MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ETCO DENIM PRIVATE LIMITED (w.e.f. 19.11.2009) |
|
|
|
|
Formerly Known
As : |
ETCO STEEL AND MINES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
142, Andheri
Industrial Estate, Near Janki Centre, Off Veera Desai Road, Andheri (West),
Mumbai – 400 053, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.04.2005 |
|
|
|
|
Com. Reg. No.: |
11-152771 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.150.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18109MH2005PTC152771 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME08158D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE4897M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Denim fabric. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 : |
Yet to commenced commercial operation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Even though the company was incorporated in the year 2005, it is yet to
commence with its commercial operation. However as confirmed by Mr. Paul from
Accounts Department that, the company will commence its operation from April
2013. Payments terms are unknown. 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
B (Long Term Rating) |
|
Rating Explanation |
High risk of default. |
|
Date |
12.10.2012 |
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 PARTED BY
|
Name : |
Mr. Paul |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-42382800 |
|
Date : |
20.03.2013 |
LOCATIONS
|
Registered Office : |
142, Andheri Industrial
Estate, Near Janki Centre, Off Veera Desai Road, Andheri (West), Mumbai – 400
053, Maharashtra, India |
|
Tel. No.: |
91-22-42382800/ 42382849 |
|
Fax No.: |
91-22-26730130 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No.225/ 226/ 229, Aliyabad Industrial Area - Stage II, KIADB,
Bijapur – 586 112, |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Ramesh Dhayalal Shah |
|
Designation : |
Director |
|
Address : |
701, Jai Maharashtra, Vastuvikas CHS., Survey-287, Gulmohar XRD 5,
JVPD Scheme Juhu, Mumbai – 400 049, |
|
Date of Birth/Age : |
06.03.1961 |
|
Date of Appointment : |
21.04.2005 |
|
DIN No.: |
00297557 |
|
|
|
|
Name : |
Mr. Satyanarayan Ramlalji Kuchha |
|
Designation : |
Director |
|
Address : |
3-C, 1203, Whispering Palms, Lokhandwala Towns, Akurli Road, Kandivali
(West), Opposite Mahindra and Mahindra Gate No.3, Mumbai – 400 101,
Maharashtra, India |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
03093463 |
MAJOR SHAREHOLDERS
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Dhayalal Shah |
|
15005000 |
|
Ramesh Dhayalal Shah Family Trust |
|
9995000 |
|
Total |
|
25000000 |
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Tushar Clothing Private Limited, India
|
|
20450000 |
|
Total |
|
20450000 |
As on 28.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Denim fabric. |
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Tel.
no.: 91-22-22657636
Tel.
No.: 91-22-22884877
Tel No.: 91-22-23825442 |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.G. Mehta and Company Chartered Accountants |
|
Address : |
B-203, Suchita Enclave, 2nd Floor, |
|
PAN.: |
AAAPM9486A |
CAPITAL STRUCTURE
After: 26.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45450000 |
Equity Shares |
Rs.10/- each |
Rs.454.500
millions |
|
|
|
|
|
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15010000 |
Equity Shares |
Rs.10/- each |
Rs.150.100
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 |
150.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.382) |
(0.187) |
(0.051) |
|
|
NETWORTH |
149.718 |
(0.087) |
0.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
160.508 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
160.094 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
320.602 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
470.320 |
(0.087) |
0.049 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
311.235 |
0.051 |
0.000 |
|
|
Capital work-in-progress |
5.961 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.015 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.001 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
146.138
|
0.097 |
0.031 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
36.141
|
0.000 |
0.000 |
|
Total
Current Assets |
182.279
|
0.097 |
0.031 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
61.557
|
0.269 |
0.024 |
|
|
Other Current Liabilities |
0.209
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
61.766
|
0.269 |
0.024 |
|
|
Net Current Assets |
120.513
|
(0.172) |
0.007 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
32.595 |
0.034 |
0.042 |
|
|
|
|
|
|
|
|
TOTAL |
470.320 |
(0.087) |
0.049 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
0.013 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
0.135 |
0.013 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(0.135) |
(0.013) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(0.135) |
(0.013) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(1.35) |
(0.13) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(91.22) |
(41.94) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
1.55 |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.14
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.95
|
0.36 |
1.29 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 |
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 |
FINANCIAL RESULTS:
The working
results of the company shows that there are no activities during the year. The
Company is planning to set up a denim plant for manufacturing of Denim fibre
and for the said purpose the management has changed the name of the Company
from Etco Steel and Mines Private Limited to Etco Denim Private Limited. The
name was sanctioned on 19.11.2009 form Registrar of Companies.
