MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASSOCIATE HIGH PRESSURE TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 543 to 560 – Extended Area, Kandla Sez, Gandhidham-370230, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.12.2004 |
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Com. Reg. No.: |
04-045068 |
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Capital
Investment / Paid-up Capital : |
Rs.186.685
Millions |
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CIN No.: [Company Identification
No.] |
U55100GJ2004PTC045068 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufactures and offers the widest rage of high pressure seamless steel CNG cylinders (Type1) for various on board automobile applications like trucks, buses, cars, utility vehicles etc and CNG storage and transportation cascades. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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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 570000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. The company has recently commenced
is commercial operation from November 2009. 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
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Ajay Desai |
|
Designation : |
General Manager |
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Contact No.: |
91-9820003260 |
LOCATIONS
|
Registered Office : |
Plot No. 543 to 560 – Extended Area, Kandla Sez, Gandhidham-370230, |
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E-Mail : |
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Corporate Office : |
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Tel. No.: |
91-22-23728820 |
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Fax No.: |
91-22-23732222 |
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E-Mail : |
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Area : |
60000 Sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Located at Gandhidham, |
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Factory 2 : |
Located at Khulapur (Under Construction) |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Ram Kotumal Issrani |
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Designation : |
Director |
|
Address : |
Plot No. 15, Survey No. 98, Galpadar, Gandhidham-370201, |
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Date of Birth/Age : |
11.08.1959 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Ashok Sunderdas Agicha |
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Designation : |
Director |
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Address : |
The Agicha’s 6, |
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Date of Birth/Age : |
15.11.1954 |
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Date of Appointment : |
13.08.2005 |
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Name : |
Mr. Mohamed Suleman Farouk Darvesh |
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Designation : |
Director |
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Address : |
85-A, Sant-Savita Marg, Mustafa Bazar, Mumbai-400010, |
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Date of Birth/Age : |
20.11.1952 |
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Date of Appointment : |
13.08.2005 |
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Name : |
Mr. Ebrahim Suleman Darvesh |
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Designation : |
Director |
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Address : |
7, |
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Date of Birth/Age : |
01.03.1957 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Satish Sunderdas Agicha |
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Designation : |
Director |
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Address : |
The Agicha’s, 1st Floor, |
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Date of Birth/Age : |
07.08.1957 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Manohar Satramdas Agicha |
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Designation : |
Director |
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Address : |
6, |
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Date of Birth/Age : |
21.04.1945 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Srichand Satramdas Agicha |
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Designation : |
Director |
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Address : |
6, |
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Date of Birth/Age : |
22.02.1951 |
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Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Issrani Sapna and Vansh Ramchand Issrani Through Guardian Ram Issrani |
|
3344500 |
|
Ashok Agicha and Satish Agicha |
|
280000 |
|
Srichand Agicha and Chandni Agicha |
|
200000 |
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Chandni Agicha and
Srichand Agicha |
|
160000 |
|
Srichand S. Agicha HUF |
|
100000 |
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Amritbhai Agicha And Ashok Agicha |
|
100000 |
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Amritbhai Agicha and Ashok Agicha |
|
100000 |
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Manohar Agicha and Rajesh Agicha |
|
100000 |
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Chandni Agicha and Srichand Agicha |
|
100000 |
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Nanda Agicha and Gaurav Agicha |
|
100000 |
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Satish Agicha and Sweta Agicha |
|
100000 |
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Rajesh Manoharlal Agicha - HUF |
|
100000 |
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Siddhartha Agicha and Srichand Agicha |
|
100000 |
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Gautam Agicha and Ashok Agicha |
|
100000 |
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Sakshi Agicha and Rajesh Agicha |
|
60000 |
|
Associate Holdings Private Limited, |
|
9100000 |
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Shabana Darvesh and Mohd. Farouk Darvesh |
|
330000 |
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Yahya Darvesh and Farah Darvesh |
|
150000 |
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Zakaria Darvesh and Farouk Darvesh |
|
150000 |
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Deepa Bilandani and Sapna Issrani |
|
485000 |
|
Naresh Bilandani and Sapna Issrani |
|
900000 |
List of Allottee:
As on 17.01.2011
|
Particular |
No. of Shares |
|
Turab Ebrahim
Darvesh and Ebrahim Suleman Darvesh |
442500 |
|
Shabana Oosman Darvesh and Mohd. Farouk Darvesh |
442500 |
|
Zakaria Farouk Darvesh and Mohd. Farouk Darvesh |
