MIRA
INFORM REPORT
|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
HANIL AUTOMOTIVE INDIA PRIVATE LIMITED [w.e.f.04.04.2007] |
|
|
|
|
Formerly Known
As : |
SHINHAN PLASTO INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-8, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.07.2002 |
|
|
|
|
Com. Reg. No.: |
18-049333 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 327.944
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35999TN2002PTC049333 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES15793B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCS4350J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automotive and Industrial Plastic Products, Components
and Automotive Moulds. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 8800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
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 and as per commitment. 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 DECLINED BY
|
Name : |
Mr. Rajshekaran |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-44-37172407 |
|
Date : |
25.07.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. A-8, |
|
Tel. No.: |
91-44-37172406/ 37172412 |
|
Fax No.: |
91-44-37172420 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
A-5, SIPCOT, |
|
Tel. No.: |
91-44-37172719 |
|
|
|
|
Factory 3 : |
136, |
|
Tel. No.: |
91-44-37176860 |
DIRECTORS
AS ON 28.09.2013
|
Name : |
Yoon Yeojin |
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|
Designation : |
Director |
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|
Date of Birth/Age : |
02.03.1970 |
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|
Qualification : |
B.Com |
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|
Experience : |
20 Years |
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|
Date of Appointment : |
28.02.2011 |
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DIN No.: |
03454457 |
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Other Directorship :
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||||||||||||||||||||||||||||||||||||
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Name : |
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Designation : |
Director |
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|
Address : |
No.1 B, Newry Sreesha, 1st Floor, Indira Nagar, Adyar, Chennai
– 600020, |
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|
Date of Birth/Age : |
14.12.1964 |
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|
Date of Appointment : |
06.01.2014 |
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DIN No.: |
06792207 |
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|
||||||||||||||||||||||||||||||||||||
|
Name : |
Bogug Kim |
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|
Designation : |
Managing Director |
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|
Address : |
Chaitanya Nityasree Apartment 2D, 2nd Floor, Old No. 51,
New No. 97, Chamiers Road, RA Puram, Chennai – 600028, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.10.1959 |
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Date of Appointment : |
23.01.2014 |
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DIN No.: |
06792201 |
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KEY EXECUTIVES
|
Name : |
Mr. Rajshekaran |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2013
|
Names of Shareholder |
No. of Shares |
Percentage of Holding |
|
Hanil E HWA Co. Limited |
32794411 |
100.00 |
|
|
|
|
|
Total |
32794411 |
100.00 |
AS ON 28.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive and Industrial Plastic Products, Components
and Automotive Moulds. |
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|
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|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Shinhan Bank 42, Jolly Maker
Chambers II, Nariman Point, Mumbai - 400021, · Indian Overseas Bank Royal Bank of Indian Bank State Bank of Citi Bank IDBI Bank Limited Standard Chartered Bank |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Vijayaraghavan and Associates Chartered Accountants |
|
Address : |
No.51, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFV1842R |
|
|
|
|
Holding company : |
Hanil E HWA Co. Limited |
CAPITAL STRUCTURE
AFTER 28.09.2013
Authorised Capital : Rs.
500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 32.794
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32794412 |
Equity Shares |
Rs. 10/- each |
Rs. 327.944
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 |
327.944 |
327.944 |
327.944 |
|
(b) Reserves & Surplus |
1879.373 |
1534.653 |
871.440 |
|
(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) |
2207.317 |
1862.597 |
1199.384 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
291.854 |
167.584 |
|
(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 |
291.854 |
167.584 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
430.863 |
55.200 |
0.000 |
|
(b)
Trade payables |
1634.918 |
886.014 |
892.095 |
|
(c) Other
current liabilities |
320.865 |
449.044 |
424.646 |
|
(d) Short-term
provisions |
771.532 |
597.152 |
449.205 |
|
Total Current
Liabilities (4) |
3158.178 |
1987.410 |
1765.946 |
|
|
|
|
|
|
TOTAL |
5365.495 |
4141.861 |
3132.914 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1352.451 |
1210.048 |
831.562 |
|
(ii)
Intangible Assets |
54.207 |
54.844 |
55.387 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
21.579 |
32.961 |
19.155 |
|
(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 |
1428.237 |
1297.853 |
906.104 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
297.926 |
341.618 |
158.448 |
|
(c)
Trade receivables |
1306.904 |
894.588 |
731.829 |
|
(d) Cash
and cash equivalents |
1231.966 |
1020.149 |
911.850 |
|
(e)
Short-term loans and advances |
1100.462 |
587.653 |
424.683 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3937.258 |
2844.008 |
2226.810 |
|
|
|
|
|
|
TOTAL |
5365.495 |
4141.861 |
3132.914 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
TURNOVER EXCLUDING
TAXES & DUTIES |
8645.053 |
7845.053 |
6105.829 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
707.537 |
500.876 |
417.556 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
267.214 |
(162.337) |
293.983 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
440.323 |
663.213 |
123.573 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.090 |
2.600 |
0.070 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.43 |
20.22 |
3.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.24 |
12.19 |
13.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.27 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.20 |
0.19 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.43 |
1.26 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
327.944 |
327.944 |
327.944 |
|
Reserves & Surplus |
871.440 |
1534.653 |
1879.373 |
|
Net
worth |
1199.384 |
1862.597 |
2207.317 |
|
|
|
|
|
|
long-term borrowings |
167.584 |
291.854 |
0.000 |
|
Short term borrowings |
0.000 |
55.200 |
430.863 |
|
Total
borrowings |
167.584 |
347.054 |
430.863 |
|
Debt/Equity ratio |
0.140 |
0.186 |
0.195 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Turnover Excluding Taxes & Duties |
6105.829 |
7845.053 |
8645.053 |
|
|
|
28.485 |
10.198 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Turnover Excluding Taxes & Duties |
6105.829 |
7845.053 |
8645.053 |
|
Profit |
123.573 |
663.213 |
440.323 |
|
|
2.02% |
8.45% |
5.09% |
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 |
Yes |
|
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] |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80023498 |
09/02/2007 * |
180,000,000.00 |
SHINHAN BANK |
42, JOLLY MAKER
CHAMBERS II, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
430.863 |
55.200 |
|
|
|
|
|
Total |
430.863 |
55.200 |
GENERAL PERFORMANCE
OF THE COMPANY
During the year 2012-13, the overall performance of the company was good and the same is expected to continue during the coming years. The net sales has increased by about 10.20%.
The company received the Best performer award for parts
supply from its customer Mobis India Limited. The company is in the process of
acquiring a land for construction of new building for storage of raw materials.
FINANCIAL RESULTS
The Gross Turnover of the Company for the Eleventh year of the
operations was Rs.10326.700 Millions (previous year Rs.9184.200 Millions) which
showed a growth of about 12.44 %. The company has made a profit before tax at
Rs.707.500 Millions (previous year Rs.500.800 Millions).
FIXED ASSETS:
· Land
Buildings
Factory
building
Plant
and equipment
Factory
equipments
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Computer
software
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. 60.00 |
|
|
1 |
Rs. 102.19 |
|
Euro |
1 |
Rs. 80.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--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.