MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TARINI STEEL COMPANY LIMITED |
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Registered
Office : |
101, General Block, MIDC, Bhosari, Pune - 411026, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.12.1988 |
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Com. Reg. No.: |
11-049912 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.802
Millions |
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|
CIN No.: [Company Identification
No.] |
U27107PN1988PLC049912 |
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PAN No.: [Permanent Account No.] |
AAACT6346H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Bright Steel Bars. |
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No. of Employees
: |
Information Declined By The Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1400000 |
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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. Financially
company appears to be strong. Trade relations are reported to be 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 condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long terms rating |
|
Rating Explanation |
Suspended=CRISIL has suspended it due to
lack of information. |
|
Date |
February 2013. |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
101, General Block, MIDC, Bhosari, Pune - 411026, Maharashtra, India |
|
Tel. No.: |
91-20-32514245 / 30619415-21 |
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Fax No.: |
91-20-46764160 |
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E-Mail : |
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Website : |
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Factory : |
Gat No. 399, Charoli Khurd, Alandi – Wadgaon Road, Alandi, Pune – 412105, Maharashtra, India |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Sanjay Ramkaran Agarwal |
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Designation : |
Director |
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Address : |
Plot Number -593,Sector-25, Pradhikaran , Nigdi, Pune - 411044, Maharashtra, India |
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Date of Birth/Age : |
18.04.1964 |
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Qualification : |
M.sc and L.L.B |
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Date of Appointment : |
06.12.1988 |
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PAN No.: |
AARPA4104E |
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Voter ID No.: |
MT/0043/0245/0120437 |
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DIN No.: |
01517592 |
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Other Directorship :
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Name : |
Mr. Santosh Ramkaran Agarwal |
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Designation : |
Director |
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Address : |
D-27, Mantri Kishore Park, Bhosale Nagar, Pune - 411007, Maharashtra, India |
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Date of Birth/Age : |
11.02.1955 |
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Qualification : |
Metallurgical Engineer |
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Date of Appointment : |
06.12.1988 |
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PAN No.: |
AARPA4105F |
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Voter ID No.: |
MT/0043/0245/0120435 |
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DIN No.: |
01517608 |
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Other Directorship :
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|||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Shashi Santosh Agarwal |
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Designation : |
Director |
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Address : |
B.M.D. Flat NO. 27, 4th & 5th Floor, S. No.135/1A 2A, Mantri Kishore Park, Range Hills Road, Shivaji Nagar, Pune - 411007, Maharashtra, India |
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Date of Birth/Age : |
31.07.1962 |
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Qualification : |
Intermediate |
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Date of Appointment : |
01.04.2003 |
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DIN No.: |
01678661 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
Shareholding Details File Attached
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
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|
|
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Bodies corporate |
|
21.81 |
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Directors or relatives of directors |
|
78.19 |
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|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bright Steel Bars. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information Declined By The Management. |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.V. Nevatia and Company Chartered Accountants |
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Address : |
2 and 3, Building No. 6, Agrasen Nagar, Opposite Atlas Copco Limited, Mumbai
Pune Road, Dapodi, Pune – 411012, Maharashtra, India |
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PAN No.: |
AAHPN3334K |
CAPITAL STRUCTURE
As on: 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
880250 |
Equity Shares |
Rs.10/- each |
Rs. 8.802
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 |
|
I.
EQUITY
AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
|
8.802 |
8.802 |
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(b) Reserves & Surplus |
|
315.362 |
275.598 |
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(c) Money
received against share warrants |
|
0.000 |
0.000 |
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|
|
|
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(2) Share Application money pending allotment |
|
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
324.164 |
284.400 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
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(a) long-term borrowings |
|
37.219 |
24.616 |
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(b) Deferred tax liabilities (Net) |
|
5.961 |
5.326 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
|
43.180 |
29.942 |
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(4) Current Liabilities |
|
|
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(a) Short term
borrowings |
|
318.288 |
160.458 |
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(b) Trade payables |
|
74.269 |
99.578 |
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(c) Other current liabilities |
|
0.000 |
0.000 |
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(d) Short-term
provisions |
|
19.519 |
18.315 |
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Total Current
Liabilities (4) |
|
412.076 |
278.351 |
|
|
|
|
|
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TOTAL |
|
779.420 |
592.693 |
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|
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II.
