MIRA
INFORM REPORT
|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
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Name : |
TIRTH AGRO TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
Near Goverdhan Gin Mill, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
26.07.2000 |
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Com. Reg. No.: |
04-038435 |
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Capital
Investment / Paid-up Capital : |
Rs.14.850 Millions |
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CIN No.: [Company
Identification No.] |
U72900GJ2000PTC038435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTT00405G |
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PAN No.: [Permanent
Account No.] |
AABCT6282F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer Exporter and Importer of Agricultural Implements. |
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No. of Employees
: |
500 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 799000 |
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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.
Latest financials i.e. 2011-2012 are mission from the government department.
From the available financials of 2011, it seems that the company is
progressing well. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Term loan) [Upgraded from BB+] |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
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Date |
25.11.2011 |
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. Chetan |
|
Designation : |
Senior Accountant |
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Contact No.: |
91-2827-270446 |
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Date : |
11.01.2013 |
LOCATIONS
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Registered Office : |
Near Goverdhan Gin Mill, |
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Tel. No.: |
91-281-2386047 / 2377204 / 2380852 |
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Mobile No : |
91-9227927905 (Mr. Pravin Yadav) |
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Fax No.: |
91-281-2380852 / 2386047 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Near |
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Branches : |
Located at · Gujarat · Rajsthan · Maharashtra · Karnatak · Punjab · Haryana · Madhya Pradesh · Tamilnadu · Uttara Khand · Uttar Pradesh · Bihar · Jharkhand · Chhatishgarh · Orissa · Andhra Pradesh · West Bengal ·
Aasam |
DIRECTORS
As On : 29.09.2012
|
Name : |
Mr. Hasmukhbhai Gatorbhai Gohil |
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Designation : |
Director |
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Address : |
3, Marutinagar,
Kevalam Apartment, 3rd Floor, 304, Airport Road, Rajkot-360003,
Gujarat, India |
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Date of Birth : |
22.12.1975 |
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Qualification : |
Mechanical Engineer |
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Date of Appointment : |
26.07.2000 |
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DIN : |
00619221 |
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Name : |
Mr. Ashwin Gatorbhai Gohil |
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Designation : |
Director |
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Address : |
St No 4,
Ramakrishna Ashram, 401 Atul Apartment, B/H Ramakrishna Ashram,
Rajkot-360001, Gujarat, India |
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Date of Birth : |
08.12.1973 |
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Qualification : |
Mechanical Engineer |
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Date of Appointment : |
26.07.2000 |
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DIN : |
00619253 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Yadav |
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Designation : |
Account Manager |
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Name : |
Mr. Chetan |
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Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
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No. of Shares |
|
Hasmukhbhai Gatorbhai Gohil |
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804000 |
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Ashwin Gatorbhai Gohil |
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656000 |
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Gatorbhai Gohil |
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25000 |
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Total |
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1485000 |
AS ON 29.09.2012
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Agricultural Implements. |
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Products : |
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Brand Names : |
“SHAKTIMAN” |
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Exports : |
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Products : |
Agricultural Equipment |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) / Advance |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Agriculture Implements |
Nos. |
75000 |
42273 |
GENERAL INFORMATION
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Suppliers : |
Essar Steel India Limited |
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Customers : |
Manufacturer ·
Sai Agro Service |
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No. of Employees : |
500 [Approximately] |
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Bankers : |
·
HDFC
Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013,
Maharashtra, India ·
Bank of ·
IDBI
Bank Limited, Bhunava, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kalaria and Sampat Chartered Accountants |
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Address : |
311, Orbit, Moti Tanki, Rajkot-360001, |
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PAN : |
AACFK2045F |
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Associates: |
A. G. Agro Industries |
CAPITAL STRUCTURE
As on : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1485000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.850
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
14.850 |
13.850 |
13.000 |
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2] Share Application Money |
0.000 |
1.500 |
0.000 |
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3] Reserves & Surplus |
185.111 |
84.647 |
40.174 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
199.961 |
99.997 |
53.174 |
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LOAN FUNDS |
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1] Secured Loans |
472.246 |
125.439 |
21.063 |
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2] Unsecured Loans |
44.298 |
43.886 |
43.863 |
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TOTAL BORROWING |
516.544 |
169.325 |
64.926 |
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DEFERRED TAX LIABILITIES |
24.436 |
8.905 |
2.093 |
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TOTAL |
740.941 |
278.227 |
120.193 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
491.886 |
140.855 |
79.262 |
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Capital work-in-progress |
18.348 |
56.870 |
9.810 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
277.108
|
52.989
|
46.687 |
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Sundry Debtors |
253.916
|
132.249
|
119.092 |
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Cash & Bank Balances |
25.376
|
23.455
|
5.458 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
99.020
|
43.075
|
4.272 |
|
Total
Current Assets |
655.420
|
251.768
