MIRA
INFORM REPORT
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Report Date : |
15.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHREE HARI CHEMICALS EXPORT LIMITED |
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Registered
Office : |
A/8, M.I.D.C. Industrial Area, Mahad, District Raigad - 402 309,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.10.1987 |
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Com. Reg. No.: |
11-044942 |
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Capital
Investment / Paid-up Capital : |
Rs.44.463 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH187PLC044942 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS38068C |
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PAN No.: [Permanent Account No.] |
AAACS5632B |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Chemicals |
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No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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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 600000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 PARTED BY
|
Name : |
Mr. Sanjay Kedia |
|
Designation : |
Joint President |
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Contact No.: |
91-22-28787081 |
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Date : |
14.02.2012 |
LOCATIONS
|
Registered Office / Factory : |
A/8, M.I.D.C. Industrial Area, Mahad, District Raigad - 402 309,
Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Administrative Office : |
103/104, Unique
Tower, Near Kamat Club, S. V. Road, Goregaon (West), Mumbai – 400 062,
Maharashtra, India |
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Tel. No.: |
91-22-28787081 / 2 / 3 |
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Fax No.: |
91-22-28725033 / 26861122 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. R. R. Agarwal |
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Designation : |
Whole Time Director |
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Name : |
Mr. K. L. Ramuka |
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Designation : |
Chairman and Executive
Director |
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Name : |
Mr. B. C. Agrawal |
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Designation : |
Managing Director |
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Name : |
Mr. K. C. Ramuka |
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Designation : |
Whole Time Director |
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Name : |
Mr. H. P. Ramuka |
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Designation : |
Whole Time Director |
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Name : |
Mr. S. K. Sultania |
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Designation : |
Director |
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Name : |
Mr. V. N. Gupta |
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Designation : |
Director |
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Name : |
Mr. A. M. Kanodia |
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Designation : |
Director |
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Name : |
Mr. A. D. Chirania |
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Designation : |
Director |
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Name : |
Mr. R. K. Dayma |
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Designation : |
Director |
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Name : |
Mr. V. P. Kedia |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kedia |
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Designation : |
Joint President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of Shareholders |
Total No. of Shares
|
a %
of No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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|
1261195 |
28.37 |
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|
635700 |
14.30 |
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1896895 |
42.66 |
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Total shareholding of Promoter and Promoter Group (A) |
1896895 |
42.66 |
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(B) Public Shareholding |
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|
98224 |
2.21 |
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1670491 |
37.57 |
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689158 |
15.50 |
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|
91532 |
2.06 |
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86862 |
1.95 |
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|
4670 |
0.11 |
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2549405 |
57.34 |
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Total Public shareholding (B) |
2549405 |
57.34 |
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Total (A)+(B) |
4446300 |
100.00 |
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(C) Shares held
by custodians and against which depository receipts have been issued |
-- |
-- |
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(1)
Promoter and Promoter Group |
-- |
-- |
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(2)
Public |
-- |
-- |
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Sub Total |
-- |
-- |
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Total (A) + (B) +(C) |
4446300 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit (30 days and 60 days) |
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Purchasing : |
Cash and Credit (30 days and 60 days) |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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H-Acid / Koch-Acid |
M.T. |
3500.000 |
3500.000 |
3285.965 |
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GENERAL INFORMATION
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Customers : |
Chemicals Companies |
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No. of Employees : |
80 (Approximately) |
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Bankers : |
State Bank of
India, Backbay Reclamation Branch, Raheja
Chambers, Nariman Point, Mumbai - 400 021, Maharashtra, India |
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Facilities : |
Notes : 1) The Working Capital
Loan from State Bank of India is secured by way of hypothecation of Company's
entire stock of raw materials both imported and indigenous, stock-inprocess,
consumable stores, spares and packing materials and finished products as well
