MIRA
INFORM REPORT
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Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
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Name : |
GOLD STAR JEWELLERY PRIVATE LIMITED |
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Formerly Known
As : |
GOLDSTAR JEWELLERY EXPORTS LIMITED |
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Registered
Office : |
Block ’C’, Plot No. 16 P, 17, 28 and 29(P), Seepz, Andheri (East),
Mumbai – 400096, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.06.1990 |
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Com. Reg. No.: |
11-56881 |
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Capital
Investment / Paid-up Capital : |
Rs.41.900 millions |
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CIN No.: [Company Identification
No.] |
U39611MH1990PLC056881 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMG08117E |
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PAN No.: [Permanent Account No.] |
AAACG3264B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer or Dealer in or undertake process in Gold, Silver, Diamonds, Rough Diamonds, Precious and Semi Precious Stones and to Export Jewellery made out of its. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 2700000 |
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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 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.
ECGC Country Risk Classification List – April 1, 2010
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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 |
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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 |
LOCATIONS
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Registered Office/ Factory : |
Block ‘C’, Plot 16P, 17, 28 and 29 (P), Seepz, Andheri (East),
Mumbai-400096, |
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Tel. No.: |
91-22-26947000 |
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Fax No.: |
91-22-28290255/ 28291257 |
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E-Mail : |
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Website : |
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Branch Office 1 : |
7/714, Prasad Chambers, Opera House, Mumbai – 400 004, |
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Tel. No.: |
91-22-23646171-72-73 |
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Fax No.: |
91-22-22634544 |
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Email : |
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Branch Office 2 : |
269, Kothari House, 2nd Floor, |
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Tel. No.: |
91-22-23840223-224-230 |
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Fax No.: |
91-22-23840227 |
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Email : |
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Overseas Office : |
Located At: ·
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DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Satish Ratilal Shah |
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Designation : |
Director |
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Address : |
13, |
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Date of
Birth/Age : |
03.08.1942 |
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Date of
Appointment : |
28.09.2002 |
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Name : |
Mr. Alkesh S. Shah |
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Designation : |
Vice
Chairman |
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Address : |
04, |
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Date of Birth/Age
: |
06.02.1970 |
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Date of
Appointment : |
29.09.2003 |
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Name : |
Mr. Ashish V. Shah |
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Designation : |
Managing
Director |
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Address : |
19/ Suvarna Nagar, |
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Date of
Birth/Age : |
04.05.1970 |
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Date of
Appointment : |
01.04.2009 |
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Name : |
Mr. S. Ramesh Acharya |
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Designation : |
Whole
Time Director |
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Address : |
A 502, Dheeraj Garden, Poonam Nagar,
Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India |
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Date of
Birth/Age : |
01.06.1967 |
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Date of
Appointment : |
01.04.2000 |
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Date of
Cessation : |
01.01.2008 |
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Name : |
Mrs. Smita A. Shah |
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Designation : |
Director |
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Address : |
13, |
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Date of
Birth/Age : |
21.05.1971 |
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Date of
Appointment : |
15.09.2008 |
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Date of
Cessation : |
22.06.2009 |
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Name : |
Mr. Vikram Advani |
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Designation : |
Whole
Time Director |
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Address : |
1-44, Nanik Nivas, |
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Date of
Birth/Age : |
23.05.1967 |
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Date of
Appointment : |
21.10.2003 |
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Name : |
Mrs. Hansaben Satish Shah |
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Designation : |
Director |
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Address : |
13, |
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Date of
Birth/Age : |
26.11.1944 |
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Date of
Appointment : |
20.03.2007 |
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Date of
Cessation : |
22.06.2009 |
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Name : |
Mrs. Shweta Sanjay Shah |
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Designation : |
Director |
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Address : |
13, |
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Date of
Birth/Age : |
15.01.1966 |
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Date of
Appointment : |
20.03.2007 |
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Date of
Cessation : |
22.06.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Shreerang Ketkar |
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Designation : |
Company Secretary |
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Address : |
16, Gurudeo Society, Jijamata Marg, Thane (East),
Thane-400603, |
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Date of
Birth/Age : |
31.12.1969 |
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Date of
Appointment : |
01.06.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2008
|
Names of Shareholders |
No. of Shares |
|
Satish R. Shah |
1951990 |
|
Alkesh S. Shah |
515000 |
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Sanjay S. Shah |
420000 |
