MIRA INFORM REPORT
|
Report No. : |
344933 |
|
Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
WEST COAST POLYCHEM PRIVATE LIMITED (w.e.f. 21.03.2003) |
|
|
|
|
Formerly Known
As : |
WEST COAST adhesives PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
136, Tardeo Road, Hind Rubber Building, Mumbai – 400034, Maharashtra |
|
Tel. No.: |
91-22-23543471/ 23513754 |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
|
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Date of
Incorporation : |
24.08.1992 |
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|
|
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Com. Reg. No.: |
11-068258 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
u25190mh1992ptc068258 |
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|
|
|
IEC No.: |
0392059738 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
mumw023958 |
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|
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PAN No.: [Permanent Account No.] |
AAACW0529R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Distributor of Synthetic Adhesives, Rubber Chemicals,
Synthetic Rubber and Compound, Polyurethane Rubber and Cast Polyurethanes. |
|
|
|
|
No. of Employees
: |
36 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1992 and it is a manufacturer and
distributor of synthetic adhesives, rubber chemicals, synthetic rubber and
compound, polyurethane rubber and cast polyurethanes. For the financial year ended 2014, company possesses average
operational performance and it has achieved 12.17% growth in its net profit
profile during the year under a review. Rating derive strength from extensive industry experience promoters
backed by long track record company’s operations along with above average
financial base and sound gap between trade payables to its receivables. Rating strength partially offset by moderately leverage balance sheet
profile and moderate debt protection indictors of the company. Trade relations are reported as fair. Payment terms are reported to be
slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual 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
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Vinod Parmar |
|
Designation : |
Head Accountant |
|
Contact No.: |
91-22-23513754 |
|
Date : |
10.10.2015 |
LOCATIONS
|
Registered Office : |
136, Tardeo Road, Hind Rubber Building, Mumbai – 400034, Maharashtra,
India |
|
Tel. No.: |
91-22-23543471/ 23513754 |
|
Fax No.: |
91-22-23523360 |
|
E-Mail : |
accounts@westcoastpolychem.com tardeo@vsnl.com uttam@westcoastpolychem.com |
|
Website : |
www.westcoastpolychem.com
|
|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory: |
Plot No. A-753, TTC Industrial Area, MIDC, Navi Mumbai – 400705, Maharashtra India |
|
Tel. No.: |
91-22-27780102 |
|
Fax No.: |
91-22-27780726 |
|
|
|
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Branch Office : |
Plot No. 27/38, Luxmi Ratan Compound, Industrial Area, Faridabad – 121001, Haryana, India |
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Tel. No.: |
91-129-4313517 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Uttamkumar Kishorechandra Jhunjhunwalla |
|
Designation : |
Director |
|
Address : |
41, Panorama, 203, Walkeshwar Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
02.05.1967 |
|
Qualification : |
B.Com, MBA |
|
Date of Appointment : |
24.08.1992 |
|
DIN No. : |
01262588 |
|
|
|
|
Name : |
Mr. Bharatendu Kishorechandra Jhunjhunwalla |
|
Designation : |
Director |
|
Address : |
11, Panorama, 203, Walkeshwar Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
14.12.1974 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
03.03.2010 |
|
DIN No. : |
02132730 |
KEY EXECUTIVES
|
Name : |
Mr. Parmar |
|
Designation : |
Head Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Uttam Jhunjhunwalla |
90000 |
|
Kishorechandra Jhunjhunwalla |
71000 |
|
Radha Jhunjhunwala |
75000 |
|
Uttam Jhunjhunwalla (HUF) |
2500 |
|
Bharat Jhunjhunwalla |
75000 |
|
Shefali Jhunjhunwalla |
75000 |
|
Kishorechandra Jhunjhunwalla (HUF) |
2500 |
|
Kishorechandra Jhunjhunwalla (HUF) |
12500 |
|
Spersh Finance and Investments Private Limited, India |
77500 |
|
Aparna Jhujhunwala |
5000 |
|
Bharat Jhunjhunwalla (HUF) |
4500 |
|
Varun Jhunjhunwalla |
9500 |
|
Total |
500000 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
15.50 |
|
Directors or relatives of Directors |
84.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Synthetic Adhesives, Rubber Chemicals,
Synthetic Rubber and Compound, Polyurethane Rubber and Cast Polyurethanes. |
|
|
|
|
Products : |
Not Available |
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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 : |
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Products : |
Raw Material |
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Countries : |
·
China ·
United Kingdom |
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Terms : |
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Selling : |
Cash / L/C / Credit |
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Purchasing : |
Cash / L/C / Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
36 (Approximately) |
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Bankers : |
· HDFC Bank Limited · ICICI Bank Limited · Bank of Baroda, International Business Branch, Foreshore Building, Gen Bhosale Marg, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Facilities : |
