MIRA INFORM REPORT
|
Report No. : |
307323 |
|
Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
DRESSER-RAND INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Lotus Business Park, 11th Floor, Veera Desai Road, Off
Andheri Link Road, Opposite Fun Republic, Andheri (West), Mumbai – 400053,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.12.1998 |
|
|
|
|
Com. Reg. No.: |
11-117293 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 503.978 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29100MH1998PTC117293 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD06431F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD9897P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Gas Compressors. |
|
|
|
|
No. of Employees
: |
487 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of Dresser Rand, USA. The company
is well established in the market and it has good track. Financial position
of the company appears to be strong. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. In view of strong holding company, the subject can be considered
normal for business dealing 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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Jigar |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-67248600 |
|
Date : |
09.02.2015 |
LOCATIONS
|
Registered Office : |
Lotus Business Park, 11th Floor, Veera Desai Road, Off
Andheri Link Road, Opposite Fun Republic, Andheri (West), Mumbai – 400053,
Maharashtra, India |
|
Tel. No.: |
91-22-67248600 |
|
Fax No.: |
91-22-67248623 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
187, GIDC, Naroda, Ahmedabad – 382330, Gujarat, India |
|
Tel. No.: |
91-79-22800800 |
|
Fax No.: |
91-79-22805566 |
|
Area : |
1500 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Branch Offices : |
Located at: v
Kolkata v
Chennai v
|
|
|
|
|
Sales Offices in |
Located at: v
Kuala Lumpur v
v
v
Vadodara v
Chennai v
Kolkata v
Ahmedabad v
v
v
v
Mumbai v
v
Shanghai |
DIRECTORS
As on: 22.09.2014
|
Name : |
Mr. Vijay Ramesh Phatarphekar |
|
Designation : |
Managing Director |
|
Address : |
Flat No.903, Laburnum, Mahindra Gardens, Goregaon (West), Mumbai –
400062, Maharashtra, India |
|
Date of Birth/Age : |
22.06.1955 |
|
Date of Appointment : |
15.11.2007 |
|
DIN No.: |
02138401 |
|
|
|
|
Name : |
Mr. Gabriel Mircea Popescu |
|
Designation : |
Director |
|
Address : |
Kiaramas Sutera Condominium, Unit B 06-03, |
|
Date of Birth/Age : |
14.08.1965 |
|
Date of Appointment : |
19.11.2008 |
|
Date of Cessation : |
05.08.2013 |
|
DIN No.: |
02428230 |
|
|
|
|
Name : |
Mr. Srinath Mukherjee |
|
Designation : |
Additional Director |
|
Address : |
C 402, Amaltas Juhu, Versova Link Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1966 |
|
Date of Appointment : |
27.09.2010 |
|
DIN No.: |
03328093 |
|
|
|
|
Name : |
Mr. Girish Garg |
|
Designation : |
Additional Director |
|
Address : |
55, Nishkam Apartments, Plot No.23, Dwarka, Phase I, Mahavir Enclave,
New Delhi – 110045, India |
|
Date of Birth/Age : |
26.11.1968 |
|
Date of Appointment : |
22.09.2014 |
|
DIN No.: |
05253676 |
|
Name : |
Mark Francis Mai |
|
Designation : |
Director |
|
Address : |
287, Litchfield Lane, Houston |
|
Date of Birth/Age : |
09.12.1960 |
|
Date of Appointment : |
22.09.2014 |
|
DIN No.: |
06990343 |
|
|
|
|
Name : |
Raymond Lawrence Carney Jr |
|
Designation : |
Director |
|
Address : |
TX 77056 |
|
Date of Birth/Age : |
27.05.1967 |
|
Date of Appointment : |
22.09.2014 |
KEY EXECUTIVE
|
Name : |
Mr. Jigar |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 22.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Ramesh Phatarphekar |
|
1 |
|
Dresser Rand Company, New York |
|
50397839 |
|
Ashok Pratap |
|
1 |
|
|
|
|
|
Total |
|
50397841 |
Equity Share Break up (Percentage of Total Equity)
As on: 22.09.2014
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Gas Compressors. |
|
|
|
|
Products : |
v Turbo Machinery Products v Reciprocating Products v Coppus Portable Ventilators v Combined Head and Power Solutions v Control System v
Commercial Nuclear Products |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Cheque |
|
|
|
|
Purchasing : |
Cash and Cheque |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
|
|
|
|
Customers : |
Not Divulged |
|
|
|
|
No. of Employees : |
487 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Pricewater House, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West),
Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs. 700.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50397841 |
Equity Shares |
Rs.10/- each |
Rs. 503.978
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
503.978 |
503.978 |
503.978 |
|
(b) Reserves & Surplus |
4813.135 |
3264.992 |
2318.233 |
|
(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) |
5317.113 |
3768.970 |
2822.211 |
|
|
|
|
|
|
(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 |
12.475 |
11.662 |
12.211 |
|
(d)
long-term provisions |
83.971 |
99.684 |
94.481 |
|
Total
Non-current Liabilities (3) |
96.446 |
111.346 |
106.692 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
635.039 |
786.523 |
592.354 |
|
(c)
Other current liabilities |
1818.067 |
1278.537 |
1316.301 |
|
(d)
Short-term provisions |
61.210 |
129.161 |
98.506 |
|
Total
Current Liabilities (4) |
2514.316 |
2194.221 |
2007.161 |
|
|
|
|
|
|
TOTAL |
7927.875 |
6074.537 |
4936.064 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
470.147 |
453.838 |
368.489 |
|
(ii)
Intangible Assets |
59.645 |
54.035 |
33.609 |
|
(iii)
Capital work-in-progress |
6.030 |
14.844 |
1.781 |
|
(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) |
41.528 |
69.263 |
96.102 |
|
(d) Long-term Loan and Advances |
165.948 |
190.702 |
148.673 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
743.298 |
782.682 |
648.654 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
560.678 |
0.000 |
0.000 |
|
(b)
Inventories |
710.130 |
919.874 |
794.781 |
|
(c)
Trade receivables |
1189.274 |
1404.747 |
792.783 |
|
(d)
Cash and cash equivalents |
3764.930 |
2647.548 |
2218.268 |
|
(e)
Short-term loans and advances |
927.957 |
301.296 |
471.601 |
|
(f)
Other current assets |
31.608 |
18.390 |
9.977 |
|
Total
Current Assets |
7184.577 |
5291.855 |
4287.410 |
|
|
|
|
|
|
TOTAL |
7927.875 |
6074.537 |
4936.064 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6123.212 |
6381.302 |
3468.757 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
6123.212 |
6381.302 |
3468.757 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3802.403 |
4991.342 |
2386.521 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2320.809 |
1389.960 |
1082.236 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
94.931 |
69.362 |
58.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2225.878 |
1320.598 |
1023.435 |
|
|
|
|
|
|
|
|
|
|
TAX |
677.734 |
373.840 |
325.146 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1548.143 |
946.758 |
698.289 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.72 |
18.79 |
13.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
25.28 |
14.84 |
20.13 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
37.90 |
21.78 |
31.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.25 |
22.05 |
21.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.35 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.86 |
2.41 |
2.14 |
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 |
503.978 |
503.978 |
503.978 |
|
Reserves & Surplus |
2318.233 |
3264.992 |
4813.135 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2822.211 |
3768.970 |
5317.113 |
|
|
|
|
|
|
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 |
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) |
|
Sales |
3468.757 |
6381.302 |
6123.212 |
|
|
|
83.965 |
(4.044) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3468.757 |
6381.302 |
6123.212 |
|
Profit |
698.289 |
946.758 |
1548.143 |
|
|
20.13% |
14.84% |
25.28% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
0.000 |
0.000 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
NOTE:
The registered office of the company has been shifted from 4th
Floor, Paville House, Off Veer Savarkar Marg, Prabha Devi, Mumbai - 400025,
Maharashtra, India to the present address w.e.f. 01.04.2008.
OPERATIONS
The company was impacted during the year on account of lower sales during the financial year due to lower backlog of previous year.
FUTURE OUTLOOK
The Company will continue to focus on operational excellence. Execution of backlog of orders and converting the same in Billed Sales coupled with cost improvement would be a major focus to improve profitability.
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
FIXED ASSETS:
v Land-Leasehold
v Buildings
v Plant and Machinery
v Electrical Installations
v Furniture, Fixtures and Equipments
v Vehicles
v Small Tools
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. 61.90 |
|
|
1 |
Rs. 94.41 |
|
Euro |
1 |
Rs. 70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.