|
Report Date : |
13.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
S M I COATED PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
1-B-2, Gundecha Onclave, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.04.2003 |
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Com. Reg. No.: |
11-139869 |
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Capital
Investment / Paid-up Capital : |
Rs. 19.600
Millions |
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CIN No.: [Company Identification
No.] |
U74999MH2003PTC139869 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19177E |
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PAN No.: [Permanent Account No.] |
AAHCS411SN |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Lable Stock Solutions. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 818000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. External borrowings of the company has increased. Rating also takes
into consideration intensely competitive nature of label industry. However, trade relations are fair. Business is active. Payment terms
are slow but correct. 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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB (Long Term Bank Facilities) |
|
Rating Explanation |
Inadequate credit quality. It Carry high
Credit Risk. |
|
Date |
22.02.2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Mustaq Ahmed |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-42048000 |
|
Date : |
12.11.2013 |
LOCATIONS
|
Registered/ Head Office : |
1-B-2, Gundecha Onclave, |
|
Tel. No.: |
91-22-42048000/ 66924530/ 66924531 |
|
Fax No.: |
91-22-28523897 |
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E-Mail : |
contactus@smicoatedproducts.com |
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Website : |
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Factory : |
B-120, MIDC, Industrial Area, Anand Nagar, Ambernath (East),
Thane – 421506, |
DIRECTORS
AS ON 12.08.2013
|
Name : |
Mr. Ajay Om Prakash Mehta |
|
Designation : |
Director |
|
Address : |
205-C, Kenmore
Housing Society Limited, 2nd |
|
Date of Birth/Age : |
18.10.1961 |
|
Qualification : |
B. Sc. |
|
Date of Appointment : |
03.04.2003 |
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PAN No.: |
AADPM5591P |
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Voter ID No.: |
MT/08/039/274053 |
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DIN No.: |
00208284 |
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Name : |
Mrs. Swati Ajay Mehta |
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Designation : |
Director |
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Address : |
205-C, Kenmore
Housing Society Limited, 2nd |
|
Date of Birth/Age : |
14.01.1963 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
10.05.2003 |
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PAN No.: |
AACPM1388B |
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Voter ID No.: |
MT/08/039/274054 |
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DIN No.: |
00208327 |
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|
|
|
Name : |
Mr. Rohit Ajay Mehta |
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Designation : |
Director |
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Address : |
101-Tej Mahan Apartment, Nargish Compound, J.B. Nagar,
Andheri (East), Mumbai - 400069, |
|
Date of Birth/Age : |
29.03.1986 |
|
Date of Appointment : |
30.03.2009 |
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PAN No.: |
AKCPM4844N |
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DIN No.: |
02587850 |
KEY EXECUTIVES
|
Name : |
Mr. Mustaq Ahmed |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Ajay Omprakash Mehta |
|
187000 |
|
Shakuntala Omprakash Mehta |
|
2000 |
|
Swati Ajay Mehta |
|
7000 |
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|
|
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Total |
|
196000 |
AS ON 12.08.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Lable Stock Solutions. |
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Products/ Services : |
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Exports : |
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Products : |
Lable Stock Solutions |
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Countries : |
·
Gulf Country Asian Country |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
Bank of State Bank of Standard Chartered Bank, SME Credit, 23-25, M G Road,
Fort, Mumbai 400001, Maharashtra, India ·
Standard Chartered Bank, SME Credit,
Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra
East, Mumbai - 400051, Small Industrial Development Bank of India, Samruddhi
Ventures Park, Upper Ground Floor, Marol, MIDC Road, MIDC Industrial Area,
Andheri (East), Mumbai - 400093, Maharashtra, India CIti Bank, Trent House, 2nd Floor, G Block,
Plot No. C-60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, HDFC Bank Limited ICICI Bank Limited Yes Bank Limited |
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Facilities : |
