MIRA
INFORM REPORT
|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAV-YUG SEWING MACHINE COMPANY LIMITED |
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Registered
Office : |
M-10, Kalkaji, |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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Date of
Incorporation : |
07.12.2001 |
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Com. Reg. No.: |
55-113405 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.366 Millions |
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CIN No.: [Company Identification
No.] |
U51909DL2001PLC113405 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELN04030F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of Sewing Machine. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 170000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company possesses a modest financial profile marked by low net
worth position and huge borrowings reported during 2013. The ratings are also constrained by the thin operation profitability
due to limited value adding nature of the sewing machine trading business. However, trade relations appear to be fair. Business is active.
Payment terms are reported as slow but correct. The subject 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making
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. Rajesh Mehta |
|
Designation : |
Director |
|
Contact No.: |
91-11-26383311 |
LOCATIONS
|
Registered Office : |
M-10, Kalkaji, New Delhi – 110019, India |
|
Tel. No. : |
91-11-26225624/ 26464178 |
|
Fax No. : |
91-11-26487002/ 26284237 |
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E-Mail : |
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Location : |
Owned |
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|
Corporate Office: |
E-47/13, Okhia Industrial Area, Phase-II, New Delhi – 110020, India |
|
Tel. No.: |
91-11-26383311/ 26386611/ 40503311/ 40616611 |
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Fax No.: |
91-11-26383011/ 26386011/ 41602030 |
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E-Mail : |
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Warehouse 1: |
E-41/2&3, Okhla Industrial Area, Phase-II, New Delhi – 110020,
India |
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Tel. No. : |
91-11-26383411/ 26383511 |
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|
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Warehouse 2: |
C140, Calibra Plaza, A.C. Market, CPO Road, Ludhiana – 141008, Punjab,
India |
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Tel. No.: |
91-161-3249714 |
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Warehouse 3: |
B-II-1386, CPO Road, Ludhiana – 141008, Punjab, India |
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Tel. No.: |
91-161-3249714 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Rajesh Mehta |
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Designation : |
Director |
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Address : |
F-235, Sadh Nagar, Part-II, Palam Colony, New Delhi – 110045, India |
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Date of Birth/Age : |
10.09.1963 |
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Date of Appointment : |
07.12.2001 |
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DIN No. : |
00586919 |
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Name : |
Mr. Harpal Singh Passricha |
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Designation : |
Managing director |
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Address : |
E-115, Kalkaji, New Delhi – 110019, India |
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Date of Birth/Age : |
08.08.1961 |
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Date of Appointment : |
07.12.2001 |
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DIN No. : |
00599642 |
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Other Directorship :
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Name : |
Mr. Gurdeep Singh Passricha |
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Designation : |
Director |
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Address : |
E-115, Kalkaji, New Delhi – 110019, India |
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Date of Birth/Age : |
02.04.1987 |
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Date of Appointment : |
05.04.2005 |
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DIN No. : |
00588554 |
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Name : |
Neelam Kaur |
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Designation : |
Director |
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|
Address : |
E-115, Kalkaji, New Delhi – 110019, India |
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Date of Birth/Age : |
01.07.1963 |
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Date of Appointment : |
07.12.2001 |
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DIN No. : |
00604370 |
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Other Directorship :
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Name : |
Ajitha Nair |
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Designation : |
Director |
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Address : |
R/o 38/6, Sec-I, Pushp Vihar, Saket, New Delhi – 110017, India |
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Date of Birth/Age : |
17.03.1976 |
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Date of Appointment : |
25.10.2004 |
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DIN No. : |
01145478 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Harpal Singh Passricha |
|
84059 |
|
Neelam Kaur |
|
55100 |
|
Gurdeep Singh Passricha |
|
36000 |
|
Ramanjeet Singh Passricha |
|
18000 |
|
Rajesh Mehta |
|
100 |
|
Ajitha Mehta |
|
100 |
|
Aju Joseph |
|
100 |
|
Mahender Prasad |
|
100 |
|
Rajani Yadav |
|
100 |
|
Total |
|
193659 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
99.75 |
|
Other top fifty shareholders |
0.25 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Sewing Machine. |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
China |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India Indian Overseas Bank, M-82,Greater Kailash Part II, New
Delhi - 110048, India HDFC Bank Limited, Ansal Classique Tower, 9th Floor,
