MIRA
INFORM REPORT
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Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
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Name : |
DUFLON INDUSTRIES PRIVATE LIMITED (w.e.f 06.04.2010) |
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Formerly Known
As : |
DUFLON POLYMERS PRIVATE LIMITED |
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Registered
Office : |
C-101, MIDC, Industrial Area, Mahad Raigad – 402301, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.09.1988 |
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Com. Reg. No.: |
11-48964 |
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Paid-Up Capital
: |
Rs. 63.264 Millions |
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CIN No.: [Company Identification
No.] |
U25209MH1988PTC048964 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter of Ball Valves |
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No. of Employees
: |
250 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 1600000 |
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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
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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 |
INFORMATION DENIED BY
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Name : |
Mr. Sandeep |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office : |
C-101, MIDC, Mahad Raigad – 402301, |
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Tel. No.: |
91-2145-232815/22-26114589 |
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Fax No.: |
91-22-26131836 |
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E-Mail : |
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Website : |
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Corporate Office : |
3, Nill |
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Global Sales
and Marketing Offices and
Distribution Facility: |
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Tel. No.: |
44 (0) 1753 553 634 |
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Fax No.: |
44 (0) 870 706 1783 |
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E-Mail : |
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American -
Sales and Distribution Facility: |
13041-A, |
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Tel. No.: |
(1) 281 261 7841 |
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Fax No.: |
(1) 281 261 7931 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Shailesh Himmatlal Mehta |
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Designation : |
Managing Director |
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Address : |
406-Talati Apartment, |
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Date of Birth/Age : |
27.06.1957 |
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Date of Appointment : |
26.09.1988 |
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DIN No. : |
00468215 |
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Name : |
Mr. Rajendra Chintamani Bhatt |
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Designation : |
Director |
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Address : |
15/135, New MHB Colony, Arun Vaidya Nagar, Borivali (East), Mumbai –
400066, |
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Date of Birth/Age : |
13.03.1955 |
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Date of Appointment : |
20.12.1990 |
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DIN No. : |
01748434 |
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Name : |
Mrs. Shweta Shailesh Mehta |
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Designation : |
Director |
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Address : |
406-Talati Apartment, |
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Date of Birth/Age : |
28.11.1957 |
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Date of Appointment : |
27.04.2000 |
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DIN No. : |
00468258 |
KEY EXECUTIVES
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Name : |
Mr. Sandeep |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Shailesh H Mehta |
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3038952 |
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Shweta S Mehta |
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2454825 |
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Daljit Gandhum |
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232070 |
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Employees |
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173720 |
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Rajendra C Bhatt |
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169450 |
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Saumil S Mehta |
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129000 |
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Atul Shah |
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20000 |
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Jay S Mehta |
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15000 |
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Jazz Gandhum |
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10060 |
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Brookes Audrey Dean |
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10000 |
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Nainesh Parikh |
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10000 |
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Panicker Sheela Mahendra |
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10000 |
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Veena H Mehta |
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9500 |
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Jaya Bhatt |
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6500 |
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Hormuzd Umrigar Kazi |
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5000 |
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Pankaj Hiralal Shah |
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5000 |
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Frank Futral |
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4880 |
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Gorakhnath S Nakhwa |
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2500 |
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Jagdish Naik |
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2500 |
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Raju Modi |
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2500 |
