MIRA
INFORM REPORT
|
Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
J. I. RUWALA AND COMPANY |
|
|
|
|
Registered Office : |
506, Keshava, Bandra Kurla Complex, Bandra (East), Mumbai
– 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.07.2014 |
|
|
|
|
Year of Establishment : |
Not Available |
|
|
|
|
Capital Investment / Paidup Capital : |
Rs.15.370 Millions (Access Floor International) |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
MUMM39767A (Access Floor International) |
|
|
|
|
PAN No.: [Permanent Account No.] |
AATFA1947M (Access Floor International) |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business : |
Service Provider, Importer and Marketer of Raised and False Floors. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
Status : |
Business transferred
|
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
|
|
|
|
Comments : |
Mr. Jagdish I. Ruwala who was a proprietor of M/s. J. I. Ruwala and Company has stopped its operations since 1st April, 2014 and has transferred its business to M/s Access Floor International which is currently in operation and where Mr. Jagdish I. Ruwala is a Major partner.
Further, he also provided us provisional financial statement of M/s Access Floor International ranging from 01.04.2014 to 31.07.2014 and M/s. J. I. Ruwala ranging from 01.03.2014 to 31.03.2014.
As per financial statement of M/s J. I. Ruwala it has achieved sales turnover of Rs.4.416 Millions for the year 2013-2014 and Rs.0.278 Million in the year 01.04.2014 to 31.07.2014. Sales of the concern (M/s J. I. Ruwala) has dip due to transfer of business to M/s Access Floor International.
M/s Access Floor International has achieved decent turnover for the period (01.04.2014 to 31.07.2014) |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic development
in the dragon economy and has figured out something that is quite worrying. He
is of the view that the Chinese economy could be heading toward trouble on
account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes tat many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Jagdish I. Ruwala |
|
Designation : |
Proprietor |
|
Contact No.: |
91-22-40064003 |
|
Date : |
21.08.2014 |
LOCATIONS
|
Registered Office : |
506, Keshava, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40064003 / 40064004 / 26590086 |
|
Fax No.: |
91-22-40064014 |
|
E-Mail : |
ruwala@vsnl.com |
|
Website : |
PARTNERS
|
Name : |
Mr. Jagdish I. Ruwala |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Aakanksha P. Kapoor |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Service Provider, Importer and Marketer of Raised and
False Floors. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kararana and Associates Chartered Accountants |
|
Address : |
3rd Floor, Shalaka Building, Juhutara Road, Santracruz (West), Mumbai – 400049, Maharashtra, India |
CAPITAL STRUCTURE
ACCESS FLOOR INTERNATIONAL
As on 31.07.2014
|
Capital
Investment : |
|
|
Owned
: |
Rs.15.370 Millions
|
|
Borrowed
: |
-- |
|
Total
: |
Rs.15.370
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ACCESS FLOOR INTERNATIONAL
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
01.04.2014 to 31.07.2014 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
15.370 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
3.345 |
|
|
NETWORTH |
|
|
18.715 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
37.440 |
|
|
TOTAL BORROWING |
|
|
37.440 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
56.155 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.087 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
11.899 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
16.644 |
|
|
Sundry Debtors |
|
|
21.266 |
|
|
Cash & Bank Balances |
|
|
1.051 |
|
|
Other Current Assets |
|
|
3.894 |
|
|
Loans & Advances |
|
|
5.191 |
|
Total
Current Assets |
|
|
48.046 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3.820 |
|
|
Other Current Liabilities |
|
|
0.057 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
3.877 |
|
|
Net Current Assets |
|
|
44.169 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
56.155 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
01.04.2014 to 31.07.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
18.767 |
|
|
|
Other Income |
|
|
0.003 |
|
|
|
TOTAL |
|
|
18.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Import Expenses |
|
|
10.110 |
|
|
|
Labour Expenses |
|
|
1.722 |
|
|
|
Transport Charges |
|
|
1.025 |
|
|
|
Loans |
|
|
0.822 |
|
|
|
Lodging and boarding |
|
|
0.115 |
|
|
|
Misc. expenses |
|
|
0.070 |
|
|
|
Service tax |
|
|
0.002 |
|
|
|
Subcontractor expenses |
|
|
0.009 |
|
|
|
Indirect expenses |
|
|
0.223 |
|
|
|
Administration expenses |
|
|
1.918 |
|
|
|
Finance Expenses |
|
|
0.050 |
|
|
|
Selling administration expenses |
|
|
0.382 |
|
|
|
Selling and distributions expenses |
|
|
0.268 |
|
|
|
Foreign exchange fluctuation |
|
|
0.058 |
|
|
|
Packing and cartage
|
|
|
0.003 |
|
|
|
Sundry balances bad debts
|
|
|
0.081 |
|
|
|
TOTAL
|
|
|
16.858 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
1.912 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION
|
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FOR THE
