MIRA
INFORM REPORT
|
Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MICRO FINISH VALVES PRIVATE LIMITED (w.e.f.11.02.2005) |
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Formerly Known
As : |
MICROFINISH VALVES LIMITED |
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Registered
Office : |
B 161-162, Industrial Estate, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.03.1983 |
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Com. Reg. No.: |
08-5209 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.000 millions |
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CIN No.: [Company Identification
No.] |
U29120KA1983PTC005209 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM03593C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of ball valves, bellows sealed globe valves,
globe valves for chlorine service, and knife edge gate valves. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office / Factory : |
B 161-162, Industrial Estate, |
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Tel. No.: |
91-836-2212404, 2210611 |
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Fax No.: |
91-836-2331438 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Mahendra Karamchand Vikamshi |
|
Designation : |
Whole Time Director |
|
Address : |
28 Kamal Kunj, Vishweswarnagar, Hubli, Dharwad – 580032, |
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Date of Birth/Age : |
03.09.1951 |
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Date of Appointment : |
20.03.1983 |
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DIN No : |
01414728 |
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Name : |
Ms. Jaya Basayya Sali |
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Designation : |
Whole Time Director |
|
Address : |
Girija House No. 38, |
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Date of Birth/Age : |
07.10.1955 |
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Date of Appointment : |
01.04.1997 |
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DIN No : |
00781573 |
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Name : |
Mr. Tilak Karamchand Vikamshi |
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Designation : |
Director |
|
Address : |
28 Kamal Kunj, Vishweswarnagar, Hubli, Dharwad – 580032, |
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Date of Birth/Age : |
16.01.1947 |
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Date of Appointment : |
20.03.1983 |
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DIN No : |
00772374 |
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Name : |
Mr. Deepak Karamchand Vikamshi |
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Designation : |
Managing Director |
|
Address : |
28 Kamal Kunj, Vishweswarnagar, Hubli, Dharwad – 580032, |
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Date of Birth/Age : |
05.01.1949 |
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Date of Appointment : |
20.03.1983 |
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DIN No : |
01414701 |
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Name : |
Mr. Tushar Karamchand Vikamshi |
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Designation : |
Director cum Chairman |
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Address : |
28 Kamal Kunj, Vishweswarnagar, Hubli, Dharwad – 580032, |
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Date of Birth/Age : |
24.07.1950 |
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Date of Appointment : |
20.03.1983 |
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DIN No : |
01414722 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Tilak Karamchand Vikamshi |
249980 |
|
Deepak Karamchand Vikamshi |
249980 |
|
Tushar Karamchand Vikamshi |
249980 |
|
Mahendra Karamchand Vikamshi |
249980 |
|
Jaya Basayya Sali |
50 |
|
Rajeev Vikamshi |
10 |
|
Pramod Vikamshi |
10 |
|
Anand Vikamshi |
10 |
|
Total |
1000000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of ball valves, bellows sealed globe valves,
globe valves for chlorine service, and knife edge gate valves. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Actual
Production |
|
Valves |
Nos. |
101027 |
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Valves Spares |
Nos. |
13924 |
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|
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GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
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|
Bankers : |
Canara Bank, 112, Ankush Arcade, Station Road,
Hubli-580020, Karnataka, India |
Banking Facilities:
|
Secured Loan |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
Rs.
In Millions 31.03.2007 |
|
Term Loans |
|
|
|
|
|
From SIDBI – Secured by hypothecation of Plant and Machinery |
7.220 |
0.000 |
0.000 |
0.000 |
|
From Banks – Secured by hypothecation of vehicles |
1.800 |
2.176 |
1.015 |
1.117 |
|
Working Capital
Loans |
|
|
|
|
|
From Canara Bank – Cash Credit secured by hypothecation of Inventories
and Book Debts |
61.840 |
42.530 |
0.000 |
0.000 |
|
From Canara Bank – Overdraft secured by pledge of Fixed Deposits with
the bank |
0.000 |
0.000 |
26.304 |
13.614 |
|
Packing Credit from Canara Bank- Secured by hypothecation of
Inventories and Export Receivables |
26.540 |
70.000 |
79.500 |
15.008 |
|
From Canara Bank – Demand Loans secured by pledge of Fixed Deposits
with the bank |
68.197 |
76.109 |
57.849 |
42.331 |
|
Total |
165.597 |
190.815 |
164.668 |
72.070 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
Rs.
