MIRA INFORM REPORT
|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN GREENHOUSES PRIVATE LIMITED (w.e.f .16.09.2010) |
|
|
|
|
Formerly Known
As : |
SHRIHARI GREENHOUSES PRIVATE LIMITED |
|
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Registered
Office : |
7, Namrata Commercial Centre, Talegaon-Chakan Road, Talegaon Dabhade,
Taluka Maval, Pune – 410 507, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
|
|
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|
Date of
Incorporation : |
16.05.2002 |
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|
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|
Com. Reg. No.: |
25-016962 |
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|
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Capital
Investment/ Paid-up Capital: |
Rs.2.350
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01122PN2002PTC016962 |
|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Green Houses Material. |
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|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established
company having satisfactory track record. The company
possesses an acceptable financial profile marked by moderate networth
position as well as working capital intensive operations during 2013. The ratings also
take into consideration the increase in its sales volume, but the limited
value adding nature of the business may affect the profit margins. Further, the
favourable long term demand prospects for protected cultivation may act in
favour for the growth of the company. Trade relations
are fair. Business is active. Payment terms are reported as usually correct. The company 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 – 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
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
NSIC-MSE “SE 2B” |
|
Rating Explanation |
Moderate financial strength and high performance capability. |
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. Govind Patil |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-2114-229772/ 229773 91-9890996989 |
|
Date : |
10.03.2014 |
LOCATIONS
|
Registered Office : |
7, Namrata Commercial Centre, Talegaon-Chakan Road, Talegaon Dabhade,
Taluka Maval, Pune – 410 507, Maharashtra, India |
|
Tel. No.: |
91-2114-229772/ 229773 |
|
Mobile No.: |
91-9890996989 (Mr. Govind Patil) |
|
Fax No.: |
91-2114-229774 |
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E-Mail : |
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|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Vishwas Sandipan Jogdand |
|
Designation : |
Managing Director |
|
Address : |
B-3, Plot No.53, Vatan Nagar, Talegaon Station ,Taluka Maval,
Talegaon-Dabhade, Pune – 410 507, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1968 |
|
Date of Appointment : |
16.05.2002 |
|
DIN No: |
01656075 |
|
|
|
|
Name : |
Mrs. Rekha Vishwas Jogdand |
|
Designation : |
Director |
|
Address : |
B-3, Plot No.53, Vatan Nagar, Talegaon Station ,Taluka Maval,
Talegaon-Dabhade, Pune – 410 507, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1973 |
|
Date of Appointment : |
16.05.2002 |
|
DIN No: |
01634644 |
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|
|
|
Name : |
Mr. Rajkumar Vijaykumar Deodhare |
|
Designation : |
Director |
|
Address : |
Plot No.17, S.No.1/1A/5,
Village Malwadi, Taluka Maval, Pune – 410 507, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1968 |
|
Date of Appointment : |
16.05.2002 |
|
DIN No: |
00867565 |
KEY EXECUTIVES
|
Name : |
Mr. Govind Patil |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Vishwas Jogdand |
141000 |
60.00 |
|
Rekha Jogdand |
89300 |
38.00 |
|
Rajkumar Deodhare |
4700 |
2.00 |
|
Total
|
235000 |
100.00 |
AS ON 30.09.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors and Relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Green Houses Material. |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
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Auditors : |
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|
Name : |
Dayanand Kadam and Associates Chartered Accountants |
|
Address : |
S.No.81, Vishwanath Vaibhav, Office No.1, Near Bank of Maharashtra,
Parwati, Pune – 411 009, Maharashtra, India |
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Tel. No.: |
91-20-65244003 |
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Mobile No : |
91-9881739395 |
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PAN No.: |
AGOPK9978M |
