MIRA INFORM REPORT
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Report No. : |
343368 |
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Report Date : |
03.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
JAI INDIA WEAVING MILLS PRIVATE LIMITED (w.e.f. 15.06.2004) |
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Formerly Known
As : |
COTTON BLOOM WEAVING INDIA PRIVATE
LIMITED (U/S 21) |
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Registered
Office : |
SF. No.156/2-6, 8, 155/5-10, Vannankattuvalasu, Kathirampatti (Post),
Nasiyanur (Via), Erode – 638 107,
Tamilnadu |
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Tel. No.: |
91-424-2556163 |
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Country : |
India |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
05.02.2003 |
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Com. Reg. No.: |
18-010472 |
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Capital
Investment / Paid-up Capital : |
Rs. 61.003 Million |
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CIN No.: [Company Identification
No.] |
U17115TZ2003PTC010472 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBJ03359G |
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PAN No.: [Permanent Account No.] |
AABCJ4603Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged into manufacturing of fabrics
and made-ups. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 398000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2003 having
satisfactory track. It is engaged in the business as manufacturer and supplier of cotton
fabrics. The company has shown a significant growth in its turnover and profit during
FY 2014. Further, the rating also takes into consideration sound networth
position with fair liquidity and favorable gap between trade payables and
trade receivables. Trade relation are reported as fair. Business is active. Payments
terms are reported as usually correct and as per commitment. The company can be considered normal 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 – 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 |
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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 |
CRISIL |
|
Rating |
Long term rating=BB |
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Rating Explanation |
Moderate risk of default. |
|
Date |
06.01.2015 |
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
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Anbusezhiyan |
|
Designation : |
General Manager |
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Contact No.: |
91-9788854003 |
|
Date : |
01.10.2015 |
LOCATIONS
|
Registered Office/ Factory: |
SF. No.156/2-6, 8, 155/5-10, Vannankattuvalasu, Kathirampatti (Post),
Nasiyanur (Via), Erode – 638 107,
Tamilnadu, India |
|
Tel. No.: |
91-424-2556163 |
|
Mobile No.: |
91-9788854003 (Mr. Anbusezhiyan) |
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Fax No.: |
91-424-2556163 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
AS ON 12.06.2014
|
Name : |
Mr. Shanmugam Balu |
|
Designation : |
Managing Director |
|
Address : |
302, New Agraharam Street, Erode-638001, Tamilnadu, India |
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Date of Birth/Age : |
16.04.1967 |
|
Date of Appointment : |
15.06.2014 |
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PAN No.: |
AGUPB7982L |
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DIN No.: |
01300299 |
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|
|
|
Name : |
Subramani Deivanai |
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Designation : |
Director |
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Address : |
302, New Agraharam Street, Erode-638001, Tamilnadu, India |
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Date of Birth/Age : |
30.01.1971 |
|
Date of Appointment : |
15.06.2014 |
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PAN No.: |
AFSPD5526M |
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DIN No.: |
00535465 |
KEY EXECUTIVES
|
Name : |
Mr. Anbusezhiyan |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Note:
Shareholding details file attached.
Equity Share Break up (Percentage of Total Equity)
AS ON 12.06.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into manufacturing of fabrics
and made-ups. |
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Products : |
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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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Terms : |
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Selling : |
Cash, L/C, Advance Payment and Credit |
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Purchasing : |
Cash, L/C, Advance Payment and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
K. Selvaraj Chartered Accountants |
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Address : |
Swathi complex, 79, S.K.C. Road, Erode-638001, Tamilnadu India |
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PAN No: |
AJCPS0754L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Concern
: |
Shree Raghavendra Mills, Erode |
CAPITAL STRUCTURE
AFTER 12.06.2014:
Authorised Capital : Rs.
