1. Summary Information
|
Country |
India |
||
|
Company Name |
POS - HYUNDAI
STEEL MANUFACTURING INDIA PRIVATE LIMITED |
Principal Name 1 |
Kim Dug Ho |
|
Status |
Satisfactory |
Principal Name 2 |
Kim Young Joong |
|
Registration # |
18-038990 |
||
|
Street Address |
F-70, Sipcot,
Industrial Park, Irungattukottai, NH-4, Bangalore, Highway, Sriperumpudur,
Kanchipuram Dt, Kanchipuram – 602105, Tamilnadu, India |
||
|
Established Date |
10.09.1997 |
SIC Code |
-- |
|
Telephone# |
91-44-27156057 |
Business Style 1 |
Supplier. |
|
Fax # |
91-44-27156458 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Steel Sheet |
|
|
# of employees |
Not Available |
Product Name 2 |
Steel Skelp |
|
Paid up capital |
Rs. 234,556,000/- |
Product Name 3 |
Steel Coils |
|
Shareholders |
Foreign Holding
– 100% |
Banking |
State Bank of
India |
|
Public Limited Corp. |
No |
Business Period |
15 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Hyundai Motor India Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
498,945,000 |
Current Liabilities |
270,225,000 |
|
Inventories |
380,037,000 |
Long-term Liabilities |
196,160,000
|
|
Fixed Assets |
210,658,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
466,385,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
388,699,000 |
|
|
|
Net Worth |
623,255,000 |
|
Total Assets |
1089,640,000 |
Total Liab. & Equity |
1089,640,000 |
|
Total Assets (Previous Year) |
832,609,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
1497,239,000 [Including Other Income] |
Net Profit |
63,806,000 |
|
Sales(Previous yr) |
1100,073,000 |
Net Profit(Prev.yr) |
54,557,000 |
MIRA INFORM REPORT
|
Report Date : |
22.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
POS - HYUNDAI STEEL MANUFACTURING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F-70, Sipcot, Industrial Park, Irungattukottai, NH-4, Banglore,
Highway, Sriperumpudur, Kanchipuram Dt, Kanchipuram – 602105, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
10.09.1997 |
|
|
|
|
Com. Reg. No.: |
18-038990 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 234.556 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28999TN1997PTC038990 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHEP02256C |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business
: |
Supplier of all kinds of steel products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2400000 |
|
|
|
|
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
F-70, Sipcot, Industrial Park, Irungattukottai, NH-4, Banglore,
Highway, Sriperumpudur, Kanchipuram Dt, Kanchipuram – 602105, |
|
Tel. No.: |
91-44-27156057 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-44-27156458 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Kim Dug Ho |
|
Designation : |
Director |
|
Address : |
Flat No. 8C, 8th Florr, Block-1, |
|
Date of Birth/Age : |
02.11.1961 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
01891064 |
|
|
|
|
Name : |
Kim Young Joong |
|
Designation : |
Director |
|
Address : |
3-701, Sam Ik Garden, Myeongil-Dong, Kangdong, Gu, |
|
Date of Birth/Age : |
22.02.1965 |
|
Date of Appointment : |
10.09.2007 |
|
DIN No.: |
02220199 |
|
|
|
|
Name : |
Lee Hungoo |
|
Designation : |
Additional Director |
|
Address : |
104-1604, Jamsil Hansolt Apartment, 285 Seokchon – Dong, Songpa-Gu, |
|
Date of Appointment : |
21.12.2009 |
|
DIN No.: |
02932839 |
|
|
|
|
Name : |
Ki Wan Kang |
|
Designation : |
Managing Director |
|
Address : |
No.3A, Tulasi, Door No.1, 2nd Cresent Park Road, Gandhi
Nagar, Adyar, Chennai – 600020, India |
|
Date of Appointment : |
0.01.2010 |
|
Date of cessation |
31.08.2011 |
|
DIN No.: |
02976390 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
M/s. Hyundai Corporation, Korea |
|
16536204 |
|
M/s. Posco, Korea |
|
2345558 |
|
M/s. Posteel, Korea |
|
4573838 |
|
Total |
|
23455600 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of all kinds of steel products. |
|
|
|
|
Products : |
Steel Coils |
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Sheet and Skelp |
MT |
100000 |
100000 |
27398 |
|
|
|
|
|
[Excluding Job
Work Production of 56497 MT] |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
State Bank of India, Industrial Finance Branch, Chennai - 600002,
Tamilnadu, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
(Rs.
