MIRA
INFORM REPORT
|
Report Date : |
15.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
TENOVA HYPERTHERM PRIVATE LIMITED (w.e.f 14.07.2008) |
|
|
|
|
Formerly Known
As : |
TECHINT HYPERTHERM PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
2093, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-159394 |
|
|
|
|
Paid-up Capital
: |
Rs.20.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28900MH2006PTC159394 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT13004F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT3824E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Reheating Furnaces. |
|
|
|
|
No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 830000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Kaushik Mandal |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9324186705 |
LOCATIONS
|
Registered Office : |
2093, |
|
Tel. No.: |
91-22-66810200/ 28477702 |
|
Mobile No. : |
91-9324186705 (Mr. Kaushik Mandal) |
|
Fax No.: |
91-22-28477703 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
2000 sq. ft. (Owned) |
|
|
|
|
Factory : |
Shed No.1, Nilima Enterprises, Opposite Saili Petrol Pump, Vasai
(East), Mumbai, |
|
Tel. No.: |
91-250-6454782 |
|
Location : |
Rented |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Gope Hassanand Sajnani |
|
Designation : |
Chairman |
|
Address : |
18, 2nd Nav Nirman, |
|
Date of Birth/Age : |
21.10.1941 |
|
Qualification : |
Engineer |
|
Date of Appointment : |
01.02.2006 |
|
DIN No.: |
01828735 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U45200MH1975PTC018280 |
Sanvico
Construction Company Private Limited |
Director |
11.08.1979 |
11.08.1979 |
Active |
NO |
|
2 |
U74999MH1998PTC114893 |
Sajnani
Thermal Technologies Private Limited |
Director |
13.05.1998 |
13.05.1998 |
Active |
|
|
3 |
U29305MH2001PTC133744 |
Hepl
Engineers Private Limited |
Director |
19.10.2001 |
19.10.2001 |
Active |
|
|
4 |
U29299MH2002PTC136812 |
Hepl
Technicon Private Limited |
Director |
26.05.2003 |
26.05.2003 |
Active |
|
|
5 |
U28900MH2006PTC159394 |
Tenova
Hypertherm Private Limited |
Director |
1.02.2006 |
1.02.2006 |
Active |
NO |
|
6 |
U28990MH2008PTC188724 |
Tenova
Multiform Private Limited |
Additional
director |
1.02.2011 |
1.02.2011 |
Active |
|
Name : |
Mr. Vijay Raghunath Joshi |
|
Designation : |
Managing Director |
|
Address : |
Bhagyashree, 2nd Floor, Anandnagar, Nityanand Marg, Andheri
(East), Mumbai – 400069, |
|
Date of Birth/Age : |
12.02.1954 |
|
Qualification : |
Engineer |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
00208455 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U29305MH2001PTC133744 |
Hepl
Engineers Private Limited |
Director |
19.10.2001 |
19.10.2001 |
Active |
|
|
2 |
U28900MH2006PTC159394 |
Tenova
Hypertherm Private Limited |
Director |
31.07.2006 |
31.07.2006 |
Active |
NO |
|
Name : |
Mr. Suresh Kishinchand Sajnani |
|
Designation : |
Director (Commercial) |
|
Address : |
602, Acme Harmony Building No.1, Behind Poonam Nagar, Off Mahakali
Caves Road, Andheri, (East), Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1964 |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
00480942 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U29299MH2002PTC136812 |
Hepl
Technicon Private Limited |
Director |
12.08.2002 |
12.08.2002 |
Active |
|
|
2 |
U28900MH2006PTC159394 |
Tenova
Hypertherm Private Limited |
Director |
31.07.2006 |
31.07.2006 |
Active |
NO |
|
Name : |
Mr. Nicola Bettion Cavero |
|
Designation : |
Director |
|
Address : |
VIA Umberto 1, 32, |
|
Date of Birth/Age : |
23.09.1958 |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
01225162 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U28900MH2006PTC159394 |
Tenova
Hypertherm Private Limited |
Director |
28.07.2006 |
28.07.2006 |
Active |
NO |
|
2 |
U18102WB1998PTC086788 |
Loi
Wesman Thermprocess Private Limited |
Director |
26.08.2008 |
27.11.2007 |
Active |
NO |
|
Name : |
Mr. Maurizio Emilo Parodi |
|
Designation : |
Director |
|
Address : |
VIA Piaggio, 24, |
|
Date of Birth/Age : |
21.08.1959 |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
01225212 |
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 |
U28900MH2006PTC159394 |
Tenova
Hypertherm Private Limited |
Director |
28.07.2006 |
28.07.2006 |
- |
Active |
NO |
|
Name : |
Mr. Giangluigi Nova |
|
Designation : |
Director |
|
Address : |
VIA A Volta 63, Cassina, |
|
Date of Birth/Age : |
14.01.1947 |
|
Date of Appointment : |
12.05.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Kulkarni |
|
Designation : |
CFO |
|
|
|
|
Name : |
Mr. Kaushik Mandal |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sajnani Thermal Technologies Private Limited ( |
|
520000 |
|
HEPL Engineers Private Limited ( |
|
460000 |
|
Tenova SpA |
|
1020000 |
|
Total |
|
2000000 |
As on 30.09.2010
|
Category |
|
Percentage
|
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
|
Bodies Corporate |
|
49.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Reheating Furnaces. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash
and Credit (30 days / 60 days / 90 days) |
|
|
|
|
Purchasing : |
Cash and
Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
|
Customers : |
·
End Users ·
OEM’s |
|
|
|
|
No. of Employees : |
120 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address 1: |
42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai
– 400021, |
|
Tel. No.: |
91-22-86391101-4/ 2287 1099 |
|
Fax No.: |
91-22-22856237 |
|
|
|
|
Address 2: |
Plot No.56, Road No.17, MIDC, Maro, Andheri (East), Mumbai – 400 093, |
|
Fax No.: |
91-22- 66729777 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Internal Auditors : |
K.R. Raheja and Company Chartered Accountants |
|
|
|
|
Holding Company : |
·
Tenova SpA |
|
|
|
|
Associates/Subsidiaries : |
U29305MH2001PTC133744
U29299MH2002PTC136812 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
Millions |
NOTE: Of the above 10,00,000 shares were issued as
Bonus Shares by capitalization of Securities Premium.
