MIRA INFORM REPORT
|
Report No. : |
329950 |
|
Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE KOLHAPUR STEEL LIMITED |
|
|
|
|
Registered
Office : |
Pune Bangalore Highway Road, Shiroli (Pulachi), Kolhapur – 416122,
Maharashtra |
|
Tel. No.: |
91-7720036658 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.05.1965 |
|
|
|
|
Com. Reg. No.: |
11-013212 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 107.002 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27106MH1965PLC013212 |
|
|
|
|
IEC No.: |
3199003761 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT6758K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Steel Casting. |
|
|
|
|
No. of Employees
: |
258 (Approximately) In office : 62 In factory : 196 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick company |
|
|
|
|
Payment Behaviour : |
Slow delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has register case (Case No. 87/2014) with Board for
Industrial and Financial Reconstruction under sick industrial companies act
1985. The order on which for approval for rehabilitation proposal is yet to
be heard. The company possesses weak operational risk profile marked by huge
accumulated losses incurred during a year, which has eroded net worth of the
company. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured
trade terms and condition. |
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) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Dhananjay Katti |
|
Designation : |
Accounts and Finance Manager |
|
Contact No.: |
91-7720036658 |
|
Date : |
02.07.2015 |
LOCATIONS
|
Registered Office : |
Pune Bangalore Highway Road, Shiroli (Pulachi), Kolhapur – 416122,
Maharashtra, India |
|
Tel. No.: |
91-230-2468061/ 62/ 63 |
|
Mobile No.: |
91-7720036658 (Mr. Dhananjay Katti) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 20.07.2014
|
Name : |
Jayant Raghunath Sapre |
|
Designation : |
Director |
|
Address : |
Dweling Row House No. 1, V R Pai Marg, S.No. 267/3 B, Nachiket Park,
Baner Road, Pune – 411045, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1945 |
|
Date of Appointment : |
14.07.2012 |
|
DIN No.: |
00155251 |
|
|
|
|
Name : |
Dinkar Bapusaheb Nimbalkar |
|
Designation : |
Director |
|
Address : |
B/502, Padmavilas, Baner Pashan Link Road, Pashan, Pune – 411021,
Maharashtra, India |
|
Date of Birth/Age : |
22.08.1952 |
|
Date of Appointment : |
10.01.2011 |
|
DIN No.: |
03395345 |
|
|
|
|
Name : |
Sandeep Anil Phadnis |
|
Designation : |
Director |
|
Address : |
18, Swapna 25-26 Rambag Coly Off Paud Road Mh, Kothrud, Pune – 411038,
Maharashtra, India |
|
Date of Birth/Age : |
22.08.1952 |
|
Date of Appointment : |
10.01.2011 |
|
DIN No.: |
06561013 |
|
|
|
|
Name : |
Eknath Vishwanath Bachute |
|
Designation : |
Director |
|
Address : |
FI-B-102, Venkatesh Nisarg,
S-56/3/1, Near Hotel Ashirwad Wadgaonb, Pune – 411041, Maharashtra, India |
|
Date of Birth/Age : |
11.06.1968 |
|
Date of Appointment : |
03.09.2013 |
|
DIN No.: |
06604325 |
|
|
|
|
Name : |
Aseem Krishanmohan Srivastav |
|
Designation : |
Director |
|
Address : |
Lotus-0203, Flower Valley, 73,
Wanawadi, Pune – 411040, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1967 |
|
Date of Appointment : |
26.02.2014 |
|
DIN No.: |
03178279 |
KEY EXECUTIVES
|
Name : |
Mr. Dhananjay Katti |
|
Designation : |
Accounts and Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 20.07.2014
|
Category |
Percentage |
|
Bodies corporate |
95.96 |
|
Other top fifty shareholders |
0.82 |
|
Others |
3.22 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Casting. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days) |
|
|
|
|
Purchasing : |
Credit (60 days) |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
|
||||||||||||||||||||||
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||||||||||||||||||||||
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Customers : |
Not Divulged
|
||||||||||||||||||||||
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||||||||||||||||||||||
|
No. of Employees : |
258 (Approximately) In office : 62 In factory : 196 |
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
G. D. Apte and Company Chartered Accountant |
|
Address : |
GDA HOUSE, PLOT NO 85, BHUSARI COLONY, PAUD ROAD, PUNE – 411038, Maharashtra, India |
|
PAN No.: |
AAHFG5198A |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Kirloskar Brothers Limited |
|
|
|
|
Fellow Subsidiary : |
Karad Projects and Motors Limited |
CAPITAL STRUCTURE
AS ON 20.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs. 17.000
Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs. 17.000
Million |
|
|
Forfeited shares |
|
Rs. 0.002
Million |
|
|
Total |
|
Rs. 17.002 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
17.002 |
17.002 |
17.002 |
|
(b) Reserves & Surplus |
(104.813) |
48.659 |
46.501 |
|
