MIRA INFORM REPORT
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Report No. : |
307941 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MANGAL MACHINES PRIVATE LIMITED |
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Registered
Office : |
Old Factory Area, Patiala – 147 001, Punjab |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.11.2002 |
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Com. Reg. No.: |
16-025569 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company Identification
No.] |
U29259PB2002PTC025569 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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IEC No.: |
3004004208 |
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PAN No.: [Permanent Account No.] |
AADCM4586B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of Machinery for Biscuit, Bread
and Confectionery items. |
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No. of Employees
: |
100 Approximately (In Office – 18, In Factory – 82) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 60000 |
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Status : |
Satisfactory |
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Payment Behavior : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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 DENIED BY
|
Name : |
Mr. Gautam |
|
Designation : |
Assistant Manager |
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Contact No.: |
91-175-5003358 |
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Date : |
26.02.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Old Factory Area, |
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Tel. No.: |
91-175-2360180/ 5003358/ 2355486/ 2360652 |
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Fax No.: |
91-175-2360652 |
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E-Mail : |
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Website : |
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Area : |
4500 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Jai Prakash Dhiman |
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Designation : |
Director |
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Address : |
Factory Area, Patiala – 147 001, Punjab, India |
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Qualification : |
M.A. |
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Experience : |
40+ Years |
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Date of Appointment : |
14.11.2002 |
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DIN No.: |
01972628 |
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Other Directorship:
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Name : |
Mr. Lalit Kumar Dhiman |
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Designation : |
Director |
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Address : |
Factory Area, Patiala – 147 001, Punjab, India |
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Qualification : |
B.E. |
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Experience : |
16+ Years |
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Date of Appointment : |
14.11.2002 |
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DIN No.: |
01972649 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Gautam |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
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No. of Shares |
|
Jai Prakash |
|
21000 |
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Lalit Kumar |
|
25500 |
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Geeta Rani |
|
3500 |
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Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of Machinery for Biscuit, Bread
and Confectionery items. |
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Products : |
· Biscuit Machines · Biscuit Conveyor · Biscuit Baking Oven · Biscuit Processing Unit · Industrial Grinder · Industrial Flour Sifter · Industrial Dough Mixer · Dough Laminator · Dough Feeding System · Dosing System · Gauge Roll Stations · Packaging Machine · Syrup Mixer · Intermediate Webs and Relaxing Webs · Milk Spraying and Sprinkling Equipment |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
South Africa ·
Nepal ·
Bangladesh ·
Sri Lanka |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and Others ·
Shree
Pashupati Biscuit Ind. (Private) Limited · Ceylon Biscuits Limited, Sri Lanka |
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No. of Employees : |
100 Approximately (In Office –
18, In Factory – 82) |
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Bankers : |
·
Karnataka Bank Limited, S.C.O. 66, Sector 11,
Panchkula - 134 109, Haryana, India ·
ICICI Bank Limited ·
Axis Bank |
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Facilities : |
NOTES: Long Term Borrowings: Details of
Securities: Axis Bank Rs.
4.110 Millions Term loan from Axis Bank @13.25% Amounting Rs. 4.104 Millions is
secured by mortgage of land and other immovable property in the name of
Directors wife. ICICI Bank Rs.
4.783 Millions Term Loan from ICICI Bank @12.65 % Amounting Rs. 4.501 Millions is secured by mortgage of Land and other immovable property in the name of Director’s wife. Reliance Capital
Limited Rs. 6.535 Millions Term loan from Reliance Capital @13% Amounting Rs. 6.372 Millions is Secured by mortgage of land and other immovable property in the name of Director wife.
Terms of Repayment of Term
Loan: Axis Bank Rs. 4.110 Million Rate of Interest @13.25% Repayable in 122 monthly installment w.e.f. October 2012 as Follows: 1st to 5th Rs. 0.083 Million Each (including Interest) 6th Rs. 0.550 Million 7th to 10th Rs. 0.075 Million 11th Rs. 0.550 Million 12th to 22nd Rs. 0.061 Million Each (including Interest) As balance sheet date 102 installments are outstanding ICICI Bank Rs.
