|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MADHUBAN TRADE-STEELS PRIVATE LIMITED |
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|
|
|
Registered Office : |
Gat No. 90, Survey No. 56, Jyothiba Nagar, Road Tal Haveli, Talwade,
Pune -412114, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
11.07.1997 |
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Com. Reg. No.: |
11-109372 |
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Capital Investment / Paid-up Capital : |
Rs. 4.722 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999PN1997PTC109372 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM07376F |
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|
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PAN No.: [Permanent
Account No.] |
AABCM8512H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer of Scraps. |
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No. of Employees : |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1400000 |
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|
Status : |
Satisfactory |
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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 satisfactory track record. There appears sharp dip in profit of the company in 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing at usual trade
terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit : “BBB-” (Suspended) |
|
Rating Explanation |
Moderate credit quality and average credit risk |
|
Date |
07.08.2012 |
Reason for Suspension : decline by company to provide adequate
information.
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. Wasim |
|
Designation : |
Finance Head |
|
Contact No.: |
91-20-35660769 |
|
Date : |
02.10.2013 |
LOCATIONS
|
Registered Office : |
Gat No. 90, Survey No. 56, Jyothiba Nagar, Road Tal Haveli, Talwade, Pune
-412114, Maharashtra, India |
|
Tel. No.: |
91-20-27691914 /
35308501 |
|
Fax no.: |
91-20-27690579 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
|
|
Corporate Office : |
Gate No.291/298, Nenekar Wadi, Alandi Phata, Next to Autoline, Chakan,
Pune – 410501, Maharashtra, India |
|
Tel No.: |
91-20-27690579/ 660769 |
DIRECTORS
As on 22.07.2013
|
Name : |
Mr. Manoj Gaganlal Mehta |
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Designation : |
Director |
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Address : |
501-502, Jaishankar Krupa Apartment, Andheri (East), Mumbai – 400069, |
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Date of Birth/Age : |
05.05.1971 |
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Date of Appointment : |
12.02.2003 |
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PAN No.: |
AABPM0029Q |
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DIN No. : |
00252543 |
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Other Directorship :
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|||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Lalit Indrachand Baliya |
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Designation : |
Director |
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Address : |
C-302, 3rd Floor, Gajlaxmi Apartments, Kolsawala Compound, |
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Date of Birth/Age : |
26.10.1967 |
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Date of Appointment : |
12.02.2003 |
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DIN No. : |
00282727 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Wasim |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Narendra
Maganlal Mehta |
|
156100 |
|
Sanjay
Maganlal Mehta |
|
160100 |
|
Maganlal
Moolchand Mehta |
|
36000 |
|
Manoj
Maganlal Mehta |
|
45000 |
|
Pawandevi
Maganlal Mehta |
|
12500 |
|
Sangeeta
Sanjay Mehta |
|
27900 |
|
Neeru
Manoj Mehta |
|
34500 |
|
Mohanlal
Footermal-HUF |
|
100 |
|
Total |
|
472200 |
As on 22.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Scraps. |
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Imports : |
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Products : |
CRC Punching Scrap, M.S.Sheet Metal Scrap and Casting Scrap |
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Countries : |
UAE |
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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 : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
· Central Bank of India, Corproate Financebranch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India · The Ratnakar Bank Limited, C/G- 8,9,10,13 & 14, Mallinath Complex, Opposite Sujata Flats, Shahibaug, Ahmedabad - 380004, Gujarat, India · ICICI Bank Limited, Chakan Branch, Maharashtra, India · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India ·
ICICI Bank Limited, Landmarkrace Cource
Circle, Alkapuri, Vadodara - 390015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MZSK and Associates Chartered Accountants |
|
Address : |
