MIRA
INFORM REPORT
|
Report Date : |
12.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
TOKAI IMPERIAL RUBBER INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
202-203, Kushal Bazar |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.11.2005 |
|
|
|
|
Com. Reg. No.: |
55-142682 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 246.000 Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U2519DLC2005PTC142682 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of automobile and IT components |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 260000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
202-203, Kushal Bazar |
|
E mail: |
|
|
Website: |
|
|
|
|
|
Corporate Office
1 : |
45 Miles stone VPO Prithla Delhi-Mathura Road, District-Palwal,
Faridabd- 121102, Haryana, India |
|
Tel. No.: |
91-1275-262102-05 |
|
Fax No.: |
91-1275-262106 |
|
Email Id: |
|
|
|
|
|
Corporate Office
2 : |
Plot No. 94, Sector 25, Faridabad-121004, |
|
Tel. No.: |
91-129-2233281/ 2231148/ 2232993 |
|
Fax No.: |
91-129-2441028 |
|
E-Mail : |
DIRECTORS
AS ON 01.06.2011
|
Name : |
Mr. Junichi Yamada |
|
Designation : |
Managing Director |
|
Address : |
RM 204, 1-36-4, Gonaka, |
|
Date of Birth/Age : |
27.11.1962 |
|
Date of Appointment : |
04.02.2010 |
|
DIN No.: |
02947784 |
|
|
|
|
Name : |
Mr. Nobuyuki Sato |
|
Designation : |
Director |
|
Address : |
16-22-801,4 -Cho Me, |
|
Date of Birth/Age : |
08.03.1947 |
|
Date of Appointment : |
18.11.2005 |
|
DIN No.: |
02274107 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U25191DL2005PTC142682 |
TOKAI
IMPERIAL RUBBER INDIA PRIVATE LIMITED |
Director |
18-11-05 |
18-11-05 |
Active |
NO |
|
2 |
U25190DL2011FTC224857 |
TOKAI
RUBBER INDUSTRIAL HOSE INDIA PRIVATE LIMITED |
Director |
09-09-11 |
09-09-11 |
Active |
NO |
|
Name : |
Mr. Katsunori Kanaoka |
|
Designation : |
Director |
|
Address : |
7-14-22, Degawa, Kasugai City, Aichi Prefecture, Japan |
|
Date of Birth/Age : |
31.01.1958 |
|
Date of Appointment : |
01.06.2011 |
|
DIN No.: |
03535231 |
|
|
|
|
Name : |
Mr. Kodama Tsutomu |
|
Designation : |
Director |
|
Address : |
67-6-2, Chome, Hi Karigaoka, |
|
Date of Birth/Age : |
17.09.1951 |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
02274124 |
|
|
|
|
Name : |
Mr. Jagjit Singh Lamba |
|
Designation : |
Director |
|
Address : |
House No -9 Sector -18 A, Faridabad, Haryana, India |
|
Date of Birth/Age : |
15.09.1938 |
|
Date of Appointment : |
18.11.2005 |
|
DIN No.: |
00109439 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74899DL1995PLC069837 |
IAI
INDUSTRIES LIMITED |
Director |
01-10-95 |
01-10-95 |
- |
Active |
NO |
|
2 |
U34300DL1997PLC084252 |
IMPERIAL
AUTO NYLON TUBING LIMITED |
Director |
06-01-97 |
06-01-97 |
- |
Active |
NO |
|
3 |
U34300DL1971PLC207710 |
AUTO
IGNITION LIMITED |
Director |
02-07-02 |
02-07-02 |
- |
Active |
NO |
|
4 |
U74899DL1975PLC007737 |
IMPERIAL
AUTO INDUS-TRIES LIMITED |
Managing
director |
01-04-09 |
01-04-05 |
- |
