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MIRA
INFORM REPORT
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Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
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Name : |
AXIS AD-PRINT MEDIA ( |
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Registered
Office : |
102, Vasan Udyog Bhavan, Off |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.01.2004 |
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Com. Reg. No.: |
11-143864 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
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CIN No.: [Company Identification
No.] |
U22200MH2004PLC143864 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA24129A |
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PAN No.: [Permanent Account No.] |
AAECA6181B |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
They are into print advertising, they print advertising on plane bill
of electricity bill, railway reservation ticket, gas bill etc. |
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No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300000 |
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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 an established company having satisfactory track. 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 for normal 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. Rakesh Patil |
|
Designation : |
Assistant in Accounts Manager |
|
Date : |
22.07.2011 |
LOCATIONS
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Registered / Corporate Office : |
102, Vasan Udyog Bhavan, Off Tulsi Pipe Road, Lower Parel,
Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-43218866/77 |
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Fax No.: |
91-22-43218850 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory: |
A-734, TTC Industrial Area, Khaime, Navi Mumbai-401705, |
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Tel. No.: |
91-22-27782556 |
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Fax No.: |
91-22-27782559 |
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Email: |
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Head Office: |
Located at Mumbai, |
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Tel. No.: |
91-22-43218870 |
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Fax No.: |
91-22-43218850 |
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Email: |
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Regional Office: |
Located At:
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DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. Pradeep Kumar Motilal Gupta |
|
Designation : |
Director |
|
Address : |
D/8 Bhagirathi, |
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Date of Birth/Age : |
14.05.1969 |
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Date of Appointment : |
06.01.2001 |
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Din No.: |
00774384 |
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Name : |
Mrs. Ratna Pradeep Gupta |
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Designation : |
Whole Time Director |
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Address : |
D/8 Bhagirathi, |
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Date of Birth/Age : |
31.12.1970 |
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Date of Appointment : |
06.01.2004 |
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Din No.: |
00777364 |
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Name : |
Mr. Mukesh Kumar Ramgopal Kabra |
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Designation : |
Whole Time Director |
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Address : |
C/7 Bhagirathi, |
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Date of Birth/Age : |
13.07.1969 |
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Date of Appointment : |
06.01.2004 |
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Din No.: |
00777419 |
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Name : |
Mr. Ashish Vijay Gupta |
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Designation : |
Whole Time Director |
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Address : |
D-19, Ashirwad Society, Sector 29, Vashi, Mumbai-400705, |
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Date of Birth/Age : |
06.12.1978 |
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Date of Appointment : |
06.01.2004 |
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Din No.: |
00777439 |
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|
Name : |
Mr. Samir Devendra Khinkhabwala |
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Designation : |
Director |
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Address : |
305, Devendra Apartments, D Wing, 3rd Floor, |
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Date of Birth/Age : |
04.05.1956 |
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Din No.: |
02076190 |
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Name : |
Mr. Kumar Raman Peringandoor |
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Designation : |
Director |
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Address : |
Pa-6, Plot No. 21, A Kirti Kunj, Telang Cross Road, Devdhar Road, (M.N.V.
