MIRA
INFORM REPORT
|
Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
RACHNA ART PRINTS PRIVATE LIMITED |
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Registered
Office : |
243/1 GIDC, Pandesara, Surat – 394221, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.06.1977 |
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Com. Reg. No.: |
04-003021 |
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Capital
Investment / Paid-up Capital : |
Rs.6.500 Millions |
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CIN No.: [Company Identification
No.] |
U17119GJ1977PTC003021 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTR00092B |
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PAN No.: [Permanent Account No.] |
AABCR1277L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of textiles for processing of
fabrics and production and sale of power. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 360000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The company has achieved decent profitability during the financial
year 2013. Trade relations are reported as fair. Business is active. Payments are
usually correct. The company can be considered for business dealings at usual trade
terms and conditions |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic
product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DENIED BY
|
Name : |
Mr. Bhalesh R. Mehta |
|
Designation : |
Director |
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Contact No.: |
91-261-6571999 |
|
Date : |
07.12.2013 |
LOCATIONS
|
Registered Office : |
243/1 GIDC, Pandesara, Surat – 394221, Gujarat, India |
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Tel. No.: |
91-261-6571999/6572001 |
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Fax No.: |
91-261-2890891 |
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E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Jai Prakash Dwarikaprasad Agarwal |
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Designation : |
Director |
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Address : |
301, Pooja Abhishek Athwalines, Surat, Gujarat, India |
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Date of Birth/Age : |
16.12.1945 |
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Date of Appointment : |
31.07.1981 |
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DIN No.: |
00007064 |
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Name : |
Mr. Sanjay Jaiprakash Agarwal |
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Designation : |
Director |
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Address : |
301, Pooja Abhishek Athwalines, Surat, Gujarat, India |
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Date of Birth/Age : |
10.07.1967 |
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Date of Appointment : |
06.08.1987 |
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DIN No.: |
00004361 |
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Name : |
Mr. Bhalesh Rasiklal Mehta |
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Designation : |
Director |
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Address : |
8/B, Chandab Park Society, Adajan Road, Surat, Gujarat, India |
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Date of Birth/Age : |
14.09.1964ss |
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Date of Appointment : |
07.02.1996 |
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DIN No.: |
00004707 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Vandanadevi Agarwal |
|
60648 |
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Jaiprakash Agarwal |
|
119591 |
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Jaiprakash Agarwal (HUF) |
|
37151 |
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Sanjay Agarwal |
|
80660 |
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Savitridevi Agarwal |
|
119650 |
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Kanishka Agarwal |
|
168350 |
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Sanjay Agarwal (HUF) |
|
8250 |
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Akanksha Agarwal (Minor) representative by father and guardian |
|
55600 |
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Bhalesh Mehta |
|
100 |
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Total |
|
650000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of textiles for processing of
fabrics and production and sale of power. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· HDFC Bank Limited, HDFC Bank House senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India · Canara Bank, Overseas Branch, Ring Road, Surat - 395002, Gujarat, India |
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Facilities : |
Long Term Borrowings a.
Term Loan facility : The term loan from banks of Rs.31.792
Millions (previous years Rs.19.562 Millions) of which Rs.19.562 Millions
(previous years Rs.25.666 Millions) has been classified as long term
borrowings and Rs.12.230 Millions (previous years Rs.19.469 Millions) as
current maturities of long term borrowings are secured by hypothecation of
plant and machinery and equipment mortgage of land and building of the
company along with guarantee of the director. b.
Hire Purchase facility : The vehicle loan of Rs.2.289 Millions
(previous years Rs.4.853 Millions) of which Rs. 0.573 Millions (previous
years Rs.1.959 Millions) has been classified as long term borrowings and
Rs.1.716 Millions (previous years Rs.2.894 Millions) classified as current
maturities of long term borrowing secured against vehicle under hire purchase
contract. c.
Maturity profile
of secured term loan are as set out below: (Rs. In
millions)
d.
In absence of any specified pattern of repayment
in terms of unsecured loans taken by the company. No payment details thereof
are given. e.
