MIRA INFORM REPORT
|
Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
VOITH PAPER TECHNOLOGY (INDIA) PRIVATE LIMITED (w.e.f. 11.08.2011) |
|
|
|
|
Formerly Known
As : |
VOITH PAPER TECHNOLOGY (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
ECOSPACE, Block A, 6th Floor, II F/11, New Town, Rajarhat,
Kolkata – 700 156, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
12.04.2000 |
|
|
|
|
Com. Reg. No.: |
21-162530 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22111WB2000PTC162530 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in trading of paper machinery and rendering
engineering consulting services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1314000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having a fine track record. The financial position of the company is sound and healthy. Trade relations
are reported as decent. Business is active. Payment terms are regular and as
per commitment. The company can be considered good 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.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Non Fund Based Limits: A+ (SO) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
November, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits: A1+ (SO) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
November, 2012 |
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 : |
ECOSPACE, Block A, 6th Floor, II F/11, New Town, Rajarhat,
Kolkata – 700 156, West Bengal, India |
|
Tel. No.: |
91-33-23005505 |
|
Fax No.: |
91-33-23005151 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at: ·
Ahmedabad ·
Bangalore ·
Chennai ·
Hyderabad ·
Kochi ·
Kolkata ·
Mumbai ·
Gurgaon ·
New Delhi ·
Gautam Budh Nagar ·
Pune |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Dr. Hans Peter Sollinger |
|
Designation : |
Director |
|
Address : |
Germanen Strabe 161, Heidenheim, 89520, Germany |
|
Date of Birth/Age : |
09.08.1953 |
|
Date of Appointment : |
01.08.2005 |
|
DIN No.: |
00052381 |
|
|
|
|
Name : |
Mr. Martin Gustav Scherrer |
|
Designation : |
Director |
|
Address : |
Gansackerwe, G-145, Elchingen, 89275, Germany |
|
Date of Birth/Age : |
23.05.1965 |
|
Date of Appointment : |
19.05.2011 |
|
DIN No.: |
02343290 |
|
|
|
|
Name : |
Mr. Krishna Kumar Rajamohannair |
|
Designation : |
Additional Director |
|
Address : |
Flat No.204, 2nd Floor, Shivalik Apartments, GH-12,
Sector-46, Faridabad – 121 001, Haryana, India |
|
Date of Birth/Age : |
30.05.1975 |
|
Date of Appointment : |
01.10.2012 |
|
DIN No.: |
05344619 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Names of Shareholders |
|
No. of Shares |
|
Voith Paper Holding GmbH and Co. KG, Germany |
|
2999994 |
|
VP Auslandsbeteili gungen GmbH as nominee shareholder of Voith Paper
Holding GmbH and Co. KG, Germany |
|
6 |
|
Total
|
|
3000000 |
AS ON 31.12.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in trading of paper machinery and rendering
engineering consulting services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Citi Bank NA, 41, Chowringhee Road, Kolkata – 700 071, West Bengal,
India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
22, Camac Street, 3rd Floor, Block C, Kolkata – 700 016,
West Bengal, India |
|
Tel. No.: |
91-33-66153400 |
|
Fax No.: |
91-33-22817750 |
|
PAN No: |
AALFS0506L |
|
|
|
|
Holding Company
: |
Voith Paper Holding GmbH and Co. KG |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 |
30.09.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
30.000 |
30.000 |
|
(b) Reserves & Surplus |
|
298.531 |
222.410 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
328.531 |
252.410 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
2.298 |
|
(c)
Other long term liabilities |
|
0.904 |
0.042 |
|
(d)
Long-term provisions |
|
14.064 |
9.948 |
|
Total
Non-current Liabilities (3) |
|
14.968 |
12.288 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
119.901 |
30.569 |
|
(c)
Other current liabilities |
|
355.749 |
272.764 |
|
(d)
Short-term provisions |
|
17.597 |
4.445 |
|
Total
Current Liabilities (4) |
|
493.247 |
307.778 |
|
|
|
|
|
|
TOTAL |
|
836.746 |
572.476 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
140.432 |
144.905 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.100 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.461 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
12.079 |
3.201 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
153.072 |
148.106 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
279.054 |
133.197 |
|
(b)
Inventories |
|
5.364 |
2.936 |
|
(c)
Trade receivables |
|
163.663 |
7.783 |
|
(d)
Cash and cash equivalents |
|
180.080 |
106.583 |
