MIRA INFORM REPORT
|
Report No. : |
323107 |
|
Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
NIPRO INDIA CORPORATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. E-1, MIDC Khandala, Taluka Khandala, Satara – 412802,
Maharashtra |
|
Tel No.: |
91-2169-305050 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
11.02.2010 |
|
|
|
|
Com. Reg. No.: |
11-143058 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.827.772 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33110PN2010FTC143058 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of Hemo Dialysis-Related Products, Cardio
Pulmonary Products, Diagnostics Products. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 21000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is subsidiary of "NIPRO CORPORATION", JAPAN. It is an established company having moderate track record. The management has failed to file its financial with government department for the year 2014. The rating is constrained on account of company's moderate operational risk profile and continuous losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Bhagyashree |
|
Designation : |
Front Desk Executive |
|
Contact No.: |
91-2169-305050 |
|
Date : |
18.05.2015 |
LOCATIONS
|
Registered Office / Factory
and Corporate Office: |
Plot No. E-1, MIDC Khandala, Taluka Khandala, Satara – 412802,
Maharashtra, India |
|
Tel. No.: |
91-2169-305050 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office: |
'I' Wing, 3rd Floor, Tex Centre, Off. Saki Vihar Road,
Chandivali, Andheri (East), |
|
Tel. No.: |
91-22-4156 2600 |
|
Fax No.: |
91-22-2857 6904 |
|
E-Mail : |
|
|
|
|
|
Kolkata Office: |
Office number 107, First floor, C Block, DLF IT park, 08 -
Major Arterial Road, |
|
Tel. No.: |
91-33-4067 9115 / 19 |
|
Fax No.: |
91-33-4067 9114 |
|
E-Mail : |
|
|
|
|
|
Chennai Office: |
1st floor, Yesdee House, New No. 167, Old No. 131, Valluvarkottam,Chennai
– 600 034, Tamilnadu, India |
|
Tel. No.: |
91-44-2825 0341 / 42 |
|
Fax No.: |
91-44-2825 0343 |
|
E-Mail : |
|
|
|
|
|
Gurgaon Office: : |
Unit No. 306, 3rd Floor, Time Tower, M G Road, Gurgaon –
122 002, Haryana, India |
|
Tel. No.: |
91-124-427 8601/437 8601 |
|
Fax No.: |
91-124-437 8601 |
|
E-Mail : |
DIRECTORS
As on 26.04.2013
|
Name : |
Mr. Pappu Suresh Milind |
|
Designation : |
Director |
|
Address : |
31, Kalpak, Artek Apartment, Madhudusan Kalekar Marg, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Date of Birth/Age : |
20.05.1960 |
|
Date of Appointment : |
11.02.2010 |
|
DIN No.: |
02122285 |
|
PAN No.: |
ACPPP0866J |
|
|
|
|
Name : |
Mr. Yamazaki Hiroshi Tsuyoshi |
|
Designation : |
Director |
|
Address : |
10-15, Shinkoufuudai, 2-Chome, Toyono-Cho, Toyono-Gun, Osaka –
5630100, Japan |
|
Date of Birth/Age : |
30.03.1968 |
|
Date of Appointment : |
11.02.2010 |
|
DIN No.: |
02928404 |
|
|
|
|
Name : |
Mr. Sano Hitoshi Yoshihiko |
|
Designation : |
Director |
|
Address : |
20-25-901, Kamishinden, 2 – Chome, Toyonaka-Shi, Osaka 5600085, Japan |
|
Date of Birth/Age : |
16.01.1945 |
|
Date of Appointment : |
12.10.2012 |
|
DIN No.: |
06374019 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Pawar |
|
Designation : |
Senior Executive Accounts |
|
|
|
|
Name : |
Mr. Phatak Vijay Gayatri |
|
Designation : |
Secretary |
|
Address : |
Flat No. 19, Vandanshree Partmetn, Off MIT Coolege Road, Pune –
411038, Maharashtra, India |
|
Date of Birth/Age : |
28.02.1990 |
|
Date of Appointment : |
01.03.2013 |
|
PAN No.: |
CEUPP1555H |
|
|
|
|
Name : |
Ms. Deepashree Dinkar Limaye |
|
Designation : |
Secretary |
|
Address : |
14, Deepali Apartments, Vitthalnagar Colony,, Sinhagad
Road,, Pune - 411051, Maharashtra, India |
|
Date of Appointment : |
06.02.2014 |
|
|
|
|
Name : |
Ms. Bhagyashree |
|
Designation : |
Front Desk Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
|
No. of Shares |
|
Nipro Corporation, Japan |
|
82777170 |
|
Total |
|
82777170 |
Equity Share Break up (Percentage of Total Equity)
As on 26.04.2013
|
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 : |
Manufacturer and exporter of Hemo Dialysis-Related Products, Cardio
Pulmonary Products, Diagnostics Products. |
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Products : |
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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 : |
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Selling : |
Cash, Cheque and Credit (30,60 Days) |
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Purchasing : |
Cash, Cheque and Credit (30,60 Days) |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users
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No. of Employees : |
800 (Approximately) |
