MIRA INFORM REPORT
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Report No. : |
304243 |
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Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GCL PRIVATE LIMITED |
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Formerly Known
As : |
GCL INDIA PRIVATE LIMITED (w.e.f.28.07.1997) GIRISH CIRCULAR LOOMS PRIVATE LIMITED |
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Registered
Office : |
A.419/420, 10th Main, 2nd Stage, Peenya Industrial Estate, Bangalore –
560058, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.04.1996 |
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Com. Reg. No.: |
08-020217 |
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Capital
Investment / Paid-up Capital : |
Rs. 59.900 Millions |
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CIN No.: [Company Identification
No.] |
U29263KA1996PTC020217 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG00521D |
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PAN No.: [Permanent Account No.] |
AAACG5036D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Circular Weaving Machines, Tape Extrusions Line and
Conversion Machines. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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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 250000 |
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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. The company has incurred a loss from its operations during 2014. However, Trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limit: BB- (Suspended) |
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Rating Explanation |
Have Moderate risk of default |
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Date |
May, 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits: A4 (Suspended) |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
May, 2014 |
NOTE :
Reason for suspension: The Suspension follows ICRA’s inability to carry
out a rating surveillance in the absence of the requisite information from the
company.
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.
LOCATIONS
|
Registered Office : |
A.419/420, 10th Main, 2nd Stage, Peenya Industrial Estate, Bangalore –
560058, Karnataka, India |
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Tel. No.: |
91-80-28362500 |
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Fax No.: |
91-80-28362525 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Harish B Kamath |
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Designation : |
Director |
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Address : |
E-101, “Mangotree”, Townsend, Avalahalli, Yelahanka Hobli, Bangalore –
560064, Karnataka, India |
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Date of Birth/Age : |
11.11.1965 |
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Date of Appointment : |
03.04.1996 |
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DIN No.: |
00855083 |
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Other Directorship:
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Name : |
Mr. Kamath Girish Bhagirath |
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Designation : |
Director |
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Address : |
No. 25, “ Gurukiran”, 1st Main Road, NTI Layout, HIG Dollars Colony, RMV
2nd Stage, Bangalore – 560094, Karnataka, India |
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Date of Birth/Age : |
10.04.1971 |
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Date of Appointment : |
20.05.1996 |
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DIN No.: |
00855127 |
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Other Directorship:
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Name : |
Mrs. Sangeetha Harish Kamath |
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Designation : |
Director |
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Address : |
E-101, “Mangotree”, Townsend, Avalahalli, Yelahanka Hobli, Bangalore –
560064, Karnataka, India |
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Date of Birth/Age : |
03.09.1965 |
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Date of Appointment : |
02.01.2009 |
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DIN No.: |
01191520 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Shashidhara G.S. and Company |
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Designation : |
Company Secretaries |
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Address : |
No. 993 A, Secretarial, 37th Cross, 22nd Main, 4th
“T” Block, Jayanagar, Bangalore – 560041, India |
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Tel. No.: |
91-22455141/26534024 |
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Mobile No.: |
91-9880461710/9844061710 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Mr. Harish B. Kamath |
2295000 |
38.31 |
|
Mr. Girish B. Kamath |
995000 |
16.61 |
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Mrs. Sangeetha H. Kamath |
2700000 |
45.08 |
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Total |
5990000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 31.03.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing Circular Weaving Machines, Tape Extrusions Line and
Conversion Machines. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS (As on 31.03.2014)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Circular
Weaving Machine |
Nos |
NA |
-- |
454 |
|
Tape
Extrusion Plant |
Nos |
NA |
-- |
5 |
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Conversion
Machines |
Nos |
NA |
-- |
24 |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
K.P.
RAO and Company Chartered Accountants |
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Address : |
Poornima',
IInd Floor, 25, State Bank Road, Bangalore – 560001, India |
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Tel. No.: |
91-80-25587385/25586814 |
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Fax No.: |
91-80-25584884 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFK7720M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5990000 |
Equity Shares |
Rs.10/- each |
Rs.59.900
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
59.900 |
37.400 |
37.400 |
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(b) Reserves &