95.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 81.223 Million
AS ON 12.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs. 65.000 Million |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
6100300 |
Equity Shares |
Rs.10/- each |
Rs. 61.003 Million |
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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 |
61.003 |
61.003 |
61.003 |
|
(b) Reserves & Surplus |
78.404 |
49.550 |
33.019 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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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) |
139.407 |
110.553 |
94.022 |
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(3)
Non-Current Liabilities |
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|
(a) long-term borrowings |
25.524 |
26.069 |
32.352 |
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(b) Deferred tax liabilities (Net) |
5.717 |
7.499 |
8.342 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
31.241 |
33.568 |
40.694 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
124.175 |
95.372 |
91.046 |
|
(b) Trade
payables |
146.583 |
90.887 |
95.670 |
|
(c) Other current
liabilities |
26.701 |
15.667 |
17.743 |
|
(d) Short-term
provisions |
20.603 |
10.734 |
6.661 |
|
Total Current
Liabilities (4) |
318.062 |
212.660 |
211.120 |
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TOTAL |
488.710 |
356.781 |
345.836 |
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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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(i)
Tangible assets |
94.443 |
103.013 |
108.980 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
41.007 |
18.208 |
14.919 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.700 |
4.700 |
4.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.870 |
17.064 |
18.293 |
|
(e) Other Non-current
assets |
5.453 |
4.132 |
3.278 |
|
Total Non-Current
Assets |
146.473 |
147.117 |
150.170 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
72.618 |
135.270 |
99.321 |
|
(c) Trade receivables |
222.694 |
41.825 |
65.888 |
|
(d) Cash
and cash equivalents |
38.160 |
23.505 |
23.627 |
|
(e)
Short-term loans and advances |
7.778 |
8.288 |
5.580 |
|
(f) Other
current assets |
0.987 |
0.776 |
1.250 |
|
Total
Current Assets |
342.237 |
209.664 |
195.666 |
|
|
|
|
|
|
TOTAL |
488.710 |
356.781 |
345.836 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
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Revenue from Operation |
1106.831 |
703.294 |
578.261 |
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Other Income |
2.436 |
2.414 |
2.253 |
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TOTAL (A) |
1109.267 |
705.708 |
580.514 |
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Less |
TOTAL EXPENSES |
1024.050 |
642.685 |
521.006 |
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
85.217 |
63.023 |
59.508 |
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|
Less |
FINANCIAL
EXPENSES (D) |
27.772 |
25.852 |
25.255 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
57.445 |
37.171 |
34.253 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.074 |
14.319 |
13.555 |
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PROFIT BEFORE
TAX (E-F) (G) |
42.371 |
22.852 |
20.698 |
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Less |
TAX (H) |
13.518 |
6.321 |
3.896 |
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PROFIT AFTER TAX
(G-H) (I) |
28.853 |
16.531 |
16.802 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.550 |
33.019 |
16.217 |
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BALANCE CARRIED TO
THE B/S |
78.403 |
49.550 |
33.019 |
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Earnings Per
Share (Rs.) |
4.73 |
2.71 |
2.75 |
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Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1400.000 |
Expected Sales (2015-2016): Rs.2000.000 Million
The above information has been parted by Mr. Anbusezhiyan (General
Manager).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
21.261 |
10.492 |
15.691 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
56.881 |
44.627 |
26.990 |
|
Net cash flows from (used in) operating
activities |
41.581 |
37.463 |
22.851 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.61 |
2.35 |
2.91 |
|
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Operating Profit Margin (PBIDT/Sales) |
(%) |
7.70 |
8.96 |
10.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.56 |
6.84 |
6.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.21 |
0.22 |
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Debt Equity Ratio (Total Debt /Networth) |
|
1.23 |
1.19 |
1.48 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
0.99 |
0.93 |
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 |
61.003 |
61.003 |
61.003 |
|
Reserves & Surplus |
33.019 |
49.550 |
78.404 |
|
Net
worth |
94.022 |
110.553 |
139.407 |
|
|
|
|
|
|
Long-term borrowings |
32.352 |
26.069 |
25.524 |
|
Short term borrowings |
91.046 |
95.372 |
124.175 |
|
Current Maturities of
Long-Term Debts |
15.691 |
10.492 |
21.261 |
|
Total
borrowings |
139.089 |
131.933 |
170.960 |
|
Debt/Equity
ratio |
1.479 |
1.193 |
1.226 |
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) |
|
Revenue from Operation |
578.261 |
703.294 |
1106.831 |
|
|
|
21.622 |
57.378 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operation |
578.261 |
703.294 |
1106.831 |
|
Profit |
16.802 |
16.531 |
28.853 |
|
|
2.91% |
2.35% |
2.61% |
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 |
Yes |
|
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 four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
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 |
NOTE:
The registered office of the company has been shifted from 302, New Agraharam Street, Near Annaimeri Convent Erode-638001 Tamilnadu India to the present address w. e. f. 01.04.2009
PERFORMANCE REVIEW:
During the year, the Company has achieved an all-round high performance on both Revenue and profits. While the Gross revenue touched Rs.1106.831 million as against Rs.703.294 million registering a growth rate of 57.38% over the previous year. The operation for the year ended 31.03.2014 have resulted in a net profit of Rs.42.371 million after providing depreciation of Rs.15.074 million and Interest and Financial Charges of Rs.27.772 million as against net profit of Rs.22.852 million in the last financial year 2012-13.
EXPANSION PROJECT:
The Company is planning to expand its weaving capacity from
75 Nos. of weaving looms to 103 Nos. of weaving looms and also the company is
undertaking backward integration project by setting up of a new spinning unit
with 11424 spindles in the existing unit for captive use. The capital purchases
will be financed by internal accruals and loans from Banks.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
0.967 |
0.000 |
|
Loans and advances from others |
14.653 |
14.583 |
|
Other loans and advances |
7.668 |
0.000 |
|
Total |
23.288 |
14.583 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
(i) Letter of Credit |
44.284 |
44321 |
|
(ii) Disputed Statutory Demand not accounted. |
-- |
-- |
(iii) Export obligation of Rs.47.158 million (US$ 760318.36) over a period of eight years ending on 10.05.2015 for constructional duty availed for import of machinery out of which export made during the year Rs.47.158 million (Previous year Rs. NIL/-)
(iv) Export obligation of Rs.17.852 million (US$ 413239.81) over a period of eight years ending on 02.07.2016 for concessional duty availed for import of machinery.
The management believes, based on internal assessment and /
or legal advice, that the probability of an ultimate adverse decision and
outflow of resources of the Company is not probable and accordingly, no
provision for the same is considered necessary.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90001978 |
18/03/2015 * |
552,100,000.00 |
State Bank of India |
COMMERCIAL BRANCH, 45, SATHY ROAD, ERODE, TAMILNADU - 638003, INDIA |
C52346889 |
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
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. 65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
HRS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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.