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Related Parties : |
J. Vishwas Enterprises |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
235000 |
Equity Shares |
Rs.10/- each |
Rs.2.350
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 |
2.350 |
2.350 |
2.350 |
|
(b) Reserves & Surplus |
17.099 |
13.450 |
9.990 |
|
(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) |
19.449 |
15.800 |
12.340 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
14.401 |
18.762 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.193 |
0.137 |
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) |
14.594 |
18.899 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
14.255 |
4.866 |
4.438 |
|
(b)
Trade payables |
11.915 |
33.913
|
15.719 |
|
(c)
Other current liabilities |
12.017 |
8.241
|
0.332 |
|
(d)
Short-term provisions |
3.913 |
3.552
|
3.229 |
|
Total
Current Liabilities (4) |
42.100 |
50.572 |
23.718 |
|
|
|
|
|
|
TOTAL |
76.143 |
85.271 |
36.058 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
13.392 |
10.737 |
2.159 |
|
(ii)
Intangible Assets |
0.023 |
0.038 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
6.216 |
|
(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 |
13.415 |
10.775 |
8.375 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
17.610 |
18.355
|
12.975 |
|
(c)
Trade receivables |
37.575 |
49.880
|
9.262 |
|
(d)
Cash and cash equivalents |
1.298 |
1.218
|
2.807 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f)
Other current assets |
6.245 |
5.043 |
2.639 |
|
Total
Current Assets |
62.728 |
74.496
|
27.683 |
|
|
|
|
|
|
TOTAL |
76.143 |
85.271 |
36.058 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
244.659 |
225.884 |
212.727 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
244.659 |
225.884 |
212.727 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
239.379 |
220.890 |
208.786 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
239.379 |
220.890 |
208.786 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
5.280 |
4.994 |
3.941 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.631 |
1.534 |
1.213 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
3.649 |
3.460 |
2.728 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.52 |
14.72 |
11.61 |
|
Expected Sales (2013-2014): Rs.260.000 millions
The above information has been parted by Mr. Govind Patil (Accounts
Department).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.49 |
1.53
|
1.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.93 |
5.86
|
13.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.32
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.47 |
1.50
|
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49 |
1.47
|
1.17 |
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 |
2.350 |
2.350 |
2.350 |
|
Reserves & Surplus |
9.990 |
13.450 |
17.099 |
|
Net worth |
12.340 |
15.800 |
19.449 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
18.762 |
14.401 |
|
Short term borrowings |
4.438 |
4.866 |
14.255 |
|
Total borrowings |
4.438 |
23.628 |
28.656 |
|
Debt/Equity ratio |
0.360 |
1.495 |
1.473 |
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 |
212.727 |
225.884 |
244.659 |
|
|
|
6.185 |
8.312 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
212.727 |
225.884 |
244.659 |
|
Profit |
3.649 |
3.460 |
2.728 |
|
|
1.72% |
1.53% |
1.12% |
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 |
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 |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10384497 |
31/10/2012 |
15,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400 013, MAHARASHTRA, INDIA |
B61383584 |
|
Unsecured Loan |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan |
|
|
|
From Banks |
|
|
|
Dhanlaxmi Bank Limited |
1.861 |
2.738 |
|
HDFC Bank Limited |
1.841 |
2.733 |
|
Magma Fincrop Limited |
1.471 |
2.222 |
|
Religare Finvest Limited |
1.552 |
2.284 |
|
Tata Finance Limited |
0.569 |
1.292 |
|
Loans and
Advances from Related Parties (Directors and Shareholders) |
|
|
|
Shri Vishwas Jogdand |
6.641 |
4.343 |
|
Mrs. Rekha Jogdand |
0.064 |
3.061 |
|
Shri Rajkumar Devdhare |
0.402 |
0.089 |
|
Total |
14.401 |
18.762 |
FIXED ASSETS:
Tangible Assets
·
Factory Shed
·
Plant and Machinery
·
Office Equipments
·
Furniture and
Fittings
·
Computer
·
Generator
·
Interior Battery
·
Office Interior
·
Vehicle
Intangible Assets
·
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.61.20 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.