MIRA INFORM REPORT
|
Report No. : |
337812 |
|
Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
IMS HEALTH INFORMATION AND CONSULTING SERVICES INDIA PRIVATE LIMITED
(w.e.f. 06.05.2010) |
|
|
|
|
Formerly Known
As : |
ORG-IMS
RESEARCH PRIVATE LIMITED |
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|
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Registered
Office : |
Unit No. 902, 9th Floor, B-Wing, Supreme Business Park, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra |
|
Tel. No.: |
91-22-71097200 |
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|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2014 |
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|
Date of
Incorporation : |
01.10.2003 |
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|
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|
Com. Reg. No.: |
11-142482 |
|
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|
Capital
Investment / Paid-up Capital : |
Rs. 10.153 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140MH2003PTC142482 |
|
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|
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
The company is engaged into providing of Information and Consulting
Services to the pharmaceutical and health care industries and also offers
leading-edge market intelligence products and services. |
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|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 340000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “IMS AG, Switzerland”. It is an established company incorporated during the year 2003 having
a satisfactory track. The company has incurred a loss from its operational activities during
FY 2014. However, networth of the company is satisfactory. General financial
position of the company is normal and acceptable for business dealings. Further, the rating also takes into consideration favourable gap
between trade payables and trade receivable. The company also receives strong operational managerial support from
its holding company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. In view of long track record, strong holding support and acceptable
financial base, the company can be considered normal 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Shailesh Shah |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-71097200 |
|
Date : |
22.08.2015 |
LOCATIONS
|
Registered Office : |
Unit No. 902, 9th Floor, B-Wing, Supreme Business Park, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-71097200 |
|
Fax No.: |
91-22-71097222 |
|
E-Mail : |
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|
Website : |
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|
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Branch Office 1: |
201 – 205, 2nd Floor, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India |
|
Tel. No.: |
91-11-49758000 |
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|
|
|
Corporate Office : |
302, 3rd Floor, B-Wing, Supreme Business Park, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22- 33547251 |
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Fax No.: |
91-22-33547222 |
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|
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Branch Office 2 : |
Located At :
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DIRECTORS
AS ON 30.09.2014
|
Name : |
Nitin Mohan Goel |
|
Designation : |
Managing director |
|
Address : |
302, 3rd Floor, Glendale, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Appointment : |
07.05.2015 |
|
DIN No.: |
07164524 |
|
|
|
|
Name : |
Roman Lopez Martens |
|
Designation : |
Director |
|
Address : |
Flat A, 27/F, Blk 1, The Zenith, 3 Wan Chai Rd, Hong Kong, 852, Hong Kong |
|
Date of Birth/Age : |
08.10.1963 |
|
Date of Appointment : |
31.01.2013 |
|
DIN No.: |
06485835 |
|
|
|
|
Name : |
Robert Chu |
|
Designation : |
Director |
|
Address : |
27, Rue D Alembert, Meudon, 92190, France |
|
Date of Birth/Age : |
05.03.1966 |
|
Date of Appointment : |
16.07.2013 |
|
DIN No.: |
06633101 |
|
|
|
|
Name : |
Aravinda Tiwari |
|
Designation : |
Additional director |
|
Address : |
C-2201, Lakshchandi Heights,, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Date of Appointment : |
18.12.2014 |
|
DIN No.: |
07048023 |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Shah |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
IMS AG, Switzerland |
101030 |
99.51 |
|
Interstatistik AG, Switzerland |
500 |
0.49 |
|
Total |
101530 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
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 : |
The company is engaged into providing of Information and Consulting
Services to the pharmaceutical and health care industries and also offers
leading-edge market intelligence products and services. |
|
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Products / Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
-- |
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Auditors : |
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|
Name : |
