MIRA INFORM REPORT
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Report No. : |
346432 |
|
Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED (w.e.f.
17.11.2005) |
|
|
|
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Formerly Known
As : |
HENKEL LOCTITE INDIA PRIVATE LIMITED (w.e.f. 16.07.2002) HENKEL-LOCTITE INDIA PRIVATE LIMITED (w.e.f. 27.06.2002) LOCTITE INDIA PRIVATE LIMITED |
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Registered
Office : |
10th and 11th Floor, Kesar Solitaire, Plot No.
5, Sector 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra |
|
Tel. No.: |
91-22-39296600/01 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.01.1990 |
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Com. Reg. No.: |
11-234233 |
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Capital
Investment / Paid-up Capital : |
Rs. 412.147 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U28933MH1990PTC234233 |
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IEC No.: |
0390014869 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACL1954B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Service Provider of Industrial adhesive, cosmetics. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (84) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 16700000 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of Henkel AG and Company KGAA,
Germany having excellent track. For the financial year ended 2014, the company has healthy scale of operations
marked by top line growth of 10.77% and achieved profitability margins of
3.7%. The company has strong financial base, zero debt balance sheet profile
along with favorable gap between trade payables and receivables. Rating derives strength from long business track record and strong
financial and managerial support which it receives from its holding company. Trade relations are fair. Business is active. Payment terms are
regular and as per commitment. In view of vast experience of promoters, the company can be considered
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 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Pratik Shah |
|
Designation : |
Financial Controller |
|
Contact No.: |
91-22-39296629 |
|
Date : |
23.10.2015 |
LOCATIONS
|
Registered Office : |
10th and 11th Floor, Kesar Solitaire, Plot No.
5, Sector 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra,
India |
|
Tel. No.: |
91-22-39296600/01 |
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Fax No.: |
91-22-39296602 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Branches : |
Located at:
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DIRECTORS
AS ON 30.09.2014
|
Name : |
Sundararaman Ramakrishnan Iyer |
|
Designation : |
Director |
|
Address : |
A-2/403, Gangotri Sadan Chs Ltd,, Bangur Nagar, Goregaon (West), Mumbai - 400090, Maharashtra, India |
|
Date of Birth/Age : |
24.05.1960 |
|
Date of Appointment : |
19.11.2010 |
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DIN No.: |
03303029 |
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|
|
|
Name : |
Jeremy Hunter |
|
Designation : |
Director |
|
Address : |
105 Webb St Warrandyte Vic, Australia, 3113 |
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Date of Birth/Age : |
16.05.1960 |
|
Date of Appointment : |
01.08.2011 |
|
DIN No.: |
03536491 |
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|
|
|
Name : |
Man Ying Cheung |
|
Designation : |
Director |
|
Address : |
Flat 12 A, Tower 6, Phase 1, Residence Bel-Air, Pokfulam, Hong Kong, 0000, Hong Kong |
|
Date of Birth/Age : |
22.08.1988 |
|
Date of Appointment : |
23.04.2013 |
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DIN No.: |
06539553 |
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|
|
|
Name : |
Bappa Bandyopadhyay |
|
Designation : |
Director |
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Address : |
Flat No A/601, Bhumiraj Iraisaa, Plot No 1, Sector 19, Sanpada, Navi Mumbai, 400705, Maharashtra, India |
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Date of Birth/Age : |
04.07.1969 |
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Date of Appointment : |
01.08.2014 |
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DIN No.: |
06936428 |
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|
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Name : |
Nuri Erdem Kocak |
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Designation : |
Director |
|
Address : |
Silverene Towers 2008, Tower A, Po Box 61341, Dubai, 61341, United Arab Emirates |
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Date of Birth/Age : |
07.09.1960 |
|
Date of Appointment : |
26.09.2014 |
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DIN No.: |
06955497 |
KEY EXECUTIVES
|
Name : |
Pratik Umesh Shah |
|
Designation : |
Secretary |
|
Address : |
B-21, Triveni, Gilbert Hill Road,, Andheri- West, Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1981 |
|
Date of Appointment : |
17.06.2014 |
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PAN No.: |
AYFPS3963H |
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|
|
|
Name : |
Mr. Pratik Shah |
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Designation : |
Financial Controller |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Henkel Ag and Company Kgaa |
|
41214663 |
|
Inter Beteiligungsverwaltungs – Gesellschaft mbH |
|
1 |
|
|
|
|
|
Total |
|
41214664 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Industrial adhesive, cosmetics. |
