MIRA INFORM REPORT
|
Report No. : |
340193 |
|
Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUBI INDUSTRIES LLP |
|
|
|
|
Registered
Office : |
Near Kalyan Mills, Naroda Road, Ahmedabad - 380025, Gujarat |
|
Tel. No.: |
91-79-30610100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
14.02.2013 |
|
|
|
|
LLPIN: |
AAB-3587 |
|
|
|
|
Total Obligation
of Contribution : |
Rs.60.000 Million |
|
|
|
|
IEC No.: |
0812023862 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAEFL7190C |
|
|
|
|
Legal Form : |
Limited Liability Partnership. |
|
|
|
|
Line of Business
: |
Manufacturer of Machinery and equipment N E C, Cast Iron
and pumps. |
|
|
|
|
No. of Employees
: |
1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of "The Lubi Group”, established since 1968. It is an established limited liability partnership concern having fine track record. The rating reflect established track record of the promoters in the business and strong market presence of "Lubi” brand which is also supported by an extensive marketing and distribution network across the country. The rating continues to also factors in a strong financial risk profile characterized by healthy operational income in FY-14, healthy capital structure and debt coverage indicators. The ratings however remain constrained by the highly competitive and fragmented nature of the pump industry with intense competition from organized as well as unorganized players and vulnerability of profitability to raw material price fluctuations. However, trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of strong market presence and long standing track record, the subject can be considered for business dealings at usual trade terms and conditions. NOTE In FY 2013, four group entities, namely, Lubi Electricals Limited, Lubi Submersibles Limited, Lubi Pumps Private Limited (LPPL) and Paras Textile Mills Private Limited (PTMPL) were amalgamated with a fifth group entity, Arvind Iron Private Limited (AIPL). The name of the amalgamated company was changed to Lubi Industries Private Limited (LIPL) and was converted into a Limited Liability Partnership (LLP) firm with effect from 14th February, 2013. It is an ISO 9001:2008 and ISO 14001 certified firm. |
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 bank facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
April 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term bank facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
April 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Ruturaj D Rajaji |
|
Designation : |
Export Head |
|
Contact No.: |
91-7053127903 |
|
Date : |
07.09.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Near Kalyan Mills, Naroda Road, Ahmedabad - 380025,
Gujarat, India |
|
Tel. No.: |
91-79-30610100/30610130/ 39845300 |
|
Mobile No.: |
91-7053127903 (Mr. Ruturaj D Rajaji) |
|
Fax No.: |
91-79-30610300/ 39845599 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
150000 Sq ft |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Located at:
|
PARTNERS
|
Name : |
Mr. Subhashchandra Rambhai Amin |
|
Designation : |
Designated Partner |
|
Address : |
Ram Home, Gulbai Tekra, Ellisbridge, Ahmedabad - 380006,
Gujarat, India |
|
Date of Appointment : |
14.02.2013 |
|
DPIN No.: |
00221530 |
|
|
|
|
Name : |
Mr. Jayamal Jagdishchandra Amin |
|
Designation : |
Designated Partner |
|
Address : |
Ram Home, Gulbai Tekra, Ellisbridge, Ahmedabad - 380006,
Gujarat, India |
|
Date of Appointment : |
14.02.2013 |
|
DPIN No.: |
00221356 |
|
|
|
|
Name : |
Mr. Shailesh Dollarrai Porecha |
|
Designation : |
Designated Partner |
|
Address : |
Navdeep, Udyan Marg, Near Law Garden, Ellisbridge,,
Ahmedabad - 380006, Gujarat, India |
|
Date of Appointment : |
14.02.2013 |
|
DPIN No.: |
00221569 |
|
|
|
|
Name : |
Mr. Rajan Nalinkant Porecha |
|
Designation : |
Designated Partner |
|
Address : |
Paritosh, 238, Urmikunj Society, Near St.Xaviers College,
Navrangpura,, Ahmedabad - 380009, Gujarat, India |
|
Date of Appointment : |
14.02.2013 |
|
DPIN No.: |
00221498 |
KEY EXECUTIVES
|
Name : |
Mr. Ruturaj D Rajaji |
|
Designation : |
Export Head |
OBLIGATION DETAILS
|
Name of Person |
|
Obligation of
Contribution (Rs. In Million) |
|
Jayamal Jagdishchandra Amin |
|
3.600 |
|
Rajan Nalinkant Porecha |
|
3.600 |
|
Subhashchandra Rambhai Amin |
|
3.600 |
|
Shailesh Dollarrai Porecha |
|
2.400 |
|
Arti Sailesh Porecha |
|
2.250 |
|
Nirali Vishal Mehta |
|
1.200 |
|
Shrujal Ramesh Chandra Amin |
|
2.100 |
|
Achalaben Subhashchandra Amin |
|
3.000 |
|
Bakulaben Jagdishchandra Amin |
|
2.700 |
|
Jagdishchandra Rambhai Amin |
|
2.700 |
|
Tejalben Tusharbhai Patel |
|
1.200 |
|
Shetal Samirbhai Patel |
|
2.100 |
|
Atulbhai Shantilal Adalja |
|
0.060 |
|
Manjariben Rajanbhai Porecha |
|
3.588 |
|
Geetaben Narendrabhai Parekh |
|
0.960 |
|
Vishal Subhashchandra Amin |
|
2.400 |
|
Aditi Gautamkumar Patel |
|
1.800 |
|
Eelaben Mehulbhai Sheth |
|
1.140 |
|
Ushaben Dollarrai Porecha |
|
1.638 |
|
Purvi Shaileshbhai Porecha |
|
1.800 |
|
Shailee Rajan Porecha |
|
1.200 |
|
Rohan Jaymalbhai Amin |
|
1.800 |
|
Priyanka Shailesh Porecha |
|
1.800 |
|
Ronak Rajan Porecha |
|
3.600 |
|
Mira Finstock Private Limited, India |