(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) |
(87.811) |
65.661 |
63.503 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
15.714 |
|
(b) Deferred tax liabilities (Net) |
2.217 |
2.315 |
4.287 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
26.877 |
21.401 |
18.299 |
|
Total Non-current
Liabilities (3) |
29.094 |
23.716 |
38.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
59.467 |
40.127 |
25.438 |
|
(b) Trade
payables |
66.471 |
114.482 |
61.347 |
|
(c) Other
current liabilities |
109.272 |
35.296 |
52.088 |
|
(d) Short-term
provisions |
10.285 |
44.307 |
44.080 |
|
Total Current
Liabilities (4) |
245.495 |
234.212 |
182.953 |
|
|
|
|
|
|
TOTAL |
186.778 |
323.589 |
284.756 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
99.389 |
106.751 |
103.453 |
|
(ii)
Intangible Assets |
0.114 |
0.209 |
0.416 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.805 |
37.464 |
36.751 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
106.308 |
144.424 |
140.620 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
60.316 |
102.315 |
68.421 |
|
(c) Trade
receivables |
15.565 |
66.885 |
69.426 |
|
(d) Cash
and cash equivalents |
1.177 |
1.497 |
1.604 |
|
(e) Short-term
loans and advances |
3.393 |
8.313 |
4.557 |
|
(f) Other
current assets |
0.019 |
0.155 |
0.128 |
|
Total
Current Assets |
80.470 |
179.165 |
144.136 |
|
|
|
|
|
|
TOTAL |
186.778 |
323.589 |
284.756 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
220.601 |
367.807 |
335.803 |
|
|
|
Other Income |
4.912 |
8.340 |
4.398 |
|
|
|
TOTAL |
225.513 |
376.147 |
340.201 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
159.930 |
214.894 |
156.217 |
|
|
|
Purchases of Stock-in-Trade |
1.212 |
1.594 |
7.347 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
44.160 |
(17.522) |
4.430 |
|
|
|
Employees benefits expense |
96.097 |
88.781 |
87.617 |
|
|
|
Other expenses |
63.946 |
69.557 |
60.956 |
|
|
|
Prior item before tax |
1.578 |
0.021 |
0.053 |
|
|
|
TOTAL |
366.923 |
357.325 |
316.620 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(141.410) |
18.822 |
23.581 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.255 |
3.836 |
2.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(145.665) |
14.986 |
21.011 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.041 |
8.423 |
8.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(153.706) |
6.563 |
12.942 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.234) |
(0.534) |
4.402 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(153.472) |
7.097 |
8.540 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
5.877 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
5.877 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.529 |
0.278 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.278 |
0.000 |
|
|
TOTAL IMPORTS |
1.529 |
0.556 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(9.03) |
0.42 |
0.50 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(69.57) |
1.93 |
2.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(4.10) |
5.12 |
7.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(82.29) |
2.03 |
4.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.75 |
0.10 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(0.68) |
0.61 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33 |
0.76 |
0.79 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
17.002 |
17.002 |
17.002 |
|
Reserves & Surplus |
46.501 |
48.659 |
(104.813) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
63.503 |
65.661 |
(87.811) |
|
|
|
|
|
|
long-term borrowings |
15.714 |
0.000 |
0.000 |
|
Short term borrowings |
25.438 |
40.127 |
59.467 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
41.152 |
40.127 |
59.467 |
|
Debt/Equity
ratio |
0.648 |
0.611 |
(0.677) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
335.803 |
367.807 |
220.601 |
|
|
|
9.531 |
(40.023) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
335.803 |
367.807 |
220.601 |
|
Profit |
8.540 |
7.097 |
(153.472) |
|
|
2.54% |
1.93% |
(69.57%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
----- |
|
33 |
Market information |
----- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10312135 |
29/11/2012 * |
45,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B63082580 |
|
2 |
90091719 |
01/12/2001 |
562,000.00 |
STANDARD CHARTERED BANK |
JANGALI MAHARAJ ROAD BRANCH, PUNE, Maharashtra - 411005, INDIA |
- |
|
3 |
90089143 |
29/03/1978 |
1,950,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
AMRUT KESAV NAYAK MARG, BOMBAY, Maharashtra, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Plant and
Equipments
- Furniture and
Fixture
- Vehicles
- Office
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 63.57 |
|
UK Pound |
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
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.