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Products : |
Not Divulged |
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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 : |
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Selling : |
Cash and Credit (30/60/90 days) |
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Purchasing : |
Cash and Credit (30/60/90 days) |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
B S R and Company Chartered Accountant |
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Address : |
Lodhi Excelus, 1St Floor, Apollo Mills Compound, N. M., Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
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PAN No.: |
AAAFB9852F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
Henkel Ag and Company Kgaa |
CAPITAL STRUCTURE
AFTER 30.09.2014
Authorised Capital: Rs. 857.500 Million
Issued, Subscribed & Paid-up Capital: Rs. 444.609
Million
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85750000 |
Equity Shares |
Rs.10/- each |
Rs. 857.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41214664 |
Equity Shares |
Rs.10/- each |
Rs. 412.147
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 |
412.147 |
412.147 |
412.147 |
|
(b) Reserves & Surplus |
5454.850 |
5023.946 |
4600.980 |
|
(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) |
5866.997 |
5436.093 |
5013.127 |
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|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
4.515 |
4.001 |
3.249 |
|
(c) Other long term
liabilities |
57.187 |
41.159 |
6.805 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
61.702 |
45.160 |
10.054 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1494.700 |
1538.021 |
918.064 |
|
(c) Other
current liabilities |
485.340 |
406.856 |
445.139 |
|
(d) Short-term
provisions |
222.512 |
272.795 |
177.386 |
|
Total Current
Liabilities (4) |
2202.552 |
2217.672 |
1540.589 |
|
|
|
|
|
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TOTAL |
8131.251 |
7698.925 |
6563.770 |
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2468.545 |
2307.429 |
2351.465 |
|
(ii)
Intangible Assets |
268.622 |
316.505 |
472.704 |
|
(iii)
Capital work-in-progress |
60.897 |
142.929 |
81.804 |
|
(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) |
194.790 |
185.732 |
162.363 |
|
(d) Long-term Loan and Advances |
284.261 |
205.245 |
180.241 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3277.115 |
3157.840 |
3248.577 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1256.395 |
1132.443 |
999.916 |
|
(c) Trade
receivables |
2283.910 |
1969.016 |
1711.900 |
|
(d) Cash
and cash equivalents |
860.081 |
1039.212 |
322.799 |
|
(e)
Short-term loans and advances |
450.825 |
400.414 |
279.954 |
|
(f) Other
current assets |
2.925 |
0.000 |
0.624 |
|
Total
Current Assets |
4854.136 |
4541.085 |
3315.193 |
|
|
|
|
|
|
TOTAL |
8131.251 |
7698.925 |
6563.770 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
NET SALES |
10358.903 |
9395.289 |
8010.435 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
9385.876 |
8474.141 |
6793.038 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
973.027 |
921.148 |
1217.397 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
298.675 |
293.168 |
521.362 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
674.352 |
627.980 |
696.035 |
|
|
|
|
|
|
|
Less |
TAX |
243.447 |
205.014 |
246.728 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
430.905 |
422.966 |
449.307 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1862.396 |
1439.430 |
990.123 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2293.301 |
1862.396 |
1439.430 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.46 |
10.26 |
10.90 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
12000.000 |
|
|
|
|
|
The above information has been parted by Mr. Pratik Shah (Finance
Controller)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.16 |
4.50 |
5.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.56 |
8.52 |
11.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.12 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20 |
2.05 |
2.15 |
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 |
412.147 |
412.147 |
412.147 |
|
Reserves & Surplus |
4600.980 |
5023.946 |
5454.850 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5013.127 |
5436.093 |
5866.997 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
8010.435 |
9395.289 |
10358.903 |
|
|
|
17.288 |
10.256 |
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 |
8010.435 |
9395.289 |
10358.903 |
|
Profit |
449.307 |
422.966 |
430.905 |
|
|
5.61% |
4.50% |
4.16% |
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 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 |
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 |
NOTE: Registered office of the company has been
shifted from D-3/ D-4, MIDC Industrial Estate, Jejuri, Pune – 412303,
Maharashtra, India to the present address
w.e.f. 10.07.2012.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Land
- Building
- Plant and
Equipment
- Furniture and
Fixture
- Vehicles
- Office
Equipments
- Leasehold
Improvement
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 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. 65.15 |
|
UK Pound |
1 |
Rs. 100.54 |
|
Euro |
1 |
Rs. 73.97 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
10 |
|
--LEVERAGE |
1~10 |
10 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
10 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
84 |
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.