222500 |
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Yahya Mohd. Farouk Darvesh and Farah Yahya Darvesh |
222500 |
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Deepa Naresh Bilandani and Naresh Narendra Bilandani |
240000 |
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Deepa Naresh Bilandani and Sapna Ram Issrani |
430000 |
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|
|
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Total |
2000000 |
As on 25.04.2011
|
Particular |
No. of Shares |
|
Deepa Naresh Bilandani and
Naresh Narendra Bilandani |
500000 |
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|
|
|
Total |
500000 |
As on 11.06.2011
|
Particular |
No. of Shares |
|
Ashok Sunderdas Agicha and Satish Sunderdas Agicha |
187000 |
|
Chandni Srichand Agicha and Srichand
Satramdas Agicha |
140000 |
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Aesha Gautam Agicha and Gautam Prakash Agicha |
174000 |
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|
|
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Total |
501000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
48.75 |
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Directors
or relatives of directors |
|
51.25 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and offers the widest rage of high pressure seamless steel CNG cylinders (Type1) for various on board automobile applications like trucks, buses, cars, utility vehicles etc and CNG storage and transportation cascades. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Union Bank of India,
75/77, Sant Savta Marg, Mustafa Bazar, Byculla, Mumba-400010, Maharashtra ,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Hiranandani and Company Chartered Accountant |
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Address : |
“Banke Bihari”, Plot No. 16, Ward 10B (C), Gandhidham-370201, |
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Tel. No.: |
91-2836-234080/233732/237266 (Residential) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs.210.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18668500 |
Equity Shares |
Rs.10/- each |
Rs.186.685
Millions |
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23001000 |
Equity Shares |
Rs.10/- each |
Rs.230.010
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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|
|
|
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1] Share Capital |
186.685 |
174.185 |
6.710 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
(43.284) |
0.000 |
0.000 |
|
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NETWORTH |
143.401 |
174.185 |
6.710 |
|
|
LOAN FUNDS |
|
|
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1] Secured Loans |
560.806 |
235.061 |
0.000 |
|
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2] Unsecured Loans |
0.000 |
1.800 |
0.000 |
|
|
TOTAL BORROWING |
560.806 |
236.861 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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TOTAL |
704.207 |
411.046 |
6.710 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
583.070 |
289.567 |
0.000 |
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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 |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
92.182
|
12.479 |
0.000 |
|
|
Sundry Debtors |
36.698
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.909
|
0.010 |
0.338 |
|
|
Other Current Assets |
14.586
|
23.047 |
0.000 |
|
|
Loans & Advances |
3.159
|
93.286 |
4.333 |
|
Total
Current Assets |
147.534
|
128.822 |
4.671 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.677
|
31.151 |
0.218 |
|
|
Other Current Liabilities |
5.904
|
1.117 |
0.000 |
|
|
Provisions |
3.209
|
2.330 |
0.100 |
|
Total
Current Liabilities |
27.790
|
34.598 |
0.318 |
|
|
Net Current Assets |
119.744
|
94.224 |
4.353 |
|
|
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|
MISCELLANEOUS EXPENSES |
1.393 |
27.255 |
2.357 |
|
|
|
|
|
|
|
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TOTAL |
704.207 |
411.046 |
6.710 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
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|
SALES |
|
|
|
|
|
|
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Income |
|
|
60.623 |
|
|
|
Other Income |
|
|
13.490 |
|
|
|
TOTAL (A) |
|
|
74.113 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
|
|
65.071 |
|
|
|
Consumable store |
|
|
7.638 |
|
|
|
Direct and manufacturing expenses |
|
|
13.192 |
|
|
|
Employees remuneration and benefits |
|
|
2.029 |
|
|
|
Administration, selling and other expenses |
|
|
8.408 |
|
|
|
Miscellaneous expenses written off |
|
|
0.348 |
|
|
|
Increase/ decrease in inventories |
|
|
(39.742) |
|
|
|
TOTAL (B) |
|
|
56.944 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
17.169 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
16.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
0.807 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
44.090 |
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
(43.283) |
|
|
|
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|
|
|
|
|
Less |
TAX (H) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
(43.283) |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
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|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
|
|
(43.283) |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
60.623 |
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|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
103.602 |
|
|
|
Capital Goods |
|
|
155.081 |
|
|
TOTAL IMPORTS |
|
|
258.683 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(2.32) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(58.40)
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(71.40)
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.92)
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30)
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.10
|
1.55 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.31
|
3.72 |
14.69 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
They have successfully completed the First Phase of the Manufacturing
set-up in a record time of 12 months from the date of the Bank Sanction, and
have successfully commenced the Commercial
Operations from 1st November, 2009. The first export consignment of
644 cylinders was flagged off on
23.11.2009. The Directors are pleased to inform that during the First 5 months
of the Commercial Operations,
they could achieve an Export Turnover of Rs. 60.623 Millions and are confident that in the coming years, the Export Turnover
shall see a sizeable increase in the volume and values with Continued Efforts
being put in from each and every corner.
