MIRA
INFORM REPORT
|
Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
M. SURESH JEWELLERY PRIVATE LIMITED (w.e.f. 23.10.2003) |
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Formerly Known
As : |
ZEROTH JEWELLERY PRIVATE LIMITED (w.e.f. 12.09.2003) ZEROTH FINANCE PRIVATE LIMITED |
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Registered
Office : |
Plot No.18, SEEPZ Sez, Andheri (East), Mumbai – 400096, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.08.1994 |
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Com. Reg. No.: |
11-080302 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U65920MH1994PTC080302 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCM6895R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Diamond Studded Gold Jewellery. |
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No. of Employees
: |
300 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The rating also takes into consideration M. Suresh group’s established
market position in diamonds and jewellery industry, established relationship
with customers and healthy financial risk profile. Trade relation reported to be fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered for business dealing 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A – [Long Term] |
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Rating Explanation |
Adequate credit quality and average credit risk. |
|
Date |
30.05.2014 |
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rahul |
|
Designation : |
Accounts Head |
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Contact No.: |
91-9820364850 |
|
Date : |
10.01.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.18, SEEPZ Sez, Andheri (East), Mumbai – 400096,
Maharashtra, India |
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Tel. No.: |
91-22-28292111/ 28290464 |
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Fax No.: |
91-22-28292888/ 28290157 |
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E-Mail : |
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Website : |
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Area : |
1 Lac Sq. Ft. |
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Location : |
Owned |
DIRECTORS
AS ON: 30.06.2014
|
Name : |
Mr. Lalitbhai Chunilal Adani |
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Designation : |
Director |
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Address : |
3-B, Swapnalok, L. J. Marg, Nepeansea Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
24.02.1958 |
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Date of Appointment : |
13.02.2003 |
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DIN No.: |
00014169 |
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Name : |
Mr. Manish Rameshchandra Pethani |
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Designation : |
Director |
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Address : |
1901/02, Chandanbala Apartment, Ratilal Thakker Marg, Wlkeshwar, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
13.06.1966 |
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Date of Appointment : |
13.02.2003 |
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DIN No.: |
00014011 |
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Name : |
Paresh Pethani |
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Designation : |
Additional director |
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Address : |
2-A, Swapnalok, Nepena Sea Road, Mumbai – 400036, Maharashtra,
India |
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Date of Birth/Age : |
11.07.1959 |
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Date of Appointment : |
27.12.2013 |
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DIN No.: |
00014079 |
KEY EXECUTIVES
|
Name : |
Mr. Rahul |
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Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
Lalit C. Adani |
|
43040 |
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Manish R. Pethani |
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31200 |
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Paresh R. Pethani |
|
59750 |
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Vijay C. Adani |
|
27000 |
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Nitin C. Adani |
|
27000 |
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M. Suresh Company Private Limited, India |
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10 |
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M. Suresh Exports Private Limited, India |
|
312000 |
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Total |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.06.2014
|
Category |
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Percentage |
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Bodies corporate |
|
62.40 |
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Directors or relatives of directors |
|
37.60 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Diamond Studded Gold Jewellery. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
100% Export |
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Countries : |
·
USA ·
UAE ·
Australia |
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Imports : |
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Products : |
Polish Diamonds |
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Countries : |
·
USA ·
UAE ·
Australia |
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Terms : |
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Selling : |
Direct Bill |
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Purchasing : |
Open Bill |
GENERAL INFORMATION
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Suppliers : |
Shayana Germ LLC, UAE |
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Customers : |
Wholesalers and Retailers SDC Designer LLC, USA |
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No. of Employees : |
300 [Approximately] |
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Bankers : |