The rates of interest bearing loans on the
secured loans depend upon the prime lending rates of banks and financial
loans is as per terms agreed between the parties from whom unsecured loans
are taken. Short Term Borrowings The rate of interest
on the secured loans depend upon the prime lending rates of banks and
financial institutions wherever applicable and the interest rates spared
agreed with the banks. Working capital loans are secured by hypothecation of
stock and book debts and equitable mortgage of land and building of the
company along with personal guarantee of the director while that Life
Insurance Corporation is secured against key man insurance policies. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
SNK and Company Chartered Accountants |
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Address : |
SNK House, 31-A, Adarsh Society, Opposite Seventh Day Adventist High
School, Athwalines, Surat – 395001, Gujarat, India |
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Tel. No.: |
91-261-2656273/4/6544791/2/3299540/47 |
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Fax No.: |
91-261-2890891 |
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E-Mail : |
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PAN No.: |
AAJFS8455L |
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Enterprises over which directors have significant influences : |
·
J.P. Agarwal HUF ·
Priyal Fashion ·
Sanjay Agarwal HUF ·
Ajay Agarwal HUF ·
Rachna Silk Mills ·
Aajansha Overseas ·
Kanishkna Prints Private Limited ·
Shreeji Prints Private Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
650000 |
Equity Shares |
Rs. 10/- each |
Rs.6.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
6.500 |
6.500 |
5.000 |
|
(b) Reserves & Surplus |
83.156 |
67.074 |
39.757 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
2.702 |
3.077 |
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Total
Shareholders’ Funds (1) + (2) |
89.656 |
76.276 |
47.834 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
169.123 |
108.611 |
39.294 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
169.123 |
108.611 |
39.294 |
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(4) Current Liabilities |
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(a) Short term borrowings |
54.548 |
45.344 |
42.905 |
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(b) Trade payables |
156.678 |
208.187 |
127.508 |
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(c) Other current
liabilities |
18.270 |
43.724 |
43.096 |
|
(d) Short-term provisions |
4.548 |
4.613 |
3.153 |
|
Total Current Liabilities (4) |
234.044 |
301.868 |
216.662 |
|
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TOTAL |
492.823 |
486.755 |
303.790 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
150.320 |
138.910 |
66.547 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1.934 |
20.110 |
15.255 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.020 |
0.020 |
0.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.893 |
9.498 |
5.864 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
158.167 |
168.538 |
87.686 |
|
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|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
143.821 |
136.544 |
102.667 |
|
(c) Trade receivables |
133.402 |
134.597 |
75.815 |
|
(d) Cash and cash
equivalents |
7.530 |
4.555 |
2.208 |
|
(e) Short-term loans and
advances |
49.903 |
42.521 |
35.414 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
334.656 |
318.217 |
216.104 |
|
|
|
|
|
|
TOTAL |
492.823 |
486.755 |
303.790 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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|
SALES |
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Other Income |
|
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TOTAL |
844.613 |
709.534 |
788.034 |
|
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|
|
|
|
Less |
EXPENSES |
790.326 |
667.319 |
763.549 |
|
|
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|
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|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
54.287 |
42.215 |
24.485 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
7.611 |
8.834 |
5.343 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
46.675 |
33.381 |
19.142 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
27.488 |
25.751 |
14.819 |
|
|
|
|
|
|
|
|
|
Less |
PREVIOUS YEAR
ADJUSTMENT |
0.022 |
(0.395) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
19.165 |
8.025 |
4.323 |
|
|
|
|
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|
|
|
|
Less |
TAX |
3.083 |
0.000 |
2.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
16.082 |
8.025 |
2.125 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.003 |
0.003 |
0.002 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.74 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.90 |
1.13 |
0.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.95 |
1.76 |
1.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.49 |
2.02 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.05 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LISTING DETAILS:
|
HIGH COURT OF GUJARAT TAX APPEAL No. 1338 of 2008 Status : PENDING
( Converted from : ST/2213/2008 ) CCIN No :
001092200801338 Last Listing Date: 28/01/2010
Act TAXATION LAWS (CONTINUATION AND VALIDATION OF
RECOVERY PROCEEDINGS) ACT, 1964
Court Proceedings
Available Orders
|
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UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Loans and
advances from related parties |
88.988 |
75.986 |
|
Intercorporate
deposits |
60.000 |
5.000 |
|
Total |
148.988 |
80.986 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
|
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Current Maturities of Long Term Debt |
13.956 |
22.390 |
7.724 |
|
Total |
13.956 |
22.390 |
7.724 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10237437 |
09/10/2013 * |
429,298,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B86826724 |
|
2 |
10204958 |
01/02/2010 |
73,700,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A80289937 |
|
3 |
10204952 |
30/08/2013 * |
161,534,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B83175398 |
|
4 |
90110763 |
03/11/2009 * |
35,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A75476473 |
FIXED ASSETS:
·
Plant and Machinery
·
Land and Building
·
Furniture and Fixture
·
Computer
·
Office Equipment
·
Vehicles
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.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
44 |
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.