MIRA
INFORM REPORT
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Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
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Name : |
JAYASHREE POLYMERS PRIVATE LIMITED |
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Registered
Office : |
21/4, D-1 Block MIDC, Chinchwad, Pune – 411019, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
11-096879 |
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Capital Investment
/ Paid-up Capital : |
Rs.16.742
Millions |
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CIN No.: [Company Identification
No.] |
U24134PN1996PTC096879 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEJ04748C |
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PAN No.: [Permanent Account No.] |
AAACJ4677K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Rubber Products. |
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No. of Employees
: |
Not Available |
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 810000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be 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 |
LOCATIONS
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Registered Office : |
21/4, D-1 Block MIDC, Chinchwad, Pune – 411019, Maharashtra, India |
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Tel. No.: |
91-20-66111882-4 / 27662584 / 27477638/ 30691402/ 03/ 04 |
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Fax No.: |
91-20-27440237 |
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E-Mail : |
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Website : |
http://www.jayashreegroup.com |
DIRECTORS
(AS ON 25.09.2010)
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Name : |
Mr. Vinod Surajbhan Bansal |
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Designation : |
Director |
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Address : |
427/27, A, P.C.N.T., Nigdi, Pune – 411044, Maharashtra, India |
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Date of Birth/Age : |
05.10.1959 |
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Date of Appointment : |
02.02.1996 |
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Name : |
Mr. Ramdhari Surajbhan Agarwal |
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Designation : |
Director |
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Address : |
174/24, A, P.C.N.T., Nigdi, Pune – 411044, Maharashtra, India |
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Date of Birth/Age : |
11.03.1944 |
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Date of Appointment : |
02.02.1996 |
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Name : |
Mr. Rajeev Ramdhari Bansal |
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Designation : |
Director |
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Address : |
174/24, A, P.C.N.T., Nigdi, Pune – 411044, Maharashtra, India |
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Date of Appointment : |
11.09.2002 |
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Name : |
Mr. Ajay Yashwant Pande |
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Designation : |
Director |
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Address : |
H. No.88, Kiwale Dehu Road, Tal Haveli, District Pune, Pune – 412101,
Maharashtra, India |
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Date of Birth/Age : |
04.05.1958 |
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Date of Appointment : |
25.08.2010 |
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Email : |
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Name : |
Mr. Rahulkumar Ramdhari Bansal |
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Designation : |
Director |
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Address : |
174/24, A, P.C.N.T., Nigdi, Pune – 411044, Maharashtra, India |
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Date of Appointment : |
01.10.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 25.09.2010)
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Names of Shareholders |
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No. of Shares |
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Ramdhari Surajbhan Agarwal |
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533657 |
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Ramdhari Surajbhan Agarwal (HUF) |
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120700 |
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Kaushalya Ramdhari Agarwal |
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201957 |
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Rajiv Ramdhari Bansal |
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66000 |
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Shweta Rajiv Bansal |
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86057 |
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Rahul Ramdhari Bansal |
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75331 |
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Vinod Surajbhan Bansal |
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279062 |
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Vinod Surajbhan Bansal (HUF) |
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40002 |
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Shakuntala Vinod Bansal |
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152229 |
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Varun V. Bansal |
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29143 |
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Shruti Vinod Bansal |
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90000 |
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Mittal Narendra |
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5 |
(AS ON 25.09.2010)
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Category |
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Percentage |
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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 of Rubber Products |
