MIRA
INFORM REPORT
|
Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
M. M CERMAMICS AND FERO ALLOYS |
|
|
|
|
Registered
Office : |
A-301-302, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Year of
Establishment : |
2004 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 226.972 Millions |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Trader and Importer, Exporter of Silicon Metal Ferro and Alloys. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having a satisfactory
track record. Trade relations are fair. Business is active. Payments terms are
reported to be usually correct. The concern can be considered for business dealings at usual 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation
arrested Manumeethi Cholan
after he accepted Rs 10 lakhs
as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has
chosen India to pilot its e-commerce business model for the Asia-Pacific
region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real
estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs
7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300 employees. The
lay-offs follow a spate of senior-level exits over the past two years, starting
with of its founder. The overall lay-offs could number around 600 and are
driven by the need to cut costs, says a former employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Long Term Rating): Suspended |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
May 29, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4+ (Short Term Rating): Suspended |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
May 29, 2013 |
Reason for Suspension: The suspension of ratings
is on account of non-cooperation by MM Ceramics with CRISIL’S effects to
undertake a review of the ratings outstanding.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Shailesh |
|
Designation : |
Account Manger |
|
Contact No.: |
91-22-67872949 |
|
Date : |
04.12.2014 |
|
Name : |
Mr. Madam Shubha |
|
Designation : |
Account Officer |
|
Contact No.: |
91-22-67872949 |
|
Date : |
04.12.2014 |
LOCATIONS
|
Registered Office : |
A-301-302, Vertex Vikas Building, Andheri (East), Mumbai – 400049, Maharashtra,
India |
|
Tel. No.: |
91-22-67872949 / 67875200 |
|
Mobile No.: |
91-9769009101 (Mr. Nikesh) |
|
Fax No.: |
91-2267410875 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Branch Office: |
Located At: ·
·
Gurgaon ·
Ahmedabad ·
Bhilai ·
Chhattisgarh ·
Chennai ·
|
PARTNERS
|
Name : |
Mr. Narendra Mehta |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Sanjay Mehta |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Maganlal Mehta |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Manoj Mehta |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh |
|
Designation : |
Accountant Manger |
|
|
|
|
Name : |
Mr. Madam Shubha |
|
Designation : |
Account Officer |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer and Exporter of Silicon Metal Ferro and Alloys. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
South Korea |
|
|
|
|
Imports : |
|
|
Products : |
Ferro and Alloy |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
LC and DD |
|
|
|
|
Purchasing : |
LC and TT |
GENERAL INFORMATION
|
Suppliers : |
Glencore International AG, Switzerland |
|
|
|
|
Customers : |
End Users v Vijay Profiles
Limited, India |
|
|
|
|
No. of Employees : |
50 (Approximately) |
|
|
|
|
Bankers : |
Union Bank of |
|
|
|
|
Facilities : |
·
Cash Credit Rs. 400 000
Millions (From Union Bank of India) ·
LC Rs. 500.000 Millions
(From Union Bank of India) |
|
Auditors : |
|
|
Name : |
A.T. Jain and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Associates/Subsidiaries : |
Not Divulged |
|
|
|
|
Sister Concern : |
· Madhuban Trade Steel, Pune · MS Metal and Steel (Chennai, Hyderabad and Bangalore) |
CAPITAL STRUCTURE
As on: 31.03.2014
|
Capital Investment : |
|
|
Owned : |
Rs. 226.972 Millions |
|
Borrowed : |
--- |
|
Total : |
Rs. 226.972 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
226.972 |
192.607 |
123.256 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
226.972 |
192.607 |
123.256 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
236.696 |
8.997 |
146.825 |
|
|
2] Unsecured Loans |
52.345 |
30.750 |
30.669 |
|
|
TOTAL BORROWING |
289.041 |
39.747 |
177.494 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
516.013 |
232.354 |
300.750 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.887 |
12.747 |
3.384 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.930 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Sundry Debtors |
