MIRA
INFORM REPORT
|
Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE AXIOM TELECOM LIMITED (w.e.f. 21.07.2008) |
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|
|
|
Formerly Known
As : |
CONVERGEM COMMUNICATION (INDIA) LIMITED (w.e.f. 27.08.2007) CONVERGEM RETAIL (INDIA) LIMITED |
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Registered
Office : |
Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.02.2006 |
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Com. Reg. No.: |
11-159581 |
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Capital
Investment / Paid-up Capital : |
Rs.200.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52110MH2006PLC159581 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC14105A |
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|
|
|
PAN No.: [Permanent Account No.] |
AACCC7717P |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trading of
Mobile Phones, Telecommunication Instruments Accessories, Airtime and Mobile
Connections. |
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|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 360000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Sow |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Pantaloon Retail (India) Limited
and Axiom Telecom LLC, Dubai. It is an established company having a moderate track record. The management
of the company has not filed its latest financials with the government
department. As per previous year record, it seems that the company has
recorded huge accumulated losses. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE.
LOCATIONS
|
Registered Office : |
Knowledge House, Shyam Nagar, Off |
|
Tel. No.: |
91-22-66442200/ 30841300 |
|
Mobile No.: |
91-9811808013 (Mr. Shiv Shankar Agarwal) |
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Fax No.: |
91-22-66442222 |
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E-Mail : |
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Website : |
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|
Area : |
10000 sq ft |
|
Location : |
Owned |
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|
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|
Corporate Office : |
Future Group, 4th Floor, Sector 32, Plot No.82, Gurgaon –
122 001, |
|
Tel. No.: |
91-124-4641000/ 4641477 |
|
Fax No.: |
91-124-4641001 |
|
Email |
DIRECTORS
(AS ON 29.09.2011)
|
Name : |
Mr. Chandra Prakash Toshniwal |
|
Designation : |
Director |
|
Address : |
A-603,
‘Kanishk’, Great Eastern Link, Ram Mandir Road, Goregaon (West), Mumbai –
400104, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1966 |
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Date of Appointment : |
07.02.2006 |
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DIN No.: |
00036303 |
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|
|
|
Name : |
Mr. Abdulaziz Mohammed Abdulla Albannai |
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Designation : |
Director |
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Address : |
Abdul Aziz
Mdabdulla B Banai Villa, Nr. A MD Hassan Villa (Villa-02), 363-2A Al Jumeirah
Road, DM-40, Post Box 9266, Dubai |
|
Date of Birth/Age : |
09.06.1951 |
|
Date of Appointment : |
20.12.2007 |
|
DIN No.: |
01908108 |
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|
|
|
Name : |
Mr. Abdullatif Abdulla Ahmad Almulla |
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Designation : |
Director |
|
Address : |
Villa DM. 13,
343/53 Street, Al Safa Area, |
|
Date of Birth/Age : |
16.10.1967 |
|
Date of Appointment : |
05.12.2007 |
|
DIN No.: |
01683739 |
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|
|
|
Name : |
Mr. Faisal Abdulaziz Mohamad Albannai |
|
Designation : |
Managing Director |
|
Address : |
AL Shaikha Hind
Bint Maktoum, W. Sub Meter (Villa-87), Splendour, 353-14C Umsaqaim Area,
DM-24, Post |
|
Date of Birth/Age : |
21.03.1973 |
|
Date of Appointment : |
20.12.2007 |
|
DIN No.: |
01908096 |
|
|
|
|
Name : |
Mr. Rakesh Gopikishan Biyani |
|
Designation : |
Director |
|
Address : |
304 Jeevan
Vihar, 5, Manav Mandir Road, Malabar Hill, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
05.04.1972 |
|
Date of Appointment : |
15.05.2008 |
|
DIN No.: |
00005806 |
|
|
|
|
Name : |
Mr. Mayur Kishore Toshniwal |
|
Designation : |
Director |
|
Address : |
518-A, Hamilton Court, DLF Phase – 4, Gurgaon – 122002, Haryana, India
|
|
Date of Birth/Age : |
22.02.1968 |
|
Date of Appointment : |
05.12.2007 |
|
DIN No.: |
01655776 |
KEY EXECUTIVES
|
Name : |
Mr. Ashpinder Singh Sehgal |
|
Designation : |
Chief Executive Officer |
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Date of Birth/ Age : |
42 years |
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Qualification : |
B. Com, LLB, MBA |
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Experience : |
19 years |
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|
|
Name : |
Mr. Anuraag Srivastava |
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Designation : |
Chief Finance Officer |
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|
|
|
Name : |
Mr. Pankaj Agrawal |
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Designation : |
Head-Human Resources |
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|
Name : |
Mr. Davinder Dogra |
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Designation : |
Deputy General Manager |
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Name : |
Mr. Shiv Shankar Agarwal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Inspire Business Concept Private Limited, India |
|
9999994 |
|
Inspire Business
Concept Private Limited, India / Sanjay Seksaria |
|
1 |
|
Inspire Business
Concept Private Limited, India / Sanjeev Atal
|
|
1 |
|
Inspire Business
Concept Private Limited, India / Nandkishore Atal |
|
1 |
|
Inspire Business
Concept Private Limited, India / Kalpana Atal |
|
1 |
|
Inspire Business Concept Private Limited, India / Ramakant Saboo |
|
1 |
|
Inspire Business
Concept Private Limited, India / Kiran Seksaria |
|
1 |
|
Axiom Telecom LLC, |
|
10000000 |
|
|
|
|
|
Total |
|
20000000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of
