MIRA INFORM REPORT
|
Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUDARSHAN ALLUMINIUM INDIA LIMITED |
|
|
|
|
Registered
Office : |
Miraj, MIDC, BLOCK B 4 and B 5/1, Miraj – 416416, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.09.1972 |
|
|
|
|
Com. Reg. No.: |
11-016000 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.714 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27203MH1972PLC016000 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Alluminium Architectural Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office/ Factory : |
Miraj, MIDC, BLOCK B 4 and B 5/1, Miraj – 416416, Maharashtra, India |
|
Tel. No.: |
91-233–2645499 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Ronak Rajnikant Shah |
|
Designation : |
Managing Director |
|
Address : |
A-38, Jawahar Housing Society, Sangli – 416416, Maharashtra, India |
|
Date of Birth/Age : |
10.11.1977 |
|
Date of Appointment : |
01.10.2010 |
|
DIN No.: |
00324748 |
|
|
|
|
Name : |
Mr. Rajanikant Manilal Shah |
|
Designation : |
Director |
|
Address : |
A-38, Jawahar Housing Society, Sangli – 416416, Maharashtra, India |
|
Date of Birth/Age : |
15.09.1947 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
00061919 |
|
|
|
|
Name : |
Mr. Jayantilal Kalidas Shah |
|
Designation : |
Director |
|
Address : |
F 101, Parag Comm Complex, Shahupuri, 1st Lane, Kolhapur –
416001, Maharashtra, India |
|
Date of Birth/Age : |
26.03.1939 |
|
Date of Appointment : |
16.08.2010 |
|
DIN No.: |
02773744 |
|
|
|
|
Name : |
Mr. Sandeep Jayantilal Shah |
|
Designation : |
Director |
|
Address : |
612, Shashi Chambers, Kolhapur – 416001, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1967 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
02773757 |
|
|
|
|
Name : |
Mrs. Ushaben Rajanikant Shah |
|
Designation : |
Director |
|
Address : |
A-38, Jawahar Housing Society, Sangli – 416416, Maharashtra, India |
|
Date of Birth/Age : |
25.08.1952 |
|
Date of Appointment : |
03.09.2011 |
|
DIN No.: |
03555962 |
|
|
|
|
Name : |
Ms. Jigna Sandeep Shah |
|
Designation : |
Director |
|
Address : |
612, Shashi Chambers, Kolhapur – 416001, Maharashtra, India |
|
Date of Birth/Age : |
08.09.1973 |
|
Date of Appointment : |
03.09.2011 |
|
DIN No.: |
03561374 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Ronak Rajnikant Shah |
|
1796 |
|
Rajanikant Manilal Shah |
|
1759 |
|
Jayantilal Kalidas Shah |
|
595 |
|
Sandeep Jayantilal Shah |
|
2393 |
|
Ushaben Rajanikant Shah |
|
3 |
|
Jigna Sandeep Shah |
|
580 |
|
Poonam Shah |
|
10 |
|
|
|
|
|
Total
|
|
7136 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Ronak Rajnikant Shah |
|
5000 |
|
Rajanikant Manilal Shah |
|
10000 |
|
Jayantilal Kalidas Shah |
|
20000 |
|
Ushaben Rajanikant Shah |
|
5000 |
|
|
|
|
|
Total |
|
40000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Alluminium Architectural Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V T and Associates Chartered Accountants |
|
Address : |
Prachiti, 168, Vakhar Bhag, Sangli – 416416, Maharashtra, India |
|
Tel. No.: |
91-233-2654521 |
|
PAN No.: |
AAFFV3492E |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000 |
Equity Shares |
Rs.100/- each |
Rs.6.000 Millions |
|
40000 |
Preference Shares |
Rs.100/- each |
Rs.4.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7136 |
Equity Shares |
Rs.100/- each |
Rs.0.714 Million |
|
40000 |
Preference Shares |
Rs.100/- each |
Rs.4.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.4.714 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 |
4.714 |
4.714 |
4.714 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
2.313 |
2.323 |
|
|
4] (Accumulated Losses) |
(3.591) |
0.000 |
0.000 |
|
|
5] Share Premium |
0.000 |
0.000 |
2.250 |
|
|
NETWORTH |
1.123 |
7.027 |
9.287 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.364 |
16.461 |
0.000 |
|
|
2] Unsecured Loans |
12.679 |
7.076 |
6.025 |
|
|
TOTAL BORROWING |
34.043 |
23.537 |
6.025 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
35.166 |
30.564 |
15.312 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.341 |
11.246 |
9.210 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.000 |
0.500 |
0.557 |
|
|
DEFERREX TAX ASSETS |
0.762 |
0.762 |
