MIRA
INFORM REPORT
|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
WRIGLEY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
206, Okhla Industrial Estate, Phase – III, New Delhi – 110020 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
05.10.1993 |
|
|
|
|
Com. Reg. No.: |
55-132563 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.988.186
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15434DL1993PTC132563 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELW01628E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW1789P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture and Sale of Confectionery Products, i.e. Chewing Gums, Lollipops
and Toffees. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
latest financial are not made available with the government department. As per previous year’s record, there appears huge accumulated losses
recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments are unknown. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
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.
LOCATIONS
|
Registered Office : |
206, Okhla Industrial Estate, Phase – III, New Delhi – 110020, India |
|
Tel. No.: |
91-11-26933509/ 11/ 30831900/ 1901/ 30882951 |
|
Fax No.: |
91-11-26839485/ 26933508 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 27.08.2012)
|
Name : |
Mr. Govinda Rao Ranganath |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
B-43, 1st Floor, Sector – 40, Noida - 201303, Uttar
Pradesh, India |
||||||||||||||||
|
Date of Birth/Age : |
21.11.1962 |
||||||||||||||||
|
Date of Appointment : |
23.07.2004 |
||||||||||||||||
|
DIN No.: |
01073777 |
||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Ellen O Donnell Kollar |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
1222, Ballantraee Lane, Mclean – 22101, United States of America |
||||||||||||||||
|
Date of Birth/Age : |
22.01.1967 |
||||||||||||||||
|
Date of Appointment : |
30.09.2009 |
||||||||||||||||
|
DIN No.: |
02505302 |
||||||||||||||||
|
Other Directorship : |
|
||||||||||||||||
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Anthony Geedeller Raymond |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
61, |
||||||||||||||||
|
Date of Birth/Age : |
16.07.1967 |
||||||||||||||||
|
Date of Appointment : |
30.09.2009 |
||||||||||||||||
|
DIN No.: |
02629597 |
||||||||||||||||
|
Other Directorship : |
|
||||||||||||||||
|
|||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Nitin Selot |
|
Designation : |
Secretary |
|
|
# 2265, B – 2, Vasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
11.09.1968 |
|
Qualification : |
B.Com MBA, ACS, ICWA |
|
Date of Appointment : |
25.12.2009 |
|
PAN No.: |
AIGPS1081B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.08.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
WM. Wrigley Jr. Company, USA |
|
9881855 |
|
Wrigley Enterprises Inc, USA |
|
1 |
|
Wrigley International Holding Company, USA |
|
1 |
|
|
|
|
|
Total |
|
9881857 |
(AS ON 30.09.2010)
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] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Sale of Confectionery Products, i.e. Chewing Gums,
Lollipops and Toffees. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Bubble gums, Chewing gums, Lollipops and Toffees |
MT |
NA |
40297 |
19341 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Building 8, 7th and 8th floor, Tower B, |
|
PAN.: |
AAAFP8828M |
|
|
|
|
Ultimate holding company : |
Mars |
|
|
|
|
Holding Company : |
Wm Wrigley Jr. Company, |
|
|
|
|
Fellow
Subsidiary: |
·
North Western Flavors LLC, Chicago ·
Wrigley GmbH, Germany ·
Wrigley Co. SLU Barcelona ·
Cafosa Gum S.A ·
Wrigley Company East Africa, Kenya ·
Wrigley Middle East FZCO, Dubai ·
Wrigley Israel Ltd ·
OOO Wrigley, Moscow ·
Wrigley Company Limited, Plymouth ·
Wrigley France S.N.C, Biesheim ·
Wrigley Confectionery China Limited ·
Wrigley Poland Spolka Zoo ·
Wrigley Puerto Rico Inc ·
Wrigley Georgia Ltd-Georgia ·
The Wrigley Co South Africa ·
Chicago Chain LLC ·
Mars Information Services UK ·
Mars International India Private Limited |
CAPITAL STRUCTURE
(AS ON 27.08.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16956166 |
Equity Shares |
Rs.100/- each |
Rs.1695.617 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10590997 |
Equity Shares |
Rs.100/-
each |
Rs.1059.099
Millions |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16956166 |
Equity Shares |