Level 3, Business Bay, Plot No. 84, Wellesley Road, Near RTO, Pune – 411001, Maharashtra, India |
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PAN No. : |
AACFK3470E |
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Associate : |
MTC Business Private Limited, India CIN No.: U51420MH2000PTC130172 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
472200 |
Equity Shares |
Rs.10/- each |
Rs.4.722
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 |
4.722 |
4.722 |
4.722 |
|
(b) Reserves & Surplus |
294.219 |
255.765 |
179.789 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
50.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
348.941 |
260.487 |
184.511 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
39.667 |
75.790 |
55.750 |
|
(b) Deferred tax liabilities (Net) |
6.764 |
5.681 |
4.714 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.909 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
47.340 |
81.471 |
60.464 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
608.184 |
550.560 |
354.832 |
|
(b) Trade
payables |
133.612 |
240.044 |
38.143 |
|
(c) Other
current liabilities |
2.820 |
4.562 |
3.588 |
|
(d) Short-term
provisions |
24.924 |
44.148 |
28.975 |
|
Total Current
Liabilities (4) |
769.540 |
839.314 |
425.538 |
|
|
|
|
|
|
TOTAL |
1165.821 |
1181.272 |
670.513 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
78.115 |
115.601 |
100.226 |
|
(ii)
Intangible Assets |
0.034 |
0.057 |
0.082 |
|
(iii)
Capital work-in-progress |
50.764 |
0.000 |
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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.659 |
0.791 |
0.612 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
129.572 |
116.449 |
100.920 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
111.837 |
118.397 |
62.371 |
|
(c) Trade
receivables |
745.029 |
776.574 |
407.525 |
|
(d) Cash
and cash equivalents |
3.758 |
26.557 |
8.300 |
|
(e)
Short-term loans and advances |
146.635 |
99.271 |
59.464 |
|
(f) Other
current assets |
28.990 |
44.024 |
31.933 |
|
Total
Current Assets |
1036.249 |
1064.823 |
569.593 |
|
|
|
|
|
|
TOTAL |
1165.821 |
1181.272 |
670.513 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3159.507 |
3232.485 |
2819.197 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
63.879 |
118.100 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.354 |
5.083 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
58.525 |
113.017 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
19.835 |
36.805 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
38.690 |
76.212 |
47.352 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
21.894 |
28.847 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
81.94 |
161.40 |
100.28 |
|
Expected Sales (2013-2014) : Rs. 3100.000 Millions
The above information has been parted by Mr. Wasim (Finance Head)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.85
|
3.50 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.25
|
9.57 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.43 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.86
|
2.40 |
2.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.27 |
1.34 |
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
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 |
No |
|
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 |
10388907 |
24/11/2012 |
2,076,665.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013,
MAHARASHTRA, INDIA |
B62916085 |
|
2 |
10387134 |
27/02/2013 * |
405,000,000.00 |
CENTRAL BANK OF INDIA |
CORPROATE FINANCE BRANCH, CHANDER MUKHI,GROUND FLOOR |
B70505300 |
|
3 |
10362340 |
04/06/2012 |
2,050,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI -
400013, MAHARASHTRA, INDIA |
B42312991 |
|
4 |
10225068 |
05/07/2012 * |
474,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B42882373 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
37.564 |
15.545 |
|
Other loans and Advances |
0.000 |
60.000 |
|
Total |
37.564 |
75.545 |
FINANCIAL RESULTS:
During the year the company has achieved total revenue of Rs. 3159.507 Millions as compared to Rs. 3232.485 Millions in the previous year. The company has earned net profit of Rs. 38.690 Millions during the year as against profit of Rs. 76.212 Millions. The profit margin of the Company was affected mainly due to higher input prices and deceleration in the recycling industry due to slowdown in the automobile and other related sectors. However, the directors are making all their efforts and are confident of better result in the current year and offsetting this adverse effect by taking appropriate initiatives and better performance.
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Office Building
· Factory buIlding
· Plant and Equipment
· Factory Equipments
· Other Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
v
Intangible
Assets
· 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 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.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.