MIRA INFORM REPORT
|
Report No. : |
311726 |
|
Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
AIR LIQUIDE GLOBAL E&C SOLUTIONS INDIA PRIVATE LIMITED (w.e.f 19.03.2013) |
|
|
|
|
Formerly Known
As : |
LURGI INDIA COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-24/10, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi
- 110044 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
01.04.1964 |
|
|
|
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Com. Reg. No.: |
004156 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.902.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34203DL1964PTC004156 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of Engineering Consultancy Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 812000 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Lurgi GmbH, Germany. It is an established company with moderate track. The company has incurred consecutive losses. However, the company operates on its owned funds. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
A-24/10, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi
– 110044, India |
|
Tel. No.: |
91-11-42595050 |
|
Fax No.: |
91-11-42595051 |
|
E-Mail : |
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|
Website : |
DIRECTORS
As on 24.06.2014
|
Name : |
Stephane Pierre Lucien Noel |
|
Designation : |
Managing director |
|
Address : |
2 R Gustave Goublier, 94210 LA Varenne ST Hilaire, France |
|
Date of Birth/Age : |
18.02.1958 |
|
Date of Appointment : |
04.04.2011 |
|
DIN No.: |
03546856 |
|
|
|
|
Name : |
Ulf Herrlett |
|
Designation : |
Director |
|
Address : |
Niederwiesenring 36 Rodgau 63110, Germany |
|
Date of Birth/Age : |
04.05.1964 |
|
Date of Appointment : |
21.06.2010 |
|
DIN No.: |
02961937 |
|
|
|
|
Name : |
Paolo Servetto |
|
Designation : |
Director |
|
Address : |
Arndtstrasse 51, Frankfurt, 60325, Germany |
|
Date of Birth/Age : |
02.09.1964 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No.: |
03553187 |
|
|
|
|
Name : |
Gregoire Jean Pierre Bernard Nollet |
|
Designation : |
Director |
|
Address : |
H.No.58, Jayabheri, The Meadows, Gopanapally Village Near Wipro Circle, Gachibowli, Hyderabad – 500046, Telangana, India |
|
Date of Birth/Age : |
31.08.1971 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No.: |
03621999 |
|
|
|
|
Name : |
Om Prakash |
|
Designation : |
Director |
|
Address : |
23, Boulevard Boulevard Suchet, 75016 Paris, France |
|
Date of Birth/Age : |
21.09.1971 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No.: |
06682106 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
Air Liquide Global E&C Solutions GmbH, Germany |
|
90104000 |
|
Petrobau Ingenieur GmbH, Germany |
|
96000 |
|
|
|
|
|
Total |
|
90200000 |
Equity Share Break up (Percentage of Total Equity)
As on 24.06.2014
|
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 : |
Service Provider of Engineering Consultancy Services. |
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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|
|
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S V Ghatalia and Associates LLP Chartered Accountants |
|
Address : |
Glof View, Corporate, Tower-B,Sector-42,Sector Road,Gurgoan-122002, Haryana, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9181P |
|
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Holding Company: |
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Ultimate holding
company: |
Air Liquide SA, France |
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|
|
Subsidiary Company: |
Lurgi India International Services Private Limited |
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|
|
|
Fellow Subsidiary: |
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CAPITAL STRUCTURE
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
104,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1040.000 Million |
|
6,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 60.000 Million |
|
|
Total |
|
Rs.1100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90,200,000 |
Equity Shares |
Rs.10/- each |
Rs.902.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
902.000 |
380.000 |
380.000 |
|
(b) Reserves & Surplus |
(618.014) |
(564.383) |
(175.045) |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
296.861 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
283.986 |
112.478 |
204.955 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.203 |
1.588 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
23.204 |
27.611 |
32.486 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
23.204 |
27.814 |
34.074 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
964.237 |
247.764 |
228.443 |
|
(c) Other current liabilities |
794.766 |
446.461 |
26.711 |
|
(d) Short-term provisions |
102.801 |
62.229 |
65.877 |
|
Total
Current Liabilities (4) |
1861.804 |
756.454 |
321.031 |
|
|
|
|
|
|
TOTAL |
2168.994 |
896.746 |
560.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
143.063 |
112.561 |
132.477 |
|
(ii) Intangible Assets |
71.866 |
5.263 |
4.873 |
|
(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 |
0.500 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
263.576 |
259.311 |
124.589 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
479.005 |
377.635 |
262.439 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
247.545 |
21.672 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
805.809 |
123.745 |
