MIRA
INFORM REPORT
|
Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIR FLOW EQUIPMENTS ( |
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|
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Registered
Office : |
No.9, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.12.1998 |
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Com. Reg. No.: |
18-041571 |
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Capital
Investment / Paid-up Capital : |
Rs. 40.000 Millions |
|
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|
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CIN No.: [Company Identification
No.] |
U29309TN1998PTC041571 |
|
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA03129A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Heating, Ventilation and Air Conditioning Systems (HVAC)
and Components of Indian Railway. |
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|
No. of Employees
: |
180 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Reserves of the company seems to be low. The rating takes into consideration delay by company in payment of its
debt obligations, due to weak liquidity, marked by almost fully utilized bank
lines and inadequate cash accruals. However, trade relations are fair. Business is active. Payments terms
are slow. 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 & 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 |
CRISIL |
|
Rating |
Cash Credit: “D” |
|
Rating Explanation |
Expected to be in default. |
|
Date |
27.02.2014 |
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 : |
Mr. Manikandan Dakshinamoorthy |
|
Designation : |
Director |
|
Contact No.: |
91-9444431234 |
|
Date : |
28.02.2014 |
LOCATIONS
|
Registered Office : |
No.9, |
|
Tel. No.: |
91-44-22474783/ 84/ 22470350 |
|
Mobile No.: |
91-9444431234 (Mr. Manikandan Dakshinamoorthy) |
|
Fax No.: |
91-44-22474783 |
|
E-Mail : |
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|
Website: |
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|
Area : |
7000 sq.ft. |
|
Location : |
Owned |
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|
|
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Factory 1: |
Bhobadhi Nagar Industrial Area |
|
Area : |
12000 sq.ft. |
|
Location : |
Owned |
|
|
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Factory 2: |
Oragadam, Tamilnadu, India |
|
Area : |
100000 sq.ft. |
|
Location : |
Owned |
DIRECTORS
As on 28.09.2013
|
Name : |
Mr. Venkatesan Dakshinamoorthy |
|
Designation : |
Director |
|
Address : |
No.9, |
|
Date of Birth/Age : |
12.03.1965 |
|
Date of Appointment : |
14.12.1998 |
|
DIN No. : |
00232210 |
|
|
|
|
Name : |
Mr. Manikandan Dakshinamoorthy |
|
Designation : |
Director |
|
Address : |
No.9, |
|
Date of Birth/Age : |
12.10.1980 |
|
Date of Appointment : |
18.08.2005 |
|
DIN No. : |
00232275 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Venkatesan Dakshinamoorthy |
2000000 |
50.00 |
|
Manikandan Dakshinamoorthy |
2000000 |
50.00 |
|
Total |
4000000 |
100.00 |
%20PRIVATE%20LIMITED%20-%20256337%2001-Mar-2014_files/image002.gif)
As on 28.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Heating, Ventilation and Air Conditioning Systems
(HVAC) and Components of Indian Railway. |
|
|
|
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Exports : |
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|
Products : |
Heating, Ventilation and Air Conditioning Systems |
|
Countries : |
· Canada Nigeria Srilanka Bangladesh Germany |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Germany Finland Canada US |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Bhoruka Aluminium Limited |
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Customers : |
Others Bharath Earth Movers Limited BHEL Deccan Extrusion (Private) Limited Horiba India Private Limited Sakthi Industries TL Metal Works Universal Engineers Chennai Private Limited KSTDC Limited Integral Coach Factory |
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No. of Employees : |
180 (Approximately) |
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Bankers : |
· Punjab National Bank, Nungambakkam High Road, Nungambakkam, Chennai - 600034, Tamilnadu, India Union Bank of India, Mylapore Branch, P S Sivaswamy Salai
Mylapore, Chennai - 600004, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G Sekar Associates Chartered Accountants |
|
Address : |
No.27, Akbarabad Second Street, Kodambakkam, Chennai – 600024 Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAOFS1488C |
