MIRA
INFORM REPORT
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Report Date : |
28.12.2011 |
IDENTIFICATION DETAILS
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Name : |
GADRE MARINE EXPORT PRIVATE LIMITED |
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Registered Office
: |
Plot No. FP-1, MIDC, Mirjole Block,
Ratnagiri-415639, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.05.1994 |
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Com. Reg. No.: |
11-78366 |
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Capital Investment
/ Paid-up Capital : |
Rs.244.000
Millions |
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CIN No.: [Company Identification
No.] |
U51223PN1994PTC078366 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPG00465D |
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PAN No.: [Permanent Account No.] |
AABCG4138R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Marine Food. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1170000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. There
appears some accumulated losses recorded by the company, however with some improvement
in the financial position the company has successful in wiping off those
losses. Trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 / Factory: |
Plot No. FP-1, MIDC, Mirjole Block,
Ratnagiri-415639, |
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Tel. No.: |
91-2352-230967 / 230533 / 231002 / 231003 |
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Fax No.: |
91-2352-230968 |
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E-Mail : |
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Website : |
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Corporate Office : |
3298 A, Mirkar Wada, Ratnagiri- 415 612, |
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Tel. No.: |
91-2352-232570/ 232868/ 232882 |
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Fax No.: |
91-2352-232121 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Deepak Pandurang Gadre |
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Designation : |
Director |
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Address : |
725 H, Opposite Power House, |
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Date of Birth/Age : |
17.10.1947 |
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Date of Appointment : |
12.05.1994 |
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Din No.: |
00767462 |
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Other Directorship:
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Name : |
Mrs. Meena Deepak Gadre |
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Designation : |
Director |
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Address : |
725 H, Opposite Power House, |
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Date of Birth/Age : |
08.12.1951 |
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Date of Appointment : |
25.07.1999 |
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Din No.: |
00767392 |
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Other Directorship:
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Name : |
Mr. Arjun Deepak Gadre |
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Designation : |
Managing Director |
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Address : |
725 H, Opposite Power House, |
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Date of Birth/Age : |
22.12.1975 |
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Date of Appointment : |
01.04.2010 |
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Din No.: |
00767054 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Ms. Anagha Ravindra Karambelkar |
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Designation : |
Secretary |
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Address : |
642-E, Nishigandh Abhyudaynagar, |
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Date of Birth/Age : |
19.08.1985 |
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Date of Appointment : |
03.11.2008 |
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Pan No.: |
BFOPK1167C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Deepak Pandurang Gadre |
100000 |
1246500 |
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Meena Deepak Gadre |
-- |
1500 |
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Arjun Deepak Gadre |
-- |
191000 |
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Anjali Arjun Gadre |
-- |
1000 |
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Total |
100000 |
1440000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Marine Food. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Surimi Analog Products |
Tons |
12960 |
-- |
|
Surimi Paste |
Tons |
58500 |
-- |
|
Crab Stick |
Tons |
-- |
1697.54 |
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Crab Claw |
Tons |
-- |
1383.27 |
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Crab Bite |
Tons |
-- |
73.26 |
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Lobster |
Tons |
-- |
116.34 |
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Chunk |
Tons |
-- |
1854.48 |
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Shrimp |
Tons |
-- |
839.76 |
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Solid Stick |
Tons |
-- |
610.44 |
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Others |
Tons |
-- |
298.19 |
GENERAL INFORMATION
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Bankers : |
Bank of |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Kunte and Chaugule Chartered Accountants |
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Address : |
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Tel. No.: |
91-231-651061 |
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Fax No.: |
91-231-656012 |
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Pan No.: |
AALPC7614F |
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Enterprises over
which key management personnel and their relatives have significant influence
: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
|
100000 |
Preferences Shares |
Rs.1000/- each |
Rs.100.000 Millions |
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Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1440000 |
Equity Shares |
Rs.100/- each |
Rs.144.000
Millions |
|
100000 |
Preferences Shares |
Rs.1000/- each |
