MIRA
INFORM REPORT
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Report No. : |
347283 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMBICA PHARMA MACHINES PRIVATE LIMITED
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Registered
Office : |
Plot No. 1, Phase II, GIDC, Vatva, Ahmedabad – 382445, |
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Tel. No.: |
91-79-25893671/ 25893672/ 40269800 to 99 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
04.06.2006 |
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Com. Reg. No.: |
04-048387 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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IEC No.: |
0891016643 |
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|
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CIN No.: [Company Identification
No.] |
U24297GJ2006PTC048387 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA06453G |
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PAN No.: [Permanent Account No.] |
AAFCA7945N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Exporting of Pharmaceuticals Packing Machinery such as
Filling, Stoppering, Capping, External Washing, Inspection and Labeling
Machines. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 28300 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Ahmedabad-based Ambica Pharma Machines Private Limited was
incorporated in June 2006, to carry out business of manufacturing and
exporting of pharmaceuticals packing machinery’s. Rating remain constrained on account of its fluctuating total revenue
marked by losses in FY-14, presence in working capital nature of industry,
moderate capital structure along with below average debt protection metrics
and raw material price fluctuation risk. However, the ratings continue to derive strength from the experience
of the promoter in manufacturing and marketing of its products and its
established relationship with principals and customers. Trade relations seems to fair. Business is active. Payment terms are
reported to be slow but correct. In view of aforesaid, the company can be considered for business
dealings with some cautions. |
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 |
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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 |
Not Available |
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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 DECLINED BY
|
Name : |
Mr. Bhavin Doshi |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9898078242 |
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|
Name : |
Mr. Sunil |
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Designation : |
Not Divulged |
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Contact No.: |
91-79-40269800 |
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Date : |
26.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 1, Phase II, GIDC, Vatva, Ahmedabad-382445, |
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Tel. No.: |
91-79-25893671/ 25893672/ 40269800 to 99 |
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Fax No.: |
91-79-25893672/ 25893671/ 40269840 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ashok Kalidas Mistry |
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Designation : |
Director |
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Address : |
31/B, Vasantnagar Society, |
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Date of Appointment : |
04.06.2006 |
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DIN No.: |
00060532 |
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Other
Directorship:
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Name : |
Mrs. Manaswi Ashok Mistry |
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Designation : |
Director |
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Address : |
31/B, Vasantnagar Society, |
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Date of Appointment : |
04.06.2006 |
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DIN No.: |
00066865 |
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Name : |
Mrs. Bhikhiben Kalidas Mistry |
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Designation : |
Director |
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Address : |
31-B, Vasant Nagar Society, |
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Date of Birth/Age : |
22.04.1939 |
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Date of Appointment : |
04.06.2006 |
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PAN No.: |
ABEPM2659J |
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DIN No.: |
00466357 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Bhavin Doshi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
|
|
|
|
Ashok Kalidas Mistry |
490 |
4.90 |
|
Manaswi Ashok Mistry |
490 |
4.90 |
|
Ashok Kalidas Mistry HUF |
7220 |
72.20 |
|
Bhikhiben Kalidas Mistry |
900 |
9.00 |
|
Kalidas R Mistry HUF |
900 |
9.00 |
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|
|
|
|
Total |
10000 |
100.00 |
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of Pharmaceuticals Packing Machinery such
as Filling, Stoppering, Capping, External Washing, Inspection and Labeling
Machines. |
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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 : |
