MIRA
INFORM REPORT
|
Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
INOVA CAST PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
305, Silver Chambers, Tagore Marg, Rajkot-360002, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.09.1991 |
|
|
|
|
Com. Reg. No.: |
04-016297 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109GJ1991PTC016297 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Investment Castings. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
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 252000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The
company performance seems to be good during the current years. Financially
appears strong. Trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 |
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 DECLINED BY
|
Name : |
Mr. Suresh |
|
Designation : |
Accounts Assistant |
|
Contact No.: |
91-9925289781 |
|
Date : |
14.01.2013 |
LOCATIONS
|
Registered Office : |
305, Silver Chambers, Tagore Marg, Rajkot-360002, Gujarat, India |
|
Tel. No.: |
91-2827-252282/252283 91-281-2468325 |
|
Mobile No.: |
91-9925289781 [Mr. Suresh] |
|
Fax No.: |
91-2827-253984 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Survey No. 202, Village Veraval Shapar, District Rajkot-360024,
Gujarat, India |
DIRECTORS
AS ON 22.09.2012
|
Name : |
Mr. Ramjibhai Nathabhai Mavani |
|
Designation : |
Managing Director |
|
Address : |
Parth, 2, Dena Bank Society, Amin Marg, Kalawad Road, Rajkot-360001,
Gujarat, India |
|
Date of Birth/Age : |
18.04.1963 |
|
Date of Appointment : |
01.12.2001 |
|
Din No.: |
00283987 |
|
|
|
|
Name : |
Mr. Vinod Khimji Tilva |
|
Designation : |
Director |
|
Address : |
701 Akash Ganga Apartment, Dr. Amin Marg, Rajkot-360001, Gujarat,
India |
|
Date of Birth/Age : |
08.12.1954 |
|
Date of Appointment : |
19.09.1991 |
|
Din No.: |
00275279 |
|
|
|
|
Name : |
Mr. Mansukhlal Premjibhai Saparia (Patel) |
|
Designation : |
Director |
|
Address : |
501, Ratrani Apartment, Akshar Marg, Near Bhaktidham Society,
Rajkot-360001, Gujarat, India |
|
Date of Birth/Age : |
02.10.1937 |
|
Date of Appointment : |
19.09.1991 |
|
Din No.: |
01353327 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh |
|
Designation : |
Accounts Assistant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2012
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 22.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
58.00 |
|
Other
top fifty shareholders |
|
42.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Investment Castings. |
||||
|
|
|
||||
|
Product/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Bank of Baroda, Ground Floor, BOB Building, M.G. Road, Rajkot-360001,
Gujarat, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
T.R. Doshi and Company Chartered Accountants |
|
Address : |
501/4, Everest, Subhash Road, Opposite Shastri Maidan, Rajkot-360001,
Gujarat, India |
|
PAN No: |
ABJPD0260H |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28000 |
Equity Shares |
Rs.100/- each |
Rs.2.800 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28000 |
Equity Shares |
Rs.100/- each |
Rs.2.800 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 |
2.800 |
2.800 |
2.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
60.340 |
46.797 |
38.271 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
63.140 |
49.597 |
41.071 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.291 |
17.503 |
4.157 |
|
|
2] Unsecured Loans |
24.870 |
21.817 |
18.734 |
|
|
TOTAL BORROWING |
33.161 |
39.320 |
22.891 |
|
|
DEFERRED TAX LIABILITIES |
4.982 |
5.790 |
6.455 |
|
|
|
|
|
|
|
|
TOTAL |
101.283 |
94.707 |
70.417 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
47.228 |
45.588 |
36.648 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.252
|
18.386 |
15.447 |
|
|
Sundry Debtors |
45.828
|
38.957 |
24.840 |
|
|
Cash & Bank Balances |
0.566
|
6.531 |
0.940 |
|
|
Other Current Assets |
1.380
|
0.837 |
11.438 |
|
|
Loans & Advances |
21.900
|
16.000 |
0.105 |
|
Total
Current Assets |
95.926
|
80.711 |
52.770 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
41.134
|
29.690 |
18.500 |
|
|
Other Current Liabilities |
0.697
|
1.902 |
0.249 |
|
|
Provisions |
0.040
|
0.000 |
0.252 |
|
Total
Current Liabilities |
41.871
|
31.592 |
19.001 |
|
|
Net Current Assets |
54.055
|
49.119 |
33.769 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
101.283 |
94.707 |
70.417 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
215.092 |
153.736 |
113.617 |
|
|
|
Other Income |
10.271 |
6.070 |
4.093 |
|
|
|
TOTAL (A) |
225.363 |
159.806 |
117.710 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials |
158.850 |
106.752 |
|
|
|
|
Employee Benefits Expenses |
11.326 |
9.907 |
103.182 |
|
|
|
Other Expenses |
35.498 |
27.957 |
|
|
|
|