Rs.100.000
Millions |
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Total |
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Rs.244.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
244.000 |
244.000 |
244.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
47.270 |
8.195 |
8.195 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(36.691) |
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NETWORTH |
291.270 |
252.195 |
215.504 |
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LOAN FUNDS |
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1] Secured Loans |
1067.069 |
923.865 |
746.340 |
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2] Unsecured Loans |
260.047 |
260.281 |
260.031 |
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TOTAL BORROWING |
1327.116 |
1184.146 |
1006.371 |
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DEFERRED TAX LIABILITIES |
10.897 |
0.000 |
0.000 |
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TOTAL |
1629.283 |
1436.341 |
1221.875 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
572.799 |
618.365 |
593.728 |
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Capital work-in-progress |
13.114 |
0.000 |
9.283 |
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INVESTMENT |
25.000 |
25.000 |
25.000 |
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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 |
176.662
|
171.315
|
171.432 |
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Sundry Debtors |
425.993
|
381.866
|
174.328 |
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Cash & Bank Balances |
353.922
|
258.178
|
191.624 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
322.485
|
261.628
|
246.724 |
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Total
Current Assets |
1279.062
|
1072.987
|
784.108 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
205.963
|
284.157
|
221.850 |
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Other Current Liabilities |
0.006
|
1.225
|
13.549 |
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Provisions |
59.796
|
28.296
|
8.055 |
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Total
Current Liabilities |
265.765
|
313.678
|
243.454 |
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Net Current Assets |
1013.297
|
759.309
|
540.654 |
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MISCELLANEOUS EXPENSES |
5.072 |
33.667 |
0.000 |
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FOREIGN CURRENCY MONETARY ITEM WRITTEN OFF |
0.000 |
0.000 |
53.210 |
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TOTAL |
1629.283 |
1436.341 |
1221.875 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
2615.200 |
1880.300 |
1589.600 |
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Other Income |
343.000 |
252.100 |
151.400 |
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TOTAL (A) |
2958.200 |
2132.400 |
1741.000 |
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Less |
EXPENSES |
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Manufacturing Expenses |
2336.700 |
1646.100 |
1225.100 |
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Selling and Marketing Expenses |
175.700 |
159.800 |
166.900 |
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|
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General and Administration Expenses |
158.900 |
130.300 |
141.800 |
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Exchange Loss Amortized |
18.300 |
18.300 |
26.600 |
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TOTAL (B) |
2689.600 |
1954.500 |
1560.400 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
268.600 |
177.900 |
180.600 |
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Less |
FINANCIAL
EXPENSES (D) |
87.500 |
66.800 |
53.900 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
181.100 |
111.100 |
126.700 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
88.100 |
82.400 |
75.200 |
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PROFIT BEFORE
TAX (E-F) (G) |
93.000 |
28.700 |
51.500 |
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Less |
TAX (H) |
32.800 |
5.000 |
1.300 |
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PROFIT AFTER TAX
(G-H) (I) |
60.200 |
23.700 |
50.200 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(12.900) |
(36.600) |
(86.900) |
|
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BALANCE CARRIED
TO THE B/S |
47.300 |
(12.900) |
(36.700) |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Export Earnings |
NA |
1734.258 |
1496.020 |
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IMPORTS |
|
|
|
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|
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Capital Goods |
NA |
24.178 |
16.607 |
|
|
|
Raw Material |
NA |
64.203 |
97.483 |
|
|
|
Spare Parts |
NA |
8.855 |
10.166 |
|
|
|
Packing Material |
NA |
0.000 |
2.231 |
|
|
|
Consumable |
Na |
0.429 |
1.530 |
|
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TOTAL IMPORTS |
NA |
97.665 |
128.017 |
|
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|
Earnings Per
Share (Rs.) |
35.36 |
10.01 |
34.86 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.04
|
1.11
|
2.88 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
3.56
|
1.53
|
3.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.02
|
1.70
|
3.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.12
|
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.47
|
6.26
|
5.80 |
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Current Ratio (Current Asset/Current Liability) |
|
4.81
|
3.42
|
3.23 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING RESULTS
AND PROFIT:
On the global front during 2010 – 11 for the first time in the history of Indian Marine Product Exports business, export have crossed all previous records in quantity, rupee value and US Dollar terms. As per Marine Products Development Export Authority (MPEDA) reports, as compared to last year, the exports in quantitative terms increased by 19.85%. The total aggregate turnover was 8, 13,091 Tonnes and the Company’s share in the total turnover is near about 2.92%. The Company stood at 1st position in MPEDA ranking in 2009-2010 for overall export in quantitative terms. The Company won 1st Award for highest export in quantitative terms and 2nd Award as Special Effort Award for value added products development.
