MIRA
INFORM REPORT
|
Report Date : |
29.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
FINEARC SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No.21, F II Block, M.I.D.C., Erandawana, Pimpri, Pune – 411 018, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.05.1986 |
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Com. Reg. No.: |
11-039713 |
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Capital
Investment / Paid-up Capital : |
Rs.4.200
millions |
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CIN No.: [Company Identification
No.] |
U31904MH1986PTC039713 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Welding and Cutting Automation Solutions. |
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No. of Employees
: |
Approximately 200 (In Office) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 240000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The company
is doing well. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Raju Hegde |
|
Designation : |
Account Manager |
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Contact No.: |
91-9763720513 |
|
Date : |
26.08.2011 |
LOCATIONS
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Registered Office/ Factory 1 : |
No.21, F II Block, M.I.D.C., Erandawana, Pimpri, Pune – 411 018, |
|
Tel. No.: |
91-20-30686306/ 07/ 27471655/ 27470650 |
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Mobile No.: |
91-9763720513 (Mr. Raju Hegde) |
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Fax No.: |
91-20-27475584 |
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E-Mail : |
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Website : |
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Area : |
1850 sq m |
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Location : |
Leased |
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Factory 2 : |
Gat No.408, Village Urawade, Taluka Mulshi, Pune – 412 108, |
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Tel. No.: |
91-20-22922485 |
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Area : |
6200 sq m |
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Location : |
Owned |
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Services Centers : |
Located at: v
v
v Chennai v
v Kolkata v Luknow |
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Gayatri Shrinivasan |
|
Designation : |
Whole Time Director |
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Address : |
The Woods, Duplex No.64, |
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Date of Birth/Age : |
09.05.1954 |
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Qualification : |
M. Com |
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Date of Appointment : |
01.05.1986 |
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DIN No.: |
00414713 |
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Name : |
Mr. Shrikant Sitaram Pathak |
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Designation : |
Whole Time Director |
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Address : |
12, Amar Society, 44/2, Erandwana, Pune – 411 004, |
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Date of Birth/Age : |
18.09.1944 |
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Qualification : |
B.E. |
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Date of Appointment : |
01.10.1991 |
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DIN No.: |
00376821 |
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Name : |
Mr. Vikram Raghavesh Sirur |
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Designation : |
Director |
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Address : |
Opposite HDMC Office, |
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Date of Birth/Age : |
16.12.1946 |
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Qualification : |
B.E. |
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Date of Appointment : |
01.04.2002 |
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DIN No.: |
00312980 |
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Name : |
Mrs. Shobha Shreepad Hegde |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
22.05.1945 |
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Qualification : |
MA |
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Date of Appointment : |
01.05.1986 |
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DIN No.: |
00414657 |
KEY EXECUTIVES
|
Name : |
Mr. Raju Hegde |
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Designation : |
Account Manager |
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Name : |
Deodatta Chitale |
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Designation : |
GM Business Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hegde Shobha and Shreepad Hegde |
|
9690 |
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Pathak Anjali and Pathak Shrikant |
|
8400 |
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Gayatri Srinivasan and V.S. Srinivasan |
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7134 |
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Hegde Shreepad |
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810 |
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Pathak Shrikiant and Anjali Pathak |
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2100 |
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V.S. Srinivasan and Gayatri Srinivasan |
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2826 |
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V.S.R. Prasad |
|
540 |
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N.A. Sirur (Hubli) Private Limited, |
|
10500 |
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Total |
|
42000 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Welding and Cutting Automation Solutions. |
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Products : |
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Exports : |
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Products : |
Welding and Cutting Automation Solutions |
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Countries : |
v
v
v
v
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Imports : |
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Products : |
Parts |
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Countries : |
v
v
v
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Actual
Production |
|
Special Purpose Welding Machines Fully or Partly Automatic |
Nos. |
192 |
GENERAL INFORMATION
|
Customers : |
Manufacturer v