ASSETS |
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|
|
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(1) Non-current assets |
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|
|
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(a) Fixed Assets |
|
|
|
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(i) Tangible assets |
|
138.317 |
96.581 |
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(ii) Intangible Assets |
|
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
|
0.000 |
9.572 |
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(iv)
Intangible assets under development |
|
0.000 |
0.000 |
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(b) Non-current Investments |
|
42.720 |
42.720 |
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(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
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(e) Other
Non-current assets |
|
2.091 |
2.788 |
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Total Non-Current
Assets |
|
183.128 |
151.661 |
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|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
127.599 |
70.621 |
|
(c) Trade receivables |
|
415.177 |
338.972 |
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(d) Cash and cash
equivalents |
|
13.251 |
1.117 |
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(e) Short-term loans
and advances |
|
37.540 |
27.972 |
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(f) Other current
assets |
|
2.725 |
2.350 |
|
Total Current Assets |
|
596.292 |
441.032 |
|
|
|
|
|
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TOTAL |
|
779.420 |
592.693 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
8.803 |
|
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2] Share Application Money |
|
|
0.000 |
|
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3] Reserves & Surplus |
|
|
242.009 |
|
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4] (Accumulated Losses) |
|
|
0.000 |
|
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NETWORTH |
|
|
250.812 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
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|
10.717 |
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2] Unsecured Loans |
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|
16.614 |
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TOTAL BORROWING |
|
|
27.331 |
|
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DEFERRED TAX LIABILITIES |
|
|
2.472 |
|
|
|
|
|
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TOTAL |
|
|
280.615 |
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
97.731 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
42.720 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
70.916 |
|
|
Sundry Debtors |
|
|
303.839 |
|
|
Cash & Bank Balances |
|
|
0.627 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
32.518 |
|
Total
Current Assets |
|
|
407.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
104.506 |
|
|
Other Current Liabilities |
|
|
143.850 |
|
|
Provisions |
|
|
19.380 |
|
Total
Current Liabilities |
|
|
267.736 |
|
|
Net Current Assets |
|
|
140.164 |
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
280.615 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
1280.623 |
1004.953 |
846.036 |
|
|
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Other Income |
1.821 |
6.208 |
2.970 |
|
|
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TOTAL (A) |
1282.444 |
1011.161 |
849.006 |
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1148.834 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(56.105) |
0.761 |
|
|
|
|
Employee benefit expenses |
33.249 |
25.641 |
|
|
|
|
Other expenses |
52.549 |
46.750 |
|
|
|
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TOTAL (B) |
1178.527 |
926.532 |
772.147 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
103.917 |
84.629 |
76.859 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.791 |
23.201 |
20.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
65..126 |
61.428 |
56.337 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.671 |
7.845 |
5.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
57.455 |
53.583 |
51.201 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
18.094 |
19.874 |
18.436 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
39.361 |
33.709 |
32.765 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
66.353 |
32.765 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
0.000 |
(0.121) |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
105.714 |
66.353 |
32.765 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.368 |
1.148 |
0.538 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.38 |
38.29 |
58.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.07 |
3.33 |
3.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.49 |
5.33 |
6.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.80 |
9.91 |
10.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.19 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.10 |
0.66 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.58 |
1.52 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As on 31.03.2012 |
As on 31.03.2011 |
|
Loans repayable on demand from others |
2.046 |
12.075 |
|
Other loans and advance |
68.537 |
12.405 |
|
|
|
|
|
Total |
70.583 |
24.480 |
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration number of the company |
U27107PN1988PLC049912 |
|
Name of the
company |
TARINI STEEL
COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
101, General Block, MIDC, Bhosari, Pune - 411026, Maharashtra, India Email-id - sanjayagarwal@tarinisteel.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
The Thane Janata Sahakari Bank Limited, Head Office: Madhukar Bhavan,
Road no.16, Wagale Estate, Thane, Branch Office: Chinchwad, Pune – 411019,
Maharashtra India Email-id ravindra.tilgulkar@tjsb.co.in
|
|
Nature of
instrument creating charge |
1) Deed of
Mortgage 2) Sanction
Letter (Both the
documents executed for creation of a single charge) |
|
Date of
instrument Creating the charge |
07.06.2012 |
|
Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest @13% p.a.(at
monthly rest)Floating 235 bps below PLR (at monthly rest) or the rate prescribed
by Bank from time to time. Terms of Repayment Period: 63 months
/60 EMI. Repayment EMI :
Rs.1.592 Millions Margin 25% of the
agreement cost(including stamp duty and registration costs) 75% of valuation
of property whichever is lower. Extent and Operation of the charge Facility:
Property Loan. Charge on
mortgaged property shall continue till full repayment of Loan. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
i) Registered
Mortgage of Immovable Property of the Company : All that piece
and parcel of the Non Agricultural Land(Industrial N.A.) at Gat No. 148, 149,
150 and 151(assessment Rupees 5 and 56 Paisa) totally ii) admeasuring
area 3 Hector 00 Aar and Industrial/ Factory Building standing thereon of an
admeasuring area 3673.84 Square Meters at Village Dhanore, Taluka Khed,
Districts Pune and within the local
limits of iii) Panchayat
Samiti Khed. |
FINANCIAL RESULTS
During the year under report, the company witnessed a growth of more than 28% in the turnover compared to that of the previous years’. The net profitability of the company stood at 3.11% of the turnover as against 3.35% of the previous years’.
The main reasons for increase in the turnover are increase in the commercial order for company’s products from the existing as well as new customers and installation of new machinery by the Company which resulted in efficient working and execution of work orders. However, the net profitability has been decreased. The main reasons for the decrease in the net profitability are increase in the fixed cost, employees and administration cost of the Company.
The current year has also witnessed the positive trend in the market. The directors are exploring new opportunities and are hopeful of posting improved results in the current year.
FIXED ASSETS
- Land
- Free hold Land
- Lease hold Land
- Building
- Plant machinery
- Furniture fixtures
- Vehicles
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. 59.70 |
|
|
1 |
Rs. 91.14 |
|
Euro |
1 |
Rs. 77.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
46 |
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.