MIRA
INFORM REPORT
|
Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREE RATAN COTTON MILLS PRIVATE LIMITED |
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Registered
Office : |
12, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.09.1991 |
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|
Com. Reg. No.: |
04-16247 |
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Capital
Investment / Paid-up Capital : |
Rs.4.760 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1991PTC016247 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS01388C |
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|
|
|
PAN No.: [Permanent Account No.] |
AACCS7366Q |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Textile Fabric |
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|
No. of Employees
: |
80 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 30000 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Sangeet |
|
Designation : |
Director |
|
Date : |
23.09.2011 |
LOCATIONS
|
Registered Office : |
12, |
|
Tel. No.: |
91-79-25466528 |
|
Fax No.: |
91-79-25454275 |
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E-Mail : |
|
|
Area : |
1000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Vijay Ratanlal Nahata |
|
Designation : |
Director |
|
Address : |
148, Sutaria Colony, Gordhanwadi Tekra, Kankariya, Ahmedabad – 380
028, |
|
Date of Appointment : |
01.10.1998 |
|
DIN No.: |
02482721 |
|
|
|
|
Name : |
Ms. Sweta Pratap Nahata |
|
Designation : |
Director |
|
Address : |
148, Sutaria Colony, Naka Gordhanwadi Tekra, Kankariya, Ahmedabad –
380 028, |
|
Date of Appointment : |
01.10.1998 |
|
DIN No.: |
02482707 |
|
|
|
|
Name : |
Mr. Pratap Ratanlal Nahata |
|
Designation : |
Director |
|
Address : |
148, Sutaria Colony, Naka Gordhanwadi Tekra, Kankariya, Ahmedabad –
380 028, |
|
Date of Appointment : |
10.09.1991 |
|
DIN No.: |
02482696 |
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|
|
|
Name : |
Ms. Sarladevi Umed Nahata |
|
Designation : |
Director |
|
Address : |
12, |
|
Date of Appointment : |
01.10.1998 |
|
DIN No.: |
02482734 |
|
|
|
|
Name : |
Mr. Sangeet |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pratapsingh Ratanlal Nahata |
|
375 |
|
Ratanlal Magniram Nahata |
|
19175 |
|
Sangeet Ratanlal Nahata |
|
500 |
|
Sampat Ratanlal Nahata |
|
2800 |
|
Vijay R Nahata |
|
11500 |
|
Umed Ratanlal Nahata |
|
100 |
|
Sarladevi Umed Nahata |
|
2000 |
|
Padamkumar Kanhaiyalal Daga |
|
650 |
|
Kamal Singh S Jain |
|
1000 |
|
Niravkumar Raghnath Sharma |
|
500 |
|
Jyoti Vijay Nahata |
|
4000 |
|
Pratap Nahata HUF |
|
4400 |
|
Jyotidevi Rajesh Nahata |
|
600 |
|
Total |
|
47600 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Textile Fabric |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
·
Retailers ·
Dealer ·
Distributor |
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No. of Employees : |
80 Approximately |
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Bankers : |
·
HDFC Bank Limited
·
Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lunia and Company Chartered Accountant |
|
Address : |
B-12, Harekrishna Complex, Opp. Apsara Cinema, Kankaria, Ahmedabad – 380
028, |
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Tel. No.: |
91-79-25430574 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47600 |
Equity Shares |
Rs.100/- each |
Rs.4.760
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 |
4.760 |
4.260 |
4.260 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.687 |
2.283 |
2.008 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7.447 |
6.543 |
6.268 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.736 |
3.899 |
0.925 |
|
|
2] Unsecured Loans |
22.270 |
21.887 |
13.247 |
|
|
TOTAL BORROWING |
29.006 |
25.786 |
14.172 |
|
|
DEFERRED TAX LIABILITIES |
0.283 |
0.255 |
0.235 |
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|
|
|
|
|
|
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TOTAL |
36.736 |
32.584 |
20.675 |
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|
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.414 |
3.615 |
2.877 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.026 |
0.026 |
0.026 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.678
|
26.695 |
12.529 |
|
|
Sundry Debtors |
21.445
|
24.177 |
10.606 |
|
|
Cash & Bank Balances |
0.866
|
0.838 |
5.450 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.923
|
2.113 |
1.159 |
|
Total
Current Assets |
46.912
|
53.823 |
29.744 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.259 |
23.487 |
11.598 |
|
|
Other Current Liabilities |
0.357
|
1.393 |
0.374 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
13.616
|
24.880 |
11.972 |
|
|
Net Current Assets |
33.296
|
28.943 |
17.772 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
36.736 |
32.584 |
20.675 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
279.064 |
272.858 |
222.121 |
|
|
|
Other Income |
0.662 |
0.598 |
1.093 |
|
|
|
TOTAL (A) |
279.726 |
273.456 |
223.214 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
