MIRA
INFORM REPORT
|
Report Date : |
12.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARKEMA CHEMICALS INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
CRAY VALLEY RESINS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. D-43/1, Trans Thane Creek, MIDC Industrial Area, Shirvane
Village, Navi Mumbai-400076, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
31.01.1997 |
|
|
|
|
Com. Reg. No.: |
11-105589 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 299.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24132MH1997PTC105589 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is in the business of manufacture and sale of a wide range
of synthetic resins. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. D-43/1, Trans Thane Creek, MIDC Industrial Area, Shirvane Village,
Navi Mumbai-400076, Maharashtra, India |
|
Tel. No.: |
91-22-27670901 / 27616038 |
|
Fax No.: |
91-22-27670901 |
|
E-Mail : |
DIRECTORS
AS ON 16.05.2011
|
Name : |
Mr. Tirukalikundram Ramamurthy Ramamurthy |
|
Designation : |
Managing Director |
|
Address : |
Om Vill, Row House No.8, Plot No.57 / 61, Sector 21, Nerul, Navi
Mumbai-400706, Maharashtra, India |
|
Date of Birth/Age : |
09.05.1956 |
|
Date of Appointment : |
29.11.2002 |
|
DIN No.: |
00777714 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U24132MH1997PTC105589 |
ARKEMA
CHEMICALS INDIA PRIVATE LIMITED |
Managing
director |
29-11-02 |
29-11-02 |
Active |
NO |
|
2 |
U91110MH1996NPL099079 |
INDIAN
RESING MANUFACTURERS ASSOCIATION |
Director |
24-09-05 |
24-09-05 |
Active |
NO |
|
3 |
U24241KA2001PTC029520 |
BOSTIK
INDIA PRIVATE LIMITED |
Director |
11-11-05 |
11-11-05 |
Active |
NO |
|
4 |
U24111TN1985PTC011641 |
ARKEMA
PEROXIDES INDIA PRIVATE LIMITED |
Director
appointed in casual vacancy |
13-09-11 |
13-09-11 |
Active |
NO |
|
Name : |
Mr. Mambakkam Vishwanathan Ganeshan |
|
Designation : |
Director |
|
Address : |
No.1264, 32nd ‘G’ Cross, 28th Main, 4th
‘T’ Block, Jayanagar, Bangalore-560041, Karnatak, India |
|
Date of Birth/Age : |
22.09.1957 |
|
Date of Appointment : |
24.02.2006 |
|
DIN No.: |
00468641 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.05.2011
|
Names of Shareholders |
No. of Shares |
|
Total Chimie S.A., France |
170 |
|
Cray Valley S. A., Cedex |
29939829 |
|
Total |
29939999 |
AS ON 16.05.2011
|
Equity Shares
Break Up |
Percentage |
|
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 Company is in the business of manufacture and sale of a wide range
of synthetic resins. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Synthetic resins [solids] |
MT |
12148 |
*11807 |
|
Synthetic resins [with solvents] |
MT |
-- |
**13940 |
Notes:
·
*Includes production from sub-processors (solid
output) 3,965 MT (31 December
2009: 4,216 MT)
·
**Includes production from sub-processors 6,099 MT (31 December 2009: 6,346 MT) and excludes semi finished goods.
·
As per prevailing industrial Licensing Policy, no
Industrial License is required.
·
Installed capacity is as certified by the
management and has not been
verified by auditors, as it is a technical matter.