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Products : |
Rubber Products |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
CitiBank NA, 2413, Parmar House, East Street, Pune 411 001, Maharashtra, India ·
Axis Bank Limited, Chinchwad, Pune ·
Kotak Mahindra Bank Limited ·
ICICI Bank Limited ·
State Bank of India, Chinchwad, Pune ·
Janata Sahakari Bank ·
HDFC Bank ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
L B Laddha and Company Chartered Accountant |
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Address : |
Flat No.7 and 8, Second Floor, Sukhwani Chambers, Station Road,
Pimpri, Pune – 411018, Maharashtra, India |
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Tel. No.: |
91-20-27426966 / 27420547 |
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E-Mail : |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1674215 |
Equity Shares |
Rs.10/- each |
Rs.16.742
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 |
16.742 |
16.742 |
16.742 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
185.201 |
148.499 |
130.134 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
201.943 |
165.241 |
146.876 |
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LOAN FUNDS |
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1] Secured Loans |
269.126 |
221.378 |
223.647 |
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2] Unsecured Loans |
82.612 |
72.570 |
72.658 |
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TOTAL BORROWING |
351.738 |
293.948 |
296.305 |
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DEFERRED TAX LIABILITIES |
1.814 |
0.000 |
0.265 |
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TOTAL |
555.495 |
459.189 |
443.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
371.529 |
218.682 |
221.709 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
41.722 |
35.558 |
41.792 |
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DEFERREX TAX ASSETS |
0.000 |
1.912 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
67.542
|
47.235 |
78.801 |
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Sundry Debtors |
161.616
|
176.890 |
128.464 |
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Cash & Bank Balances |
1.145
|
8.546 |
11.111 |
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Other Current Assets |
35.836
|
50.459 |
35.372 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
266.139
|
283.130 |
253.748 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
98.742
|
63.798 |
55.899 |
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Other Current Liabilities |
12.448
|
9.513 |
11.340 |
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Provisions |
12.705
|
6.782 |
6.564 |
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Total
Current Liabilities |
123.895
|
80.093 |
73.803 |
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Net Current Assets |
142.244
|
203.037 |
179.945 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
555.495 |
459.189 |
443.446 |
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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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Sales and Other Income |
827.237 |
676.500 |
568.554 |
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TOTAL (A) |
827.237 |
676.500 |
568.554 |
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Less |
EXPENSES |
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TOTAL (B) |
696.797 |
570.261 |
477.633 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
130.440 |
106.239 |
90.921 |
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Less |
FINANCIAL
EXPENSES (D) |
23.073 |
28.890 |
27.624 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
107.367 |
77.349 |
63.297 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.090 |
30.336 |
27.788 |
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PROFIT BEFORE
TAX (E-F) (G) |
70.277 |
47.013 |
35.509 |
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Less |
TAX (H) |
28.694 |
22.012 |
(0.080) |
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PROFIT AFTER TAX
(G-H) (I) |
41.583 |
25.001 |
35.589 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.299 |
1.196 |
5.504 |
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Less |
APPROPRIATIONS |
|
|
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|
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Transfer to General Reserve |
35.000 |
20.000 |
35.000 |
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Proposed Dividend |
4.186 |
4.186 |
4.186 |
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|
Corporate Dividend Tax |
0.695 |
0.711 |
0.711 |
|
|
BALANCE CARRIED
TO THE B/S |
3.001 |
1.300 |
1.196 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
|
|
Export Earnings |
193.451 |
164.196 |
96.576 |
|
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TOTAL EARNINGS |
193.451 |
164.196 |
96.576 |
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IMPORTS |
|
|
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|
Raw Materials |
96.814 |
66.199 |
NA |
|
|
|
Machinery Spares and Others |
0.476 |
0.126 |
NA |
|
|
|
Capital Goods |
37.819 |
6.573 |
NA |
|
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TOTAL IMPORTS |
135.109 |
72.898 |
NA |
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.84 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.03
|
3.70 |
6.26 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.02
|
9.37 |
7.47 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.28 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.36
|
2.26 |
2.52 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
3.54 |
3.44 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The performance of the company for the year 2009-10 was
quite satisfactory on all fronts. The company achieved a Turnover of Rs.827.200
as compared to Rs.676.500 Millions registering a growth of 22%. The profit
before tax was Rs.70.300
Millions as compared to Rs.47.000
Millions last year registering a growth of 50%. After including exceptional
items (shares loss), the growth in profit before tax is very impressive at 96%.
