MIRA
INFORM REPORT
|
Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SATURN FERRO ALLOYS PRIVATE LIMITED |
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Registered
Office : |
M-11, Anupam Nagar, P O. Shankar Nagar, |
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Country : |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.03.1992 |
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|
Com. Reg. No.: |
10-006998 |
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|
Capital
Investment / Paid-up Capital : |
Rs.4.864 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27103CT1992PTC006998 |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturing and selling of high carbon ferro manganese and silico
manganese. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
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|
Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment
terms are reported slow but correct. The company can be considered 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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. Mukesh Agarwal |
|
Designation : |
Director |
|
Contact No.: |
91-9826844000 |
|
Date : |
28.08.2014 |
LOCATIONS
|
Registered Office : |
M-11, Anupam Nagar, P O. Shankar Nagar, Raipur – 492001, Chhattisgarh,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9826844000 (Mr. Mukesh Agarwal) |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Vipin Kumar Agrawal |
|
Designation : |
Director |
|
Address : |
M-11, Anupam Nagarp.O. Shankar Nagar, Raipur – 492001, Chhattisgarh,
India |
|
Date of Birth/Age : |
02431676 |
|
Date of Appointment : |
06.07.1993 |
|
DIN No.: |
00143383 |
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|
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Name : |
Mr. Manoj Kumar Agrawal |
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Designation : |
Director |
|
Address : |
M-11, Anupam Nagarp.O. Shankar Nagar, Raipur – 492001, Chhattisgarh,
India |
|
Date of Birth/Age : |
25.11.1964 |
|
Date of Appointment : |
01.12.2004 |
|
DIN No.: |
00143440 |
|
|
|
|
Name : |
Mr. Balkrishna Singh |
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Designation : |
Director |
|
Address : |
New Shanti Nagar, Raipur – 492001, Chhattisgarh, India |
|
Date of Appointment : |
24.05.2003 |
|
DIN No.: |
02431676 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Manoj Kumar Agarwal |
|
9090 |
|
Vipin Kumar Agarwal |
|
1000 |
|
Manoj Kumar Agarwal (HUF) |
|
1100 |
|
Sangeeta Devi Agarwal |
|
400 |
|
Saurabh Jhunjhunwala |
|
3900 |
|
Bhv Prabhavati |
|
3000 |
|
Magnore Minerals and Metals |
|
5000 |
|
Laxmi Industries |
|
5000 |
|
Sangeeta Didwania |
|
5900 |
|
Shekhar Didwania |
|
8000 |
|
Bhagwati Enterprises |
|
2400 |
|
Ramkrishna Singh |
|
200 |
|
Balkrishn Singh |
|
200 |
|
Rekha Singh |
|
100 |
|
Madhuri Agarwal |
|
3350 |
|
Total |
|
48640 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
25.49 |
|
Directors or relatives of Directors |
38.74 |
|
Other top fifty shareholders |
35.77 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of high carbon ferro manganese and silico
manganese. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· IDBI Bank Limited, City Micro Small and Medium Enterprises, 1st floor, 104, R.B. Tower, samta colony, Raipur - 492001, Chhattisgarh, India ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
ADB and Company Chartered Accountants |
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Address : |
First Floor, Mahavir Gaushala, K.K. Road, Moudhapara, Raipur – 492001,
Chhattisgarh, India |
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Tel. No.: |
91-771-2524621/2888043/2880522 |
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Fax No.: |
91-771-2524621 |
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E-Mail : |
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Website: |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFB2417B |
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Enterprises over which key management personnel exercise significant : |
Magnore Minerals and Metals |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48640 |
Equity Shares |
Rs.100/- each |
Rs. 4.864
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 |
4.864 |
4.864 |
