MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
INCHEM LABORATORIES PRIVATE LIMITED (w.e.f. 12.11.2010) |
|
|
|
|
Formerly Known
As : |
SRI SAI ORGANICS PRIVATE LIMITED |
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Registered
Office : |
8-3-214/54/3/B-16, Madhura Nagar, Hyderabad- 500038, Andhra Pradesh |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
05.12.2006 |
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Com. Reg. No.: |
01-051498 |
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Capital Investment
/ Paid-up Capital : |
Rs. 18.790 millions |
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|
CIN No.: [Company Identification
No.] |
U24110AP2006PTC051498 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS17869F |
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PAN No.: [Permanent Account No.] |
AAKCS2948C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceuticals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 85000 |
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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 a company having a moderate track record. Financial position of the company appears below average. However, trade relations are fair. Business is active. Payment terms are
recorded as slow but correct. 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
8-3-214/54/3/B-16, Madhura Nagar, Hyderabad- 500038, Andhra Pradesh,
India |
|
Tel. No.: |
91- 40-23708811 |
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Fax No.: |
91- 40-23708822 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.52C, IDA Kondapally, Ibrahimpatnam Mandal, Krishna
District-521228, Andhra Pradesh, India |
DIRECTORS
As on 26.09.2012
|
Name : |
Mr. Srinivas Reddy Kasam |
|
Designation : |
Managing Director |
|
Address : |
A-121, Journalist Colony, Jubilee Hills, Hyderabad-500045, Andhra Pradesh, India |
|
Date of Birth/Age : |
11.09.1969 |
|
Date of Appointment : |
01.04.2008 |
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DIN No.: |
00058360 |
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|
|
|
Name : |
Mr. Vinodbabu Madhavaram |
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Designation : |
Whole-Time Director |
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Address : |
9-1-75/1/3, Old Bowenpally, Hasmathpet, Hyderabad-500011, Andhra Pradesh, India |
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Date of Birth/Age : |
14.07.1965 |
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Date of Appointment : |
11.12.2006 |
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DIN No.: |
01851856 |
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|
|
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Name : |
Mr. Poduuturi Rajashekar Reddy |
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Designation : |
Director |
|
Address : |
F-32, Defence Colony, Sikh Village, Secunderabad, Andhra Pradesh, India |
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Date of Birth/Age : |
16.08.1972 |
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Date of Appointment : |
05.12.2006 |
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DIN No.: |
01851907 |
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|
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|
Name : |
Mr. Suresh Avanthi |
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Designation : |
Director |
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Address : |
Plot No 303, Parkview Enclave, Opposite Telephone Exchange, Kphb Kukat Pally, Hyderabad-500072, Andhra Pradesh, India |
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Date of Birth/Age : |
20.06.1971 |
|
Date of Appointment : |
05.12.2006 |
|
DIN No.: |
01904055 |
KEY EXECUTIVES
|
Name : |
Mr. Radhakrishna |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Podduturi Rajashekar Reddy |
|
1208166 |
|
Vinodbabu Madhavaram |
|
528321 |
|
A. Suresh |
|
93513 |
|
Arvind Bhupatrai Sheth |
|
6000 |
|
Amit Arvind Sheth |
|
8000 |
|
Ashish Arvind Sheth |
|
8000 |
|
Orbit Life Science Private Limited, India |
|
27000 |
|
Total |
|
1879000 |
As on 26.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
1.44 |
|
Directors or relatives of Directors |
98.56 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceuticals. |
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Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
31.03.2011 |
|
Licensed Capacity |
TPA |
100 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Canara Bank 3-06-65,Basheerbagh, Beside Skyline Theatre, Hyderabad - 500029, Andhra Pradesh, India |
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Facilities : |
Note: Term loans from Canara Bank are secured by first charge on immovable properties both present and future by equitable mortagage by deposit of title deeds of the Company's land wherever situated. Personal guarantees given by Managing Director and Director of the Company. There is no default in repayment of principal loan or interest thereon. Working capital loans from Canara Bank are secured by way of hypothecation of oil stocks, book debts and other current assets both present and future. Personal guarantees given by Managing Director and Director of the Company. There is no default in repayment of principal loan or
interest thereon. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
K. Nagaraju and Associates Chartered Accountants |
|
Address : |
No.1-8-197, Chikkadpally, Hyderabad- 500020, Andhra Pradesh, India |
|
PAN No.: |
ABHPK1930B |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1879000 |
Equity Shares |
Rs.10/- each |
Rs. 18.790 Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
18.790 |
1.000 |
0.100 |
|
|
2] Share Application Money |
1.210 |
0.000 |
2.782 |
|
|
3] Reserves & Surplus |
1.153 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(0.934) |
(1.310) |
|
|
NETWORTH |
21.153 |
0.066 |
1.572 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23.429 |
24.234 |
30.962 |
|
|
2] Unsecured Loans |
7.408 |
5.000 |
14.798 |
|
|
TOTAL BORROWING |
30.837 |
29.234 |
45.760 |
|
|
DEFERRED TAX LIABILITIES |
0.402 |
0.000 |
0.734 |
|
|
|
|
|
|
|
|
TOTAL |
52.392 |
29.300 |
48.066 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
29.844 |
