MIRA
INFORM REPORT
|
Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHAVIR CASTINGS LIMITED |
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|
|
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Formerly Known
As : |
CHANDAN CASTINGS PRIVATE LIMITED |
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Registered
Office : |
1205/6, GIDC, Phase III, Vatva, Ahmedabad – 382445, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.04.1981 |
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Com. Reg. No.: |
04-004282 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.549 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U27100GJ1981PLC004282 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM00368E |
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|
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PAN No.: [Permanent Account No.] |
AABCM2885R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of S.G. Iron, Steel Castings, Grey Iron, CI
Casting, Casting, Ferrous Metal, Non Ferrous Metal etc. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 77000 |
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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 record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL - NSIC |
|
Rating |
(NSIC) SE1B |
|
Rating Explanation |
Having highest performance capability and
financial strength seems to be moderate. |
|
Date |
19 April, 2012 |
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 : |
1205/6, GIDC, Phase III, Vatva, Ahmedabad – 382445, Gujarat, India |
|
Tel. No.: |
91-79-25890053/ 54 |
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Fax No.: |
91-79-25833783 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Ronak Sureshbhai Shah |
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Designation : |
Director |
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Address : |
B/1004, Bageshree Tower, Opposite, Fun Republic Cinema, Satellite,
Ahmedabad – 15, Gujarat, India |
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Date of Appointment : |
23.04.1981 |
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DIN No.: |
01974379 |
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Other Directorship: |
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Name : |
Mr. Romal Sureshbhai Shah |
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Designation : |
Director |
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|
Address : |
B/1004, Bageshree Tower, Opposite, Fun Republic Cinema, Satellite,
Ahmedabad – 15, Gujarat, India |
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|
Date of Appointment : |
26.04.1995 |
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DIN No.: |
01982341 |
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Other Directorship: |
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||||||||||||||||||||||||
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Name : |
Mr. Thakorbhai Chandubhai Patel |
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Designation : |
Director |
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|
Address : |
Naryan Nagar, Post Kanij, Mehmdavad, Gujarat – 387120, India |
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Date of Appointment : |
20.03.2007 |
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DIN No.: |
03175233 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nehal Shah |
|
13200 |
|
Nirav Shah |
|
100 |
|
Suresh Shah |
|
4000 |
|
Rekha Shah |
|
4691 |
|
Ronak Shah |
|
28550 |
|
Romal Shah |
|
27450 |
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Dilip Shah |
|
1500 |
|
Nehal Ranok Family Trust, India |
|
6000 |
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Total |
|
85491 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of S.G. Iron, Steel Castings, Grey Iron, CI
Casting, Casting, Ferrous Metal, Non Ferrous Metal etc. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
C.I. Castings |
(Ton) |
N.A. |
N.A. |
706.56 |
|
S.G. Iron Casting |
(Ton) |
N.A. |
N.A. |
1098.685 |
|
S.S. Castings |
(Ton) |
N.A. |
N.A. |
Nil |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Bank of India, Ahmedabad Main Branch, Mazzanine
Floor, BOI Building, Bhadra, Ahmedabad – 380001, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Small Industries Development Bank of India, SIDBI Tower, 15, Ashok
Marg, Lucknow – 226001, Uttar Pradesh, India |
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Auditors : |
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|
Name : |
MP Sutraia and Company Chartered Accountants |
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Address : |
303 Harikrupa Tower, B/H Gujarat College,Ellisbridge, Ahmedabad –
380006, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
DDDDD5651D |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85,491 |
Equity Share |
Rs. 100/- each |
Rs. 8.549
Millions |
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|
|
|
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 |
8.549 |
8.549 |
8.549 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.751 |
9.145 |
7.819 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.300 |
17.694 |
16.368 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.926 |
10.618 |
9.327 |
|
|
2] Unsecured Loans |
5.633 |
8.402 |
8.455 |
|
|
TOTAL BORROWING |
15.559 |
19.020 |
17.782 |
|
|
DEFERRED TAX LIABILITIES |
4.065 |
3.928 |
3.803 |
|
|
Advance against Orders |
0.317 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
39.241 |
40.642 |
37.953 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
21.383 |
20.424 |
20.268 |
|
|
Capital work-in-progress |
0.000 |
0.00 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.181 |
0.181 |
0.181 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.494
