MIRA
INFORM REPORT
|
Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
HB ESMECH PRIVATE LIMITED (W.E.F. 16.12.2002) |
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Formerly Known
As : |
HOLLOW BLOCK MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered
Office : |
B47/437, Gandhi Nagar, Bandra (East), Mumbai – 400051, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.11.1970 |
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Com. Reg. No.: |
11-014872 |
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Capital Investment
/ Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1970PTC014872 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07186E |
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PAN No.: [Permanent Account No.] |
AABCH2078R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Steel Bars, Cold Rolling Mills and Lead Lining
Equipments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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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 1909000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 : |
B47/437, Gandhi Nagar, Bandra (East), Mumbai – 400051, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office / Factory 1 : |
Plot Nos. A-254-259 and A-283, Road No. 30 A, Wagle Industrial Estate,
Thane (W) - 400 604. |
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Tel. No.: |
91-22-25821295 / 25821733 / 25823417 |
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Fax No.: |
91-22-25826550 |
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E-Mail : |
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Factory 2 : |
Survey No 40/1. |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Vijay Suresh Joshi |
|
Designation : |
Managing Director |
|
Address : |
Pitruvandana, Plot No 11, Kala Nagar, Bandra (East), Mumbai – 400051, |
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Date of Birth/Age : |
08.03.1969 |
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Qualification : |
B. E. (Mechanical) |
|
Date of Appointment : |
15.01.1996 |
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DIN No.: |
01550964 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U15310MH1981PTC024806 |
Esmech Rolling
Machinery Private Limited |
Director |
15-01-96 |
15-01-96 |
- |
Active |
NO |
|
2 |
U99999MH1970PTC014872 |
HB Esmech Private
Limited |
Managing
director |
15-01-96 |
15-01-96 |
- |
Active |
NO |
|
3 |
U72300MH2007PTC168164 |
Kennovation
Software Services Private Limited |
Director |
26-02-07 |
26-02-07 |
24-11-10 |
Active |
NO |
|
4 |
U29255MH2008PTC179671 |
Esmech Equipment
Private Limited |
Managing
director |
01-06-10 |
04-03-08 |
- |
Active |
NO |
|
5 |
U29299MH1996PTC103478 |
Pitel
Engineering Private Limited |
Nominee director |
16-07-10 |
16-07-10 |
- |
Active |
NO |
|
Name : |
Mr. Suresh Laxman Joshi |
|
Designation : |
Director |
|
Address : |
Pitruvandana, Plot No 11, Kala Nagar, Bandra (East), Mumbai – 400051, |
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Date of Birth/Age : |
24.12.1940 |
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Qualification : |
B. E. (Mechanical) |
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Date of Appointment : |
27.03.1989 |
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DIN No.: |
01934030 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U15310MH1981PTC024806 |
Esmech Rolling
Machinery Private Limited |
Managing
director |
17-07-81 |
17-07-81 |
- |
Active |
NO |
|
2 |
U99999MH1970PTC014872 |
HB Esmech
Private Limited |
Director |
27-03-89 |
27-03-89 |
- |
Active |
NO |
|
3 |
U29255MH2008PTC179671 |
Esmech Equipment
Private Limited |
Whole-time
director |
01-06-10 |
04-03-08 |
- |
Active |
NO |
|
4 |
U29299MH1996PTC103478 |
Pitel
Engineering Private Limited |
Nominee director |
16-07-10 |
16-07-10 |
- |
Active |
NO |
|
Name : |
Mrs. Padmaja Suresh Joshi |
|
Designation : |
Director |
|
Address : |
Pitruvandana, Plot No 11, Kala Nagar, Bandra (East), Mumbai – 400051, |
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Date of Birth/Age : |
03.01.1947 |
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Date of Appointment : |
02.11.1995 |
|
DIN No.: |
01976115 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U15310MH1981PTC024806 |
Esmech Rolling
Machinery Private Limited |
Director |
02-11-95 |
02-11-95 |
- |
Active |
NO |
|
2 |
U99999MH1970PTC014872 |
HB Esmech
Private Limited |
Director |
02-11-95 |
02-11-95 |
- |
Active |
NO |
|
3 |
U29299MH1996PTC103478 |
Pitel
Engineering Private Limited |
Nominee director |
16-07-10 |
16-07-10 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Suresh L. Joshi |
|
25500 |
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Vijay S. Joshi |
|
5000 |
|
Padmaja S. Joshi |
|
9500 |
|
Manisha V. Joshi |
|
1000 |
|
Aditya V. Joshi |
|
