MIRA
INFORM REPORT
|
Report Date : |
23.03.2011 |
Note : The correct name of the company is MEENA CIRCUITS
PRIVATE LIMITED.
IDENTIFICATION DETAILS
|
Name : |
MEENA CIRCUITS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
Amit CIRCUITS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
99/1, Village Vadadala, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
18.03.1996 |
|
|
|
|
Com. Reg. No.: |
04- 29081 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31102GJ1996PTC029081 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMMO3461D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Printed Circuits Boards. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 88000 |
|
|
|
|
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 / Factory : |
99/1, Village Vadadala, Jarod Savli Road, Savli, Vadodara–391520,
Gujarat |
|
Tel. No.: |
91-2667-251791/ 2/ 251793/ 251794 |
|
Fax No.: |
91-2667-251795 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Amritbhai Prahladbhai Naik |
|
Designation : |
Director |
|
Address : |
8, Jagat park Society, Near Railway Station, Ghatlodia, Ahmadabad – 380054,
Gujarat, India |
|
Date of Birth/Age : |
19.12.1942 |
|
Date of Appointment : |
12.08.1999 |
|
DIN No : |
00818057 |
|
|
|
|
Name : |
Mr. Bhagvan H. Patel |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
10.12.1942 |
|
Date of Appointment : |
30.12.1996 |
|
DIN No : |
01887332 |
|
|
|
|
Name : |
Mr. Nanjibhai M. Patel |
|
Designation : |
Director |
|
Address : |
7, Kunvarika Society, Near Shantaba Hall, |
|
Date of Birth/Age : |
01.06.1948 |
|
Date of Appointment : |
01.08.1996 |
|
DIN No : |
01986291 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Chirag A. Naik |
|
90 |
|
Vipul A. Naik |
|
1260 |
|
Bhagwandas Patel |
|
5475915 |
|
Meena Infosystems Private Limited, India |
|
500000 |
|
Total |
|
5977265 |
AS ON 30.09.2010
|
Names of Preference Shareholders |
|
No. of Shares |
|
Bhagwandas Patel |
|
2637798 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
83.37 |
|
Directors or relatives of directors |
|
91.63 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printed Circuits Boards. |
|
|
|
|
Products : |
Printed Circuits Boards. |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
Printed Circuits Boards. |
Sq. Mts. |
55000 |
GENERAL INFORMATION
|
No. of Employees : |
230 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Allahabad Bank, S.P. Nagar Branch, Ahmadabad - 380001, Gujarat, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manubhai and Company Chartered Accountant |
|
Address : |
2nd Floor, B Wing, Premium House, Near Gandhigram Railway Station,
Navrangpura, Ahmadabad - 380009 |
|
|
|
|
Holding Company : |
Meena Info Systems Private Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5977265 |
Equity Shares |
Rs. 10/- each |
Rs. 59.773
millions |
|
|
|
|
|
As On : 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 millions |
|
3000000 |
Preference Shares |
Rs. 10/- each |
Rs. 30.000 millions |
|
|
Total |
|
Rs. 90.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5977265 |
Equity Shares |
Rs. 10/- each |
Rs. 59.773
millions |
|
2637798 |
Preference Shares |
Rs. 10/- each |
Rs. 26.378
millions |
|
|
Total |
|
Rs. 86.151 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 |
59.773 |
59.773 |
56.151 |
|
|
2] Share Application Money |
0.000 |
0.000 |
3.622 |
|
|
3] Reserves & Surplus |
0.430 |
0.430 |
0.430 |
|
|
4] (Accumulated Losses) |
(38.041) |
(47.851) |
(27.154) |
|
|
NETWORTH |
22.162 |
12.352 |
33.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.293 |
32.741 |
46.825 |
|
|
2] Unsecured Loans |
118.968 |
129.004 |
71.261 |
|
|
TOTAL BORROWING |
140.261 |
161.745 |
118.086 |
|
|
DEFERRED TAX LIABILITIES |
0.310 |
0.748 |
1.765 |
|
|
|
|
|
|
|
|
TOTAL |
162.733 |
174.845 |
152.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
115.567 |
135.704 |
134.420 |
|
|
Capital work-in-progress |
14.726 |
16.655 |
22.617 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.042
|
38.511
|
42.261
|
|
|
Sundry Debtors |
17.181
|
7.443
|
3.676
|
|
|
Cash & Bank Balances |
4.548
|
1.181
|
1.047
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
9.849
|
4.777
|
5.790
|
|
Total
Current Assets |
62.620
|
51.912 |
52.774 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
28.596
|
27.718
|
55.073
|
|
|
Provisions |
2.076
|
1.708
|
1.838
|
|
Total
Current Liabilities |
30.672
|
29.426 |
56.911 |
|
|
Net Current Assets |
31.948
|
22.486 |
(4.137) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSACTION DIFFERE |
0.492 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
162.733 |
174.845 |
152.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
185.399 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
214.823 |
185.399 |
