MIRA
INFORM REPORT
|
Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREE DURGA SYNTAX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Block No. 129 and 175, Plot No. Z and E, Village: Jolwa, Taluka: Palsana,
Surat-394305, Gujarat |
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|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.02.2003 |
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Com. Reg. No.: |
04-041979 |
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Capital
Investment / Paid-up Capital : |
Rs. 208.808 millions |
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|
|
CIN No.: [Company Identification
No.] |
U17119GJ2003PTC041979 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS06723D |
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PAN No.: [Permanent Account No.] |
AABCD8894P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Art Silk Fabrics and Knitted Fabrics. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600000 |
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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 a 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 normal business dealings at usual
trade terms and condition. |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Cash Credit : BB+ |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
April, 2013 |
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 : |
Block No. 129 and 175, Plot No. Z and E, Village: Jolwa, Taluka:
Palsana, Surat-394305, Gujarat, India |
|
Tel. No.: |
91-2622-274477 / 274478 |
|
Fax No.: |
91-2622-274479 |
|
E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Bachhraj Begani |
|
Designation : |
Director |
|
Address : |
6-A, Sai Ashish Society, University Road, Surat- 395001, Gujarat, India |
|
Date of Birth/Age : |
05.04.1958 |
|
Date of Appointment : |
01.11.2012 |
|
DIN No. : |
00255382 |
|
|
|
|
Name : |
Mr. Pawankumar Begani |
|
Designation : |
Director |
|
Address : |
6-A, Sai Ashish Society, University Road, Surat- 395001, Gujarat, India |
|
Date of Birth/Age : |
19.02.1981 |
|
Date of Appointment : |
01.11.2012 |
|
DIN No. : |
00269687 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pawan Begani |
|
713880 |
|
Pankaj Begani |
|
92600 |
|
Rashmi Begani |
|
71650 |
|
Bachhraj Begani |
|
4744400 |
|
Manju Dyeing and Printing Mills Private Limited, India |
|
807600 |
|
Begani Dyeing Mills Private Limited, India |
|
873750 |
|
Rashmi Poly Fab Private Limited, India |
|
6379800 |
|
Rashmi Sarees Private Limited, India |
|
2470550 |
|
Pawan Syntex Private Limited, India |
|
4195600 |
|
Seema Syntex Private Limited, India |
|
421300 |
|
Pankaj Fashions Private Limited, India |
|
2525500 |
|
Manjudevi Begani |
|
162850 |
|
Bachhraj Begani Re: Bachhraj Begani (HUF) |
|
76300 |
|
Seema Begani |
|
5000 |
|
Total |
|
23540780 |
Allottee as on 04.02.2013
|
Names of Shareholders |
|
No. of Shares |
|
Bachhraj Begani |
|
38750 |
|
Begani Dyeing Mills Private Limited, India |
|
50000 |
|
Manjudevi Begani |
|
65000 |
|
Pawankumar Begani |
|
1766000 |
|
Rashmi Polyfab Private Limited, India |
|
2000000 |
|
Total |
|
3919750 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
75.08 |
|
Directors or relatives of Directors |
24.92 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Art Silk Fabrics and Knitted Fabrics. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India, Mid Corporate Group, Commercial Branch, Paramsiddhi Complex, Ellisbridge, Ahmedabad - 380006, Gujarat, India ·
Canara Bank, First Floor Trade House, Athugar
Street, Nanpura, Surat – 395001, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Shah Kailash and Associates Chartered Accountant |
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Address : |
524-525, Royal Trading Tower, Near Ratan Cinema, Salabatpura, Surat –
395003, Gujarat, India |
|
Tel. No.: |
91-261-23344 |
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Mobile No.: |
91-9824150365 |
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Fax No.: |
91-261-2352647 |
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E-Mail : |
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PAN NO. : |
AARFS9519F |
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|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Pankaj Fashions Private Limited CIN No.: U52321GJ2003PTC042964 · Rashmi Polyfab Private Limited CIN No.: U17119GJ2002PTC040789 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26000000 |
Equity Shares |
Rs.10/- each |
Rs. 260.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20580780 |
Equity Shares |
Rs.10/- each |
Rs. 205.808 Millions |
|
|
|
|
|
After 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27460530 |
Equity Shares |
Rs.10/- each |
Rs. 274.605 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
205.808 |
201.372 |
100.686 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
193.779 |
83.622 |
117.681 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
399.587 |
284.994 |
218.367 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
257.520 |
235.710 |
206.731 |
|
|
2] Unsecured Loans |
30.745 |
23.728 |
0.000 |
|
|
TOTAL BORROWING |
288.265 |
259.438 |
206.731 |
|
|
DEFERRED TAX LIABILITIES |
8.054 |
9.217 |
8.440 |
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|
|
|
|
|
|
|
TOTAL |
695.906 |
553.649 |
433.538 |
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
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FIXED ASSETS [Net Block] |
283.106 |
308.692 |
295.225 |
|
|
Capital work-in-progress |
92.634 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
11.082 |
11.183 |
11.183 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
156.498
|
127.090 |
71.039 |
|
|
Sundry Debtors |
92.378
|
106.478 |
90.660 |
|
|
Cash & Bank Balances |
87.271
|
6.762 |
1.655 |
|
|
Other Current Assets |
12.686
|
1.122 |
0.000 |
|
|
Loans & Advances |
209.795
|
133.358 |
44.476 |
|
Total
Current Assets |
558.628
|
374.810 |
207.830 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
99.724
|
20.745 |
42.528 |
|
|
Other Current Liabilities |
93.436
|
69.904 |
2.233 |
|
|
Provisions |
56.384
|
50.387 |
36.143 |
|
Total
Current Liabilities |
249.544
|
141.036 |
80.904 |
|
|
Net Current Assets |
309.084
|
233.774 |
126.926 |
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.204 |
|
|
|
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|
