MIRA INFORM REPORT
|
Report No. : |
345015 |
|
Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CIPY POLY URETHANES PRIVATE LIMITED |
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Registered
Office : |
T –127, MIDC
Industrial Area, Bhosari, Pune – 411026, Maharashtra |
|
Tel. No.: |
91-20-66316400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
29.11.1994 |
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Com. Reg. No.: |
11-083328 |
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Capital
Investment / Paid-up Capital : |
Rs.9.417 Million |
|
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|
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CIN No.: [Company Identification
No.] |
U24219PN1994PTC083328 |
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|
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IEC No.: |
3195000369 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC00821C |
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PAN No.: [Permanent Account No.] |
AAACC7264R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Manufacturing of Polyurethane paints, varnishes and lacquers. |
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 29th November, 1994. It manufactures both epoxy as well polyurethane based floor coatings along with hybrid EPU (epoxy polyurethane) coating. It has satisfactory track record. The rating takes into consideration healthy revenue growth, low gearing and decent networth base position during FY2014. Further, the rating also takes into consideration the established track record of the company in industrial coating's sub segment of floor coating evident from leading market position combined with technically driven promoters and long standing relationship with large clients. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits – Term loans: BBB- |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based limits – A3 |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
March 2014 |
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 DECLINED BY
|
Name : |
Mr. Navnath |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-20-66316400 |
|
Date : |
12.10.2015 |
LOCATIONS
|
Registered
Office / Factory Corporate
Office: |
T –127, MIDC
Industrial Area, Bhosari, Pune – 411026, Maharashtra, India |
|
Tel. No.: |
91-20-66316400/ 27121706/ 27122586 |
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Fax No.: |
91-20-66316460/ 27120491 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
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Plant : |
Plot No 1D, Gate No 1295, 129, 1140, 1122, Shirwal District Satara,
Taluka Khandala - 412801, Maharashtra, India |
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|
|
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Factory : |
Global Industrial Estate, Shirwal, District Satara, Maharashtra, India
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Branch Office : |
Located at:
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DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Subhash
Cheralayathpanku Cipy |
|
Designation : |
Managing Director |
|
Address : |
Ritu, 11, |
|
Date of Birth/Age : |
16.05.1953 |
|
Qualification : |
B.E Chemicals |
|
Date of Appointment : |
31.12.2011 |
|
DIN No.: |
00608724 |
|
|
|
|
Name : |
Mrs. Sabitha
Subash Cipy |
|
Designation : |
Director |
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Address : |
Ritu, 11, |
|
Date of Birth/Age : |
06.06.1960 |
|
Date of Appointment : |
29.11.1994 |
|
DIN No.: |
00386708 |
KEY EXECUTIVES
|
Name : |
MSN Associates |
|
Designation : |
Company Secretaries |
|
Address : |
6A, Anandmayee Apartments, Near Ashwamedh Hall, Off Karve Road,
Erandwane – 411004, Maharashtra, India |
|
Tel No.: |
91-20-25464368/25455401 |
|
Email: |
|
|
|
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|
Name : |
Mr. Navnath |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of holding |
|
Subhash Cipy,
Ritu |
21452 |
22.78 |
|
Sabita Cipy, Ritu |
72714 |
77.22 |
|
Total |
94166 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Polyurethane
paints, varnishes and lacquers. |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
Indian Bank, 759/62, Prabhat Road, Deccan Gymkhana, Pune - 411004, Maharashtra, India
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Facilities : |
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Auditors : |
|
|
Name : |
D. R. Barve and Associates Chartered Accountants |
|
Address : |
461/1, Sadashiv Peth, Tilak Road, Pune – 411030, Maharashtra, India |
|
Tel. No.: |
91-20-24455414/
24453592 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFD3147J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
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Relative of key management personnel or their enterprises where
transaction has taken place : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity shares |
Rs.100/- each |
Rs.10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94166 |
Equity Shares |
Rs.100/-
each |
Rs.9.417
