1. Summary Information
|
|
|
Country |
|
|
Company Name |
MICRO INKS
LIMITED |
Principal Name 1 |
Mr. Ashwani Kumar Bhardwaj |
|
Status |
Good |
Principal Name 2 |
Mr. Ursula G. Borgmann |
|
|
|
Registration # |
04-16598 |
|
Street Address |
Bilakhia House, Muktanand Marg, Chala,
Vapi – 396191, |
||
|
Established Date |
13.11.1991 |
SIC Code |
-- |
|
Telephone# |
91-260-2462811 /
2460284 / 2460280 / 3052100 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-260-2463932 /
2463733 / 3052125 |
Business Style 2 |
- |
|
Homepage |
www.microinks.com |
Product Name 1 |
Printing Inks |
|
# of employees |
Not Available |
Product Name 2 |
Resins |
|
Paid up capital |
Rs.248,721,000/- |
Product Name 3 |
Varnishes |
|
Shareholders |
Foreign holdings - 99.26% Bodies corporate - 0.46% Directors or relatives of directors - 0.01% Other top fifty shareholders - 0.27% |
Banking |
DBS Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
23 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A
(62) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
|
MHM Holding |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,905,700,000 |
Current Liabilities |
3,898,310,000 |
|
Inventories |
2,643,120,000 |
Long-term Liabilities |
1,946,840,000 |
|
Fixed Assets |
4,053,960,000 |
Other Liabilities |
742,620,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
6,587,770,000 |
|
Invest& other Assets |
2,088,770,000 |
Retained Earnings |
8,855,050,00 |
|
|
|
Net Worth |
9,103,780,000 |
|
Total Assets |
15,691,550,000 |
Total Liab. & Equity |
15,691,550,000 |
|
Total Assets (Previous Year) |
14,601,411,000 |
|
|
|
P/L Statement as of |
31.12.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
21,519,620,000 |
Net Profit |
1,260,230,000 |
|
Sales(Previous yr) |
21,075,505,000 |
Net Profit(Prev.yr) |
1,368,383,000 |
MIRA
INFORM REPORT
|
Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MICRO INKS
LIMITED (w.e.f.03.03.2004) |
|
|
|
|
Formerly Known
As : |
|
|
|
|
|
Registered
Office : |
Bilakhia House,
Muktanand Marg, Chala, Vapi – 396191, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
13.11.1991 |
|
|
|
|
Com. Reg. No.: |
04-016598 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 248.730
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24220GJ1991PLC016598 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTM01621E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH7063F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of various types of Printing Inks, Resins, Adhesives,
Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 36400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Huber Group, Germany. It is a well-established
and reputed company having fine track record. Management has failed to file the latest financials of 2013, with the
government department. As per available record of 2012, the financial position of the company
appears to be sound. Trade relations are reported as fair. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil Corporation
plans to invest Rs 7650 crore in setting up a petrochemical complex at its
almost complete Paradip refinery in Odhisha in three to four years. The company
board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities : (CARE) AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
August 13, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities : (CARE) A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
August 13, 2013 |
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
MANAGEMENT NON-COOPERATIVE [91-260-3052100]
LOCATIONS
|
Registered/ Corporate Office : |
Bilakhia House,
Muktanand Marg, Chala, Vapi – 396191, |
|
Tel. No.: |
91-260-2462811/
2460284/ 2460280/ 3052100 |
|
Fax No.: |
91-260-2463932/
2463733/ 3052125 |
|
E-Mail : |
info@microinks.com
alpesh.chahiyara@microinks.com |
|
Website : |
www.microinks.com
|
|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Located at: v Plot No. 2803/2,
III Phase, G.I.D.C., Vapi – 396195, Gujarat, India v Survey No.