The Haridwar plant has been commissioned well in time before
31st March 2010 and the production is running smoothly and company
is entitled for all the fiscal incentives of Excise Duty and income tax for ten
years and capital subsidy from state government. They are supplying to Hero Honda and its ancillaries in Haridwar right
now, they are developing the products for Tata Motors and Ashok Leyland. They
are also in discussion with Mahindra and Mahindra and BHEL and will soon get
the clearances for supply to them. In short, there is tremendous scope for
growth in Haridwar unit as due to time limit expiring on 31st March
2010 for all the fiscal incentives, no new units can be set up and hence all
the existing as well as future business will be shared by only the existing
units in operation.
The windmill division is also performing well and as per
plan.
CONTINGENT
LIABILITIES
There is contingent Liability of Rs.81.393 Millions as on 31st
March 2010 towards corporate guarantee given to associates concerns, Rs.49.837
Millions against Letter of Credit issued against purchases and Rs.7.322
Millions for DEPB claim of DGFT.
|
Name of Concern |
Amount in Millions |
Purpose |
|
|
|
|
|
Premier Sales
(India) Private Limited |
61.893 |
Cash Credit and
Term Loan |
|
Pokharkar Engg,
Products Private Limited |
19.500 |
Cash Credit and
Term Loan |
|
Citi Bank N.A. |
49.837 |
Letter of Credit
|
|
DGFT (Customs) |
7.322 |
DEPB Claim |
FORM 8:
|
Corporate identity
number of the company |
U24134PN1996PTC096879 |
|
Name of the
company |
JAYASHREE POLYMERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
21/4, D-1 Block MIDC, Chinchwad, Pune 411019, Maharashtra, India |
|
This form is for |
Modification of
Charge |
|
Type of charge |
·
Immovable
Property |
|
Particular of
charge holder |
Axis Bank Limited Survey No.186, CTS No.3189, Opposite PCMC Auditorium, Near Tata
Motors, Station Road, Chinchwad, Pune – 411033, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry (Fresh Deposit
and extension of Equitable Mortgage) Executed on 02nd
May 2011 by Axis Bank Limited created mortgage on properties of M/s Jayashree
Polymers Private Limited and Shakuntala Bansal to cover the entire limits. |
|
Date of
instrument Creating the charge |
02.05.2011 |
|
Amount secured by
the charge |
Rs.262.438
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest As notified by
the bank from time to time and sanction letter ref. No. PSC/SW/353/2010-11,
dated 13.10.2010 and FCTL San ref. PSC/SW/710/2010-11, dated 05/03/2011 and
PSC/SW/7472010-11, dated 15/03/2011 Terms of Payment As stipulated by
the bank in sanction letter/s Margin As per norms of
bank ·
Extent
and operation of the charge CC Pune and
Manesar Unit : Rs.60.000 Millions CC Haridwar Unit
: Rs.15.000 Millions Term Loan(VI to
IX) : Rs.67.788 Millions Term Loan X : Rs.14.500 Millions Term Loan XI :Rs.10.500 Millions Term Loan XII
: Rs.94.650 Millions LER (Sub Limit)
:(Rs.4.000 Millions) ----------------------------------- Total Rs.262.438 Millions ------------------------------------ The Charge will
be in continuous mode till the repayment of the loan including interest. Others: Vide Board
Resolutions passed on 20.10.2010 M/s. Jayashree Polymers Private Limited and
Mrs. Shakuntala Bansal have agreed to create the charge on the immovable
properties owned by them respectively as mentioned in Memorandum of Entry
(Fresh Deposit and extension of Equitable Mortgage) |
|
Short particulars
of the property charged |
Plot No 21/4,
Block No D-I, MIDC, Chinchwad, Pune within the limits of Pimpri Chinchwad Municipal
Corp. admn 2555 Sq. mtrs. Plot No 176-177
in sector No 3 of the Industrial Estate IMT Manesar, Gurgaon, Haryana with
the limits of Haryana State Development Corporation Limited admn 2025 sq.