55), Matunga East, Mumbai-400019, Maharashtra, India |
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Date of Birth/Age : |
15.04.1955 |
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Din No.: |
02076208 |
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Name : |
Sabestian Ansel Narlia |
|
Designation : |
Director |
|
Address : |
Uttan Bhate Bunder, |
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Date of Birth/Age : |
21.08.1971 |
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Din No.: |
02095762 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Patil |
|
Designation : |
Assistant in Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pradeep Kumar Motilal Gupta |
|
4477125 |
|
Ratna Pradeep Gupta |
|
307500 |
|
Mukesh Kumar Ramgopal Kabra |
|
213750 |
|
Ashish Vijay Gupta |
|
1250 |
|
Samir Devendra Kinkhabwala |
|
125 |
|
Peringandoor Raman Kumar |
|
125 |
|
Sabestian Anseel Narlia |
|
125 |
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|
|
|
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Total |
|
5000000 |
AS ON 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
99.99 |
|
Other
top fifty shareholders |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They are into print advertising, they print advertising on plane bill
of electricity bill, railway reservation ticket, gas bill etc. |
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Terms : |
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Purchasing : |
Through Cheque |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Installed Capacity |
A-4 Size Paper
Printing – 8 Crore Bill Per Month |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
Bank of Maharashtra, 85 ‘E’ Maker Tower, Ground Floor, Cuffe Parade, Mumbai-400005,
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Bhandari Dastur Gupta and Associates Chartered Accountant |
|
Address : |
210, 2nd Floor, Ashoka Shopping Centre, G.T. Hospital Complex,
L.T. Road, Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-22704248/22703751/22704359 |
|
Fax No.: |
91-22-22704359 |
CAPITAL STRUCTURE
AS ON 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 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 |
|
|
|
|
|
1] Share Capital |
50.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
10.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.907 |
30.168 |
17.436 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
76.907 |
50.168 |
37.436 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
85.805 |
71.008 |
114.548 |
|
|
2] Unsecured Loans |
11.747 |
7.829 |
7.922 |
|
|
TOTAL BORROWING |
97.552 |
78.837 |
122.470 |
|
|
DEFERRED TAX LIABILITIES |
0.991 |
0.891 |
0.362 |
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|
|
|
|
|
|
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TOTAL |
175.450 |
129.896 |
160.268 |
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|
|
|
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
45.371 |
52.075 |
59.995 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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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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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.329
|
14.983 |
13.548 |
|
|
Sundry Debtors |
137.929
|
36.381 |
101.044 |
|
|
Cash & Bank Balances |
11.455
|
9.687 |
4.194 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
45.812
|
52.658 |
33.654 |
|
Total
Current Assets |
209.525
|
113.709 |
152.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.799
|
22.875 |
40.603 |
|
|
Other Current Liabilities |
18.042
|
5.108 |
10.370 |
|
|
Provisions |
8.605
|
7.905 |
1.225 |
|
Total
Current Liabilities |
79.446
|
35.888 |
52.198 |
|
|
Net Current Assets |
130.079
|
77.821 |
100.242 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.031 |
|
|
|
|
|
|
|
|
TOTAL |
175.450 |
129.896 |
160.268 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
337.048 |
293.772 |
238.803 |
|
|
|
Other Income |
1.521 |
1.231 |
0.006 |
|
|
|
TOTAL (A) |
338.569 |
295.003 |
238.809 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
128.763 |
129.395 |
114.252 |
|
|
|
Manufacturing and Operational Expenses |
86.139 |
79.082 |
49.919 |
|
|
|
Personnel Expenses |
24.417 |
13.260 |
8.084 |
|
|
|
Administrative, Selling and Distribution Expenses |
48.140 |
22.847 |
24.404 |
|
|
|
Preliminary Expenses Written Off |
0.000 |
0.031 |
0.031 |
|
|
|
Increase in Finished / Semi Finished Goods |
0.560 |
(0.091) |
(0.154) |
|
|
|
TOTAL (B) |
288.019 |
244.524 |
196.536 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
50.550 |
50.479 |
42.273 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.274 |
17.046 |
14.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
37.276 |
33.433 |
28.048 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.497 |
8.658 |
9.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
29.779 |
24.775 |
18.416 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.701 |
9.703 |
6.882 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
19.078 |
15.072 |
11.534 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.791 |
17.436 |
5.902 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.377 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
2.000 |
2.000 |
0.000 |
|
|
|
Corporate Dividend Tax |
0.340 |
0.340 |
0.000 |
|
|
|
Transfer for Issue of Bonus Shares |
30.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
16.529 |
29.791 |
17.436 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6.032 |
2.865 |
7.643 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.82 |
7.54 |
57.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.63
|
5.11 |
4.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.84
|
8.43 |
7.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.68
|
14.94 |
8.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.49 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.30
|
2.29 |
4.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.64
|
3.17 |
2.92 |
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 |
|
|
|
|
Capital Goods |
0.061 |
0.021 |
0.224 |
|
Raw Material and
Labour Charges |
28.687 |
16.698 |
30.922 |
|
Expense |
24.051 |
6.156 |
9.457 |
|
Total |
52.799 |
22.875 |
40.603 |
PERFORMANCE REVIEW
During the year, the company recorded 14.73% increase in net sales at Rs.
337.000 Millions. Profits before depreciation and tax have increased by 11.50%
over the previous year at Rs, 37.300 Millions. This was achieved by aggressive
marketing and rigorous follow-up in spite of slowdown in media spend by all
sectors due to global recession.