Active |
NO |
|
5 |
U25191DL2005PTC142682 |
TOKAI
IMPERIAL RUBBER INDIA PRIVATE LIMITED |
Director |
18-11-05 |
18-11-05 |
- |
Active |
NO |
|
6 |
U74899DL1974PLC007063 |
SOLAR
GLASS WORKS LIMITED |
Director |
28-06-06 |
28-06-06 |
01-12-07 |
Active |
NO |
|
7 |
U55101PB2006PTC030718 |
NORTHERN
INDIA MOTELS AND RESORTS PRIVATE LIMITED |
Director |
30-11-06 |
30-11-06 |
28-06-08 |
Strike
off |
NO |
|
8 |
U25199DL2010PLC207562 |
S J
RUBBER INDUSTRIES LIMITED |
Director |
26-08-10 |
26-08-10 |
- |
Active |
NO |
|
Name : |
Mr. Sham Bihari Sardana |
|
Designation : |
Director |
|
Address : |
House No D-99,Panchsheel Enclave, New Delhi, India |
|
Date of Birth/Age : |
21.03.1944 |
|
Date of Appointment : |
18.11.2005 |
|
DIN No.: |
00109418 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U34300DL1997PLC084252 |
IMPERIAL
AUTO NYLON TUBING LIMITED |
Director |
11-07-00 |
11-07-00 |
Active |
NO |
|
2 |
U74899DL1995PLC069837 |
IAI
INDUSTRIES LIMITED |
Director |
01-12-08 |
01-11-02 |
Active |
NO |
|
3 |
U74899DL1975PLC007737 |
IMPERIAL
AUTO INDUS-TRIES LIMITED |
Managing
director |
01-04-09 |
01-04-05 |
Active |
NO |
|
4 |
U25191DL2005PTC142682 |
TOKAI
IMPERIAL RUBBER INDIA PRIVATE LIMITED |
Director |
18-11-05 |
18-11-05 |
Active |
NO |
|
5 |
U25199DL2010PLC207562 |
S J
RUBBER INDUSTRIES LIMITED |
Director |
26-08-10 |
26-08-10 |
Active |
NO |
|
Name : |
Mr. Manav Mittal |
|
Designation : |
Director |
|
Address : |
House No.1910, Sector-16, Faridabad, Haryana, India |
|
Date of Birth/Age : |
29.07.1975 |
|
Date of Appointment : |
16.07.2009 |
|
DIN No.: |
03075095 |
KEY EXECUTIVES
|
Name : |
Mr. Riti Arora |
|
Designation : |
Secretary |
|
Address : |
H No. # 1746, NIT, Faridabad-121005, |
|
Date of Birth/Age
: |
29.11.1986 |
|
Date of
Appointment : |
22.03.2010 |
|
Pan No.: |
ARLPA6936H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 01.06.2011
|
Names of Shareholders |
No. of Shares |
|
Tokai Rubber Industries
Limited, |
147600 |
|
Imperial Auto Industries Limited, |
98400 |
|
Total |
246000 |
AS ON 01.06.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
60.00 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of automobile and IT components |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Automotive Hoses (Manufactured) |
Meters |
4680000 |
15435257 |
|
Automotive Hoses (Repackaged/ relabeled) # |
Meters |
-- |
177150 |
Note
1.
Installed capacity is as certified by management
and have not been verified by the auditors, being a technical matter.
2.
Installed capacity is in running length, while actual
output is in numbers of pieces of automotive hoses produced based upon specific
lengths as ordered by customers.
3.
The actual production does not include free issues
of finished goods during the year.
# These represent
automotive hoses imported and sold after repackaging, inspection, lubrication,
checking of fitment and relabelling. Hence, in respect of such goods there is
no corresponding installed capacity.
