MIRA
INFORM REPORT
|
Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
HI – TECH INVESTMENT CASTINGS LIMITED |
|
|
|
|
Registered
Office : |
204 A G I D C II, Sihor – 364 240, Bhavnagar, Gujarat |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.04.1989 |
|
|
|
|
Com. Reg. No.: |
04-012127 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 11.711 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27320GJ1989LC012127 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Ferrous and Non – Ferrous
Castings. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 46000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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. There appears slight dip in the profitability of the company during
2012. However, trade relations are reported as fair. Business is active.
Payment terms are reported as usually correct and as per commitment. The company can be considered 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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB (Long Term Bank Facility) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March 15, 2010 |
|
Rating Agency Name |
CRISIL |
|
Rating |
P3 (Short Term Bank Facility) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
March 15, 2010 |
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 DENIED
Management Non – Co-operative
(91-2846-222427)
LOCATIONS
|
Registered Office / Factory : |
204/A G I D C II, Sihor – 364 240, Bhavnagar, Gujarat, India |
|
Tel. No.: |
91-2846-222427/223924 |
|
Mobile No.: |
91-2846-222971/ 2782-202854 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 24.09.2012
|
Name : |
Vikas Manilal Shah |
|
Designation : |
Director |
|
Address : |
Plot No. 1577 – A, Mangal Champa Park, Rupani, Bhavnagar – 364 002,
Gujarat, India |
|
Date of Birth/Age : |
28.09.1956 |
|
Date of Appointment : |
07.05.1996 |
|
DIN No.: |
00123783 |
|
|
|
|
Name : |
Tarun Kapurchand Vora |
|
Designation : |
Whole Time Director |
|
Address : |
1883/B-2, Rupani Cricle, Bhavnagar – 364 002, Gujarat, India |
|
Date of Birth/Age : |
11.05.1960 |
|
Date of Appointment : |
17.04.1989 |
|
DIN No.: |
00208089 |
|
|
|
|
Name : |
Jatin Bhupendra Thakkar |
|
Designation : |
Managing Director |
|
Address : |
1248 – Mangal Ghogha Cirlce, Bhavnagar – 364 001, Gujarat, India |
|
Date of Birth/Age : |
26.03.1957 |
|
Date of Appointment : |
17.04.1989 |
|
DIN No.: |
00246660 |
|
|
|
|
Name : |
Kishorkumar Bhikhabhai Virani |
|
Designation : |
Director |
|
Address : |
64,
Kumudwadi, Shanta Bhuvan, Near Railway Hospital, Bhavnagar – 364 002,
Gujarat, India |
|
Date of Birth/Age : |
28.12.1952 |
|
Date of Appointment : |
17.04.1989 |
|
DIN No.: |
00279641 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Kishorkumar
Bhikhalal Virani |
|
279650 |
|
Tarun
Kapurchand Vora |
|
222314 |
|
latin
Bhupendra Thakkar |
|
173275 |
|
Swatiben
Jatinbhai Thakkar |
|
50400 |
|
Parulben
Tarunbhai Vora |
|
18200 |
|
Anil
Bhikhalal Virani |
|
204466 |
|
Vallabh
Nathubhai Lathia |
|
30645 |
|
Rohan
Jatinbhai Thakkar |
|
6790 |
|
Ratna
Jatinbhai Thakkar |
|
6790 |
|
Anil
Bhikhabhai Virani |
|
82500 |
|
Tarun
Kapurchand Vora Jointly Parul Tarun Vora |
|
28200 |
|
Jatin
Bhupendra Thakkar Jointly Smt. Swati Jatin Thakkar |
|
49670 |
|
Parul Tarun Vora Jointly Tarun Kapurchand Vora |
|
18200 |
|
|
|
|
|
TOTAL |
|
1171100 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Ferrous and Non – Ferrous Castings. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|||||||||
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|||||||||
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Bankers : |
·
State Bank of Saurastra, Nilambaug Chawk Branch,
Bhavnagar – 364002, Gujarat, India ·
Axis Bank Limited, Plot No. 4/B, Vasundhara Complex,
Opposite, Dakshinamurity School, Waghawadi Road, Bhavnagar – 364002, Gujarat,
India |
|||||||||
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Facilities : |
Notes: a) Term Loan from Axis Bank Limited is secured
by Equitable Mortgage of Land and Building and Hypothecation of all the
Immovable assets incl. movable, machineries tools, spares and Accessories and
other movable present and future assets of the company and guaranteed by the
two Directors of the Company. b) Term Loans from Sundram Finance Limited is
secured by hypothecation of motor vehicle-that is payable in 36 monthly
installments. c)
Term Loan from Axis Bank Limited is re-payable within 12 months. d)
Cash Credit Loan from Axis Bank Limited is secured by the hypothecation
of inventories and book debt of the company. |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J. M. Parikh and Associates Chartered Accountants |
|
Address : |
B-705, 7th Floor, Nirman Complex, Opposite Havmor
Restaurant, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-079-26563949 |