Rs.100/- each |
Rs.1695.617 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9881857 |
Equity Shares |
Rs.100/-
each |
Rs.988.186
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 |
988.186 |
942.212 |
1488.914 |
|
|
2] Share Application Money |
0.000 |
0.000 |
102.040 |
|
|
3] Reserves & Surplus |
183.896 |
0.000 |
321.915 |
|
|
4] (Accumulated Losses) |
(474.813) |
(388.081) |
(1188.308) |
|
|
NETWORTH |
697.269 |
554.131 |
724.561 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
723.360 |
594.230 |
458.370 |
|
|
TOTAL BORROWING |
723.360 |
594.230 |
458.370 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1420.629 |
1148.361 |
1182.931 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
927.742 |
862.044 |
839.209 |
|
|
Capital work-in-progress |
48.373 |
72.440 |
102.324 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.050 |
0.050 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
408.850
|
299.853 |
308.986 |
|
|
Sundry Debtors |
54.805
|
57.188 |
83.861 |
|
|
Cash & Bank Balances |
278.285
|
181.302 |
187.980 |
|
|
Other Current Assets |
3.518
|
1.088 |
0.612 |
|
|
Loans & Advances |
393.465
|
345.275 |
264.402 |
|
Total
Current Assets |
1138.923
|
884.706 |
845.841 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
374.855
|
415.578 |
348.753 |
|
|
Other Current Liabilities |
170.472
|
124.044 |
123.419 |
|
|
Provisions |
149.082
|
131.257 |
132.321 |
|
Total
Current Liabilities |
694.409
|
670.879 |
604.493 |
|
|
Net Current Assets |
444.514
|
213.827 |
241.348 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.00 |
|
|
|
|
|
|
|
|
TOTAL |
1420.629 |
1148.361 |
1182.931 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3164.761 |
2754.289 |
2738.226 |
|
|
|
Other Income |
111.197 |
130.542 |
34.389 |
|
|
|
TOTAL |
3275.958 |
2884.831 |
2772.615 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
3362.709 |
3272.912 |
3214.052 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(86.751) |
(388.081) |
(441.437) |
|
|
|
|
|
|
|
|
|
|
TAX |
(0.019) |
0.000 |
(22.235) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
(86.732) |
(388.081) |
(463.672) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
388.081 |
1188.308 |
724.636 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT
ON ACCOUNT OF CAPITAL BALANCE |
0.000 |
(1188.308) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROVISION
/(PROFIT)/LOSS OF THE YEAR |
NA |
NA |
463.672 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
474.813 |
388.081 |
1188.308 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at FOB value |
203.256 |
214.355 |
201.747 |
|
|
|
Income from research and development services |
29.277 |
34.924 |
0.000 |
|
|
TOTAL EARNINGS |
232.533 |
249.279 |
201.747 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
316.907 |
262.907 |
236.442 |
|
|
|
Stores & Spares |
4.319 |
6.608 |
4.012 |
|
|
|
Capital Goods |
93.634 |
39.267 |
114.715 |
|
|
TOTAL IMPORTS |
414.860 |
308.782 |
355.169 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.78) |
(25.39) |
31.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(2.64)
|
(13.45) |
(16.72) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.74)
|
(14.09) |
(16.93) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.61)
|
(43.81) |
(52.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12)
|
(0.70) |
(0.61) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99
|
1.21 |
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.31 |
1.40 |
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
NATURE OF OPERATIONS
The company is engaged
in the manufacture and sale of confectionery products, i.e. chewing gums,
bubble gums, lollipops and toffees. The Company was incorporated on October 5,
1993 and is a wholly owned subsidiary of Wm Wrigley Jr. Co., Chicago, USA.
Subsequent to acquisition of the holding Company by Mars Incorporated, USA and
with effect from October 6, 2008, Mars Incorporated, USA has become the
ultimate holding Company.
OPERATIONS
During the current
financial year they have witnessed positive sales growth of 15.0% and the
Directors are further confident looking at growth prospective in coming years.
FIXED ASSETS
·
Building
·
·
Plant and Machinery
·
Furniture and Fitting
·
Vehicle
·
Office and other
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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
TOTAL |
|
27 |
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.