MIRA
INFORM REPORT
|
Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MUSASHI AUTO PARTS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-16/9, Vasant Vihar, New Delhi – 110057 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
|
|
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Date of
Incorporation : |
23.07.2002 |
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|
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Com. Reg. No.: |
55-116292 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1996.696
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300DL2002PTC116292 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM07118G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM1239R |
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|
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|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer and seller of automotive components. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. 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 |
|
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 |
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 : |
A-16/9, Vasant Vihar, New Delhi – 110057, India |
|
Tel. No.: |
91-11-46542011 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 07.09.2012
|
Name : |
Mr. Sandeep Kalia |
|
Designation : |
Director |
|
Address : |
D-6/8, Ground Floor, Exclusive Floors, DLF City – V, Gurgaon – 12002,
Haryana, India |
|
Date of Birth/Age : |
21.08.1962 |
|
Date of Appointment : |
27.05.2008 |
|
DIN No.: |
02175265 |
|
|
|
|
Name : |
Mr. Hideyo Saito |
|
Designation : |
Managing Director |
|
Address : |
C – 61, The Pinnacle DLF Phase V, Gurgsaon – 122018, Haryana, India |
|
Date of Birth/Age : |
24.11.1952 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
03041177 |
|
|
|
|
Name : |
Mr. Ko Kumazaki |
|
Designation : |
Director |
|
Address : |
Icon E – 42, Icon DLF Phase, Gurgaon – 122018, Haryana, India |
|
Date of Birth/Age : |
24.11.1963 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
05233255 |
|
|
|
|
Name : |
Mr. Yoshitaka Naganuma |
|
Designation : |
Director |
|
Address : |
50 Sukhumvit, Soi 19 Sukhumvit Road, Klongtoey Nua Wattana, Bangkok,
Thailand |
|
Date of Birth/Age : |
12.07.1952 |
|
Date of Appointment : |
11.07.2011 |
|
DIN No.: |
05163505 |
|
|
|
|
Name : |
Mr. Kenji Morisaki |
|
Designation : |
Director |
|
Address : |
1217, Prachi, 14th Main Road, 8th Cross Judicial
Layout, GKVK Post, Bangalore,
Karnataka, India |
|
Date of Birth/Age : |
21.11.1966 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
05233243 |
|
|
|
|
Name : |
Mr. Akihiro Matsui |
|
Designation : |
Director |
|
Address : |
20 – 6, Uchibari cho Toyohashi – shi, Aichi, Japan |
|
Date of Birth/Age : |
22.10.1962 |
|
Date of Appointment : |
07.09.2012 |
|
DIN No.: |
06380502 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Kumar Gupta |
|
Designation : |
Secretary |
|
Address : |
VPO Kund, District – Rewari - 123102, Kund, India |
|
Date of Birth/Age : |
08.10.1976 |
|
Date of Appointment : |
10.11.2011 |
|
PAN No.: |
AHMPG1914G |
MAJOR SHAREHOLDERS
As on: 07.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Musashi Seimitsu Industry Company Limited |
|
19964958 |
|
Kyushu Musashi Semitsu Company Limited |
|
2000 |
|
Total |
|
19966958 |
Equity Share Break up (Percentage of Total Equity)
As on: 07.09.2012
|
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 : |
Manufacturer and seller of automotive components. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Mizuho Corporate Bank Limited, 4th Floor, East Tower, Sood Tower, 25, Barakhamba Road,, New Delhi - 110001, Delhi, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Building No.10, 8th Floor, Tower-B, DLF Cyber City, Phase II, Gurgaon - 122002, Haryana, India |
|
PAN.: |
AAAFB9852F |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36000000 |
Equity Shares |
Rs.100/- each |
Rs.3600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19966958 |
Equity Shares |
Rs.100/-
each |
Rs.1996.696
Millions |
|
|
|
|
|
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 |
1996.696 |
1289.782 |
1100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2111.973 |
645.256 |
195.723 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4108.669 |
1935.038 |
1295.723 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
616.500 |
441.800 |
|
|
2] Unsecured Loans |
2736.113 |
509.986 |
547.057 |
|
|
TOTAL BORROWING |
2736.113 |
1126.486 |
988.857 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6844.782 |
3061.524 |
2284.580 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3815.633 |
1943.924 |
1637.719 |
|
|
Capital work-in-progress |
2375.905 |
662.292 |
31.378 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.492 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
45.187 |
49.020 |
39.043 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
599.590
|
447.495 |
450.847 |
|
|
Sundry Debtors |
681.126
|
464.600 |
372.735 |
|
|
Cash & Bank Balances |
24.472
|
43.700 |
1.580 |
|
