MIRA
INFORM REPORT
|
Report Date : |
23.05.2011 |
Note : The correct name of the company is ‘ASP Sealing Products Limited
IDENTIFICATION DETAILS
|
Name : |
ASP SEALING PRODUCTS LIMITED |
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Formerly Known
As : |
ASP SAIAG LIMITED |
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Registered Office : |
Anbros House, 25/31 East Patel Nagar, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.05.1989 |
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Com. Reg. No.: |
55-36079 |
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Capital
Investment / Paid-up Capital : |
Rs. 88.911 Millions |
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CIN No.: [Company
Identification No.] |
U74899DL1989PLC036079 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA12657B |
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PAN No.: [Permanent
Account No.] |
AAACA0381M |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers and exporters of EPDM Profiles, Co-extruded metal bonded
profiles, Flocked Profiles and PVC durometer profiles, Tubes, Components and
Compound |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 590000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. The company has successful in wiping
off the accumulated losses of previous years. Trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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
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Registered Office / Marketing and Corporate Office : |
Anbros House, 25/31 East Patel Nagar, |
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Tel. No.: |
91-11-25729126 / 25817671 / 25787357 / 25765030 / 32903431 |
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Fax No.: |
91-11-25787357 |
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E-Mail : |
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Website : |
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Factory : |
A-7, U.P.S.I.D.C., Industrial Area, Gajraula – 244223, |
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Tel. No.: |
91-5924-252363/64/ 253002 |
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Fax No.: |
91-5924-252362 |
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Branch Office : |
B3-702, Swapna Nagri, Opp. Magai Stadium, Udyam Nagar, Pimpri, Pune –
411018, |
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Tel. No.: |
91-20-27502225 |
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Regional Offices : |
· East Zone Suite No. 502 B, 5th Floor, Kamalaya Centre, 156A, Lenin Sarani, Kolkata – 700173, West Bengal, India Tel. : 91-33-22155409 E-mail : aspkolkata@vsnl.net
·
West
Zone 1, Vithal Sadan Extension, Congress House, Tel : 91-22-23870452 E-mail : aspwest@mtnl.net
·
South
Zone 91-B, Hardevi Chambers, Tel : 91-44-28228954 E-mail : aspsouth@airtelmail.in |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Gurdeep Anand Singh |
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Designation : |
Managing Director |
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Address : |
H 5/2, |
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Date of Birth/Age : |
23.10.1958 |
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Date of Appointment : |
01.09.1989 |
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DIN : |
01517340 |
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Name : |
Mrs. Jatinder Kaur Anand |
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Designation : |
Whole-time Director |
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Address : |
H 5/2, |
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Date of Birth/Age : |
01.11.1961 |
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Date of Appointment : |
10.03.2007 |
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DIN : |
01411543 |
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Name : |
Mr. Rishipal Singh Anand |
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Designation : |
Whole-time Director |
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Address : |
H 5/2, |
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Date of Birth/Age : |
06.03.1982 |
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Date of Appointment : |
10.03.2007 |
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DIN : |
01411628 |
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Name : |
Mr. Ashok Kumar Bagga |
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Designation : |
Director |
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Address : |
219 D, DDA Flats, LIG, Jhilmil Colony, Shadara, |
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Date of Birth/Age : |
28.12.1958 |
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Date of Appointment : |
25.09.2010 |
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DIN : |
01802137 |
KEY EXECUTIVES
|
Name : |
Fanish Kumar Rai |
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Designation : |
Secretary |
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Address : |
H.No.1128, Mahipalpur Village, Near Vishal Retail Limited, Factory,
New Delhi – 110037, Delhi, India raifanish@gmail.com
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Date of Birth/Age : |
13.09.1979 |
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Date of Appointment : |
02.02.2010 |
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Date of Ceasing : |
02.02.2011 |
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PAN No: |
ATEPR4423R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