137/1, Jani Vankad, Daman – 396210, (U.T. of Daman and Diu), India v Survey No.11 and
13, Village Morkhal, Silvassa – 396230, (U.T. of Dadra and Nagar Haveli),
India v Plot No. 808/E,
305/6, 305/7, (100% Export Oriented Unit) II Phase, G.I.D.C., Vapi – 396195,
Gujarat, India v Survey
No.8/1/2/P, 9/P, 10/3, 10/4, 10/5, 8/2, Village Morkhal, Unit II, Silvassa –
396230, (U.T. of Dadra and Nagar Haveli), India |
|
|
|
|
Branch Offices : |
Located At: v
Mumbai
v
Kolkata v
Ahmedabad v
Chennai
v
Bangalore v
Baroda v
Noida v
Secunderabad
|
|
|
|
|
Marketing Headquarters/ Sales and Support - International Business Division
: |
907, Windfall Sahar Plaza, J B Nagar, Andheri (East), Mumbai - 400059, Maharashtra, India |
|
Tel No.: |
91-22-28360201/
28364313 |
|
Fax No : |
91-22-28379660/
28222222 |
|
E-mail : |
|
|
|
|
|
Western Region 1: |
302, Shapath II, Opposite Rajpath Club, Sarkhej Gandhinagar Highway, Ahmedabad -380015, Gujarat, India |
|
Tel No.: |
91-79-26871541-43 |
|
Fax No : |
91-79-26871544 |
|
|
|
|
Western Region 2 : |
Located
at: v Mumbai
v
Indore v
Ahmedabad v
Nagpur v
Vadodara v
Pune |
|
|
|
|
Northern region
: |
Located
at: v
Noida v
Ludhiana v
Kanpur |
|
|
|
|
Southern Region : |
Located
at: v Chennai v Bangalore v Hyderabad v Sivakasi |
|
|
|
|
Eastern Region : |
|
|
Tel No.: |
91-33-24496134-36 |
|
Fax No : |
91-33-24495051 |
DIRECTORS
AS ON 30.04.2013
|
Name : |
Mrs. Ashwani Kumar Bhardwaj |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 1001, Emerald Royal Gems, Vapi Daman Road, Vapi, Valsad -
396191, Gujarat, India |
|
Date of Birth/Age : |
18.03.1958 |
|
Qualification : |
B.Sc. MBA |
|
Date of Appointment : |
31.01.2012 |
|
PAN No.: |
AFBPB0925K |
|
DIN No.: |
01515689 |
|
|
|
|
Name : |
Mr. Ursula G. Borgmann |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
The Village, Near Collectorate, Damanwada, Moli Daman 396220 U.T.,
India |
|
Date of Birth/Age : |
07.09.1955 |
|
Qualification : |
Graduate in Chemical Engineering |
|
Date of Appointment : |
03.02.2006 |
|
DIN No.: |
01541193 |
|
|
|
|
Name : |
Mr. Hasmukh Shantilal Shah |
|
Designation : |
Director |
|
Address : |
15, Dhanushya Society, |
|
Date of Birth/Age : |
04.10.1934 |
|
Qualification : |
MA (Economics) |
|
Date of Appointment : |
27.06.2000 |
|
Voter ID No.: |
HDG5241344 |
|
DIN No.: |
00152195 |
|
|
|
|
Name : |
Mr. Mansingh Laxmidas Bhakta |
|
Designation : |
Director |
|
Address : |
4, Sagar Villa, |
|
Date of Birth/Age : |
03.12.1931 |
|
Qualification : |
LLB. Solicitor |
|
Date of Appointment : |
27.06.2000 |
|
Voter ID No.: |
MT/04/024/198444 |
|
DIN No.: |
00001963 |
|
|
|
|
Name : |
Mr. Pradip Navin Khandwalla |
|
Designation : |
Director |
|
Address : |
B/101, Jupiter Tower, Opposite Samkit Bungalows, Bodakdev, Ahmedabad –
380054, Gujarat, India |
|
Date of Birth/Age : |
18.02.1940 |
|
Qualification : |
CA, MBA, USA Ph.D, USA |
|
Date of Appointment : |
13.01.2005 |
|
DIN No.: |
00064643 |
|
|
|
|
Name : |
Mr. Heinrich W. Ringer |
|
Designation : |
Director |
|
Address : |
The Village, Near Collectorate, Damanwada, Moli Daman 396220 U.T.,
India |
|
Date of Birth/Age : |
21.12.1994 |
|
Qualification : |
MBA |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
01540491 |
|
|
|
|
Name : |
Mr. Kadankote Kannan Unni |
|
Designation : |
Director |
|
Address : |
207, Marigold, 236, Raheja Enclave, |
|
Date of Birth/Age : |
15.07.1941 |
|
Qualification : |
B.Sc.(Agriculture) |
|
Date of Appointment : |
01.05.2010 |
|
Voter ID No.: |
MT208/03/06/210501 |
|
DIN No.: |
00227858 |
|
|
|
|
Name : |
Mr. Thomas Otto Lothar Hensel |
|
Designation : |
Additional director |
|
Address : |
Mozartring 4, 85598 Baldham, Germany |
|
Date of Birth/Age : |
22.09.1958 |
|
Voter ID No.: |
30.04.2013 |
|
DIN No.: |
06605620 |
KEY EXECUTIVES
|
Name : |
Mr. Alpesh Mansukhlal Chaniyara |
|
Designation : |
Company Secretary |
|
Address : |
Block No. 2, Shree Co-operative Housing Society, Vapi - Daman Road,
Chala, Vapi - 396191, Valsad, Gujarat, India
|
|
Date of Birth/Age : |
13.06.1977 |
|
Date of Appointment : |
01.06.2011 |
|
PAN No.: |
AEHPC5783R |
|
|
|
|
Name : |
Mr. Sandeep
Bhandari |
|
Designation : |
Vice President and Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.04.2013