GENERAL INFORMATION
|
Bankers : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Societe Generale, Maker Chamber 4, 13th Floor, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
KPMG House, Kamla Mills Compounds, 448, Sena PAti Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India
|
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
|
Pan No.: |
AAFB9852F |
|
|
|
|
Ultimate Holding Company : |
·
Total S. A. |
|
|
|
|
Holding Company : |
·
Cray Valley S.A., France |
|
|
|
|
Subsidiaries : |
·
Noble Synthetics Limited CIN No.: U21200MH1980PLC022545 |
|
|
|
|
Fellow Subsidiaries / Associates : |
·
Cray Valley Resins (Malaysia) SDN, BHD ·
Cray Valley Korea Company Limited ·
Cray Valley Limited, UK ·
Sartomer Asia Limited ·
Bostik India Private Limited ·
Atotech Deustschland GMBH ·
Total Oil Asia-Pacific Pte Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29939999 |
Equity Shares |
Rs.10/- each |
Rs. 299.400 Millions |
|
|
|
|
|
Note:
Of the above 29939829 Equity shares are held
by Cray Valley S. A., the holding company and 170 Equity shares are held by
Total Chimie S. A.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
299.400 |
299.400 |
299.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.743 |
3.317 |
0.442 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(40.773) |
|
|
NETWORTH |
326.143 |
302.717 |
259.069 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
280.000 |
190.000 |
240.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
280.000 |
190.000 |
240.000 |
|
|
DEFERRED TAX LIABILITIES |
3.200 |
4.800 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
609.343 |
497.517 |
499.069 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
186.328 |
193.898 |
203.419 |
|
|
Capital work-in-progress |
7.688 |
0.874 |
0.828 |
|
|
|
|
|
|
|
|
INVESTMENT |
13.507 |
7.229 |
7.229 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
242.250
|
215.915 |
236.441 |
|
|
Sundry Debtors |
355.366
|
335.202 |
247.259 |
|
|
Cash & Bank Balances |
5.343
|
11.381 |
9.119 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
88.498
|
57.965 |
48.700 |
|
Total
Current Assets |
691.457
|
620.463 |
541.519 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
236.214
|
273.313 |
191.233 |
|
|
Other Current Liabilities |
47.235
|
42.705 |
56.194 |
|
|
Provisions |
6.188
|
8.929 |
6.499 |
|
Total
Current Liabilities |
289.637
|
324.947 |
253.926 |
|
|
Net Current Assets |
401.820
|
295.516 |
287.593 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
609.343 |
497.517 |
499.069 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1414.148 |
1230.690 |
|
|
|
Trading Sales |
|
61.982 |
60.926 |
|
|
|
Other Income |
|
11.369 |
7.632 |
|
|
|
TOTAL (A) |
1641.090 |
1487.499 |
1299.248 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
1247.464 |
1107.754 |
|
|
|
Manufacturing Expenses |
|
60.409 |
59.594 |
|
|
|
Personal Expenses |
|
32.466 |
30.317 |
|
|
|
Administrative & Selling Expenses |
|
46.877 |
58.315 |
|
|
|
TOTAL (B) |
1575.710 |
1387.216 |
1255.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.380 |
100.283 |
43.268 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.220 |
20.554 |
23.515 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.160 |
79.729 |
19.753 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
18.930 |
18.015 |
14.945 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
25.230 |
61.714 |
4.808 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.810 |
18.066 |
1.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
23.420 |
43.648 |
3.181 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(40.773) |
(43.954) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2.875 |
(40.773) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
136.236 |
65.613 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
567.486 |
416.174 |
NA |
|
|
TOTAL IMPORTS |
576.486 |
416.174 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.78 |
1.46 |
0.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.43
|
2.93 |
0.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.36 |
0.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.87
|
7.58 |
0.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.20 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
1.72 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
1.91 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject was
incorporated on 31 January 1997.
Pursuant to amendment to Section 43A by virtue of Companies (Amendment) Act,
2000, the Company has converted itself into a Private Limited company effective
October 2001. The Company is in the business of manufacture and sale of a wide
range of synthetic resins. The Company is a subsidiary of Cray Valley S.A
France, which is in turn a wholly owned subsidiary of Total S.A. France being
the ultimate holding company.
FINANCIAL
PERFORMANCE
During the year,
Sales at Rs. 1641.09 million was
higher by about 10.33% over the
previous year sates amounting to Rs.
1487.50 million owing to continued strong performance by the polyester
segment besides impressive performance of Alkyds segment.
