MIRA
INFORM REPORT
|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
HYDRO BUILDING SYSTEMS PRIVATE LIMIED (w.e.f. 19.07.2004) |
|
|
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|
Formerly Known
As : |
HYDRO ALUMINIUM EXTRUSION BUILDING SYSTEMS (INDIA) PRIVATE LIMITED HYDRO EXTRUSION BUILDING SYSTEMS (INDIA) LIMITED |
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Registered
Office : |
No. 54, Virgo Nagar, Old Madras Road, Bangalore-560049, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.10.1996 |
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Com. Reg. No.: |
08-029779 |
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Capital
Investment / Paid-up Capital : |
Rs. 20.000 Millions |
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CIN No.: [Company Identification
No.] |
U27203KA1996PTC029779 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH01966G |
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PAN No.: [Permanent Account No.] |
AAACH9551Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The subject is
engaged in trading in all kinds of products of aluminum extrusions,
accessories, by-products, ancillary products and systems of aluminum
extrusions including appointing tollers, franchise vendors and other related
intermediaries. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 560000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There was
some dip in the sales turnover of the company during 2011. There was tremendous
dip in the profit during this year. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
No. 54, Virgo Nagar, Old Madras Road, Bangalore-560049, Karnataka,
India |
|
Tel. No.: |
91-80-30604000 |
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Fax No.: |
91-80-30604010 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Lars Hauk Ringvold |
|
Designation : |
Director |
|
Address : |
Chemin Des Vignettes 18, Crans – Press – Celigny, Switzerland-1299 |
|
Date of Birth/Age : |
22.07.1955 |
|
Date of Appointment : |
28.01.2003 |
|
DIN No.: |
00232224 |
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|
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|
Name : |
Ms. Helene Roux |
|
Designation : |
Director |
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Address : |
4, Avenue De Courrege, Toulouse, France-31400 |
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Date of Birth/Age : |
27.10.1968 |
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Date of Appointment : |
20.03.2008 |
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Date of Cessation : |
07.10.2011 |
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DIN No.: |
01779259 |
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|
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|
Name : |
Mr. Subhendu Ganguly |
|
Designation : |
Whole Time Director |
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Address : |
Flt No.410, E Block, Raheja Residency, Koramangala, 3rd
Block, Bangalore-560034, Karnataka, India |
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Date of Birth/Age : |
12.11.1965 |
|
Date of Appointment : |
16.03.2011 |
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DIN No.: |
03459969 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Hydro Aluminium Netherlands BV Rotherdam, Netherland |
1999997 |
|
Norsk Hydro Aluminium A.S., Norway |
3 |
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TOTAL
|
2000000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is
engaged in trading in all kinds of products of aluminum extrusions,
accessories, by-products, ancillary products and systems of aluminum
extrusions including appointing tollers, franchise vendors and other related
intermediaries. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B S R R and Company Chartered Accountant |
|
Address : |
KPMG, Maruthi Infotech Centre No.11-12/1, Inner Ring Road, Koramangala,
Bangalore-560071, Karnataka, India |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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PAN No.: |
AAKFB1884H |
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Holding Company : |
Hydro Aluminium Netherlands BV Rotherdam, Netherland |
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Fellow Subsidiaries : |
·
Norsk Hydro ASA (HKO) ·
Hydro Aluminium AS (COR) ·
Hydro Aluminium AS Oslo-Services ·
Hydro Aluminium Extrusion Div. Costs ·
Hydro Aluminium S.A (CHB) ·
Hydro Building Systems SpA ·
Hydro Building Systems International ·
Hydro Building Systems Portunga S.A. ·
Wicona – France ·
Wicona – Germany ·
Hydro Building Systems Buildtec (BTC) ·
Hydro Technical Building Products, Brunei ·
Hydro Aluminio Attessa, Italy ·
Hydro Building Systems Argentina ·
Hydro Building Systems GmbH (Buildtec) WII ·
Hydro Building Systems Limited – England (TLI) ·
Hydro Aluminium AS (EPB) ·
Hydro Aluminium AS (CHX) ·
Hydro Aluminio Portalex S.A. |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000
Millions |
|
|
|
|
|
Note:
Of the above 1999997 equity shares of Rs.10/-
each are held by Hydro Aluminium Netherlands BV, the holding company and remaining 3
equity shares of Rs.10/- each are held by Hydro Aluminium AS
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
122.188 |
120.621 |
81.977 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
142.188 |
140.621 |
101.977 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
142.188 |
140.621 |
