|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASHLAND INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
601, 606-608, Platinum Technopark, Plot No. 17-18, Sector - 30A,
Vashi, Navi Mumbai – 400705, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.07.2007 |
|
|
|
|
Com. Reg. No.: |
172506 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2007FTC172506 |
|
|
|
|
IEC No.: |
0307056198 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA30926A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCA5023J |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Chemical and Chemical Compounds, Plastics, Technical
Equipment and Technical Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ASHLAND HOLDINGS B.V. It is an established
company having moderate track record. There appears accumulated losses recorded by the company. However, the
company has achieved profitability during the financial year 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of strong holding, the company can be considered for business
dealing 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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.
LOCATIONS
|
Registered Office : |
601, 606-608, Platinum Technopark, Plot No. 17-18, Sector - 30A,
Vashi, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-61489696 / 61489613 |
|
Mobile No.: |
91-9920472211 (Mr. Sharma) |
|
Fax No.: |
91-22-61712514 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Vivek Kumar Singh |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 62, 1st Floor, Block – III, Erose Garden,
Faridabad – 121001, Haryana, India |
|
Date of Birth/Age : |
04.08.1970 |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
01317510 |
Other Directorship:
|
Sr.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74120HR2007PTC036703 |
KANCHAN
BEVERAGES AND FOOD PRIVATE LIMITED |
Director |
26/03/2007 |
26/03/2007 |
20/03/2009 |
Active |
NO |
|
2 |
U24100MH2007FTC172506 |
Ashland India
Private Limited |
Managing
director |
30/09/2009 |
30/06/2009 |
- |
Active |
NO |
|
3 |
U74899DL1994PLC062425 |
VALVOLINE
CUMMINS LIMITED |
Director |
10/12/2009 |
16/07/2009 |
- |
Active |
NO |
|
Name : |
Frank Adriaan Jumelet |
|
Designation : |
Director |
|
Address : |
T Vrije 53, JX Zierikzee – 4301, Netherland |
|
Date of Birth/Age : |
14.02.1960 |
|
Date of Appointment : |
19.07.2007 |
|
DIN No.: |
01126173 |
|
Name : |
Lynn Pannell Freeman |
|
Designation : |
Director |
|
Address : |
2321, Summer Woods, Drive, Hebron, Kentucky – 40148, U.S.A. |
|
Date of Birth/Age : |
14.05.1962 |
|
Date of Appointment : |
29.03.2012 |
|
DIN No.: |
05252005 |
Other Directorship:
|
Sr.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U52311AP2007PTC068444 |
International
Specialty Products (India) Private Limited |
Director |
28/09/2012 |
19/03/2012 |
02/12/2013 |
Active |
NO |
|
2 |
U02429MH2002PTC218797 |
HERCULES
INDUSTRIAL CHEMICALS PRIVATE LIMITED |
Director |
26/09/2012 |
28/03/2012 |
02/12/2013 |
Active |
NO |
|
3 |
U24100MH2007FTC172506 |
Ashland India
Private Limited |
Director |
28/09/2012 |
29/03/2012 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Nagendra Pal Goel |
|
Designation : |
Secretary |
|
Address : |
Flat No. 801, Building 57, Seawoods Estate, NRI Complex, Phase – II,
Nerul (West), Navi Mumbai, Thane – 400705, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1973 |
|
PAN No.: |
AARPP9811D |
|
Date of Appointment : |
08.08.2013 |
MAJOR SHAREHOLDERS
AS ON 27.09.2013
|
Names of Shareholders |
No. of Shares |
|
Ashland Holding B.V., Netherlands |
49999999 |
|
Ashland Canada Holding B.V., Netherlands |
1 |
|
|
|
|
Total |
50000000 |
AS ON 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
|
|
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Chemical and Chemical Compounds, Plastics, Technical
Equipment and Technical Components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Citi Bank NA - 6th Floor, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
|
|
|
Banking Relations
: |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Price Waterhouse Building, 7th and 8th Floor,
Tower – Board, DLF Cyber city |
|
PAN
No. : |
AAEFP5579P |
|
|
|
|
Ultimate Holding Company: |
·
Ashland Inc |
|
|
|
|
Holding Company : |
·
Ashland Holdings B.V. |
|
|
|
|
Fellow Subsidiaries : |
·
Aqualon Company ·
Hercules Inc. ·
Ashland (China) Holdings Company Limited ·
Ashland Performance Material ·
Iberia Ashland Chemicals S.A. ·