·
Dabur ·
Cipla ·
Blue Cross ·
Alembic ·
Aglowmed |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Mahendra Shah and Associates Chartered Accountants |
|
Address : |
E-Block, 3rd Floor, Capital Commercial Centre, |
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Tel. No.: |
91-79-26575085/086 |
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Fax No.: |
91-79-26584359 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFM4086H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
After 30.09.2014
Authorised Capital : Rs.1.000 Million
Issued, Subscribed & Paid-up Capital : Rs.0.100
Million
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 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 |
|
|
|
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(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
9.812 |
9.842 |
8.921 |
|
(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) |
9.912 |
9.942 |
9.021 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
23.587 |
28.302 |
24.845 |
|
(b) Deferred tax liabilities
(Net) |
2.063 |
1.889 |
1.469 |
|
(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) |
25.650 |
30.191 |
26.314 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10.559 |
14.734 |
0.000 |
|
(b) Trade payables |
14.033 |
20.963 |
16.447 |
|
(c) Other current liabilities |
8.500 |
6.923 |
6.657 |
|
(d) Short-term provisions |
1.817 |
1.410 |
1.207 |
|
Total
Current Liabilities (4) |
34.909 |
44.030 |
24.311 |
|
|
|
|
|
|
TOTAL |
70.471 |
84.163 |
59.646 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
24.550 |
26.535 |
21.094 |
|
(ii) Intangible Assets |
0.685 |
0.206 |
0.219 |
|
(iii) Capital work-in-progress |
4.590 |
0.000 |
0.000 |
|
(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 |
0.072 |
0.072 |
0.057 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
29.897 |
26.813 |
21.370 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
19.260 |
26.043 |
18.975 |
|
(c) Trade receivables |
10.681 |
14.618 |
13.039 |
|
(d) Cash and cash equivalents |
5.974 |
11.234 |
1.545 |
|
(e) Short-term loans and
advances |
4.659 |
5.455 |
4.717 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
40.574 |
57.350 |
38.276 |
|
|
|
|
|
|
TOTAL |
70.471 |
84.163 |
59.646 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
77.095 |
77.983 |
54.935 |
|
|
Other Income |
0.608 |
1.362 |
1.301 |
|
|
TOTAL
(A) |
77.703 |
79.345 |
56.236 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
31.671 |
32.497 |
20.025 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
2.250 |
|
|
Employees benefits expense |
13.318 |
12.498 |
9.811 |
|
|
Other expenses |
26.737 |
27.107 |
19.076 |
|
|
TOTAL
(B) |
71.726 |
72.102 |
51.162 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
5.977 |
7.243 |
5.074 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.408 |
3.570 |
2.555 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.569 |
3.673 |
2.519 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
2.176 |
1.915 |
1.349 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
0.393 |
1.758 |
1.170 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.424 |
0.837 |
(0.124) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(0.031) |
0.921 |
1.294 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
9.842 |
8.921 |
7.627 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
9.811 |
9.842 |
8.921 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(3.11) |
92.14 |
129.38 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
2.393 |
1.756 |
1.700 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.04) |
1.18 |
2.36 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
7.75 |
9.29 |
9.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.60 |
2.09 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.18 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.69 |
4.51 |
2.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.30 |
1.57 |
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 |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
8.921 |
9.842 |
9.812 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
9.021 |
9.942 |
9.912 |
|
|
|
|
|
|
long-term borrowings |
24.845 |
28.302 |
23.587 |
|
Short term borrowings |
0.000 |
14.734 |
10.559 |
|
Current Maturities of Long-Term
Debts |
1.700 |
1.756 |
2.393 |
|
Total
borrowings |
26.545 |
44.792 |
36.539 |
|
Debt/Equity
ratio |
2.943 |
4.505 |
3.686 |
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 |
54.935 |
77.983 |
77.095 |
|
|
|
41.955 |
(1.139) |
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 |
54.935 |
77.983 |
77.095 |
|
Profit/ (Loss) |
1.294 |
0.921 |
(0.031) |
|
|
2.36% |
1.18% |
(0.04%) |
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 |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
3.725 |
11.689 |
|
From Shareholders |
19.017 |
13.103 |
|
Total |
22.742 |
24.792 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10417496 |
12/03/2013 |
20,000,000.00 |
Axis Bank
Limited |
TRISHUL 3RD
FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat -
380006, INDIA |
B72503790 |
FIXED ASSETS
· Leasehold Land
· Furniture and Fixtures
· Plant and Machinery
· Computers
· Building
· Office Equipment
· 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 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.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.