|
(e)
Short-term loans and advances |
|
55.513 |
173.871 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
683.674 |
424.370 |
|
|
|
|
|
|
TOTAL |
|
836.746 |
572.476 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
30.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
157.687 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
187.687 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
57.729 |
|
|
TOTAL BORROWING |
|
|
57.729 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.847 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
246.263 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
145.696 |
|
|
Capital work-in-progress |
|
|
0.314 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
54.842 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1.243 |
|
|
Sundry Debtors |
|
|
0.316 |
|
|
Cash & Bank Balances |
|
|
63.859 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
142.504 |
|
Total
Current Assets |
|
|
207.922 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
13.404 |
|
|
Other Current Liabilities |
|
|
96.898 |
|
|
Provisions |
|
|
52.209 |
|
Total
Current Liabilities |
|
|
162.511 |
|
|
Net Current Assets |
|
|
45.411 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
246.263 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
820.449 |
243.619 |
401.607 |
|
|
|
Other Income |
39.692 |
143.147 |
152.007 |
|
|
|
TOTAL (A) |
860.141 |
386.766 |
553.614 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases and Operating Expenses |
|
159.353 |
349.858 |
|
|
|
Staff Expenses |
|
74.660 |
43.857 |
|
|
|
Sales & Administration Expenses |
|
48.120 |
28.288 |
|
|
|
TOTAL (B) |
747.563 (including
interest) |
282.133 |
422.003 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
104.633 |
131.611 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
|
2.700 |
2.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
112.578 |
101.933 |
129.390 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.719 |
5.816 |
3.659 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
106.859 |
96.117 |
125.731 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.680 |
31.452 |
43.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
76.179 |
64.665 |
82.458 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
198.832 |
134.167 |
51.709 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
275.011 |
198.832 |
134.167 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
32.648 |
129.210 |
110.663 |
|
|
|
Service charges |
|
15.217 |
14.208 |
|
|
TOTAL EARNINGS |
32.648 |
144.427 |
124.871 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Paper machinery parts and equipments |
NA |
0.436 |
0.395 |
|
|
TOTAL IMPORTS |
NA |
0.436 |
0.395 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
25.39 |
21.56 |
27.49 |
|
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%20PRIVATE%20LIMITED%20-%20227775%2020-Jul-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
PAT / Total Income |
(%) |
8.86
|
16.72 |
14.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.02
|
39.45 |
31.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.78
|
16.79 |
35.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.38 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.38 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
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 |
Yes |
Note:
The registered office of the company has been shifted from Ecospace
Ambuja,11F/11, Old AA-II, 6th Floor, Block 2, New Town, Rajarhat,
North 24 Parganas, Kolkata – 700 156, West Bengal to the present address
w.e.f. 11.08.2011.
YEAR IN
RETROSPECT:
The Company has
shown excellent performance for the year 2011-12. Total income for the
financial year were Rs.820.400 millions as against Rs.243.600 millions for the
previous financial year, registering an increase of 267%. The Profit After Tax
(PAT) for the financial year was of Rs.76.200 millions as against Rs.64.700 millions
for the previous financial year.
CONTINGENT LIABILITIES:
|
Particulars |
30.09.2012 (Rs. in Millions) |
30.09.2011 (Rs. in Millions) |
|
Demands/claims by
various Government authorities and others not acknowledged as debts and contested
by the Company: |
|
|
|
Sales Tax |
28.976 |
0.000 |
|
Income Tax |
7.118 |
7.118 |
|
|
36.094 |
7.118 |
|
Against the
above, payments have been made under protest |
1.121 |
0.000 |
FIXED ASSETS:
·
Office Building
·
Furniture and Fixtures
·
Plant and Machinery
·
Office Equipments
·
Computers
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.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared by
: |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.