 |
Equity Share |
Rs.10/- Each |
Rs. 35.723
Millions. |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.723 |
35.723 |
36.179 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
145.720 |
116.960 |
106.061 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
181.443 |
152.683 |
142.240 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
22.316 |
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2] Unsecured Loans |
4.115 |
1.555 |
2.086 |
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TOTAL BORROWING |
4.115 |
1.555 |
24.402 |
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DEFERRED TAX LIABILITIES |
10.361 |
10.356 |
10.809 |
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TOTAL |
195.919 |
164.594 |
177.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.567 |
47.621 |
48.215 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.002 |
0.002 |
0.002 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
51.125
|
41.575
|
56.853 |
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Sundry Debtors |
129.551
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109.408
|
117.365 |
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Cash & Bank Balances |
20.871
|
21.324
|
11.936 |
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Other Current Assets |
0.453
|
0.231
|
0.249 |
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Loans & Advances |
9.097
|
4.537
|
5.702 |
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Total
Current Assets |
211.097
|
177.075
|
192.105 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.362
|
0.313
|
62.871 |
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Sundry Creditors |
46.977
|
45.718
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Provisions |
15.408
|
14.073
|
0.000 |
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Total
Current Liabilities |
62.747
|
60.104
|
62.871 |
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Net Current Assets |
148.350
|
116.971
|
129.234 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
195.919 |
164.594 |
177.451 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
644.880 |
540.506 |
530.077 |
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Other Income |
4.852 |
3.742 |
2.346 |
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TOTAL |
649.732 |
544.248 |
532.423 |
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Less |
EXPENSES |
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Material Consumed |
500.255 |
432.263 |
414.078 |
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Employees Remuneration and Benefits |
30.807 |
28.677 |
27.278 |
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Manufacturing, Administrative, selling and distribution Expenses |
55.423 |
51.250 |
49.823 |
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TOTAL |
586.485 |
512.190 |
491.179 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
63.247 |
32.058 |
41.244 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.617 |
3.606 |
3.690 |
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PROFIT BEFORE
TAX |
59.630 |
28.452 |
37.554 |
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Less |
TAX |
20.603 |
10.395 |
13.399 |
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PROFIT AFTER TAX
|
39.027 |
18.057 |
24.155 |
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Add |
Prior period
items |
0.147 |
0.745 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
67.685 |
59.242 |
NA |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
4.000 |
2.000 |
-- |
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Proposed Dividend |
8.931 |
7.145 |
-- |
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Tax on Dividend |
1.483 |
1.214 |
-- |
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BALANCE CARRIED
TO THE B/S |
92.445 |
67.685 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
8.180 |
5.893 |
1.210 |
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IMPORTS |
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Raw Materials |
142.087 |
98.215 |
91.791 |
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R and D Material |
0.000 |
0.000 |
0.290 |
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TOTAL IMPORTS |
142.087 |
98.215 |
92.081 |
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Earnings Per
Share (Rs.) |
10.97 |
5.26 |
6.77 |
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QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
173.380 |
186.150 |
180.770 |
|
Total Expenditure |
156.800 |
169.430 |
168.440 |
|
PBIDT (Excl
OI) |
16.580 |
16.720 |
12.330 |
|
Other Income |
0.080 |
0.520 |
0.540 |
|
Operating
Profit |
16.660 |
17.240 |
12.870 |
|
Interest |
0.090 |
0.110 |
0.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
16.570 |
17.130 |
12.770 |
|
Depreciation |
0.910 |
0.930 |
1.020 |
|
Profit
Before Tax |
15.660 |
16.200 |
11.750 |
|
Tax |
5.080 |
4.780 |
3.760 |
|
Reported PAT |
10.580 |
11.430 |
7.990 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
10.580 |
11.430 |
7.990 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.01
|
3.32
|
4.53 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.25
|
5.24
|
7.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.05
|
12.66
|
15.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.19
|
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.40
|
0.61 |
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Current Ratio (Current Asset/Current Liability) |
|
3.36
|
2.95
|
3.05 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The total income for the year has grown from Rs. 544.248 Millions in the
previous year to Rs.649.733 Millions.
MANAGEMENT DISCUSSION AND ANALYSIS :
The Company
manufactures Synthetic Resins, which mainly cater to industrial paint segment
and also to printing inks. The growth of the company depends mostly on the
growth of industrial paints segment.
The macro economic
environment during the year 2009-10 was more conducive compared to that
prevailing in 2008-09. Further, the steps taken by the Company on controlling
the operating cost has helped in improving the margins notwithstanding this the
Company is focused on improving margins of the existing products. The Board
considers the performance of the Company as reasonable in the conditions
prevailing during the year 2009-10.
The Company is
focusing on cost reduction in the existing products and development of new
products for improved margins and profit in the future.
The Company's
Management is optimistic about the prospects in the coming years.
