|
Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
UURMI SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 860/A,
Road No. 45, Jubliee Hills, Hyderabad - 500033, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.09.2010 |
|
|
|
|
Com. Reg. No.: |
01-070527 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72300AP2010PTC070527 |
|
|
|
|
IEC No.: |
0911009388 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCU2231M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Designing and Development of Custom Software and Electronic Solutions. |
|
|
|
|
No. of Employees
: |
152 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. The company has recorded huge accumulated loss during 2013 due to which
the networth of the company has been eroded. However, trade relations are fair. Business is active. payments are
slow. The concern 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 – 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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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. Rohit Kataria |
|
Designation : |
Chief Product Development and Strategy Officer |
|
Contact No.: |
91-8977453122 |
|
Date : |
05.10.2013 |
LOCATIONS
|
Registered Office : |
Plot No. 860/A,
Road No. 45, Jubliee Hills, Hyderabad - 500033, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30146500 |
|
Fax No.: |
91-40-30146565 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 Sq. ft. |
|
Location : |
Leased |
|
|
|
|
Overseas Office : |
1848, Rock Spring Street, Thousand Oaks, CA 91320, USA |
|
Tel. No.: |
1-805-768-4645 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Hima Bindu Putta |
|
Designation : |
Director |
|
Address : |
Plot # 916B, Rd No 46, Jubilee Hills, Hyderabad – 500033, Andhra
Pradesh, India |
|
Date of Birth/Age : |
12.02.1978 |
|
Qualification : |
Self-Employed |
|
Experience : |
12 Years |
|
|
|
|
Name : |
Mr. Shyam Sundar Garimidi |
|
Designation : |
Director |
|
Address : |
2-2-20/B10 Deshmukh Colony, Hyderabad – 500013, Andhra Pradesh, India |
|
Date of Birth/Age : |
02.01.1958 |
|
Qualification : |
Professional |
|
Experience : |
35 Years |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Kataria |
|
Designation : |
Chief Product Development and Strategy Officer |
|
|
|
|
Name : |
Rama Rao Sreeramaneni, |
|
Designation : |
President and CEO |
|
|
|
|
Name : |
Dr. Shanti Swarup |
|
Designation : |
Chief Technology Officer |
|
|
|
|
Name : |
Mr. Srinivas Bathini |
|
Designation : |
VP Engineering |
|
|
|
|
Name : |
MVS Rao |
|
Designation : |
Director Software |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Sreeramaneni Rama Rao |
|
5000 |
|
Sreeramaneni Srinivasa Rao |
|
5000 |
|
|
|
|
|
Total |
|
10000 |
BUSINESS DETAILS
|
Line of Business : |
Designing and Development of Custom Software and Electronic Solutions. |
|
|
|
|
Terms : |
|
|
Selling : |
As per contract |
|
|
|
|
Purchasing : |
Credit 30 days and Others |
GENERAL INFORMATION
|
Customers : |
End Users, OEM’s and Others [Defence DRDO Labs and DPSUs/PSU] |
|||||||||||||||
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No. of Employees : |
152 (Approximately) |
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Bankers : |
·
Indian Bank, Hyderabad Main Branch,
5-1-679, Surabhi Arcade Bank Street Koti, Hyderabad - 500001, Andhra Pradesh,
India [Tel
No.: 91-40-66663525] ·
Bank of India ·
Punjab National Bank |
|||||||||||||||
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|
|||||||||||||||
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Facilities : |
Credit Limit : Rs. 50.000 Millions (From Indian Bank)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Satheesh and Associates Chartered Accountants |
|
Address : |
8-3-222, C13 and 14, Block A3, Flat No. 203, Haritha Apartments,
Madhura Nagar, Hyderabad – 500038, Andhra Pradesh, India |
|
Tel. No.: |
91-40 24742582 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
·
CoreGreen
Sugar and Fuels Private Limited (CGSFL) Address : Door No: 860/A, Road No. 45, Jubliee Hills,
Hyderabad - 500033, Andhra Pradesh, India Line of Business : Manufacturing |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
|
|
|
|
|
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 |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