NOTE: NOT AVAILABLE
AS ON 30.04.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.26 |
|
Bodies
corporate |
|
0.46 |
|
Directors
or relatives of directors |
|
0.01 |
|
Other
top fifty shareholders |
|
0.27 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of various types of Printing Inks, Resins, Adhesives,
Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates. |
||||||||||||
|
|
|
||||||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Printing Inks |
MT |
203,000 |
142,848 |
|
Resins and Varnishes # |
MT |
55,600 |
30,849 |
|
Pigments / Flush Colours @ |
MT |
46,500 |
4,249 |
|
Wire Enamels |
MT |
3,450 |
2,337 |
|
Press Chemicals |
MT |
5,000 |
1,700 |
|
By Products |
MT |
-- |
74 |
* As certified by the
Management.
# Based on
available capacity for production of Resins. Actual production includes Resins
and Varnishes.
@ Based on
available capacity for production of Flush Colours. Actual production includes
Pigment / Flush Colours.
Notes:
[1] Under the
Industrial Policy Statement dated July 24, 1991 and the Notifications issued
there under, there is no licensing requirement for the Company’s products.
[2] Capacity of
Resins and Pigments / Flush Colours is total capacity available for captive and
outside sales.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
v ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India v Bank of India, Mumbai Large Corporate Branch, 4th Floor, 70/80, M. G. Road, Mumbai - 400023, Maharashtra, India v State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J.N. Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India v The Hong Kong and Shanghai Banking Corporation Limited, 1 Queens Road Central, HSBC Main Building, Hong Kong - 1, Hong Kong v DBS Bank Limited, Credit Control Unit, 3rd Floor, Fort House, Dr. D. N. Road, Fort, Mumbai - 400001, Maharashtra, India v The Bank of Nova Scotia Asia Limited, One Raffles Quay, #20-01 North Tower, Singapore - 048583, Singapore v The Bank of Nova Scotia, Mittal Tower, "B" Wing, Nariman Point, Mumbai - 400021, Maharashtra, India v DBS Bank Limited, 6 Shenton Way, DBS Building, Tower One, Singapore - 068809, Singapore v Citibank N.A., Citibank House, Block 428,
Road 2819, Alseef District 1133, Bahrain – 1133 v DBS Bank Limited, Upper Ground Floor, Birla Tower, 25 Barakhamba Road, New Delhi - 110001, India v Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai - 400001, Maharashtra, India v BNP Paribas, 20 Coolyer Quay, Tung Centre, Singapore - 049319, Singapore v Axis Bank Limited v Australia and New Zealand Banking Group Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address : |
12, |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Holding
Company : |
MHM Holding GmbH, Germany |
|
|
|
|
Subsidiary
Companies : |
v Hostmann-Steinberg
Inc., USA v Hostmann-Steinberg
Australia Pty Limited, Australia v Hostmann-Steinberg
New Zealand Limited, New Zealand v PT Huber Inks
Indonesia, Indonesia (w.e.f. February 3, 2012; fellow subsidiary upto
February 2, 2012) v Micro Inks (Singapore)
Pte. Limited, Singapore (De-registered pursuant to liquidation with effect
from August 5, 2011) |
|
|
|
|
Fellow
Subsidiaries: |
v Michael Huber
München GmbH, Germany v Hostmann-Steinberg
GmbH, Germany v Stehlin + Hostag
AG, Switzerland v Hostmann-Steinberg
Limited, Canada v Huber Chile
S.A., Chile v Huber Italia
S.p.A., Italy v Huber Inks
(Shenzhen) Limited, China v Info-Lab
Limited, Ireland v Hostmann-Steinberg
South Africa (Pty.) Limited, South Africa v PT Huber Inks
Indonesia, Indonesia (up to February 2, 2012) v Hostmann-Steinberg
Tintás Graficás Brasil Ltda., Brazil v Michael Huber
Austria GmbH, Austria v Gleitsmann
Security Inks GmbH, Germany v Graphocolor
Limited, Ireland v Hostmann-Steinberg
Eesti OÜ, Estonia v Huber France
S.A.S., France v HST Benelux
B.V., Netherlands v Hostmann-Steinberg
RUS OOO, Russia v Michael Huber
Romania S.L.R., Romania v Michael Huber
Polska sp. z.o.o., Poland v Michael Huber CZ
s.r.o., Czech Republic v Michael Huber
Hungaria Kft, Hungary v Stehlin Hostag
Ink UK Limited, United Kingdom v TIPOLIT S.A.,
Spain v Huber Bulgaria
EOOD, Bulgaria v Hostmann-Steinberg
Latvija, Latvija v Hostmann-Steinberg
Lietuva, Lietuva v Michael Huber
München Matbaa Malzemeri Üretim v Pazarlama