No. of Shares |
|
|
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|
Gurdeep Singh Anand |
858530 |
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Rishipal Singh Anand |
922500 |
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Jatinder Kaur Anand |
792909 |
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Gurdeep Singh Anand (HUF) |
1805033 |
|
Jagratan Finvest (Private) Limited, India |
1289500 |
|
Rishipal Investment and Finance (Private) Limited, India |
970000 |
|
Bhupinder Holdings (Private) Limited, India |
122373 |
|
Gurcharan Singh Anand |
241053 |
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Jagrattan Singh Anand |
922500 |
|
Kaufil Sealing Tech Company, |
178171 |
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ASP Technoplastic Explosion Private Limited, India |
73500 |
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ASP overseas Private Limited, India |
417500 |
|
ASP Rubber Private Limited, India |
315000 |
|
Total |
8908569 |
As on 25.09.2010
|
Category |
Percentage |
|
Foreign holdings (foreign institutional investor(s), Foreign companie(s),
Foreign financial institution(s), Non resident Indian(s) or Overseas
corporate bodies or others |
4.71 |
|
Bodies corporate |
35.78 |
|
Directors or relatives of
directors |
59.51 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and exporters of EPDM Profiles, Co-extruded metal bonded
profiles, Flocked Profiles and PVC durometer profiles, Tubes, Components and
Compound |
|
|
|
|
Products : |
· PVC Trims · PVC-EPDM Seals · Co-Extruded Profile · Circular Profile With Nylon Clips · Wind Shields / Solid Rubber Profile · Flocked Glass Run Channel · Building Profile |
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Exports : |
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Countries : |
·
·
·
·
·
·
·
·
·
·
UAE ·
Keny ·
·
·
·
·
·
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PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
PVC Profiles with Metal Inserts |
M.T.P.A |
|
800.00 |
27.66 |
|
PVC Profiles with EPDM Tubing |
M.T.P.A |
|
344.60 |
7.47 |
|
Rubber Profiles with Metal Inserts |
M.T.P.A |
|
2335.00 |
65.30 |
|
Sponge/ Solid Rubber Profiles |
M.T.P.A |
|
891.00 |
51.41 |
|
Flock Rubber Profiles |
M.T.P.A |
|
594.00 |
28.79 |
|
Industrial Rubber Hoses |
Meters |
|
0.40 |
7.30 |
|
Bara Unit |
Lacs Meters |
|
37.46 |
-- |
GENERAL INFORMATION
|
Customers : |
· Tata Motors
Limited · Mahindra and
Mahindra Limited · Force Motors · Ashok · Eicher · Swaraj · · TVS · Tatra Tractors · Volvo · Sonalika
International · JCB · |
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Bankers : |
·
State Bank of ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Jammu and Kashmir Bank Limited |
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Facilities : |
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Banking Relations
: |
Satisfactory |
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Financial Institution : |
· The Pradeshiya
Industrial and Investment Corporation of UP Limited, Gomti Nagar, · UP Financial
Corporation · ALPIC Finance
Limited · Karvy
Consultants Limited ·
Indian Bulls Financial Services ·
Tata Capital Limited ·
Cholamandlam DBS ·
Life Insurance Corporation of India |
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Auditors : |
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Name : |
Harvinder Arora and Associates Chartered Accountant |
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Address: |
E-63, First Floor, Guru Nanak Pura, Jail Road, New Delhi-110018, |
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Tel. No.: |
91-11-65162993 / 41004195 |
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Mobile No.: |
91-9811244581 |
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Email : |
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Associates/Subsidiaries : |
Anand
Nishikawa Company Limited Legal Status :Public Limited Liability Company Date of Incorporation: 7th December 1983 Activity : Manufacturer and exporter of EPDM Rubber, PVC sealing
products and Co-Extruded Profiles |
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Entitles under Common Controls : |
·
ASP Nanocepts Technologies Private Limited ·
ASP Overseas Private Limited ·
Asp Buildtech Private Limited ·
ASP Rubber Private Limited ·
Bhupinder Holdings Private Limited ·
Rishipal Investments and Finance Private Limited ·
Doon Valley Medicare Private Limited ·
Jasgratan Finvest Private Limited ·
ASP Kaufil India Private Limited |
|
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|
CAPITAL STRUCTURE
AS ON 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,908,569 |
Equity Shares |
Rs.10/- each |
Rs.89.086
millions |
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AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,891,100 |
Equity Shares |
Rs.10/- each |
Rs.88.911
millions |
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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 |
88.911 |
80.351 |
80.351 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
59.367 |
26.865 |
27.647 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(25.934) |
|
|
NETWORTH |
148.278 |
107.216 |
82.064 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
119.730 |
110.574 |
93.820 |
|
|
2] Unsecured Loans |
44.796 |
34.715 |
20.933 |
|
|
TOTAL BORROWING |
164.526 |
145.289 |
114.753 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
312.804 |
252.506 |
196.817 |
|
|
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APPLICATION OF FUNDS |
