MIRA INFORM REPORT
|
Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIMPEX GRANITO PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
107 P1-2, 108 P1-2, Behind Senso, Taluka Wankaner, Sartanpar – 363
622, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.02.2010 |
|
|
|
|
Com. Reg. No.: |
04-059596 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.7.170 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26933GJ2010PTC059596 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS07000A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AANCS8840G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Vitrified Tiles. |
|
|
|
|
No. of Employees
: |
160 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 244000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Rating reflects working capital intensive operation and average
financial risk profile. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
NOTE: Profit and Loss
statement for the year 2013 is not available with government department. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the public
to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were announced, the government decided to hike interest
rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The
new rates will be effective April, 1. The Supreme Court will resume hearing on
March, 11 Nokia’s appeal against a ruling over transferring ownership of its
local mobile phones plant which is the subject of a tax dispute to Microsoft
Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk |
|
Date |
January 21, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
January 21, 2014 |
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. Bhavin Patel |
|
Designation : |
Accountant and Finance Manager |
|
Contact No.: |
91-9727770106 |
|
Date : |
11.04.2014 |
LOCATIONS
|
Registered Office : |
107 P1-2, 108 P1-2, Behind Senso, Taluka Wankaner, Sartanpar – 363
622, Gujarat, India |
|
Tel No.: |
Not Available |
|
Mobile No.: |
91-9727770104 (Mr. Jayesh Kumar) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area : |
1000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
8-A, |
|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 31.08.2013
|
Name : |
Mr. Jayeshkumar Hemrajbhai Bhalodia |
|
Designation : |
Director |
|
Address : |
Somnath Society, Block
No.20, Opposite Diamond Hall, |
|
Date of Birth/Age : |
14.09.1986 |
|
Date of Appointment : |
16.02.2010 |
|
DIN No.: |
02932544 |
|
|
|
|
Name : |
Mr. Lalitkumar Parshotam Bhalodia |
|
Designation : |
Director |
|
Address : |
Abhyuday, Somnath
Society – 21, Near Diamond Hall, Ravapar Road, Morbi, Rajkot – 363 641,
Gujarat, India |
|
Date of Birth/Age : |
16.07.1965 |
|
Date of Appointment : |
16.02.2010 |
|
DIN No.: |
02932523 |
|
|
|
|
Name : |
Mr. Hemrajbhai Parshottambhai Bhalodia |
|
Designation : |
Director |
|
Address : |
Somnath Society, Block
No.20, Opposite Diamond Hall, |
|
Date of Birth/Age : |
12.08.1963 |
|
Date of Appointment : |
16.02.2010 |
|
DIN No.: |
02932545 |
|
|
|
|
Name : |
Mr. Mansukhbhai Devjibhai Bhalodia |
|
Designation : |
Director |
|
Address : |
Vithhal Nagar, Behind
Kanya Chhatralay, |
|
Date of Birth/Age : |
29.11.1963 |
|
Date of Appointment : |
16.02.2010 |
|
DIN No.: |
02944733 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavin Patel |
|
Designation : |
Accountant and Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.08.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
As on 31.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
14.64 |
|
Directors or relatives of Directors |
56.82 |
|
Other top fifty shareholders |
28.54 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Vitrified Tiles. |
|
|
|
|
Products : |
·
Soluble Vitrified Tiles ·
Matt Vitrified Tiles ·
Nano Technology Vitrified Tiles ·
Glaze Vitrified Tiles ·
Heavy Duty Parking Tiles ·
Rustic Vitrified Tiles ·
Lapato Vitrified Tiles ·
Vitrified Floor Tiles ·
Marbonite Vitrified Tiles |
|
|
|
|
Exports : |
|
|
Products : |
·
Vitrified Tiles |
|
Countries : |
·
·
Srilanka |
|
|
|
|
Imports : |
|
|
Products : |
·
Raw Material |
|
Countries : |
·
·
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
SNF India Private Limited, Vishakhapatnam |
|
|
|
|
Customers : |
Sumeru Tradelinks Private Limited, Ahmedabad |
