MIRA
INFORM REPORT
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
RADHA INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Plot No.32 and 34,
SIDCO Industrial Estate, Vitchoor, Manali, Chennai - 600 103, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.03.2005 |
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Com. Reg. No.: |
18-055582 |
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Capital Investment
/ Paid-up Capital : |
Rs.47.000
millions |
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CIN No.: [Company Identification
No.] |
U27104TN2005PTC055582 |
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PAN No.: [Permanent Account No.] |
AACCR9832N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Iron and Steel Tubes, Sheets, Pipes, TMT Bars, Coils etc. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 365000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track record. Profitability of
the company appears to be low. However, trade
relations are fair. Business is active. Payment terms are slow but correct. The company can
be considered for business dealings with some caution. Note: As confirmed by
Ms. Sudha, Accountant that the company was doing manufacturing till 2011 but
from 2012 they are only doing trading business. |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
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 : |
Ms. Sudha |
|
Designation : |
Accountant |
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Contact No.: |
91-44-42162180 |
|
Date : |
28.01.2014 |
LOCATIONS
|
Registered Office : |
Plot No.32 and
34, SIDCO Industrial Estate, Vitchoor, Manali, Chennai - 600 103, Tamilnadu,
India |
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Tel. No.: |
91-44-32536817 |
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Mobile No.: |
91-9383334343 |
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Fax No.: |
Not Available |
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E-Mail : |
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Location : |
Owned |
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Corporate Office/ Administrative Office : |
New No.39 (Old No.18), Sembudoss Street, Parrys, Chennai – 600 001,
Tamilnadu, India |
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Tel. No.: |
91-44-42162180 |
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Fax No.: |
91-44-25267272 |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
Note: They have given Registered Office on rent to SSP Steel Industries.
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mrs. Nitu Yashpal Sharma |
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Designation : |
Director |
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Address : |
927, 16th Main Road, Anna Nagar, Chennai – 600
040, Tamilnadu, India |
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Date of Birth/Age : |
24.12.1984 |
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Date of Appointment : |
17.03.2005 |
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DIN No.: |
00404970 |
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Other Directorship:
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Name : |
Mr. Yashpal Maniram Sharma |
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Designation : |
Director |
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Address : |
927, 16th Main Road, Anna Nagar, Chennai – 600
040, Tamilnadu, India |
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Date of Birth/Age : |
21.10.1977 |
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Date of Appointment : |
17.03.2005 |
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PAN No.: |
AALPY9085A |
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DIN No.: |
01212656 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Ms. Sudha |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Yashpal Sharma |
|
1877300 |
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Nitu Sharma |
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151600 |
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Maniram Sharma |
|
474100 |
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Birmati Sharma |
|
154000 |
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Bhagwan Dutt Sharma |
|
110000 |
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Puran Chand Sharma |
|
125000 |
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Som Dutt Sharma |
|
31500 |
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Gopal Sharma |
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80000 |
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Jai Kishan Sharma |
|
27000 |
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Jaipal Singh |
|
255000 |
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Shamsher Singh Rana |
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20000 |
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Ram Singh Rana |
|
219000 |
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Rampal Sharma |
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110000 |
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Ramesh Sharma |
|
425000 |
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Ashok Kumar Sharma |
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32000 |
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Bramduth Sharma |
|
201000 |
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Asha |
|
40000 |
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Ashwini Kumar Sharma |
|
12500 |
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Rakesh Sharma |
|
65000 |
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Ramdiya Sharma |
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30000 |
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Sanjiv Kumar |
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30000 |
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Sathyavan Sharma |
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180000 |
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Varsha |
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25000 |
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Vijay Sharma |
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25000 |
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Total
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|