mts. Plot No 65/3,
Block No D-III, Pimpri Ind Area, MIDC Chinchwad, Pune within the limits of
Pimpri Industrial Area, MIDC, Chinchwad, Pune with the limits of Pimpri
Chinchwad Municipal Corp. admn 800 sq. mtr Survey No 142,
Hissa No 1, CTS No 5101, Industrial unit No 34+35 at Akurdi, Pune within the
limits of Pimpri Municipal Corporation. Plot No
8/1(part), D-III block in Pimpri Ind. Area with the village of Akurdi Tal
Haveli Dist Pune and with limits of Pimpri Chinchwad Municipal Corp admn 1845
sq. mtrs. Plot No
21/5/2,D-I Block in the Pimpri Indl. Area within the village limit of Akurdi
within the limits of Pimpri Chinchwad Municipal Corporation admn 2550 sq.
mts. S. No 329/2, admn
0.40 hectors, situated at Village-Aichale, Taluka, Sakri and Dist Dhule. Industrial Plot
No 30 situated Industrial Part IV, village Begampur, Pargana, Roorkee, Tehsil
and Dist Haridwar. Plot No. 21/3/2,
D- I Block, Pimpri Industrial Area within the village of Akurdi, Tal. Haveli
Dist Pune within the limits of Pimpri Chinchwad Municipal Corporation
admeasuring 2200.00 Sq Mtrs |
|
Particulars of
the Present Modification |
By present
Memorandum of Entry dtd 02/05/2011.Company has offered immovable properties
situated at P. No 21/4, Blk D-I, MIDC, Chinchwad, Pune, PNo176-177, Sec No 3Indl
Estate IMT Manesar, Gurgaon, Haryana, P. No 65/3,Blk No D-III, Pimpri
Ind Area, MIDC Chinchwad, Pune, Sry
No.142, Hissa No.1, CTS No.5101, Indl Unit No.34+35, Akurdi, Pune, P. No 8/1
(Part), DIII Blk Pimpri Ind. Area, P. No.21/5/2, D-I Blk Pimpri Indl. Area,
Gat No.329/2, Village-Aichale,Tal-Sakri, Dhule, P. No.30, IndLPrt IV-Begampur
Roorkee and P. No.21/3/2, D-I Blk, Pimpri Indl, Pune |
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Dies and Moulds
· Furnitures
· Electric fitting and Installations
· Office Equipment
· Vehicles
· Computers
· Software
· Tools and Fixtures
· Crates and Bins
WEBSITE DETAILS:
PROFILE:
The Jayashree Group
traces its roots back to 1984 when it began operations as a Rubber manufacturing
company. Jayashree, realizing the immense opportunities in the global rubber
components industry has been successful in expanding its operations into
multiple locations and multi-products over a period of time. It has established
itself as one of the automotive rubber components supplier in the country.
The company boasts of a steady growth since its inception. While acquiring
latest technology for development and production, they have steadily been
introducing innovative products and providing customized solutions for various
business sectors. They have continuously upgraded their technology to keep pace
with the stringent industry requirements.
Jayashree is managed by a team
of well experienced and energetic professionals under the leadership of group
chairman Mr. R.S Agarwal
and Managing Director Mr. Vinod
Bansal. Professionals are involved in each level and are characterized
by the in – depth knowledge of the process and high sensitivity to customer
requirements. Along with their constant endeavor to deliver quality to their
customers, skills up-gradation of their employees and human resource
development ranks high as a priority activity at Jayashree.
The dedication of their employees is reflected in the
success of their company. In pursuit of exceeding their customer’s expectations
their employees set high standard of performance.
They are an ISO/TS-16949, ISO-14001
and OSHAS-18001 certified
company from UL India.
Along the years, Jayashree group
has forayed into Plastic and Metal components manufacturing to support its
existing customers and also attract new businesses.
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.44.12 |
|
|
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
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.