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Hansaben S. Shah |
145000 |
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Smita A. Shah |
47000 |
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Shweta S. Shah |
33000 |
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Sanjay S. Shah |
685000 |
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Satish R. Shah |
393000 |
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Sayam S. Shah |
10 |
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Total |
4190000 |
AS ON 30.09.2009
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Category |
Percentage |
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Directors or relatives of director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer or Dealer in or undertake process in Gold, Silver, Diamonds, Rough Diamonds, Precious and Semi Precious Stones and to Export Jewellery made out of its. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
500 (Approximately) |
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Bankers : |
Seepz Branch, Seepz, Andheri (East), Mumbai-400096,
Seepz Branch, Seepz, Andheri (East), Mumbai-400096, |
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Facilities : |
Note: Secured
Loan a) Bank
Borrowing is secured against equitable mortgage on Building, Fixed Deposits
and hypothecation of Plant and Machinery, Stocks, Debtors and Personal
Guarantee of promoters. b) Gold on Loan
from Bank is secured against Bank Guarantee. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. J. Shah and Associates Chartered Accountants |
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Address : |
7, Someshwar, |
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Associates: |
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Subsidiaries: |
Gold Star Jewellery India Private Limited Royal Star Arcade, Plot NO.- 8, Western Industrial Estate, Opp. SEEZE- SEZ, M.I.D.C. Andheri (East), Mumbai 400 093, Maharashtra, India Tel:
91-22-66947100 / 91-22-28251505 Fax:
91-22-28303114 Email: mumbai@goldstarjewellery.com Gold Star Jewellery (HK) Limited 1104/11 th, Tung Shun Hing
Commercisl Centre 20-22, Grandville Road, Timshasui, Kowloon, Hong Kong Tel: 852
23695660 Fax: 852 2367
3916 Email: goldstarhk@goldstarjewellery.com
Gold Star Jewellery Japan Company Limited 402, 4F Kase Bldg., 3-13-7,
Taito, Taito-Ku, Fax: 00 81
358073915 Email: japan@goldstarjewellery.com Gold Star Jewellery LLC Gold Star Jewellery LLC- Tel: 1 212 391 2021 Fax: 1 212 391 7444 Email: newyork@goldstarjewellery.com
Jewel World LLC Tel: 1 212 391 2021 Fax: 1 212 391 7444 Email: ankur@goldstarjewellery.com
Gold Star Independent LLC Tel: 1 212 354 0984 Fax: 1 212 354 0986 Email: amitpatel@goldstarjewellery.com
Gold Star Via vecchia ferriera 70, 36100 Tel: 00 39
0444189863 Fax: 00 39
0444563390 Email: italy@goldstarjewellery.com |
CAPITAL STRUCTURE
As on 31.03.2010
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 |
|
4190000 |
Equity Shares |
Rs.10/- each |
Rs.41.900 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
41.900 |
41.900 |
41.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
627.626 |
604.763 |
737.337 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
669.526 |
646.663 |
779.237 |
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LOAN FUNDS |
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1] Secured Loans |
430.823 |
524.957 |
530.033 |
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2] Unsecured Loans |
188.188 |
106.352 |
235.772 |
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TOTAL BORROWING |
619.011 |
631.309 |
765.805 |
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DEFERRED TAX LIABILITIES |
14.271 |
14.778 |
15.482 |
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TOTAL |
1302.808 |
1292.750 |
1560.524 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
201.308 |
216.388 |
174.903 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.373 |
8.643 |
5.887 |
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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 |
854.529 |
673.182 |
647.133
|
|
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Sundry Debtors |
888.265
|
884.515
|
1204.886
|
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Cash & Bank Balances |
37.383
|
50.703
|
53.533
|
|
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Other Current Assets |
18.406
|
53.459
|
2.358
|
|
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Loans & Advances |
54.954
|
69.472
|
51.694
|
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Total
Current Assets |
1853.537
|
1731.331
|
1959.604
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
750.865
|
588.916
|
|
|
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Current Liabilities |
0.000
|
39.627
|
545.481
|
|
|
Provisions |
9.545
|
35.069
|
34.389
|
|
Total
Current Liabilities |
760.410
|
663.612
|
579.870
|
|
|
Net Current Assets |
1093.127
|
1067.719
|
1379.734
|
|
|
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|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1302.808 |
1292.750 |
1560.524 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
|
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Income |
2841.775 |
2293.288 |
3626.978 |
|
|
|
Other Income |
NA |
(46.006) |
1.397 |
|
|
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TOTAL (A) |
NA |
2247.282 |
3628.375 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
NA |
2107.314 |
3308.332 |
|
|
|
Administrative Expenses |
NA |
141.726 |
181.010 |
|
|
|
TOTAL (B) |
NA |
2249.040 |
3489.342 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
(1.758) |
139.033 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
103.625 |
82.852 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.347 |
(105.383) |
56.181 |
|
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.413 |
27.255 |
24.309 |
|
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|
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
4.934 |
(132.638) |
31.872 |
|
|
|
|
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|
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Less |
TAX (I) |
(17.929) |
(0.064) |
0.659 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
22.863 |
(132.574) |
31.213 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
482.361 |
614.935 |
583.722 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
505.224 |
482.361 |
614.935 |
|
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|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1618.872 |
1219.773 |
2880.249 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
408.255 |
549.684 |
872.199 |
|
|
|
Stores & Spares |
16.083 |
24.846 |
41.825 |
|
|
|
Capital Goods |
8.583 |
41.447 |
3.366 |
|
|
TOTAL IMPORTS |
432.921 |
615.977 |
917.390 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.46 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
(5.89) |
0.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.17
|
(5.78) |
0.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.24
|
(6.82) |
1.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.21) |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
2.00 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43
|
2.61 |
3.38 |
LOCAL AGENCY FURTHER INFORMATION
Performance :
The company’s turnover has increased from Rs. 2293.288 Millions to Rs. 2841.775 Millions. The increase was mainly due to the rigorous marketing and the efforts of the management. The profit after tax is Rs.22.863 Millions as compared to a loss after tax of Rs. 132.574 Millions in the previous year.
