|
Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CIPY POLY URETHANES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
T –127, MIDC Industrial
Area, Bhosari, Pune – 411026, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.11.1994 |
|
|
|
|
Com. Reg. No.: |
11-083328 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.9.417 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24219PN1994PTC083328 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC00821C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC7264R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Manufacturing of Polyurethane paints, varnishes and lacquers. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 1400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan : BBB- |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
December 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based: A3 |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
December 2012 |
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 DECLINED BY
|
Name : |
Mr. Anand |
|
Designation : |
Head in Finance |
|
Contact No.: |
91-20-66316400 |
|
Date : |
10.02.2014 |
LOCATIONS
|
Registered
Office / Factory Corporate
Office: |
T –127, MIDC Industrial
Area, Bhosari, Pune – 411026, Maharashtra, India |
|
Tel. No.: |
91-20-66316400/ 27121706/ 27122586 |
|
Fax No.: |
91-20-66316460/ 27120491 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Global Industrial Estate, Shirwal, District Satara, Maharashtra, India
|
|
|
|
|
Branch Office : |
Located at: ·
Mumbai ·
Bengaluru ·
Kolkata ·
Delhi |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Subhash
Cheralayathpanku Cipy |
|
Designation : |
Managing Director |
|
Address : |
Ritu, 11, |
|
Date of Birth/Age : |
16.05.1953 |
|
Qualification : |
B.E Chemicals |
|
Date of Appointment : |
31.12.2011 |
|
DIN No.: |
00608724 |
|
|
|
|
Name : |
Mrs. Sabitha
Subash Cipy |
|
Designation : |
Director |
|
Address : |
Ritu, 11, |
|
Date of Birth/Age : |
06.06.1960 |
|
Date of Appointment : |
29.11.1994 |
|
DIN No.: |
00386708 |
KEY EXECUTIVES
|
Name : |
Mr. Anand |
|
Designation : |
Head in Finance |
|
|
|
|
Name : |
MSN Associates |
|
Designation : |
Company Secretaries |
|
Address : |
6A, Anandmayee Apartments, Near Ashwamedh Hall, Off Karve Road,
Erandwane – 411004, Maharashtra, India |
|
Tel No.: |
91-20-25464368/25455401 |
|
Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Subhash Cipy,
Ritu |
|
21452 |
|
Sabita Cipy, Ritu |
|
72714 |
|
Total |
|
94166 |
Equity Share Break up (Percentage of Total Equity)
As on
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Polyurethane
paints, varnishes and lacquers. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
·
Axis Bank Limited, Corporate Banking Branch, 214/215,
2nd Floor, City Mall, Ganeshkhind Road, Pune – 411007, Maharashtra, India · Indian Bank, Deccan Gymnkhana, Pune – 411004, Maharashtra, India |
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Facilities : |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D. R. Barve and Associates Chartered Accountants |
|
Address : |
461/1, Sadashiv Peth, Tilak Road, Pune – 411030, Maharashtra, India |
|
Tel. No.: |
91-20-24455414/
24453592 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFD3147J |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94166 |
Equity Shares |
Rs.100/-
each |
Rs.9.417
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 |
9.417 |
9.417 |
9.004 |
|
(b) Reserves & Surplus |
334.732 |
286.588 |
182.095 |
|
(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) |
344.149 |
296.005 |
191.099 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
42.674 |
62.403 |
68.504 |
|
(b) Deferred tax liabilities (Net) |
16.321 |
12.512 |
7.436 |
|
(c) Other long term liabilities |
2.664 |
2.450 |
0.014 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
61.659 |
77.365 |
75.954 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
151.888 |
97.254 |
81.105 |
|
(b) Trade payables |
207.836 |
222.566 |
166.457 |
|
(c) Other current
liabilities |
88.476 |
64.740 |
45.231 |
|
(d) Short-term provisions |
10.258 |
18.181 |
10.451 |
|
Total Current Liabilities (4) |
458.458 |
402.741 |
303.244 |
|
|
|
|
|
|
TOTAL |
864.266 |
776.111 |
570.297 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
282.404 |
266.468 |
194.175 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1.807 |
3.381 |
1.984 |
|
(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 |
2.687 |
1.966 |
0.000 |
|
(e) Other Non-current assets |
13.637 |
17.515 |
5.088 |
|
Total Non-Current Assets |
300.535 |
289.330 |
201.247 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
126.053 |
85.104 |
45.359 |
|
(c) Trade receivables |
364.660 |
326.911 |
252.843 |
|
(d) Cash and cash
equivalents |
33.821 |
50.719 |
53.647 |
|
(e) Short-term loans and
advances |
36.067 |
19.622 |
14.429 |
|
(f) Other current assets |
3.130 |
4.425 |
2.772 |
|
Total Current Assets |
563.731 |
486.781 |
369.050 |
|
|
|
|
|
|
TOTAL |
864.266 |
776.111 |
570.297 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
752.666 |
789.560 |
725.295 |
|
|
|
Other Income |
31.789 |
14.000 |
6.475 |
|
|
|
TOTAL (A) |
784.455 |
803.560 |
731.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
428.859 |
477.195 |
457.121 |
|
|
|
Changes in inventories of finished goods work-in -progress and Stock-in-Trade |
(16.354) |
(10.589) |
0.239 |
|
|
|
Manufacturing Expenses |
114.791 |
111.989 |
82.535 |
|
|
|
Employee benefits expense |
66.098 |
47.369 |
44.151 |
|
|
|
Other expenses |
76.139 |
59.211 |
76.517 |
|
|
|
Exceptional items |
0.619 |
0.295 |
0.000 |
|
|
|
TOTAL (B) |
670.152 |
685.470 |
660.563 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
114.303 |
118.090 |
71.207 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.740 |
24.344 |
15.962 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
83.563 |
93.746 |
55.245 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.042 |
9.448 |
5.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.521 |
84.298 |
46.698 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.500 |
27.964 |
16.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.021 |
56.334 |
30.635 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
48.224 |
20.423 |
31.987 |
|
|
TOTAL EARNINGS |
48.224 |
20.423 |
31.987 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Capital Goods, etc |
63.995 |
22.722 |
15.743 |
|
|
TOTAL IMPORTS |
63.995 |
22.722 |
15.743 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
509.96 |
619.58 |
340.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.12
|
7.01 |
4.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.50
|
10.68 |
6.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.29
|
10.91 |
8.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.28 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.57
|
0.54 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.21 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
|
|
|
|
From Banks |
21.561 |
21.483 |
17.555 |
|
Total |
21.561 |
21.483 |
17.555 |
|
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 |
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 |
Yes |
CORPORATE INFORMATION
Subject is a Private company located in India and incorporated under the Companies Act, 1956 on November 29, 1994. The company is engaged in Manufacturing of Polyurethane paints, varnishes and lacquers.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
From Directors |
3.239 |
5.684 |
|
Total |
3.239 |
5.684 |
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10048089 |
15/03/2013 * |
338,700,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH, 214/215,CITY MALL, 2ND FLOOR,GANESHKHIND ROAD, PUNE,
MAHARASHTRA - 411007, INDIA |
B74168618 |
* Date of charge modification
CONTINGENT
LIABILITIES: (As on 31.03.2013)
· For Bank guarantees Given Rs.30.618 Millions
· Income Tax Appeal Rs.1.579 Million
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment’s
· Computers
· 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.62.19 |
|
|
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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.