4700000 |
AS ON 25.10.2013
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Names of Allottees |
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No. of Shares |
|
Rama Swaroop Sharma |
|
650000 |
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Sahdev Ram Choudhry |
|
650000 |
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Total
|
|
1300000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Iron and Steel Tubes, Sheets, Pipes, TMT Bars, Coils etc. |
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Products : |
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Imports : |
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Products : |
·
Scrap |
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Countries : |
·
Switzerland ·
Dubai |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Suryadev Alloys and Power Private Limited, Gummidipoondi, |
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Customers : |
Manufacturer ·
SLO Industries Limited,
Ponneri |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
·
IDBI Bank Limited, 37, P.M. Towers, MSE, Greams
Road, Chennai – 600 006, Tamilnadu, India ·
IDBI Bank Limited, Saidapet Branch, Chennai – 600 015, Tamilnadu, India ·
Kotak Mahindra Bank Limited ·
HDFC Bank Limited, Mount Road Branch, Chennai –
600 002, Tamilnadu, India ·
IDBI Bank Limited, T.C. Street Branch, Chennai –
600 001, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
SRJ Associates Chartered Accountants |
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Address : |
#16/1, “J” Apartments, II Main
Road, Kasturba Nagar, Adyar, Chennai – 600 020, Tamilnadu, India |
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PAN No.: |
AABFS1382A |
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Associates : |
Radha Vyapar (India) Private Limited, India (CIN No.:
U27310TN2007PTC063864) |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each
|
Rs.60.000
millions |
|
|
|
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AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4700000 |
Equity Shares |
Rs.10/- each
|
Rs.47.000
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 |
47.000 |
20.800 |
20.800 |
|
(b) Reserves & Surplus |
31.302 |
27.634 |
24.475 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
13.000 |
26.200 |
44.200 |
|
Total
Shareholders’ Funds (1) + (2) |
91.302 |
74.634 |
89.475 |
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1.038 |
0.598 |
0.339 |
|
(b) Deferred tax liabilities (Net) |
1.335 |
1.238 |
1.122 |
|
(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) |
2.373 |
1.836 |
1.461 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
101.135 |
99.682 |
99.470 |
|
(b)
Trade payables |
91.476 |
23.168 |
37.819 |
|
(c)
Other current liabilities |
0.946 |
0.957 |
0.691 |
|
(d) Short-term provisions |
0.297 |
0.652 |
0.447 |
|
Total Current
Liabilities (4) |
193.854 |
124.459 |
138.427 |
|
|
|
|
|
|
TOTAL |
287.529 |
200.929 |
229.363 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12.795 |
12.836 |
31.394 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.175 |
|
(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 |
0.000 |
0.000 |
0.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.241 |
3.094 |
3.553 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
16.036 |
15.930 |
35.142 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
82.496 |
39.535 |
94.007 |
|
(c) Trade
receivables |
92.963 |
56.593 |
85.394 |
|
(d) Cash
and cash equivalents |
19.069 |
16.579 |
7.728 |
|
(e)
Short-term loans and advances |
76.840 |
72.142 |
7.092 |
|
(f)
Other current assets |
0.125 |
0.150 |
0.000 |
|
Total
Current Assets |
271.493 |
184.999 |
194.221 |
|
|
|
|
|
|
TOTAL |
287.529 |
200.929 |
229.363 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1383.555 |
980.529 |
1121.588 |
|
|
|
Other Income |
NA |
1.106 |
NA |
|
|
|
TOTAL |
NA |
981.635 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
977.294 |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
977.294 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
5.072 |
4.341 |
14.139 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.404 |
1.182 |
1.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
3.668 |
3.159 |
13.038 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.78 |
1.52 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
0.32 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.37
|
0.44 |
1.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.76
|
2.16 |
6.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.12
|
1.34 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.49 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10056604 |
05/11/2013 * |
190,000,000.00 |
IDBI BANK
LIMITED |
37, P.M. TOWERS,
MSE, GREAMS ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
B91697243 |
* Date of charge modification
Note:
The registered office of the company has been shifted from No.18, Cross Road, New Washermenpet, Chennai – 600 081, Tamilnadu to the present address w.e.f. 16.07.2007.
OPERATIONS:
The company
concentrated on trading in Iron and Steel Products. The company also ventured
in to imports by importing and trading in M.S. Scrap from countries such as
Sweden, Dubai and U.K. The company also earned income by way of letting out the
re-rolling mill belonging to the company on rent. The discontinuance of
manufacturing operations from November 2011 onwards, have reduced the operating
profit margin. However, the trading turnover witnessed a substantial increase
of 41.10% as compared to the previous financial year 2011-12.
OUTLOOK FOR THE
FUTURE:
The company does not
foresee a major demand for steel business in the next financial year due to
continued recession worldwide and in particular the steel industry in India.
The company expects that the Government continues to give a major thrust for
infrastructure development, which will enable the company to maintain and
achieve a minimum sale volume of Rs.150.000 millions per month. The company
will continue to be a major player in the re-rolling and scrap sector in steel
industry in Chennai and is confident of making its presence felt in the import
steel industry in Chennai.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
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.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.