|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MISSION BIOFUELS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Shops No. 1, 2 and 3, Sun Heights, Ground Floor, Gandhinagar Bridge, Adi
Shankaracharya Marg, Powai, Mumbai 400076, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2011 |
|
|
|
|
Date of
Incorporation : |
14.11.2005 |
|
|
|
|
Com. Reg. No.: |
190649 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.24.874
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23201MH2005PTC190649 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in development of seeds
of feed-stock for biofuels such as jatropha and similar products, selling
high quality Jatropha saplings to farmers, buying back the produce from such
farmers, using the Jatropha seeds for extraction of oil, utilizing the oil
for refining into bio-diesel either in India or Overseas. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 264440 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
latest financials are not made available with the government department. As per previous years, there appears huge accumulated losses recorded
by the company. The liquidity position seems to be weak. However, trade relations are reported to be fair. Business is active.
Payments are reported to be unknown. The company can be considered for business dealings with great
caution. |
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 |
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 |
ICRA |
|
Rating |
B- TERM LOAN |
|
Rating Explanation |
Having high risk of default regarding timely securing of financial
obligation. |
|
Date |
July 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 : |
Shops No. 1, 2 and 3, Sun Heights, Ground Floor, Gandhinagar Bridge,
Adi Shankaracharya Marg, Powai, Mumbai 400076, Maharashtra, India |
|
Tel. No.: |
91-674-6624500 |
|
Fax No.: |
91-674-2434456 |
|
E-Mail : |
|
|
|
|
|
Plant : |
2nd Floor, Maa Gauri Complex, 191 Jewls Road Opp Kedar Gauri Temple,
Bhubaneshwar, Orissa, India |
|
Tel. No.: |
91-674-6624500 |
DIRECTORS
AS ON 31.12.2011
|
Name : |
Mr. Arun Bhatnagar |
|
Designation : |
Director |
|
Address : |
1 1871 Placer Spring Ct Cupertino, California, 95014 United States |
|
Date of Birth/Age : |
10.06.1944 |
|
Date of Appointment : |
01.06.2008 |
|
DIN No.: |
02253112 |
Other Directorship
|
S.No. |
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company/ LLP
Status |
Defaulting
status |
|
1 |
U23201MH2005PTC190649
|
MISSION BIOFUELS
INDIA PRIVATE LIMITED |
Director |
28/06/2010 |
01/06/2008 |
- |
Active |
NO |
|
2 |
L15421MP1940PLC000153
|
GWALIOR SUGAR CO
LTD |
Director |
23/06/2008 |
23/06/2008 |
26/03/2009 |
Active |
|
|
3 |
U01110MP1946PLC000341
|
THE GWALIOR
AGRICULTURE COMPANY LIMITED |
Director |
23/06/2008 |
23/06/2008 |
26/03/2009 |
Active |
|
|
4 |
L22354MP1992PLC007295
|
RELIABLE VENTURES
INDIA LIMITED |
Additional
director |
30/09/2008 |
30/09/2008 |
14/12/2010 |
Active |
NO |
|
Name : |
Mr. Swaminathan Mahalingam |
|
Designation : |
Director |
|
Address : |
C-26-05, 3 Two Square, No. 2 Jalan 19/1,, Petaling Jaya Selangor, Darul Ehsan, Selangor, 46300, , Malaysia |
|
Date of Birth/Age : |
04.10.1957 |
|
Date of Appointment : |
01.06.2008 |
|
DIN No.: |
02332928 |
|
|
|
|
Name : |
Mr. Guy Ralph Burnett |
|
Designation : |
Director |
|
Address : |
23 Dalton Cres, Kingsley, Wa, 6026, , Australia |
|
Date of Birth/Age : |
24.02.1968 |
|
Date of Appointment : |
19.06.2009 |
|
DIN No.: |
03010373 |
|
|
|
|
Name : |
Mr. Mohamed Zain Bin Mohamed Yusuf |
|
Designation : |
Director |
|
Address : |
7,Jln Damansara Permai, Bukit Damansara,, Kuala Lumpur, 50490, , Malaysia |
|
Date of Birth/Age : |
29.08.1939 |
|
Date of Appointment : |
22.07.2009 |
|
DIN No.: |
03185901 |
|
|
|
|
Name : |
Mr. Venkata Jagannadha Charyulu Nanduri |
|
Designation : |
Director |
|
Address : |
HNO 1-10-245 Fno-401-A, shiva Towers Ashok Nagar Extn, Hyderabad, 500020, Andhra Pradesh, India |
|
Date of Birth/Age : |
12.06.1953 |
|
Date of Appointment : |
07.10.2010 |
|
DIN No.: |
03282572 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mission Agro Energy Limited |
|
2487396 |
|
Mission New Energy Limited |
|
8 |
|
Total |
|
2487404 |
AS ON 31.12.2011
|
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 : |
Subject is engaged in development of seeds
of feed-stock for biofuels such as jatropha and similar products, selling
high quality Jatropha saplings to farmers, buying back the produce from such
farmers, using the Jatropha seeds for extraction of oil, utilizing the oil
for refining into bio-diesel either in India or Overseas. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Union Bank of India Limited, Corporate and SME Branch, Al Shankaracharya
Marg, Powai, Mumbai 400072, Maharashtra, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
Rs. In Millions
Note: Loans from bank are fully secured by way of first charge on the land
and windmills of the company and collateral security of office premises. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountant |
|
Address : |
7th Floor, Block II, White House, Kundan Bagh, Begumpet,
Hyderabad 500016, Andhra Pradesh, India |
|
|
|
|
Holding Company: |
Mission Agro Energy Limited |
|
|
|
|
Subsidiary : |
Mission Agro Diesel (India) Private Limited |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2487404 |
Equity Shares |
Rs.10/- each |
Rs.24.874
Millions |
AS ON 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2487404 |
Equity Shares |
Rs.10/- each |
Rs.24.874
Millions |
Note:
Out of the above equity shares 2476396 shares
are held by Mission Agro Energy Limited, the holding company and 8 equity
shares are held by Mission New Energy Limited, the Ultimate Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.874 |
21.742 |
13.221 |
|
|
2] Share Application Money |
24.342 |
22.700 |
146.942 |
|
|
3] Reserves & Surplus |
771.897 |
662.278 |
566.872 |
|
|
4] (Accumulated Losses) |
(755.003) |
(223.001) |
0.000 |
|
|
NETWORTH |
66.110 |
483.719 |
727.035 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
109.442 |
129.340 |
149.239 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
74.033 |
|
|
TOTAL BORROWING |
109.442 |
129.340 |
223.272 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
175.552 |
613.059 |
950.307 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
149.976 |
171.801 |
256.077 |
|
|
Capital work-in-progress |
0.000 |
0.700 |
0.846 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.030 |
0.028 |
0.029 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.741
|
4.227 |
12.037 |
|
|
Sundry Debtors |
34.481
|
381.119 |
631.869 |
|
|
Cash & Bank Balances |
9.709
|
26.232 |
71.944 |
|
|
Other Current Assets |
4.244
|
60.954 |
1.082 |
|
|
Loans & Advances |
9.022
|
6.909 |
6.889 |
|
Total
Current Assets |
61.197
|
479.441 |
723.821 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.979
|
30.696 |
21.615 |
|
|
Other Current Liabilities |
3.605
|
3.883 |
2.243 |
|
|
Provisions |
4.067
|
4.332 |
6.608 |
|
Total
Current Liabilities |
35.651
|
38.911 |
30.466 |
|
|
Net Current Assets |
25.546
|
440.530 |
693.355 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
175.552 |
613.059 |
950.307 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65
|
0.26 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
12.32 |
23.75 |
LOCAL AGENCY FURTHER INFORMATION
Background
Subject was incorporated in November 2005 in accordance
with the provisions of the company’s act 1956. Subject is engaged in
development of seeds of feed-stock for biofuels such as jatropha and similar
products, selling high quality Jatropha saplings to farmers, buying back the
produce from such farmers, using the Jatropha seeds for extraction of oil,
utilizing the oil for refining into bio-diesel either in India or Overseas.
Subject ios also engaged in improving the
quality of agricultural produce, purchasing and developing high quality
non-edible oil seeds and their agricultural produce and providing technical
know-how in respect of land preparation, nursery, fertilization, post
management, irrigation, harvesting and alike things. In December 2009, the
Government of India approved a Biofuels policy which validates the decision to
enter into the farming of a renewable fuel sources.
Subject is also engaged in the business of
generation and sale of electricity by installation and operation of renewable
electricity generation plants such as windmill.
|
Sr. No. |
Check List by Info Agen ts |
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 |
-- |
|
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 |
-- |
|
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 |
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if
available |
-- |
|
32] |
Passport No of Proprietor/Partner/Director,
if available |
-- |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
-- |
|
34] |
External Agency Rating, if available |
No |
FORM 8
|
Corporate
identity number of the company |
U23201MH2005PTC190649 |
|
Name of the
company |
MISSION BIOFUELS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shops No. 1, 2 and 3, Sun Heights, Ground Floor, Gandhinagar Bridge,
Adi Shankaracharya Marg, Powai, Mumbai 400076, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Union Bank of India Limited, Corporate and SME Branch, Al
Shankaracharya Marg, Powai, Mumbai 400072, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of
deposit of title deeds dated December 17,2007 for term loan granted by the
bank |
|
Date of
instrument Creating the charge |
17.01.2008 |
|
Amount secured by
the charge |
Rs. 161.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 12 % per annum Terms of repayment In 32
installments of Rs.5.031 millions each payable quarterly. Margin 30% of the
sanctioned loan amount. Extent and operation of the charge Charge will be
operational till the repayment of loan of Rs.161.000 millions. |
|
Short particulars
of the property charged (Including location of the property) |
1. Land situated
within the village limits of Lenghare, Taluka Khamapur, District Sangli,
beraing gat number 406 and at land situated within the village limits of
Revangaon, Taluka Khanapur, District Sangli, bearing Gat number 352. 2. Shop no. 1, 2
and 3 on the ground floor and shop no. 1,2, and 3 on the basement on the
building known as Sun Heights located at Ai Shanaracharya Marg, Powai,
Mumbai. |
|
Particulars of
the present modification |
Memorandum of
deposit of title deeds dated December 17,2007 for term loan granted by the
bank for: 1. Land situated
within the village limits of Lenghare, Taluka Khamapur, District Sangli,
beraing gat number 406 and at land situated within the village limits of
Revangaon, Taluka Khanapur, District Sangli, bearing Gat number 352. 2. Shop no. 1, 2
and 3 on the ground floor and shop no. 1,2, and 3 on the basement on the
building known as Sun Heights located at Ai Shanaracharya Marg, Powai,
Mumbai. |
FIXED ASSETS:
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.54.39 |
|
|
1 |
Rs.82.05 |
|
Euro |
1 |
Rs.69.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.