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 |
9.417 |
9.417 |
9.417 |
|
(b) Reserves & Surplus |
346.475 |
334.732 |
286.588 |
|
(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) |
355.892 |
344.149 |
296.005 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
43.702 |
42.674 |
62.403 |
|
(b) Deferred tax liabilities
(Net) |
18.312 |
16.321 |
12.512 |
|
(c) Other long term
liabilities |
2.529 |
2.664 |
2.450 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
64.543 |
61.659 |
77.365 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
158.646 |
151.888 |
97.254 |
|
(b) Trade payables |
227.290 |
207.836 |
222.566 |
|
(c) Other current liabilities |
98.607 |
88.476 |
64.740 |
|
(d) Short-term provisions |
11.920 |
10.258 |
18.181 |
|
Total
Current Liabilities (4) |
496.463 |
458.458 |
402.741 |
|
|
|
|
|
|
TOTAL |
916.898 |
864.266 |
776.111 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
251.919 |
282.404 |
266.468 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
1.807 |
1.807 |
3.381 |
|
(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 |
2.711 |
2.687 |
1.966 |
|
(e) Other Non-current assets |
12.610 |
13.637 |
17.515 |
|
Total
Non-Current Assets |
269.047 |
300.535 |
289.330 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
156.105 |
126.053 |
85.104 |
|
(c) Trade receivables |
420.936 |
364.660 |
326.911 |
|
(d) Cash and cash equivalents |
33.912 |
33.821 |
50.719 |
|
(e) Short-term loans and
advances |
31.162 |
36.067 |
19.622 |
|
(f) Other current assets |
5.736 |
3.130 |
4.425 |
|
Total
Current Assets |
647.851 |
563.731 |
486.781 |
|
|
|
|
|
|
TOTAL |
916.898 |
864.266 |
776.111 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
905.051 |
752.666 |
789.560 |
|
|
Other Income |
30.359 |
31.789 |
14.000 |
|
|
TOTAL
(A) |
935.410 |
784.455 |
803.560 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
601.052 |
428.859 |
477.195 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(64.773) |
(16.354) |
(10.589) |
|
|
Manufacturing Expenses |
127.456 |
114.791 |
111.989 |
|
|
Employees benefits expense |
78.835 |
66.098 |
47.369 |
|
|
Other expenses |
79.620 |
76.139 |
59.211 |
|
|
Exceptional items |
(14.073) |
0.619 |
0.295 |
|
|
TOTAL
(B) |
808.117 |
670.152 |
685.470 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
127.293 |
114.303 |
118.090 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.568 |
30.740 |
24.344 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
96.725 |
83.563 |
93.746 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
12.073 |
12.042 |
9.448 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
84.652 |
71.521 |
84.298 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
23.108 |
23.500 |
27.964 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
61.544 |
48.021 |
56.334 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of Goods calculated on
FOB basis |
53.094 |
48.224 |
20.423 |
|
|
TOTAL
EARNINGS |
53.094 |
48.224 |
20.423 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
73.949 |
63.995 |
22.722 |
|
|
TOTAL
IMPORTS |
73.949 |
63.995 |
22.722 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
653.57 |
619.58 |
619.58 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt From Banks |
12.341 |
21.561 |
21.483 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash generated from operating activities |
38.268 |
57.981 |
45.423 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.80 |
6.38 |
7.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
14.06 |
15.19 |
14.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.25 |
8.29 |
10.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.21 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.60 |
0.63 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.23 |
1.21 |
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 |
9.417 |
9.417 |
9.417 |
|
Reserves & Surplus |
286.588 |
334.732 |
346.475 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
296.005 |
344.149 |
355.892 |
|
|
|
|
|
|
long-term borrowings |
62.403 |
42.674 |
43.702 |
|
Short term borrowings |
97.254 |
151.888 |
158.646 |
|
Current maturities of
long-term debts |
21.483 |
21.561 |
12.341 |
|
Total
borrowings |
181.140 |
216.123 |
214.689 |
|
Debt/Equity
ratio |
0.612 |
0.628 |
0.603 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
789.560 |
752.666 |
905.051 |
|
|
|
(4.673) |
20.246 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
789.560 |
752.666 |
905.051 |
|
Profit |
56.334 |
48.021 |
61.544 |
|
|
7.13% |
6.38% |
6.80% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From Directors |
16.500 |
3.239 |
|
Total |
16.500 |
3.239 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10048089 |
27/03/2015 * |
400,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 214/215,CITY MALL, PLOT |
C59645515 |
* Date of charge modification
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.73 |
|
UK Pound |
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.73.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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.