as the personal guarantees given by the Directors of the Company. 2) Term Loan from
State Bank of India is secured by way of mortgage of immovable property and
hypothecation of all Plant, Machineries, Spares, Tools and Accessories,
Stores relating to Plant and Machinery etc., both present and future at its
Plant at A/8, A/9, A/13, A/15-1, A/15-2 M.I.D.C. Industrial Area of Mahad,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kailash Chand Jain and Company Chartered Accountants |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4446300 |
Equity Shares |
Rs.10/- each |
Rs.44.463
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
44.463 |
44.463 |
44.463 |
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2] Share Application Money |
0.000 |
0.000 |
4.440 |
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3] Reserves & Surplus |
105.715 |
102.775 |
95.013 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
150.178 |
147.238 |
143.916 |
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LOAN FUNDS |
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|
1] Secured Loans |
165.357 |
176.832 |
125.868 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
165.357 |
176.832 |
125.868 |
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DEFERRED TAX LIABILITIES |
17.563 |
14.109 |
1.762 |
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TOTAL |
333.098 |
338.179 |
271.546 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
144.710 |
154.983 |
104.368 |
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Capital work-in-progress |
0.474 |
10.556 |
54.041 |
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INVESTMENT |
3.293 |
3.293 |
9.666 |
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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 |
74.575
|
53.016 |
54.016 |
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Sundry Debtors |
151.626
|
149.406 |
51.037 |
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Cash & Bank Balances |
13.458
|
12.399 |
6.264 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
48.291
|
62.790 |
119.196 |
|
Total
Current Assets |
287.95
|
277.611 |
230.513 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
66.200
|
73.069 |
42.395 |
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Other Current Liabilities |
28.026
|
28.993 |
26.679 |
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Provisions |
9.102
|
6.202 |
57.968 |
|
Total
Current Liabilities |
103.328
|
108.264 |
127.042 |
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Net Current Assets |
184.622
|
169.347 |
103.471 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
333.098 |
338.179 |
271.546 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
733.780 |
693.599 |
634.025 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Production |
631.250 |
603.548 |
522.720 |
|
|
|
Purchases for
Trading |
3.618 |
1.175 |
43.555 |
|
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|
Office,
Administrative & Other Expenses |
36.469 |
39.332 |
40.785 |
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|
(Increase)/Decrease
in Stock |
0.106 |
(7.008) |
22.372 |
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TOTAL (B) |
671.443 |
637.047 |
629.432 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
62.337 |
56.552 |
4.593 |
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Less |
FINANCIAL
EXPENSES (D) |
24.732 |
20.039 |
23.899 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
37.605 |
36.513 |
(19.306) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.108 |
16.943 |
13.417 |
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PROFIT BEFORE
TAX (E-F) (G) |
14.497 |
19.570 |
(32.723) |
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Less |
TAX (H) |
6.084 |
11.047 |
(10.596) |
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PROFIT AFTER TAX
(G-H) (I) |
8.143 |
8.523 |
(22.127) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
90.273 |
86.951 |
114.280 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
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|
Proposed Dividend |
4.446 |
4.446 |
4.446 |
|
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|
Corporate Tax on Proposed Dividend |
0.756 |
0.756 |
0.756 |
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|
BALANCE CARRIED
TO THE B/S |
93.214 |
90.273 |
86.951 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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|
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|
F.O.B. Value of Export |
101.421 |
180.855 |
212.119 |
|
|
|
Through Merchants Exporters (Sale Price) |
54.312 |
33.137 |
20.297 |
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TOTAL EARNINGS |
155.733 |
213.992 |
232.416 |
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IMPORTS |
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Raw Materials |
151.899 |
102.490 |
87.923 |
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TOTAL IMPORTS |
151.899 |
102.490 |
87.923 |
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Earnings Per
Share (Rs.) |
1.83 |
1.92 |
(4.97) |
|
Expected Sales (2011-2012) : Rs.800.000 Millions
The above information has been parted by Mr. Sanjay Kedia.
QUARTERLY
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
177.300 |
190.52 |
|
Total Expenditure |
|
162.860 |
179.55 |
|
PBIDT (Excl OI) |
|
14.440 |
10.97 |
|
Other Income |
|
0.180 |
0.17 |
|
Operating Profit |
|
14.620 |
11.14 |
|
Interest |
|
6.300 |
4.87 |
|
Exceptional Items |
|
0.000 |
0.00 |
|
PBDT |
|
8.320 |
6.27 |
|
Depreciation |
|
4.990 |
4.98 |
|
Profit Before Tax |
|
3.330 |
1.29 |
|
Tax |
|
0.000 |
0.00 |
|
Provisions and contingencies |
|
0.000 |
0.00 |
|
Profit After Tax |
|
3.330 |
1.29 |
|
Extraordinary Items |
|
0.000 |
0.00 |
|
Prior Period Expenses |
|
0.000 |
0.00 |
|
Other Adjustments |
|
0.000 |
0.00 |
|
Net Profit |
|
3.330 |
1.29 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.11
|
1.23 |
(3.49) |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.35
|
4.52 |
(9.77) |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.13 |
(0.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
1.94 |
1.76 |
|
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79
|
2.56 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
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 |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
OPERATION:
The company
has achieved the turnover of Rs.733.780 Millions against Rs.693.598 Millions in
the previous year and profit before tax Rs.14.497 Millions as against Rs.
