|
Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIMEC Indus Resources PRIVATE LIMITED (w.e.f. 18.09.2013) |
|
|
|
|
Formerly Known
As : |
Indus Resources PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No.257, DDA Commercial Complex-I, Cycle Market, Jhandewalan
Extension, New Delhi – 110055 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.02.2000 |
|
|
|
|
Com. Reg. No.: |
55-103828 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.66.004 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL2000PTC103828 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI8677E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading of Metal and Mineral. |
|
|
|
|
No. of Employees
: |
18 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5630000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate risk of default and high risk
credit risk. |
|
Date |
November 08, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 (Short Term Bank Facilities) |
|
Rating Explanation |
Minimal degree of safety and higher credit
risk. |
|
Date |
November 08, 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.
INFORMATION PARTED BY
|
Name : |
Ms. Mayuri (General Details) |
|
Designation : |
Admin |
|
|
|
|
Name : |
Mr. Chandrahas |
|
Designation : |
Admin |
|
Contact No.: |
91-22-22041013 |
|
Date : |
07.11.2013 |
LOCATIONS
|
Registered Office : |
Flat No.257, DDA Commercial Complex-I, Cycle Market, Jhandewalan
Extension, New Delhi – 110055, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
605, Raheja Chambers, 6th Floor, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel No.: |
91-22-22041013 |
|
Location : |
Rented |
|
|
|
|
Branch Office 1 : |
B-15, Apna Nagar, Gandhidham Kachchh – 370201, Gujarat, India |
|
|
|
|
Branch Office 2 : |
Also Located at: ·
Orissa |
DIRECTORS
As on: 09.08.2013
|
Name : |
Mr. Parduman Radhakishan Gupta |
|
Designation : |
Director |
|
Address : |
578, Model Town, Ludhiana – 141 003, Punjab, India |
|
Date of Birth/Age : |
04.05.1943 |
|
Date of Appointment : |
29.11.2005 |
|
DIN No.: |
00304187 |
|
|
|
|
Name : |
Mr. Deepak Kumar Chawla |
|
Designation : |
Director |
|
Address : |
B-2/8, Tata Steel Officer Enclave, Sector Beeta-1, Greater Noida, G B Nagar – 201 306, Uttar Pradesh, India |
|
Date of Birth/Age : |
01.07.1973 |
|
Date of Appointment : |
20.09.2007 |
|
DIN No.: |
02033332 |
|
|
|
|
Name : |
Mr. Ravi Kumar Trehan |
|
Designation : |
Additional Director |
|
Address : |
Tower No. 3, Flat No. 601 – E and W Sub Meter Burj Dubai Development, Dubai - 346051 |
|
Date of Birth/Age : |
11.01.1959 |
|
Date of Appointment : |
18.05.2010 |
|
DIN No.: |
01045610 |
|
|
|
|
Name : |
Mr. Mahesh Bhhagwandas Kanodia |
|
Designation : |
Additional Director |
|
Address : |
B1-102, Minal Co-operative Housing Society Limited, Off S V Road, Powai, Next To Killick Nixon Factory, Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
18.08.1947 |
|
Date of Appointment : |
02.11.2013 |
|
DIN No.: |
06732406 |
KEY EXECUTIVES
|
Name : |
Ms. Mayuri |
|
Designation : |
Admin |
|
|
|
|
Name : |
Mr. Chandrahas |
|
Designation : |
Admin |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 09.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Sanjeev Parduman Kumar Gupta |
|
1039672 |
|
Parduman Kumar Radhakrishan Gupta |
|
9990 |
|
Deepak Kumar Ram Chawla |
|
10 |
|
PIMS Investment Pte Limited, Singapore |
|
5550744 |
|
|
|
|
|
Total |
|
6600416 |
Equity Share Break up (Percentage of Total Equity)
As on: 09.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
84.00 |
|
Directors or relatives of directors |
|
16.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Metal and Mineral. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Singapore ·
Dubai ·
UK |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
·
Europe ·
Dubai |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Cash Credit |
|
|
|
|
Purchasing : |
L/C and Cash Credit |
GENERAL INFORMATION
|
Suppliers : |
Uttam Galva |
||||||||||
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|
|
||||||||||
|
Customers : |
Wholesalers ·
Artec Commodities UK Limited |
||||||||||
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|
|
||||||||||
|
No. of Employees : |
18 (Approximately) |
||||||||||
|
|
|
||||||||||