170.945 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
210.770 |
203.230 |
136.170 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
210.770 |
203.230 |
136.170 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
34.775 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
9.774 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
19.049 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.053 |
(17.831) |
(5.951) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(0.194) |
0.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.053 |
(18.025) |
(6.131) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
115.677 |
153.098 |
123.756 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
85.213 |
69.108 |
64.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.68 |
3.05 |
1.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.89
|
(9.72) |
(3.60) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.27
|
(9.50) |
(3.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
(1.44) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.73
|
15.54 |
5.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
1.76 |
0.93 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 8, Gagat Par Society, Near Railway
Station, Ghatlodia, Ahmedabad-380061, Gujarat, India to the present address
w.e.f. 01.04.2008
OPERATIONS FOR THE
YEAR
The Company has performed satisfactorily during the period under
consideration. Total income were Rs. 214.823 millions as against Rs. 185.399
millions of last year. The Directors are hopeful of better performance of the
Company in the future.
FORM 8
|
Corporate
identity number of the company |
U31102GJ1996PTC029081 |
|
Name of the
company |
MEENA CIRCUITS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
99/1, Village Vadadala, Jarod Savli Road, Savli, Vadodara – 391520, Gujarat |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Allahabad Bank, S P Nagar, Ahmadabad – 380 001, Gujarat E-Mail: allaspnagar@rediffmail.com
|
|
Nature of
instrument creating charge |
MEMORANDUM
OF ENTRY - Second Supplemental Memorandum of Deposit of Title Deeds of Rs.
12.326 millions. To Create Equitable Mortgage A/c. M/s Meena Circuits Private
Limited |
|
Date of
instrument Creating the charge |
21.01.2011 |
|
Amount secured by
the charge |
Rs. 90.475 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Term
Loan I,II - BR+4.00% Cash
Credit- BR+4.00% Bank
Guarantee- Normal Letter
Of Credit- 75% Of Normal Terms of
repayment As per agreement Margin As per agreement Extent and
operation of the charge The
existing charge has been increased from Rs. 78.149 millions to Rs. 90.475
millions against the security of immovable properties
of the Company |
|
Short particulars
of the property charged (Including location of the property) |
All
Piece and Parcel of Non-agriculture Land bearing survey no. 104, admeasuring
about 6374 sq. meters survey no. 99/1 admeasuring about 85490 sq. meters with
construction at Vadadala, Savli. |
|
Charge
identification number of the charge to be modified |
90099991 |
|
Date of
instrument modifying the charge |
18.01.2011 |
|
Particulars of
the present modification |
The existing
charge has been increased from Rs. 78.149 millions to Rs. 90.475 millions
against the security of immovable properties of the Company |
FIXED ASSETS:
- Land
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment
- Computers
- Vehicles
WEBSITE DETAILS:
PROFILE:
Subject has established one of the largest Printed Circuit
Board Manufacturing plant in western
They have entered in to a 100% technology tie-up with one of the reputed
hi-tech PCB manufacturer Amitron Corporation,
Subject is committed to supply high quality PCBs single sided, double sided and
multilayer within customer’s delivery schedule. Continual improvement in all
facets of the business is an absolute necessity. Excellence in service to their
customers, product/process quality is the objective using a variety of
proactive techniques such as cross-functional team problem solving and
statistical process control; they are constantly improving their process
controls. A structured training program is in place to assure improvement of
their most valuable resource out people.
Subject have established CAD/CAM facility with people trained in
Through facility expansion, process improvement, and an assertive capital
equipment acquisition plan, subject have been able to stay on the cutting edge
of technology advances in their industry. The customers continue to drive
technologically, with more demanding and complex needs and requirements. The
technological edge is not limited to product process; their environmental
policy plan assures that all their facilities remain in compliance today as
well as exceeding future regulatory requirements.
