MIRA
INFORM REPORT
|
Report Date : |
07.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
THERMON HEAT TRACERS PRIVATE LIMITED (w.e.f. 14.07.2002) |
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Formerly Known
As : |
THERMON HEAT TRACERS LIMITED |
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Registered
Office : |
566+570/1, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.08.1983 |
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Com. Reg. No.: |
11-030628 |
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Capital
Investment / Paid-up Capital : |
Rs.6.500 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U99999MH1983PTC030628 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09177A |
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PAN No.: [Permanent Account No.] |
AAACT6307Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Heat Tracers and Supplier of Oil and Gas Refinery. |
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No. of Employees
: |
60 (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 |
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Maximum Credit Limit : |
USD 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track records. But
in the current year company has incurred some loss. However, trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered for business dealings on a usual trade
term 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Mithlesh |
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Designation : |
Senior Finance Manager |
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Contact No.: |
91-22-25190620 |
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Date : |
07.07.2012 |
LOCATIONS
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Registered Office/ Factory : |
566+570/1, Koregaon Bhima Road, Shirur, Pune – 412227, Maharashtra,
India |
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Tel. No.: |
91-2137-52405/ 287380 |
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Fax No.: |
91-2137-52405 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
G-144/145 Kailash Vaibhav Complex, Vikroli West, Mumbai – 400079,
Maharashtra, India |
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Tel. No.: |
91-22-25190600 |
DIRECTORS
(AS ON 27.09.2011)
|
Name : |
Rodney Lynn Bingham |
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Designation : |
Director |
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Address : |
4002, Austin, Meadow Drive, Sugarland Texas 77479 |
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Date of Birth/Age : |
11.04.1951 |
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Date of Appointment : |
18.04.2009 |
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DIN No.: |
02791480 |
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Name : |
George Peyton Alexander III |
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Designation : |
Director |
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Address : |
10370, HWY Seguin Texas 78155 |
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Date of Birth/Age : |
26.08.1950 |
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Date of Appointment : |
18.04.2009 |
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DIN No.: |
03278568 |
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Name : |
Jay Carl Peterson |
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Designation : |
Director |
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Address : |
10129, Planters Wood, Austin Texas USA 78730 |
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Date of Birth/Age : |
26.01.1957 |
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Date of Appointment : |
07.10.2010 |
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DIN No.: |
02360288 |
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Other Directorship : |
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KEY EXECUTIVES
|
Name : |
Mr. Prasad Shripad Shetye |
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Designation : |
Manager |
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Address : |
701, Yog Milan, Grant Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
20.10.1966 |
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Date of Appointment : |
22.12.2006 |
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Pan No.: |
AABFS3421N |
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Name : |
Mr. Mithlesh |
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Designation : |
Senior Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.09.2011)
|
Names of Shareholders |
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No. of Shares |
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Thermon Manufacturing Company, USA |
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649997 |
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Thermon Heat Tracing Services - II, Inc., USA |
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1 |
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Thermon Heat Tracing Services, INC, USA |
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1 |
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Thermon Heat Tracing Services - I, INC, USA |
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1 |
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|
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Total |
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650000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Heat Tracers and Supplier
of Oil and Gas Refinery. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
USA |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
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|
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Heat Transfer Cement |
Kgs. |
120000 Kgs. P.a. |
19350 Kgs. |
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Heat Tracers |
Mtrs. |
75000 Mtrs p.a. |
47483 Mtrs. |
|
Thermostats |
Nos. |
25000 modules
p.a. |
1060 Nos. |
The company is presently not covered by Industrial licensing. Hence
details of licensed capacity are not given.
GENERAL INFORMATION
|
Suppliers : |
· Thermon Manufacturing Company |
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Customers : |
End Users and Dealers · Reliance Cairn Energy |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
· ICICI Bank Limited Andheri (West), Mumbai, Maharashtra, India · HDFC Bank Powai, Mumbai, Maharashtra, India |
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Facilities : |
Overdraft / Fund and Non fund Rs.85.000 Millions from ICICI Bank |
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Banking
Relations : |
-- |
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Financial
Institution : |
· 3i Infotech Trusteeship Services Limited 6th Floor, Akruti Centre Point, MIDC Central Road, Andheri
(East), Mumbai – 400093, Maharashtra, India |
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Auditors : |
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|
Name : |
B L Ajmera and Company Chartered Accountant |
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Address : |
Malji Chhogalal Trust Building, Mirza Ismail Road, Jaipur – 302001,
Rajasthan, India |
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Tel No.: |
91-141-2373433 |
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Fax No.: |
91-141-2371152 |
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PAN No.: |
AABFB2982K |
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Email : |
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Holding Company : |
· Thermon Manufacturing Company, USA |
CAPITAL STRUCTURE
(AS ON 27.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