Outlook :
The director anticipates that the company shall overcome the
crisis in the current financial year. The company is focusing on the growth of
the company and reducing the cost.
Contingent
liabilities not provided for
- Contingent liability on account of Bank
Guarantees of Rs. 51.500 Millions (previous year Rs. 15 Millions) issued to
Nova Scotia Bank for gold procurement on loan basis on behalf of the
Company is not accounted for.
- The company has given third party
corporate guarantee in favor of one of its associate concerns, M/s.
Diamstar Jewellery (
- The company has filed an appeal before
the Honorable Mumbai High Court against order of Income Tax Tribunal for
A.Y. 2002-03. The disputed amount of tax is Rs. 1.853 Millions
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U39611MH1990PTC056881 |
|
Name of the
company |
GOLD STAR JEWELLERY PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Block 'C' Plot 16p 17 28and 29
(P) Seepz, Andheri East, Mumbai – 400096, |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
BANK OF Seepz Branch, MIDC-Seepz, Andheri-East, Mumbai – 400096, |
|
Nature of
instrument creating charge |
1. Agreement of Hypothecation of Plant and Machinery Stocks And Book
Debts |
|
Date of
instrument Creating the charge |
28.07.2010 |
|
Amount secured by
the charge |
Rs. 30.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
(a)
Rate of interest As Stipuated By Bank From Time To Time (b)
Terms of repayment On Demand And / Or As Stipuatled By Bank From Time To Time (c)
Margin As Stipuatled By Bank From Time To Time (d)
Extent and operation of the charge First Charge (Present And Future) Adhoc Limit Rs.30 Millions (Export Packing
Credit/PCFC/Bullion Loan) (e)
Others As Stipualted By Bank From Time To Time And As Per Agreement Attached
And As Per Sanction Letter Of The Bank |
|
Short particular
of the property or asset(s) charged |
First Charge (Present& Future) (1)Hypothecation of All Plant and
Machines Inc. Automatic & Semi Automatic Diamond Cutting, Polishing and
Setting Machines, Dust Collecting Machines, Investment Mixers, Furnace Electroplaing Machines etc,(Installed or to be Installed and Purchased
or to be Purchased),Furniture and Fixtures, Computers, Printers, Etc (2) Hypothecation of All Stock Raw Materials/Goods/Inventories Etc.
Consisting of Gold, Silver, Diamonds, Precious and Semi Precious Stones,
Alloys, Mounting and Samples, Findings, Rubber Moulds, Plaster of Paris Etc (3)Hypothecation of All Book Debts and
Receivables Including Export Documentary Bills |
FIXED ASSETS:
- Furniture and Fixture
- Plant and Machinery
- Electrical Fitting
- Computers
- Vehicles
- Office Equipments
- Tools
- Equipments
WEBSITE DETAILS
HISTORY AND PHILOSOPHY:
Mr. Satish R. Shah started with a humble beginning into the
Diamond Trade business and established Goldstar Diamonds in 1962. Goldstar
Diamonds Private Limited is a part of an exclusive, elite group of diamond
companies in the world - A Diamond Trading Company Sightholder.
Goldstar Diamonds offers consistency and reliability in
supply, effective marketing support and assurance in the authenticity and integrity
of the diamonds. They deal only in Natural diamonds in every shape, size and
color both as individual stones and in bulk.
Through their network of offices across the globe, they maintain close
relationships with their clients offering innovative tailor-made products. They
specialize in special cut diamonds besides the extensive goods and they are
known worldwide.
Jewelry has been one of mankind's most revered substances since the beginning
of time.
Gold Star’s story began over almost two decades ago as a part of R.T. Group of
companies. Since its inception they have grown from strength to strength and
today are one of the largest jewelry exporters in the industry.
Their operations have five state-of-the-art business units in the Special
Economic Zone and offices in various cities across the world, with a work force
of over 1500 people and a production capacity of over 1.25 million pieces a
year they are well poised to deliver quality products on time, every time. They
are a vertically integrated company providing end-to-end business solutions to
their clients. Gold Star has become a name to reckon within the recent past. In
fact they are the first Indian Jewellery Enterprise to achieve an ISO 9001
certification from DNV. Gold Star Jewellery works the BEM and BPP modules
ensuring conflict free diamonds and adherence to fair trade practices.
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.