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Sunil Desai |
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2500 |
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C M Bhatt |
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2000 |
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Shruti R Bhatt |
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1900 |
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Deepak Navnitlal Shah |
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1000 |
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Mala Bhatt |
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1000 |
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Nitin Navnitlal Shah |
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1000 |
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Rajesh Navnitlal Shah |
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1000 |
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Umesh Navnitlal Shah |
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1000 |
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Joshua Rebello |
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990 |
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Chetana Kishore Gandhi |
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1 |
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Hitesh Harshi Chedda |
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1 |
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Mayuri Dedhia |
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1 |
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Meena A Shah |
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1 |
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Mrudula Arvind Savla |
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1 |
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Neha Atul Gogri |
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1 |
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Shridhar Joshi |
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1 |
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Ajay Shah |
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1 |
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Smitesh Desai |
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2500 |
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Total |
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6326355 |
As On 30.09.2010
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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 |
4.00 |
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Directors or relatives of Directors |
92.00 |
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Other top fifty shareholders |
4.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Ball Valves |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Unit |
Installed
Capacity |
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P.T.F.E. Components |
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MT |
200 |
GENERAL INFORMATION
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No. of Employees : |
250 (approximately) |
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Bankers : |
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Facilities : |
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Financial Institute : |
Reliance Capital Limited – H Block, 1st Floor, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Desai Saksena and Associates Chartered Accountant |
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Address : |
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Pan No. : |
AABFD6281B |
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Associates : |
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Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6500000 |
Equity Shares |
Rs. 10/- each |
Rs. 65.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6326355 |
Equity Shares |
Rs. 10/- each |
Rs. 63.264
Millions |
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After 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6425014 |
Equity Shares |
Rs. 10/- each |
Rs. 64.250
Millions |
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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 |
63.264 |
62.494 |
60.824 |
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2] Share Application Money |
0.000 |
1.800 |
1.800 |
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3] Reserves & Surplus |
361.725 |
515.804 |
487.867 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
424.989 |
580.098 |
550.491 |
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LOAN FUNDS |
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1] Secured Loans |
271.046 |
278.000 |
314.001 |
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2] Unsecured Loans |
39.375 |
46.972 |
27.373 |
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TOTAL BORROWING |
310.421 |
324.972 |
341.374 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
735.410 |
905.070 |
891.865 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
294.914 |
294.704 |
291.233 |
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Capital work-in-progress |
14.341 |
5.235 |
193.255 |
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GOODWILL |
0.000 |
196.376 |
0.000 |
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INVESTMENT |
48.303 |
48.303 |
0.000 |
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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 |
158.628
|
149.317 |
120.526 |
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Sundry Debtors |
309.565
|
353.659 |
456.953 |
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Cash & Bank Balances |
4.747
|
6.477 |
9.840 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
41.470
|
30.844 |
26.357 |
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Total
Current Assets |
514.410
|
540.297 |
613.676 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
91.401
|
156.712 |
173.625 |
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Other Current Liabilities |
0.000
|
0.281 |
0.000 |
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Provisions |
45.157
|
22.852 |
32.674 |
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Total
Current Liabilities |
136.558
|
179.845 |
206.299 |
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Net Current Assets |
377.852
|
360.452 |
407.377 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
735.410 |
905.070 |
891.865 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
408.917 |
474.255 |
537.800 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
408.917 |
474.255 |
537.800 |
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Less |
EXPENSES |
