.
|
Report Date : |
28.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOVIK ELECTRICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 720, 7th Floor, Tulsiani Chambers, Free |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.05.1990 |
|
|
|
|
Com. Reg. No.: |
11-056660 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.5.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109MH1990PTC056660 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Manufacturing Components From and Trading of
Electrical Insulating Materials. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2561000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track. The
management has seen a better improvement in its sales revenue as well as net profitability
during 2013. The company possesses a strong financial profile marked by
comfortable networth position for the period under review. The ratings also take into consideration the technical support from
“Weidmann Electrical Technology AG.” Trade relations are fair. Business is
active. Payment terms are reported as usually correct and as per commitments.
In view of established market position, the subject 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit 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 |
CRISIL |
|
Rating |
BBB+ [Long Term] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
16.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2 [Short Term] |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
16.01.2014 |
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 DECLINED BY
|
Name : |
Mr. Arun Vishwanath Khetan |
|
Designation : |
Managing Director |
|
Contact No.: |
91-22-27782233/64550155 |
|
Date : |
27.01.2014 |
LOCATIONS
|
Registered Office : |
Office No. 720, 7th Floor, Tulsiani Chambers, Free Press Journal
Road, 212, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22023131/22023838 |
|
Fax No.: |
91-22-22024949 |
|
E-Mail : |
|
|
|
|
|
Corporate Office / Factory 1 : |
Plot No. A-524/525, TTC Industrial Area, MIDC, Mahape, Navi
Mumbai-400710, Maharashtra, India |
|
Tel. No.: |
91-22-27782233/64550155 |
|
Fax No.: |
91-22-27782266/27781174 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No. A-101 and 101/1, Addl. Ambernath Industrial Area, Anand
Nagar, MIDC, Jhambivali, Ambernath (East), District Thane-421506,
Maharashtra, India |
|
Tel. No.: |
91-251-2621714/15/16 |
|
Fax No.: |
91-251-2621712 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Arun Vishwanath Khetan |
|
Designation : |
Managing Director |
|
Address : |
C-901/902, Sunker Sett Palace, 300/C, J.D. Road, Nana Chowk,
Mumbai-400007, Maharashtra, India |
|
Date of Birth/Age : |
25.04.1962 |
|
Date of Appointment : |
28.05.1990 |
|
Election Comm. Id : |
ISD-1506013 |
|
Din No.: |
00114773 |
|
|
|
|
Name : |
Mrs. Vinita Arun Khetan |
|
Designation : |
Director |
|
Address : |
C-901/902, Sunker Sett Palace, 300/C, J.D. Road, Nana Chowk,
Mumbai-400007, Maharashtra, India |
|
Date of Birth/Age : |
17.07.1965 |
|
Date of Appointment : |
09.05.1996 |
|
Election Comm. Id : |
ISD-1506021 |
|
Din No.: |
00114827 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Arun Vishwanath Khetan |
|
35700 |
|
Vinita Arun Khetan |
|
15300 |
|
|
|
|
|
TOTAL
|
|
51000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing Components From and Trading of
Electrical Insulating Materials. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Bank of Baroda, Opera House Branch, Modi Chambers
(Nr. French Bridge), Opposite Royalopera House Theatre, Pandit Paluskar
Chowk, Mumbai - 400004, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok M. Shah and Company Chartered Accountants |
|
Address : |
Shubh, Akurli Station Road, Opposite ESIS Hospital, Kandivali (East),
Mumbai-400101, Maharashtra, India |
|
PAN No: |
AABFA2531M |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
|
25000 |
Preferences Shares |
Rs.100/- each |
Rs.2.500 Millions |
|
|
TOTAL
|
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
51000 |
Equity Shares |
Rs.100/- each |
Rs.5.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.100 |
5.100 |
4.900 |
|
(b) Reserves & Surplus |
635.390 |
548.257 |
497.382 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
640.490 |
553.357 |
502.282 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
81.350 |
84.545 |
69.754 |
|
(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) |
81.350 |
84.545 |
69.754 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
(13.113) |
32.011 |
69.955 |
|
(b)
Trade payables |
132.148 |
37.003 |
