MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TST PIPES LIMITED |
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|
|
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Registered
Office : |
Room No. 10 and 11, 3rd Floor, 2862, Bazar Sirkiwalan, Hauz
Quazi, New Delhi-110 006 |
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Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
03.05.1999 |
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Com. Reg. No.: |
55-99574 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.47.105
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1999PLC099574 |
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|
|
|
IEC No.: |
0502038357 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT03027D |
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|
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PAN No.: [Permanent Account No.] |
AAACT8800C FT001 |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of
ERW Black and Galvanized Steel Pipes and Tubes Pre Galvanized Tubes. |
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|
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 370000 |
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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
|
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 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sinha |
|
Designation : |
Accountant |
|
Contact No.: |
91-11-40220000 |
|
Date : |
06.05.2011 |
LOCATIONS
|
Registered Office/ Head Office : |
Room No. 10 and 11, 3rd Floor, 2862, Bazar Sirkiwalan, Hauz
Quazi, |
|
Tel No.: |
91-11-47059201 / 27354962 / 40220000 |
|
Mobile No.: |
91-11-40220000 (Mr. Sinha) |
|
Fax no.: |
91-11-47047407 / 43686189 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate Office : |
609, 6th Floor, |
|
Tel. No.: |
91-11-27354962/47047407/47059201 |
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Fax No.: |
91-11-27354106 |
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E-Mail : |
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Websites: |
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Factory : |
14th K.M. Stone, |
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Tel. No.: |
91-120-2677765, 2677562/ 2678918 |
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Fax No.: |
91-120-2677764 |
DIRECTORS
As on 08.09.2010
|
Name : |
Mr. Naresh Garg |
|
Designation : |
Managing Director |
|
Address : |
120, Anand Vihar, Pitampura, Delhi-110034, |
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Date of Birth/Age : |
08.03.1968 |
|
Date of Appointment : |
01.04.2009 |
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Mobile No.: |
91-9810712679 |
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E-Mail: |
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Din No.: |
00046277 |
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|
Name : |
Mrs. Jyoti Garg |
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Designation : |
Director |
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Address : |
120, Anand Vihar, pitampura, |
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Date of Birth/Age : |
29.09.1980 |
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Date of Appointment : |
04.11.2005 |
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E-Mail: |
|
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Din No.: |
00046419 |
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|
|
|
Name : |
Mr. Manish Garg |
|
Designation : |
Director |
|
Address : |
120, Anand Vihar, Pitampura, |
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Date of Birth/Age : |
18.05.1982 |
|
Date of Appointment : |
01.04.2009 |
|
Din No.: |
01660848 |
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|
|
|
Name : |
Mrs. Neha Garg |
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Designation : |
Director |
|
Address : |
H. No. 120, Anand Vihar, Rani Bagh, Pitampura, Delhi-110034, |
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Date of Birth/Age : |
06.06.1983 |
|
Date of Appointment : |
01.10.2009 |
|
Din No.: |
02762746 |
KEY EXECUTIVES
|
Name : |
Mrs. Kavita Goel |
|
Designation : |
Company Secretary |
|
Address : |
F-4/24, Krishna Nagar, Near Vijay Chowk, Delhi-110051, |
|
Date of Birth / Age: |
11.03.1980 |
|
Date of Appointment : |
20.11.2008 |
|
Din No.: |
AESPG0551L |
|
Date of Cessation : |
09.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Narendra Singh |
|
20000 |
|
Naresh Garg |
|
148000 |
|
Amit Garg |
|
144000 |
|
Jyoti Garg |
|
384300 |
|
B N Tubes Private Limited, |
|
345750 |
|
Dinesh Kumar Gupta |
|
34410 |
|
Urmila Gupta |
|
20000 |
|
B R Garg Sons (HUF) |
|
302600 |
|
Navketan Marketing Private Limited, |
|
156710 |
|
V Cyber Software Private Limited, |
|
45500 |
|
Acic ( |
|
8000 |
|
M G Institute of Education
Private Limited, |
|
17900 |
|
Chabbra Buildwell Private Limited, |
|
43250 |
|
R T Research Limited, |
|
100000 |
|
R T Machine Limited, |
|
200000 |
|
Capital Homes Limited, |
|
250000 |
|
Saavi Steels |
|
600000 |
|
Naresh Garg (HUF) |
|
420450 |
|
Manish Garg |
|
333600 |
|
Amit Garg (HUF) |
|
240000 |
|
Elina Electrotech Private Limited, |
|
200000 |
|
Arison Builders Private Limited, |
|
200000 |
|
Maakamakshi Sales Private Limited, |
|
260000 |
|
B R garg |
|
100000 |
|
Laxmi Garg |
|
36000 |
|
D K Gupta (HUF) |
|
50000 |
|
Triveni Infrastructure Dev Company Limited, |