Rajouri Garden, New Delhi - 110027, India |
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Banking
Relations : |
-- |
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Financial Institution: |
Capital First Limited, 15th Floor, Tower -2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone,, Mumbai - 400013, Maharashtra, India |
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Auditors : |
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Name : |
Surjeet Singh and Company Chartered Accountants |
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Address : |
104,105, G.F. Rajendra Complex 44F/9 Kishangarh, Near Sec-A, Pkt-A, Vasant Kunj, New Delhi – 110070, India |
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Tel. No.: |
91-11-26131393/ 26125983 |
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Income-tax
PAN of auditor or auditor's firm : |
AAMPS8572K |
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Group Company where common control exists: |
Taking Industrial India Company Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs.100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
193,659 |
Equity Shares |
Rs.100/- each |
Rs. 19.366 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs.100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103,659 |
Equity Shares |
Rs.100/- each |
Rs. 10.366 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 |
10.366 |
10.366 |
10.366 |
|
(b) Reserves & Surplus |
32.110 |
28.932 |
27.724 |
|
(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) |
42.476 |
39.298 |
38.090 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
186.567 |
202.460 |
176.473 |
|
(b) Deferred tax liabilities (Net) |
2.953 |
0.000 |
2.009 |
|
(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) |
189.520 |
202.460 |
178.482 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
39.643 |
24.798 |
28.369 |
|
(b) Trade payables |
122.778 |
123.811 |
17.254 |
|
(c) Other current
liabilities |
31.057 |
27.870 |
24.937 |
|
(d) Short-term provisions |
2.772 |
1.685 |
1.126 |
|
Total Current Liabilities (4) |
196.250 |
178.164 |
71.686 |
|
|
|
|
|
|
TOTAL |
428.246 |
419.922 |
288.258 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
283.938 |
270.202 |
229.120 |
|
(ii) Intangible Assets |
0.684 |
0.504 |
0.456 |
|
(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) |
0.000 |
0.048 |
0.000 |
|
(d) Long-term Loan and Advances |
0.957 |
3.869 |
0.659 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
285.579 |
274.623 |
230.235 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
92.710 |
102.963 |
29.683 |
|
(c) Trade receivables |
42.878 |
36.584 |
20.148 |
|
(d) Cash and cash
equivalents |
3.661 |
3.460 |
3.054 |
|
(e) Short-term loans and
advances |
1.721 |
1.561 |
1.866 |
|
(f) Other current assets |
1.697 |
0.731 |
3.272 |
|
Total Current Assets |
142.667 |
145.299 |
58.023 |
|
|
|
|
|
|
TOTAL |
428.246 |
419.922 |
288.258 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
307.507 |
186.396 |
184.615 |
|
|
|
Other Income |
1.134 |
1.364 |
1.110 |
|
|
|
TOTAL (A) |
308.641 |
187.760 |
185.725 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock in Trade |
194.323 |
181.133 |
134.201 |
|
|
|
Changes in inventories of finished goods |
10.254 |
(73.280) |
(13.298) |
|
|
|
Employee benefit expenses |
8.214 |
7.860 |
6.187 |
|
|
|
Other expenses |
62.294 |
46.072 |
34.763 |
|
|
|
TOTAL (B) |
275.085 |
161.785 |
161.853 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
33.556 |
25.975 |
23.872 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.156 |
18.023 |
17.235 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.400 |
7.952 |
6.637 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.450 |
2.615 |
2.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
8.950 |
5.337 |
4.107 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.773 |
4.129 |
3.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
3.177 |
1.208 |
0.335 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Industrial Sewing Machines and Parts |
NA |
170.292 |
124.565 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
30.65 |
11.65 |
3.23 |
|
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
INDEX OF CHARGES
|
|
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10439629 |
05/07/2013 |
95,900,000.00 |
CAPITAL FIRST LIMITED |
15TH FLOOR, TOWER
-2, INDIABULLS FINANCE CENTRE, |
B80664618 |
|
2 |
10425941 |
28/03/2013 |
50,000,000.00 |
HDB FINANCIAL SERVICES LIMITED |
RADHIKA, 2ND FLOOR,
LAW GARDEN ROAD, NAVRANGPURA, |
B75206797 |
|
3 |
10392859 |
24/11/2012 |
30,000,000.00 |
INDIAN OVERSEAS BANK |
M-82, M BLOCK MARKET, GREATER KAILASH, PART - II, NEW DELHI - 110048, INDIA |
B64463227 |
|
4 |
10322447 |
28/11/2011 |
2,553,100.00 |
RELIGARE FINVEST LIMITED |
D3, P3B, DISTRICT CENTRE, SAKET, NEW DELHI - 110017, INDIA |
B27580026 |
|
5 |
10229272 |
29/05/2010 |
34,000,000.00 |
INDIAN OVERSEAS BANK |
M-82, M BLOCK MARKET, GREATER KAILASH, PART - II, NEW DELHI - 110048, INDIA |
A89576409 |
|
6 |
10173482 |
12/08/2009 |
22,400,000.00 |
RELIGARE FINVEST LIMITED |
19, NEHRU PLACE, NEW DELHI - 110019, INDIA |
A68894245 |
|
7 |
10098227 |
28/03/2008 |
124,600,000.00 |
STANDARD CHARTERED BANK |
PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
A36343671 |
|
8 |
10035869 |
07/07/2011 * |
134,000,000.00 |
STANDARD CHARTERED BANK |
NO. 10, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
B16153363 |
|
9 |
10024871 |
24/10/2006 |
30,000,000.00 |
STANDARD CHARTERED BANK |
NO. 10, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
A06266043 |
|
10 |
10017681 |
26/10/2006 * |
121,275,000.00 |
STANDARD CHARTERED BANK |
NO. 10, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
A03929833 |
|
11 |
10016794 |
26/08/2006 |
20,000,000.00 |
STANDARD CHARTERED BANK |
10, SANSAD MARG, NEW DELHI - 110001, INDIA |
A03929619 |
|
12 |
80010504 |
29/03/2008 * |
124,600,000.00 |
STANDARD CHARTERED BANK |
PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
A39253703 |
|
13 |
80015238 |
29/03/2008 * |
124,600,000.00 |
STANDARD CHARTERED BANK |
PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
A39253570 |
*Date of Charge of Modification
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.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
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.