|
175.509 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
296.548
|
125.494
|
136.053 |
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Other Current Liabilities |
81.392
|
26.821
|
4.767 |
|
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Provisions |
46.864
|
19.123
|
3.819 |
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Total
Current Liabilities |
424.804
|
171.438
|
144.639 |
|
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Net Current Assets |
230.616
|
80.330
|
30.870 |
|
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MISCELLANEOUS EXPENSES |
0.091 |
0.171 |
0.251 |
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TOTAL |
740.941 |
278.227 |
120.193 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
2544.690 |
1167.701 |
724.898 |
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Other Income |
143.515 |
3.074 |
1.104 |
|
|
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TOTAL (A) |
2688.205 |
1170.775 |
726.002 |
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Less |
EXPENSES |
|
|
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|
|
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|
Cost of Materials |
|
797.601 |
559.520 |
|
|
|
Manufacturing Expenses |
|
173.383 |
99.871 |
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|
|
Increase/(Decrease) in Finished Goods |
2469.684 |
4.409 |
(12.724) |
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Personal Expenses |
|
16.912 |
8.982 |
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Administrative and Selling Expenses |
|
101.698 |
47.078 |
|
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Miscellaneous Expenditure W/Off |
|
0.080 |
0.080 |
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TOTAL (B) |
2469.684 |
1094.083 |
702.807 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
218.521 |
76.692 |
23.195 |
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Less |
FINANCIAL
EXPENSES (D) |
23.230 |
3.747 |
2.678 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
195.291 |
72.945 |
20.517 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.846 |
15.638 |
9.129 |
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PROFIT BEFORE
TAX (E-F) (G) |
137.445 |
57.307 |
11.388 |
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Less |
TAX (H) |
45.930 |
20.442 |
3.333 |
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PROFIT AFTER TAX
(G-H) (I) |
91.515 |
36.865 |
8.055 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.997 |
13.174 |
5.120 |
|
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Add |
Excess / (Short)
Provision of Income Tax of Earlier Year |
(0.051) |
(0.042) |
(0.001) |
|
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BALANCE CARRIED
TO THE B/S |
141.461 |
49.997 |
13.174 |
|
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EARNINGS IN
FOREIGN CURRENCY - FOB Value of Exports |
21.915 |
14.396 |
21.641 |
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|
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|
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Earnings Per
Share (Rs.) |
66.06 |
28.23 |
8.73 |
|
|
Particulars |
|
|
31.03.2012 |
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Sales Turnover (Approximately) |
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|
4500.000 |
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The above information has been parted by Mr. Chetan (Senior Accountant)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.40
|
3.15
|
1.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.40
|
4.91
|
1.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.98
|
14.60
|
4.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.69
|
0.57
|
0.21 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
4.71
|
3.41
|
3.94 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.47
|
1.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
-Due to Small and micro enterprises |
- |
- |
- |
|
-Due to others |
296.548 |
125.494 |
136.053 |
|
Total |
296.548 |
125.494 |
136.053 |
|
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 |
Yes |
|
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 |
- |
|
29] |
Last accounts filed at
ROC |
- |
|
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 of the company has been shifted from Near Hotel Krishna Park, NH 8-B,
OPERATIONS:
The Turnover for the year registered an increase of 118%, amounting to Rs.2544.690 millions compared to Rs.1167.700 millions in the previous year while Net profit increased by 148%, amounting to Rs. 91.515 millions as compared to Rs.36.865 millions in the previous year. The Company sold 40278 Agriculture Implements as compared to 18160 Agriculture Implements in the previous year.
FINANCE:
During the year, Company was sanctioned fresh term loan to the tune of Rs.143.600 millions for its expansion program and the Working Capital limits of the Company has also been enhanced by Rs.60.000 millions during the year.
During the year, the Company also allotted 1,00,000 Equity Shares
of Rs.10/- each at a premium of Rs. 90 per share aggregating to Rs.10.000
millions.
UNSECURED LOANS
|
Particulars |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
Unsecured Loans |
|
|
|
From Directors |
42.743 |
42.386 |
|
From Shareholders and Relatives |
1.555 |
1.500 |
|
Total |
44.298 |
43.886 |
Contingent
Liabilities :
Contingent Liabilities not provided for:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
|
Bank Guarantee given by company |
16.775 |
|
Letter of credit |
13.387 |
FORM 8
|
Corporate
identity number of the company |
U72900GJ2000PTC038435 |
|
Name of the
company |
TIRTH AGRO TECHNOLOGY PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Near Goverdhan Gin Mill, |
|
This form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
10278641 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of Email : indraj@bankofbaroda.com
|
|
Nature of
instrument creating charge |
Joint
supplemental instrument for the creation and extention of mortgage by deposit
of title deeds |
|
Date of
instrument Creating the charge |
29.10.2012 |
|
Amount secured by
the charge |
Rs. 1708.200 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Different rate of interest for different facilities Terms of repayment Cash credit repayable on demand. Other facilities repayable Margin Different margin for different facilities Extent and operation of the charge Total facilty increased from Rs. 1130.600 millions to Rs. 1708.200
millions by way of extention of mortgage by deposit of title deeds Other Bank of Baroda is designated as the lead bank and IDBI Bank Limited,
corporation bank and state Bank of India as the member banks of the
consortium collectively called as "the Bank of Baroda consortium"
with the consent of all the parties to secure the aggregate credit facilities
of Rs. 1708.200 millions and all the terms and conditions shall be as per the
agreement. |
|
Whether
any of the property or interest therein under reference is not registered in
the name of the company |
Yes |
|
If
yes, in whose name it is registered |
Gatorbhai Gohil and Lalitaben Gohil |
|
Date of last modification prior to the present
modification |
26.03.2012 |
|
Particulars of the present modification |
Increase
in the credit limits as follows: (details
given in the agreement) Particulars existing revised (rupees in millions) Bank
of Baroda 755.100 1135.300 Idbi
Bank Limited 170.000 158.300 Corporation
Bank 205.500 323.200 SBI 0.000 91.400
===== ==== TOTAL 1130.600 1708.200 |
FIXED ASSETS:
·
Land
·
·
Plant and Machinery
·
Electric Weight Scale
·
Auto Rickshaw
·
Vehicles
·
Tools
·
Furniture
·
Air Conditioner
·
Computer Systems
·
Office Equipment
·
Water Coolers
`1
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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.