Despite favorable
market conditions, the export turnover of the Company was at Rs. 136.24 million, higher by about 107.66% over previous year export
amounting to Rs. 65.61 million.
The margin on alt
the manufactured products in 2010 was
lower at 9.6% over 12.7% in 2009 owing to drop in margins in all products ranging between 3% to 7% except in the case of Alkyds
where the margins improved by 3% over 2009.
The drop in the margin is attributable to increase in the input costs by
about 12.6% while the average
selling prices could improve only by about 8.7% in the current year over the
previous year owing to intense resistance by the market to absorb the increase
in input costs. Although the margin for Unsaturated Polyester Resins improved
by 9.7% in 2010 over 2009, the sales volumes were
insignificant to cause any impact on overall margins. In terms of products, the Speciality Alkyds, Acrylics polyesters
and hard resins suffered erosion in margins and while polyamide margins were
maintained at previous year levels. Alkyds margins improved by 2.9% The product mix also contributed
to decreased margins as the share of Acrylics increased by over 5% while the margins decreased by 6.2% in 2010 over previous year.
The personnel and
manufacturing costs recorded nominal increase in line with increase in
activities. The administration and selling costs recorded 63% increase over the previous year.
Expressed in absolute terms, these costs increased by Rs 29.6 million mainly contributed by increase of Rs 15.2 million pertaining to management
cost sharing expenses charged by the Corporate Head office and significant
increase in Insurance costs, Selling commissions, Bank charges, software
maintenance, foreign exchange losses besides others.
The borrowing costs were higher on account of increase in average cost
of borrowings by about 31.21% in
the year 2010 over the previous
year.
Due to these
reasons, during the year, the profit of the Company declined to Rs. 23.42 million from Rs. 43.65 million (previous year).
Due to unfavorable
market conditions and stiff competition in the market, the Company was not able
to achieve better results as was estimated. Similarly, the Company could not
meet the expansion programme due to slow down of economy in India. The
directors are confident of better results in the forthcoming year.
In view of decline
in profit during the year and to strengthen reserves of the Company, the
directors express their inability to recommend payment of any dividends in the
year
FINANCE
At the balance
sheet date (31.12.2010) working
capital demand loans stood at Rs. 280 million
as against Rs.190 million as on 31.12.2009.
There was an increase in Secured Loan by 90 million due to meet the Working Capital Requirements.
FORM 8
|
Corporate
identity number of the company |
U24132MH1997PTC105589 |
|
Name of the
company |
CRAY VALLEY
RESINS INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. D-43/1, Trans Thane Creek, MIDC Industrial Area, Shirvane Village, Navi Mumbai-400076, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Societe Generale, Maker Chamber 4, 13th Floor, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation |
|
Date of
instrument Creating the charge |
23.09.2011 |
|
Amount secured by
the charge |
RS. 160.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC / WCDL / LC /
BG - To be on the mutually agreeable basis Terms of repayment On demand or on
maturity, subject to periodic review by the bank Margin Raw Material ,
WIP, Finished Goods - 10% Book Debts up to
120 days - 15% Extent and operation of the charge By way of First
Pari Passu Charge on the entire Current Assets including Stock, Book Debts
and Moveable Assets of the Company |
|
Short particulars
of the property charged (Including location of the property) |
First Pari Passu Charge
on the entire Current Assets including Stock, Book Debts and Moveable Assets
of the Company |
|
Charge
identification number of the charge to be modified |
90146746 |
|
Particulars of
the present modification |
Modification in
the hypothecation charge, being enhanced from Rs.100.000 millions To
Rs.160.000 millions |
FIXED ASSETS
·
Goodwill
·
ERP Software
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Effluent Treatment Plant
·
Computers
·
Furniture and Fittings
·
Vehicles
·
Equipments
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. 51.82 |
|
|
1 |
Rs. 79.42 |
|
Euro |
1 |
Rs. 65.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
35 |
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.