|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AAKASH POLYFILMS LIMITED |
|
|
|
|
Registered
Office : |
ID-1/138-139-140 GIDC Sachin, Surat -394230 Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.09.1994 |
|
|
|
|
Com. Reg. No.: |
04-022937 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.13.013 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1994PLC022937 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA01345B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR1457L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Metallised Polyester, BOPP, PVS and Holographic Films. |
|
|
|
|
No. of Employees
: |
Information Declined by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 280000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
management have failed to file its latest financial with the government
department. As per previous year’s, the performance capability appears to be
satisfactory. Trade relations are reported to be fair. Business is active.
Payments are reported to be unknown. The company can be considered for business dealings with slight
caution. |
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. Jimmi |
|
Contact No.: |
91-9925200690 |
|
Date : |
12.03.2013 |
LOCATIONS
|
Registered Office / Factory : |
ID-1/138-139-140 GIDC Sachin, Surat - 394230, Gujarat, India |
|
Tel. No.: |
91-261-2375741 / 2375742 |
|
Mobile No.: |
91-9374553039 (Mr. Hemant) |
|
Fax No.: |
91-261-2374757 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
402, Meridian Tower, Nrar Rajkumar Cinema, Udhna Gate, Surat - 395 002, Gujarat, India |
|
Tel. No.: |
91-261-2345711 / 2339751 / 2351373 |
|
Fax No.: |
91-261-2346493 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bharat Kishanchand Tulsiani |
|
Designation : |
Director |
|
Address : |
7/B Jehind Sidndhi Society, Ambika Nikatan, Athwalines, Surat- 395007,
Gujarat, India |
|
Date of Appointment : |
14.04.2000 |
|
DIN No.: |
00949243 |
|
|
|
|
Name : |
Mrs. Rajni Kishanchand Tulsiani |
|
Designation : |
Director |
|
Address : |
7/B Jehind Sidndhi Society, Ambika Nikatan, Athwalines, Surat- 395007,
Gujarat, India |
|
Date of Appointment : |
14.04.2000 |
|
DIN No.: |
00647700 |
|
|
|
|
Name : |
Mr. Pavankumar Kishinchand Tulsiani
|
|
Designation : |
Director |
|
Address : |
7/B Jehind Sidndhi Society, Ambika Nikatan, Athwalines, Surat- 395007,
Gujarat, India |
|
Date of Appointment : |
14.04.2000 |
|
DIN No.: |
02118470 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pavankumar Kishinchand Tulsiani |
|
305300 |
|
Bharat Kishanchand Tulsiani |
|
17200 |
|
Tulsiani Kishinchand Gyanchand |
|
299000 |
|
Rajni Kishanchand Tulsiani |
|
1500 |
|
Tulsiani Kamlaben Gyanchand |
|
150000 |
|
Tulsiani Ninaben Kishinchand |
|
20000 |
|
Tulsiani Bharti B |
|
11500 |
|
Ieskani Bharti K. |
|
52000 |
|
Aakash Plastopack Limited, India |
|
364800 |
|
Con Amore Thermoplestic Private Limited, India |
|
8000 |
|
Total |
|
1301300 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
34.00 |
|
Directors or relatives of Directors |
66.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Metallised Polyester, BOPP, PVS and Holographic Films. |
GENERAL INFORMATION
|
No. of Employees : |
Information Declined by Management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vinay Goenka and Company Chartered Accountants |
|
Address : |
5041, Trade House, Ring Road, Surat- 395002, Gujarat, India |
|
Tel. No.: |
91-261-4004062/2302134 |
|
Mobile No.: |
91-9825085656 |
|
E-Mail : |
|
|
PAN.: |
AAFFD4002N |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1301300 |
Equity Shares |
Rs.10/- each |
Rs.13.013
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.013 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
30.130 |
9.294 |
|
|
3] Reserves & Surplus |
58.914 |
24.747 |
6.889 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
71.927 |
64.877 |
26.183 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.135 |
36.370 |
19.011 |
|
|
2] Unsecured Loans |
31.469 |
19.188 |
7.000 |
|
|
TOTAL BORROWING |
32.604 |
55.558 |
26.011 |
|
|
DEFERRED TAX LIABILITIES |
2.301 |
2.097 |
1.525 |
|
|
|
|
|
|
|
|
TOTAL |
106.832 |
122.532 |
53.719 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
45.412 |
45.680 |
33.974 |
|
|
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 |
24.376
|
68.184 |
18.512 |
|
|
Sundry Debtors |
61.913
|
51.294 |
20.499 |
|
|
Cash & Bank Balances |
12.262
|
10.446 |
1.327 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.723
|
8.911 |
4.133 |
|
Total
Current Assets |
108.274
|
138.835 |