4.873 Millions Rate of Interest @13.25%. Repayable in 180 monthly installment of Rs. 0.072 Million (including interest w.e.f. October 2013 and as on balance sheet date 111 installments are outstanding. Reliance Capital Limited Rs. 6.535 Millions Repayable in 180 monthly installment of Rs. 0.084 Million (including interest w.e.f. October 2013 and as on balance sheet date 174 installments are outstanding. |
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Financial Institution: |
Reliance Capital Limited |
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Auditors : |
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Name : |
Goyal Mahajan and Associates Chartered Accountants |
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Address : |
SCF-50, 1st Floor, Leela Bhawan Complex, Patiala - 147 001,
Punjab, India |
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Tel. No.: |
91-175-219616/215088 |
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PAN No.: |
AAAFG7375A |
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Memberships : |
EEPC (Engineering Export Promotional
Council) |
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Collaborators : |
Not Available |
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Associates: |
Mangal Industries Rajpura |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
150000 |
Equity Shares |
Rs. 10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs. 10/- each |
Rs.0.500 Million |
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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 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
0.500 |
0.500 |
0.500 |
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(b) Reserves & Surplus |
20.772 |
14.594 |
14.708 |
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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) |
21.272 |
15.094 |
15.208 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
17.731 |
3.714 |
11.663 |
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(b) Deferred tax liabilities (Net) |
0.717 |
0.616 |
0.521 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
18.448 |
4.330 |
12.184 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
3.011 |
2.957 |
3.476 |
|
(c) Other
current liabilities |
96.750 |
82.924 |
13.566 |
|
(d) Short-term
provisions |
3.045 |
3.393 |
1.291 |
|
Total Current
Liabilities (4) |
102.806 |
89.274 |
18.333 |
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|
|
|
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TOTAL |
142.526 |
108.698 |
45.725 |
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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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|
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(i)
Tangible assets |
3.718 |
3.654 |
2.964 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.676 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.806 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.330 |
0.176 |
0.188 |
|
(d) Long-term Loan and Advances |
1.883 |
1.883 |
9.583 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
12.737 |
6.389 |
12.735 |
|
|
|
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|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
34.016 |
35.683 |
7.582 |
|
(c) Trade
receivables |
2.730 |
2.906 |
9.082 |
|
(d) Cash
and cash equivalents |
2.141 |
10.051 |
13.165 |
|
(e)
Short-term loans and advances |
90.902 |
53.669 |
3.161 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
129.789 |
102.309 |
32.990 |
|
|
|
|
|
|
TOTAL |
142.526 |
108.698 |
45.725 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
81.785 |
43.859 |
39.191 |
|
|
|
Other Income |
0.528 |
0.360 |
0.381 |
|
|
|
TOTAL (A) |
82.313 |
44.219 |
39.572 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
54.066 |
55.599 |
25.029 |
|
|
|
Changes in Inventories of finished goods, work-in-progress |
2.224 |
(27.792) |
(0.046) |
|
|
|
Employee Benefits Expenses |
7.945 |
6.716 |
5.685 |
|
|
|
Other Expenses |
5.145 |
3.577 |
3.382 |
|
|
|
TOTAL (B) |
69.380 |
38.100 |
34.050 |
|
|
|
|
|
|
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|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.933 |
6.119 |
5.522 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
1.350 |
0.459 |
0.106 |
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|
|
|
|
|
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|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
11.583 |
5.660 |
5.416 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
0.820 |
0.656 |
0.465 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
10.763 |
5.004 |
4.951 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.416 |
1.726 |
1.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
7.347 |
3.278 |
2.984 |
|
|
|
|
|
|
|
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|
|
EARNINGS IN FOREIGN CURRENCY |
0.000 |
0.000 |
4.540 |
|
|
|
|
|
|
|
|
|
|
VALUE OF IMPORTSS (CIF BASIS) |
0.000 |
0.028 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
146.95 |
65.57 |
59.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.98 |
7.47 |
7.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.81 |
13.95 |
14.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.95 |
4.64 |
10.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51 |
0.33 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.83 |
0.25 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.15 |
1.80 |
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 |
0.500 |
0.500 |
0.500 |
|
Reserves & Surplus |
14.708 |
14.594 |
20.772 |
|
Net worth |
15.208 |
15.094 |
21.272 |
|
|
|
|
|
|
long-term borrowings |
11.663 |
3.714 |
17.731 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
11.663 |
3.714 |
17.731 |
|
Debt/Equity ratio |
0.767 |
0.246 |
0.834 |
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) |
|
Revenue from operations |
39.191 |
43.859 |
81.785 |
|
|
|
11.911 |
86.473 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
39.191 |
43.859 |
81.785 |
|
Profit |
2.984 |
3.278 |
7.347 |
|
|
7.61% |
7.47% |
8.98% |
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 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS:
The company has carried out profit amounting to Rs. 10.763 Millions
before Tax during the year.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
From Relates Parties |
3.017 |
0.170 |
|
|
|
|
|
Total |
3.017 |
0.170 |
|
Other Loans
(Unsecured Borrowings): Unsecured borrowings from related parties @ Nil rate of
Interest amounting Rs. 3.017 are due for payment in F.Y. 2015-16. |
||
No Charges Exist
for Company.
FIXED ASSETS:
·
Furniture and Fixture
·
Car
·
Office Equipment
·
Fan
·
Computer
·
Electric Fitting
·
Mobile
·
Tullu Pump
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.61.29 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.