MIRA INFORM REPORT
|
Report No. : |
318758 |
|
Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
NGC NETWORK (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Star House, Urmi Estate, 95, Ganpatrao Kadam Marg, Lower Parel (West),
Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-66305555 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.06.2000 |
|
|
|
|
Com. Reg. No.: |
11-127390 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.466 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74300MH2000PTC127390 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN07064B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABC1401A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in distribution and advertising
sales business of the National Geographic Channel and The Fox Traveller
Channel (HD and SD feeds) and acts as an agent of NGC Network Asia LLC and
Fox International Channels (US) Inc. and also engaged in program content/post
production services to media companies. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of NGC Network (Mauritius) Holdings Limited.
It is an established company having satisfactory track. The management has witnessed dip in the profits during FY 2014.
However, the company has healthy financial risk profile marked by good net
worth and debts free balance sheet. Liquidity position of the company is
fair. Moreover, the company gets good support from its parent company and
their strong presence worldwide. Trade relations reported to be fair. Business is active. Payments are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Prajakta |
|
Designation : |
Customer care Department |
|
Contact No.: |
91-22-66305555 |
|
Date : |
22.04.2015 |
LOCATIONS
|
Registered Office : |
Star House, Urmi Estate, 95, Ganpatrao Kadam Marg, Lower Parel (West),
Mumbai – 400013, Maharashtra, India |
|
Tel. No. : |
91-22-66305555 |
|
Fax No. : |
91-22-66305050 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
Plot No. 77, Institutional Area, Sector 32, Gurgaon - 122001, Haryana,
India |
|
Tel. No. : |
91-124-6654400 |
|
Fax no. : |
91-124-2382685 |
|
|
|
|
Corporate Office 2 : |
Star India Private Limited, 205, Okhla Industrial Estate, Phase III,
New Delhi - 110020, India |
|
Tel. No.: |
91-11-66567827 |
|
Fax No.: |
91-11-66567828 |
|
E-Mail : |
|
|
|
|
|
Advertising Sales: |
Located At: ·
· Kolkata · Chennai · Mumbai · Gurgaon |
|
|
|
|
Distribution: |
Located At: ·
· Kolkata · Chennai · Mumbai · Lucknow · Bangalore · Chandigarh · Hyderabad · New Delhi · Jaipur · Jodhpur · Jabalpur · Indore · Pune · Vijaywada · Cochin · Raipur · Nasik · Bhopal · Nagpur · Coimbatore · Madurai · Patna · Guwahatri · Hosur · Ranchi · Bhubaneswar |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sameer Chawla |
|
Designation : |
Directors |
|
Address : |
D-021, Ridgewood Estate, DLF Phase IV, Gurgaon, |
|
Date of Birth/Age : |
21.06.1969 |
|
Qualification: |
C A |
|
Experience: |
21 Years |
|
Date of Appointment : |
27.01.2005 |
|
DIN No.: |
00024103 |
|
|
|
|
Name : |
Mr. Keerthan Adyanthaya |
|
Designation : |
Managing Director |
|
Address : |
603, Uma Shikar, Plot NO. 541, |
|
Qualification: |
B E |
|
Experience: |
19 Years |
|
Date of Appointment : |
02.04.2010 |
|
DIN No.: |
02395161 |
KEY EXECUTIVES
|
Name : |
Ms. Prajakta |
|
Designation : |
Customer care Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Sameer Chawla |
|
1 |
|
NGC Network (Mauritius) Holdings Limited, Mauritius |
|
46629 |
|
Keerthan Adyanthaya |
|
1 |
|
Total |
|
46631 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in distribution and
advertising sales business of the National Geographic Channel and The Fox Traveller
Channel (HD and SD feeds) and acts as an agent of NGC Network Asia LLC and
Fox International Channels (US) Inc. and also engaged in program content/post
production services to media companies. |
|
|
|
|
Products: |
Channel Distribution |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West),
Mumbai - 400028, Maharashtra, India |
|
Tel No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
NGC Network (Mauritius) Holding Limited |
|
|
|
|
Ultimate Holding Company |
21st Century Fox INc, US |
|
|
|
|
Intermediate Holding Company : |
NGC Network Asia LLC [Holding Company of NGC Network (Mauritius)
Holding Limited] |
|
|
|
|
Fellow Subsidiary : |
· Fox International Channels (US) Inc. ·
Star India
Private Limited · Fox Channels (India) Private Limited · Star Entertainment Media Private Limited · Vijay Television Private Limited · Fox international Channels Luxembourg |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46631 |