44.471 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.761
|
57.506 |
22.585 |
|
|
Other Current Liabilities |
0.758
|
0.065 |
0.099 |
|
|
Provisions |
11.335
|
4.412 |
2.042 |
|
Total
Current Liabilities |
46.854
|
61.983 |
24.726 |
|
|
Net Current Assets |
61.420
|
76.852 |
19.745 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
106.832 |
122.532 |
53.719 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
569.921 |
430.573 |
166.771 |
|
|
|
Other Income |
2.325 |
0.213 |
0.059 |
|
|
|
TOTAL (A) |
572.246 |
430.786 |
166.830 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods Sold |
506.812 |
387.814 |
121.613 |
|
|
|
Manufacturing and Operating
Expenses |
27.630 |
17.926 |
18.117 |
|
|
|
Job work Charges |
19.179 |
1.392 |
12.330 |
|
|
|
Employees Remuneration and Benefits |
1.927 |
2.954 |
2.475 |
|
|
|
Sales and Administrative Expenses |
5.797 |
5.207 |
3.069 |
|
|
|
Pand P Expenses Written off |
0.000 |
0.000 |
0.218 |
|
|
|
Increase/(Decrease) in Stock of Finished Goods |
(5.631) |
(0.319) |
0.999 |
|
|
|
TOTAL (B) |
555.714 |
414.974 |
158.821 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.532 |
15.812 |
8.009 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.845 |
2.656 |
1.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.687 |
13.156 |
6.269 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.272 |
3.034 |
4.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.415 |
10.122 |
1.949 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.366 |
2.789 |
0.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
7.049 |
7.333 |
0.990 |
|
|
|
|
|
|
|
|
|
Add |
ADJUSTMENT DUE
TO CHANGE IN METHOD OF DEPRECIATION |
0.000 |
10.525 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEAR
BALANCE |
23.247 |
5.389 |
4.399 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
30.296 |
23.247 |
5.389 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
3.021 |
9.095 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.41 |
74 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.23
|
1.70 |
0.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.82
|
2.35 |
1.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.61
|
7.29 |
4.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.15 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.45
|
0.86 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31
|
2.23 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs. In millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
34.761
|
57.506 |
22.585 |
|
|
|
|
|
|
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 |
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
From Directors and Shareholders |
31.469 |
19.188 |
|
Total |
31.469 |
19.188 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U17119GJ1994PLC022937 |
|
Name of the
company |
AAKASH POLYFILMS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
ID-1/138-139-140 GIDC Sachin, Surat - 394230, Gujarat, India Email: aakasholy@drdcd.net |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10023231 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Oriental Bank of Commerce, Jash Textile Market, Ring Road, Surat –
395002, Gujarat, India Email: bm0102@obc.co.in |
|
Nature of
instrument creating charge |
Memorandum of
Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
16.08.2011 |
|
Amount secured by
the charge |
Rs.202.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Collateral
Security Hence Not Applicable Terms of Repayment Collateral
Security Hence Not Applicable. Margin Collateral
Security Hence Not Applicable. Extent and Operation of the charge Registered Mortgage
created to secure financial assistance granted by the bank to the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Leasehold land and
building of Industrial shed no-I-138-140 adm. about 3861 Sqm. of GIDC Sachin situated on land
bearing R. S No.629/P,630/P and 650/P of Vill. Talangpor, District Surat,
Gujarat, India |
|
Date of
instrument modifying the charge |
17.08.2009 |
|
Particulars of
the present modification |
Charge created on
the asset is now extended to secure enhanced/revised financial assistance of
Rs. 202.000 Millions as stated below: Cash Credit Rs. 64.000 Millions
(increased from Rs. 30.000 Millions ) Term Loan
(fresh) Rs. 98.000 Millions Letter of Credit
(Regular) Rs. 40.000 Millions
============= TOTAL Rs. 202.000
Millions |
FIXED ASSETS
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.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
33 |
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.