After 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000
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 |
20.000 |
10.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
188.523 |
119.532 |
78.116 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
208.523 |
129.532 |
83.116 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.340 |
|
|
|
|
|
|
|
|
TOTAL |
208.523 |
129.532 |
84.456 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
23.681 |
34.675 |
37.012 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.084 |
0.565 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.368
|
1.178 |
2.799 |
|
|
Sundry Debtors |
221.917
|
156.016 |
106.274 |
|
|
Cash & Bank Balances |
218.027
|
92.459 |
133.774 |
|
|
Other Current Assets |
611.374
|
721.362 |
141.909 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
1054.686
|
971.015 |
384.756 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
206.946
|
264.504 |
330.462 |
|
|
Other Current Liabilities |
519.065
|
535.070 |
0.000 |
|
|
Provisions |
147.917
|
77.149 |
6.850 |
|
Total
Current Liabilities |
873.928
|
876.723 |
337.312 |
|
|
Net Current Assets |
180.758
|
94.292 |
47.444 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
208.523 |
129.532 |
84.456 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Operating Income |
1014.060 |
NA |
402.156 |
|
|
|
Other Income |
31.980 |
NA |
9.697 |
|
|
|
TOTAL |
1046.040 |
NA |
411.853 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, DEPRECIATION AND TAX |
178.890 |
NA |
57.358 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
104.640 |
NA |
31.930 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
38.39 |
NA |
63.86 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
1300.000 |
Expected Sales (2011-12 ) : Rs.1500.000 Millions
The above information has been parted by Mr. Kaushik Mandal.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.00
|
NA |
7.75 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.19
|
6.77 |
4.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.11 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
As compared to the previous year, the Company’s revenue shows a minor
(7%) negative growth.
This is mainly due to the unexpected delay in the projects for the
customers like Tata Steel and Visakhapatnam Steel Plant.
The EBITDA and the net profit however, has shown a healthy increase
mainly due to the fact that some of the projects received in the earlier years,
with costs estimated based on the then peak prices of commodities, were
completed during the current year with relatively much lower costs due to
drastic downturn in the commodity market.
The company has a healthy order backlog of Rs.1619 Millions which will
help in achieving the growth in the year 2010-2011.
MARKET OUTLOOK:
Even though, the Indian industry including the steel industry, did feel
the impact of global economy crisis, it has been to a much lower extent. The
steel industry has very quickly stabilized at an output level almost the same
as pre-crisis and in the year to follow, reasonable growth is expected.
However, this growth will largely depend on the Government of India’s policies
for metals and minerals.
FORM 8:
|
This form is for |
Modification
of charge |
|
Corporate
identity number of the company |
U28900MH2006PTC159394 |
|
Name of the
company |
TENOVA HYPERTHERM PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2093, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of India, Chakala Branch, Opposite Sangam Cinema, Andheri-Kurla
Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India E-Mail: chakala@bankofindia.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation of Plant& Machinery , Stocks and Book Debts. |
|
Date of
instrument Creating the charge |
30.11.2009 |
|
Amount secured by
the charge |
Rs.225.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Terms of
Repayment: On Demand Margin: 25% against raw
material, finished goods, 40% against Book debts outstanding of 2 or 3 months
or as specified by Bank from time to time. Extent and
Operation of the charge: Security and
charge hereby created shall be by way of first charge on all the said
hypothecated assets for due payment as provided in the deed of all monies
including the principal sums, interest/ commission costs, charges and
expenses and all other monies whatsoever due owing and payable by the
Borrower to the Bank under or in respect of or in connection with or in any
wise concerning or relating to the said facilities agreed to be granted and /
or granted by the Bank to the borrower and also for due repayment of all present
and future indebtness and liabilities of the borrower to the Bank of any kind
in any manner whether solely or jointly primary or collateral accrued or
accruing with all relative interest/ commission, charges, costs, (between
advocate and client) and expenses. Limits: 1. CC
Stock Rs.15.000 millions, CC BD Rs.25.000 millions, Max Rs.25.000 millions 2. Inland
Guarantee Rs.70.000 millions, LCI/FDP/DA 90 days Rs.30.000 millions, Max.
Rs.70.000 millions, Total Rs.95.000 millions. |
|
Short particulars
of the property charged |
a) All tangible movable machineries and
plant, both present and future b) All tangible movable properties and assets
of whatsoever nature of the borrower both present and future wheresoever
situate at Vasai or elsewhere c) All present and future book debts,
outstanding, money receivables, claims, bills which are now due and owing or
which may any time hereafter during the continuance of this security become
due and owing to the Borrower Details as per Agreement. |
FIXED ASSETS:
- Goodwill
- Air Conditioner
- Office Premises
- Furniture and Fixture
- Computers
- Electrical Installation
- Plant and Machinery
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.47.81 |
|
|
1 |
Rs.75.16 |
|
Euro |
1 |
Rs.65.11 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
48 |
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.