1000 |
|
Vrinda S. Joshi |
|
5000 |
|
Esmech Rolling Machinery Private Limited, |
|
3000 |
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Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
06.00 |
|
Directors or relatives of Directors |
94.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Bars, Cold Rolling Mills and Lead Lining
Equipments. |
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Products : |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
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Auditors : |
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Name : |
Lalit Mehta and Company Chartered Accountants |
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Address : |
101,Apollo Arcade, R. K. Singh Marg, Off P. P. Road, Near Sona Udyog, Andher
(East), Mumbai – 400069, Maharashtra, India |
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Tel. No.: |
91-22-28395987 |
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E-Mail : |
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PAN.: |
AABPM6331K |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/-
each |
Rs.5.000
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 |
|
|
|
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|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
472.431 |
435.715 |
255.657 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
477.431 |
440.715 |
260.657 |
|
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LOAN FUNDS |
|
|
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1] Secured Loans |
0.000 |
2.725 |
2.766 |
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2] Unsecured Loans |
0.000 |
11.050 |
11.400 |
|
|
TOTAL BORROWING |
0.000 |
13.775 |
14.166 |
|
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DEFERRED TAX LIABILITIES |
0.067 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
477.498 |
454.490 |
274.823 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.327 |
116.899 |
91.678 |
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Capital work-in-progress |
17.335 |
21.529 |
17.979 |
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|
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INVESTMENT |
169.864 |
5.865 |
14.739 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.309 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
129.309 |
142.862 |
|
|
Sundry Debtors |
0.000
|
318.971 |
197.134 |
|
|
Cash & Bank Balances |
282.445
|
106.722 |
69.489 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
220.344
|
222.105 |
103.229 |
|
Total
Current Assets |
502.789
|
777.107 |
512.714 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.260
|
161.102 |
109.482 |
|
|
Other Current Liabilities |
0.014
|
129.334 |
177.424 |
|
|
Provisions |
215.543
|
176.783 |
75.382 |
|
Total
Current Liabilities |
218.817
|
467.219 |
362.288 |
|
|
Net Current Assets |
283.972
|
309.888 |
150.426 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
|
|
|
|
|
|
|
|
TOTAL |
477.498 |
454.490 |
274.823 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
663.822 |
1096.311 |
641.442 |
|
|
|
Other Income |
203.360 |
9.922 |
7.702 |
|
|
|
TOTAL (A) |
867.182 |
1106.233 |
649.144 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
640.117 |
438.782 |
|
|
|
Administrative and other Expenses |
|
158.450 |
74.595 |
|
|
|
Increase / Decrease in Stock |
|
7.344 |
(14.363) |
|
|
|
TOTAL (B) |
722.559 (Including
Financial Charges) |
805.911 |
499.014 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
300.322 |
150.130 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.375 |
0.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
144.623 |
299.947 |
149.442 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
15.731 |
19.331 |
13.097 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
128.892 |
280.616 |
136.345 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
45.376 |
99.387 |
48.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
83.516 |
181.229 |
88.283 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
307.038 |
156.979 |
99.866 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
30.000 |
30.000 |
|
|
|
Dividend |
40.000 |
1.000 |
1.000 |
|
|
|
Tax on Dividend |
6.800 |
0.170 |
0.170 |
|
|
BALANCE CARRIED
TO THE B/S |
343.754 |
307.038 |
156.979 |
|
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EARNINGS IN
FOREIGN CURRENCY |
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|
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|
Export Earnings |
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Commission Earnings |
|
|
|
|
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Other Earnings |
|
|
|
|
|
TOTAL EARNINGS |
145.882 |
790.363 |
192.961 |
|
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|
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|
IMPORTS |
|
|
|
|
|