Subject lead by a professional technocrat with three decades of exposure,
expertise and deep knowledge in PCB process at international level is an added
advantage to their valued customers. With innovative ideas and prompt
implementation of hi-tech process company edge out other in the PCB market. The
leader is supported by well qualified and committed team of Managers,
Executives and Engineers with years of experience in PCB manufacturing.
There are many factors involved in
making a business successful.
Subject believes that the Meena Group of companies has found the right
combination. Subject plans to continue its growth into the next decade are
beyond; not only manufacturing, but expanding on the business philosophy.
INFRASTRUCTURE
DRILLING
DEPARTMENT
Drilling is very critical for printed circuit board process.
Subject is using Dynamotion five spindle machines for medium to high volume
production. Lasers do a comparative analysis to the NC drill data, verifying
drill bit diameter while checking tool length and run out (wobble). With drill
speeds up to 125000 RPM with 99 tool magazine program, Dynamotion are not only
precise and efficient, but drill some of cleanest holes in the industry.
They are also equipped with excellon Mark IV, V, VI and Tru-drill 104/105
drilling machines. For small lots, they utilize Alpha drilling machine. They
feature auto-load and unload for lights off operation .These are excellent for
prototypes due to their quick setup and unsurpassed speed.
DIRECT
METALIZATION PROCESS
The adoption of world class Shadow process
gives an advantage over others because of its reliability, focus and
perfection. Shadow-holes, and other vias, conductive colloid 2 is an alkaline
aqueous dispersion used to make through-holes, and other vias, conductive for
subsequent copper electroplating. Shadow process in environmentally
advantageous as compared to other metallization process. Benefits include, no
metal chealators, less rinse water usage and ease of operation.
VERTICLE
FLASH LINE PLATING
The process gives perfection to copper
build-up on the panels. With vertical synchronized and conveyrozied movement
with educator flooding system establish uniform copper plating on the holes and
surface. This type of process adoption is for the first time in
AUTO
CUT SHEET LAMINATION
Panels fed from hole prep through the wall to
clean rooms are processed through auto cut sheet laminators outfitted with
micro-clean and anti-static tacky roller systems. Dry film is applied at this
point.
CLEAN
ROOM
Imaging is performed in clean room utilizing
Mania Max 9000 exposure unit that is outfitted with automatic registration
systems featuring vacuum hold-down with excellent registration capabilities.
Room is temperature and humidity controlled.
AUTOMATIC
PLATING SYSTEM
Copper/Tin plating is eductor based, allowing high aspect
ratio plating with superior copper distribution characteristics and surface to
hole ratios. High output rates coupled with low labor content is and added
plus.
STRIP-ETCH-STRIP
From plating, the process panels travel to
film strip, copper etch and tin stripping. PLC and in-process sensors provide
excellent real time control of the process. First day film is stripped to
expose unwanted copper on the panels. The tin is also then stripped and the
copper is cleaned and prepared for solder mark application.
LPI
SOLDER MASK
LPI is automated and processed utilizing
DP-1000 and DP-1500 systems. They can process any process any types and color
masks. This unit applies LPI ink with computer controlled squeegees, and then
tack cures the in tunnel over preparing the panel for imaging.
SOLDER
MASK DEVELOPING
Once the panel is exposed the panels are
moved through IS make developer. PLC and in-process sensors givens excellent
real-time process control and gives perfection to the developing of circuitry
of customer's requirement.
HORIZONTAL
HOT AIR SOLDER LEVELLER
One of the first of its kind in
FABRICATION
State-of-the-art scoring equipment is used
for fast, accurate V-grooving-Y tolerances are held to ±0.002”.with excellen
Mark IV and Excel III CNC routing
machines, perfection is achieved to match with customer's required boards
individual parts of arrays from the control panel.
ELECTRICAL
TEST
With a number of Mania, L and M and U-Tron
electrical test machines. Subject make sure that each and every board are
tested for high quality and trouble free .L and
M machine with auto loader, un-loader and auto fixture filling
capability gives reduction of man power and high accuracy testing of the
boards. They have 70mil base gird testing capability.
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.44.97 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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.