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Auditors : |
|
|
Name : |
Prajapati and Associates Chartered Accountants |
|
Address : |
103, Sakhi Apartments, M.G. Road, Kandivali (West), Mumbai – 400067,
Maharashtra India |
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Tel. No.: |
91-22-28654935/ 28610817 |
|
Mob. No.: |
91-9324654935 |
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E-mail: |
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Income-tax
PAN of auditor or auditor's firm : |
AAEFP5836B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 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 |
5.000 |
5.000 |
5.000 |
|
(b) Reserves & Surplus |
23.758 |
20.669 |
17.940 |
|
(c) Money
received against Share Warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
10.000 |
10.000 |
|
Total
Shareholders’ Funds (1) + (2) |
28.758 |
35.669 |
32.940 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term Borrowings |
66.512 |
52.444 |
42.464 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
66.512 |
52.444 |
42.464 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
Term Borrowings |
24.875 |
16.887 |
4.488 |
|
(b) Trade
Payables |
12.695 |
11.440 |
12.276 |
|
(c) Other
Current Liabilities |
8.170 |
8.137 |
7.638 |
|
(d) Short-term
Provisions |
6.707 |
7.405 |
8.071 |
|
Total Current
Liabilities (4) |
52.447 |
43.869 |
32.473 |
|
|
|
|
|
|
TOTAL |
147.717 |
131.982 |
107.877 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
33.561 |
30.167 |
6.503 |
|
(ii)
Intangible Assets |
0.131 |
0.155 |
0.183 |
|
(iii)
Capital Work-in-Progress |
0.000 |
3.216 |
3.003 |
|
(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 |
0.063 |
0.003 |
0.184 |
|
(e) Other
Non-current Assets |
0.504 |
0.437 |
10.475 |
|
Total Non-Current
Assets |
34.259 |
33.978 |
20.348 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current Investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
48.087 |
35.979 |
39.932 |
|
(c) Trade
Receivables |
51.554 |
49.613 |
36.489 |
|
(d) Cash
and Cash Equivalents |
3.918 |
3.130 |
0.867 |
|
(e) Short-term
Loans and Advances |
2.961 |
1.842 |
1.305 |
|
(f) Other
Current Assets |
6.938 |
7.440 |
8.936 |
|
Total
Current Assets |
113.458 |
98.004 |
87.529 |
|
|
|
|
|
|
TOTAL |
147.717 |
131.982 |
107.877 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
220.000 (Approximately) |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
4.635 |
4.132 |
4.838 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
9.27 |
8.26 |
9.67 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
240.000 |
Expected Sales (2015-2016) : Rs.280.000 Million
The above information has been parted by Mr. Vinod Parmar (Head Accountant)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current
Maturities of Long term debt |
|
|
|
|
HDFC Bank Limited |
0.000 |
0.136 |
|
|
Kotak Mahindra Prime Limited |
0.256 |
0.231 |
|
|
Total
|
0.256 |
0.367 |
0.307 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Debt Equity
Ratio (Total Debt/Networth) |
|
3.18 |
1.94 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16 |
2.23 |
2.70 |
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 |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
17.940 |
20.669 |
23.758 |
|
Share Application money pending allotment |
10.000 |
10.000 |
0.000 |
|
Net
worth |
32.940 |
35.669 |
28.758 |
|
|
|
|
|
|
long-term borrowings |
42.464 |
52.444 |
66.512 |
|
Short term borrowings |
4.488 |
16.887 |
24.875 |
|
Current maturities of
long-term debts |
0.307 |
0.367 |
0.256 |
|
Total
borrowings |
47.259 |
69.698 |
91.643 |
|
Debt/Equity
ratio |
1.435 |
1.954 |
3.187 |
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 |
Yes |
|
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) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
No |
|
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 two 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 |
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 |
10073240 |
12/09/2007 |
5,000,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH, FORESHORE BLDG, GEN BHOSALE MARG,
NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A25769779 |
|
2 |
10069230 |
14/08/2007 |
1,400,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH,, FORESHORE BLDG, GEN BHOSALE MARG,
NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA |
A23767106 |
|
3 |
10050711 |
08/08/2013 * |
40,000,000.00 |
BANK OF BARODA |
NARIMAN POINT BRANCH,, FORESHORE BLDG, GEN BHOSALE MARG, NARIMAN
POINT,, MUMBAI, Maharashtra - 400021, INDIA |
B86103173 |
|
4 |
10050713 |
08/08/2013 * |
40,000,000.00 |
BANK OF BARODA |
NARIMAN POINT BRANCH,, FORESHORE BLDG, GEN BHOSAL |
B85516946 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
|
|
|
Interest Bearing |
27.871 |
27.367 |
|
Non-Interest Bearing |
38.408 |
24.585 |
|
Total |
66.279 |
51.952 |
FIXED ASSETS
Tangible Assets
· Air Conditioner
· Laboratory Equipments
· Computer
· Electrical Installation
· Factory Building
· Factory Land at MIDC
· Lease Hold Land
· Fire Extinguisher
· Furniture and Fixture
· Vehicles
· Motor Car
· Motor Cycle
· Delivery Van
· Office Equipment
Intangible Assets
· Software
· Technical Know-How
· Capital WIP
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 :
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.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.