MIRA INFORM REPORT
|
Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
CARTINI INDIA LIMITED [w.e.f.09.11.2006] |
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|
|
|
Formerly Known
As : |
GODREJ APPLIANCES LIMITED [w.e.f.25.02.1993] GODREJ APPLIANCES PRIVATE LIMITED |
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|
Registered
Office : |
C/O Kalyaniwalla
and Mistry, 3rd Floor, Pro-1, Business Centre, Plot No. 34-35, Senapati Bapat
Marg, Pune – 411016, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.03.1992 |
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Com. Reg. No.: |
11-129236 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.612 Million |
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|
CIN No.: [Company Identification
No.] |
U99999PN1992PLC129236 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC05231C / PNEC07069G |
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PAN No.: [Permanent Account No.] |
AAACF1441P / AAACG0555D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Locks. |
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|
No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1348000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Godrej Group, a well known and highly respectable
industrial house controlled, managed and financed by Godrej Family. It is a
well established company having a good track record. Trade relations are
trustworthy. Payments are regular and as per commitment. The company can be considered good for any normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to
long-run. Note: The company now does not manufacture domestic scissor, knives and air
conditioning machines. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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. Rajesh |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-9922294119 |
|
Date : |
28.05.2013 |
LOCATIONS
|
Registered Office : |
C/O Kalyaniwalla
and Mistry, 3rd Floor, Pro-1, Business Centre, Plot No. 34-35, Senapati Bapat
Marg, Pune – 411016, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9922294119 [Mr. Rajesh] |
|
Fax No.: |
Not Available |
|
E-Mail : |
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Head Office : |
Plot No. 2, Mulshi Road, Pirangutr Mulshi, Pune – 411042, Maharashtra,
India |
|
Tel. No.: |
91-20-26330877/ 66748813/ 66748814/ 66748824 |
|
|
|
|
Factory : |
E-3, Madhaj Industrial Estate, Ponda - 403401, Goa, India |
|
Tel. No.: |
91-832-2392439 |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Bomi Dhanjishah Mistry |
|
Designation : |
Whole-time director |
|
Address : |
D-6, Mantri Estate, Salisbury Park Road, Pune – 411037, Maharashtra,
India |
|
Date of Birth/Age : |
28.12.1952 |
|
Date of Appointment : |
14.09.2006 |
|
Voter ID No.: |
MT/42/248/699850 |
|
DIN No.: |
00065975 |
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|
|
|
Name : |
Mr. James Kurian |
|
Designation : |
Whole-time director |
|
Address : |
575/1, DF-3-4, ST Cruz - 403005, Goa, India |
|
Date of Birth/Age : |
04.11.1974 |
|
Date of Appointment : |
01.04.2007 |
|
Voter ID No.: |
FFZ5134895 |
|
DIN No.: |
01536534 |
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|
|
|
Name : |
Kersi Kaikhushru Dastur |
|
Designation : |
Director |
|
Address : |
Rajab Mahal, 144 Maharashi Karve Road, Chruchgate, Reclamation, Mumbai
- 400020, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1941 |
|
Date of Appointment : |
09.02.2001 |
|
DIN No.: |
00050199 |
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|
|
|
Name : |
Vispi Ratansha Dhala |
|
Designation : |
Director |
|
Address : |
06/074, Lavkush Apartments, Anand Park, Aundh - 411007, Maharashtra,
India |
|
Date of Birth/Age : |
08.09.1945 |
|
Date of Appointment : |
31.03.2003 |
|
DIN No.: |
00066348 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
|
Designation : |
Deputy Manager |
|
|
|
|
Name : |
Mrs. Jyothi Ramanathan Iyer |
|
Designation : |
Secretary |
|
Address : |
701, Amrut Apartment, 90 Feet Road, Opposite Kelkar College, Mulund [East],
Mumbai – 400081, Maharashtra, India |
|
Date of Birth/Age : |
02.09.1968 |
|
Date of Appointment : |
23.11.2005 |
|
PAN No.: |
AAJPI3070K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tanya Arvind Dubash joint with Godrej
Adi Parmeshwar |
|
4082 |
|
Pirojsha Adi Godrej joint with Godrej
Adi Parmeshwar |
|
4082 |
|
Godrej Adi Nisaba joint with Godrej
Adi Parmeshwar |
|
4083 |
|
Godrej Jamshyd Raika joint with Godrej Jamshyd Pheroza |
|
6119 |
|
Godrej Jamshyd Navroze joint with Godrej Jamshyd Pheroza |
|
6126 |
|
Godrej Nadir Sohrab joint with Godrej Nadir Rati |
|
187 |
|
Godrej Nadir Burjis joint with Godrej Nadir Rati |
|
5745 |
|
Naoroji Kaikhushru Rishad joint with Godrej Jamshyd Pheroza |
|
6673 |
|
Naoroji Kaikhushru Rishad |
|
5558 |
|
Crishna Vijay Freyan joint with Crishna Vijay Smita |
|
6119 |
|
Crishna Vijay Nyrika joint with Crishna Vijay Smita |
|
6119 |
|
Godrej Burjorji Nadir |
|
6300 |
|
|
|
|
|
Total |
|
61193 |
AS ON 27.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Other
top fifty shareholders |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Locks. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Scissors (on double shift basis) |
Nos. |
1,200,000 |
50,400 |
|
Knives (on double shift basis) |
Nos. |
550,000 |
217,170 |
|
Locks ( on single shift basis) |
Nos. |
10,000,000 |
5,911,729 |
Notes:
1. Installed
capacities, being a technical matter, are accepted by the auditors as certified
by the Management.