Hercules Chemicals Taiwan Company Limited ·
Ashland Industries Europe Gmbh ·
Ashland Chemical Company ·
Ashland UK Limited ·
Ashland Poland SP ZOO ·
Ashland (Changzhou) Advanced Chemicals Company
Limited ·
Ashland France SAS ·
Hercules Industrial Chemicals Private Limited ·
Ashland Chemical Hispania SL ·
Valvoline Cummins Limited(VCL) ·
Valvoline International ·
ISP Sales UK Limited ·
Ashland Finland OY ·
Ashland Singapore Private Limited |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Share |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Share |
Rs.10/- each |
Rs.500.000 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 |
500.000 |
500.000 |
465.000 |
|
(b) Reserves & Surplus |
(161.203) |
(226.861) |
(196.488) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
35.000 |
|
Total
Shareholders’ Funds (1) + (2) |
338.797 |
273.139 |
303.512 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
638.745 |
460.539 |
180.250 |
|
(d) long-term provisions |
6.754 |
3.679 |
1.731 |
|
Total Non-current Liabilities (3) |
645.499 |
464.218 |
181.981 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
550.430 |
258.149 |
40.000 |
|
(b) Trade payables |
401.532 |
398.047 |
249.280 |
|
(c) Other current
liabilities |
45.842 |
32.643 |
9.967 |
|
(d) Short-term provisions |
0.282 |
0.260 |
0.701 |
|
Total Current Liabilities (4) |
998.086 |
689.099 |
299.948 |
|
|
|
|
|
|
TOTAL |
1982.382 |
1426.456 |
785.441 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
259.274 |
154.570 |
69.367 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
525.146 |
346.707 |
26.606 |
|
(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) |
8.945 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
45.566 |
55.401 |
111.297 |
|
(e) Other Non-current assets |
1.853 |
0.000 |
0.000 |
|
Total Non-Current Assets |
840.784 |
556.678 |
207.270 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
329.950 |
171.600 |
151.547 |
|
(c) Trade receivables |
628.793 |
542.052 |
325.397 |
|
(d) Cash and cash
equivalents |
35.102 |
28.210 |
30.571 |
|
(e) Short-term loans
and advances |
147.753 |
114.845 |
57.675 |
|
(f) Other current
assets |
0.000 |
13.071 |
12.981 |
|
Total Current Assets |
1141.598 |
869.778 |
578.171 |
|
|
|
|
|
|
TOTAL |
1982.382 |
1426.456 |
785.441 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Sales |
2542.627 |
1752.354 |
1098.722 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
72.856 |
(23.479) |
(41.705) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
16.143 |
6.892 |
5.318 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
56.713 |
(30.372) |
(47.023) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(8.945) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
65.658 |
(30.372) |
(47.023) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/-) |
1.31 |
0.60 |
--- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.91
|
(2.81) |
(6.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
(0.11) |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.62
|
0.94 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.26 |
1.93 |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
|
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 |
General
Information:
Ashland India
Private Limited (‘AIPL’ or the ‘Company’) was incorporated on July 19, 2007 and
is owned by Ashland Holdings BV Netherlands. The Company has been established to
carry on the business of manufacturing, processing, packing, distributing,
supplying, selling, importing, exporting and trading of chemicals, chemical
compounds, oil and oil derivatives, plastics, tech nical equipment and
technical components, as well as the rendering of technical services and
business support services. The ultimate holding company is Ashland Inc. which
is a technology leader in metal casting consumables and design services of
unsaturated polyester, vinyl ester resins, gel coats high-performance adhesives
and specialty resins.
UNSECURED LOAN
|
particulers |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Foreign Currency Term Loan From Bank |
0.000 |
108.149 |
|
Working Capital Loans From Bank |
530.430 |
130.000 |
|
Loans Repayable on Demand From Others |
0.000 |
20.000 |
|
Loans and Advances From Related Parties |
20.000 |
0.000 |
|
|
|
|
|
Total |
550.430 |
258.149 |
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.61.59 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.