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Mobile No.: |
|
|
Fax No.: |
91-79-26569093 |
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E-Mail : |
|
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PAN No.: |
AABFJ9885B |
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|
Enterprise in which
significant influence is exercised by Key Management Personnel : |
·
HI-tech International · Karp Impex Limited |
CAPITAL STRUCTURE
As on 24.09.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1171100 |
Equity Shares |
Rs. 10/- each |
Rs. 11.711
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.711 |
11.711 |
11.711 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
113.092 |
104.645 |
94.679 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
124.803 |
116.356 |
106.390 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
43.900 |
31.430 |
31.568 |
|
|
2] Unsecured Loans |
0.395 |
9.715 |
8.290 |
|
|
TOTAL BORROWING |
44.296 |
41.145 |
39.858 |
|
|
DEFERRED TAX LIABILITIES |
3.604 |
5.070 |
3.013 |
|
|
|
|
|
|
|
|
TOTAL |
172.703 |
162.571 |
149.261 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
77.060 |
84.191 |
58.985 |
|
|
Capital work-in-progress |
17.441 |
3.404 |
1.665 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.006 |
0.006 |
0.006 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.298
|
10.742 |
8.421 |
|
|
Sundry Debtors |
93.207
|
89.189 |
58.553 |
|
|
Cash & Bank Balances |
3.891
|
7.134 |
13.380 |
|
|
Other Current Assets |
3.772
|
3.373 |
0.000 |
|
|
Loans & Advances |
16.581
|
12.045 |
42.021 |
|
Total
Current Assets |
133.749
|
122.483 |
122.375 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
28.857
|
18.707 |
22.384 |
|
|
Other Current Liabilities |
14.825
|
16.850 |
5.248 |
|
|
Provisions |
11.871
|
11.956 |
6.138 |
|
Total
Current Liabilities |
55.553
|
47.513 |
33.770 |
|
|
Net Current Assets |
78.196
|
74.970 |
88.605 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
172.703 |
162.571 |
149.261 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
354.735 |
294.929 |
226.722 |
|
|
|
Other Income |
1.696 |
0.557 |
5.981 |
|
|
|
TOTAL (A) |
356.431 |
295.486 |
232.703 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
68.623 |
45.784 |
|
|
|
|
Purchases of Stock in Trade |
11.502 |
16.117 |
169.143 |
|
|
|
Other expenses |
201.382 |
165.265 |
|
|
|
|
Changes in inventories of finished goods work in progress and Stock in
Trade |
(1.525) |
(0.234) |
1.935 |
|
|
|
Employee benefits expense |
32.668 |
25.039 |
21.366 |
|
|
|
TOTAL (B) |
312.650 |
251.971 |
194.813 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.781 |
43.515 |
37.890 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.484 |
4.056 |
5.788 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.297 |
39.459 |
32.102 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.561 |
12.800 |
9.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
22.736 |
26.659 |
22.659 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
7.484 |
9.888 |
8.981 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
15.252 |
16.771 |
13.678 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
80.907 |
72.621 |
65.449 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
1.680 |
2.000 |
|
|
|
Dividend |
NA |
5.855 |
3.513 |
|
|
|
Tax on Dividend |
NA |
0.950 |
0.583 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
80.907 |
72.621 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
163.697 |
116.781 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
8.155 |
2.470 |
|
|
TOTAL IMPORTS |
NA |
8.155 |
2.470 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.02 |
14.32 |
11.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.27
|
5.67 |
5.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.41
|
9.04 |
9.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.78
|
12.90 |
12.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.23 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80
|
0.76 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.57 |
3.62 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Payables |
28.857 |
18.707 |
22.384 |
|
|
|
|
|
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
---- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
As on 31.03.2011 (Rs. in Millions) |
As on 31.03.2010 (Rs. in Millions) |
|
Sales Tax Deferred Payment Liability |
0.395 |
1.017 |
|
From Related Parties |
0.000 |
8.698 |
|
Total |
0.395 |
9.715 |
|
|
|
|
Fixed Assets
·
Land
·
Staff Quarter
·
Factory Building
·
Office Furniture
·
Office Equipment
·
Computers and Peripherals
·
Fax Machine
·
Mobile phone and Tele
system
·
Air Conditioner
·
Staff Bus
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.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.