Ithalat Ihracaat Limited Sirketi, Turkey v Huber SRB
d.o.o., Serbia |
|
|
|
|
Associates |
v Huber Holding
(Thailand) Limited, Thailand v Huber Inks
(Thailand) Limited, Thailand |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000 |
Equity Shares |
Rs. 10000/- each |
Rs. 300.000 Millions |
|
5,500,000 |
Preference Shares |
Rs. 100/- each |
Rs. 550.000 Millions |
|
|
Total |
|
Rs. 850.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,873 |
Equity Shares |
Rs. 10000/- each |
Rs. 248.730
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
248.730 |
|
(b) Reserves & Surplus |
|
|
8855.050 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
|
9103.780 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
916.300 |
|
(b) Deferred tax liabilities (Net) |
|
|
364.310 |
|
(c) Other long term liabilities |
|
|
231.430 |
|
(d) long-term provisions |
|
|
115.470 |
|
Total Non-current Liabilities (3) |
|
|
1627.510 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
|
1030.540 |
|
(b) Trade payables |
|
|
3028.030 |
|
(c) Other current
liabilities |
|
|
638.850 |
|
(d) Short-term provisions |
|
|
262.840 |
|
Total Current Liabilities (4) |
|
|
4960.260 |
|
|
|
|
|
|
TOTAL |
|
|
15691.550 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
4038.990 |
|
(ii) Intangible Assets |
|
|
14.970 |
|
(iii) Capital
work-in-progress |
|
|
50.990 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
2037.780 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
444.660 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
6587.390 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
2643.120 |
|
(c) Trade receivables |
|
|
5858.130 |
|
(d) Cash and cash
equivalents |
|
|
77.830 |
|
(e) Short-term loans
and advances |
|
|
391.460 |
|
(f) Other current
assets |
|
|
133.620 |
|
Total Current Assets |
|
|
9104.160 |
|
|
|
|
|
|
TOTAL |
|
|
15691.550 |
|
SOURCES OF FUNDS |
|
31.12.2011 |
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
248.721 |
248.720 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
7767.099 |
6572.705 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
8015.820 |
6821.425 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2020.618 |
2037.611 |
|
|
2] Unsecured Loans |
|
1285.262 |
357.680 |
|
|
TOTAL BORROWING |
|
3305.880 |
2395.291 |
|
|
DEFERRED TAX LIABILITIES |
|
334.630 |
348.857 |
|
|
|
|
|
|
|
|
TOTAL |
|
11656.330 |
9565.573 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3156.937 |
3215.803 |
|
|
Capital work-in-progress |
|
479.847 |
78.657 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1957.231 |
1812.102 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2675.963
|
2958.649
|
|
|
Sundry Debtors |
|
5130.316
|
3659.163
|
|
|
Cash & Bank Balances |
|
434.320
|
366.656
|
|
|
Other Current Assets |
|
72.571
|
86.811
|
|
|
Loans & Advances |
|
694.226
|
467.517
|
|
Total
Current Assets |
|
9007.396
|
7538.796 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2209.676
|
2257.433 |
|
|
Other Current Liabilities |
|
439.503
|
568.092 |
|
|
Provisions |
|
295.902
|
254.260 |
|
Total
Current Liabilities |
|
2945.081
|
3079.785 |
|
|
Net Current Assets |
|
6062.315
|
4459.011 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11656.330 |
9565.573 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21519.620 |
21075.505 |
17296.951 |
|
|
|
Other Income |
27.020 |
40.110 |
44.291 |
|
|
|
TOTAL (A) |
21546.640 |
21115.615 |
17341.242 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
15387.780 |
14960.180 |
11933.657 |
|
|
|
Changes in inventories of finished goods and semi-finished goods |
(120.990) |
-- |
-- |
|
|
|
Manufacturing service costs |
-- |
1016.842 |
885.605 |
|
|
|
Employee related expenses |
612.780 |
714.921 |
648.056 |
|
|
|
Other expenses |
3178.690 |
-- |
-- |
|
|
|
Administrative selling other expenses |
-- |
1434.641 |
1408.214 |
|
|
|
TOTAL (B) |
19058.260 |
18126.584 |
14875.532 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2488.380 |
2988.031 |
2465.710 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
234.060 |
615.512 |
90.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2254.320 |
2373.519 |
2375.683 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