|
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|
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FIXED ASSETS [Net Block] |
177.707 |
128.174 |
91.436 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
3.621 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
54.561
|
43.945
|
43.613
|
|
|
Sundry Debtors |
157.934
|
126.700
|
128.567
|
|
|
Cash & Bank Balances |
16.745
|
14.293
|
14.963
|
|
|
Other Current Assets |
33.426
|
25.749
|
12.181
|
|
|
Loans & Advances |
4.629
|
4.187
|
4.631
|
|
Total
Current Assets |
267.295
|
214.874
|
203.955
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
135.320
|
94.970
|
100.023
|
|
|
Provisions |
6.175
|
3.770
|
3.931
|
|
Total
Current Liabilities |
141.495
|
98.740
|
103.954
|
|
|
Net Current Assets |
125.800
|
116.134
|
100.001
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
9.297 |
8.198 |
1.759 |
|
|
|
|
|
|
|
|
TOTAL |
312.804 |
252.506 |
196.817 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
558.528 |
480.179 |
508.318 |
|
|
|
Other Income |
6.137 |
3.947 |
1.413 |
|
|
|
TOTAL (A) |
564.665 |
484.126 |
509.731 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
416.664 |
359.652 |
372.884 |
|
|
|
Expenses on Personnel |
38.146 |
31.979 |
27.092 |
|
|
|
Administrative Expenses |
17.841 |
18.877 |
17.560 |
|
|
|
Selling Expenses |
20.607 |
17.500 |
22.387 |
|
|
|
Deferred Revenue Expenditure written off |
2.339 |
0.315 |
1.933 |
|
|
|
TOTAL (B) |
495.597 |
428.323 |
441.856 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
69.068 |
55.803 |
67.875 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.410 |
13.892 |
13.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
50.658 |
41.931 |
54.270 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.765 |
15.762 |
14.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
33.893 |
26.149 |
39.943 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.799 |
1.000 |
1.102 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (I) |
32.692 |
25.149 |
38.841 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Short(Excess) Provision for previous year |
0.000 |
0.000 |
1.383 |
|
|
BALANCE CARRIED
TO THE B/S |
32.692 |
25.149 |
37.458 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
57.529 |
57.243 |
66.372 |
|
|
TOTAL EARNINGS |
57.529 |
57.243 |
66.372 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
74.230 |
59.531 |
53.967 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.000 |
|
|
|
Plant and Machinery |
24.477 |
16.504 |
0.031 |
|
|
TOTAL IMPORTS |
98.707 |
76.035 |
53.998 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.67 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.79 |
5.19
|
7.62
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.07 |
5.45
|
7.86
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.61 |
7.62
|
13.52
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.24
|
0.49
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06 |
2.28
|
2.67
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89 |
2.18
|
1.96
|
LOCAL AGENCY FURTHER INFORMATION
Contingent
Liabilities not provided for in respect of:
|
Secured Loans |
31.03.2009 Rs.
In Millions |
|
Outstanding Letter of Credit |
21.432 |
|
Outstanding Bank Guarantee |
0.290 |
|
Sales Tax |
0.344 |
|
Other Claim not Acknowledged as debts |
2.013 |
|
Total |
24.079 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1989PLC036079 |
|
Name of the
company |
ASP SEALING PRODUCTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Anbros House, 25/31 East Patel Nagar, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the modified |
10096410 |
|
Type of charge |
|
|
Particular of
charge holder |
The Pradeshiya Industrial and Investment Corporation of UP Limited,
Gomti Nagar, |
|
Date of
instrument Creating the charge |
18.02.2011 |
|
Amount secured by
the charge |
Rs. 46.185
Millions |
|
Particulars of
the present modification |
Authorization against
this charge has been given to (State Bank of |
Fixed Assets
· Building
· Plant and
Machinery
· Furniture and
Fixtures
· Tools and Dies
· Office Equipments
(Others)
· Office Equipments
(Computer)
· Fire Freighting
Equipment
· Electrical
Fittings
· Air Conditioners
· Vehicle
Web Details
Profile
Subject
is one of the premier Company in EPDM Weather-strips manufacturing industries
fully backed by well equipped two manufacturing units and ably supported by
proper and professional infrastructure in all sphere of Company operation
with regional offices at all metros.
Subject
has been accredited by ISO/TS 16949:2002 certification. To make the quality
standards. The strength of the company is laying with its strong hold in OEMS,
domestic after market, Railways apart from Industrial and Architectural
presence facilitating the company to lead the path of progress, IT’S
A SEAL OF TRUST”
Services:
Subject formerly known as ANAND Saiag Limited) is a part of Rs. 2
billion Anand group which is the largest non tyre rubber goods manufacturing
group in
Subject is manufacturing EDPM weatherstrip, Co-Extruded / PVC and metal
to Rubber products in 1989 in technical collaboration with SAIAG INDUSTRIA
s.p.a. of
They take pride of possessing the most sophisticated compounding section
with advanced system for manufacturing profile, new generation microwave ultra
high frequency curing system and an installed capacity of 70million mtrs.
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 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.44.93 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.63.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.