25.999 |
21.147 |
|
|
Capital work-in-progress |
3.565 |
3.819 |
0.340 |
|
|
|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.058 |
1.221 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
76.623
|
53.372 |
31.403 |
|
|
Sundry Debtors |
13.822
|
16.981 |
10.838 |
|
|
Cash & Bank Balances |
1.859
|
1.876 |
1.123 |
|
|
Other Current Assets |
0.011
|
0.013 |
0.000 |
|
|
Loans & Advances |
12.443
|
10.316 |
7.595 |
|
Total
Current Assets |
104.758
|
82.558 |
50.959 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.643
|
39.816 |
24.640 |
|
|
Other Current Liabilities |
25.581
|
41.766 |
0.000 |
|
|
Provisions |
4.551
|
1.552 |
0.966 |
|
Total
Current Liabilities |
85.775
|
83.134 |
25.606 |
|
|
Net Current Assets |
18.983
|
(0.576) |
25.353 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
52.392 |
29.300 |
48.066 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
155.510 |
101.309 |
60.239 |
|
|
|
Other Income |
NA |
NA |
0.212 |
|
|
|
TOTAL (A) |
NA |
NA |
60.451 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Raw Material Consumed |
|
|
49.369 |
|
|
|
Salaries, Wages and Benefits to Employees |
|
|
7.907 |
|
|
|
Other Manufacturing Overheads |
|
|
5.572 |
|
|
|
Administrative and Selling Expenses |
|
|
3.192 |
|
|
|
Prior Period Expenses |
|
|
0.014 |
|
|
|
Increase / (Decrease) in Stock |
|
|
(11.365) |
|
|
|
TOTAL (B) |
NA |
NA |
54.689 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
5.762 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
3.775 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
NA |
NA |
1.987 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
1.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
NA |
0.259 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
NA |
0.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.087 |
0.377 |
0.131 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.934) |
(1.311) |
(1.442) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.153 |
(0.934) |
(1.311) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
57.424 |
2.151 |
3.118 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
1.11 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
0.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
0.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.46
|
442.94 |
29.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
0.99 |
1.99 |
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 |
No |
|
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 |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
The registered office of the company has been shifted from H. No. 8-3-222
/ B / 7 / 60 / A, D - 81, Madhura Nagar, Sanjeev Reddy Nagar (Post),
Hyderabad-500038, Andhra Pradesh, India
to the present address w.e.f. 01.11.2011
REVIEW OF OPERATIONS:
The company has achieved a total income of Rs. 155.510 millions during the year as against Rs. 101.309 millions during the last year. During the year, the company has earned Net Profit of Rs.2.087 millions as against Net Profit of Rs. 0.377 million during the last year.
FUTURE PLANS:
- After upgrading our facilities and adding modern and upgraded equipment they could successfully complete the audits of Ranbaxy/ Cipla and also Abbott India Limited.
With these audits approval, It’s going to increase the turnover and also profitability for this coming financial years.
- They could successfully commercialize couple of products developed at their new R&D Centre, here at Hyderabad and are looking forward to add new facilities so that we can start production of another two molecules already developed by our R&D team.
They have upgraded R&D also and have got all the relevant permissions from the departments concerned to start the kilo labs; which hopefully will be operational by this year end.
- Their exports value will be more than 30% from the total turnover of their company and are targeting to achieve at least 50% of the turnover from exports by the end of 2013.
- It has been decided to add new facilities and also upgrade the existing facilities to meet WHO cGMP/EDQM requirements to meet the ever growing standards of the industry.
- They will be a 30 Cr company by 2012-13 financial year.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Loan from Directors and NBFC’S |
7.408 |
5.000 |
|
Total |
7.408 |
5.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24110AP2006PTC051498 |
|
Name of the
company |
INCHEM
LABORATORIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
8-3-214/54/3/B-16, Madhura Nagar, Hyderabad- 500038, Andhra Pradesh, India E-mail: |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10121540 |
|
Type of charge |
Immovable property Book debts Others (Stocks) |
|
Particular of
charge holder |
Canara Bank 3-06-65,Basheerbagh, Beside Skyline Theatre, Hyderabad - 500029, Andhra Pradesh, India E-mail: managercb0878@canarabank.com |
|
Nature of
instrument creating charge |
Pronote LEDTD where
additional limit is granted on the very security Supplemental common
hypothecation agreement |
|
Date of
instrument Creating the charge |
15.01.2013 |
|
Amount secured by
the charge |
Rs. 76.300
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC/DBD = 15.25%
p.a TL1 and TL2 =
14.75% p.a TL3 = 14.75% p.a PC/FDB/FBE =
10.50% p.a Terms of Repayment same as earlier Margin not applicable Extent and Operation of the charge The Charge
operates as a security to the extent of Rs.76.300 millions together with all
the costs, charges and expenses if any incurred or borne by the bank present
and future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Entire Fixed
Assets of the company excluding vehicles valued Rs. 29.690 millions as per
Audited Balance Sheet March – 2012 Hypothecation of
book debts valued Rs. 90.443 millions and goods received |
|
Date of
instrument modifying the charge |
09.11.2012 |
|
Particulars of
the present modification |
The previous Term
Loan and other facilities which total to Rs.81.300 millions have been
modified to Rs.76.300 millions |
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Lab Equipment
- Factory
Equipment
- Computers
- Furniture and
Fixtures
- Vehicles
- Office
Equipment
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.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.