OUTLOOK FOR THE CURRENT YEAR:
The directors hope that the Company will further improve the performance
during the current year.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Rupee term loans others unsecured |
160.094 |
0.000 |
|
Total |
160.094 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate identity
number of the company |
U18109MH2005PTC152771 |
|
Name of the
company |
ETCO DENIM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
142, Andheri Industrial Estate, off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10302071 |
|
Type of charge |
|
|
Particular of
charge holder |
Corporation
Bank, Large Corporate Branch, 301-302, The Eagle Flight, Suren Road, Andheri
Kurla Road, Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Nature of
instrument creating charge |
Lead banker corporation bank available commitment of rs.2370.000 Millions out of which through novation deed facilities availed from Existing lender corporation bank - Rs.1120.000 Millions Existing lender Andhra Bank - Rs. 250.000 Millions New lender Central bank of India - Rs.500.000 Millions New lender union bank of India - Rs.500.000 Millions There is no change in amount of charge. |
|
Date of
instrument Creating the charge |
24.12.2012 |
|
Amount secured by
the charge |
Rs.2370.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Extent and Operation of the charge The charge is
modified to secure Term Loan of Rs. 2370.000 Millions out of which Rs.
250.000 Millions novated to Andhra Bank existing Lender, Rs.500.000 Millions
from Central Bank of India New Lender, and Rs.500.000 Millions from Union
Bank of India New Lender. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The First charge
on (1) immovable
properties land adm.100.00 Acres or there about situate, at S.No.225(p),
226(p), 229(p), 237(p), 238(p) and 239(p) in the Aliyabad, Block -II,
Industrial, Bijapur, Karnataka, India 2)
hypothecation/mortgage of all movable assets, including movable plant and
machinery, machinery spares, tools and accessories of the company, both
present and future. 3) Hypothecation/
assignment of all the book debts, revenues (including user charges) and
receivables from Borrower including tangible assets goodwill, uncalled
capital trademarks, both present and future. 4)
Hypothecation/assignment of all the Company's rights, title, interest,
benefit and claim of the Company in, to of under the Project documents, the
insurance policies and the insurance proceeds The Second Charge
is created subject to the First Charge of Working Capital Banks, by way of
hypothecation of all the Borrower's Current Assets comprising of All and
Singular Stock in Trade i.e. RMs, SF and FGs, stores and consumable spares,
book debts, all moneys receivable, Bills receivable, claims, deposits,
investments and all other moveable assets stored at Aliyabad Hobli, both
present and future. Collateral
security - i)
Term
Loans shall be secured by pari- passu 2nd Charge on inventory and book debts
of the Company. ii)
Pledge
of 55,09,770 shares with face value of Rs. 10/- each held by Shri Ramesh D.
Shah in Etco Industries (formerly known as Etco Spinners) Private Limited. iii)
The
promoters shall pledge of 55% of shares held by them in the applicant Company
to the Bank first immediate of its allotment. |
FIXED ASSETS:
- Land and Land Improvements
- Factory Building
- Plant and Machinery
- Office Equipments
- Computer Equipments
- Other Equipments
- Motor 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.54.10 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
--DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.