MIRA
INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREYANICS ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
No. 78/1, Ground Floor, 3rd Cross, Gavipuram Extension,
Bangalore 560004, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.06.2004 |
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Com. Reg. No.: |
034114 |
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Capital
Investment / Paid-up Capital : |
Rs.0.950 million |
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CIN No.: [Company Identification
No.] |
U72200KA2004PTC034114 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS15373B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electronic Items like Led Lights, Wind Mills |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 127116 |
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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 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
No. 78/1, Ground Floor, 3rd Cross, Gavipuram Extension,
Bangalore 560004, Karnataka, India |
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Tel. No.: |
91-80-26670470 |
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Fax No.: |
91-80-22424073 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Ramesh Babu D Nagaraj |
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Designation : |
Director |
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Date of Birth/Age : |
14.06.1958 |
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Date of Appointment : |
11.06.2004 |
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Name : |
Mrs. Gayathri Ramesh |
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Designation : |
Director |
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Date of Birth/Age : |
04.05.1966 |
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Date of Appointment : |
11.06.2004 |
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Name : |
Mr. Palyam Vasudevan Sunil Kumar |
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Designation : |
Director |
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Date of Birth/Age : |
07.09.1973 |
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Date of Appointment : |
23.06.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Ramesh Babu D Nagaraj |
250 |
|
Mrs. Gayathri Ramesh |
9250 |
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Total |
9500 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic Items like Led Lights, Wind Mills |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Corporation Bank, Basavanagudi Branch, 6 Gandhi
Bazaar Main Road, Bangalore 560004, Karnataka, India ·
ICICI Bank |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G S Prakash Chartered Accountant |
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Address : |
No 8, 4th Main Road (Next To India Bank), Chamarajapet,
Bangalore 560018, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100 each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500 |
Equity Shares |
Rs. 100 each |
Rs.0.950 million |
Note:
Out of the above 8500 equity shares have been issued
to vendor in consideration of Assets vested to the company.
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 |
0.950 |
0.950 |
0.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.829 |
28.377 |
32.561 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.779 |
29.327 |
33.511 |
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LOAN FUNDS |
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|
1] Secured Loans |
12.871 |
0.383 |
0.463 |
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2] Unsecured Loans |
1.431 |
0.000 |
0.000 |
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TOTAL BORROWING |
14.302 |
0.383 |
0.463 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.081 |
29.710 |
33.974 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.000 |
2.018 |
2.257 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
21.549 |
21.550 |
10.051 |
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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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|
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Inventories |
0.589
|
1.500 |
0.000 |
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Sundry Debtors |
1.370
|
2.212 |
6.732 |
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|
Cash & Bank Balances |
17.819
|
18.066 |
33.092 |
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|
Other Current Assets |
0.000 |
0.000 |
0.000 |
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|
Loans & Advances |
4.685
|
4.603 |
14.610 |
|
Total
Current Assets |
24.463
|
26.381 |
54.434 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Sundry Creditors |
0.000
|
19.534 |
24.205 |
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|
Other Current Liabilities |
1.189
|
0.126 |
0.000 |
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Provisions |
0.742
|
0.579 |
8.570 |
|
Total
Current Liabilities |
1.931
|
20.239 |
32.775 |
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|
Net Current Assets |
22.532
|
6.142 |
21.659 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.007 |
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TOTAL |
46.081 |
29.710 |
33.974 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
9.755 |
3.300 |
75.485 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.755 |
3.300 |
75.485 |
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Less |
EXPENSES |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
2.660 |
(4.145) |
39.153 |
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Less |
TAX |
0.208 |
(8.330) |
NA |
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PROFIT AFTER TAX
|
2.452 |
4.185 |
NA |
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|
Earnings Per
Share (Rs.) |
258.17 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
25.13
|
126.81 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
27.26
|
(125.60) |
51.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.05
|
(14.59) |
69.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.14) |
1.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.70 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
|
12.66
|
1.30 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The company has achieved a turnover of RS 9.755 million during the year
under report as against Rs. 3.300 millions during the previous year. The
company has earned a Net Profit before tax of RS. 7.660 millions as against the
Net Loss of Rs. 4.145 millions during the previous year.
FIXED ASSETS:
·
Computer Furniture and Fitings
·
Office Equipments
·
Motor Cycle
·
Honda Activa
·
Led Driver
·
Solar Structure
·
Wind Turbine
FORM 8
|
Corporate identity
number of the company |
U72200KA2004PTC034114 |
|
Name of the
company |
SHREYANICS ELECTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 78/1, Ground Floor, 3rd Cross, Gavipuram Extension,
Bangalore 560004, Karnataka, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Corporation Bank, Basavanagudi Branch, 6 Gandhi Bazaar Main Road,
Bangalore 560004, Karnataka, India Email: cb069@corpbank.co.in |
|
Nature of
instrument creating charge |
Overdraft against
stock |
|
Date of instrument
Creating the charge |
21.09.2007 |
|
Amount secured by
the charge |
Rs. 1.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest @ COBAR i. e. 13.25%
p.a. (floating) subject to revision from time to time. Terms of repayment Running account
repayable on demand subject to annual review/renewal. Margin Nil Extent and operation of the charge Charge is operational
of Hypothecation of Stocks and Debts. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation in
trade - Electronics Integrated Circuit and Micro Devices Stored at No.3/1, 2nd Floor, Sri
Narayana Mansion, Basavangudi, Diwan N, Madhava Rao Road, Bangalore-4. |
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.45.08 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.30 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
47 |
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.