270.253 |
263.395 |
215.982 |
|
|
|
Job Work |
0.061 |
0.000 |
0.000 |
|
|
|
Freight |
0.214 |
0.299 |
0.292 |
|
|
|
Salary and Bonus |
0.905 |
0.901 |
0.843 |
|
|
|
Bank Interest |
0.920 |
0.611 |
0.691 |
|
|
|
Director’s Remuneration |
0.955 |
0.955 |
0.780 |
|
|
|
Commission and Dalali |
0.761 |
1.473 |
0.597 |
|
|
|
Miscellaneous Expenditure |
1.936 |
1.686 |
1.189 |
|
|
|
Interest Paid |
2.766 |
3.361 |
2.140 |
|
|
|
Loss on sale of Motor Car |
0.047 |
0.014 |
0.000 |
|
|
|
TOTAL (B) |
278.818 |
272.695 |
222.514 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.908 |
0.761 |
0.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.319 |
0.266 |
0.209 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.589 |
0.495 |
0.491 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.184 |
0.221 |
0.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.405 |
0.274 |
0.294 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.282 |
2.008 |
1.714 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.687 |
2.282 |
2.008 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.51 |
-- |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
330.000 |
The above information has been parted by Mr. Sangeet
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.14
|
0.10 |
0.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.21
|
0.18 |
0.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.17
|
0.86 |
1.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.72
|
7.74 |
4.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.45
|
2.16 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Creditors for Goods |
13.163 |
23.401 |
11.544 |
|
Creditors for Expenses |
0.096 |
0.086 |
0.054 |
|
Total |
13.259 |
23.487 |
11.598 |
|
Sr. No. |
Check List by Info Agents |
|
|
1. |
Year of Establishment |
YES |
|
2. |
Locality of the firm |
YES |
|
3. |
Constitutions of the firm |
YES |
|
4. |
Premises details |
YES |
|
5. |
Type of Business |
YES |
|
6. |
Line of Business |
YES |
|
7. |
Promoter’s background |
YES |
|
8. |
No. of employees |
YES |
|
9. |
Name of person contacted |
YES |
|
10. |
Designation of contact person |
YES |
|
11. |
Turnover of firm for last three years |
YES |
|
12. |
Profitability for last three years |
NO |
|
13. |
Reasons for variations <> 20% |
NO |
|
14. |
Estimation for coming financial year |
NO |
|
15. |
Capital in the business |
NO |
|
16. |
Details of sister concerns |
NO |
|
17. |
Major Suppliers |
NO |
|
18. |
Major Customers |
YES |
|
19. |
Payment terms |
YES |
|
20. |
Export / Import details (is applicable) |
NO |
|
21. |
Market information |
-- |
|
22. |
Litigation that the firm / promoter involved
in |
-- |
|
23. |
Banking Details |
YES |
|
24. |
Banking facility details |
-- |
|
25. |
Conduct of the banking account |
-- |
|
26. |
Buyer visit details |
-- |
|
27. |
Financials, if provided |
-- |
|
28. |
Incorporation details, if applicable |
-- |
|
29. |
Last accounts filed at ROC |
-- |
|
30. |
Major Shareholders, is available |
-- |
NOTE
The Registered Office of the company has been shifted from 11, Mahalaxmi Complex, Gheekanta Road, Ahmedabad – 380 001, Gujarat, India to the present address w.e.f. 10.03.2011.
OPERATIONS
The working of the
Company has resulted in net profit of Rs.0.589 million. Deducting there from
the provision of taxation of Rs.0.185 million, the Profit after tax amounted to
Rs.0.405 million. Adding thereto the brought forward profit of Rs.2.282
million, the profit of Rs.2.687 million is carried to Balance Sheet.
FORM 8
|
Corporate
identity number of the company |
U17119GJ1991PTC016247 |
|
Name of the
company |
SHREE RATAN
COTTON MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
11, Mahalaxmi
Complex, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90110798 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai – 400 013,
|
|
Nature of
instrument creating charge |
Supplemental
Letter of Hypothecation of Stocks and Book-Debts. |
|
Date of instrument
Creating the charge |
19.09.2009 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the Bank from time to time. Terms of
Repayment On Demand. Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge Hypothecation by
way of First Charge on Company's Stocks, Book Debts etc., to secure for the
repayment of Rs.10.000 millions together with interest, costs, charges,
expenses and other moneys due and payable by the Company to the Bank. Others NIL |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first charge over the Stocks and Book Debts of the Company. |
|
Particulars of
the present modification |
The charge shall stand
increased Cash Credit facility from Rs.7.000 millions to Rs.10.000 millions,
against security of Stocks, Book Debts. |
TRADE REFERENCES
·
Blue Bell Limited
·
RSWM
FIXED ASSETS
·
Computer
·
Office Equipments
·
Air Conditioner
·
Furniture
·
Fax
·
Motor Cycle
·
Motor Car
·
Roll Machine Tools
·
·
Scooter
·
Loading Riksha
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.48.82 |
|
|
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.