The Company has good
internal control systems, the adequacy of which has been reported by the
Auditors in their report. Industrial relations during the year were cordial.
The number of employees stood at 102 as on 31st March, 2010.
Bankers Charges
Report as per Registry
|
Name of the company |
RESINS AND PLASTICS LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
1) Agreement of
loan for overall limit facility 1 2) Agreement of
hypothecation goods and assets facility 2 3) Letter
regarding the grant of individual limit within the overall limit facility 5 All the above
agreement are dated 05.12.1996 and executed for the creation of a single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 57.000
millions
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A first charge by
way of hypothecation of the borrower’s entire goods, movables and other
assets present and future including documents of title to the goods and other
assets such as book debts, outstanding moneys, receivables including
receivables by way of cash assistance and /or cash incentive under the cash
incentive scheme or any other scheme, claims, including claims by way of
refund of customs/ excise duties under the bills, invoices, documents,
contracts, insurance rights uncalled capital and all machinery present raw
material (imported/indigenous)j, stocks in process, finished goods, any
others (specify) letter of credit and bank guarantee, book debts/receivables.
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest:
DCC (Hypothecation of stocks): 17.75% (including interest tax letter of
credit: commission) as per FEDI rule. DCC hypothecation
of book debts: 17.75% Including interest tax. Bank Guarantee:
as per bank’s st Letter of credit and
bank guarantee: 25%, book debts and receivables 30% Margin: raw
material imported/ indigenous goods: 33 1/3% , Stock in process 40% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
No instrument but
on 09.09.1997 an equitable mortgage by deposit of title deeds. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge was created on 05.12.1996 for Rs. 57.000 Millions. Now by the present dification
dated 09.09.1997 the company’s mortgaged fixed at Rs. 57.000 millions on
which the company of used an additional collateral security over the
company’s immovable properties, i.e. all that piece and parcel of land known
as plot no. 3A in the Taloja Industrial Area, within the village limits of
padghe Taluka and registration sub district Panvel district and Regn.
District Raigad, contained by admeasurements 18166 sq. mtrs. Or thereabove
and bounded as follows that is to say: or toward the North: By Road South: By Plot
No. 3 East: By Plot No.
5 West: MIDC land
portion of plot No. 3 Together with all
assets permanently fixed to the land and building and plant and machinery
apperting fixed to the land and building and plant and machinery appertaining
or affixed thereto. |
Fixed Assets
- Buildings
- Plant and
Machinery
- Efflument
Treatment Plant
- Electric and
Pipe Fitting
- Other
Equipment and Accessories
- Furniture and
Office Equipments
- Vehicles
- Research and
- Research and
Dev Equipment
- Intangible
Assets
AS PER WEB DETAILS :
Profile / History :
Subject is a manufacturer and marketer of various types of Synthetic
Resins. Founded in 1971, their company exists to serve the customers of the
Adhesives, Coatings and Printing Inks industry.
Today, they have the longest chain of bonding agents that cover a
variety of needs, from Quick Drying Alkyds, Reduced Maleics and Phenolics,
Aminos to Polyamides and Foundry Resins. Their corporate headquarters are in Mumbai
with a wide distribution network spanning across major cities of
Subject is Synthetic Resin manufacturer catering to a wide range of
industries today such as Adhesives, Coatings, Printing Inks, Insulating
Varnishes, Wire Enamels, Lamination, Construction, Cosmetics, Textiles and
Foundries. Subject commenced its operations in 1971 for manufacturing Alkyd
Resins, Epoxy Resins, Foundry Resins, Ketonic Resins, Phenolic Resins some of
which are import substitutes. Subject’s manufacturing facilities are located at
MIDC, Taloja in Maharashtra and GIDC, Ankleshwar in
Subject also has an associate Company, Pragati Chemicals Limited (PCL) that
focuses on the manufacturing of Amino Resins, Ketonic Resins and Epoxy Resins.
PCL has a plant in Ankleshwar in
Subject believes in leveraging technology to achieve a competitive
advantage. It has a well designed comprehensive in-house IT System that does
demand generation and sales forecast projections. They also have an in-house
CRM software that ensures efficient customer service and maintenance of long
term business relations.
Over the years, Subject has also established itself as a noteworthy
exporter of Synthetic Resins to the Coatings and Printing Ink manufacturers of
the neighboring countries. In the coming years, they are also focusing on
expanding their wings further across Asia, Africa,
Management:
Over the years, Resins and Plastics is lead by a strong professional
team consisting of MBA’s, Chemical Engineers and Doctorates with a wide variety
of experience. Today, they bet on intellectual capital and hire some of the
best talent within different departments.
The promoters of the Company, Choksi’s, Dani’s and Vakil’s are the same as
those of India’s leading paint manufacturer, Asian Paints, which have embedded
strong commitment levels and transparency across the organization. The management
strongly believes in fostering a long lasting relationship and trust with its
customers.
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 records 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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.