|
7.764 |
|
Total |
|
60.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Machinery and equipment N E C, Cast Iron
and pumps. |
|
|
|
|
Products : |
Machinery and equipment N E C, Cast Iron and pumps |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30, 60 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30, 60 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
End users and OEMS
|
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No. of Employees : |
1800 (Approximately) |
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Jhaveri hah and Company Chartered Accountants |
|
Address : |
503, Aniket Building, C G Road, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-26422767/ 30022776 |
|
Fax No.: |
91-79-30022677 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
TOTAL OBLIGATION OF CONTRIBUTION: RS. 60.000 MILLION
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
CONTRIBUTION AND LIABILITIES Partner's Funds |
|
|
|
|
|
1] Contribution received |
|
60.000 |
60.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1103.441 |
1108.990 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1163.441 |
1168.990 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
50.000 |
17.564 |
|
|
2] Unsecured Loans |
|
30.950 |
2.500 |
|
|
TOTAL BORROWING |
|
80.950 |
20.064 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1244.391 |
1189.054 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
688.625 |
317.455 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.997 |
1.997 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1103.275 |
856.361 |
|
|
Sundry Debtors |
|
593.051 |
609.915 |
|
|
Cash & Bank Balances |
|
214.295 |
211.583 |
|
|
Other assets Capital work in progress, others current assets |
|
3.486 |
18.726 |
|
|
Loans & Advances |
|
287.408 |
266.641 |
|
Total
Current Assets |
|
2201.515
|
1963.226
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
696.748 |
740.466 |
|
|
Other Current Liabilities |
|
896.355 |
321.004 |
|
|
Provisions |
|
54.643 |
32.154 |
|
Total
Current Liabilities |
|
1647.746
|
1093.624
|
|
|
Net Current Assets |
|
553.769 |
869.602 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1244.391 |
1189.054 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Domestic
turnover |
|
|
|
|
|
Sale of goods manufactured |
|
2,859.785 |
257.033 |
|
|
Sale of goods traded |
|
259.926 |
26.171 |
|
|
Sale or supply of services |
|
0.870 |
0.074 |
|
|
Export
turnover |
|
|
|
|
|
Sale of goods manufactured |
|
1,048.611 |
112.594 |
|
|
Sale of goods traded |
|
13.322 |
0.759 |
|
|
Other Income |
|
93.790 |
4.120 |
|
|
TOTAL
(A) |
|
4276.304 |
400.751 |
|
|
|
|
(Increase
in Orders) |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Raw material consumed |
|
1323.865 |
159.187 |
|
|
Purchases made for re-sale |
|
288.502 |
35.876 |
|
|
Consumption of stores and
spare parts |
|
1055.823 |
114.929 |
|
|
Power and fuel |
|
86.422 |
8.908 |
|
|
Personnel Expenses |
|
451.406 |
43.838 |
|
|
Administrative expenses |
|
48.937 |
4.689 |
|
|
Payment to auditors |
|
1.732 |
0.255 |
|
|
Selling expenses |
|
217.254 |
14.471 |
|
|
Insurance expenses |
|
2.532 |
0.074 |
|
|
Other expenses |
|
268.550 |
18.154 |
|
|
Increase/(decrease) in stocks
[including for raw materials, work in progress and finished goods] |
|
(111.199) |
(41.747) |
|
|
TOTAL
(B) |
|
3633.824 |
358.634 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
642.480 |
42.117 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
56.062 |
3.381 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
586.418 |
38.736 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
|
93.576 |
8.577 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
|
492.842 |
30.159 |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
174.678 |
8.892 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
318.164 |
21.267 |
The above information has been parted by Mr. Ruturaj D Rajaji
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
2388.26 |
2801.98 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
4822.70 |
5549.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
17.04 |
1.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.42 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.07 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.34 |
1.79 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
60.000 |
60.000 |
|
Reserves & Surplus |
1108.990 |
1103.441 |
|
Money received against share
warrants |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
|
Net
worth |
1168.990 |
1163.441 |
|
|
|
|
|
Secured Loans |
17.564 |
50.000 |
|
Unsecured Loans |
2.500 |
30.950 |
|
Total
borrowings |
20.064 |
80.950 |
|
Debt/Equity
ratio |
0.017 |
0.070 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
4276.304 |
400.751 |
|
|
|
(90.629) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
4276.304 |
400.751 |
|
Profit |
21.267 |
318.164 |
|
|
0.50% |
79.39% |
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% |
Yes |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
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.66.74 |
|
UK Pound |
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.