Total Facility: Rs. 180.000 Millions [From Standard Chartered Bank] Total Facility: Rs. 155.000 Millions [From Citi Bank] Total Facility: Rs. 70.000 Millions [From Bank of
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
U. D. Kachare and Company Chartered Accountants |
|
Address : |
C6, Saraswati Apartments, Laxmi Nagar, |
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Income-tax
PAN of auditor or auditor's firm : |
AAHPK2745B |
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|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives: |
· S M Plastic Industries Paper and Plastic Industries |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
196,000 |
Equity Shares |
Rs. 100/- each |
Rs. 19.600
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19.600 |
19.600 |
19.600 |
|
(b) Reserves & Surplus |
184.921 |
130.704 |
108.675 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
204.521 |
150.304 |
128.275 |
|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18.279 |
32.720 |
58.339 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
18.279 |
32.720 |
58.339 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
218.777 |
179.248 |
153.877 |
|
(b)
Trade payables |
142.194 |
92.743 |
124.490 |
|
(c)
Other current liabilities |
32.483 |
22.133 |
10.433 |
|
(d) Short-term
provisions |
8.866 |
3.418 |
3.017 |
|
Total Current
Liabilities (4) |
402.320 |
297.542 |
291.817 |
|
|
|
|
|
|
TOTAL |
625.120 |
480.566 |
478.431 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
68.650 |
65.997 |
71.464 |
|
(ii)
Intangible Assets |
1.080 |
1.800 |
3.548 |
|
(iii)
Capital work-in-progress |
23.016 |
19.515 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.390 |
0.380 |
0.074 |
|
(d) Long-term Loan and Advances |
2.947 |
4.236 |
5.579 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
96.083 |
91.928 |
80.665 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
167.493 |
131.026 |
112.778 |
|
(c)
Trade receivables |
330.892 |
240.791 |
236.773 |
|
(d) Cash
and cash equivalents |
10.663 |
2.117 |
9.878 |
|
(e)
Short-term loans and advances |
19.896 |
14.692 |
37.999 |
|
(f)
Other current assets |
0.093 |
0.012 |
0.338 |
|
Total
Current Assets |
529.037 |
388.638 |
397.766 |
|
|
|
|
|
|
TOTAL |
625.120 |
480.566 |
478.431 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
GROSS REVENUE |
1091.961 |
823.110 |
789.267 |
|
|
|
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|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
10.881 |
10.938 |
12.755 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
88.313 |
32.959 |
29.897 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
29.540 |
10.930 |
10.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
58.773 |
22.029 |
19.697 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Export |
511.835 |
397.730 |
401.916 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
381.968 |
349.519 |
301.874 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
299.86 |
112.39 |
100.70 |
|
Expected Sales (2013-2014): Rs. 1400.000 Millions
The above information has been parted by Mr. Mustaq Ahmed [Finance Head]
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.68
|
7.15 |
6.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.22 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.16
|
1.41 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.31 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of long Term borrowings |
18.354 |
18.487 |
NA |
|
|
|
|
|
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10392226 |
11/02/2013 * |
83,990,000.00 |
BANK OF |
|
B68236447 |
|
2 |
10378748 |
07/09/2012 |
132,500,000.00 |
STANDARD CHARTERED BANK |
SME CREDIT,
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA
EAST, MUMBAI - 400051, |
B58981895 |
|
3 |
10135467 |
16/12/2008 |
90,000,000.00 |
CITIBANK N. A. |
BANDRA KURLA
COMPLEX, G-BLOCK, BANDRA EAST,, MUMBAI - 400051, |
A53417770 |
|
4 |
10095925 |
11/02/2013 * |
150,000,000.00 |
STANDARD CHARTERED BANK |
SME CREDIT,
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX,
BANDRA EAST, MUMBAI - 400051, |
B72379191 |
|
5 |
80011245 |
30/09/2011 * |
125,000,000.00 |
CITIBANK N. A. |
|
B22314587 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from directors |
8.224 |
8.360 |
|
Loans and advances from others |
0.200 |
0.200 |
|
|
|
|
|
Total |
8.424 |
8.560 |
FINANCIAL RESULTS:
During the financial year ended 31st March, 2013, the Company has earned
gross revenue of Rs. 1091961 Millions. The Company has earned net profit of Rs.
58.773 Millions after making provision of current years tax (including
adjustment towards Deferred Tax) of Rs. 29.540 Millions and depreciation of Rs.
10.881 Millions. The Company is utilizing its available resources to optimum
level to increase the volume.
FIXED ASSETS:
· Land
Buildings
Factory
building
Plant
and equipment
Factory
equipment’s
Other
pollution reduction equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipment’s
Other
equipment’s
Computer
software
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 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. 63.59 |
|
|
1 |
Rs. 101.56 |
|
Euro |
1 |
Rs. 85.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.