Changes in Inventories of Finished Goods, Stock in Trade, etc. |
(5.320) |
(0.942) |
|
|
|
|
TOTAL (B) |
200.354 |
143.674 |
103.182 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.009 |
16.132 |
14.528 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.830 |
2.941 |
2.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.179 |
13.191 |
11.683 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.807 |
3.547 |
2.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
16.372 |
9.644 |
8.759 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.829 |
1.117 |
0.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
13.543 |
8.527 |
8.121 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
41.324 |
32.797 |
24.676 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
54.867 |
41.324 |
32.797 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Exports of Goods on FOB Basis |
94.020 |
57.367 |
45.381 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
484.00 |
304.00 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.00
|
5.34 |
6.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.61
|
6.27 |
7.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.44
|
7.64 |
9.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.19 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
1.43 |
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.55 |
2.77 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
41.134
|
29.690 |
18.500 |
|
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 |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
From Shareholder and Directors |
24.870 |
21.817 |
|
TOTAL
|
24.870 |
21.817 |
RESULT OF OPERATIONS:
During the year, the turnover of the company
is Rs.215.092 Millions, which is increase by Rs.61.356 Millions compared to the
last year. Due to increase in basic price of materials, the turnover has been
increased. The net profit for the year has also been increased by Rs.7.574
Millions before providing for depreciation and taxation. This was possible due
to certain economic measure followed by the management and maintain quality
control in production and consistency of quality in goods and services.
During the year company has power generation
income of Rs.7.332 Millions against the expenditure of Rs.2.308 Millions
including depreciation of Rs.2.181 Millions from the wind mill power project
and expected to generate more income in future years. The future of the company
is bright in the years to come.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90104521 |
|
Corporate identity
number of the company |
U27109GJ1991PTC016297 |
|
Name of the
company |
INOVA CAST PVT
LTD |
|
Address of the
registered office or of the principal place of business in |
305, Silver Chambers, Tagore Marg, Rajkot-360002, Gujarat, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of Baroda, Ground Floor, BOB Building, M.G. Road, Rajkot-360001,
Gujarat, India Email: rajkot@bankofbaroda.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Instrument of
extension relating to deposit of title deeds |
|
Date of
instrument Creating the charge |
18.10.2012 |
|
Amount secured by
the charge |
Rs.24.166
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.50% above base
rate i.e. 13.00% p. a. at present Terms of Repayment Term Loan-I: 41
monthly installments each of 83,400/- & last 1 installment of Rs.
80600/-. Cash Credit: 12
Months Subject to annual review PC cum FBP/FBD:12
Months Subject to annual review Margin 25%: on stock of
raw material and receivable/ book debts. 10%: FOB value of
export order and NIL on foreign bills to be purchased/discounted. Cash margin
@25.00% by way of FDR. Extent and Operation of the charge The Charge will
be in operation till the entire amount of charge, including interest, if any,
is repaid. |
|
Short particulars
of the property charged |
All that piece
and parcel of Non-Agricultural land being Survey No. 202 situated within the
village limits of Veraval (Shapar), Tal, Kotda Sangani, District and
Registration District Rajkot In the State of
Gujarat containing by admeasurements 12220-73 Sq. Mtrs. |
|
Date of latest
modification prior to the present modification |
22.11.2010 |
|
Particulars of
the present modification |
The Revised Limit
of Rs. 24.166 Millions shall be as under Cash Credit
: 20.000 Millions Term Loan-II
: 2.166 Millions Inland Bank
Guarantee: 2.000 Millions |
FIXED ASSETS:
·
Factory Land
·
Factory Building
·
Plant and Machinery
·
Dies and Tools
·
Air Conditioner
·
Scale
·
Fax Machine
·
Machinery
·
Computer
·
Motor Car
·
Electric Fittings
·
Furniture and Fittings
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.54.64 |
|
|
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.13 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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.