GENERAL INFORMATION
|
Bankers : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
48,DLF Corporate Park, DLF City, Phase -III,
Gurgaon-122002,Haryana,India. |
|
Tel. No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
|
|
|
Holding Company : |
Ř Tokai Rubber
Industries Limited, Japan |
|
|
|
|
Ultimate Holding Company : |
Ř Tokai Rubber
Industries Limited, Japan |
|
|
|
|
Fellow Subsidiaries : |
Ř Inoac
Tokai(Thailand) Company Limited |
|
|
|
|
Entity holding substantial
interest in the Company : |
Ř Imperial Auto
Industries Limited, India |
|
|
|
|
Entity over
which the Company has significant influence : |
Ř S.J. Rubber
Industries Limited ( Partnership firm till December 31,2010) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
246000 |
Equity Shares |
Rs.1000/- Each |
246.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
246000 |
Equity Shares |
Rs.1000/- Each |
246.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
246.000 |
246.000 |
246.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(180.459) |
(255.389) |
(373.500) |
|
|
NETWORTH |
65.541 |
(9.389) |
(127.500) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
109.000 |
261.694 |
279.000 |
|
|
TOTAL BORROWING |
109.000 |
261.694 |
279.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
174.541 |
252.305 |
151.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
332.291 |
390.847 |
416.113 |
|
|
Capital work-in-progress |
3.490 |
0.149 |
3.594 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
145.007
|
104.378 |
99.604 |
|
|
Sundry Debtors |
112.623
|
44.398 |
26.730 |
|
|
Cash & Bank Balances |
8.968
|
8.859 |
9.644 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
70.067
|
98.253 |
92.664 |
|
Total
Current Assets |
336.665
|
255.888 |
228.642 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
463.409
|
365.905 |
486.935 |
|
|
Other Current Liabilities |
13.743
|
22.518 |
7.720 |
|
|
Provisions |
20.753
|
6.156 |
2.194 |
|
Total
Current Liabilities |
497.905
|
394.579 |
496.849 |
|
|
Net Current Assets |
(161.240)
|
(138.691) |
(268.207) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
174.541 |
252.305 |
151.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
745.945 |
468.962 |
222.627 |
|
|
|
Other Income |
9.349 |
58.434 |
0.579 |
|
|
|
TOTAL (A) |
755.294 |
527.396 |
223.206 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material and components consumed |
|
|
158.490 |
|
|
|
Increase/ decrease in Stock |
|
|
1.827 |
|
|
|
Personnel Costs |
|
|
23.194 |
|
|
|
Manufacturing Expenses |
|
|
188.027 |
|
|
|
Other Expenses |
|
|
0.970 |
|
|
|
TOTAL (B) |
588.507 |
400.858 |
372.508 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
166.787 |
126.538 |
(149.302) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
27.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
166.787 |
126.538 |
(176.698) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
71.654 |
60.041 |
51.163 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
95.133 |
66.497 |
(227.861) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.203 |
(51.615) |
0.715 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
74.930 |
118.112 |
(228.576) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(228.576) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
350.089 |
244.817 |
189.007 |
|
|
|
Stores & Spares |
24.295 |
18.750 |
25.960 |
|
|
|
Capital Goods |
4.047 |
26.807 |
74.118 |
|
|
TOTAL IMPORTS |
378.431 |
290.374 |
289.085 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
304.59 |
480.13 |
(929.17) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.92
|
22.40 |
102.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.75
|
14.18 |
102.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.22
|
10.28 |
35.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.45
|
(7.08) |
0.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.26
|
(69.90) |
3.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.68
|
0.65 |
0.46 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject was
incorporated under the Companies Act, 1956 on November 18, 2005 for carrying
out the business of manufacturing, rubber hoses for Vehicles.
RESULTS OF OPERATIONS:
The year was a transformational
year for the Company. During the year, the Company has scaled new heights and
set several new benchmarks in terms of sales. The volume growth coupled and
enabled the Company to achieve significant improvement of the Company’s
Performance. The total income of the Company was up by 43% at Rs. 755.294
millions compared to Rs.527.396 millions during the previous year. The Income
from Operations grew by 59% at Rs 745.945 millions, compared to Rs. 468.962
millions during the previous year. The profit before taxation was also up by
43% at Rs. 95.133 millions compared to Rs. 66.497 millions in the previous
year. The Company’s net profit for the year was Rs. 74.930 millions, compared
to Rs. 118.112 millions in the previous year, a decline in net profits was
caused due to decrease in Foreign exchange fluctuation and absence of remission
of liability by Tokai Rubber Industries Limited, Japan, which were present in
the previous year.
FIXED ASSETS AS ON 31.03.2010
TANGIBLE ASSETS
- Land freehold
- Buildings
- Plant and Machinery
- Tools and dies
- Furniture and fixture
- Office Equipment
- Computers
- Motor vehicles
INTANGIBLE ASSETS
- Software
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. 52.22 |
|
|
1 |
Rs. 81.54 |
|
Euro |
1 |
Rs. 69.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.