|
Bankers : |
· Punjab National Bank, Forshor Road Branch, Nariman Point, Mumbai – 400021, Maharashtra, India ·
ING Vysya Bank Limited, 382/384, Narasinatha
Street, Katha Bazar, Mandvi (West), Mumbai - 400009, Maharashtra, India |
||||||||||
|
|
|
||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay Mutual Building, 2nd Floor, Dr. D. N. Road, Fort, Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-22623000 |
|
Fax No.: |
91-22-22622000 |
|
E-Mail : |
|
|
Website : |
|
|
PAN No.: |
AAAFS7702F |
|
|
|
|
Holding Company : |
PIMS Investment Pte Limited |
CAPITAL STRUCTURE
After: 09.08.2013
Authorised Capital : Rs.500.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.252.706 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6600416 |
Equity Shares |
Rs.10/- each |
Rs.66.004
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
66.004 |
10.497 |
10.497 |
|
(b) Reserves & Surplus |
277.967 |
2.840 |
0.940 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
1064.203 |
127.248 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
1408.174 |
140.585 |
11.437 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.730 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
3.730 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
1.921 |
|
(b) Trade payables |
3300.939 |
863.843 |
45.895 |
|
(c) Other current
liabilities |
12.284 |
1.579 |
2.621 |
|
(d) Short-term provisions |
11.734 |
1.163 |
0.109 |
|
Total Current Liabilities (4) |
3324.957 |
866.585 |
50.546 |
|
|
|
|
|
|
TOTAL |
4736.861
|
1007.170 |
61.983 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
59.303 |
5.088 |
5.765 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.003 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.810 |
0.073 |
0.000 |
|
(d) Long-term Loan and Advances |
21.807 |
1.020 |
0.624 |
|
(e) Other Non-current assets |
0.500 |
1.943 |
0.411 |
|
Total Non-Current Assets |
83.423 |
8.124 |
6.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
647.963 |
153.787 |
0.555 |
|
(c) Trade receivables |
3053.521 |
770.559 |
41.145 |
|
(d) Cash and cash
equivalents |
19.139 |
68.878 |
11.228 |
|
(e) Short-term loans
and advances |
932.815 |
5.822 |
2.255 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
4653.438 |
999.046 |
55.183 |
|
|
|
|
|
|
TOTAL |
4736.861 |
1007.170 |
61.983 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
TURNOVER |
8708.532 |
1929.721 |
73.829 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION |
40.201 |
4.205 |
1.134 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.270 |
1.213 |
0.927 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
37.931 |
2.992 |
0.207 |
|
|
|
|
|
|
|
|
TAX |
12.588 |
1.092 |
0.110 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
25.343 |
1.900 |
0.101 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2.840 |
0.940 |
0.839 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
28.183 |
2.840 |
0.940 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
3731.288 |
59.408 |
73.829 |
|
|
TOTAL
EARNINGS |
3731.288 |
59.408 |
73.829 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.84 |
1.81 |
0.10 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.80 |
0.30 |
0.33
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.02 |
0.02
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.17
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.15 |
1.09
|
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 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
NOTE:
The registered office address of the company
has been shifted from E-55, NDSE-I, New Delhi – 110 049 to present address
w.e.f. 06.05.2008.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10413958 |
04/03/2013 |
150,000,000.00 |
PUNJAB NATIONAL
BANK |
FORSHOR ROAD BRANCH,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B71498018 |
TRADE REFERENCE
· Uttam Galva, Mumbai
· Artec Commodities UK Limited
FIXED ASSETS
Tangible Assets
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· 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 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.61.21 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
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 |
|
30 |
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.