Alpha v International Auto v American Axle and Manufacturing v JBM v Bajaj Auto v Kalyani Lemmerz v B.A.R.C v Lanco v B.H.E.L v Marc Exhaust Systems Limited v CLW v Sharda Motors India Limited v Emcon Technologies v SKH Group v Emerson Technologies v Sona Koya v G.E. Healthcare v Steel Strips and Wheels Limited v Honda Motorcycles and Scooters India Limited v
Tenneco Exhaust v
INOX v TVS Motors |
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No. of Employees : |
Approximately 200 (In Office) |
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Bankers : |
Bank of |
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Facilities : |
Total Facility – Rs.130.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anand Amarnath and Associates Chartered Accountants |
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Address : |
101, First Floor, Enkay Complex, Above Vijaya Bank, Keshwapur, Hubli –
580 023, |
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Income-tax
PAN of auditor or auditor's firm : |
AAEFA7432N |
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Associates/Subsidiaries : |
Line of Business: Manufacturer of Standard
Welding Equipments. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
299000 |
Equity Shares |
Rs.100/- each |
Rs.29.900 millions |
|
1000 |
Preference Shares |
Rs.100/- each |
Rs.0.100 million |
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Total |
|
Rs.30.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42000 |
Equity Shares |
Rs.100/- each |
Rs.4.200
millions |
As on 30.09.2010
Authorised Capital : Rs.30.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.29.400
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
4.200 |
4.200 |
4.200 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
58.205 |
50.847 |
43.636 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
62.405 |
55.047 |
47.836 |
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|
LOAN FUNDS |
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|
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1] Secured Loans |
20.999 |
38.931 |
33.073 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
20.999 |
38.931 |
33.073 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.345 |
0.494 |
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|
|
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TOTAL |
83.404 |
94.323 |
81.403 |
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
37.677 |
39.826 |
44.186 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.095 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
78.511
|
83.549 |
59.348 |
|
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Sundry Debtors |
39.723
|
53.182 |
32.004 |
|
|
Cash & Bank Balances |
16.036
|
10.570 |
16.008 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.175
|
36.889 |
28.623 |
|
Total
Current Assets |
155.445
|
184.190 |
135.983 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
84.421
|
95.002 |
73.369 |
|
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Other Current Liabilities |
7.195
|
9.590 |
5.736 |
|
|
Provisions |
18.197
|
25.101 |
19.661 |
|
Total
Current Liabilities |
109.813
|
129.693 |
98.766 |
|
|
Net Current Assets |
45.632
|
54.497 |
37.217 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
|
TOTAL |
83.404 |
94.323 |
81.403 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
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Sales |
260.929 |
204.041 |
200.413 |
|
|
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Labour Charges Collected |
2.741 |
0.775 |
0.542 |
|
|
|
Miscellaneous Income |
2.097 |
3.471 |
4.673 |
|
|
|
Closing Stock of Finished and Semi Finished Goods |
49.123 |
51.945 |
34.457 |
|
|
|
TOTAL (A) |
314.890 |
260.232 |
240.085 |
|
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Opening Stock of Finished and Semi Finished Goods |
51.945 |
34.457 |
19.688 |
|
|
|
Raw Material Consumed |
164.070 |
145.961 |
141.254 |
|
|
|
Wages |
2.046 |
2.200 |
2.256 |
|
|
|
Labour Charges Paid |
10.651 |
8.771 |
11.121 |
|
|
|
Power and Fuel Charges |
0.753 |
0.566 |
0.348 |
|
|
|
Repairs and Maintenance |
1.251 |
0.690 |
1.018 |
|
|
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Administrative Expenses |
50.125 |
41.288 |
35.143 |
|
|
|
Selling and Distribution Expenses |
1.559 |
1.465 |
2.165 |
|
|
|
Bad Debts Written Off |
0.845 |
0.071 |
0.000 |
|
|
|
Sundry Advance Written Off |
2.199 |
0.000 |
0.000 |
|
|
|
Fees and Tax |
0.771 |
0.588 |
0.394 |
|
|
|
TOTAL (B) |
286.215 |
236.057 |
213.387 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
28.675 |
24.175 |
26.698 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES / INTEREST (D) |
2.352 |
4.132 |
3.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.323 |
20.043 |
23.291 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.787 |
6.067 |
5.064 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
19.536 |
13.976 |
18.227 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
7.419 |
5.291 |
6.672 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
12.117 |
8.685 |
11.555 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
21.708 |
16.997 |
29.416 |
|
|
|
EXCESS
PROVISION FOR INCOME TAX OR PREVIOUS YEAR |
0.137 |
0.000 |
0.000 |
|
|
|
EXCESS
PROVISION FOR FRINGE BENEFIT TAX FOR PREVIOUS YEARS |
0.002 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
NET
PROFIT AFTER TAXATIONS |
12.256 |
8.685 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserves |
2.500 |
2.500 |
22.500 |
|
|
|
Dividend / Interim Dividend |
4.200 |
1.260 |
1.260 |
|
|
|
Dividend Tax |
0.698 |
0.214 |
0.214 |
|
|
BALANCE CARRIED
TO THE B/S |
26.566 |
21.708 |
16.997 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.483 |
13.961 |
12.132 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
33.931 |
53.393 |
27.041 |
|
|
|
|
|
|
|
|
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|
Earnings Per Share
(Rs.) |
288.50 |
206.79 |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
405.000 |
The above information has been parted by Mr. Raju Hegde (Account
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.85
|
3.34 |
4.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.49
|
6.85 |
9.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.12
|
6.23 |
10.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.25 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.10
|
3.06 |
2.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.42 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
For Supplies |
46.365 |
44.679 |
37.288 |
|
For Advances
Received Against Orders |
38.056 |
50.323 |
36.081 |
|
Total |
84.421 |
95.002 |
73.369 |
OPERATIONS:
The operating
results of your company for the year is satisfactory and the company, has
earned Net Profit of Rs.12.117 millions (Rs.8.685
millions) after providing Rs.6.787 millions (Rs.6.067 millions) for
depreciation and Rs.7.860 millions (Rs.5.000 millions) for taxation.