(2.517) |
(1.216) |
0.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(2.417) |
(1.116) |
0.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.075 |
1.009 |
1.602 |
|
(b) Deferred tax liabilities (Net) |
0.205 |
0.142 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1.280 |
1.151 |
1.602 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
24.523 |
0.606 |
0.000 |
|
(b)
Trade payables |
4.683 |
2.756 |
0.470 |
|
(c)
Other current liabilities |
47.235 |
30.640 |
17.000 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
76.441 |
34.002 |
17.470 |
|
|
|
|
|
|
TOTAL |
75.304 |
34.037 |
19.172 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
14.221 |
8.227 |
3.125 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
6.104 |
2.600 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.048 |
0.060 |
|
Total
Non-Current Assets |
20.325 |
10.875 |
3.185 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
36.347 |
17.970 |
15.709 |
|
(c)
Trade receivables |
15.598 |
2.706 |
0.000 |
|
(d)
Cash and cash equivalents |
0.682 |
1.478 |
0.264 |
|
(e)
Short-term loans and advances |
2.352 |
1.008 |
0.000 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.014 |
|
Total
Current Assets |
54.979 |
23.162 |
15.987 |
|
|
|
|
|
|
TOTAL |
75.304 |
34.037 |
19.172 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
59.708 |
44.541 |
0.000 |
|
|
|
Other Income |
1.140 |
0.044 |
0.000 |
|
|
|
TOTAL (A) |
60.848 |
44.585 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Changes in inventories of finished goods,
work in progress and stock in trade |
(18.377) |
(2.261) |
(15.709) |
|
|
|
Employee benefit Expenses |
53.527 |
39.512 |
12.737 |
|
|
|
Other Expenses |
20.686 |
6.753 |
2.648 |
|
|
|
TOTAL (B) |
55.836 |
44.004 |
(0.324) |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.012 |
0.581 |
0.324 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.817 |
0.236 |
0.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.195 |
0.345 |
0.256 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.433 |
1.420 |
0.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1.238) |
(1.075) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.063 |
0.141 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1.301) |
(1.216) |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
59.167 |
41.828 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(130.09) |
(121.60) |
0.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.14)
|
(2.73)
|
0.00
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.07)
|
(2.41)
|
0.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.64)
|
(3.16)
|
0.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.96
|
0.00
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(10.59)
|
(1.45)
|
16.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.70
|
2.13 |
5.02 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10348730 |
09/04/2012 |
25,000,000.00 |
INDIAN BANK |
HYDERABAD MAIN
BRANCH 5-1-679, SURABHI ARCADE BANK STREET KOTI, HYDERABAD - 500001, ANDHRA
PRADESH, |
B37291135 |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Vehicle Loan from Tata Capital Limited |
0.669 |
1.009 |
|
Vehicle Loan from Kotak Mahindra The company does not have any continuing default in repayment of
interest and loan on above loans |
0.406 |
0.000 |
|
|
|
|
|
Total |
1.075 |
1.009 |
COMPANY PROFILE:
UURMI Systems designs and delivers embedded solutions,
wireless solutions, networking devices and multimedia platforms product design
services to customers in Communications, Defence and Aerospace, Automotive, and
Consumer Electronics sectors. They provide innovative product design services
including complete system design, hardware implementation, software control,
verification and testing. Uurmi Systems also has a strong R&D department
with core concentration on communication systems, signal processing, image
processing and platforms development.
CONTINGENT
LIABILITIES:
Bank Guarantee: Rs. 4.203 Millions
TRADE REFERENCES
· DRDO Labs (Confidential)
FIXED ASSETS:
· Plant and Machinery
· Computers and Software
· Furniture and Fixture
· Hardware Equipments
·
Vehicles
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. 61.41 |
|
|
1 |
Rs. 99.29 |
|
Euro |
1 |
Rs. 83.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.