650000 |
Equity Shares |
Rs.10/- each |
Rs.6.500
Millions |
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|
|
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|
NOTE:
(Of the above 645,997 share of Rs.10/- each
are held by Thermon Manufacturing Company, USA)
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 |
6.500 |
6.500 |
6.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
80.943 |
84.394 |
53.789 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
87.443 |
90.894 |
60.289 |
|
|
LOAN FUNDS |
|
|
|
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|
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 |
0.322 |
0.664 |
|
|
|
|
|
|
|
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TOTAL |
87.443 |
91.216 |
60.953 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
11.846 |
10.524 |
9.326 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
9.020 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.764
|
7.850 |
8.313 |
|
|
Sundry Debtors |
32.643
|
58.387 |
87.805 |
|
|
Cash & Bank Balances |
57.450
|
32.319 |
13.967 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
62.314
|
42.284 |
3.732 |
|
Total
Current Assets |
162.171
|
140.840 |
113.817 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
15.003
|
15.497 |
|
|
|
Other Current Liabilities |
13.518
|
3.661 |
|
|
|
Provisions |
67.073
|
40.990 |
4.234 |
|
Total
Current Liabilities |
95.594
|
60.148 |
62.190 |
|
|
Net Current Assets |
66.577
|
80.692 |
51.627 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
87.443 |
91.216 |
60.954 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales and Services Income |
140.553 |
137.879 |
242.890 |
|
|
|
Other Income |
4.862 |
18.899 |
18.640 |
|
|
|
TOTAL |
145.415 |
156.778 |
261.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
132.926 |
109.516 |
224.720 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
12.489 |
47.262 |
36.810 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
15.940 |
16.657 |
12.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(3.451) |
30.605 |
23.820 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
81.300 |
50.695 |
26.880 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
77.849 |
81.300 |
50.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Income |
0.000 |
17.733 |
16.831 |
|
|
|
Export of Goods |
0.000 |
1.226 |
0.000 |
|
|
|
Export of Service |
0.000 |
2.372 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
21.331 |
16.831 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11.965 |
9.035 |
4.839 |
|
|
|
Tracing Systems/ Components |
27.954 |
38.269 |
45.012 |
|
|
TOTAL IMPORTS |
39.919 |
47.304 |
49.851 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.31) |
-- |
-- |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
240.000 |
|
|
|
|
|
Expected Sales (2012-13): Rs.300.000 Millions
The above information has been parted by Mr. Mithlesh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(2.37)
|
19.52 |
9.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.89
|
34.28 |
15.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.18
|
31.22 |
29.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.52 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.09
|
0.66 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
2.34 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
Yes |
|
Major Customers |
Yes |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
FINANCIAL RESULTS
The financials year ended on a note of
satisfactory with the company being able to post a profit before tax and
exceptional items of Rs.12.489 Millions as against Rs.47.262 Millions in the
previous year.
REVIEW OF OPERATIONS:
The review of operations
gives a feeling of achievement. The sales revenue and profits are in line with
the expectations. Despite the economic slowdown, the results of operations have
been good. The Company has secured a very large order from a well know company
in the oil sector worth an estimated Rs.60 million and few more of similar
volume are expected. During the year, the company has invested in ERP, the
benefits of which should be reaped in the coming years.
FUTURE OUTLOOK
With the growth in
the industrial sector continuing to be strong, there is an ongoing demand for
their products and services. Company shall continue to focus on large heat
tracing contracts in the industrial sector. Company is addressing the need for
additional resources by hiring and training required manpower. India and Middle
East markets offer good opportunity for growth. The Indian operations are well
poised to take advantage of these trends. The coming years are expected show
very splendid results, both from revenue as well as from profitability point of
view.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Custom Duty Demands (For Projects Imports) |
-- |
10.103 |
|
Central Sales Tax (FY 2001-02) |
-- |
0.819 |
|
Bombay Sales Tax (FY 2001-02) |
-- |
0.045 |
|
Bombay Sales Tax (FY 2003-04) |
-- |
0.249 |
|
Central Sales Tax (FY 2003-04) |
-- |
2.731 |
|
Bombay Sales Tax (FY 2004-05) |
-- |
0.703 |
|
Central Sales Tax (FY 2004-05) |
-- |
4.956 |
|
Andhra Pradesh Sales Tax (FY 1998-99) |
-- |
1.421 |
TRADE REFERENCE:
·
Thermon Manufacturing Company
·
Reliance Cairn Energy
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10133222 |
|
Corporate
identity number of the company |
U99999MH1993PTC030628 |
|
Name of the
company |
THERMON HEAT
TRACERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
566+570/1
Koregaonbhimard Shirur, Pune – 412207, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
3i Infotech
Trusteeship Services Limited 6th Floor, Akruti Centre Point, M.I.D.C. Central Road,
Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Indenture of Mortgage |
|
Date of
instrument Creating the charge |
06/10/2009 |
|
Amount secured by
the charge |
Rs.80.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Overdraft:
IBAR-2.25% p.a. and Cash Credit Risk Premium prevailing on each day plus
applicable interest tax or other statutory levy, if any, on the principal
amount of the loan remains outstanding Terms of
Repayment Bank Guarantee
Tenor: The Validity of any bank guarantees issued should not exceed 36 months
including claim period, if any Overdraft: 12
Months from date of sanction or one month prior to expiry of SBLC whichever
is earlier. Margin Bank Guarantee
Margin: 10% in the form of Fixed Deposits under lien with ICICI Bank Extent and
Operation of the charge First Charge by
way of registered mortgage of existing land and building situated at Gat No.
796 (previously known as 566) and Gat No 800/1 (previously known as 570/1)
Koregaon Bhima, Taluka Bhima, District Pune, Maharashtra |
|
Short particulars
of the property charged |
First Charge by
way of registered mortgage of existing land and building situated at Gat No. 796
(previously known as 566) and Gat No 800/1 (previously known as 570/1)
Koregaon Bhima, Taluka Bhima District Pune, Maharashtra |
|
Date of latest
modification prior to the present modification |
30/03/2009 |
|
Particulars of
the present modification |
Supplemental
Indenture of Mortgage has been executed for enhancement of Working Capital
Facilities from Rs.40.0 million to Rs.80.0 million (Bank Guarantee enhanced from Rs.36.5
million to Rs.76.5 million and Overdraft limits of Rs.3.5 million) and other terms
and conditions remains unchanged. |
FIXED ASSETS:
· Freehold Land
· Factory Building
· Leasehold Improvement
· Plant and Machinery
· Vehicles
· Electrical Installations
· Office Equipment
· Computers
· Air Conditioner
· Furniture and Fixture
· Temporary Structures
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.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--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.