|
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TOTAL |
695.906 |
553.649 |
433.538 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
1456.969 |
1135.079 |
1090.364 |
|
|
|
Other Income |
9.838 |
2.389 |
2.260 |
|
|
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TOTAL (A) |
1466.807 |
1137.468 |
1092.624 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
(Including
Financial expenses) |
984.877 (Including
Financial expenses) |
599.648 |
|
|
|
Manufacturing Expenses |
243.290 |
||
|
|
|
General, Administrative and Selling Expenses |
87.472 |
||
|
|
|
Preliminary Expenses written off |
0.102 |
||
|
|
|
Increase / Decrease in stock |
(6.470) |
||
|
|
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TOTAL (B) |
924.042 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
168.582 |
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
20.099 |
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|
|
|
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
164.047 |
152.591 |
148.483 |
|
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|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.928 |
42.586 |
43.734 |
|
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|
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|
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|
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|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
120.119 |
110.005 |
104.749 |
|
|
|
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|
|
|
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Less |
TAX (H) |
38.157 |
37.491 |
34.431 |
|
|
|
|
|
|
|
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|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
81.962 |
72.514 |
70.318 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
10.091 |
5.048 |
1.446 |
|
|
|
Tax on Dividend |
1.637 |
0.838 |
0.240 |
|
|
BALANCE CARRIED
TO THE B/S |
70.234 |
66.628 |
68.632 |
|
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|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.98 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.60
|
6.38 |
6.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.24
|
9.69 |
9.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.27
|
16.09 |
20.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.39 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.72
|
0.91 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.66 |
2.57 |
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 |
Yes |
PERFORMANCE DURING
THE YEAR AND FUTURE OUTLOOK:
During the year, the company has achieved commendable turnover of Rs. 1456.969 millions with almost 28% increase as against turnover of previous year. The company has earned healthy net profit of Rs. 81.962 millions during the year. The company has posted impressive results during the year with top line growth with corresponding yields and earnings, reflecting the robustness of the corporate strategy adopted by the management of creating multiple drivers of growth. The strong management bandwidth, sustainable business strategy and ability to respond to the evolving market dynamics along with intensive marketing strategy adopted by the management were responsible for the satisfactory performance of the company.
FUTURE PLANS AND
PROSPECTIVE:
The company is committed to its development and growth and the company has initiated various plans and ideas for the materialization of the same. The textile industry, being competitive now days, much more efforts are required to sustain in the market and the company has made requisite deliberations for maintenance of its position and market capture in this industry. Further better planning, strategy making, efficient management directed to proper efforts will result into prosperousness and progressiveness for the company.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Loans and advances from related parties |
30.225 |
20.225 |
|
Loans repayable on demand from banks |
0.520 |
3.503 |
|
Total |
30.745 |
23.728 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U17119GJ2003PTC041979 |
|
Name of the
company |
SHREE DURGA
SYNTEX PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Block No. 129 and 175, Plot No. Z and E, Village: Jolwa, Taluka:
Palsana, Surat-394305, Gujarat, India Email : dlgupta1@yahoo.com |
|
This form is for |
Creation
of charge |
|
Type of charge |
Book
debts Movable
property (not being pledge) Others
(Stocks) |
|
Particular of
charge holder |
State Bank of India, Mid Corporate Group, Commercial Branch, Paramsiddhi Complex, Ellisbridge, Ahmedabad - 380006, Gujarat, India Email: sbi.06926@sbi.co.in
|
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Goods and Assets. |
|
Date of
instrument Creating the charge |
09.03.2013 |
|
Amount secured by
the charge |
Rs. 250.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate + 2.30%
p.a. Terms of
Repayment Repayable on
demand. Margin Raw Materials:
25% Stock in
progress/ Finished Goods: 25% Book Debts/ Receivables:
40% (cover period of 90 days) Letter of Credit:
20% Bank Guarantee:
20% Extent and
Operation of the charge The charge will
operate as first and exclusive charge and shall be continuing security
towards the total Cash credit facilities of Rs. 25.00 Crore (sub- limits
NFB-LC Rs. 200.000 millions and NFB-BG Rs. 25.000 millions) together with
Interest, penal Interest and any other charges thereof. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Pari- passu 1st
Charge (Hypothecation) over the entire current assets including raw
materials, Stock in progress, finished goods, receivables and other current
assets of the company. Pari- Passu 1st
Charge (Hypothecation and EM) over the
entire fixed assets (existing and proposed) of the company with other lenders
including mortgage of assets situated at : (i)Old R.S.No.120/2, Block No.129 Paiki, Plot No.Z admeasuring 18335 Sq. Meters, Village- Jolva, Ta- Plasana, Dist- Surat (ii)Old R.S.No.120/1,
Block No.175 Paiki, Plot No.E admeasuring 10893 Sq. Meters, Village- Jolva,
Ta- Plasana, Dist- Surat |
FIXED ASSETS
· Land
· Buildings
· Factory building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
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] 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.54.17 |
|
|
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.