|
5.876 |
5.744 |
|
|
Sundry Debtors |
32.874
|
29.018 |
33.500 |
|
|
Cash & Bank Balances |
4.991
|
4.970 |
4.936 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.482
|
3.822 |
3.210 |
|
Total
Current Assets |
46.841
|
43.686 |
47.390 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.659
|
21.981 |
28.104 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.505
|
1.668 |
1.782 |
|
Total
Current Liabilities |
29.164
|
23.649 |
29.886 |
|
|
Net Current Assets |
17.677
|
20.037 |
17.504 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
39.241 |
40.642 |
37.953 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
117.141 |
101.444 |
135.770 |
|
|
|
Other Income |
0.458 |
0.353 |
0.552 |
|
|
|
TOTAL (A) |
117.599 |
101.797 |
136.322 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods sold |
76.793 |
66.786 |
97.223 |
|
|
|
Provision & Payment of Employees |
1.327 |
1.203 |
1.181 |
|
|
|
Power & Fuel Expenses |
12.140 |
12.226 |
12.194 |
|
|
|
Other Manufacturing Expenses |
13.780 |
10.987 |
11.473 |
|
|
|
Administrative Expenses |
3.088 |
2.177 |
1.572 |
|
|
|
Government Duties |
0.593 |
0.057 |
5.012 |
|
|
|
Selling & Distribution Expenses |
1.663 |
0.542 |
0.259 |
|
|
|
Audit Fees |
0.027 |
0.027 |
0.013 |
|
|
|
Directors Salary |
1.600 |
1.400 |
1.100 |
|
|
|
TOTAL (B) |
111.011 |
95.405 |
130.027 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.588 |
6.392 |
6.295 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.019 |
2.225 |
2.457 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.569 |
4.167 |
3.838 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.229 |
2.272 |
2.169 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.340 |
1.895 |
1.669 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.734 |
0.613 |
0.825 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.606 |
1.282 |
0.844 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.78 |
16.46 |
10.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.37 |
1.26 |
0.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.00 |
1.87 |
1.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.43 |
2.96 |
2.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.11 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.32 |
2.41 |
2.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61 |
1.85 |
1.59 |
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 |
No |
|
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 |
Yes |
|
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 |
OPERATIONS
During the year, the
total production of the C. I. Castings and SG Iron Castings was 1805.245 MTs
(Previous Year 1741.630 MTs) and the Sales dispatched 1804.474 Mts. (Previous
Year 1763.337 MTs) Net turnover for the year was Rs.117.141 Millions compared
to Rs.101.443 Millions for the previous year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27100GJ1981PLC004282 |
|
Name of the
company |
MAHAVIR CASTINGS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
1205/6 GIDC Phase
III Vatva, Ahmedabad - 382445, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80011593 |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
Small Industries
Development Bank of India, Sidbi Tower, 15, Ashok Marg, Lucknow – 226001,
Uttar Pradesh, India Email ID: jaykgupta@sidbi.in
|
|
Nature of description
of the instrument creating or modifying the charge |
[a] Agreement for
Term Loan Limit - cum - Hypothecation [b] Memorandum
for Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
10.02.2010 |
|
Amount secured by
the charge |
Rs. 12.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 9.75% p.a. Terms of Repayment 54 monthly
installment comprising of first 53 monthly installments of Rs.0.037 Million and
last 1 monthly installment of Rs.0.039 Million after a moratorium of 6 months
from the date of first disbursement Margin 25% Extent and Operation of the charge [a] Extension of
Hypothecation charge over existing movable assets charged to SIDBI and movable
assets proposed to be acquired out of the assistance. [b] Extension of
First charge by way of mortgage on the immovable properties of the Company
situate at Plot No.1207-1208, GIDC Phase III, Vatva, Ahmedabad. |
|
Short particulars
of the property charged |
Extension of
Hypothecation charge over existing movable assets charged to SIDBI and
movable assets proposed to be acquired out of the additional assistance. Extension of
First charge by way of mortgage on the immovable properties of the Borrower
situate at Plot No.1207-1208, GIDC Phase III , Vatva, Ahmedabad. |
|
Date of latest
modification prior to the present modification |
16.03.2006 |
|
Particulars of
the present modification |
Extension of first
charge in favour of SIDBI by way of mortgage on the immovable properties of
the Company situate at Plot No.1207-1208, GIDC Phase III , Vatva, Ahmedabad
over and extension of charge by way of hypothecation on the existing movable
assets and movable assets created out of the additional assistance of
Rs.2.000 Millions thereby securing the overall financial facilities of
Rs.12.700 Millions. |
FIXED ASSETS:
·
Land
·
Factory Building
·
Plant and Machinery
·
Electrification Cost
·
Laboratory Equipments
·
Tools and Accessories
·
Moulding Boxes and Laddles
·
Mould
·
Furniture
·
Vehicles
·
Dead Stock
·
Computer
·
Refrigerator
·
Gas Cylinders
·
Air Conditioners
·
ISO 9001
·
Electronic Weighing Scale
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 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. 55.44 |
|
|
1 |
Rs. 89.31 |
|
Euro |
1 |
Rs. 71.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
6 |
|
--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 |
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 |
|
46 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.