MIRA
INFORM REPORT
|
Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ACCUMAX INTERIOR PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No 211, GIDC Phase II,
Dared, Jamnagar – 361004, Gujarat |
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|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
04.10.1996 |
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Com. Reg. No.: |
04-030870 |
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Capital
Investment / Paid-up Capital : |
Rs.54.018 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18109GJ1996PTC030870 |
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|
|
|
PAN No.: [Permanent Account No.] |
AADCA2345N |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer, Exporter and Importer of Roller Blinds, Wooden Renetian Blinds,
Automation System, Vertical Blinds, Bamboo Blinds, Curtain Rods and Track. |
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|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 315000 |
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|
Status : |
Moderate |
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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 moderate track record. There appears some dip in the profitability of the company during
current year. Reserves of the company also appears to be low. However, trade relations are are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 PARTED BY
|
Name : |
Ms. Bhavika Mehta |
|
Designation : |
Senior Accountant |
|
Contact No.: |
91-22-28808282 |
|
Date : |
16.12.2013 |
LOCATIONS
|
Registered Office / Factory : |
Plot No 211, GIDC Phase II,
Dared, Jamnagar – 361004, Gujarat, India |
|
Tel. No. : |
91-288-2730601 / 02 |
|
Fax No. : |
91-288-2730603 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Sales Office : |
604, plam Spring Complex, Link Road, Malad (West), Mumbai – 400064,
Maharashtra, India |
|
Tel. No.: |
91-22-28800602 / 28808282 |
|
Fax No.: |
91-22-2881060 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Dipak Ramniklal Paun |
|
Designation : |
Director |
|
Address : |
Sanidhya Appartment
51, Digvijay Plot, Jamnagar – 361005, Gujarat, India |
|
Date of Appointment : |
01.04.2010 |
|
PAN No. : |
ABJPP7454R |
|
DIN No. : |
01662090 |
|
|
|
|
Name : |
Mr. Ashok Ramniklal Paun |
|
Designation : |
Director |
|
Address : |
Sanidhya Appartment
51, Digvijay Plot, Jamnagar – 361005, Gujarat, India |
|
Date of Appointment : |
04.10.1996 |
|
PAN No. : |
ABJPP7453J |
|
DIN No. : |
01662273 |
|
|
|
|
Name : |
Ms. Urmi Ashok Paun |
|
Designation : |
Director |
|
Address : |
Sanidhya Appartment
51, Digvijay Plot, Jamnagar – 361005, Gujarat, India |
|
Date of Appointment : |
07.10.2000 |
|
PAN No. : |
AAOPP4504C |
|
DIN No. : |
01662228 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Ashok Ramniklal Paun |
3780000 |
|
Urmi Paun |
810000 |
|
Dipak Paun |
810000 |
|
Pushpa Paun |
1800 |
|
Total |
5401800 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Roller Blinds, Wooden Renetian Blinds,
Automation System, Vertical Blinds, Bamboo Blinds, Curtain Rods and Track. |
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Products : |
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Exports : |
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Products : |
·
Roller Blinds ·
Wooden Renetian Blinds ·
Automation System ·
Vertical Blinds ·
Bamboo Blinds ·
Curtain Rods and Track |
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Countries : |
·
Australiya ·
Kenya |
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Imports : |
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Products : |
Raw Matrial |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Wholesalers , Retailers and End Users |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai - 400013, Maharashta, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Gosvami and Company Chartered Accountants |
|
Address : |
206, K D Complex, Gurudwara Cross Road, Opposite Patel Travels, Indira Marg, Jamnagar – 361001, Gujarat, India |
|
PAN
No. : |
ALDPG4623P |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5510000 |
Equity Shares |
Rs.10/- each |
Rs.55.100 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5401800 |
Equity Shares |
Rs.10/- each |
Rs.54.018 Millions |
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|
|
|
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
54.018 |
36.012 |
12.004 |
|
(b) Reserves & Surplus |
24.885 |
23.534 |
29.168 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
78.903 |
59.546 |
41.172 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
64.753 |
64.699 |
43.521 |
|
(b) Deferred tax liabilities (Net) |
3.680 |
2.759 |
2.199 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
68.433 |
67.458 |
45.720 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
65.365 |
33.913 |
16.480 |
|
(b) Trade payables |
34.983 |
22.425 |
24.976 |
|
(c) Other current
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
100.348 |
56.338 |
41.456 |
|
|
|
|
|
|
TOTAL |
247.684 |
183.342 |
128.348 |
|
|
|
|
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|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
53.264 |
29.905 |
21.078 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.882 |
0.841 |
0.924 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
54.146 |
30.746 |
22.002 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
120.442 |
85.982 |
47.826 |
|
(c) Trade receivables |
50.878 |
51.479 |
39.357 |
|
(d) Cash and cash
equivalents |
1.140 |
1.319 |
0.289 |
|
(e) Short-term loans and
advances |
21.078 |
13.816 |
18.874 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
193.538 |
152.596 |
106.346 |
|
|
|
|
|
|
TOTAL |
247.684 |
183.342 |
128.348 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
236.805 |
215.151 |
181.985 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
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|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
194.022 |
174.830 |
151.971 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
42.783 |
40.321 |
30.014 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.150 |
8.637 |
5.613 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.633 |
31.684 |
24.401 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.790 |
1.273 |
1.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
28.843 |
30.411 |
23.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.512 |
9.945 |
8.988 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
19.331 |
20.466 |
14.212 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.222 |
26.904 |
21.166 |
|
|
|
|
|
|
|
|
|
Less |
BONUS
SHARE ISSUED |
18.006 |
24.008 |
6.002 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.936 |
2.047 |
1.421 |
|
|
|
Dividend |
0.000 |
1.801 |
0.901 |
|
|
|
Tax on Dividend |
0.000 |
0.292 |
0.150 |
|
|
BALANCE CARRIED
TO THE B/S |
18.611 |
19.222 |
26.904 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.657 |
9.097 |
19.277 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
70.905 |
77.073 |
44.277 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
3.58 |
5.68 |
2.63 |
|
Expected Sales (2013-2014): Rs. 500.000 Millions
The above information has been parted by Ms. Bhavika Mehta
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.16
|
9.51 |
7.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.64
|
16.59 |
18.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.51 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65
|
1.66 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.71 |
2.56 |
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 |
No |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
No |
NOTE:
The registered address of the company has been shifted from Sanidhaya
Appartment, Block No 4, 51 Digvijay Plot, Jamnagar – 361005, Gujarat, India to
the present address w.e.f. 01.02.2010
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10163700 |
31/08/2012 * |
73,750,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B56946023 |
|
2 |
10010706 |
26/07/2013 * |
120,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B81165284 |
* Date of charge modification
PERFORMANCE
The company has
achieved a turnover of Rs. 236.805 millions (Previous Year Rs. 215.151
millions) and profit before tax, interest and depreciation is Rs. 42.783
millions (Previous Year Rs. 40.320 millions) Thus, during the year under
report, there is increase of 10.06% in turnover and 6.12% in profit before tax,
interest and depreciation in comparison of previous year.
FIXED ASSETS
Ř
Land
Ř
Buildings
Ř
Office Building
Ř
Plant and Equipment
Ř
Furniture and Fixtures
Ř
Vehicles
Ř
Office Equipment
Ř
Computer 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 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.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Information Gathered
by : |
NAY |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.