In Millions 31.03.2007 |
|
Interest free Loans from Shareholders |
19.210 |
15.000 |
15.000 |
0.000 |
|
Inter-Corporate Deposit |
0.000 |
0.000 |
7.500 |
15.000 |
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|
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Total |
19.210 |
15.000 |
22.500 |
15.000 |
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Banking
Relations : |
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Auditors : |
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Name : |
S. V. Pinge and Company Chartered Accountant |
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Address : |
1/1, Mitrakul, Ram Nagar Road, Saibaba Nagar, Borivali (West),
Mumbai-400092, Maharashtra, India |
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Tel. No.: |
91-22-28622284 |
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E-Mail : |
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Joint Venture Company : |
·
Flowserve Microfinish Valves Private Limited |
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Associates/Subsidiaries : |
·
Microfinish Pumps Private Limited ·
Microfinish Trading Private Limited ·
Remote Control Microfinish Actuators Private
Limited ·
Flowserve Microfinish Pumps Private Limited ·
Vikamshi Fabrics Private Limited ·
Innovative Process Equipment Private Limited ·
Manjira Engineers [Partnership firm] ·
Prab Engineers [Partnership firm] ·
Speciality Engineers [Partnership firm] |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
10.000 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
729.894 |
558.124 |
404.169 |
334.947 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
739.894 |
558.624 |
404.669 |
335.447 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
165.597 |
190.815 |
164.668 |
72.070 |
|
|
2] Unsecured Loans |
19.210 |
15.000 |
22.500 |
15.000 |
|
|
TOTAL BORROWING |
184.807 |
205.815 |
187.168 |
87.070 |
|
|
DEFERRED TAX LIABILITIES |
5.433 |
5.157 |
4.120 |
1.549 |
|
|
|
|
|
|
|
|
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TOTAL |
930.134 |
769.596 |
595.957 |
424.066 |
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
147.032 |
105.928 |
80.316 |
62.742 |
|
|
Capital work-in-progress |
9.112 |
10.699 |
5.842 |
2.470 |
|
|
|
|
|
|
|
|
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INVESTMENT |
9.005 |
9.029 |
9.029 |
8.679 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
539.425
|
412.395 |
362.562 |
226.861 |
|
|
Sundry Debtors |
289.729
|
314.388 |
178.538 |
124.424 |
|
|
Cash & Bank Balances |
146.845
|
127.844 |
111.262 |
135.473 |
|
|
Other Current Assets |
13.612
|
13.503 |
12.945 |
5.786 |
|
|
Loans & Advances |
22.779
|
36.931 |
39.664 |
15.896 |
|
Total
Current Assets |
1012.390
|
905.061 |
704.971 |
508.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
216.262
|
219.683 |
178.751 |
128.722 |
|
|
Other Current Liabilities |
29.365
|
27.905 |
22.265 |
23.528 |
|
|
Provisions |
1.778
|
13.533 |
3.185 |
6.015 |
|
Total
Current Liabilities |
247.405
|
261.121 |
204.201 |
158.265 |
|
|
Net Current Assets |
764.985
|
643.940 |
500.770 |
350.175 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
930.134 |
769.596 |
595.957 |
424.066 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
852.426 |
838.095 |
549.656 |
381.267 |
|
|
|
Other Income |
55.164 |
68.073 |
34.307 |
27.986 |
|
|
|
TOTAL (A) |
907.590 |
906.168 |
583.963 |
409.253 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
|
Administrative Expenses |
650.165 |
668.929 |
477.009 |
303.626 |
|
|
|
Financial Expenses |
|
|
|
|
|
|
|
Deprecation |
|
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
|
TOTAL (B) |
650.165 |
668.929 |
477.009 |
303.626 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
257.425 |
237.239 |
106.954 |
105.627 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
85.655 |
82.114 |
35.864 |
32.022 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
171.770 |
155.125 |
71.090 |
73.605 |
|
|
|
|
|
|
|
|
|
|
|
PRIOR YEARS TAX
ADJUSTMENTS |
0.000 |
0.000 |
0.066 |
(0.018) |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
138.424 |
62.869 |
65.147 |
47.815 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
155.600 |
78.400 |
72.264 |
55.100 |
|
|
|
Dividend |
0.000 |
1.000 |
1.000 |
0.500 |
|
|
|
Tax on Dividend |
0.000 |
0.170 |
0.170 |
0.155 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
0.000 |
0.500 |
|
|
BALANCE CARRIED
TO THE B/S |
154.594 |
138.424 |
62.869 |
65.147 |
|
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
45.899 |
274.054 |
231.521 |
18.094 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Raw Materials |
85.995 |
72.650 |
53.133 |
36.884 |
|
|
|
Capital Goods |
11.966 |
0.117 |
0.119 |
0.169 |
|
|
TOTAL IMPORTS |
97.961 |
72.767 |
53.252 |
37.053 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2726.00 |
3102.500 |
1422.81 |
1472.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
18.93
|
17.12 |
12.17 |
17.99 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
30.20
|
28.31 |
19.46 |
27.70 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.20
|
23.47 |
13.62 |
18.49 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.42 |
0.26 |
0.31 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.59
|
0.85 |
0.98 |
0.74 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.09
|
3.47 |
3.45 |
3.21 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE AND
CURRENT YEAR PROSPECTS:
The company has recorded a turnover of Rs. 852.426 millions during the
year as compared to Rs. 838.095 millions during the previous year. Since the oil
prices are showing an continuous rising trend, lot of new projects are being
considered and the company is expected to do better in the ensuing years.
