MIRA
INFORM REPORT
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Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MULTIFILMS PLASTICS PRIVATE LIMITED |
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Registered
Office : |
C-11, MIDC Kherdchiplun, Ratnagiri-415604, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.11.1981 |
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Com. Reg. No.: |
11-025717 |
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Capital
Investment/ Paid-up Capital: |
Rs.37.881 Millions |
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CIN No.: [Company Identification
No.] |
U25209MH1981PTC025717 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20041A |
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PAN No.: [Permanent Account No.] |
AAACM3017A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter Printed/Unprinted Multi Layer Plastic Films
and Plastic Raw Materials. |
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No. of
Employees: |
125 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 93000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears huge external borrowings recorded by the company during 2012.
There also appears some accumulated loss recorded by the company. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings for business
dealings with some 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
|
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.
INFORMATION PARTED BY
|
Name : |
Mr. Rane |
|
Designation : |
Accountant |
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Contact No.: |
91-22-26120607 |
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Date : |
29.01.2013 |
LOCATIONS
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Registered Office / Factory 1 : |
C-11, MIDC Kherdchiplun, Ratnagiri-415604, |
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Tel. No.: |
91-2355-256527 |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
100 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
Ground Floor, Office No. 2, Laxmi Nilayam, |
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Tel. No.: |
91-22-26120607 / 26153794 / 26153994 |
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Tel Fax No.: |
91-22-26185992 |
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E-Mail : |
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Factory 2: |
W – 3(A) and W -4, MIDC Kherdi, Chiplun -415604 |
DIRECTORS
As on 29.09.2012
|
Name : |
Ms. Rita Pavankumar |
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Designation : |
Director |
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Address : |
49-B, Bhagirathi, Nehru Road, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
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Date of Birth/Age : |
08.09.1962 |
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Date of Appointment : |
01.02.1996 |
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Din No.: |
00322476 |
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Name : |
Mr. Sudhir Shankar Bandiwadekar |
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Designation : |
Whole Time Director |
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Address : |
6, Sudarshan CHS, Mahant Road, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
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Date of Birth/Age : |
26.02.1952 |
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Date of Appointment : |
27.11.1981 |
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Din No.: |
00323282 |
KEY EXECUTIVES
|
Name : |
Mr. Rane |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
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No. of Shares |
|
Sudhir Shankar Bandiwadekar |
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111900 |
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Manisha Bandiwadekar |
|
100 |
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Pavankumar Sanwarmal |
|
100 |
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S. M. Sheti Seva Private Limited, |
|
1578000 |
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Resham Resha Private Limited, |
|
1578000 |
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Mahal Plastics and Fibres Private Limited, India |
|
520000 |
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Total |
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3788100 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
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Percentage |
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Bodies corporate |
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97.04 |
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Directors or relatives of directors |
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2.96 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter Printed/Unprinted Multi Layer Plastic Films and Plastic Raw Materials. |
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Exports : |
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Products : |
Printed/Unprinted Multi Layer Plastic Films and Plastic Raw Materials |
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Countries : |
Gulf Country |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Asian Country Singapore |
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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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Customers : |
End Users |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
·
Bank of India, Mumbai Overseas Branch, 70-80,
Mahatma Ghandi Road, Mezzaine Floor, Mumbai - 400023, Maharashtra, India Tel. No.: 91-22-22620281 / 22696966 (Mr. Gupte) |
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Facilities : |
·
TL – Rs. 7.600 millions (From Bank of India) ·
LC – Rs. 32.000 millions (From Bank of India) ·
CC – Rs. 32.000 millions (From Bank of India) |
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LONG TERM BORROWING (i)
Details of terms of repayment for the other long-term borrowings and security
provided in respect of the secured other long-term borrowings: 1) Term loan of Rs. 6.699, Buyer's credit of Rs.23.117- and Cash Credit of Rs.32.102 - has been taken from Bank of India is
secured against the following security. Sanction Limit: Term Loan : Rs.7.600 LC/ Buyer's Credit: Rs.32.000 Cash Credit: Rs.32.000 Principal Security : i) Hypothecation of Stock ii)Hypothecation of Book Debts iii) Pledge of TDR BG/
LC
Margin iv)
1st
charge on fixed assets ie building, plant and Machinery at Plot No. C-11, MIOC Chiplun Dist. Ratnagiri (Maharashtra) Collateral Security : Charge on office premises at Laxmi
Nilayam CHS Limited, Vile Parle (East) Mumbai. Charge on factory premises
(Land, Building, Plant and Machinery) at Plot No. C-11, MIDC , Chiplun, Dist.