YEAR |
|
|
1.912 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
01.04.2014
to 31.07.2014 |
|
PAT / Total Income |
(%) |
|
|
10.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
10.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
3.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
|
|
|
|
|
|
2.00 |
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
|
|
|
|
|
|
12.39 |
-------------------------------------------------------------------------------------------------------------------------------------------------------
J. I. RUWALA AND COMPANY
BALANCE SHEET
|
SOURCES OF FUNDS |
|
01.04.2014 to 31.07.2014 |
01.04.2013 to 31.03.2014 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
(121.557)
|
(121.557)
|
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.962 |
0.920 |
|
|
NETWORTH |
|
(120.595) |
(120.637) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
1.500 |
1.500 |
|
|
TOTAL BORROWING |
|
1.500 |
1.500 |
|
|
DEFERRED TAX LIABILITIES |
|
131.864 |
131.864 |
|
|
|
|
|
|
|
|
TOTAL |
|
12.769 |
12.727 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.679 |
0.679 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.299 |
0.299 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3.631 |
3.632 |
|
|
Sundry Debtors |
|
8.279 |
10.405 |
|
|
Cash & Bank Balances |
|
-0.735 |
-3.248 |
|
|
Other Current Assets |
|
1.323 |
1.449 |
|
|
Loans & Advances |
|
0.381 |
0.437 |
|
Total
Current Assets |
|
12.879 |
12.675 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.233 |
0.085 |
|
|
Other Current Liabilities |
|
0.855 |
0.841 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
1.088 |
0.926 |
|
|
Net Current Assets |
|
11.791 |
11.749 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
12.769 |
12.727 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
01.04.2014
to 31.07.2014 |
01.04.2013
to 31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
4.416 |
0.278 |
|
|
|
Other Income |
|
1.248 |
0.000 |
|
|
|
TOTAL |
|
5.664
|
0.278
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
2.912 |
0.030 |
|
|
|
Service tax |
|
0.103 |
0.000 |
|
|
|
Transport charges |
|
0.145 |
0.000 |
|
|
|
Subcontractor expenses
|
|
0.696 |
0.000 |
|
|
|
Bank charges |
|
0.002 |
0.000 |
|
|
|
Car insurance |
|
0.009 |
0.000 |
|
|
|
Donation |
|
0.012 |
0.000 |
|
|
|
Interest to TDS |
|
0.001 |
0.000 |
|
|
|
Interest to bank |
|
0.510 |
0.062 |
|
|
|
Miscellaneous fees |
|
0.006 |
0.000 |
|
|
|
Professional fees |
|
0.086 |
0.135 |
|
|
|
Repairs and maintenance
|
|
0.020 |
0.000 |
|
|
|
Setoff reduction |
|
0.004 |
0.000 |
|
|
|
Short certified |
|
0.004 |
0.000 |
|
|
|
Sundry balance written off
|
|
0.074 |
0.009 |
|
|
|
Travelling Expenses
|
|
0.042 |
0.000 |
|
|
|
TOTAL |
|
4.626 |
0.236 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
0.042 |
1.038 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
0.000 |
0.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FOR THE YEAR |
|
0.042 |
0.920 |
|
KEY RATIOS
|
PARTICULARS |
|
|
01.04.2014 to 31.07.2014 |
01.04.2013 to 31.03.2014 |
|
PAT / Total Income |
(%) |
|
0.74
|
330.94
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.95
|
330.94
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.31
|
6.89
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00
|
(0.01)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
(0.01)
|
(0.01)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
11.84
|
13.69
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
01.04.2013 to 31.03.2014 |
01.04.2014 to 31.07.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Share
Capital |
|
(121.557) |
(121.557) |
|
Reserves
& Surplus |
|
0.000 |
0.000 |
|
(Accumulated
Losses) |
|
0.962 |
0.92 |
|
Net
worth |
|
(120.595) |
(120.637) |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
0.000 |
|
Short term borrowings |
|
1.500 |
1.500 |
|
Total
borrowings |
|
1.500 |
1.500 |
|
Debt/Equity
ratio |
|
(0.012) |
(0.012) |
%2022-Aug-2014_files/image002.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
01.04.2013 to 31.03.2014 |
01.04.2014 to 31.07.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
|
0.278 |
4.416 |
|
|
|
|
1,488.489 |
%2022-Aug-2014_files/image004.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
|
01.04.2013 to 31.03.2014 |
01.04.2014 to 31.07.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
|
0.278 |
4.416 |
|
Profit |
|
0.042 |
0.920 |
|
|
|
15.11% |
20.83% |
%2022-Aug-2014_files/image006.gif)
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 |
No
|
|
8] |
No. of employees |
No
|
|
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 |
No
|
|
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 |
No
|
|
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 |
No
|
|
29] |
Last accounts filed at
ROC |
No
|
|
30] |
Major Shareholders, if
available |
No
|
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No
|
|
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
|
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 records 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.60.67 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT / VNT |
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.