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|
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Manufacturing and Other Expenses |
326.741 |
398.486 |
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Increase/Decrease in stock |
(37.768) |
(29.508) |
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TOTAL (B) |
288.973 |
368.978 |
377.800 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
119.944 |
105.277 |
160.000 |
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Less |
FINANCIAL
EXPENSES (D) |
35.173 |
43.489 |
21.400 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
84.771 |
61.788 |
138.600 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.021 |
31.420 |
26.900 |
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PROFIT BEFORE
TAX (E-F) (G) |
52.750 |
30.368 |
111.700 |
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Less |
TAX (I) |
9.955 |
2.430 |
16.900 |
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PROFIT AFTER TAX
(G-I) (J) |
42.795 |
27.938 |
94.800 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
510.695 |
482.757 |
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INCOME TAX FOR
EARLIER YEAR |
0.497 |
0.000 |
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Less |
GOODWILL WRITTEN
OFF |
196.376 |
0.000 |
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|
BALANCE CARRIED
TO THE B/S |
356.617 |
510.695 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Earnings |
383.243 |
341.093 |
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TOTAL EARNINGS |
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Earnings Per
Share (Rs.) |
6.86 |
4.47 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.46
|
5.89 |
17.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.90
|
6.40 |
20.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.52
|
3.64 |
12.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.05 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
0.87 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
|
3.77
|
3.00 |
2.97 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
OF EACH SBU:
1. Pump and Valves
(P and V) Component Division:
The turnover
achieved during the year was Rs. 275.134 Millions against Rs. 320.398 Millions
for the previous year, a drop of 14.13%. Both the export and the domestic
sales, registered a drop due to the slowdown in demand. You will be pleased to
know that in these tough times, the company not only retained its existing
customers (albeit with lower turnover) but also added new customers, both in
the realm of domestic and export business. With a view to hedge business of the
Company in the slowly recovering West, the Company has successfully started its
penetration in the promising
During the
reporting year, the division secured orders for development of a valve body and
other components of specialised valves that were used in water desalination
plants. This product holds itself promising in the view of high potential of
the water desalination plants and in the context of severe water shortage that
affects most parts of the world. In addition, the division has also identified
certain additional components of valves that have a ubstantial potential to
grow into a new product segment altogether. With these developments, the
division expects to report a healthy growth in the new financial year.
2. Nozzle
Division:
The Nozzle
division reported a sharp fall over the year. The sales dropped by 31% to Rs.
39.329 Millions, against sales of Rs. 57.518 over the previous year. The drop
in sales was due to the ongoing recession as well certain internal technical
problems. The company has successfully resolved the technical issue and market
is also on the verge of recovery, which should help report higher sales in the
new financial year.
3. Lined Piping
System (LPS):
The LPS division
achieved sale of Rs. 108.851 Millions during the year as, against the sale of
Rs. 70.428 Millions, during the previous year. The substantial growth of 173%
in export sales was contributed by recession, which compelled there customers
to defer deliveries of the orders placed during the previous year of the year
mentioned herein this report. The domestic sale of LPS division was adversely
affected due to the deferment of new projects by local Chemical and Process
Industries. The division achieved domestic sale of Rs. 21.473 Millions against
sale Rs. 38.538 Millions during previous year, resulting in the reduction of
sales by 44.27%.
The company is
planning to strengthen the distribution of LPS product, both locally and
globally by ensuring its storage near the major market segments and by
appointing distributors for the same, at different regions. The Company is
confident of maintaining its growth in the domestic and export market for these
products in the new financial year.
RESEARCH and
DEVELOPMENT (R and D):
The company
continued its focus on R and D activities. The main areas of focus, during the
year were process and productivity improvements. The Company achieved good
progress in rejection control and new products’ development. The developments
carried out in mold designing have reduced the rejection in higher sized
Butterfly valve liners. In addition, the substantial improvement in the realm
of product consistency was achieved by changing the cooling process in
manufacturing of LPS fittings. The Company has been carrying out substantial
research, in the area of development of Low Cost PTFE Butterfly Valves liner
over the last few years, such liners have an excellent potential to grow as a
separate product line due to its usage in less critical applications (e.g. less
pressure and/or temperature). This also raises the possibility of a much wider
usage of there liners in different areas of application and thus much higher
demand potential. The Company informs with immense pleasure that a few
prototypes of such liners have been developed over the year and samples have
been distributed to customers for their trial and feedback.
With the ongoing,
development in molding technology, the Company has significantly achieved a
lower raw material consumption in most of its products as also improved cycle
time. This has directly contributed to the better manufacturing efficiency and
improved bottom line as explained above.
AWARDS:
The Company won two
awards during the year. For the past export performance of the Company has
received a gold award for the outstanding export performance in the SSI
Engineering Category for the year 2007-2008. They have also bagged a Silver
Award for the Regional Performance in the Konkan Region for the year 2007-2008
and 2008-2009. These awards were presented by the hon’able industry minister of
Maharashtra Shri Jawaharlal Darda and were received by the Chairman on behalf
of the Company.