|
50000 |
|
|
|
|
|
Total |
|
4710470 |
As on 08.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
39.85 |
|
Directors
or relatives of directors |
|
44.77 |
|
Other
top fifty shareholders |
|
15.38 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of ERW
Black and Galvanized Steel Pipes and Tubes Pre Galvanized Tubes. |
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Products : |
·
Mild Steel ERW Black Steel Pipes ·
Scaffolding and Structural Purpose Pipes ·
Pre Galvanized Tubes / Fancing Tubes/ Sendzimir
Tubes ·
Casing Pipes ·
Conduit Pipes ·
General Engineering Purpose Pipes |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
G.I. Pipes |
MT |
18000.000 |
12697.060 |
|
M.S. Pipes |
MT |
30000.000 |
16340.800 |
GENERAL INFORMATION
|
Customers : |
Retailers |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
·
State Bank of ·
Punjab National Bank, Pitampura Branch, New
Delhi-110034, ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
O. Agarwal and Company Chartered Accountant |
|
Address : |
H-3/11A, Krishna Nagar, Near Viajy Chowk, New Delhi-110051, |
CAPITAL STRUCTURE
As on 08.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4710470 |
Equity Share |
Rs.10/- each |
Rs.47.105
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 |
47.105 |
47.105 |
47.105 |
|
|
2] Share Application Money |
0.000 |
0.000 |
10.000 |
|
|
3] Reserves & Surplus |
46.574 |
38.691 |
29.356 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
93.679 |
85.796 |
86.461 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
159.105 |
281.815 |
101.930 |
|
|
2] Unsecured Loans |
40.300 |
47.000 |
44.815 |
|
|
TOTAL BORROWING |
199.405 |
328.815 |
146.745 |
|
|
DEFERRED TAX LIABILITIES |
7.801 |
7.035 |
5.996 |
|
|
|
|
|
|
|
|
TOTAL |
300.885 |
421.646 |
239.202 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
67.027 |
70.366 |
71.701 |
|
|
Capital work-in-progress |
2.125 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.100 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
85.352
|
119.042
|
128.434
|
|
|
Sundry Debtors |
159.417
|
133.987
|
133.466
|
|
|
Cash & Bank Balances |
20.742
|
152.441
|
7.859
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
26.103
|
38.167
|
42.327
|
|
Total
Current Assets |
291.614
|
443.637
|
312.086
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.121
|
71.576 |
|
|
|
Other Current Liabilities |
7.084
|
13.177
|
144.591
|
|
|
Provisions |
7.776
|
7.604
|
0.000
|
|
Total
Current Liabilities |
60.981
|
92.357
|
144.591
|
|
|
Net Current Assets |
230.633
|
351.280
|
167.495
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
300.885 |
421.646 |
239.202 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
818.608 |
944.004 |
933.437 |
|
|
|
Other Income |
8.810 |
6.057 |
3.881 |
|
|
|
TOTAL (A) |
827.418 |
950.061 |
937.318 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material manufacturing and operation expense |
749.941 |
849.938 |
853.549 |
|
|
|
Excise duty on finished goods stock |
4.626 |
3.178 |
6.837 |
|
|
|
Cost of stock activities |
2.198 |
3.920 |
14.570 |
|
|
|
Employees remuneration and benefits |
6.133 |
6.559 |
5.569 |
|
|
|
Office and administrative expense |
6.273 |
9.767 |
5.945 |
|
|
|
Selling and distribution expenses |
18.442 |
27.773 |
22.956 |
|
|
|
Deferred revenue expenses written off |
0.000 |
0.007 |
0.007 |
|
|
|
Decrease/ increase in stock in finished |
2.732 |
6.443 |
(4.241) |
|
|
|
TOTAL (B) |
790.345 |
907.585 |
905.192 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.073 |
42.476 |
32.126 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.482 |
24.013 |
14.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.591 |
18.463 |
17.208 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.713 |
3.663 |
3.161 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.878 |
14.800 |
14.047 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.916 |
5.464 |
5.137 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.962 |
9.336 |
8.910 |
|
|
|
|
|
|
|
|
|
Less/ Add |
SHORT/
EXCESS PROVISION FOR INCOME TAX |
0.072 |
0.001 |
0.005 |
|
|
|
INCOME
TAX DEMAND (A.Y. 2004.05) |
0.008 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
7.882 |
9.335 |
8.915 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
46.146 |
104.110 |
58.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.69 |
1.98 |
1.98 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
1250.000 |
Expected Sales (2011-12): Rs.1750.000 Millions
The above information has been parted by Mr. Sinha.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.96
|
0.98 |
0.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.45
|
1.57 |
1.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.31
|
2.88 |
3.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.17 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.78
|
4.91 |
3.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.78
|
4.80 |
2.16 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from 2862, 4th Floor, Bazar
Sirkiwalan, Hauz Qazi, New Delhi-110006,
FINANCIAL RESULTS:
Due to global recession
and market Slump Company did not make its desired export sale and domestic sale
consequencely there is slight decreased in sale and profit. But even after all
the adverse circumstance company made a good profit this year also and the
company has good future and potential because of its internal strength and good
fundamental.