Ratnagiri ( Charge on factory Premises (
Land, Building , Plant and Machinery) at Plot no.
W3 and 4 MIDC Chiplun, Dist. Ratnagiri (Maharashtra). Corporate Guarantee S.M. Sheti Seva Private Limited Corporate Guarantee S.M Sheti Seva Private
Limited Repayment
Schedule for Term Loan
(i) Details of terms of
repayment for the other long-term borrowings and security provided in respect
of the secured other long-term borrowings: 2) Deferred sales tax
liability is secured against charge on fixed assets of the company Repayment Schedule
Sales Tax Defferd-II Deffered
Sales tax availed for the period 11.07.2002 to 10.05.2011 of Rs,
13.313 millions and repayment of this will starts after 10 years from
11.07.2002 in installments Rate of Interest on unsecured loans is 12% p.a Details of long term borrowings guaranteed by some
of the directors or others
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.
K. Nevatia and Associates Chartered Accountants |
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Address : |
19, Laxmi Narayan Shopping Centre, First Floor, Poddar Road, Malad (East),
Mumbai-400097, Maharashtra, India |
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Tel. No.: |
91-22-28836667 |
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Tel Fax No.: |
91-22-28829045 |
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E-Mail : |
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PAN No.: |
ABWPN4663M |
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Group Company : |
·
Resham Resha Private Limited, ·
Mahal Plastics and Fibres Private Limited, India |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5100000 |
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|
Rs.51.000 Millions |
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Equity Shares |
Rs.10/- each |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
3788100 |
Equity Shares |
Rs.10/- each |
Rs.37.881
Millions |
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Details of shares held by each shareholder holding more than 5% on
shares
|
Class of shares
/ Name of shareholder |
31.03.2012 |
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Name of
Shareholders With voting
rights |
No.
of share held |
%
of holding |
|
SM Sethi Seva Private Limited |
1578000 |
41.66 |
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Resham Resha Private Limited |
1578000 |
41.66 |
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Mahal Plastics Fibres Private Limited
|
520000 |
13.72 |
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Particulars |
Aggregate number of shares |
|
|
31.03.2012 |
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Name of
Shareholders With voting
rights Fully Paid up
pursuant to conversion of loan payment being received in cash |
|
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SM Sethi Seva Private Limited |
500000 |
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Resham Resha Private Limited |
500000 |
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Mahal Plastics Fibres Private Limited
|
500000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
37.881 |
22.881 |
22.881 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
6.924 |
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4] (Accumulated Losses) |
(14.530) |
(27.680) |
(27.169) |
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NETWORTH |
23.351 |
(4.799) |
2.636 |
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LOAN FUNDS |
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1] Secured Loans |
76.142 |
53.578 |
44.442 |
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2] Unsecured Loans |
17.809 |
31.810 |
10.059 |
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TOTAL BORROWING |
93.951 |
85.388 |
54.501 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
117.302 |
80.589 |
57.137 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.684 |
35.826 |
34.748 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.105 |
0.105 |
0.866 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
25.487
|
32.874 |
18.184
|
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Sundry Debtors |
33.078
|
19.396 |
7.229
|
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Cash & Bank Balances |
30.008
|
1.128 |
2.188
|
|
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Other Current Assets |
0.081
|
0.162 |
0.000
|
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Loans & Advances |
15.197
|
15.059 |
14.397
|
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Total
Current Assets |
103.849
|
68.619 |
41.998 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
18.491
|
19.833 |
13.317
|
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Other Current Liabilities |
3.682
|
3.345 |
6.603 |
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Provisions |
0.163
|
0.783 |
0.800
|
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Total
Current Liabilities |
22.336
|
23.961 |
20.720 |
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Net Current Assets |
81.513
|
44.658 |
21.278 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.245 |
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TOTAL |
117.302 |
80.589 |
57.137 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
321.604 |
247.520 |
136.224 |
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Other Income |
0.644 |
0.226 |
0.528 |
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TOTAL (A) |
322.248 |
247.746 |
136.752 |
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Less |