Figures in the brackets pertain to previous year.
FORM 8:
|
Corporate
identity number of the company |
U31904MH1986PTC039713 |
|
Name of the
company |
FINEARC SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.21, F II Block, M.I.D.C., Erandawana, Pimpri, Pune – 411 018, E-Mail: info@finearcsystems.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90082505 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of E-Mail: iut@eth.net |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry for Extension of Equitable Mortgage |
|
Date of
instrument Creating the charge |
07.06.2011 |
|
Amount secured by
the charge |
Rs.30.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Nil Terms of Repayment: Nil Margin: Nil Extent and
Operation of the charge: Letter of Credit
(I/F) DP/DA 180 days usance: Rs.30.000 millions |
|
Short particulars
of the property charged |
All that piece and
parcel of land known as Plot No 21 in the Pimpri Industrial Area with the
village limits of Pimpri Taluka and Regn.Sub/district Haveli and registration
Dist Pune admn 1850 sq.mtrs. All that piece
and parcel of land with buildings,sheds and structures standing thereon
situated at Gat No 408, Village Mouje Urwade, Taluka Mulshi, District Pune
admn 6200 sq.mtrs. |
|
Date of latest
modification prior to the present modification |
06.06.2011 |
|
Particulars of
the present modification |
By present
memorandum of entry for extension of Equitable mortgage dated 07.06.2011.
Company has offered continue of equitable mortgage over immovable properties
situated at Plot No 21 in the Pimpri Indl Area within the village limits of
Pimpri Taluka and Registration sub/district Haveli and registration District
Pune containing by adm. 1850 sq.mtrs or thereabout and Gat No 408, Village
Mouje Urwade, Taluka Mulshi, District Pune admn 6200 sq.mtr to cover Letter
of Credit (I/F) DP/DA facility of Rs.30.000 millions. |
|
Corporate
identity number of the company |
U31904MH1986PTC039713 |
|
Name of the
company |
FINEARC SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.21, F II Block, M.I.D.C., Erandawana, Pimpri, Pune – 411 018, |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of E-Mail: iut@eth.net |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
16.05.2008 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: ROI @ BPLR
Presently 12.75% p.a. Terms of
Repayment: On Demand Margin: Margin 25% Extent and Operation
of the charge: Cash Credit
Rs.30.000 Millions |
|
Particulars of
the property charged |
All tangible
movable machineries and plant, both present and future and all tangible
movable properties and assets of whatsoever nature (Other than movable and
uninstalled machineries) of the company (Both present and future and all
including and including but without prejudice to the generality of the
foregoing all stock of raw materials, such as finished and semi finished
goods, spares, parts, components (Including Spares parts and stores relating to plant and machinery both
present and future. |
|
Particulars of
the present modification |
By present supplemental deed of hypothecation dated 16.05.2008 Cash Credit Facilities has been enhanced from Rs.20.000 Millions to Rs.30.000 Millions |
TRADE REFERENCES:
- Reliable
Autotech Private Limited, Nashik
- Tenneco
Automotive India Private Limited, Pune
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Motor Vehicles
- Scooters
- Type Writer
- Computer
- Testing Equipments
- Tools and Equipments
- Furniture and Fixtures
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 records 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.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.47 |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.