MIRA INFORM REPORT
|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
VERGO PHARMA RESEARCH LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
Keni Building, Dr. Dada Vaidya Road, Panaji, Goa – 403 001,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
10.08.2010 |
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Com. Reg. No.: |
11-006462 |
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Capital
Investment / Paid-up Capital : |
Rs.25.100 Millions |
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CIN No.: [Company Identification
No.] |
U73200GA2010PTC006462 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is in the Business of carrying Pharmaceutical Research
Work at Varna, Goa. |
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No. of Employees
: |
160 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
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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 |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses, which has eroded the
networth of the company. Profitability of the company seems to be under
pressure. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and
secured 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
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.
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. Buland Akbar |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-9765755813 |
|
Date : |
19.02.2014 |
LOCATIONS
|
Registered / Corporate Office: |
Keni Building, Dr. Dada Vaidya Road, Panaji, Goa – 403 001,
Maharashtra, India |
|
Tel. No.: |
91-832-2224753 / 2225956 / 2224309 |
|
Mobile No.: |
91-9765755813 (Mr. Buland Akbar) |
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Fax No.: |
91-832-2221310 |
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E-Mail : |
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Website : |
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Clinical Center : |
Plot 24/1- D-1, Mologa de Orora Corlim, Tiswadi, Goa – 403 110, Maharashtra,
India |
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Tel. No.: |
91-832-6640400 |
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Fax No.: |
91-832-6640565 |
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R and D Center : |
Plot B-5, 1A Verna Industrial Estate Verna, Salcette, Goa – 403 722,
Maharashtra, India |
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Tel. No.: |
91-832-6624858 |
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Fax No.: |
91-832-6624859 |
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Asia Office : |
301/302 Opulence, 6th Road, Santacruz (East), Mumbai – 400
055, Maharashtra, India |
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Tel. No.: |
91-22-61955955 |
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North America
Office : |
605 Gordon Drive, Suite B, Exton, PA 19341 USA |
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Tel. No.: |
+1(484) 514-1861 Ext 200 |
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Fax No.: |
+1(484) 514-1866 |
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Europe Office : |
Haidersberggasse 8, A-1140 Vienna Austria |
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Tel. No.: |
+43(1) 796 37 65 |
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Fax No.: |
+43(1) 796 37 66 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Prasad Vassudeva Keni |
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Designation : |
Managing Director |
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Address : |
Laxmi Prasad, D. B. Bandodkar Marg, Panaji, North Goa – 403 001,
Maharashtra, India |
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Date of Birth/Age : |
08.06.1969 |
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Date of Appointment : |
01.09.2013 |
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DIN No.: |
00841272 |
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Other Directorship:
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Name : |
Mr. Vini Prasad Keni |
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Designation : |
Director |
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Address : |
Laxmi Prasad, D. B. Bandodkar Marg, Panaji, North Goa – 403 001,
Maharashtra, India |
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Date of Birth/Age : |
03.03.1970 |
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Date of Appointment : |
10.08.2010 |
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DIN No.: |
00841316 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Gajanan Jaivant Surlakar |
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Designation : |
Director |
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Address : |
T3, Aparna Apartment Housing Society, Dr. A. Borkar Road, Panaji,
North Goa – 403 001, Maharashtra, India |
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Date of Birth/Age : |
25.07.1948 |
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Date of Appointment : |
10.08.2010 |
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DIN No.: |
01293055 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Buland Akbar |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
% of holding |
|
Prasad Vassudeva Keni |
150500 |
59.96 |
|
Vini Prasad Keni |
100500 |
40.04 |
|
Total |
251000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the Business of carrying Pharmaceutical Research
Work at Varna, Goa. |
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Terms : |
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Selling : |
Credit, Cheque |
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Purchasing : |
Credit, Cheque |
GENERAL INFORMATION
|
Customers : |
Others, Manufacturer of Pharma |
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No. of Employees : |
160 (Approximately) |