500.452 |
403.763 |
671.745 |
|
|
Cash & Bank Balances |
15.988 |
12.882 |
29.646 |
|
|
Closing Stock |
333.038 |
0.000 |
0.000 |
|
|
Inventories |
0.000 |
174.414 |
248.153 |
|
|
Loans & Advances |
65.386 |
16.130 |
17.674 |
|
Total
Current Assets |
914.864
|
607.189 |
967.218 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
422.668 |
387.582 |
669.852 |
|
|
Net Current Assets |
492.196 |
219.607 |
297.366 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
516.013 |
232.354 |
300.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4190.247 |
3063.005 |
2934.343 |
|
|
|
Other Income |
48.775 |
17.243 |
23.636 |
|
|
|
TOTAL |
4239.022 |
3080.248 |
2957.979 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
4016.331 |
2922.612 |
2835.050 |
|
|
|
Financial Charges |
93.335 |
78.575 |
2.645 |
|
|
|
Interest on loan |
0.000 |
3.616 |
0.000 |
|
|
|
Carriage inward |
9.455 |
0.000 |
0.000 |
|
|
|
Clearing forwarding expense |
10.746 |
0.000 |
0.000 |
|
|
|
Commission on purchase |
0.324 |
0.000 |
0.000 |
|
|
|
Labour charges |
0.081 |
0.000 |
0.000 |
|
|
|
Packing material |
0.007 |
0.000 |
0.000 |
|
|
|
Unloading charges |
0.169 |
0.000 |
0.000 |
|
|
|
Office expense |
0.348 |
0.286 |
0.360 |
|
|
|
Salary / bonus / leave salary |
17.786 |
10.977 |
10.218 |
|
|
|
Travelling expenses |
1.203 |
0.244 |
1.140 |
|
|
|
Amount written off. |
2.910 |
0.000 |
0.000 |
|
|
|
Audit remuneration / expenses |
0.344 |
0.154 |
0.151 |
|
|
|
Brokerage and agency charges |
0.498 |
0.295 |
0.449 |
|
|
|
Carriage outward |
9.429 |
5.300 |
7.866 |
|
|
|
Clearing and forwarding expense
|
1.964 |
0.025 |
0.000 |
|
|
|
Commission on sales |
0.187 |
0.190 |
0.000 |
|
|
|
Conveyance |
0.051 |
0.042 |
0.073 |
|
|
|
Computers Expense |
0.000 |
0.059 |
0.041 |
|
|
|
Donation |
0.045 |
0.005 |
0.000 |
|
|
|
Electricity charges |
0.170 |
0.245 |
0.322 |
|
|
|
Franking charges |
0.130 |
0.079 |
0.108 |
|
|
|
Godown expenses |
1.099 |
1.125 |
1.149 |
|
|
|
Insurance charges |
0.371 |
0.000 |
0.000 |
|
|
|
Rent, rates and taxes |
1.414 |
2.468 |
4.039 |
|
|
|
Other Expense |
0.000 |
33.216 |
85.871 |
|
|
|
Legal and profession charges |
0.928 |
0.000 |
0.000 |
|
|
|
Labour charges |
0.343 |
0.000 |
0.000 |
|
|
|
Loading and unloading charges |
0.290 |
0.000 |
0.000 |
|
|
|
Loss on Derivative Transaction |
3.020 |
0.000 |
0.000 |
|
|
|
Miscellaneous expenses |
0.368 |
0.000 |
0.000 |
|
|
|
Material testing charges |
0.433 |
0.000 |
0.000 |
|
|
|
Membership and subscription |
0.176 |
0.000 |
0.000 |
|
|
|
Repair and maintenance |
0.248 |
0.000 |
0.000 |
|
|
|
Service tax |
1.349 |
0.000 |
0.000 |
|
|
|
Security charges |
0.140 |
0.000 |
0.000 |
|
|
|
Telephone expenses |
0.468 |
0.000 |
0.000 |
|
|
|
Provision for income tax |
19.500 |
0.000 |
0.000 |
|
|
|
TOTAL |
4195.66 |
3059.513 |
2949.482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE, DEPRECIATION AND AMORTISATION |
43.362 |
20.735 |
8.497 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.193 |
1.381 |
0.355 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT FOR
THE YEAR |
42.169 |
19.354 |
8.142 |
|
KEY
RATIO
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
1.01 |
0.63 |
0.28 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
1.03 |
0.68 |
0.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.61 |
3.19 |
0.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.10 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16 |
1.57 |
1.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
123.256 |
192.607 |
226.972 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
123.256 |
192.607 |
226.972 |
|
|
|
|
|
|
Secured Loan |
146.825 |
8.997 |
236.696 |
|
Unsecured Loan |
30.669 |
30.75 |
52.345 |
|
Total
borrowings |
177.494 |
39.747 |
289.041 |
|
Debt/Equity
ratio |
1.440 |
0.206 |
1.273 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2934.343 |
3063.005 |
4190.247 |
|
|
|
4.385 |
36.802 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2934.343 |
3063.005 |
4190.247 |
|
Profit |
8.142 |
19.354 |
42.169 |
|
|
0.28% |
0.63% |
1.01% |
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 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) |
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 |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
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.61.85 |
|
|
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Information Gathered
by : |
HEN |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANU |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.