371.710 |
366.363 |
373.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1882.610 |
2007.156 |
2002.673 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
622.380 |
638.773 |
584.278 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1260.230 |
1368.383 |
1418.395 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3804.497 |
2760.132 |
2015.178 |
|
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Proposed Dividend |
|
|
|
|
|
|
Provision for Dividend Distribution Tax on
Proposed Dividend |
NA |
324.018 |
673.441 |
|
|
|
General Reserve |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3804.497 |
2760.132 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11094.180 |
10930.640 |
9014.510 |
|
|
TOTAL EARNINGS |
11094.180 |
10930.640 |
9014.510 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7068.670 |
6353.590 |
5985.400 |
|
|
|
Stores & Spares |
23.880 |
12.570 |
8.650 |
|
|
|
Capital Goods |
72.870 |
83.510 |
39.690 |
|
|
|
Goods Traded |
0.000 |
11.580 |
5.270 |
|
|
TOTAL IMPORTS |
7165.420 |
6461.250 |
6039.010 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50667.43 |
55.02 |
57.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
5.85
|
6.48 |
8.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.75
|
9.52 |
11.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.84
|
16.50 |
18.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.25 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21
|
0.41 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84
|
3.06 |
2.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
17296.951 |
21075.505 |
21519.620 |
|
|
|
21.845 |
2.107 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
17296.951 |
21075.505 |
21519.620 |
|
Profit |
1418.395 |
1368.383 |
1260.230 |
|
|
8.20% |
6.49% |
5.86% |
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 |
Yes |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF GUJARAT STAMP NUMBER No. 2264 of
2012 To STAMP NUMBER No. 2265 of 2012 |
||||||||||||||||||||||
|
Status: PENDING
CCIN No: 001087201202264 Last Listing Date: 19/11/2012 Coram: - ADDITIONAL REGISTRAR ( JUDICIAL) |
||||||||||||||||||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
||||||||||||||||||||
|
1 |
COMMISSIONER OF INCOME TAX VALSAD |
MR SUDHIR M MEHTA for: null |
||||||||||||||||||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
||||||||||||||||||||
|
1 |
MICRO INKS LIMITED |
|
||||||||||||||||||||
|
Presented On : 02/11/2012 Registered
On : 02/11/2012 Bench Category : DIVISION BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 0 times Stage Name : OFFICE OBJECTION
(FILING STAGE)
Act: INCOME-TAX ACT, 1961 OFFICE OBJECTION |
||||||||||||||||||||||
|
Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage |
· WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ? WHETHER PROPER & FULL COURT FEE IS PAID ? WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT WHETHER NAMES OF THE PARTIES TALLY WITH NAMES IN THE
CERTIFIED COPIES ? WHETHER PAGING IS DONE ? WHETHER II SET FILED ? WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF
HAND WRITTEN ANNEXURES FILED ? WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ? |
|||||||||||||||||||||
|
Classification |
·
DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 -
APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA |
|||||||||||||||||||||
|
Act |
·
INCOME-TAX ACT, 1961 |
|||||||||||||||||||||
|
OFFICE DETAILS |
||||||||||||||||||||||
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|||||||||||||||||
|
1 |
02/11/2012 |
MEMO OF
APPEAL/PETITION/SUIT |
MR SUDHIR M
MEHTA ADVOCATE |
20 |
MR SUDHIR M
MEHTA:1 |
|||||||||||||||||
|
2 |
07/11/2012 |
CERTIFIED COPY |
MR SUDHIR M
MEHTA ADVOCATE |
6 |
MR SUDHIR M
MEHTA:1 |
|||||||||||||||||
|
COURT
PROCEEDINGS
|
||||||||||||||||||||||
UNSECURED LOANS
|
Unsecured Loans |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT-TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
207.150 |
1285.260 |
|
Total |
207.150 |
1285.260 |
CORPORATE INFORMATION
Subject is engaged in the manufacturing of various types of Printing Inks,
Resins, Adhesives, Pigments, Flush Colours, Wire Enamels, Retarders and their
intermediates. It is a member of the Germany based Huber group.