|
Other Current Assets |
0.150
|
0.000 |
0.000 |
|
|
Loans & Advances |
937.072
|
367.046 |
204.317 |
|
Total
Current Assets |
2242.410
|
1322.841 |
1029.479 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
821.823
|
773.523 |
385.215 |
|
|
Other Current Liabilities |
825.333
|
122.510 |
22.504 |
|
|
Provisions |
12.689
|
20.520 |
45.320 |
|
Total
Current Liabilities |
1659.845
|
916.553 |
453.039 |
|
|
Net Current Assets |
582.565
|
406.288 |
576.440 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6844.782 |
3061.524 |
2284.580 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
4255.488 |
3433.986 |
2740.093 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
780.136 |
687.861 |
579.061 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
91.475 |
60.039 |
56.973 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
688.661 |
627.822 |
522.088 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/ AMORTISATION (F) |
508.060 |
416.326 |
377.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
180.601 |
210.039 |
145.132 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
6.970 |
70.724 |
50.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
173.631 |
139.315 |
94.470 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
218.324 |
252.040 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.70 |
11.88 |
8.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.24
|
6.12 |
5.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
|
6.43 |
5.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.11 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67
|
0.58 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.44 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note: The Company had shifted its Registered Office with effect from the 2 nd Day of June,2012 from 1314, Devika Towers, 13th Floor, 6, Nehru Place-110019 to A-16/9, Vasant Vihar ,New Delhi-110057.
PERFORMANCE:
Financial Year 2011-12 was year of further expansion of operations of Company. Sales have increased from. Millions Rs 3,433 in 2010-11 to Rs. 4,255 Millions in Financial Year 2011-12. Company achieved the growth of 24% in sales in Financial Year 2011-12 as compared to the previous Year
The company has earned Net profit of Rs. 173.631 Million as compared to previous year Net profit of Rs. 139.315 Millions. The directors are pleased to inform you that net profit is increased by 24.63 % as compared to previous year.
The Company has made its presence in the auto parts (two wheeler) industry in India. This year also witnessed growth in volumes and expanded its supply to Honda Motorcycle and Scooter India Private Limited for their two wheeler models.
QUALITY
CERTIFICATIONS:
The Company is an ISO/TS 16949:2009. Company is also having OHSAS Certification 18001:2007 and ISO 14001:2004 for Company’s dynamic Environmental Management System and Occupational Health Safety Management system. Company has always maintained high quality standard in manufacturing of components and strives to improve further.
PROSPECTS:
The Company is fully aware about the growth prospects in the automobile sector especially in two wheeler market in India. Working in the second largest two wheeler market, the company has undertaken extensive capacity expansion. While expanding its manufacturing capacities, Company has focused on manufacturing of components where quality and technology is crucial.
Company has been in operations since last ten years and therefore Company systems and process have been set and with expansion of Company’s business continuous improvements in operations, technology, kaizens in every area, increase in productivity are unavoidable factors to ensure competitiveness, long term sustainability, and overall growth of MAP-ID.
Keeping in view the acceleration in demand for four wheeler parts in the country your company has set up a plant in Bawal (Haryana) for manufacture four wheeler parts. The mass production of four wheeler parts is expected to commence in the 3rd Quarter of the Financial Year 2012-2013.
The Company has purchased 30 Acres of land in Bangalore Rural District to set up another plant .The mass production of Bangalore Plant is expected to commence in the 1st Quarter of the Financial Year 2013-2014.
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowing |
|
|
|
Foreign currency term loans from banks |
1235.854 |
144.645 |
|
Short Term
Borrowing |
|
|
|
Term Loans From Banks |
1500.259 |
365.341 |
|
Total |
2736.113 |
509.986 |
Note:
Terms of repayment of
long-term loans and other long-term loans
S. No. Amount (in Indian rupees) "Interest rate (p.a.)" Repayment date 1 249,285,194 LIBOR + 85 bps 31 May 2013 2 205,444,490 LIBOR + 85 bps 21 November 2013 3 446,199,983 LIBOR + 85 bps 19 March 2014 4 334,924,706 LIBOR + 85 bps 19 March 2014
FIXED ASSETS:
· Land
· Building
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Computer Equipments
· Computer Software
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.53.84 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.