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Related Parties : |
· Airtec Equipments Raghavendra Industries |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 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 |
40.000 |
40.000 |
40.000 |
|
(b) Reserves & Surplus |
18.933 |
17.189 |
15.359 |
|
(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) |
58.933 |
57.189 |
55.359 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
139.011 |
132.680 |
35.217 |
|
(b) Deferred tax liabilities (Net) |
0.510 |
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) |
139.521 |
132.680 |
35.217 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
50.542 |
44.214 |
18.552 |
|
(b) Trade payables |
72.480 |
44.770 |
50.317 |
|
(c) Other current
liabilities |
7.105 |
5.652 |
20.743 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
130.127 |
94.636 |
89.612 |
|
|
|
|
|
|
TOTAL |
328.581 |
284.505 |
180.188 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
115.567 |
20.800 |
21.004 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
106.678 |
173.143 |
58.756 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.539 |
0.911 |
0.708 |
|
(d) Long-term Loan and Advances |
0.844 |
0.863 |
1.925 |
|
(e) Other Non-current assets |
0.715 |
0.785 |
0.733 |
|
Total Non-Current Assets |
224.343 |
196.502 |
83.126 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.500 |
0.500 |
0.000 |
|
(b) Inventories |
41.413 |
37.997 |
37.519 |
|
(c) Trade receivables |
59.977 |
45.684 |
52.474 |
|
(d) Cash and cash
equivalents |
0.399 |
2.211 |
0.477 |
|
(e) Short-term loans and
advances |
1.504 |
1.003 |
6.029 |
|
(f) Other current assets |
0.445 |
0.608 |
0.563 |
|
Total Current Assets |
104.238 |
88.003 |
97.062 |
|
|
|
|
|
|
TOTAL |
328.581 |
284.505 |
180.188 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
155.175 |
165.210 |
230.042 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
2.913 |
2.891 |
19.126 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.168 |
(0.938) |
6.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1.745 |
1.829 |
12.970 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
2.092 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
|
8.893 |
|
|
|
Capital Goods |
|
|
24.330 |
|
|
TOTAL IMPORTS |
NA |
NA |
33.223 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.44 |
0.46 |
5.63 |
|
%20PRIVATE%20LIMITED%20-%20256337%2001-Mar-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20256337%2001-Mar-2014_files/image004.gif){kind=small}
Expected Sales (2013-2014) : Rs. 170.000 Millions
The above information has been parted by Mr. Manikandan Dakshinamoorthy
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.32
|
2.62 |
15.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.05 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.22
|
3.09 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.80
|
0.93 |
1.08 |
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 |
40.000 |
40.000 |
40.000 |
|
Reserves & Surplus |
15.359 |
17.189 |
18.933 |
|
Net
worth |
55.359 |
57.189 |
58.933 |
|
|
|
|
|
|
Long-term borrowings |
35.217 |
132.680 |
139.011 |
|
Short term borrowings |
18.552 |
44.214 |
50.542 |
|
Total
borrowings |
53.769 |
176.894 |
189.553 |
|
Debt/Equity
ratio |
0.971 |
3.093 |
3.216 |
%20PRIVATE%20LIMITED%20-%20256337%2001-Mar-2014_files/image006.gif)
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) |
|
Sales |
230.042 |
165.210 |
155.175 |
|
|
|
(28.183) |
(6.074) |
%20PRIVATE%20LIMITED%20-%20256337%2001-Mar-2014_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
230.042 |
165.210 |
155.175 |
|
Profit |
12.970 |
1.829 |
1.745 |
|
|
5.64% |
1.11% |
1.12% |
%20PRIVATE%20LIMITED%20-%20256337%2001-Mar-2014_files/image010.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
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 |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10072125 |
13/02/2014 * |
171,182,000.00 |
UNION BANK OF INDIA |
MYLAPORE BRANCH, 96, P S SIVASAMY SALAI, MYLAPORE, CHENNAI - 600004, TAMILNADU, INDIA |
B96563655 |
* Date of charge modification
FIXED ASSETS
· Computer
Plant
and Machinery
Furniture
and Furniture
Vehicle
Car
Kargo
Trax
Air
Conditioner
UPS
Building
Land
and Building under construction
Machinery
Electrical
Equipments
CREO
Elements
Office
Equipments
Planning
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 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 governmen 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.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.