FORM 8
|
Corporate
identity number of the company |
U29120KA1983PTC005209 |
|
Name of the
company |
MICRO FINISH VALVES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B 161-162, Industrial Estate, Gokul Road, Hubli - 580030,
Karnataka, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Canara Bank, 112, Ankush
Arcade, Station Road, Hubli-580020, Karnataka, India |
|
Nature of
instrument creating charge |
Supplemental Hypothecation Agreement |
|
Date of
instrument Creating the charge |
29.04.2011 |
|
Amount secured by
the charge |
Rs. 490.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 10%-p.a.
for Packing Credit 11%-p.a.
for Cash Credit 12%-p.a.
for Term Loan Terms of
repayment All
the terms and conditions of the Common Hypothecation Agreement dated
30/03/2007 except those terms, subsequently varied/modified by supplemental
agreements dated 24/12/2008 and 27/02/2009 shall remain in full force and
effect for all purposes and to all intents. Margin 25%-Stock 40%-Book Debts 33%-Term Loan Extent and
operation of the charge 100% |
|
Short particulars
of the property charged (Including location of the property) |
Plant
and Machinery at B-161/162, Industrial Estate, Gokul Road, Hubli – 580030 Land
at Block No.23/1A, 23/1B,23/1K, 23/2 and Itigatti Village, Taluka Dharwad. Plant
and Machinery at Itigatti |
|
Charge
identification number of the charge to be modified |
10146108 |
|
Date of
instrument modifying the charge |
27.02.2009 |
|
Particulars of
the present modification |
From existing aggregate amount of Rs 150.000 millions to
Rs. 490.000 millions |
FIXED ASSETS
·
Land
·
Office / Factory Building
·
Borewell
·
Plant and Machinery
·
Furniture and Fixtures
·
Patents and Dies
·
Computer Systems
·
Testing Equipments
·
Generator
·
Vehicles
·
Office Equipments
·
Canteen Equipments
WEB SITE DETAILS
PROFILE
Subject was established in 1971 to manufacture ball valves, bellows
sealed globe valves, globe valves for chlorine service, and knife edge gate
valves. In the 1980's Microfinish started the manufacture and sale of chemical
process and slurry pumps.
For the last 35 years we have designed, developed, and supplied their
products to:
- Oil and gas facilities, hydrocarbon processing refineries, and
petrochemical plants
- Fossil fuel, nuclear, and combined cycle power plants
- Fertilizer, chemical, and pharmaceutical industries
- Food and beverage plants
- Mining, mineral processing, and steel sectors
- Pulp and paper mills
They are recognized as a quality manufacturer of reliable valves and
pumps for industry. Their wealth of experience has enabled Microfinish to become
a prominent supplier of ball valves throughout the world and a reputable
manufacturer of specialized pumps in India.
Industrial technology is progressing at a remarkable rate, so they have
established a research and development department equipped with modern test
facilities.
Their manufacturing facilities are located in separate and well laid-out
buildings with ample scope for future expansion. The industrial estate in Hubli
is one of the biggest and fastest developing manufacturing zones in the state
of Karnataka. The city of Hubli is well served by air, rail, and road
connections; it is situated on the national highway NH 4 between Mumbai and
Bangalore.
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. 44.96 |
|
|
1 |
Rs. 73.94 |
|
Euro |
1 |
Rs. 64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.