4.864 |
|
(b) Reserves & Surplus |
74.964 |
66.744 |
53.025 |
|
(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) |
79.828 |
71.608 |
57.889 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
28.906 |
32.313 |
25.150 |
|
(b) Deferred tax liabilities
(Net) |
1.672 |
1.419 |
1.262 |
|
(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) |
30.578 |
33.732 |
26.412 |
|
|
|
|
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|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
25.513 |
26.626 |
28.943 |
|
(b) Trade payables |
48.553 |
63.973 |
59.643 |
|
(c) Other current liabilities |
14.921 |
14.954 |
13.873 |
|
(d) Short-term provisions |
3.564 |
6.487 |
7.227 |
|
Total
Current Liabilities (4) |
92.551 |
112.040 |
109.686 |
|
|
|
|
|
|
TOTAL |
202.957 |
217.380 |
193.987 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
40.925 |
33.689 |
27.923 |
|
(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 |
0.500 |
13.500 |
8.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.152 |
8.096 |
8.097 |
|
(e) Other Non-current assets |
0.828 |
0.410 |
0.354 |
|
Total
Non-Current Assets |
50.405 |
55.695 |
44.874 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
59.391 |
94.557 |
73.889 |
|
(c) Trade receivables |
32.409 |
24.006 |
52.651 |
|
(d) Cash and cash equivalents |
9.698 |
14.753 |
5.931 |
|
(e) Short-term loans and
advances |
51.054 |
28.369 |
16.642 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
152.552 |
161.685 |
149.113 |
|
|
|
|
|
|
TOTAL |
202.957 |
217.380 |
193.987 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
421.459 |
344.530 |
411.768 |
|
|
Other Income |
|
|
|
|
|
TOTAL
|
421.459 |
344.530 |
411.768 |
|
|
|
|
|
|
|
Less |
EXPENSES |
408.110 |
322.952 |
390.241 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.349 |
21.578 |
21.527 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1.312 |
1.193 |
1.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
12.037 |
20.385 |
20.527 |
|
|
|
|
|
|
|
Less |
TAX |
3.818 |
6.666 |
7.227 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
8.219 |
13.719 |
13.300 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
168.98 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.95 |
3.98 |
3.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.95 |
10.00 |
11.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.28 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.68 |
0.82 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65 |
1.44 |
1.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4.864 |
4.864 |
4.864 |
|
Reserves & Surplus |
53.025 |
66.744 |
74.964 |
|
Net
worth |
57.889 |
71.608 |
79.828 |
|
|
|
|
|
|
long-term borrowings |
25.150 |
32.313 |
28.906 |
|
Short term borrowings |
28.943 |
26.626 |
25.513 |
|
Total
borrowings |
54.093 |
58.939 |
54.419 |
|
Debt/Equity
ratio |
0.934 |
0.823 |
0.682 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
411.768 |
344.530 |
421.459 |
|
|
|
(16.329) |
22.329 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
411.768 |
344.530 |
421.459 |
|
Profit |
13.300 |
13.719 |
8.219 |
|
|
3.23% |
3.98% |
1.95% |
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 |
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 |
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 |
CORPORATE
INFORMATION
Subject is a private company domiciled in India in incorporated under
the provisions of the companies Act, 1956. The company is engaged in
manufacturing and selling of high carbon ferro manganese and silico manganese.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
From Shareholders |
0.350 |
4.983 |
|
From relatives |
15.432 |
15.048 |
|
Total |
15.782 |
20.031 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10211744 |
07/04/2014 * |
146,000,000.00 |
IDBI BANK LIMITED |
CITY MICRO SMALL AND MEDIUM ENTERPRISES, 1ST FLOOR, 104, R.B. TOWER, SAMTA COLONY, RAIPUR, CHHATTISGARH - 492001, INDIA |
C03872462 |
* Date of charge modification
FIXED ASSETS
·
Air conditioner
·
Computer
·
Electric Motor
·
Furniture and Fixtures
·
Lab Equipment
·
Office Equipment
·
Plant and Machinery
·
Pump
·
Transformer
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.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
44 |
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.