Surplus |
25.982 |
79.522 |
70.942 |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
85.882 |
116.922 |
108.342 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
42.482 |
40.632 |
61.121 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
19.858 |
18.528 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
12.823 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
42.482 |
60.490 |
92.472 |
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(4) Current Liabilities |
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(a) Short term borrowings |
132.575 |
99.880 |
105.092 |
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(b) Trade payables |
117.974 |
153.272 |
125.510 |
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(c) Other current
liabilities |
228.241 |
101.457 |
84.639 |
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(d) Short-term provisions |
2.200 |
1.900 |
2.365 |
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Total Current Liabilities
(4) |
480.990 |
356.509 |
317.606 |
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TOTAL |
609.354 |
533.921 |
518.420 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
83.989 |
74.125 |
79.874 |
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(ii) Intangible Assets |
1.658 |
1.303 |
1.628 |
|
(iii) Capital work-in-progress |
113.281 |
91.263 |
56.797 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.495 |
0.495 |
0.495 |
|
(c) Deferred tax assets
(net) |
3.308 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
46.520 |
45.139 |
47.194 |
|
(e) Other Non-current
assets |
42.905 |
60.288 |
54.881 |
|
Total Non-Current Assets |
292.156 |
272.613 |
240.869 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
173.670 |
140.997 |
165.054 |
|
(c) Trade receivables |
97.171 |
87.351 |
46.623 |
|
(d) Cash and cash
equivalents |
18.889 |
5.123 |
9.105 |
|
(e) Short-term loans and
advances |
9.487 |
10.775 |
35.088 |
|
(f) Other current assets |
17.981 |
17.062 |
21.681 |
|
Total Current Assets |
317.198 |
261.308 |
277.551 |
|
|
|
|
|
|
TOTAL |
609.354 |
533.921 |
518.420 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
TOTAL INCOME |
457.813 |
647.934 |
572.584 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
415.484 |
603.276 |
536.402 |
|
|
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|
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
(42.329) |
44.658 |
36.182 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
22.473 |
23.221 |
19.975 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(64.802) |
21.437 |
16.207 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.903 |
11.271 |
11.572 |
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|
|
PROFIT/ (LOSS) BEFORE TAX |
(76.705) |
10.166 |
4.635 |
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|
|
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Less |
TAX |
(23.166) |
1.586 |
3.946 |
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|
|
PROFIT/ (LOSS) AFTER TAX
|
(53.539) |
8.580 |
0.689 |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
15.433 |
23.998 |
13.597 |
|
|
TOTAL EARNINGS |
15.433 |
23.998 |
13.597 |
|
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|
|
|
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|
|
Earnings / (Loss) Per
Share (Rs.) |
(8.94) |
1.43 |
0.12 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
(11.69) |
1.32 |
0.12 |
|
|
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|
|
Operating Profit Margin (PBIDT/
Total Income) |
(%) |
(9.25) |
6.89 |
6.32 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.58) |
2.30 |
1.01 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.89) |
0.09 |
0.04 |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
2.04 |
1.20 |
1.53 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.73 |
0.87 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
37.400 |
37.400 |
59.900 |
|
Reserves & Surplus |
70.942 |
79.522 |
25.982 |
|
Net worth |
108.342 |
116.922 |
85.882 |
|
|
|
|
|
|
long-term borrowings |
61.121 |
40.632 |
42.482 |
|
Short term borrowings |
105.092 |
99.880 |
132.575 |
|
Total borrowings |
166.213 |
140.512 |
175.057 |
|
Debt/Equity ratio |
1.534 |
1.202 |
2.038 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total
Income |
572.584 |
647.934 |
457.813 |
|
|
|
13.160 |
(29.343) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total
Income |
572.584 |
647.934 |
457.813 |
|
Profit |
0.689 |
8.580 |
(53.539) |
|
|
0.12% |
1.32% |
(11.69)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
No |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90198511 |
18/11/2004 |
4,000,000.00 |
CANARA BANK |
SPE SSI BRANCH, PEENAYA INDL AREA,
BANGALORE, Karnataka - 560058, INDIA |
- |
|
2 |
90199777 |
18/11/2004 |
4,000,000.00 |
CANARA BANK |
SPECIALISED SSI BRANCH, PEENYA INDUSTRIAL
AREA, BANGALORE, Karnataka - 560058, INDIA |
- |
|
3 |
90198490 |
08/10/2004 |
12,000,000.00 |
CANARA BANK |
SPE SSI BRANCH, PEENAYA INDL AREA, BANGALORE,
Karnataka - 560058, INDIA |
- |
|
4 |
90197871 |
15/05/2014 * |
325,969,000.00 |
CANARA BANK |
SPECIALISED PEENYA SME BRANCH,, PEENYA II
STAGE, BANGALORE, Karnataka - 560058, INDIA |
C07041148 |
|
5 |
90199398 |
27/07/2005 * |
9,500,000.00 |
CANARA BANK |
SPE SSI BRANCH, PEENAYA INDL AREA,
BANGALORE, Karnataka - 560058, INDIA |
- |
|
6 |
90197856 |
21/11/2000 |
1,019,700.00 |
CANARA BANK |
SPE SSI BRANCH, PEENAYA INDL AREA,
BANGALORE, Karnataka - 560058, INDIA |
- |
|
7 |
90197617 |
10/12/1999 * |
36,700,000.00 |
CANARA BANK |
SPE SSI BRANCH, PEENAYA IIND STAGE,
BANGALORE, Karnataka - 560058, INDIA |
- |
|
8 |
90197505 |
12/02/1999 |
12,282,000.00 |
CANARA BANK |
SPE SSI BRANCH, PEENAYA INDL AREA, BANGALORE,
Karnataka - 560058, INDIA |
- |
|
9 |
90199191 |
12/02/1999 |
12,282,000.00 |
CANARA BANK |
SPECIALISED SSI BRANCH, PEENYA INDUSTRIAL
AREA, BANGALORE, Karnataka - 560058, INDIA |
- |
|
10 |
90197179 |
12/02/1999 * |
9,600,000.00 |
CANARA BANK |
SPE SSI BRANCH, PEENAYA IIND STAGE,
BANGALORE, Karnataka - 560058, INDIA |
- |
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· Factory Equipments
· Motor Vehicles
· Furniture and Fixture
· Office and Other Equipments
· Electrical Installation
· Computers
· Tools and Dies
· 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.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
RCH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.