|
|
|
|
No. of Employees : |
160 (Approximately) |
|
|
|
|
Bankers : |
·
State Bank of ·
State Bank of India, Industrial Bank of India,
Industrial Finance Branch, Neptune Tower Annexe, 1st Floor, Near
Nehru Bridge, Ashram Road, Ahmedabad – 380009, Gujarat, India ·
Kotak Mahindra Bank, Morbi |
|
|
|
|
Facilities : |
CC Rs. 70.000 Millions (From State Bank of India) TL Rs. 50.000 Millions (From State Bank of India) |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Sharda and Associates Chartered Accountants |
|
Address : |
8-13, |
|
PAN
No. : |
AAAFZ3476D |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850000 |
Equity Shares |
Rs.10/- each |
Rs.8.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
717000 |
Equity Shares |
Rs.10/- each |
Rs.7.170 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 |
7.170 |
7.170 |
7.170 |
|
(b) Reserves & Surplus |
53.778 |
51.493 |
47.053 |
|
(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) |
60.948 |
58.663 |
54.223 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
63.877 |
82.328 |
109.821 |
|
(b) Deferred tax liabilities (Net) |
4.950 |
5.321 |
5.586 |
|
(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) |
68.827 |
87.649 |
115.407 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
61.705 |
66.024 |
21.360 |
|
(b) Trade payables |
85.038 |
44.367 |
35.734 |
|
(c) Other current liabilities |
34.855 |
25.558 |
5.797 |
|
(d) Short-term provisions |
0.745 |
1.470 |
0.083 |
|
Total
Current Liabilities (4) |
182.343 |
137.419 |
62.974 |
|
|
|
|
|
|
TOTAL |
312.118 |
283.731 |
232.604 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
113.700 |
127.023 |
139.782 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
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 |
7.182 |
5.230 |
7.198 |
|
(e) Other Non-current assets |
0.004 |
0.007 |
0.008 |
|
Total
Non-Current Assets |
120.886 |
132.260 |
146.988 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.015 |
0.015 |
0.015 |
|
(b) Inventories |
114.845 |
84.461 |
39.448 |
|
(c) Trade receivables |
57.790 |
51.389 |
27.866 |
|
(d) Cash and cash equivalents |
11.320 |
8.344 |
5.270 |
|
(e) Short-term loans and advances |
6.615 |
6.675 |
12.904 |
|
(f) Other current assets |
0.647 |
0.587 |
0.113 |
|
Total
Current Assets |
191.232 |
151.471 |
85.616 |
|
|
|
|
|
|
TOTAL |
312.118 |
283.731 |
232.604 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
320.000 (Approximately) |
397.259 |
0.000 |
|
|
|
Other Income |
|
NA |
0.000 |
|
|
|
TOTAL |
NA |
NA |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
NA |
(0.058) |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
NA |
(0.058) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
4.439 |
(0.058) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
NA |
6.19 |
(0.08) |
|
Expected Sales (2013-2014): Rs.390.000 Millions
The above information has been parted by Mr. Bhavin Patel
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
NA |
(0.02) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
NA |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.06 |
2.53 |
2.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.10 |
1.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
7.170 |
7.170 |
7.170 |
|
Reserves & Surplus |
47.053 |
51.493 |
53.778 |
|
Net
worth |
54.223 |
58.663 |
60.948 |
|
|
|
|
|
|
long-term borrowings |
109.821 |
82.328 |
63.877 |
|
Short term borrowings |
21.360 |
66.024 |
61.705 |
|
Total
borrowings |
131.181 |
148.352 |
125.582 |
|
Debt/Equity
ratio |
2.419 |
2.529 |
2.060 |
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 |
Yes |
|
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
two 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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
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 |
10269779 |
08/01/2011 |
565,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
B07098684 |
|
2 |
10227845 |
15/04/2013 * |
193,000,000.00 |
State Bank of India |
Industrial Finance Branch, Neptune Tower Annexe, |
B76581370 |
* Date of charge modification
TRADE REFERENCES
·
Goyal Senatri
·
SNF India Private Limited
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.60.28 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.