0.713 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.682
|
13.128 |
0.000 |
|
|
Sundry Debtors |
3.484
|
3.316 |
1.428 |
|
|
Cash & Bank Balances |
0.348
|
0.271 |
0.706 |
|
|
Other Current Assets |
1.618
|
1.690 |
0.000 |
|
|
Loans & Advances |
0.566
|
0.566 |
0.936 |
|
Total
Current Assets |
16.698
|
18.971 |
3.070 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.152
|
0.517 |
0.720 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.483
|
0.398 |
0.067 |
|
Total
Current Liabilities |
0.635
|
0.915 |
0.787 |
|
|
Net Current Assets |
16.063
|
18.056 |
2.283 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.549 |
|
|
|
|
|
|
|
|
TOTAL |
35.166 |
30.564 |
15.312 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
65.962 |
|
|
|
|
|
Other Income |
1.969 |
0.055 |
|
|
|
|
TOTAL (A) |
67.931 |
31.445 |
0.230 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials Consumed |
57.991 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock
in trade |
2.446 |
(13.128) |
|
|
|
|
Employee benefit Expenses |
1.050 |
0.563 |
|
|
|
|
Other Expenses |
7.942 |
3.248 |
|
|
|
|
TOTAL (B) |
69.429 |
28.766 |
0.134 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.498) |
2.679 |
0.096 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.913 |
1.235 |
0.752 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(4.411) |
1.444 |
(0.656) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1.523 |
1.631 |
0.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(5.934) |
(0.187) |
(0.661) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(0.048) |
(0.267) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(5.934) |
(0.139) |
(0.394) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.659) |
(2.520) |
(2.126) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(8.593) |
(2.659) |
(2.520) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss) Per Share (Rs.) |
(831.63) |
(19.47) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(8.74) |
(0.44) |
(171.30) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.00) |
(0.60) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.43) |
(0.62) |
(5.38) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(5.28) |
(0.03) |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
30.31 |
3.35 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
26.30 |
20.73 |
3.90 |
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 |
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 31.03.2012 |
As on 31.03.2011 |
|
Loans and advance for related parties |
12.679 |
7.076 |
|
|
|
|
|
Total |
12.679 |
7.076 |
BUSINESS OPERATIONS
During the year, the Company’s turnover increased by 116 % over the previous year. During the year, the Company took significant steps towards investment for its future vision of Business of the Company.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration number of the company |
U27203MH1972PLC016000 |
|
Name of the
company |
SUDARSHAN
ALLUMINIUM INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Miraj, MIDC, BLOCK B 4 and B 5/1, Miraj – 416416, Maharashtra, India E-mail: ca.amitshah@icai.org
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Apna Sahakari Bank Limited, Apna Sahakari Bank Bhavan, Dr. S.S. Rao Marg, Parel, Mumbai - 400012, Maharashtra, India E-mail: apnabank@vsn.com |
|
Nature of
instrument creating charge |
Recording letter
evidencing deposit of title deed (equitable mortgage) dated on 20th march
2012 for depositing title deeds |
|
Date of
instrument Creating the charge |
20.03.2012 |
|
Amount secured by
the charge |
Rs.7.100 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.50% |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
For term loan properties
includes business premises as per the agreement and situated at Plot No.B-4 And B-5/1, MIDC Sangli - Miraj Industrial
Area, Miraj Block, Taluka Miraj,
District Sangali - 416410 |
FIXED ASSETS:
- Factory Building
- Plant and Machinery
- Furniture and Fixture
- Computer and Accessories
- Electrical Installation
- Office Appliance
- 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.54.28 |
|
|
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
19 |
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.