MIRA
INFORM REPORT
|
Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHAYBURG VALVES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.05.2008 |
|
|
|
|
Com. Reg. No.: |
11-182305 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 9.560 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27201MH2008PTC182305 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Industrial Valves. |
|
|
|
|
No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record.
Profitability of the company seems to be low. The external borrowing seems to
be huge. However, net worth of the company is strong. Trade relations are
reported to be slow but correct. 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve their
business models with the changing time. Readers’ Digest, Thomson Register are
no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB– (Long Term Loan) |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of financial
obligation. It carry moderate credit risk. |
|
Date |
April 2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Anant |
|
Designation : |
Commercial Manager |
|
Contact No.: |
91-9223252289 |
|
Date : |
24.08.2013 |
LOCATIONS
|
Registered Office : |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra, India |
|
Tel. No.: |
91-22-21642626 |
|
Mobile No.: |
91-9223252289 (Mr. Anant) |
|
Fax No.: |
91-22-21645454 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No 176-186, Paiki B/1, Ajantha Industrial Estate, Vasna, Iyava
Sanand, Ahmedabad-382170, Gujarat, India |
|
Tel. No.: |
91-2717-619131 |
|
Fax No.: |
91-2717-619134 |
|
Email : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Ms. Smita Ramesh Shetty |
|
Designation : |
Director |
|
Address : |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra, India |
|
Date of Appointment : |
16.05.2008 |
|
DIN No : |
00743291 |
|
|
|
|
Name : |
Mr. Sagar Ramesh Shetty |
|
Designation : |
Director |
|
Address : |
604, Mahavir Tower, L. B. S. Marg, Mulund (West), Mumbai-400080,
Maharashtra, India |
|
Date of Appointment : |
16.05.2008 |
|
DIN No : |
02139996 |
KEY EXECUTIVES
|
Name : |
Mr. Anant |
|
Designation : |
Commercial Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Smita Ramesh Shetty |
685000 |
|
Sagar Ramesh Shetty |
50000 |
|
Saishraddha Engineering Private Limited, India |
221000 |
|
TOTAL
|
956000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
23.12 |
|
Directors or relatives of Directors |
76.88 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Industrial Valves. |
|
|
|
|
Exports : |
|
|
Products : |
Valves |
|
Countries : |
·
USA ·
Gulf Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit (30 Days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Manufacturer |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
·
Vijaya Bank, Industrial Finance Branch, Kamadhenu
Complex, Opposite Polytechnic, Ambavadi, Ahmadabad-380015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sunil Sandeep and Company Chartered Accountant |
|
Address : |
306, President House, Opposite C N Vidhyalaya, Ambawadi,
Ahmadabad-380006, Gujarat, India |
|
Tel. No.: |
91-79-30027422 / 23 |
|
E-Mail : |
|
|
PAN No.: |
ACXPC6559M |
|
|
|
|
Associates : |
·
Steel Strong Valves Private Limited ·
Shogum Engineers ·
Steelstrong Engineers |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
956000 |
Equity Shares |
Rs.10/- each |
Rs. 9.560
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
9.560 |
9.560 |
|
(b) Reserves & Surplus |
|
23.227 |
22.796 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
32.787 |
32.356 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
31.002 |
37.648 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
31.002 |
37.648 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
26.580 |
19.611 |
|
(b) Trade payables |
|
32.699 |
6.104 |
|
(c) Other current
liabilities |
|
15.277 |
13.492 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities (4) |
|
74.556 |
39.207 |
|
|
|
|
|
|
TOTAL |
|
138.345 |
109.211 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
75.887 |
73.665 |
|
(ii) Intangible Assets |
|
0.366 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
3.338 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
3.315 |
3.301 |
|
(e) Other Non-current assets |
|
0.434 |
1.034 |
|
Total Non-Current Assets |
|
80.002 |
81.338 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
30.861 |
20.125 |
|
(c) Trade receivables |
|
18.875 |
2.570 |
|
(d) Cash and cash
equivalents |
|
1.821 |
0.736 |
|
(e) Short-term loans and
advances |
|
5.819 |
3.754 |
|
(f) Other current assets |
|
0.967 |
0.688 |
|
Total Current Assets |
|
58.343 |
27.873 |
|
|
|
|
|
|
TOTAL |
|
138.345 |
109.211 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
9.560 |
|
|
2] Share Application Money |
|
|
2.650 |
|
|
3] Reserves & Surplus |
|
|
31.585 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
43.795 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
45.004 |
|
|
2] Unsecured Loans |
|
|
0.150 |
|
|
TOTAL BORROWING |
|
|
45.154 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
88.949 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
72.209 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
2.101 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
16.064 |
|
|
Sundry Debtors |
|
|
10.432 |
|
|
Cash & Bank Balances |
|
|
0.580 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
5.807 |
|
Total
Current Assets |
|
|
32.883 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
16.839 |
|
|
Other Current Liabilities |
|
|
1.959 |
|
|
Provisions |
|
|
0.401 |
|
Total
Current Liabilities |
|
|
19.199 |
|
|
Net Current Assets |
|
|
13.684 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.955 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
88.949 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operation |
99.604 |
43.074 |
32.092 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
0.431 |
(6.688) |
(7.003) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
2.101 |
(2.101) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
0.431 |
(8.789) |
(4.902) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
50.784 |
12.912 |
NA |
|
|
TOTAL EARNINGS |
50.784 |
12.912 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.316 |
0.069 |
NA |
|
|
TOTAL IMPORTS |
0.316 |
0.069 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.45 |
(9.19) |
(5.13) |
|
Expected Sales (2013-2014) : Rs. 100.000 Millions
The above information has been parted by Mr. Anant.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.43
|
(15.53) |
(21.82) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.31
|
(6.32) |
(6.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.21) |
(0.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.76
|
1.77 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78
|
0.71 |
1.71 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
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 |
No |
|
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 |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Loans and Advances from Related Parties |
15.241 |
13.541 |
|
|
|
|
|
TOTAL |
15.241 |
13.541 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current maturities of long term debt |
12.160 |
11.937 |
NA |
|
|
|
|
|
|
TOTAL |
12.160 |
11.937 |
NA |
CORPORATE PROFILE
OF THE COMPANY
Subject is an Indian Company having its head office and unit at Sanand
Ahmedabad, Gujarat. The Company is engaged in the manufacturer of Industrial
valves.
OPERATIONS
During the year, turnover of the company has significantly increased
from Rs. 43.074 Millions to Rs. 99.604 Millions. The company has earned
marginal profit during the year. The management expects improvement in
operations and profitability in the operations and profitability in the coming
years.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Import Machinery
·
Electrical Installation
·
Computer
·
Office Equipments
·
Furniture and Fixtures
·
Maruti Alto Car
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. 64.68 |
|
|
1 |
Rs. 100.79 |
|
Euro |
1 |
Rs. 86.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
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 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.