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Bankers : |
·
IDBI Bank, Goa, Maharashtra, India ·
Axis Bank, Goa, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. S. Dalvi and Company Chartered Accountants |
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Address : |
T-5, Souza Towers, Near Municipal Garden, Panaji, Goa – 403 001,
Maharashtra, India |
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Tel. No.: |
91-832-2223187 |
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Qualification : |
B.Com, F.C.A. |
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PAN No.: |
AFLPD3658M |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
2500000 |
Equity Shares |
Rs.100/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
251000 |
Equity Shares |
Rs.100/- each |
Rs.25.100 Millions |
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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 |
25.100 |
25.100 |
25.100 |
|
(b) Reserves & Surplus |
(134.944) |
(37.538) |
(12.511) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
(109.844) |
(12.438) |
12.589 |
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
510.545 |
327.904 |
163.283 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
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) |
510.545 |
327.904 |
163.283 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
7.832 |
10.494 |
5.319 |
|
(c) Other
current liabilities |
9.031 |
3.318 |
0.174 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
16.863 |
13.812 |
5.493 |
|
|
|
|
|
|
TOTAL |
417.564 |
329.278 |
181.365 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
290.441 |
231.940 |
157.824 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
46.907 |
27.047 |
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 |
1.963 |
3.505 |
1.198 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
339.311 |
262.492 |
159.022 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
18.143 |
46.732 |
7.448 |
|
(c) Trade
receivables |
36.365 |
9.631 |
0.000 |
|
(d) Cash
and cash equivalents |
14.183 |
6.551 |
1.846 |
|
(e) Short-term
loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
9.562 |
3.872 |
13.049 |
|
Total
Current Assets |
78.253 |
66.786 |
22.343 |
|
|
|
|
|
|
TOTAL |
417.564 |
329.278 |
181.365 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
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|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
4.545 |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
47.690 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(66.840) |
(6.460) |
(6.643) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
30.789 |
19.311 |
4.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(97.629) |
(25.771) |
(10.653) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(97.629) |
(25.771) |
(10.653) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
388.96 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
(567.02) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.34) |
(8.53) |
(5.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.89 |
2.07 |
(0.85) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(4.65) |
(26.36) |
12.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.64 |
4.84 |
4.07 |
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 |
25.100 |
25.100 |
25.100 |
|
Reserves & Surplus |
(12.511) |
(37.538) |
(134.944) |
|
Net
worth |
12.589 |
(12.438) |
(109.844) |
|
|
|
|
|
|
long-term borrowings |
163.283 |
327.904 |
510.545 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
163.283 |
1.000 |
510.545 |
|
Debt/Equity
ratio |
12.970 |
(0.080) |
(4.648) |
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 |
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 |
No |
|
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 |
No |
|
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 |
BUSINESS OPERATION / FINANCIAL RESULTS:
During the period,
subject has made a Net loss of Rs.97.629 Millions (Previous year Rs.25.771
Millions) after providing depreciation of Rs.30.789 Millions (Previous year
Rs.19.311 Millions). The Net loss to be carried forward is Rs.97.629 Millions
(Previous year Rs.25.771 Millions) comprising of depreciation loss of Rs.30.789
Millions (Previous year Rs.19.311 Millions) and business loss of Rs.66.840
Millions (Previous year Rs.6.460 Millions) including write off of input credit
Rs.6.931 Millions (Previous Year NIL).
The directors
inform that the losses of the initial years will soon be recouped within a few
years once the operations start at full capacity and revenue generation
increases gradually on a sustained basis.
FUTURE OUTLOOK:
VerGo Pharma Research
Laboratories Private Limited:-
1)
Pharma Research: This division will be involved in
formulation development (Pharma, Nutraceuticals, OTC, Herbals and Food
Supplements), Analytical development, GMP/Clinical manufacturing and Clinical
supplies, stability testing as per 1.C.H guidelines and regulatory services for
the health care industry.
2)
Organics: This division will be involved in custom
synthesis of impurities, metabolities, duterated compounds, reference standards,
PET and nucleic acids precursors. We plan to work with leading global players
to assist them in product development and custom synthesis. We plan to explore
niche markets by partnering with a leading pharmaceutical company.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Prasad V. Keni |
0.000 |
114.930 |
|
V. G. Quenim |
510.545 |
212.974 |
|
|
|
|
|
Total |
510.545 |
327.904 |
NOTE: No Charges Exist
for Company.
FIXED ASSETS:
·
Leasehold land
·
Factory building
·
Plant and machinery
·
Computer
·
Lab Equipments
·
Furniture and fixtures
·
Mobile handsets
·
Vehicle
·
Office Equipments
·
Books
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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
12 |
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.