OUTLOOK:
During the year, growth of Indian economy slowed down due to domestic as
well as global reasons. Political uncertainties resulted in lack of clarity on
several policy matters and any new bold economic initiatives. Economic concerns
in European Union had an adverse effect on overall exports. As a result, the
GDP came down to nearly 5.5% as against 6.5% during the previous year. Raw
material prices continued to rise, primarily due to exceptionally week rupee.
Conventional commercial printing and the newspaper segments continue to shrink
due to emerging digital technologies and the internet.
Under these conditions, the company still maintained a topline growth
both in domestic and export segments, while the profits were slightly lower
against budget and the previous year. The political uncertainties in India are
likely to continue during the current year with elections expected any time
soon. Also, the issues concerning Europe and digital technologies will continue
to remain a challenge. There are signs of currency rates and commodity prices
remaining stable and this may result in favourable raw material prices.
All the leading global ink companies see India as a growth market and
they are making fresh investments and creating new capacities. Going forward,
we expect competition to be more intense and this is likely to put further
pressure on both top and bottom line.
However, on the positive side, Indian economy is still expected to maintain at least its current growth rate and that should provide growth opportunities to their business.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 |
31.12.2011 |
|
|
(Rs. in Millions) |
|
|
(a) Corporate
Guarantees given to banks on behalf of a subsidiary Company [USD 2.80
million, (31/12/2011, USD 12.80 million)] [Amount
outstanding USD 2.80 million, Rs. 154.000 million, (31/12/2011, USD 5.30 million,
Rs. 281.480 million)] |
154.000 |
679.810 |
|
(b) Income Tax,
Sales Tax, Central Excise and Service Tax demands: |
|
|
|
(i) in respect of
matters which are contested by the Company |
1580.960 |
1276.900 |
|
(ii) in respect of
matters decided in Company’s favour where the department is in further appeal |
327.350 |
349.640 |
|
(c) Cases filed
against Company in respect of Labour Laws |
4.110 |
3.570 |
|
(d) Bills
discounted |
78.350 |
221.260 |
|
(e) Other matters |
4.970 |
4.970 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10402321 |
03/04/2013 * |
550,000,000.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE - 048583, SINGAPORE |
B73979544 |
|
2 |
10397775 |
03/04/2013 * |
500,000,000.00 |
THE BANK OF NOVA SCOTIA |
MITTAL TOWER, "B" WING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B74023763 |
|
3 |
10319236 |
03/04/2013 * |
450,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR, BIRLA ROAD,, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B74024357 |
|
4 |
10285710 |
03/04/2013 * |
920,000,000.00 |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
10 COLLYER QUAY, #18-00 OCEAN FINANCIAL CENTRE, SINGAPORE, - 049315, SINGAPORE |
B73469496 |
|
5 |
10205031 |
28/02/2012 * |
277,800,000.00 |
DBS BANK LIMITED |
CREDIT CONTROL UNIT, 3RD FLOOR, FORT HOUSE,, DR. |
B34734889 |
|
6 |
10190803 |
23/03/2010 * |
195,278,000.00 |
STANDARD CHARTERED BANK |
90, M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A81941817 |
|
7 |
10106131 |
03/04/2013 * |
1,000,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
52/60, M. G. ROAD,, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B73979023 |
|
8 |
80012233 |
03/04/2013 * |
2,150,000,000.00 |
STATE BANK OF INDIA |
3RD FLOOR, STATE BANK BHAVAN, MADAM KAMA ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B73241507 |
|
9 |
80012217 |
03/04/2013 * |
1,750,000,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURSE CIRCLE, ALKAPURI,, BARODA, |
B73084725 |
|
10 |
80012219 |
04/06/2011 * |
1,800,000,000.00 |
STANDARD CHARTERED BANK |
90, M. G. ROAD,, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B15306137 |
|
11 |
90103243 |
19/05/2011 * |
350,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B13361019 |
* Date of charge modification
FIXED ASSETS:
Tangible assets:
v Freehold land
v Leasehold land
v Buildings
v Plant and
equipment
v Office equipment
v Furniture and
fittings
v Vehicles
v Computers
Intangible assets
v Computer software
v Technical know-how
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.59.88 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
62 |
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.