19.570 Millions in the previous year.
EXPORT:
The Export turnover of the year is Rs.155.733 Millions as
against Rs. 213.992 Millions in previous year.
LISTING:
The
Equity Shares of the Company are listed at the Bombay Stock Exchange Limited.
The Company has paid the Annual Listing Fees to the Bombay Stock Exchange Limited
for the year 2011-2012.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT:
SEGMENT-WISE PRODUCTION PERFORMANCE:
Since
the Company operations in Dye Intermediate i.e., 1-Amino, 8-Napthol, 3-6
Disulphonic Acid, therefore the above figures relates to that segment
OUTLOOK:
The
Product of the company is an intermediate for dyestuff which is used in
Reactive Dyes, Acid Dyes and Direct Dyes. Reactive Dyes used in the cotton
textiles and as the demand of cotton textile is increasing which in turn will
boost the demand of the product we manufacture.
CONTINGENT LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Bank
Guarantees |
4.741 |
4.070 |
|
Supply
of Capital Goods (Net of Advances ) |
1.894 |
2.169 |
|
Demand
From Mathadi Board |
4.420 |
4.420 |
|
Show
Cause Notice received but not acknowledged as Debt. |
5.658 |
1.554 |
FIXED ASSETS:
·
Lease Hold Land
·
Plant and Machinery
·
Electrical Installation
·
D.G S. set
·
Furniture and Fixture
·
Effluent Treatment Plant
·
Lab Equipment
·
Air Conditioner
·
Computer
·
Office Equipments
·
Fax Machine
·
Office Premises
WEBSITE DETAILS:
BUSINESS DESCRIPTION:
Shree Hari Chemicals Exports Limited is an India-based company. The Company
operates in the chemicals industry. The Company is engaged in the manufacture
of dye intermediate, such as 1-Amino, 8-Napthol and 3-6 Disulphonic Acid. The
Company’s product is an intermediate for the dyestuff, mainly reactive dyes,
which is being used in cotton textiles. The Company’s products include H-acid,
Koch-acid, dye intermediates, acid dyes, reactive dyes and direct dyes. During
the fiscal year ended March 31, 2010 (fiscal 2010), it produced and sold
3,457.453 and 3,453.779 tones of H-acid, respectively. The Company exports its
products to Singapore, Korea, Malaysia, Thailand, Turkey, Taiwan, Bangladesh,
United States, Canada, Australia, New Zealand, Italy, Dubai, United Kingdom and
France. For the nine months ended 31 December 2010, Subject's revenue increased
8% to RS541.5M. Net income increased 54% to 17.9M. Revenues reflect an increase
in income from operations. Net income also reflects higher gross profit and
increased operating profit margin. Shree Hari Chemicals Exports Limited is an India-based
Company. The Company is into production of chemicals and acids.
Board of Directors
Mr. Kishori Lal
Ramuka
Executive Chairman
of the Board
He holds B.Com. and has over 38 years in Textile Chemical Industry. He is
responsible for the management of the whole of the affairs of the Company and
to do all acts and things, which, in the ordinary course of business, he
considers necessary or proper or in the interest of the Company.
Mr. Ramu Raman
Agarwal
Whole Time
Director
He holds B.Com. and has Marketing experience. His other Directorships
include Shubhalakshmi Polyster Limited, Shubhlaxmi Polytex Private Limited,
Shubhalakshmi Farmakem Private Limited
Mr. Arvind D.
Chirania
Independent
Non-Executive Director
Mr. Arvind Chirania is Independent Non-Executive Director of Subject His
qualification is C.A.
Mr. Amar M.
Kanodia
Independent
Non-Executive Director
Mr. Amar Kanodia is Independent Non-Executive Director of Subject His
qualification is B.Com.
PRESS RELEASE:
Financial Results
for June 30, 2011
05 August 2011
Shree Hari Chemicals Export Limited has informed BSE about the Financial
Results for the period ended June 30, 2011.
Audited Financial
Results for Mar 31, 2011
05 August 2011
Shree Hari Chemicals Export Limited has informed BSE about the Audited
Financial Results for the period ended March 31, 2011.
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.49.33 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.64.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.