During the year,
The fiscal year 2010-11 has been satisfying year for the business, The Company managed to grow and progress in competitive environment. The Company has achieved the positive figure of profits. In this year the Company recovered the accumulated carried forward losses and unabsorbed depreciation. The Company has achieved the profit of Rs.60.200 millions through control over operating costs and expenses and increased sales. The Company’s turnover for the year increased by 39% amounting to Rs.2615.200 millions as compared to last fiscal The PBDIT is of Rs.93.100 millions The Company made the provision for tax of Rs.36.000 millions. The net profit is amounting to Rs.60.200 Millions
The MPEDA subsidy received against Crabstick Machinery has been credited to the respective asset account and depreciation provided and debited to profit and loss accounts of earlier year to the extent of subsidy received now been reversed in current financial year. The adjustment of depreciation written back is on account of discount received by the Company on machinery. The financial year 2010-11 was successful year for the Company as the returns are good Earning per share is increased by three fold times than the last year. Present Earning per Share is of 35.36 as compared to last year per share price 10.01.
OPERATIONS:
Surimi Paste:
Ratnagiri Plant: The Surimi
export performance of Surimi Paste Division at Ratnagiri Maharashtra Plant
showed huge increased volumes and values as compared to last year. The
production increased by near about 38.64% in quantitative terms. The sales
volume in terms of value has also been increased by 32.15% as compared to last
year, due to better prices and increased volume of business near about 37.28%.
The Company has maintained and increased its market share in
Veraval Plant: – The performance of Veraval Plant throughout the year was good as it has successfully operated throughout the year. The production of the Veraval plant has doubled during the year as compared to the last year. The production during the year was about 7234.55 MT. Similarly the value of export from Veraval plant has been more than double in comparison with last year performance. The exported good of 6903.56 MT as compared to last years it was 3222.80 MT
SURIMI ANALOG
PRODUCTS: CRABSTICK PLANT, RATNAGIRI
The production of the Surimi Analog Products has increased in quantitative terms by near about 12.69%. The value of export during the last year has been increased by 11.26% i.e. increased from Rs.614.000 millions to Rs.683.200 millions. The Company has been able to maintain all the customers on its portfolio. The management is happy to inform you that with Company’s expansion plan, the list of ‘would be customers’ will be transformed to ‘regular customers’. The Company participated in promotional activities by presence in Annual Brussels Seafood Show 2011, Boston Seafood Show 2011.
DOMESTIC
PERFORMANCE:
Crabstick Plant:
The Company has started its presence in Domestic market four years back. During these years the Company is trying to create the demand in Indian market. The Company has successfully increased its domestic turnover by 40% in quantitative terms and also near about 50% in value terms by overcoming the limitations of high promotional costs, competitive environment.