135.059 |
|
(d) Cash and cash equivalents |
108.819 |
10.512 |
19.992 |
|
(e) Short-term loans and
advances |
405.281 |
33.761 |
21.359 |
|
(f) Other current assets |
370.080 |
103.548 |
99.539 |
|
Total
Current Assets |
1689.989 |
519.111 |
297.621 |
|
|
|
|
|
|
TOTAL |
2168.994 |
896.746 |
560.060 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Gross Sales |
1855.000 |
476.000 |
667.000 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(53.600) |
(389.000) |
30.000 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
86.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(53.600) |
(389.000) |
(56.000) |
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(582.000) |
(192.000) |
(137.000) |
|
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
(635.600) |
(582.000) |
(192.000) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Contract revenue |
262.461 |
0.000 |
0.000 |
|
|
Technical services
revenue |
702.159 |
254.000 |
261.000 |
|
|
TOTAL EARNINGS |
964.620 |
254.000 |
261.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(0.59) |
(10.24) |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.47) |
(43.40) |
5.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19) |
(3.46) |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.69 |
0.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
380.000 |
380.000 |
902.000 |
|
Reserves & Surplus |
(175.045) |
(564.383) |
(618.014) |
|
Share Application money pending allotment |
0.000 |
296.861 |
0.000 |
|
Net worth |
204.955 |
112.478 |
283.986 |
|
|
|
|
|
|
long-term borrowings |
1.588 |
0.203 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
1.588 |
0.203 |
0.000 |
|
Debt/Equity ratio |
0.008 |
0.002 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross
Sales |
667.000 |
476.000 |
1855.000 |
|
|
|
(28.636) |
289.706 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Sales |
667.000 |
476.000 |
1855.000 |
|
Profit/Loss |
(56.000) |
(389.000) |
(53.600) |
|
|
(8.40%) |
(81.72%) |
(2.89%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
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 |
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 |
UNSECURED LOAN
|
Particulars |
31.12.2013 (Rs.
in Million) |
31.12.2012 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans taken for vehicles |
0.000 |
0.203 |
|
|
|
|
|
Total |
0.000 |
0.203 |
FINANCIAL RESULTS
As informed last year the Company acquired the Engineering business of ALEI, Hyderabad under a slump sale as per BTA agreement together with the ongoing projects for ASU plants both for domestic and export markets. It also included transfer of employees from ALEI Hyderabad to E&C New Delhi. They are pleased to inform that this integration is successfully completed during the year and the company is realizing the benefits foreseen on a gradual and sustained basis.
Such ASU projects are being executed as per the agreement and acceptance of the customers and other statutory requirements and few of these have been completed during the year, the result of these projects are included in the financial result as above.
Due to customer and compliance related limitations few projects (including export projects) were and are still being executed by ALEI in its own name even though as per BTA the net economic benefit was transferred to the Company.
In the year ended 2013 the Company incurred a loss of 53.6 MINR, primarily on account of one-time expenses incurred during the integrating of the two entities. Although the engineering capacity utilization has improved further improvement will wipe out these losses in future.
In 2013, the Company made good progress in executing an ASU Export project for which the order was received directly in the Company’s name which we plan to complete it by Q2 2014. In addition in 2013 teir company signed a Pre Work contract for executing an ASU project in Qatar. The contract for project execution is envisaged by Q1 - 2014.
The Company is also bidding for many other projects in India and Middle East and these are in advanced stages of negotiation.
In order to meet the business requirements and to meet other related expenses, the Company received from existing shareholder an amount of 225 MINR and made a right issue of shares to the existing Shareholders.
It is foreseen that the above measures would result in improved and sustained profitability in future and accordingly Company expects to give better result from the current year onwards.
No material changes have occurred since the date of the Balance Sheet and this report, which has any adverse effect on the working of the company.
FUTURE PROSPECTS
Integration of Cryo technology to the existing portfolio of the Company and initiation of projects in Middle East markets enables the Company to offer comprehensive solutions in enlarged market. This together with foreseen OI including Cryo technology projects would give better result in the coming years.
The Company is expected to improve and sustain profitable working in the future.
Index of charges : No
Charges Exist for Company
NOTE :
The registered office of the company has been shifted from A-30, Mohan Co-Oprativeindustrial Estate, Mathura Road, New Delhi – 110044, India to the present Address w.e.f. 19.12.2008.
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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
29 |
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.