Walker Chandiok and Company LLP Chartered Accountants |
|
Address : |
16th Floor, Tower II, India Bulls Finance Centre, S.B. Marg,
Elphinstone, Mumbai – 400013, Maharashtra, India |
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PAN No.: |
AAAFW4298E |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
IMS AG |
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Subsidiary Company |
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Other related
party: |
Interstatistik AG |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
101,530 |
Equity Shares |
Rs.100/- each |
Rs.10.153 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 |
10.153 |
10.153 |
10.153 |
|
(b) Reserves &
Surplus |
110.148 |
177.239 |
163.197 |
|
(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) |
120.301 |
187.392 |
173.350 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
221.600 |
221.600 |
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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
221.600 |
221.600 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
35.000 |
|
(b) Trade payables |
80.625 |
13.964 |
37.118 |
|
(c) Other current
liabilities |
94.828 |
81.255 |
62.592 |
|
(d) Short-term provisions |
37.312 |
38.323 |
12.146 |
|
Total Current Liabilities
(4) |
212.765 |
133.542 |
146.856 |
|
|
|
|
|
|
TOTAL |
554.666 |
542.534 |
320.206 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
58.411 |
82.713 |
62.504 |
|
(ii) Intangible Assets |
0.171 |
0.328 |
0.000 |
|
(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 |
6.051 |
6.051 |
6.051 |
|
(c) Deferred tax assets
(net) |
48.977 |
19.429 |
10.310 |
|
(d) Long-term Loan and Advances |
113.378 |
110.654 |
86.805 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
226.988 |
219.175 |
165.670 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
135.084 |
120.585 |
85.216 |
|
(d) Cash and cash
equivalents |
166.341 |
166.209 |
50.444 |
|
(e) Short-term loans and
advances |
24.576 |
20.465 |
17.766 |
|
(f) Other current assets |
1.677 |
16.100 |
1.110 |
|
Total Current Assets |
327.678 |
323.359 |
154.536 |
|
|
|
|
|
|
TOTAL |
554.666 |
542.534 |
320.206 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
588.289 |
570.251 |
NA |
|
|
Other Income |
12.032 |
8.140 |
NA |
|
|
TOTAL |
600.321 |
578.391 |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
12.941 |
2.925 |
NA |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
27.016 |
20.329 |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(64.502) |
14.043 |
34.545 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Subscription sales |
NA |
NA |
17.067 |
|
|
professional fees |
NA |
NA |
21.893 |
|
|
commission income |
NA |
NA |
20.762 |
|
|
consultancy fess |
NA |
NA |
12.316 |
|
|
TOTAL EARNINGS |
NA |
NA |
72.038 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
635.30 |
138.31 |
340.25 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(10.96) |
2.46 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.84 |
1.18 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54 |
2.42 |
1.05 |
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 |
10.153 |
10.153 |
10.153 |
|
Reserves & Surplus |
163.197 |
177.239 |
110.148 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
173.350 |
187.392 |
120.301 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
221.600 |
221.600 |
|
Short term borrowings |
35.000 |
0.000 |
0.000 |
|
Total borrowings |
35.000 |
221.600 |
221.600 |
|
Debt/Equity ratio |
0.202 |
1.183 |
1.842 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
570.251 |
588.289 |
|
|
3.163 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
570.251 |
588.289 |
|
Profit/loss |
14.043 |
(64.502) |
|
|
2.46% |
(10.96%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Debenture |
|
|
|
11000 compulsory convertible debenture |
221.600 |
221.600 |
|
Total |
221.600 |
221.600 |
|
Note: Terms of conversion of compulsory convertible debenture The company has issued 110800, 5.84% compulsory convertible debentures
of Rs.2000 each to IMS AG, Switzerland on 31.01.2013, which are convertible
into 110800 equity share of Rs.100 each on or before the expiry of 10 years
from 31.01.2013. |
||
COMPANY INFORMATION
Subject is a private limited company
incorporated in India in October 2003. The company is provider of Information and
Consulting Services to the pharmaceutical and healthcare industries. The
company offers leading-edge market intelligence products and services that are
integral to client’s day-to-day operation including product and portfolio
management capabilities, commercial effectiveness innovations and consulting
and services solutions that improve productivity and the delivery of quality
healthcare. The company has its offices in Mumbai, New Delhi, Kolkata,
Bangalore and Hyderabad.
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
FIXED ASSETS
Tangible Assets
- Leasehold improvement
- Furniture and Fixture
- Vehicle
- Office equipment
- Computers
Intangible Assets
- Computer 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.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.