The Company undertaken may promotional activities like Free
Sampling and Testing, Pillar Branding, Freezer Branding at Super and Hyper
markets. The company participated in “Ahaar International Food and Hospitality
Fair 2011” in
The management and dedicated team of domestic market
department are very much conscious to have strong presence in
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90082999 |
|
Corporate
identity number of the company |
U51223PN1994PTC078366 |
|
Name of the
company |
GADRE MARINE EXPORT
PVT LTD |
|
Address of the
registered office or of the principal place of business in |
Plot No. FP-1, MIDC, Mirjole Block,
Ratnagiri-415639, |
|
Type of charge |
Book Debts Movable Property (not
being pledge) |
|
Particular of
charge holder |
Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
composite agreement of hypothecation of goods, book debts, machineries,
vehicles etc |
|
Date of
instrument Creating the charge |
30.03.2011 |
|
Amount secured by
the charge |
Rs.1906.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1)ECB 82.200
millions -6 months $LIBOR+400 bps 2)FCNR B I and II of 17.500 Millions 112.500 Millions -6 months LIBOR+725 bps 3)Short Term Loans
120.000 Millions 12.50% p.a4)PC/PCFC
270.000 Millions FCBP 180.000
Millions FBP 150.000 Millions ,
Additional Adhoc 120.000 Cr LIBOR+200 Terms of
Repayment 1)ECB 4027.800
millions 7 qty inst. of Rs.11.743 millions 2 quarters remain 2)FCNR B (I)10
qty. inst. 1.750 millions from
05/05/11 3)FCNR B (II) 20 qty inst. Rs.7.500 millions from28/03/11 3)Short Term Loan 37.500
Millions 8 qty inst.12.500
millions from on 25/03/2011 4)New Term
Loan 20.000 millions 20 qty inst. of Rs.1.000 millions from 04/04/2011 5) PC/PCFC/FCBP/Foreign
Bill/Foreign Letter of Credit/Inland Letter of Credit/Bank Guarantee and
Additional adhoc limit Rs.120.000 Cr for 12 months 6)Derivative Limit for max
period of 364 days Margin 1)ECB 49.49% 2)FCNR
B (I) and FCNR B (II) 33% for construction and 25% for plant and machinery 3)
Existing Short Term Loan NIL 4) New Short Term Loan 38.46% 5) PC/PCFC 10% 6)
FCBP/FBP NIL 7)Additional adhoc limit 10%of FBP,FBD,PSDL 8) Foreign and
Inland Letter of Credits 25% in the form of Term Deposit 8) Bank Guarantee
10% in the form of Term Deposit 9) Derivative Limits NIL Extent and
Operation of the charge The immovable
property, plant machinery and all stocks with Company book debts, movables
and vehicles hypothecated in favour of the Bank is a continuing security for
due repayment of existing limits (1859.700 millions ) and increased limits (
200.000 millions ) and repaid ( 153.400 millions ) and discharge of the
borrowings aggregating to (1906.300 millions ) together with interest,
compound interest, additional interest in case of default, commitment
charges, premia, on pre payment or on redemption, charges and expenses, etc |
|
Short particulars
of the property charged |
I)
Stocks
of R/M, stock in process, finished goods, consumable spares and packing materials, all book debts, all
movable plant and machinery, all
stores and spare parts, vehicles both
present and future with Company II)
All
machineries, vehicles, spares, tools and accessories, movables, furniture,
fixtures and fittings, office
equipment at leased premises at Plot no
4 and 5. G.I.D.C., Veraval, |
|
Date of latest
modification prior to the present modification |
25.11.2009 |
|
Particulars of
the present modification |
The charge
created on 14/01/2005 for securing borrowings of Rs.388.300 millions and
modified on 22/01/2007 for Rs. 463.800 millions , modified on 26/09/2007 for
Rs. 581.500 millions and modified on
23/03/2009 for Rs. 1675.700 millions and
modified on 25/11/2,009 for Rs.1859.700 millions and is now modified for 5th time to secure
additional borrowings and existing outstanding loan balances amounting to
Rs.1906.300 millions from the Bank.
(net increased by Rs. 46.600 millions ) |
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Lab Equipment
- Office
Equipment
- Computer
- Furniture and
Desk stock
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.52.84 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.69.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
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 |
|
TOTAL |
|
31 |
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.