%20PRIVATE%20LIMITED%20-%20134356%2028-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
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Name : |
POLYBOND ( |
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Registered Office : |
Rathi Chambers, 7, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.08.1983 |
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Com. Reg. No.: |
11-30558 |
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CIN No.: [Company
Identification No.] |
U25199MH1983PTC030558 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers of Rubber Parts and Rubber Hoses. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 740000 |
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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 a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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 |
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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 |
INFORMATION DECLINED BY
Management not corporative.
LOCATIONS
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Registered
Office / Corporate Office: |
Rathi Chambers, 7, |
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Tel. No.: |
91-20-30517201 / 26696820 |
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Fax No.: |
91-20-30517212 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq.fts |
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Location : |
Owned by
Directors |
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Factory 1 : |
144/145, Alandi
Markal Road, Village Dhanore, Taluka Khed, Pune – 412 105, |
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Tel. No.: |
91-2135-302200 |
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Fax No.: |
91-2135-302386 |
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Area : |
34790 sq. mtrs |
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Location : |
Owned by Company |
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Factory 2 : |
1087, |
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Tel. No.: |
91-2138-280995 |
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Fax No.: |
91-2138-280997 |
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Area : |
48000 Sq. fts. |
DIRECTORS
As On : 30.06.2010
|
Name : |
Mr. Madhusudan
Laxminarayan Rathi |
|
Designation : |
Chairman |
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Address : |
B4, Abhi Manshree Society, |
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Tel. No.: |
91-20-565 5705 (Res.) |
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Mobile No.: |
91-98220 23264 |
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Date of Birth/Age : |
13.08.1940 |
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Qualification : |
B. |
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Experience : |
32 years as Industrialist Promoted the following industries: ·
Ratahin
Transpower Private Limited ·
Polybond
India Private Limited ·
Rathi
Engineering Works ·
Lovejoy
Finance Private Limited |
|
Date of Appointment : |
30.07.1999 |
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E-Mail: |
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Training: |
Lovejoy Inc USA in Power transmission products |
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Occupation: |
Industrialist |
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Experience: |
32 years as Industrialist Promoted the following industries: ·
Ratahin
Transpower Private Limited ·
Polybond
India Private Limited ·
Rathi
Engineering Works ·
Lovejoy
Finance Private Limited |
|
Award &
Honours: |
Rathi Transpower Private Limited was the first SSI to secure ISO
Certification. The company had secured
award for Export Excellence from Engineering Export Promotion Council of
India |
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Exports: |
Widely travelled and secured orders from the following countries: Australia/Singapore / |
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Other
Activities: |
Active Rotarian since 1972 and presently Vice-President of Rotary Club
of Poona Central Graduate of “The Quality College” |
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DIN No : |
00084455 |
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Name : |
Mr. Adit Madhusadan Rathi |
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Designation : |
Managing Director |
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Address : |
B4, Abhi Manshree Society, |
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Date of Birth/Age : |
10.09.1970 |
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Qualification : |
B.Sc and Mechanical Engineer |
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Date of Appointment : |
30.09.1996 |
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E-Mail: |
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DIN No : |
00084380 |
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Name : |
Mr. Arun Bhagwandas Toshniwal |
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Designation : |
Director |
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Address : |
16/4, Ishwar Bhavan, Churchgate, Mumbai – 400020, |
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Date of Birth/Age : |
29.08.1942 |
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Date of Appointment : |
30.07.1999 |
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DIN No : |
00144662 |
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Name : |
Mrs. Priyanka
Adit Rathi |
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Designation : |
Director |
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Address : |
B4, Abhi Manshree Society, |
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Date of Birth/Age : |
23.06.1972 |
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Date of Appointment : |
24.11.1997 |
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E-Mail: |
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DIN No : |
00084668 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2010
|
Names of Shareholders |
|
No. of Shares |
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Mr. Sunderbai L Rathi |
|
11367 |
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Mr. Madhusudan Rathi (Preeti Rathi Trust) |
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201172 |
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Mr. Madhusudan L Rathi |
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1154283 |
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Mrs. Prema M. Rathi |
|
324046 |
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Mrs. Priyanka Aditi Rathi |
|
55132 |
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Vorwerk Autotech GmbH |
|
194000 |
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Total |
|
1940000 |
AS ON 30.06.2010
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Names of Preference Shareholders |
|
No. of Shares |
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Mr. Madhusudan L Rathi |
|
2225 |
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Ms. Preeti Rathi |
|
525 |
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Mrs. Prema M. Rathi |
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1625 |
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Mr. Adit Rathi |
|
625 |
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Total |
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5000 |
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Mrs. Priyanka Aditi Rathi |
|
16000 |
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Mr. Adit Rathi |
|
97000 |
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Mrs. Prema M. Rathi |
|
87000 |
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Total |
|
200000 |
AS ON 30.06.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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|
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Bodies corporate |
|
10.00 |
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Other top fifty shareholders |
|
90.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Rubber Parts and Rubber Hoses. |
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Products : |
v
A V
Mountings v Rubber Products |
GENERAL INFORMATION
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No. of Employees : |
1250 (100 in Office and 1150 in Factory) (Approximately) |
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Bankers : |
v State Bank of
India, Industrial Finance Branch, Tara Chambers, 2nd Floor, Near Mariaai
Police Chowky, Pune-Mumbai High Way, Wakdewadi, Pune-411003, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kirtane and Pandit Chartered Accountant |
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Address : |
Sangati, 73/2/2, Bhakti Marg, Off Law Collage Road, Pune-411004,
Maharashtra, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1940000 |
Equity Shares |
Rs. 10/- each |
Rs. 19.400 millions |
|
6000 |
6% Redeemable Non Cumulative Preference Shares |
Rs.100/- each |
Rs.0.600 million |
|
200000 |
7% Redeemable Non Cumulative Preference Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
Total |
|
Rs.40.000
millions |
Note : Redeemable after 5 years but before 13 years
(i.e. March 31 2022) with call and put option.