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|
Raw Materials |
|
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|
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|
|
Stores & Spares |
|
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|
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|
|
Capital Goods |
|
|
|
|
|
|
Others |
|
|
|
|
|
TOTAL IMPORTS |
106.726 |
47.354 |
14.256 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1670.32 |
3624.57 |
1765.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.63
|
16.38 |
13.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.42
|
25.60 |
21.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.32
|
31.34 |
22.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.64 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
1.09 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.30
|
1.66 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
|
Bank Guarantees |
25.610 |
93.855 |
|
Letter of Credit |
0.000 |
3.638 |
|
Income Tax Appeals Pending (Rs.0.130 Million paid against the same) |
0.000 |
0.252 |
FORM 8
|
Corporate
identity number of the company |
U99999MH1970PTC014872 |
|
Name of the
company |
HB ESMECH PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
B47/437, Gandhi Nagar, Bandra (East), Mumbai – 400051, E-Mail Id : accounts@esmech.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Canara Bank, Kukreja Complex, L. B. S. Marg, Bhandup West, Mumbai –
400078, Maharashtra, India E-mail Id : mcity0124@canbank.co.in
|
|
Nature of
instrument creating charge |
Letter evidencing deposit of title deeds |
|
Date of
instrument Creating the charge |
31.03.2009 |
|
Amount secured by
the charge |
Rs.162.000 Millionsa |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 10.75% p.a., subject to change as per guidelines received from the
Bank from time to time. Terms of
repayment Not Applicable being Bank Guarantee Margin 100% Extent and
operation of the charge At the request of the borrower company, the bank has sanctioned
overall banking limits of Rs.162.000 Millions against mortgage by way of
deposit of title deeds of the company situated at Plot No. A 254-259, A 283
Road No. 30a, Wagle Industrial Estate, Thane. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Mortgage by way of deposit of title deeds of the company situated at
Plot No. A 254-259, A 283 Road No. 30A, Wagle Industrial Estate, Thane. |
FIXED ASSETE
- Plant and
Machinery
- Furniture,
Fixture and Fittings
- Electrical
Installation
- Motor car
- Office
equipments
- Computers
- Software
- Air
Conditioner
- Factory Shed
- Land
- Motor Tempo
WEBSITE DETAILS
Subject is a subsidiary of SMS Siemag AG,
and is therefore a proud member of the SMS Group, ith SMS Siemag holding
51 % and Subject holding 49% equity. The SMS Group comprises over 9,000 people
worldwide, carrying out a business in excess of Euro 3.5 billion. As subsidiary
of SMS Siemag, Subject enjoys access to its World Class Rolling Mill
technology in the fields of design, manufacturing, field services etc.
Subject is headquartered in
kms from Thane)
Subject has a very long reputation of
quality supplies and has a Reference List of over 275 Lines.
Apart from its stronghold in India, Subject is a reputed exporter, and has
supplied high quality machinery to a number of countries such as USA, Japan,
Germany, Singapore, South Africa, Philippines, Malaysia, Indonesia, Thailand,
Mexico, Taiwan, UAE, Iran, Syria, Bangladesh, Nepal, Nigeria, Ethiopia, Kenya
etc.
The financial standing of the company is excellent, with strong equity and
reserves. Additionally, as a subsidiary of SMS Siemag AG, it has a very
strong financial backup required for its operations.
MILESTONES
1989
As a part
of the expansion program, another unit when Hollow Block was acquired and
dedicated to manufacture of similar products. The unit was located at Wagle
Industrial Estate, Thane and had an independent manufacturing facility
installed.
1992
A
technical collaboration agreement was signed with PRO-ECO Limited,
1996
In
order to consolidate the group activities, both the units were combined under the
company Hollow Block Mfg. Company Private Limited.
2002
The
name of Hollow Block Manufacturing Company Private Limited Was changed to HB
Esmech Private Limited.
2005
Subject
expanded its manufacturing facility by starting a new manufacturing shop in
Wada, a location around 65 km from its existing Thane operations.
2010
Subject
formed a Joint Venture with SMS Siemag. The Joint Venture entity is called
Esmech Equipment Pvt. Ltd. The business of Subject was transferred to Esmech
Equipment to consolidate operations.
The first Reversing Cold Rolling Mill project of Esmech Equipment
supplied to a customer in
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.49.14 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.