MIRA INFORM REPORT
|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ROYALTOUCH ALUMINIUM PRIVATE LIMITED (w.e.f. 22.09.2004) |
|
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Formerly Known
As : |
ROYAL FLOORS PRIVATE LIMITED |
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Registered
Office : |
Saket Industrial Estate, Plot No.30/31, Sarkhej-Bavala Road, Near Nova
Petrochem, Moriya, Sanand, Ahmedabad – 382213, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.03.2004 |
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Com. Reg. No.: |
04-43848 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
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CIN No.: [Company Identification
No.] |
U26933GJ2004PTC043848 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and exporter of premium grade aluminum extrusion,
aluminium extrusion profiles and sections etc. |
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No. of Employees
: |
300 (Approximately) (Office – 75 and Factory – 225) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 190000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The company has taken huge external borrowing, which acts as
threatening to the liquidity position of the company. Profitability of the
company is low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst and Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs.39000 mn this financial year and has a debt of Rs.350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs.35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: BBB+(SO) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
04.02.2014 |
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Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A2+ (SO) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
04.02.2014 |
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 : |
Ms. Surabhi |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-79-40017979 |
|
Date : |
17.02.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Saket Industrial Estate, Plot No.30/31, Sarkhej-Bavala Road, Near Nova
Petrochem, Moriya, Sanand, Ahmedabad – 382213, Gujarat, India |
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Tel. No.: |
91-79-40017979 |
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Fax No.: |
91-79-40017900 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Mitulkumar Maganlal Patel |
|
Designation : |
Director |
|
Address : |
A-903, Prestige Towers, Behind Chief Justice Bunglow, Bodakdev,
Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
01.06.1970 |
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Date of Appointment : |
06.08.2010 |
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DIN No.: |
03151868 |
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|
|
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Name : |
Mr. Rajkumar Dineshkumar Parsania |
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Designation : |
Director |
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Address : |
“Raj”, Near Vijay Transport, Surendranagar, Gujarat, India |
|
Date of Appointment : |
08.08.2005 |
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DIN No.: |
02565599 |
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|
|
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Name : |
Mr. Arvindkumar Ambalal Patel |
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Designation : |
Director |
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Address : |
“Rutuza” 8, Vasant Rajab Society, Jodhpur
Char Rasta, Satellite Road, Ahmedabad, Gujarat, India |
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Date of Appointment : |
24.03.2004 |
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DIN No.: |
00211536 |
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|
|
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Name : |
Mr. Ishwarlal Jadavbhai Jagani |
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Designation : |
Director |
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Address : |
652 – Takshshila- 2, Phoolchhab Chowk, Rajkot, Gujarat, India |
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Date of Appointment : |
15.01.2005 |
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DIN No.: |
00282849 |
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|
|
|
Name : |
Mr. Jitendra Tulsidas Patel |
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Designation : |
Director |
|
Address : |
11, “Shiv” Manekbaug Society, Near Nehru Nagar, Ahmedabad -380014,
Gujrat, India |
|
Date of Appointment : |
24.03.2004 |
|
DIN No.: |
00204168 |
KEY EXECUTIVES
|
Name : |
Ms. Surabhi |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
SHAREHOLDING DETAILS FILE ATTACHED.