· Bank of India, SEEPZ Branch, SEEPZ, Andheri-East, Mumbai - 400096, Maharashtra, India Tel No.: 91-22-28292944 Contact Person: Mr. Mahesh Walawalkar [Chief Manager] He rated company as very good. · State Bank of India, SEEPZ, Andheri (East), Mumbai - 400096, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain and Kachhawaha Chartered Accountants |
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Address : |
Office No. 26, 47, Dr. M. B. Welkar Street, Mumbai – 400002,
Maharashtra, India |
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PAN No.: |
AADFJ5486A |
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Holding Company : |
M. Suresh Exports Private Limited U36910MH1991PTC064190 |
CAPITAL STRUCTURE
AS ON: 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750,000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
500,000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
5.000 |
5.000 |
5.000 |
|
(b) Reserves &
Surplus |
376.628 |
287.898 |
286.506 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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|
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|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
381.628 |
292.898 |
291.506 |
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(3) Non-Current
Liabilities |
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|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
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(4) Current Liabilities |
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|
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|
(a) Short term borrowings |
186.476 |
197.459 |
191.431 |
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(b) Trade payables |
555.423 |
323.543 |
120.151 |
|
(c) Other current
liabilities |
1.614 |
8.959 |
4.521 |
|
(d) Short-term provisions |
21.095 |
4.433 |
4.038 |
|
Total Current Liabilities
(4) |
764.608 |
534.394 |
320.141 |
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TOTAL |
1146.236 |
827.292 |
611.647 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
117.810 |
118.898 |
123.326 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.756 |
0.756 |
0.756 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
118.566 |
119.654 |
124.082 |
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
202.138 |
116.371 |
83.798 |
|
(c) Trade receivables |
727.263 |
500.621 |
315.349 |
|
(d) Cash and cash
equivalents |
2.547 |
1.712 |
26.584 |
|
(e) Short-term loans and
advances |
95.722 |
88.934 |
46.396 |
|
(f) Other current assets |
0.000 |
0.000 |
15.438 |
|
Total Current Assets |
1027.670 |
707.638 |
487.565 |
|
|
|
|
|
|
TOTAL |
1146.236 |
827.292 |
611.647 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
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|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
57.524 |
8.999 |
25.340 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
24.813 |
7.607 |
12.249 |
|
|
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|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
32.711 |
1.392 |
13.091 |
|
|
|
|
|
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|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
|
PROFIT/ (LOSS) AFTER TAX
|
32.711 |
1.392 |
13.091 |
|
|
|
|
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|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
9.743 |
8.351 |
47.169 |
|
|
|
|
|
|
|
Add/Less |
PRIOR YEAR APPROPRIATIONS |
56.018 |
0.000 |
(51.909) |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE
B/S |
98.472 |
9.743 |
8.351 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1570.622 |
888.847 |
817.271 |
|
|
TOTAL EARNINGS |
1570.622 |
888.847 |
817.271 |
|
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|
IMPORTS |
|
|
|
|
|
Raw Materials |
1528.086 |
850.159 |
789.118 |
|
|
Components and Stores
parts |
2.017 |
1.528 |
0.974 |
|
|
Foreign Travel |
0.113 |
0.233 |
0.422 |
|
|
Capital Goods |
7.839 |
2.112 |
0.000 |
|
|
TOTAL IMPORTS |
1538.055 |
854.032 |
790.514 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
65.42 |
2.78 |
26.18 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.86 |
0.17 |
2.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.00 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.49 |
0.67 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.32 |
1.52 |
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 |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
286.506 |
287.898 |
376.628 |
|
Net worth |
291.506 |
292.898 |
381.628 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
191.431 |
197.459 |
186.476 |
|
Total borrowings |
191.431 |
197.459 |
186.476 |
|
Debt/Equity ratio |
0.657 |
0.674 |
0.489 |
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 five 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 |
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 |
No |
|
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 |
80041712 |
01/02/2008 * |
200,000,000.00 |
BANK OF INDIA |
SEEPZ BRANCH,SEEPZ, ANDHERI-EAST, MUMBAI, Maharas |
A34418988 |
* Date of charge modification
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
7.500 |
0.000 |
|
|
|
|
|
Total |
7.500 |
0.000 |
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the
world as the birthplace for diamonds. It is difficult to trace the origin
of diamonds but history says that in the remote past, diamonds were mined only
in India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond
businesses derives its importance from the huge conglomerate of family run
organizations which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem and Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds
started falling month-wise after the imposition of 2 % of import duty on the
polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FIXED ASSETS
· Building
· Plant and Machinery
· Furniture and Fixtures
· Computers
· 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 records 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.61.95 |
|
|
1 |
Rs.97.60 |
|
Euro |
1 |
Rs.76.75 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.