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Bankers : |
ICICI bank, Satara, Maharashtra, India
|
|
Auditors : |
|
|
Name : |
Chandorkar and Limaye Chartered Accountants |
|
Address : |
33/29, Aviva, Prabhat Road, Lane No 3, Erandwana, Pune -411004, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFC9951D |
|
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|
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Holding company: |
|
|
|
|
|
Fellow Subsidiary
company: |
|
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs. 2500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82777170 |
Equity Shares |
Rs.10/- each |
Rs. 827.772
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 |
827.772 |
588.410 |
535.000 |
|
(b) Reserves & Surplus |
6472.052 |
5093.891 |
4324.131 |
|
(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) |
7299.824 |
5682.301 |
4859.131 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2361.276 |
1205.101 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
93.361 |
1.322 |
|
(c) Other long term
liabilities |
102.104 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.314 |
3.141 |
1.260 |
|
Total
Non-current Liabilities (3) |
2468.694 |
1301.603 |
2.582 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
454.420 |
351.385 |
0.179 |
|
(b) Trade payables |
271.036 |
407.801 |
477.914 |
|
(c) Other current liabilities |
481.248 |
1816.925 |
1322.305 |
|
(d) Short-term provisions |
73.764 |
224.922 |
13.294 |
|
Total
Current Liabilities (4) |
1280.468 |
2801.033 |
1813.692 |
|
|
|
|
|
|
TOTAL |
11048.986 |
9784.937 |
6675.405 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6767.221 |
6648.447 |
569.149 |
|
(ii) Intangible Assets |
21.648 |
22.440 |
2.491 |
|
(iii) Capital work-in-progress |
1061.463 |
470.731 |
3776.092 |
|
(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 |
45.115 |
391.596 |
15.285 |
|
(e) Other Non-current assets |
22.126 |
22.126 |
21.956 |
|
Total
Non-Current Assets |
7917.573 |
7555.340 |
4384.973 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1068.571 |
492.004 |
283.653 |
|
(c) Trade receivables |
447.719 |
225.425 |
156.421 |
|
(d) Cash and cash equivalents |
1139.432 |
1235.573 |
1699.593 |
|
(e) Short-term loans and
advances |
472.646 |
274.804 |
106.120 |
|
(f) Other current assets |
3.045 |
1.791 |
44.645 |
|
Total
Current Assets |
3131.413 |
2229.597 |
2290.432 |
|
|
|
|
|
|
TOTAL |
11048.986 |
9784.937 |
6675.405 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
1267.014 |
774.347 |
471.576 |
|
|
Other Income |
271.469 |
213.648 |
127.624 |
|
|
TOTAL
|
1538.483 |
987.995 |
599.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
Purchases of Stock-in-Trade |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
|
|
|
Employees benefits expense |
|
|
|
|
|
Other expenses |
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(632.478) |
(245.030) |
(154.166) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(7.64) |
NA |
NA |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.39 |
0.27 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45 |
0.80 |
1.26 |
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 |
535.000 |
588.410 |
827.772 |
|
Reserves & Surplus |
4324.131 |
5093.891 |
6472.052 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4859.131 |
5682.301 |
7299.824 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
1205.101 |
2361.276 |
|
Short term borrowings |
0.179 |
351.385 |
454.420 |
|
Current Maturities Of
Long-Term Debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.179 |
1556.486 |
2815.696 |
|
Debt/Equity
ratio |
0.000 |
0.274 |
0.386 |
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) |
|
Sales |
471.576 |
774.347 |
1267.014 |
|
|
|
64.204 |
63.624 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
471.576 |
774.347 |
1267.014 |
|
Profit |
(154.166) |
(245.030) |
(632.478) |
|
|
(32.69% |
(31.64%) |
(49.92%) |
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 |
No |
|
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: NO CHARGES EXIST FOR COMPANY
UNSECURED LOAN
|
PARTICULARS |
31.12.2013 (Rs.
in Million) |
31.12.2012 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Foreign currency term loans from others |
2361.276 |
1205.101 |
|
Short-term borrowings |
|
|
|
Loans repayable on demand from banks |
454.420 |
351.385 |
|
Total |
2815.696 |
1556.486 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Motor vehicles
- Office equipment
- Vehicles
- Computer equipments
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 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.63.55 |
|
|
1 |
Rs.99.86 |
|
Euro |
1 |
Rs.72.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.