in Millions) |
|||||||||
|
|
Note: # Sales Tax Deferral (The amount represent
balances collected under Sales Tax Deferral Scheme for 9 years ended
31.10.2008, net of repayments) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Viswanathan Chartered Accountant |
|
Address : |
17,Bishop Wallers Avenue (West), Mylapore, Chennai - 600004, India |
|
Tel. No.: |
91-44-24991147 / 24994423 / 24994510 |
|
Fax No.: |
91-44-24994510 |
|
E-Mail : |
|
|
PAN No: |
AAAFV0367K |
|
|
|
|
Associates : |
Hyundai Motor India Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- Each |
Rs.240.000 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23455600 |
Equity Shares |
Rs.10/- Each |
Rs.234.556 Millions |
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
234.556 |
234.556 |
234.556 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
388.699 |
324.893 |
270.336 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
623.255 |
559.449 |
504.892 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
196.160 |
132.348 |
137.470 |
|
|
TOTAL BORROWING |
196.160 |
132.348 |
137.470 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
819.415 |
691.797 |
642.362 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
210.658 |
231.491 |
251.361 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
380.037
|
174.312
|
252.938
|
|
|
Sundry Debtors |
202.011
|
141.114
|
121.177
|
|
|
Cash & Bank Balances |
189.000
|
231.008
|
122.762
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
107.934
|
54.684
|
77.100
|
|
Total
Current Assets |
878.982
|
601.118
|
573.977 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
258.429
|
129.676
|
64.082
|
|
|
Other Current Liabilities |
11.796
|
11.136
|
6.382 |
|
|
Provisions |
0.000
|
0.000
|
112.512
|
|
Total
Current Liabilities |
270.225
|
140.812
|
182.976
|
|
|
Net Current Assets |
608.757
|
460.306
|
391.001
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
819.415 |
691.797 |
642.362 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
1497.239 |
1100.073 |
679.886 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1372.432 |
990.369 |
618.387 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
124.807 |
109.704 |
61.499 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.398 |
0.065 |
0.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
124.409 |
109.639 |
61.381 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.984 |
22.820 |
22.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
101.425 |
86.819 |
38.799 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
37.618 |
32.262 |
16.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
63.806 |
54.557 |
22.728 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
21.851 |
46.050 |
N.A |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
998.358 |
471.729 |
538.246 |
|
|
|
Trader Goods |
0.000 |
0.000 |
0.740 |
|
|
TOTAL IMPORTS |
998.358 |
471.729 |
538.986 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.72 |
2.33 |
0.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.26
|
4.96 |
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.31
|
10.43 |
4.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.16 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.49 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.25
|
4.27 |
3.137 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------- |
|
22] |
Litigations that the firm
/ promoter involved in |
------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
------- |
|
26] |
Buyer visit details |
------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE:
The company had
performed considerably well during 2010-2011 with the production having
increased from 71,591 MT to 83,895 MT showing a growth of 17%. The company’s
sales volume has also increased by 27% from 21,135 MT to 26,826 MT. In terms of
value, the company had registered a turnover of Rs.1497.239 Millions as against
Rs.11,00.072 Millions for the previous year. Net profit after tax for the
year has also been increased to
Rs.63.807 Millions as compared to previous year of Rs.54.557 Millions.
Considering the above, the results of the company during the year are good. The
Directors feel that company would excel in the current year and make good
profits by developing new direct sales as well as job work customers.
CONTINGENT
LIABILITIES:
Rs.
In millions
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
Bank Guarantee
Margin |
10.375 |
2.875 |
|
Bank Guarantee
Rs. 0.126 Millions On 10.05.2000,
the Company has given a Bank Guarantee for Rs. 0.126 Millions to the customs towards a differential duty
payable on some coils imported during May'01. The assessment is still pending
with customs. Bank Guarantee
Rs.2.000 Millions The Company has
given a Performance Bank Guarantee to TATA Steel Ltd for Rs. 2.000 Millions valid upto 7th May
2010. The said guarantee is renewed for Rs. 2.000 Millions for a further period of one year up to 7th May,
2011. Bank Guarantee
Rs.0.750 Million The Company has
given a Performance Bank Guarantee to Bharat Heavy Electricals Limited for
Rs. 0.750 Million valid upto
31st March 2011. The said guarantee was not renewed further. Lien on Fixed
Deposit Rs.7.500 Millions The Company has
provided a lien on Fixed Deposit to the extent of Rs. 7.500 Millions with HDFC Bank Ltd towards Local LC
Arrangements. |
||
FIXED ASSETS:
- Lease hold
Land
- Buildings
- Plant and
Machinery
- Office
equipments
- Data
Processing Machine
- Furniture and
Fixtures
- Vehicles
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.55.54 |
|
|
1 |
Rs.87.39 |
|
Euro |
1 |
Rs.68.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
|
|
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.