Mobile Phones, Telecommunication Instruments Accessories, Airtime and Mobile
Connections. |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
· Bank of India, Jogeshwari Branch |
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|
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Golf View, Corporate Tower B, Sector-42, |
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Tel. No.: |
91-124-4644009/ 4644000 |
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Fax No.: |
91-124-4644050 |
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PAN No.: |
AALFS0506L |
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|
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Subsidiaries : |
Mobile Repair Service City India Limited CIN No.: U74999MH2007PLC173727 |
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|
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Joint Venture : |
Pantaloon Retail
( CIN No.: L52399MH1987PLC044954 Axiom Telecom
LLC, |
CAPITAL STRUCTURE
(AS ON 29.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
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 |
200.000 |
200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1298.525 |
1298.525 |
1298.525 |
|
|
4] (Accumulated Losses) |
(1408.715) |
(1048.720) |
(389.580) |
|
|
NETWORTH |
89.810 |
449.805 |
1108.945 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
111.524 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
111.524 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
201.334 |
449.805 |
1108.945 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
202.925 |
299.666 |
345.805 |
|
|
Capital work-in-progress |
0.000 |
1.900 |
2.184 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.634 |
0.634 |
0.634 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
201.608 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
25.942 |
24.770
|
52.878 |
|
|
Sundry Debtors |
195.052
|
620.900
|
700.280 |
|
|
Cash & Bank Balances |
8.669
|
31.156
|
128.080 |
|
|
Other Current Assets |
0.024
|
0.717
|
0.225 |
|
|
Loans & Advances |
196.508
|
250.428
|
225.933 |
|
Total
Current Assets |
426.195
|
927.971
|
1107.396 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
421.509 |
771.997 |
531.615 |
|
|
Other Current Liabilities |
3.649 |
5.693
|
14.362 |
|
|
Provisions |
3.262
|
2.676
|
2.705 |
|
Total
Current Liabilities |
428.420
|
780.366
|
548.682 |
|
|
Net Current Assets |
(2.225)
|
147.605
|
558.714 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
201.334 |
449.805 |
1108.945 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
2314.114 |
2596.763 |
2868.998 |
|
|
|
Other Income |
30.394 |
49.165 |
49.634 |
|
|
|
TOTAL (A) |
2344.508 |
2645.928 |
2918.632 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials changed Inventories |
1865.083 |
2246.032 |
|
|
|
|
Manufacturing services costs |
226.677 |
139.299 |
|
|
|
|
Employee related expenses |
98.218 |
135.300 |
3400.561 |
|
|
|
Administrative, Selling and other Expenses |
436.409 |
517.381 |
|
|
|
|
TOTAL (B) |
2626.387 |
3038.012 |
3400.561 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(281.879) |
(392.084) |
(481.929) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.084 |
0.069 |
0.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(293.963) |
(392.153) |
(482.537) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
66.032 |
65.380 |
45.436 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(359.995) |
(457.533) |
(527.973) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
201.607 |
(198.727) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(359.995) |
(659.140) |
(329.246) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1048.720) |
(389.580) |
(60.334) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1408.715) |
(1048.720) |
(389.580) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value |
0.000 |
0.000 |
609.881 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
609.881 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Mobile Phones |
56.853 |
158.445 |
714.922 |
|
|
TOTAL IMPORTS |
56.853 |
158.445 |
714.922 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(18.00) |
(32.96) |
(16.46) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(15.35)
|
(24.91)
|
(11.28)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(15.56)
|
(17.62)
|
(18.40)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(57.22)
|
(42.72)
|
(41.14)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(4.01)
|
(1.02)
|
(0.48)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.01
|
1.73
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
1.19
|
0.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
- Creditors Due others |
421.509 |
771.997 |
531.615 |
|
|
|
|
|
|
Total |
421.509 |
771.997 |
531.615 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
No |
|
Major Shareholders, if available |
Yes |
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Passport No of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
External Agency Rating, if available |
No |
UNSECURED LOANS
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Working Capital Loans Others unsecured |
115.524 |
0.000 |
|
|
|
|
|
Total |
115.524 |
0.000 |
|
NOTE: From a Party other then bank |
||
CHANGE IN CONTROL
After the close of
the financial year, Pantaloon Retail (India) Limited, a JV partner, has
divested its entire shareholding in the Company in favour of Inspire Business
Concepts Private Limited.
NATURE OF
OPERATIONS:
The Company was incorporated
on February 06, 2006. Its principal activities include whole-selling and
dealing mainly into mobile phones, accessories, airtime and mobile connections.
CONTINGENT
LIABILITIES NOT PROVIDED FOR: (AS ON 31.03.2011)
v
Outstanding guarantees given by the banks on behalf
of the company aggregate Rs. Nil (Previous year Rs.5.000 Millions.
FIXED ASSETS:
· Leasehold Improvements
· Computers
· Furniture and Fixtures
· Vehicle
· Office Equipments
· Trademark and Rights
· Computer Software
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 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 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.54.44 |
|
|
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.