Contingent Liabilities (Not provided for):
a) Claims against the Company not acknowledged as Debts:
Rs.
In Millions
|
Particulars |
2009-2010 |
|
Sales tax
liability that may arise in respect of matters in appeal |
0.608 |
|
Central Excise Liability
that may arise respect of matters in appeal (Net) |
2.000 |
|
Income Tax
Liability (Including Interest) |
2.085 |
|
Bank Guarantee
issued by bank on behalf of Company |
1.650 |
|
Letters of
credit |
44.945 |
Form 8:
|
Corporate identity
number of the company |
U25209MH1988PTC048964 |
||||||
|
Name of the
company |
DUFLON POLYMERS
PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
C-101, MIDC,
Mahad Raigad – 402301, |
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|
This form is for |
Creation of
charge |
||||||
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Type of charge |
Immovable
Property |
||||||
|
Particular of
charge holder |
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||||||
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Nature of
instrument creating charge |
Loan Agreement between
reliance capital limited and Duflon Polymers Private Limited and others |
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Date of
instrument Creating the charge |
30.12.2009 |
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Amount secured by
the charge |
Rs. 8.116
millions |
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|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- 12% p.a. (Floating) Terms of
Repayment - 120 equated monthly installment Rs.0.116 million each. Extent and
Operation of the charge - As per attached the loan agreement. |
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|
Particulars of
the property charged |
Flat No.401/404,F
wing,Saraswati Bldg., Vasant Sagar Phase-II, |
Fixed Assets:
- Lease hold land
- Building
- Plant and machinery
- Mould
- Office equipments
- Computers
- Furniture and fixture
- Vehicles
AS PER WEBSITE DETAILS
THE COMPANY:
Founded in 1988, Duflon is one the world’s leading
fluoropolymer processors and supplier of components in PTFE. In addition to PTFE,
Duflon is also a premium supplier of components in other polymers, rubber
mouldings, metal castings, metal turning as well as semifinished materials.
Duflon has its main site in
Duflon has a quality system certified to ISO 9001 :
2000, as well as many individual approvals by various parties and detailed
audits and accreditations from there customers. Duflon also runs SAP throughout
its organisation, in addition to SAP, Duflon also has a
Duflon products are being used in a wide range of
markets throughout the world. Duflon has the technical know how, manufacturing
capabilities as well as systems to competently service the following markets:
Chemical Processing
Oil, Gas and Petrochemical
Electrical
Semi-Conductor
Medical and Pharmaceutical
Food and Beverage
Water and Environmental
Automotive
Hydraulic
Laboratory Equipment
Construction
Pulp and Paper
Mining
General Engineering
Facts about Duflo
- 95% of
product manufactured in
- Full confidentiality,
non disclosure and technology transfer control plan in place
- Sister
company is a leader in E-Learning solutions
- 30% of
workforce are qualified engineers
- Trademark
license agreement with DuPont
- 99% of
all resin used is supplied by DuPont
- They
are Duponts largest customer for Fluoropolymers in
- Plunkett
Award for Fluorpolymer processing
- Numerous
and regular export awards from the Indian government
HISTORY
Subject was established in 1988 with the objective
of processing fluoropolymers. These Fluoropolymers include PTFE, PFA, FEP, ETFE
and other plastics such as UHMWPE, PVDF, PP and Nylon etc.
Initial supplies were focussed at the switchgear
industry, then gradually developed into the chemical industry with supplies of
vital components for use in pumps and valves and today, Subject is supplying
components to almost any engineering industry.
Over the last 10 years Subject has gained great
experience in the production of castings in various metals and alloys as well
as elastomers, whether they are supplied independently or lined, coated or
bonded with Fluoropolymers.
This has led to the establishment of its very own casting
foundry in Ahmedabad,
Current investment in manufacturing facilities currently
exceeds U$ 8.50 million.
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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--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.