EXPENSES |
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Cost of material consume |
248.396 |
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Employee benefit expenses |
14.910 |
13.345 |
126.841 |
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Other Expenses |
31.501 |
28.028 |
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Changes in inventories of finished goods, work in progress
and stock in trade |
1.438 |
2.685 |
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TOTAL (B) |
296.245 |
230.051 |
126.841 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26.003 |
17.695 |
9.911 |
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Less |
FINANCIAL
EXPENSES (D) |
9.561 |
7.139 |
5.652 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.442 |
10.556 |
4.259 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.083 |
3.206 |
2.720 |
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PROFIT BEFORE
TAX (E-F) (G) |
13.359 |
7.350 |
1.539 |
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Less |
TAX (H) |
0.199 |
0.351 |
0.802 |
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PROFIT AFTER TAX
(G-H) (I) |
13.160 |
6.999 |
0.737 |
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Earnings Per
Share (Rs.) |
3.47 |
3.06 |
0.32 |
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Expected Sales (2012-2013) : Rs. 400.000 millions to 450.000 millions
The above information has been parted by Mr. Rane (Accountant)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.08 |
2.83 |
0.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.15 |
2.97 |
1.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.57 |
7.04 |
2.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.57 |
(1.53) |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.98 |
(22.79) |
28.53 |
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Current Ratio (Current Asset/Current Liability) |
|
4.65 |
2.86 |
2.03 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
(Rs. In Millions) |
||
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|
|
|
|
|
Acceptances |
6.685 |
4.983 |
13.317 |
|
Other
than Acceptances |
11.806 |
14.850 |
|
|
Total |
18.491
|
19.833 |
13.317
|
|
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 |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
GENERAL REVIEW
The company’s performance was satisfactory during the year. The company could
achieved its turnover as well it could achieve its targets of Net Profit. The
future of the company seems to be bright.
UNSECURED LOANS
|
Unsecured Loans |
As
on 31.03.2012 Rs.
in millions |
As
on 31.03.2011 Rs.
in millions |
|
Incorporate Loans |
0.000 |
10.766 |
|
Loans from Share holders and Relatives |
17.809 |
21.044 |
|
Total |
17.809 |
31.810 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U25209MH1981PTC025717 |
|
Name of the
company |
MULTIFILMS
PLASTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-11, MIDC Kherdchiplun, Ratnagiri-415604, Email ID: mppl@bom7.vsnl.net.in |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10178340 |
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Type of charge |
|
|
Particular of
charge holder |
Bank of India,
Mumbai Overseas Branch, 70 - 80, Mahatma Gandhi Road, Mezzaine Floor, Mumbai
– 400023, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
17.04.2012 |
|
Amount secured by
the charge |
Rs.71.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest
/Commission as per Schedule III of Supplemental deed of hypothecation at such
other rate/s of interest as may be notified by the Bank from time to time. Terms of repayment : TL: First 8
Quarters since December .09 Rs.0.800 millions p.q, Next 4 Quarters Rs.0.900
million p.q., Next 4 Quarters Rs.1.000 million p.q. CC: On Demand and
L/C: On Due Date. Margin : As required by
the bank from time to time. Extent and operation of the charge : The bank is
having first charge on the security, as described in Sr.No.15, given by the
company. Other : Revised
Facilities and Limits : A) FBL- 1) TL : Rs.7.600
Millions, 2)CC(Stocks/BD)PCFC/EPC/FBP/DP
90 days) Rs.32.000 Millions, B)NFBL: 3) L/C (I /F)
DP/DA 120 days/Buyers Credit Rs.32.000 Millions , 4)Bank Guarantee (I/F)
(within L/C Limit Rs.2.500 Millions), Total (A + B) Rs.71.600 Millions. |
|
Short particulars
of the property charged (Including location of the property) |
A) All that piece
and parcel of land known as Gr. Floor, Shop No.2, Laxmi Nilayam, Nanda Patkar
Road, Ville Parle (East), Mumbai – 400057, Maharashtra, India in the state Maharashtra admeasuring 415
Sq. ft.(Carpet Area) together with the construction standing thereon and
together with the construction that hereafter be made and also together with
fixtures B) Hypothecation
of Stock, book debts and machinery C) Equitable
mortgage by deposit of title deeds of immovable assets(present and future) of
the company situated at C - 11, MIDC, Chiplun, and W/3 and W/4, MIDC,
Chiplun, Maharashtra. |
|
Date of
instrument modifying the charge |
13.01.2012 |
|
Particulars of the
present modification |
The principal
amount of charge on mortgaged property at Chiplun is now enhanced from
Rs.49.800 Millions to Rs.71.600 Millions. |
Fixed Assets
- Land
- Plant and
Machinery
- Motor Car
- Furniture and
Fixture
- Office
Equipment
- Typewriters
- Motor Cycle
- Computer
- Air
Conditioners
- Office
Premises
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.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
TOTAL |
|
26 |
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.