Equity Shares |
Rs.10/- each
|
Rs.0.466 Million
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.466 |
0.466 |
0.466 |
|
(b) Reserves & Surplus |
393.118 |
357.360 |
314.039 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
393.584 |
357.826 |
314.505 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
21.295 |
19.523 |
13.550 |
|
Total
Non-current Liabilities (3) |
21.295 |
19.523 |
13.550 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
362.934 |
374.224 |
394.620 |
|
(c) Other current liabilities |
47.670 |
59.164 |
48.977 |
|
(d) Short-term provisions |
1.086 |
0.911 |
0.999 |
|
Total
Current Liabilities (4) |
411.690 |
434.299 |
444.596 |
|
|
|
|
|
|
TOTAL |
826.569 |
811.648 |
772.651 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
34.332 |
15.507 |
16.239 |
|
(ii) Intangible Assets |
2.467 |
3.532 |
0.385 |
|
(iii) Capital work-in-progress |
58.750 |
7.828 |
1.573 |
|
(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) |
12.733 |
15.396 |
16.063 |
|
(d) Long-term Loan and Advances |
172.526 |
146.582 |
103.023 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
280.808 |
188.845 |
137.283 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
139.216 |
304.645 |
281.031 |
|
(d) Cash and cash equivalents |
371.718 |
276.323 |
328.007 |
|
(e) Short-term loans and
advances |
34.136 |
41.671 |
19.849 |
|
(f) Other current assets |
0.691 |
0.164 |
6.481 |
|
Total
Current Assets |
545.761 |
622.803 |
635.368 |
|
|
|
|
|
|
TOTAL |
826.569 |
811.648 |
772.651 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
605.497 |
672.536 |
710.766 |
|
|
|
Other Income |
6.008 |
7.252 |
7.645 |
|
|
|
TOTAL |
611.505 |
679.788 |
718.411 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
35.758 |
43.321 |
45.356 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
|
549.287 |
|
|
|
Revenue From Programming Content |
|
|
129.469 |
|
|
TOTAL EARNINGS |
562.956 |
650.130 |
678.756 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
766.83 |
929.02 |
972.66 |
|
%20PRIVATE%20LIMITED%20-%20318758_MIRA.doc%2023-Apr-2015_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20318758_MIRA.doc%2023-Apr-2015_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.91 |
6.44 |
6.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.43 |
1.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.466 |
0.466 |
0.466 |
|
Reserves & Surplus |
314.039 |
357.360 |
393.118 |
|
Net
worth |
314.505 |
357.826 |
393.584 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20PRIVATE%20LIMITED%20-%20318758_MIRA.doc%2023-Apr-2015_files/image013.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
710.766 |
672.536 |
605.497 |
|
|
|
-5.379 |
(9.968) |
%20PRIVATE%20LIMITED%20-%20318758_MIRA.doc%2023-Apr-2015_files/image015.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
710.766 |
672.536 |
605.497 |
|
Profit |
45.356 |
43.321 |
35.758 |
|
|
6.38% |
6.44% |
5.91% |
%20PRIVATE%20LIMITED%20-%20318758_MIRA.doc%2023-Apr-2015_files/image017.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
No |
|
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 |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
FINANCIAL RESULTS AND
OPERATIONS
All downlink licenses issued to the company continue to remain valid during the year.
The company is actively following up with the ministry of information and broadcasting (MIB) for uplink licenses for broadcast form India.
The operations during the year resulted in a Net Profit after Tax of Rs. 35.758Million which was carried to Balance Sheet.
CORPORATE INFORMATION
The Company was incorporated on June 26th, 2000. The Company is primarily engaged in the distribution and advertising sales business of the National Geographic Channel and The Fox Traveller Channel (HD and SD feeds). The Company acts as an agent of NGC Network Asia LLC and Fox International Channels (US) Inc. in turn appointed Star India Private Limited for adsales and distribution of these channels. The Company is also engaged in program content/post production services to media companies.
FIXED ASSETS
Tangible Assets
· Computer
· Studio Equipment
· Office Equipment
· Vehicles
· Furniture and Fixtures
· Integrated Decoders
Intangible Assets
· software
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 records 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.62.82 |
|
|
1 |
Rs.93.85 |
|
Euro |
1 |
Rs.67.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.