2. Actual Production does not include items processed for third parties.
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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|
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No. of Employees : |
80 (Approximately) |
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|
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Bankers : |
Ø Industrial
Development Bank of India, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005,
Maharashtra, India [91-22-66553355] Ø ICICI Bank
Limited Ø State Bank of
India Ø Central Bank of
India |
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|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
3rd Floor, Pro-1 Business Centre, Senapati Bapat Road, Pune – 411016,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFK7554R |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
|
25,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 2250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61,193 |
Equity Shares |
Rs. 10/- each |
Rs. 0.612
Million |
|
|
|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.612 |
49.067 |
49.067 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
336.507 |
254.076 |
213.602 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
337.119 |
303.143 |
262.669 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
4.686 |
5.758 |
3.498 |
|
|
|
|
|
|
|
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TOTAL |
341.805 |
308.901 |
266.167 |
|
|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
101.235 |
58.487 |
35.460 |
|
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Capital work-in-progress |
13.603 |
6.701 |
0.157 |
|
|
|
|
|
|
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INVESTMENT |
214.840 |
254.519 |
159.092 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.572
|
58.601 |
43.557 |
|
|
Sundry Debtors |
50.044
|
29.491 |
56.478 |
|
|
Cash & Bank Balances |
12.231
|
13.703 |
7.031 |
|
|
Other Current Assets |
2.915
|
1.559 |
0.456 |
|
|
Loans & Advances |
6.184
|
7.004 |
92.163 |
|
Total
Current Assets |
126.946
|
110.358 |
199.685 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
92.445
|
72.197 |
72.707 |
|
|
Other Current Liabilities |
21.244
|
9.774 |
11.565 |
|
|
Provisions |
1.130
|
39.193 |
43.955 |
|
Total
Current Liabilities |
114.819
|
121.164 |
128.227 |
|
|
Net Current Assets |
12.127
|
(10.806) |
71.458 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
341.805 |
308.901 |
266.167 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
781.251 |
631.651 |
533.020 |
|
|
|
Other Income |
14.613 |
16.327 |
12.628 |
|
|
|
TOTAL |
795.864 |
647.978 |
545.648 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
504.139 |
435.518 |
|
|
|
|
Purchase of stock-in-trade |
0.000 |
0.465 |
|
|
|
|
Decrease/ increase in inventories of Finished Goods and
work-in-progress |
2.352 |
(1.020) |
|
|
|
|
Employee Benefit Expenses |
44.261 |
35.175 |
|
|
|
|
Other Expenses |
71.649 |
59.550 |
|
|
|
|
TOTAL |
622.401 |
529.688 |
446.318 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
173.463 |
118.290 |
99.330 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.855 |
2.962 |
2.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
169.608 |
115.328 |
96.510 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
48.802 |
36.350 |
27.546 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
120.806 |
78.978 |
68.964 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
1.632 |
0.000 |
0.674 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7.945 |
4.657 |
4.583 |
|
|
|
Stores & Spares |
0.557 |
0.000 |
0.000 |
|
|
|
Capital Goods |
3.353 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
11.855 |
4.657 |
4.583 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.69 |
16.09 |
14.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
15.18
|
12.19 |
12.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.71
|
18.26 |
18.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
74.33
|
68.30 |
41.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.38 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
0.91 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade payables |
92.445
|
72.197 |
72.707 |
|
|
|
|
|
|
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
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 |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
Note:
The registered office of the company has been shifted from Plot No. 2,
Mulshi Road, Pirangutr Mulshi, Pune – 411042, Maharashtra, India to the present
w.e.f.01.10.2010
REDEMPTION OF
PREFERENCE SHARES OF THE COMPANY:
The
Board of Directors of the Company on 14th September, 2006 had issued and
allotted 48,45,530 5% Cumulative
Convertible Preference Shares of the face value of Rs. 10 each.
During
the financial year 2011-12, the Company received representations from its
Preference Shareholders requesting for the alteration of Preference Share
Capital from 48,45,530 5% Cumulative Convertible Preference Shares of Rs. 10
each to 48,45,530 5% Redeemable Preference Shares of Rs. 10 each, with all the
other terms and conditions of such Preference Shares remaining unchanged, and
thereafter, redemption of such shares during the year.
The
Board of Directors of the Company at their meeting held on 1st February, 2012
and Shareholders at their meeting held on 29,h February, 2012
approved the alteration of 48,45,530 5% Cumulative Convertible Preference Shares of Rs. 10 each to 48,45,530 5% Redeemable
Preference Shares of Rs. 10 each, with all the other terms and conditions of
such Preference Shares remaining unchanged, such Preference shares to be
redeemable at par, not later than 31st March, 2012, out of the
distributable profits of the Company.
Consequent
thereto, the Board of Directors of the Company at their meeting held on 28th
March, 2012, approved the redemption of 48.45,530 5% Cumulative Convertible
Preference Shares of Rs. 10 each out of the distributable profits of the
Company, and to transfer the entire redemption amount of Rs. 48,455,300 from
General Reserve to Capital Redemption Reserve.
FIXED ASSETS:
Ø Freehold Land
Ø Leasehold Land
Ø Buildings
Ø Plant and Machinery
Ø Furniture, Fixture
and Fittings
Ø Office Equipment
Ø Computers
Ø 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. 56.24 |
|
|
1 |
Rs. 84.54 |
|
Euro |
1 |
Rs. 72.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
66 |
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.