|
Report Date : |
14.6.2012 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT GLAZES LIMITED |
|
|
|
|
Registered
Office : |
G 1, 90-93, Udyog Vihar, Sukher, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.03.2003 |
|
|
|
|
Com. Reg. No.: |
17-018164 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.18.615 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26913RJ2003PLC018164 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHO01319D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO6932G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Ceramic Glaze Frits |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRAs 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 630000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
G 1, 90-93, Udyog Vihar, Sukher, |
|
Tel. No.: |
91-294-2440307 |
|
Fax No.: |
91-294-2440310 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No.760, Vill Radhu, |
|
Tel. No.: |
91-2714 324111, 2694-281133 /281333 (Fax) |
|
Fax No.: |
281333 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Manik Chand Nahar |
|
Designation : |
Director |
|
Address : |
07, Panchratna Complex, |
|
Date of Birth/Age : |
20.12.1952 |
|
Date of Appointment : |
17.03.2003 |
|
Din No.: |
01640003 |
|
|
|
|
Name : |
Mr. Raj Kumar Surana |
|
Designation : |
Director |
|
Address : |
422, Panchratna Complex, |
|
Date of Birth/Age : |
07.09.1963 |
|
Qualification : |
B.Com |
|
Experience : |
20 Years |
|
Date of Appointment : |
17.03.2003 |
|
Din No.: |
01640034 |
|
|
|
|
Name : |
Shayar Devi Surana |
|
Designation : |
Director |
|
Address : |
422, Panchratna Complex, |
|
Date of Birth/Age : |
10.03.1943 |
|
Date of Appointment : |
17.03.2003 |
|
Din No.: |
01640053 |
|
|
|
|
Name : |
Mr. Manish Nahar |
|
Designation : |
Director |
|
Address : |
07, Maina Kunj Panchratna Complex, |
|
Date of Birth/Age : |
31.07.1978 |
|
Qualification : |
B.Com |
|
Experience : |
5 Years |
|
Date of Appointment : |
17.03.2003 |
|
Din No.: |
01869740 |
|
|
|
|
Name : |
Priti Nahar |
|
Designation : |
Director |
|
Address : |
07, Panchratna Complex, |
|
Date of Birth/Age : |
11.11.1982 |
|
Date of Appointment : |
30.09.2010 |
|
Din No.: |
03361433 |
|
|
|
|
Name : |
Mr. Harsh Surana |
|
Designation : |
Director |
|
Address : |
422, Panchratna Complex, |
|
Date of Birth/Age : |
03.09.1988 |
|
Date of Appointment : |
30.09.2010 |
|
Din No.: |
03401234 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Manik Chand Nahar |
|
7700 |
|
Raj Kumar Surana |
|
6250 |
|
Shayar Devi Surana |
|
5000 |
|
Manish Nahar |
|
10375 |
|
Priti Nahar |
|
10000 |
|
Harsh Surana |
|
17500 |
|
Manish Nahar |
|
2500 |
|
Presksha Surana |
|
7500 |
|
Meena Surana |
|
2600 |
|
Bijay Kumar Surana |
|
4225 |
|
Manish Nahar (HUF) |
|
1250 |
|
Megha Singhi |
|
2500 |
|
Manikchand Nahar (HUF) |
|
2500 |
|
Holdwell Distributors Private Limited |
|
50000 |
|
Rajni Devi nahar |
|
6250 |
|
Scope Traders Private Limited |
|
50000 |
|
Total |
|
186150 |
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
53.72 |
|
Directors or relatives of directors |
|
46.28 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Ceramic Glaze Frits |
PRODUCTION STATUS as on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Glaze Frit |
|
NA |
MT |
11035.233 |
|
Wind Energy -I |
MW/KWH |
0.60 |
0.60 |
881 |
|
Wind Energy -I I |
MW/KWH |
1.25 |
1.25 |
2996 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Oriental Bank of Commerce, HDFC Bank |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Rs.
in millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. K Pokharna and Company Chartered Accountant |
|
Address : |
212, Shubham Complex, 11-A, New Fatehpura, |
|
Pan No.: |
ABHPP8820B |
|
|
|
|
Related Party : |
Nahar Colours And Coating Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195000 |
Equity Share |
Rs.100/- each |
Rs.19.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
186150 |
Equity Share |
Rs.100/- each |
Rs.18.615
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 |
18.615 |
18.615 |
18.615 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
138.840 |
109.723 |
91.847 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
157.455 |
128.338 |
110.462 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
80.494 |
60.251 |
44.886 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
11.250 |
|
|
TOTAL BORROWING |
80.494 |
60.251 |
56.136 |
|
|
DEFERRED TAX LIABILITIES |
30.758 |
27.385 |
21.521 |
|
|
|
|
|
|
|
|
TOTAL |
268.707 |
215.974 |
188.119 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
140.724 |
142.898 |
144.386 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.003 |
0.003 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
95.188
|
44.291 |
44.875 |
|
|
Sundry Debtors |
63.671
|
40.054 |
48.172 |
|
|
Cash & Bank Balances |
12.901
|
10.926 |
6.706 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.509
|
13.108 |
7.925 |
|
Total
Current Assets |
190.269
|
108.379 |
107.678 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
37.033
|
29.148 |
57.798 |
|
|
Other Current Liabilities |
2.202
|
1.158 |
1.816 |
|
|
Provisions |
23.054
|
5.000 |
4.383 |
|
Total
Current Liabilities |
62.289
|
35.306 |
63.997 |
|
|
Net Current Assets |
127.980
|
73.073 |
43.681 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.049 |
|
|
|
|
|
|
|
|
TOTAL |
268.707 |
215.974 |
188.119 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
334.645 |
291.919 |
265.378 |
|
|
|
Other Income |
1.098 |
0.503 |
0.474 |
|
|
|
TOTAL (A) |
335.743 |
292.422 |
265.852 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
182.686 |
179.058 |
166.644 |
|
|
|
Cost of Raw Material Sold |
20.150 |
7.973 |
1.041 |
|
|
|
Packing Material Consumed |
3.377 |
2.655 |
0.000 |
|
|
|
Manufacturing Expenses |
26.100 |
28.532 |
21.639 |
|
|
|
Employee Remuneration |
8.323 |
7.691 |
5.970 |
|
|
|
Administrative Expenses |
9.436 |
8.750 |
10.562 |
|
|
|
Selling and Finance Expenses |
5.106 |
3.590 |
1.539 |
|
|
|
Preliminary Expenses |
0.000 |
0.050 |
0.050 |
|
|
|
Increase/ Decrease in Stocks |
(5.271) |
(7.440) |
0.296 |
|
|
|
TOTAL (B) |
249.907 |
230.859 |
207.741 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
85.836 |
61.563 |
58.111 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.180 |
12.547 |
8.241 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.656 |
49.016 |
49.870 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.112 |
19.644 |
12.184 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
55.544 |
29.372 |
37.686 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.773 |
11.496 |
12.973 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
37.771 |
17.876 |
24.712 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
92.223 |
74.347 |
49.634 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
8.000 |
0.000 |
0.000 |
|
|
|
Dividend |
7.446 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
1.208 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
113.340 |
92.223 |
74.346 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
113.44 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.24
|
6.11 |
9.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.12
|
10.06 |
14.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.63
|
11.69 |
14.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.23 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
0.75 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
3.07 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Form : 8
|
Corporate identity number of the company |
U26913RJ2003PLC018164 |
|
Name of the company |
ORIENT GLAZES LIMITED |
|
Address of the registered office or of the
principal place of business in |
G 1, 90-93,
Udyog Vihar, Sukher, Email: tcsindia@sify.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10003968 |
|
Type of charge |
·
Movable property (not being pledge) ·
Immovable
Property ·
Book
Debts ·
Floating
Charge |
|
Particular of charge holder |
Oriental Bank Of Commerce, G-2, Samedh, Near Associated Petrol Pump, C.G. Road, Ahmedabad, Gujarat 380006, India |
|
Nature of instrument creating charge |
1.
Supplemental
Agreement to secure credit / loan facilities (Loan Doc-13) 2.
Sanction
Letter 3.
Memorandum
of deposit of title deeds. |
|
Date of instrument Creating the charge |
19.04..2012 |
|
Amount secured by the charge |
Rs.241.300 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 14.25% p.a. i.e. Present Bank Rate of
10.75% + 3.50%, with monthly rests Terms
of repayment Term of Sanction : One Year Tenor (LC Limit) : DP or DA with usance
upto 180 Days. Margin Cash Credit Limit : 25% on Stock and
receivables Letter of Credit Limit : 10% Forward contract Limit : 5% Extent
and Operation of the charge: Hypothecation of Raw Material, SIP,
Stores, Spares, Finished Goods, Consumables, Packing Material & Book
Debts Hypothecation charge over the goods in
case of LC on DA Basis Documents to the title of goods in case of
LC on DP Basis. Demand / Usance Bills under LC to have
Maximum tenor of 90 Days (To secure total enhanced limit of
Rs.313.300 Millions, i.e. Working capital limits of Rs.241.300 Millions and
term loan of Rs.72.000 Millions, charge separately created vide id 10003970) Others: A) Personal Guarantee : Mr Raj Kumar Surana, Mr. Manik Chand
Nahar, Smt Shayar Devi Surana, Mr Manish Nahar, Ms Priti Nahar, Mr Harsh
Surana Directors of the Company and Mr. Bijay Kumar Surana. B)
Corporate Guarantee of Nahar Colour & Coatings Limited having TNW of Rs.236.000 Millions as on 31.03.2011. C) Guarantee of M/s Cuarzo D) Counter Guarantee of the Borrower E) Forward Contract limit of Rs.6.300
Millions being 5% of total Contractual
Exposer of Rs.12.600 Millions |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Raw Material, Stock in Process, Finished
Goods, Consumables, Packing Material, Book Debts, & other movable assets
of the company (Existing and Future) situated at G-1 90-93 Udyog Vihar,
Sukher Udaipur Entire Fixed Assets of The Company having
WDV of Rs.140.700 Millions Charge...
as on 31.03.2011 Charge on Fixed assets of M\s Cuarzo
estimated at Rs.68.100 Millions |
|
Particulars of the present modification |
I. Increase of Fund Based Limit from
Rs.113.500 Millions to Rs241.300
Millions as under : A.
Cash Credit : Rs.110.000
Millions
Sub Limits : B.P./ B.D. : (Rs.40.000 Millions)
Usance BP / BD (against LC) : (Rs.40.000 Millions) B.
L.C. (Import /Inland) : Rs.125.000
Millions Sub Limit : Bank Guarantee
: (Rs.25.000 Millions) C. Forward Contract limit : Rs.06.300
Millions II. Hypothecation to cover overall limit
of Rs. 313.3 Millions |
FIXED ASSETS:
·
Land and Site Development
·
·
Other Building and Road
·
Plant and Machinery
·
Electrical Installation
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Appliances
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 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 Intl
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 companys 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.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 SCs 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.