The company has made a Cash Profit of Rs.1.155
millions during the above operational period resulting in Cash Earnings of
Rs.0.06 per share. The book loss reflected above is due to the effect of
initial burden of depreciation and financial expenses.
EXPANSION
PROGRAMME / FUTURE OUTLOOK:
The Directors are quite confident that looking into the International
scenario and the demand for the Seamless cylinders in the International Market,
not to speak about the potential which is lying untapped to be executed in the
Domestic market (after completion of the KASEZ formalities), The Directors see
a great future for the Company and possibilities of reaping the benefits of the
hard work put in so far by each and every member of the company. Apart from the
profit potential, the Company is also contributing through this business
venture in terms of Corporate Social Responsibility by providing and generating
additional employment opportunities as well as in contributing as a Net
Exchange Earner of the valuable Foreign Exchange for the country. Further, The
Directors have plans for expansion of the manufacturing capacities which are
being worked out, and shall be intimated to all the members, as and when the plans gets finalized.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10217763 |
|
Corporate
identity number of the company |
U55100GJ2004PTC045068 |
|
Name of the
company |
ASSOCIATE HIGH
PRESSURE TECHNOLOGIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. 543 to 560 – Extended Area, Kandla Sez, Gandhidham-370230, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Union Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation
agreement of goods and debts Packing credit
agreement Letter of
hypothecation of bills |
|
Date of
instrument Creating the charge |
01.06.2011 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
of commission as usual Terms of
Repayment Credit facility shall
be in general payable on demand and liquidating by crediting the proceeds of
relative export bills. Margin 20% of PC/ PCFC
(against LC and / or contracts with ECGC) 10% of Import/
inland LC Extent and
Operation of the charge The charge shall
operate as first and exclusive charge in favour of the bank to secure the
principal amount together with interest, additional interest and all other
moneys payable by the company to the bank Others The total loan
amount is Rs 250.000 Millions
comprising of PC/PCFC limit of Rs 250.000 Millions sub limit FDBP/ FUDBP of Rs 250.000
Millions and sub limit Import and
Inland LC of Rs 250.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of raw
material, stock in process and finished goods, book debts, documents under LC
in case of DP and goods received under LC in case of LC on DA basis |
|
Particulars of
the present modification |
The amount
secured by the charge is enhanced from Rs 150.000 Millions to Rs 250.000
Millions |
Fixed Assets:
- Factory Shed
- Plant and Machinery
- Vehicles
- Furniture and Fixtures
- Computer
- Mobile Instrument
- Office Equipment
- Broadband Modem
WEBSITE DETAILS:
PROFILE:
Subject an Associate group company, manufactures and offers the widest rage of high pressure seamless steel CNG cylinders (Type1)for various on board automobile applications like trucks, buses, cars, utility vehicles etc and CNG storage and transportation cascades.
We supply the cylinders with or without valves, and we also customize neck thread according to the clients specifications and all cylinders are epoxy-coated on the outside to offer complete environmental protection.
Our versatile range includes cylinders from diameter (OD) 200 to 406 mm with water capacities 20 litres to 200 litres with a working pressure of 200 bars.
CNG cylinder cascades are manufactured as per the specific requirement of distributing company. We manufacture various capacity for filling pressure of 250 Bar in various sizes of outside diameter 232 and 267 mm and water capacity from 30 litres To 80 litres.
CNG cylinders at subject are manufactured with state of the art manufacturing and testing facilities and comply with the highest national and international standards.
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.44.46 |
|
|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
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 |
|
TOTAL |
|
26 |
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.