101.977 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
62.826 |
23.171 |
13.349 |
|
|
Capital work-in-progress |
14.060 |
13.669 |
1.803 |
|
|
|
|
|
|
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|
INVESTMENT |
0.000 |
0.00 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.493 |
3.099 |
2.032 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.017
|
32.128 |
21.822 |
|
|
Sundry Debtors |
25.728
|
80.117 |
26.237 |
|
|
Cash & Bank Balances |
33.603
|
41.620 |
69.788 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
22.410
|
31.592 |
10.884 |
|
Total
Current Assets |
126.758
|
185.457 |
128.731 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.146
|
53.674 |
31.854 |
|
|
Other Current Liabilities |
6.962
|
2.144 |
0.797 |
|
|
Provisions |
6.841
|
28.957 |
11.287 |
|
Total
Current Liabilities |
63.949
|
84.775 |
43.938 |
|
|
Net Current Assets |
62.809
|
100.682 |
84.793 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
142.188 |
140.621 |
101.977 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
197.496 |
246.347 |
152.159 |
|
|
|
Other Income |
6.734 |
21.669 |
14.043 |
|
|
|
TOTAL |
204.230 |
268.016 |
166.202 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
201.457 |
206.380 |
142.153 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
[Including Depreciation] |
[Including Depreciation] |
[Including Depreciation] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.773 |
61.636 |
24.049 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.207 |
22.992 |
(3.958) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.566 |
38.644 |
28.007 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
20.982 |
(7.025) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
59.626 |
20.982 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenues Export |
0.641 |
2.000 |
0.000 |
|
|
|
Income from Services |
9.183 |
18.355 |
6.972 |
|
|
TOTAL EARNINGS |
9.824 |
20.355 |
6.972 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of aluminium profiles and accessories |
29.674 |
32.948 |
26.137 |
|
|
|
Capital Goods |
4.446 |
10.171 |
0.359 |
|
|
TOTAL IMPORTS |
34.120 |
43.119 |
26.496 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.78 |
19.32 |
14.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.77
|
14.42 |
16.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.40
|
25.02 |
15.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.44
|
29.11 |
16.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.44 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
0.60 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
2.19 |
2.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External
Agency Rating, if available |
No |
NOTE
Registered office has been shifted from 736, Eshwari Industrial Estate, Bannerghatta
Road, Hulimavu, Bangalore-560076, Karnataka, India to the present address
w.e.f. 15.04.2010
BACKGROUND
Subject was
incorporated on 15 October, 1996 as a public limited company. The Company later
transformed as a private limited company on 1.3 July, 2004 with its registered
office in Virgo Nagar, Bangalore. Hydro Aluminium Netherlands BV is the holding
company.
The Company is
primarily engaged in trading in all kinds of products of aluminum extrusions,
accessories, by-products, ancillary products and systems of aluminum extrusions
including appointing tollers, franchise vendors and other related
intermediaries.
OVERVIEW ON
PERFORMANCE OF THE COMPANY
During the
reporting financial year, the Directors inform that there was a considerable
decrease in the Turnover as well as Profit of the Company. There was an
increase in Selling and Administrative Expenses for which reason the Profit of
the Company has come down drastically.
The Total Income
during the Financial Year amounted Rs. 204.230 Millions (Previous Year Rs.
268.016 Millions) as against Expenditure (including Depreciation) of Rs.
201.457 Millions (Previous Year Rs. 206.380 Millions), resulting in Net Profit
of Rs. 1.567 Millions (PY - Rs. 38.644 Millions) after providing for
Depreciation and Taxes.
STRATEGIES AND
FUTURE PROSPECTS/OUTLOOK/PROJECTS OF THE COMPANY
The directors have
planned the prospects of the Company with many policies and methods. However,
the business plans and strategies are designed by the Company's Holding Company
in such a way that the Products and Services offered /rendered by the Company
have its brand image and quality when it reaches the Customers, so that a
strong, vibrant and defmite market is established globally.
Considering the
Quote "Today's achievement is tomorrow's expectation", the directors
have initiated various measures to cater to the market needs and have been
aggressively working towards expanding its customer base and catering to the
depth of these markets. The Company has also constantly upgrading its
distribution network and equipping itself to provide quality products and
services to its Customers.
The directors are
confident in achieving higher revenue and profits in the coming years as the
opportunities are huge and the Company is capable of exploring the same
productively.
FIXED ASSETS
·
Leasehold Improvements
·
Plant and Machinery
·
Dies
·
Office Equipments
·
Computer Equipments
·
Furniture and Fixtures
·
Vehicles
·
Software’s
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. 55.64 |
|
|
1 |
Rs. 88.10 |
|
Euro |
1 |
Rs. 69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
43 |
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.