MIRA INFORM REPORT
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Report No. : |
302779 |
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Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
GENERAL MILLS INDIA PRIVATE LIMITED (w.e.f. 27.12.2001) |
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Formerly Known
As : |
GODREJ PILLSBURY PRIVATE LIMITED (w.e.f. 17.09.1996) GODREJ PILLSBURY LIMITED |
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Registered
Office : |
902, Ventura,
Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.11.1995 |
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Com. Reg. No.: |
11-094741 |
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Capital
Investment / Paid-up Capital : |
Rs. 955.108 Millions |
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CIN No.: [Company Identification
No.] |
U15510MH1995PTC094741 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08352B |
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PAN No.: [Permanent Account No.] |
AAACG1773B / AAHPK0152E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Retail, Bakery and Food
Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 an established company having satisfactory track record. Reserves of the company seems to be low during 2014. However, general
financial positon of the company seem to be decent. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON –COOPERATIVE (91-22-40430430)
LOCATIONS
|
Registered Office : |
902, Ventura,
Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India |
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Tel. No.: |
91-22-40430430 |
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Fax No.: |
91-22-25708949 |
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E-Mail : |
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Website : |
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Branch : |
504-505/A, Hyde Park, Opposite Hansa Industrial Estate, Saki Vihar
Road, Andheri (West), Mumbai – 400072,
Maharashtra, India |
DIRECTORS
As on 25.09.2014
|
Name : |
Mr. Mainak Dhar |
|
Designation : |
Managing Director |
|
Address : |
C-307, Anand Lok, Mayur Vihar, Phase – 1, Delhi – 110091, India |
|
Date of Birth/Age : |
21.02.1974 |
|
Date of Appointment : |
21.05.2014 |
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DIN No.: |
06870181 |
|
Name : |
Anindya Kundu |
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Designation : |
Additional Director |
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Address : |
Flat No. 1601, Floor 16, Carton, Carlton Patlipada, God Bunder,
Hiranandani East West,, Mumbai – 400607, Maharashtra, India |
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Date of Birth/Age : |
18.12.1961 |
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Date of Appointment : |
04.04.2013 |
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DIN No.: |
06885271 |
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Name : |
Mr. Ketan Navinchandra Desai |
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Designation : |
Alternate director |
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Address : |
Flat No. 5, 3rd Floor, The Anchorge Juhu-Varsova Link Road,
Andheri East, Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
20.12.1964 |
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Date of Appointment : |
26.09.2012 |
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DIN No.: |
00725147 |
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PAN No.: |
ACAPD3606P |
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Name : |
Mary Johanna Ekman |
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Designation : |
Director |
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Address : |
5003, Arden Ave, Edina Minneapolis, USA 55424 |
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Date of Birth/Age : |
06.03.1964 |
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Date of Appointment : |
20.08.2009 |
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DIN No.: |
02810106 |
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Name : |
Samar Satish Nagarsekar |
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Designation : |
Whole-time director |
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Address : |
B-1, Shri Gajanan Society Limited, Dilip Gupte Marg, Mahim (West),
Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
18.12.1961 |
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Date of Appointment : |
27.09.2013 |
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DIN No.: |
06566929 |
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Name : |
Richard Carl Allendorf |
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Designation : |
Director |
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Address : |
6516, Indian Hills Road, Edina Minneapolis, USA – 55439, America |
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Date of Birth/Age : |
04.11.1960 |
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Date of Appointment : |
27.09.2013 |
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DIN No.: |
06666185 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
General Mills International Businesses Inc., USA |
|
1 |
|
General Mills Mauritius Inc., Port Louis |
|
95510834 |
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Total |
|
95510835 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2014
|
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 : |
Subject is engaged in the business of Retail, Bakery and Food
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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Banking
Relations : |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
Lodha Excellus, 1st Floor, Apollo Mills Compound, N.M.
Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
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Ultimate Holding
Company: |
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Fellow
subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1805.000 Millions |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95,510,835 |
Equity Shares |
Rs. 10/- each |
Rs. 955.108
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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|
|
|
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I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders' Funds |
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|
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(a) Share Capital |
955.108 |
955.108 |
865.100 |
|
(b) Reserves & Surplus |
139.400 |
(3.200) |
(73.200) |
|
(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) |
1094.508 |
951.908 |
791.900 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
200.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.800 |
2.300 |
19.500 |
|
(d) long-term provisions |
57.400 |
48.300 |
0.000 |
|
Total
Non-current Liabilities (3) |
258.200 |
50.600 |
19.500 |
|
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|
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(4) Current Liabilities |
|
|
|
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(a) Short term borrowings |
185.400 |
392.600 |
768.600 |
|
(b) Trade payables |
291.592 |
214.392 |
159.800 |
|
(c) Other current liabilities |
467.300 |
455.600 |
337.100 |
|
(d) Short-term provisions |
27.600 |
15.000 |
24.100 |
|
Total
Current Liabilities (4) |
971.892 |
1077.592 |
1289.600 |
|
|
|
|
|
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TOTAL |
2324.600 |
2080.100 |
2101.000 |
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|
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II.
