MIRA
INFORM REPORT
|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SEAM INDUSTRIES LIMITED (w.e.f. 10.02.2011) |
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Formerly Known
As : |
SEAM INDUSTRIES PRIVATE LIMITED (w.e.f. 04.06.2009) SUNIL HI-TECH ENGINEERS AND MANUFACTURERS PRIVATE LIMITED |
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Registered
Office : |
97, East High Court Road, Ramdaspeth, Nagpur – 440010, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.05.2005 |
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Com. Reg. No.: |
11-153364 |
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Capital
Investment / Paid-up Capital : |
Rs. 55.300 Millions |
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CIN No.: [Company Identification
No.] |
U28120MH2005PTC153364 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Boiler Components. |
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No. of Employees
: |
750 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
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 890000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payment are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
01.11.2012 |
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Rating Agency Name |
CARE |
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Rating |
A2+ (Short Term Bank Facilities) |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
01.11.2012 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Manamtharayil Thankappan Devrajan |
|
Designation : |
Director |
|
Contact No.: |
91-9011014118 |
|
Date : |
22.04.2013 |
LOCATIONS
|
Registered Office : |
97, |
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Tel. No.: |
91-712-2562087/ 3045213/ 3045252 |
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Mobile No.: |
91-9011014118 (Mr. Manamtharayil Thankappan Devrajan) |
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Fax No.: |
91-712-2562091 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. Ft. |
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Location : |
Owned |
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Factory 1 : |
K-43/2, Five Star Industrial Zone, MIDC, Butibori, Nagpur-441122,
Maharashtra, India |
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Tel. No.: |
91-7104-265468 / 321962 |
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Fax No.: |
91-7104-265467 |
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Factory 2 : |
K-55, Five Star Industrial Zone, MIDC, Butibori, Nagpur-441122, Maharashtra,
India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ratnakar Gutte |
|
Designation : |
Managing Director |
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Address : |
Plot No.1, Civil Lines, Near MLA Hostel, |
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Date of Birth/Age : |
12.08.1958 |
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Date of Appointment : |
19.05.2005 |
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DIN No.: |
00165642 |
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Name : |
Mr. Sunil Gutte |
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Designation : |
Director |
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Address : |
Plot No.1, Near MLA Hostel Civil Lines, Nagpur-440001, Maharashtra,
India |
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Date of Birth/Age : |
07.11.1982 |
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Date of Appointment : |
19.05.2005 |
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DIN No.: |
00165822 |
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Name : |
Mr. Vijay Gutte |
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Designation : |
Director |
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Address : |
Plot No.1, Near MLA Hostel Civil Lines, Nagpur-440001, Maharashtra,
India |
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Date of Birth/Age : |
09.03.1983 |
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Date of Appointment : |
19.05.2005 |
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DIN No.: |
01179049 |
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Name : |
Mr. Parag Ashok Sakalikar |
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Designation : |
Director |
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Address : |
P No.3, Sagar Automobiles Karve Nagar, Wardha Road, Nagpur-440023,
Maharashtra, India |
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Date of Birth/Age : |
09.06.1973 |
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Date of Appointment : |
15.12.2007 |
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DIN No.: |
01940760 |
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Name : |
Ms. Swati Rajesh Phad |
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Designation : |
Whole Time Director |
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Address : |
13, Satya Sai Apartment, Pratap Nagar Road, Near Somalwar High School,
Khamla, Nagpur-440025, Maharashtra, India |
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Date of Birth/Age : |
10.03.1985 |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
03268934 |
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Name : |
Mr. Manamtharayil Thankappan Devrajan |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Sunil Hitech Engineers Limited, India
|
4900000 |
|
Sunil Gutte |
179970 |
|
Vijay Gutte |
50000 |
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Ratnakar Gutte |
400000 |
|
Swati R Phad |
10 |
|
Sudhamati R Gutte |
10 |
|
Manamtharayil Thankappan Devrajan |
10 |
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TOTAL
|
5530000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
88.61 |
|
Directors or relatives of Directors |
11.39 |
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TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Boiler Components. |
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Exports : |
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Products : |
·
Boiler ·
Components |
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Countries : |
·
UK ·
Germany ·
China ·
Japan |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
USA ·
Japan |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
·
End Users |
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No. of Employees : |
750 (Approximately) |
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Bankers : |
·
Punjab National Bank, MID Corporate Branch, Surya
Nagar, Kalamna Roaad, Nagpur-440035, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
K K Mankeshwar and Company Chartered Accountant |
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Address : |
Kingsway, Nagpur, Maharashtra, India |
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PAN No.: |
AABPU4889N |
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Holding Company : |
Sunil Hitech Engineers Limited CIN No.:- L28920MH1998PLC115155 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5530000 |
Equity Shares |
Rs.10/- each |
Rs. 55.300
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
55.300 |
41.300 |
41.300 |
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2] Share Application Money |