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1940000 |
Equity Shares |
Rs. 10/- each |
Rs. 19.400
millions |
|
5000 |
6% Redeemable Non Cumulative Preference Shares |
Rs.100/- each |
Rs. 0.500
million |
|
200000 |
7% Redeemable Non Cumulative Preference Shares |
Rs.100/- each |
Rs. 20.000
millions |
|
2145000 |
Total |
|
Rs.39.900 millions |
Note : Redeemable after 5 years but before 13 years
(i.e. March 31 2022) with call and put option.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
39.900 |
39.900 |
19.900 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
147.445 |
105.977 |
77.781 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
187.345 |
145.877 |
97.681 |
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LOAN FUNDS |
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1] Secured Loans |
151.110 |
145.204 |
159.026 |
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2] Unsecured Loans |
57.669 |
63.542 |
60.317 |
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TOTAL BORROWING |
208.779 |
208.746 |
219.343 |
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DEFERRED TAX LIABILITIES |
6.693 |
14.237 |
33.939 |
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TOTAL |
402.817 |
368.860 |
350.963 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
217.994 |
214.095 |
219.047 |
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Capital work-in-progress |
0.808 |
0.328 |
0.000 |
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INVESTMENT |
15.497 |
15.115 |
15.072 |
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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 |
79.640
|
61.872 |
54.743 |
|
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Sundry Debtors |
172.125
|
122.658 |
143.772 |
|
|
Cash & Bank Balances |
11.158
|
5.836 |
4.816 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
68.839
|
48.032 |
30.729 |
|
Total
Current Assets |
331.762
|
238.398 |
234.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
127.854 |
65.911 |
93.310 |
|
|
Other Current Liabilities |
4.321
|
21.058 |
10.571 |
|
|
Provisions |
31.069
|
12.730 |
14.062 |
|
Total
Current Liabilities |
163.244
|
99.699 |
117.943 |
|
|
Net Current Assets |
168.518
|
138.699 |
116.117 |
|
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.623 |
0.727 |
|
|
|
|
|
|
|
|
TOTAL |
402.817 |
368.860 |
350.963 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
722.854 |
645.879 |
|
|
|
|
Other Income |
9.034 |
(8.224) |
|
|
|
|
TOTAL |
731.888 |
637.655 |
679.556 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
389.583 |
341.537 |
|
|
|
|
Manufacturing Expenses |
100.034 |
98.439 |
|
|
|
|
Personal Expenses |
75.415 |
65.658 |
|
|
|
|
Increase/(Decrease) in Finished Goods |
(15.111) |
0.501 |
605.761 |
|
|
|
Selling and Distribution Expenses |
82.251 |
71.309 |
|
|
|
|
Preliminary Expenses to W/Off |
0.623 |
0.104 |
|
|
|
|
TOTAL |
632.795 |
577.548 |
605.761 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
99.093 |
60.107 |
73.795 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
15.386 |
21.067 |
17.672 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
83.707 |
39.040 |
56.123 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
34.323 |
31.565 |
27.214 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT |
0.134 |
(1.978) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
49.250 |
9.453 |
28.909 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.435 |
(18.779) |
11.567 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
48.815 |
28.232 |
17.342 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
90.121 |
61.925 |
46.364 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
0.000 |
0.000 |
0.585 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.881 |
0.000 |
0.000 |
|
|
|
Proposed Equity Dividend |
4.850 |
0.000 |
1.994 |
|
|
|
Preference Dividend |
1.430 |
0.030 |
0.030 |
|
|
|
Tax on Dividend |
1.067 |
0.005 |
0.344 |
|
|
BALANCE CARRIED
TO THE B/S |
126.708 |
90.122 |
61.924 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.76 |
13.16 |
8.08 |
|
%20PRIVATE%20LIMITED%20-%20134356%2028-Feb-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20134356%2028-Feb-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.67
|
4.43 |
2.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.81
|
1.46 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.96
|
2.09 |
6.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.06 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.02
|
2.21 |
3.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.39 |
1.98 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors – Trade |
95.220 |
65.911 |
92.713 |
|
Sundry Creditors – Capital |
1.403 |
0.000 |
0.597 |
|
Total |
127.854 |
65.911 |
93.310 |
OPERATIONS:
The year saw the Company posting a reasonable
growth in Sales and an impressive growth in terms of profitability. Higher
Profits of the company was due to better rupee realization and sharp
decline in raw material prices as a result of steep fall in oil prices as well
as depressed demand.