PERFORMANCE ON
OPERATIONS:
In spite of global
recession and adverse market Circumstances Company made satisfactory turnover
and profit. The Company will very soon improve its performance with its present
infrastructure which is quite better as compared to the other company of the
same industry. Resulting of recession, there is a slight decrease in total
gross sales by Rs.162.900 Millions being 15.67%. The impact of global recession
is adversely affected us resulting decreased sales. The total turnover of the
year amounts to Rs.876.500 Millions. However, the Directors of your company are
confident to improve the same in the next financial year.
The export sale of
company unfavorably affected due to global recession but in spite of all
company made a satisfactory export sale. The total export sale during the year
is of Rs.60.700 Millions and it was Rs.136.500 Millions in the previous year.
The Operating
Profit is total to Rs. 36.800 Millions in comparison of to Rs.42.500 Millions
during the last year. The total decrease of 13.41% over the last year operating
profit and with decrease of 15.67% in total sales.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10269674 |
|
Corporate
identity number of the company |
U74899DL1999PLC099574 |
|
Name of the
company |
TST PIPES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Room No. 10 and 11, 3rd Floor, 2862, Bazar Sirkiwalan, Hauz
Quazi, |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
Punjab National Bank, Pitampura Branch, New Delhi-110034, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of Corporate
Guarantee by Proto Realtors Private Limited Change in
collateral Security of equitable mortgage of property |
|
Date of
instrument Creating the charge |
19.02.2011 |
|
Amount secured by
the charge |
Rs.40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest in addition to
normal limit rate of interest i.e. BR+1.5%, an additional interest 2% p.a.
and Prorata Interest to be Charged for adhoc CC(H) limit of Rs.4.00crore Terms of
Repayment Repayable within
2 months latest by 26.03.2011 Margin The margins as
per the existing CC consolidated facility are applicable here too i.e. 25% on Stock, Raw
Material, Stock, Stock in Process, finished goods and consumable stores. 40% on Book Debts 25% on Packing
Credit Nil on FOBNLC Nil on FOBP. Extent and
Operation of the charge Charge is for an
adhoc limit of Rs.400.00lacs which is in addition to the existing CC
consolidated facility for Rs.160.000 Millions. |
|
Short particulars
of the property charged |
I)
Equitable
Mortgage of the industrial plot situated at Khasra No. 61-71 min., Prakash
Industrial Estate, Disst. II)
Equitable
Mortgage of the industrial plot measuring 100.sq.yds situated at Khasra
No.1776-B, at village Pasonda, Pargana Loni, Tehsil and Distt., III)
|
|
Date of latest modification
prior to the present modification |
29.01.2011 |
|
Particulars of
the present modification |
The charge
previously collaterally secured by the equitable mortgage and personal
guarantee of Mr. B.R. Garg and Mrs. Jyoti Garg is now being substituted to be
secured by the corporate guarantee and equitable mortgage of property of
Proto Realtors Private Limited along personal guarantee and equitable
mortgage of property of Mr. M. P. Jain and personal guarantee of Mr. Vinod
Kumar Jain |
Fixed Assets:
·
Land
·
·
Plant and Machinery
·
Electric Equipments
·
Office Equipments
·
Furniture
·
Computer
·
Car
·
Scooter
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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
4 |
|
--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.