The Company besides retaining all the existing marketing rights was
successful in getting marketing rights for additional three (3) Zones of the
Indian Railway network viz. East Central, West Central and South Central
Railway. Besides Railways, the Company also added West Bengal State Electricity
Board in the power sector. Another important milestone during the year under
review is the Company's foray into variable data domain, thereby opening a very
potential business avenue for future growth.
BUSINESS PROSPECTS
The newly acquired advertising / branding marketing rights in the LPG
Cash memos of Indian Oil opened a totally new avenue since the Consumer base of
Indian Oil LPG covers over 5 crore
households. This medium gained immense credibility and has great business
potential for branding and sampling activities.
Another major break through in the Company Business Prospects is the
National Survey, having largest sample size of any survey currently done for brands
in the advertising, marketing and media industry. This survey covers 15
categories which would bring out the most trusted brand by the actual users of
the product / service. The survey will be marketed through a Joint venture with
a media channel to gain popularity and this would generate revenue from the
event and data once the survey results are finalized. This survey will be an
annual feature and would be an additional source of income to the Company. In
view of the expertise gained over the years in the Personal Media Category, the
company is also exploring possibilities of getting into aviation sector for
printing and marketing of branding opportunities on various airlines customer
touch - points like boarding pass, Baggage tags etc.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90145360 |
|
Corporate
identity number of the company |
U22200MH2004PLC143864 |
|
Name of the
company |
AXIS AD-PRINT
MEDIA ( |
|
Address of the
registered office or of the principal place of business in |
102, Vasan Udyog Bhavan, Off Tulsi Pipe Road, Lower Parel,
Mumbai-400013, Maharashtra, India |
|
Type of charge |
Movable Property (not
being pledge) Others |
|
Particular of
charge holder |
Bank of Maharashtra, 85 ‘E’ Maker Tower, Ground Floor, Cuffe Parade,
Mumbai-400005, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
No dues
certificate from bank |
|
Date of
instrument Creating the charge |
25.05.2011 |
|
Amount secured by
the charge |
Rs.364.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit-
11%p.a, C.C limit-11.50%p.a, term loan- 11.50%p.a, import letter of credit-
N.A, Bank guarantee-
N.A Terms of
Repayment To Be Reviewed
Every Year Margin Cash credit- 25%
stock, 40% receivables( upto 90 days for DP), C.C limit-25%, term loan-25%, Import letter of
credit- Rs 19.000 millions by way of term deposits, bank guarantee25% in Bank favour by
way of term deposit Extent and
Operation of the charge Hypothecation of
movable plants, machineries, goods, stocks of raw material, items, Inventories etc. Equitable
mortgage of immovable property. |
|
Short particulars
of the property charged |
I) First And Exclusive
Charge By Way of Hypothecation Charge In Favour of The Bank Over The Borrower's
Present And Future Movable Plants, Machineries, Goods, Stocks of Raw Materials,
Inventories Etc. Ii) All That
Piece or Parcel of Land And Structures Construed Known As Plot No. A-734 In Trans Thane Creek
Industrial Area, Situated At Village Khairane Within Registration Sub
district Thane. Iii) All That
Piece or Parcel of Land And Structures At Unit No. 102 On First Floor of
Vasan Ind. Premises
Co-Operative Society Limited, Vasan Udyog Bhavan, Sun Mill Compound, Mumbai 400 013
Adm 763 |
|
Date of latest
modification prior to the present modification |
05.07.2010 |
|
Particulars of
the present modification |
By This Modification
The Amount of Charge Has Been Reduced By Rs. 50.000 Millions. i.e. From Rs. 414.900
Millions To 364.900 Millions As Follows Term Loan of Rs.
4.500 Millions Has Been Repaid By The
Company Term Loan of Rs.
25.500 Millions Has Been Repaid. Short Term Loan
of Rs. 20.000 Millions Has Been Repaid. |
Contingent
Liability:
|
Particular |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Outstanding Bank Guarantees Issued by Bankers |
18.936 |
15.566 |
|
Service Tax Liability as shown in the show cause notice issued by
Central Board of Excise and Customs (CBEC) Matter is pending for final
decision with CBEC, North Block, |
8.817 |
8.817 |
|
Total |
27.753 |
24.383 |
Trade References:
- Kamat
Printers, Mumbai
- Uma Printers,
Mumbai
Fixed Assets:
- Plant and Machinery
- Computer and Printers
- Office Equipments
- Furniture and Fixtures
- Motor Car
- Software Licenses
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.44.38 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.