Sales for the year
ended 31ST
March -2010 amounted Rs. 722.854 millions as against Ra. 645.879
millions for the previous year. Profits after tax for the year are Rs. 48.814 millions as against
Rs. 26.253 millions for the previous year registering a growth in turnover of 11.92%.
FORM 8
|
Corporate
identity number of the company |
U25199MH1983PTC030558 |
|
Name of the
company |
POLYBOND
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Rathi Chambers, 7, Deccan College Road,
Pune – 411 006, Maharashtra, India. |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Tara Chambers, 2nd
Floor, Near Mariaai Police Chowky, Pune-Mumbai High Way, Wakdewadi,
Pune-411003, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum
for Recording extension of Mortgage by Deposit of Title Deeds covering
enhanced limits and or creation of Equitable Mortgage on additional
properties for existing limits and enhanced limits and additional facilities
executed to create additional coverage for the credit facilities extended by
the Bank to the Borrower Company. |
|
Date of
instrument Creating the charge |
25.02.2010 |
|
Amount secured by
the charge |
Rs.289.700 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As
per Sanction Letter under reference IFB/CREDIT/RM-I/278 Dated 21.01.2010 duly
acknowledged by the Borrower Company for the acceptance of Terms and
Conditions. Terms of
repayment As
per Sanction Letter under reference IFB/CREDIT/RM-I/278 Dated 21.01.2010 duly
acknowledged by the Borrower Company for the acceptance of Terms and
Conditions. Margin As
per Sanction Letter under reference IFB/CREDIT/RM-I/278 Dated 21.01.2010 duly
acknowledged by the Borrower Company for the acceptance of Terms and
Conditions. Extent and
operation of the charge SBI
IFB Pune will have first & exclusive charge against all the fixed
properties including the leasehold rights of the said properties which has
been duly indicated, ascribed and geographicated in the SCHEDULES 'A' OF THE
MEMORANDUM OF DEPOSIT OF TITLE DEEDS. The Charge will be in continuous mode
till the repayment of entire loan including interest thereon. Other The
Company, by virtue of the Board Resolution passed on 01/02/2010,has given
assent to all the Terms and Conditions, Covenants, as provided in the Bank's
Sanction Letter IFB/CREDIT/RM-I Dated 21.01.2010 have executed the related
loan document(s)/ Agreement(s) through the Director(s),who have received and
singed the documents
in physical form and who have been authorized to file eform-8 for
modifications in the existing charge, on agreed terms. |
|
Short particulars
of the property charged (Including location of the property) |
1.
The properties as ascribed, denoted
and geographicated in the Schedule-'A' of the Memorandum will be considered
for the security purpose for the credit facilities extended by the Bank to
the Company. 2.
Properties at Gat No.144/145 situated
at village Dhanore Sub division Khed (Rajgurunagar) District Pune. 3.
Lease hold rights over part of Land
in Gat No.1087/1088 at Sanswadi Pune owned by Madhusudan L Rathi . |
|
Whether any of
the property or interest therein under reference is not registered in the name
of the company. If yes, in whose
name it is registers |
Yes In the name of M. L. Rathi Property at Gat No.1087-1088. |
|
Charge
identification number of the charge to be modified |
80001382 |
|
Particulars of
the present modification |
By this
Modification, the Company has extended security of the Properties as
described in the Memorandum of Title Deeds for the enhanced Overall Limit of
Rs.289.700 millions |
FIXED
ASSETS:-
v
Building
v
Lab
Equipment
v
Computer
v
Plant
and Machinery
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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.