MIRA
INFORM REPORT
|
Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLEMINGO (DFS) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D-73/1, TTC Industrial Area, Turbhe MIDC, Navi Mumbai – 400705,
Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.02.2003 |
|
|
|
|
Com. Reg. No.: |
11-157291 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.681
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2003PTC157291 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF04473A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF7189G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is in the business of setting up and operating duty free retail stores at various Airports, Sea ports and International borders. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a duty free retailer which operates duty free shops in four
international airports operated by Airport Authority of India (AAI). It is a well-established company having satisfactory track record. The
company is performing well. There seems a huge growth in the profitability of
the company during current year. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitment. The company can be considered normal 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 |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB (Long term fund based limits) |
|
Rating Explanation |
Moderate degree of safety it carry moderate
credit risk. |
|
Date |
October 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2 (Short term non fund based limits) |
|
Rating Explanation |
Storing degree of safety it carry very low credit
risk. |
|
Date |
October 2013 |
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/ Head Office : |
D-73/1, TTC Industrial Area, Turbhe MIDC, Navi Mumbai – 400705, Maharashtra,
India |
|
Tel. No.: |
91-22-66269999 |
|
Fax No.: |
91-22-27672718 |
|
E-mail : |
DIRECTORS
As on: 27.08.2013
|
Name : |
Mr. Viren Vini Ahuja |
|
Designation : |
Chairman |
|
Address : |
Bungalow No. 1, Neelkanith Theerth, Road No. 6, Chambur, Mumbai –
400088, |
|
Date of Birth/Age : |
21.08.1964 |
|
Date of Appointment : |
19.02.2003 |
|
DIN No.: |
00016317 |
|
|
|
|
Name : |
Mr. Rasiklal Rattilal Thakker |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
13.03.1954 |
|
Date of Appointment : |
05.03.2004 |
|
DIN No.: |
00539051 |
|
|
|
|
Name : |
Mr. Mahandra Kumar Pershotamdas Thakar |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
20.02.1952 |
|
Date of Appointment : |
05.03.2004 |
|
DIN No.: |
00547983 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Flamingo Dutyfree Shop Private Limited, India |
|
1968102 |
|
Mr. Viren V. Ahuja (as nominee of Flemingo Dutyfree Shop Private
Limited) |
|
1 |
|
Total |
|
1968103 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.08.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of setting up and operating duty free retail stores at various Airports, Sea ports and International borders. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · The Federal Bank Limited, 51 Apsara Apartments, Sector 17, Vashi - Navi Mumbai,, Mumbai - 400702, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Uberoi Sood and Kapoor Chartered Accountant |
|
Address : |
606, Vishal Bhavan, 95, |
|
PAN No.: |
AAASU1674L |
|
|
|
|
Holding company : |
Flemingo Dutyfree Shop Private Limited CIN No.: U74999MH2004PTC144881 |
|
|
|
|
Fellow Subsidiary
company: |
· Flemingo International Limited · Flemingo Dutyfree Pvt Ltd Colombo · Flemingo Lanka Private Limited · Dutyfree Distribution Services Private Limited CIN No.: U51101MH2007PTC171279 |
|
|
|
|
Other Loans and
Advances : |
Flemingo Jewellery India Private Limited CIN No.: U27205MH2006PTC165406 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
1,000,000 |
Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,968,103 |
Equity Shares |
Rs.10/- each |
Rs.19.681
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19.681 |
118.375 |
118.375 |
|
(b) Reserves & Surplus |
298.381 |
99.378 |
72.803 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
1.500 |
|
Total
Shareholders’ Funds (1) + (2) |
318.062 |
217.753 |
192.678 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.092 |
|
(c) Other long term liabilities |
15.125 |
16.590 |
26.956 |
|
(d) long-term provisions |
0.650 |
1.012 |
0.789 |
|
Total Non-current Liabilities (3) |
15.775 |
17.602 |
27.837 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
45.990 |
99.259 |
0.000 |
|
(b) Trade payables |
18.561 |
281.149 |
60.086 |
|
(c) Other current
liabilities |
47.894 |
50.299 |
44.804 |
|
(d) Short-term provisions |
38.713 |
14.732 |
7.812 |
|
Total Current Liabilities (4) |
151.158 |
445.439 |
112.702 |
|
|
|
|
|
|
TOTAL |
484.995 |
680.794 |
333.217 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8.139 |
7.300 |
6.416 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.100 |
|
(iv)
Intangible assets under development |
0.000 |
0.100 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
7.029 |
0.006 |
0.000 |
|
(d) Long-term Loan and Advances |
26.777 |
26.100 |
35.975 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
41.945 |
33.506 |
42.491 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
49.597 |
150.321 |
112.139 |
|
(c) Trade receivables |
300.452 |
439.453 |
110.049 |
|
(d) Cash and cash
equivalents |
69.071 |
48.642 |
54.371 |
|
(e) Short-term loans and
advances |
23.930 |
8.872 |
14.167 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
443.050 |
647.288 |
290.726 |
|
|
|
|
|
|
TOTAL |
484.995 |
680.794 |
333.217 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1048.266 |
1021.791 |
541.874 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
153.835 |
40.647 |
32.369 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
53.526 |
14.071 |
12.163 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
100.309 |
26.576 |
20.206 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
99.378 |
72.802 |
52.596 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
199.687 |
99.378 |
72.802 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1046.295 |
1021.514 |
541.743 |
|
|
|
1,968,103 |
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.97 |
13.50 |
10.27 |
|
%20PRIVATE%20LIMITED%20-%20243234%2026-Nov-2013_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20243234%2026-Nov-2013_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20243234%2026-Nov-2013_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
14.67
|
3.98 |
5.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.19
|
5.97 |
6.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.19 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14
|
0.46 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.93
|
1.45 |
2.58 |
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 |
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 |
Yes |
NOTE: The
registered office of the company has been shifted from Flat No. 25/26, Vaikunth Co-operative
Housing Society, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra,
India to
present address w.e.f.12.08.2013.
REVIEW OF OPERATION
During the year, the Company had achieved sales of Rs. 1048.266 Millions as against Rs. 1021.791 Millions of the previous year. The net profit for the year has been Rs.100.309 Millions as against Rs. 26.576 Millions during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company.
GENERAL INFORMATION
Flemingo (DFS) Private Limited (the 'Company') is a company, with its registered office at Flat No 25/26 Vaikunth Co-op Housing Society, Mount Mary Road, Bandra-West, Mumbai- 400050. The Company is in the business of setting up and operating duty free retail stores at various Airports, Sea ports and International borders.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10358876 |
05/02/2013 * |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
B69106128 |
|
2 |
10175139 |
05/08/2009 |
200,000,000.00 |
THE FEDERAL BANK LIMITED |
51 APSARA APARTMENTS, SECTOR 17, VASHI - NAVI MUMBAI, Mumbai, Maharashtra - 400702, INDIA |
A68951862 |
|
3 |
10175140 |
05/08/2009 |
200,000,000.00 |
THE FEDERAL BANK LIMITED |
51 APSARA APARTMENTS, SECTOR 17, VASHI - NAVI MUMBAI, Mumbai, Maharashtra - 400702, INDIA |
A68952001 |
* Date of charge modification
FIXED ASSETS:
- Furniture and fixture
- Computer
- Air conditioner
- Electrical scanner and printer
- Software
- Fire extinguisher
- Mobile phone
- Fax machine
- Photo copiers
- Water coolers
- Vehicle
- TV and Refrigerator
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.62.58 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.