MIRA INFORM REPORT
|
Report Date : |
24.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
GHIYA EXTRUSIONS PRIVATE LIMITED (w.e.f. 07.12.2006) |
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Formerly Known
As : |
GHIYA EXTRUSIONS LIMITED |
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Registered
Office : |
B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump,
Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.07.2006 |
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Com. Reg. No.: |
04-048752 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000
Millions |
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CIN No.: [Company Identification
No.] |
U25199GJ2006PTC048752 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG03138C/ AHMG00686A |
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PAN No.: [Permanent Account No.] |
AACCG6247J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of EPE Linear and EPE Sheets. |
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No. of Employees
: |
55 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 244300 |
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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 record. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB [Long Term-Suspended] |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
November 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 [Short Term-Suspended] |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
November 2013 |
Suspended Reason: ICRA may suspended any rating outstanding if in its
opinion there is insufficient information to assess such rating during the
surveillance exercise.
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. Manish |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9925207219 |
|
Date : |
22.01.2014 |
LOCATIONS
|
Registered Office : |
B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump,
Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-2764-281030 / 281548 |
|
Mobile No.: |
91-9825066530 (Mr. Nakul Ghiya) 91-9925207219 (Mr. Manish) |
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Fax No.: |
91-2764-281030 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Marketing
Office/ Factory : |
18-A Kamaldeep Industrial Estate, Village Khatraj Taluka Kalol,
Gandhinagar-382721, |
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Tel. No.: |
91-2764-281030/ 281548 |
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Fax No.: |
91-2764-281030 |
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Email : |
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Representative Office: |
Located At : ·
Mumbai ·
Bangalore ·
Hyderabad ·
Kolkata ·
Delhi |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Nakul Deepak Ghiya |
|
Designation : |
Director |
|
Address : |
B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump,
Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
25.08.1966 |
|
Qualification : |
B.Com |
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Date of Appointment: |
21.07.2006 |
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DIN No.: |
01181746 |
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|
|
|
Name : |
Mrs. Monali Nakul Ghiya |
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Designation : |
Director |
|
Address : |
B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump, Anandnagar
Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
29.09.1970 |
|
Qualification : |
B.com |
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Date of Appointment: |
21.07.2006 |
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DIN No.: |
01033371 |
KEY EXECUTIVES
|
Name : |
Mr. Manish |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Nakul Deepak Ghiya |
|
816000 |
|
Monali Nakul Ghiya |
|
184000 |
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|
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TOTAL
|
|
1000000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of EPE Linear and EPE Sheets. |
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Products : |
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Exports : |
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Products : |
EPE Linear and EPE Sheets. |
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Countries : |
· Thailand · Malaysia |
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Imports : |
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Products : |
Plastic Granules |
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Countries : |
Doha |
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Terms : |
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Selling : |
LC / DP and DA |
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Purchasing : |
LC / Open Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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|
EPE Sheets |
MT |
NA |
2400 |
2325.875 |
|
EPE Linear |
Nos |
NA |
-- |
6471087200 |
GENERAL INFORMATION
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Suppliers : |
Reliance Industries Limited |
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Customers : |
Others [Manufacture] ·
Auto Fit, Nashik |
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No. of Employees : |
55 [Approximately] |
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Bankers : |
·
Dena Bank, 188-A, Dena Laxmi Building, 1st
Floor, Near City Gold Cinema, Ashram Road, Ahmedabad-380009, India Tel
No.: 91-79-26586357 / 4098 / 0864 Website: www.denabank.com |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
Parikh and Majmudar Chartered Accountant |
|
Address : |
303, GCP Business Centre, Opposite Memnagar Fire Station, Near Vijay
Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26401701 / 26401702 / 26401703 |
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Fax No.: |
91-79-40092628 |
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E-Mail : |
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PAN No: |
AAAFB8921B |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each
|
Rs.10.000
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 |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
51.078 |
47.653 |
44.579 |
|
(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) |
61.078 |
57.653 |
54.579 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
40.791 |
53.153 |
7.130 |
|
(b) Deferred tax liabilities (Net) |
7.556 |
6.185 |
3.812 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.021 |
|
(d) long-term
provisions |
1.476 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
49.823 |
59.338 |
10.963 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
47.885 |
46.163 |
34.572 |
|
(b)
Trade payables |
18.173 |
12.677 |
9.834 |
|
(c) Other
current liabilities |
13.967 |
13.648 |
8.017 |
|
(d) Short-term
provisions |
0.000 |
0.308 |
1.400 |
|
Total Current
Liabilities (4) |
80.025 |
72.796 |
53.823 |
|
|
|
|
|
|
TOTAL |
190.926 |
189.787 |
119.365 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
102.277 |
94.519 |
30.911 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
14.610 |
7.623 |
|
(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 |
3.000 |
3.000 |
15.654 |
|
(e) Other
Non-current assets |
0.210 |
0.211 |
0.210 |
|
Total Non-Current
Assets |
105.487 |
112.340 |
54.398 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
22.418 |
26.894 |
13.155 |
|
(c)
Trade receivables |
48.186 |
41.341 |
40.983 |
|
(d) Cash
and cash equivalents |
4.114 |
0.968 |
2.834 |
|
(e)
Short-term loans and advances |
10.721 |
8.244 |
7.995 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
85.439 |
77.447 |
64.967 |
|
|
|
|
|
|
TOTAL |
190.926 |
189.787 |
119.365 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Income |
302.539 |
247.326 |
244.692 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
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TOTAL |
NA |
NA |
NA |
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|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
23.314 |
26.080 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
7.727 |
3.391 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
15.587 |
22.689 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
8.722 |
4.483 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE EXCEPTIONAL AND EXTRAORDINARY AND TAXATION |
4.739 |
6.865 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
EXTRA ORDINARY
ITEMS |
(0.068) |
0.084 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
4.671 |
6.949 |
18.206 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.038 |
3.875 |
6.174 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
4.633 |
3.074 |
12.032 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
64.824 |
72.140 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
45.157 |
40.370 |
|
|
|
Stores and Spares |
NA |
0.050 |
0.058 |
|
|
|
Capital Goods |
NA |
58.905 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
104.112 |
40.428 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.63 |
3.07 |
12.03 |
|
Expected Sales (2013-14) : Rs.390.000 Millions.
The above information has been parted by Mr. Manish.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.45
|
3.97
|
16.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.12
|
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.45
|
1.72
|
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
3.03
|
4.19 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
12.691 |
12.225 |
6.811 |
|
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
Registered office of the company has been shifted from 18-A Kamaldeep
Industrial Estate Village Khatraj Tal Kalol, Gandhinagar– 382721, Gujarat,
India to the present address w.e.f. 25.04.2011
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10029276 |
20/12/2011 * |
149,600,000.00 |
DENA BANK |
ASHRAM ROAD
BRANCH, 188-A ASHRAM ROAD, AHMEDABAD - 380009, |
B29055068 |
|
* Date of charge modification |
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REVIEW OF
OPERATION:
The recessionary trend and higher competition in the overall market, the
company has achieved the gross sales of Rs.302.539 millions. The company has also
made an export of Rs.88.101 millions which shows that the company’s product has
been accepted even in the international market, however in view of the
requirement of funds for development and expansion of the company, the
directors do not recommend any dividend for the year.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowings |
|
|
|
Loans Repayable on Demand From Shorter Term Loan |
0.034 |
0.000 |
|
TOTAL
|
0.034 |
0.000 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machineries
·
Office Equipment
·
Furniture and Fixtures
·
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] 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.61.99 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.83.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.