143.137 |
|
(c)
Other current liabilities |
4.607 |
2.701 |
2.970 |
|
(d) Short-term
provisions |
132.574 |
149.444 |
123.963 |
|
Total Current
Liabilities (4) |
256.216 |
221.159 |
340.025 |
|
|
|
|
|
|
TOTAL |
978.056 |
859.061 |
912.061 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
448.847 |
434.187 |
378.981 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.622 |
0.590 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.037 |
0.522 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.074 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
449.469 |
434.814 |
379.577 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
135.120 |
133.171 |
179.347 |
|
(c)
Trade receivables |
224.154 |
96.073 |
212.438 |
|
(d) Cash
and cash equivalents |
33.651 |
35.410 |
4.413 |
|
(e) Short-term
loans and advances |
135.662 |
159.593 |
136.286 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
528.587 |
424.247 |
532.484 |
|
|
|
|
|
|
TOTAL |
978.056 |
859.061 |
912.061 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
REVENUE FROM
OPERATIONS |
744.862 |
519.435 |
702.449 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
203.137 |
118.035 |
205.510 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
46.606 |
39.129 |
38.793 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
156.531 |
78.906 |
166.717 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
51.616 |
24.950 |
57.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
104.915 |
53.956 |
109.418 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on 10% Cumulative Redeemable Preferences Shares |
0.000 |
0.250 |
0.250 |
|
|
|
Tax on Preferences Dividend |
0.000 |
0.041 |
0.041 |
|
|
|
Interim Dividend On Equity Share @ 300% |
15.300 |
2.400 |
12.000 |
|
|
|
Tax on Equity Dividend |
2.482 |
0.389 |
2.040 |
|
|
|
Transfer to General Reserve |
15.649 |
7.966 |
16.672 |
|
|
BALANCE CARRIED
TO THE B/S |
71.484 |
42.910 |
78.415 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
22.374 |
29.033 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials/Trading Goods |
365.530 |
138.227 |
386.175 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2057.15 |
1057.96 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.01
|
9.19 |
18.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.14 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11
|
0.21 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
1.92 |
1.57 |
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 |
No |
|
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 |
No |
|
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] |
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 |
Yes |
|
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 |
90152620 |
07/03/2011 * |
250,000,000.00 |
BANK OF BARODA |
OPERA HOUSE
BRANCH,MODI CHAMBERS (NR.FRENCH BRIDGE), OPPOSITE ROYALOPERA HOUSE
THEATRE,PANDIT PALUSKAR CHOWK, MUMBAI - 400004, MAHARASHTRA, INDIA |
B09937061 |
|
2 |
90153927 |
07/03/2011 * |
200,000,000.00 |
BANK OF BARODA |
OPERA HOUSE BRANCH,MODI
CHAMBERS (NR.FRENCH BRIDGE), OPPOSITE ROYALOPERA HOUSE THEATRE,PANDIT
PALUSKAR CHOWK, MUMBAI - 400004, MAHARASHTRA, INDIA |
B09936824 |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Loans and
Advances From Related Parties |
|
|
|
Directors |
48.530 |
63.550 |
|
Others |
32.820 |
20.995 |
|
TOTAL
|
81.350 |
84.545 |
HIGHLIGHTS:
During the year, the
company could do miracle even though there is still continuous slowdown in the
Indian economy scenario. They could achieve the sales of Rs.744.900 Millions
which was beyond their expectations. The continuous support from Weidmann on pricing/supply
helped us to maintain their margins to large extent in spite of prices of
transformers coming down drastically to uneconomical level and they were forced
to cut down their prices. Still they ended the year with increase in profit
margin from 10% to14% of sales. For the next year, as the situation is still in
bad conditions it will be further more difficult to achieve sales and maintain
the margins considering the economic situation and unhealthy competition from
Chinese and Indian insulation manufacturers. They will try their best to
maintain the sales and profit.
FIXED ASSETS:
·
Leasehold Land
·
Residential Building
·
Factory Building
·
Plant and Machinery
·
Office Equipments
·
Factory Equipments
·
Computer Equipments
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.62.71 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.85.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.