ASSETS |
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|
|
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(1) Non-current assets |
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|
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(a) Fixed Assets |
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|
|
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(i) Tangible assets |
698.600 |
651.800 |
567.400 |
|
(ii) Intangible Assets |
0.000 |
0.200 |
4.100 |
|
(iii) Capital work-in-progress |
67.000 |
98.700 |
74.600 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
302.000 |
232.300 |
332.700 |
|
(e) Other Non-current assets |
5.800 |
0.700 |
0.000 |
|
Total
Non-Current Assets |
1073.400 |
983.700 |
978.800 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
579.700 |
402.500 |
612.600 |
|
(c) Trade receivables |
490.900 |
496.200 |
429.000 |
|
(d) Cash and cash equivalents |
79.700 |
138.900 |
23.900 |
|
(e) Short-term loans and
advances |
100.900 |
58.800 |
56.700 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1251.200 |
1096.400 |
1129.300 |
|
|
|
|
|
|
TOTAL |
2324.600 |
2080.100 |
2101.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
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|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
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|
|
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TOTAL
(A) |
6542.000 |
5354.200 |
4677.400 |
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|
|
|
|
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|
Less |
EXPENSES |
6358.400 |
5265.200 |
NA |
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|
|
|
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PROFIT/
(LOSS) BEFORE TAX |
183.600 |
89.000 |
4677.400 |
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|
|
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|
Less |
TAX |
41.000 |
19.000 |
|
|
|
|
|
|
|
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|
PROFIT/
(LOSS) AFTER TAX |
142.600 |
70.000 |
87.100 |
|
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|
|
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|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.49 |
0.73 |
1.11 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.13 |
4.49 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.09 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35 |
0.41 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.02 |
0.88 |
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 |
865.100 |
955.108 |
955.108 |
|
Reserves & Surplus |
(73.200) |
(3.200) |
139.400 |
|
Net
worth |
791.900 |
951.908 |
1094.508 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
200.000 |
|
Short term borrowings |
768.600 |
392.600 |
185.400 |
|
Total
borrowings |
768.600 |
392.600 |
385.400 |
|
Debt/Equity
ratio |
0.971 |
0.412 |
0.352 |
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 |
4677.400 |
5354.200 |
6542.000 |
|
|
|
14.470 |
22.184 |
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 |
4677.400 |
5354.200 |
6542.000 |
|
Profit |
87.100 |
70.000 |
142.600 |
|
|
1.86% |
1.31% |
2.18% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
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 |
NOTE: Registered office of the company has been shifted from 8th Floor, Alpha Main Street, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India to the present address w.e.f. 1.04.2009
COMPANY PERFORMANCE
The Company posted a year of even performance, in the face of extraordinary challenges. The Company had to deal with major challenges of abnormal inflation of input costs and the need to finance new businesses. Despite the competitive challenges we managed to grow reasonably well. However, the Company had to invest more money into new businesses than planned. This was done in order to secure the longer term profit and growth objectives.
There were several significant events and achievements which are worth being proud of .
Their flagship product, Pillsbury Chakki Fresh Atta, posted a year of strong performance. This was achieved despite carrying a significant price premium to competition, demonstrating the power of the brand that the Company has built with the consumers over time.
Bakery and Food service business also posted a very promising performance. They are on a continuous basis implementing and upgrading Their ERP system, to enable us leverage the benefits of the process design effectively and also facilitate the Company in achieving improved operational efficiencies.
OPERATIONS:
The Company is in the business of dealing in foods and beverages of any and all descriptions and bottles and containers of every description and crates, packing, cases and materials of all kinds .
BACKGROUND
Subject was incorporated as a private limited company on 23 November 1995 and is a 100% subsidiary of General Mills Inc. and its affiliates.
The Company operates exclusively in the consumer food industry with two primary operating segments organised by product categories. The primary operating segments are Retail and 'Bakery and Food Services ('B and FS'). Retail segment consists of Atta, Oven Cake Mix, Canned corn etc. B and FS segment consists of products marketed to bakeries and other commercial/ non-commercial food service sectors. The Company processes Attaandmulti grain atta under manufacturing agreements with third parties (Co-Packers) and manufactures B and FS products at its Nashik plant.
The Company also renders services through the Global business services (GBS) to cater to the knowledge
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans repayable on demand from banks |
185.400 |
392.600 |
|
Total |
185.400 |
392.600 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90156855 |
20/04/1998 |
72,000,000.00 |
STANDARD CHARTERED BANK |
23-25, M.G. ROAD; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
2 |
90156758 |
11/10/2000 * |
22,500,000.00 |
STANDARD CHARTERED BANK |
23-25, MAHATMA GANDHI ROAD; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
3 |
90159664 |
19/11/1997 |
998,960.00 |
CITI BANK N.A. |
CITI TOWER, DR. S.S. RAO ROAD; PAREL, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Demands in respect of which appeals have been filed |
|
|
Sales tax |
159.800 |
|
Commercial tax |
18.700 |
|
Excise |
12.200 |
|
Bank guarantee |
9.900 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Leasehold improvements
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 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 :
Theirmarket
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.
TheirGovernance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
45 |
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.