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of premium grade aluminum extrusion,
aluminium extrusion profiles and sections etc. |
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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 and Retailers |
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No. of Employees : |
300 (Approximately) (Office – 75 and Factory – 225) |
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Bankers : |
· ICICI Bank Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India · Standard Chartered Bank Ground Floor, Abhijeet – II, Mithakali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India · State Bank of Saurashtra Gymkhana Branch, Rajkot – 360001, Gujarat, India · State Bank of India · Kotak Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ranpura Desai and Company Chartered Accountants |
|
Address : |
1st Floor, Star Avenue, Dr. Radhakrishnan Road, Rajkot – 360001,
Gujarat, India |
|
PAN No.: |
AADFR3813P |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
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|
|
|
|
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 |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
16.456 |
10.446 |
5.618 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
46.456 |
40.446 |
35.618 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
86.830 |
65.376 |
41.000 |
|
(b) Deferred tax liabilities
(Net) |
4.554 |
4.771 |
2.857 |
|
(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) |
91.384 |
70.147 |
43.857 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
175.926 |
166.279 |
159.573 |
|
(b) Trade payables |
164.908 |
41.068 |
71.770 |
|
(c) Other current liabilities |
26.898 |
20.604 |
15.622 |
|
(d) Short-term provisions |
2.954 |
1.853 |
2.251 |
|
Total
Current Liabilities (4) |
370.686 |
229.804 |
249.216 |
|
|
|
|
|
|
TOTAL |
508.526 |
340.397 |
328.691 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
104.477 |
98.715 |
85.062 |
|
(ii) Intangible Assets |
0.001 |
0.001 |
0.002 |
|
(iii) Capital work-in-progress |
0.000 |
6.263 |
13.560 |
|
(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 |
104.478 |
104.979 |
98.624 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
208.191 |
85.312 |
115.896 |
|
(c) Trade receivables |
159.697 |
120.423 |
87.938 |
|
(d) Cash and cash equivalents |
11.542 |
7.773 |
10.240 |
|
(e) Short-term loans and
advances |
2.701 |
8.484 |
12.848 |
|
(f) Other current assets |
21.917 |
13.426 |
3.145 |
|
Total
Current Assets |
404.048 |
235.418 |
230.067 |
|
|
|
|
|
|
TOTAL |
508.526 |
340.397 |
328.691 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
866.287 |
758.272 |
576.810 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
843.144 |
737.606 |
560.040 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.143 |
20.666 |
16.770 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
15.911 |
13.339 |
10.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
7.232 |
7.327 |
6.120 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.221 |
2.210 |
0.412 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.011 |
5.117 |
5.708 |
|
|
|
|
|
|
|
|
|
|
PRIOR YEAR
ADJUSTMENT |
0.000 |
(0.290) |
(0.592) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.445 |
5.618 |
0.502 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
16.457 |
10.445 |
5.618 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.00 |
-- |
-- |
|
Expected Sales (2013-14): Rs.1000.000 Millions
The above information has been parted by Mr. Ms. Surabhi.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.69
|
0.67 |
0.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.42
|
2.19 |
1.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.18 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.66
|
5.73 |
5.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.02 |
0.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
30.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
5.618 |
10.446 |
16.456 |
|
Net
worth |
35.618 |
40.446 |
46.456 |
|
|
|
|
|
|
long-term borrowings |
41.000 |
65.376 |
86.830 |
|
Short term borrowings |
159.573 |
41.068 |
164.908 |
|
Total
borrowings |
200.573 |
106.444 |
251.738 |
|
Debt/Equity
ratio |
5.631 |
2.632 |
5.419 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
576.810 |
758.272 |
866.287 |
|
|
|
31.460 |
14.245 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Total Income |
576.810 |
758.272 |
866.287 |
|
Profit |
5.708 |
5.117 |
6.011 |
|
|
0.99% |
0.67% |
0.69% |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Loans from shareholders, directors and their relatives |
86.105 |
65.376 |
|
|
|
|
|
Total |
86.105 |
65.376 |
NOTE:
The Registered office of the company has been
shifted from 3rd floor, Shree Complex, Shree Nagar Society, Sardar
Patel Stadium Road, Navrangpura, Ahmedabad – 3800014, Gujarat, India to the
present address w.e.f. 01.01.2005.
BUSINESS PROSPECTS
The Company has
shown 14.24% increase in turnover as compared to previous year. The directors
are taking all possible steps and measure to improve the income.
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Laboratory Equipment
· Furniture
· Computer 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 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.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.