0.000 |
0.00 |
0.000 |
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3] Reserves & Surplus |
168.579 |
85.702 |
48.822 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
223.879 |
127.002 |
90.122 |
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LOAN FUNDS |
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1] Secured Loans |
47.266 |
47.352 |
107.169 |
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2] Unsecured Loans |
322.863 |
184.356 |
0.000 |
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TOTAL BORROWING |
370.129 |
231.708 |
107.169 |
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DEFERRED TAX LIABILITIES |
4.778 |
0.000 |
0.000 |
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TOTAL |
598.786 |
358.710 |
197.291 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
254.884 |
68.638 |
65.514 |
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Capital work-in-progress |
23.665 |
23.782 |
7.934 |
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INVESTMENT |
1.600 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
2.623 |
2.085 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
105.206
|
41.482 |
121.186
|
|
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Sundry Debtors |
620.121
|
464.795 |
220.373
|
|
|
Cash & Bank Balances |
23.699
|
8.045 |
12.060
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
25.265
|
78.565 |
33.756
|
|
Total
Current Assets |
774.291
|
592.887 |
387.375 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
287.228
|
278.669 |
166.449
|
|
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Other Current Liabilities |
158.757
|
48.269 |
79.136
|
|
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Provisions |
9.669
|
2.282 |
21.611
|
|
Total
Current Liabilities |
455.654
|
329.220 |
267.196 |
|
|
Net Current Assets |
318.637
|
263.667 |
120.179
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.579 |
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|
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|
|
|
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TOTAL |
598.786 |
358.710 |
197.291 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
|
|
|
|
|
|
|
Income |
1185.313 |
808.673 |
470.588 |
|
|
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Other Income |
3.453 |
1.273 |
7.686 |
|
|
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TOTAL (A) |
1188.766 |
809.946 |
478.274 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
868.455 |
552.463 |
|
|
|
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Employee benefit expense |
38.726 |
20.618 |
|
|
|
|
Other expenses |
146.973 |
109.645 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(18.201) |
43.876 |
|
|
|
|
TOTAL (B) |
1035.953 |
726.602 |
414.175 |
|
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|
|
|
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
152.813 |
83.344 |
64.099 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
47.305 |
21.272 |
12.454 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
105.508 |
62.072 |
51.645 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.473 |
8.258 |
16.505 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
88.035 |
53.814 |
35.140 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
33.658 |
17.434 |
11.944 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
54.377 |
36.380 |
23.196 |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
9.126 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
32.322 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.78 |
8.81 |
-- |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
1600.000 |
|
|
|
|
|
The above information has been parted by Mr. Manamtharayil Thankappan
Devrajan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.57
|
4.49 |
4.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.43
|
6.65 |
7.47 |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.55
|
8.10 |
7.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.43 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.65
|
1.82 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.80 |
1.45 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Loans and Advances from Related Parties |
30.000 |
30.000 |
|
Working Capital Loans from Banks |
292.863 |
154.356 |
|
|
|
|
|
TOTAL |
322.863 |
184.356 |
FORM 8
|
Corporate
identity number of the company |
U28120MH2005PLC153364 |
|
Name of the
company |
SEAM INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
97, East High Court Road, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
10368259 |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Punjab National Bank, MID Corporate Branch, Surya Nagar, Kalamna Roaad, Nagpur-440035, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter Ceding
Pari-Passu Charge In Favour of PNB |
|
Date of
instrument Creating the charge |
28.12.2012 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 14% P.A Terms of repayment As Agreed Between
The Bank And The Borrower From Time To Time Margin 25% On Stocks And
Book Debts Extent and operation of the charge As Mentioned In
The Agreement of Hypothecation of
Goods And Book Debts and Agreement of Hypothecation of Movable Assets Forming
Part of Block Assets |
|
Short particulars
of the property charged (Including location of the property) |
Factory land
admeasuring 16280 sq mtrs and building constructed thereon situated at K-43/2
in Butibori, Five Star Industrial Area situated within the village limit of
Kirmit, Taluka & District, Nagpur Plot No. G 16/1
admeasuring 8820 sq mts situated in village Kirmit, Five star industrial
area, Butibori Industrial area District Nagpur Plot No. G
16/2(Part) admeasuring 5684 sq mts situated in village kirmit, five star
Industrial area, Butibori Industrial area District Nagpur Non agricultural
Land bearing survey no.135 & 136 of Mouza Kandri, PSK 24, admeasuring
2.28 hectares and 0.85 hectares situated at village Kandri in Tahsil Ramtek
and District Nagpur Non agricultural
Land bearing survey no.166 & 168 and 174 of Mouza Hiwara (Beed) PSK No. 24
having an area of 0.65 Hectares, 1.82 Hectares and 0.42 hectares respectively
situated at Hiwara, (Beed) All the portion
of land admeasuring 1.61 hectors the entire land bearing Survey No. 421(P) of
mouza Tokwadi, situated within the limit of Gram Panchayat Tokwadi, tahsil
Pardi and District Beed Hypothecation of
movable assets forming part of block assets of the company. |
|
Particulars of
the present modification |
As Per Letter
Ceding Pari Passu Charge By Oriental Bank of Commerce The Charge of Oriental
Bank of Commerce Over The Company's Assets / Fixed Assets/ Immovable
Properties Belonging To The Promoters, Directors, Guarantors or Third Parties
Shall Rank Pari Passu With The Charge of Punjab National Bank |
FIXED ASSETS
· Air Conditioner
· Electric Installation
· Furniture and Fixtures
· Motor Vehicles
· Plant and Machinery
· Office Equipment
· Factory Shed and Office Building
· Miscellaneous Assets
· Land
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 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. 54.29 |
|
|
1 |
Rs. 82.87 |
|
Euro |
1 |
Rs. 70.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.