MIRA
INFORM REPORT
|
Report Date : |
28.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TM SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
804, Aditya Building, 8th Floor, Mithakhli Six Road, Near Sardar Patel
Seva Samaj, Navrangpura, Ahmedabad – 380006, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
09.09.1994 |
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Com. Reg. No.: |
04-022984 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.910 Millions |
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CIN No.: [Company Identification
No.] |
U74999GJ1994PTC022984 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT Solution including Hardware, Software and E-Business
Services. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for
business dealing Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
Not Available
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 PARTED BY
|
Name : |
Mr. Rajesh Bhai |
|
Designation : |
Accounts Department |
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Contact No.: |
91-79-26402338 |
|
Date : |
27.11.2014 |
LOCATIONS
|
Registered Office : |
804, Aditya Building, 8th Floor, Mithakhli Six Road, Near Sardar Patel
Seva Samaj, Navrangpura, Ahmedabad – 380006, Gujarat, India |
|
Tel. No.: |
91-79-26402338/ 26404570/ 26462556 |
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Mobile No.: |
91-9825048933 (Mr. Saumil Shah) |
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Fax No.: |
91-79-26402338/ 26404570/ 26462556 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Saumil Surendrabhai Shah |
|
Designation : |
Managing Director |
|
Address : |
19, New Brahmakshatriya Society, Ellisbridge, Ahmedabad - 380006,
Gujarat, India |
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Date of Birth/Age : |
18.12.1960 |
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Date of Appointment : |
09.09.1994 |
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DIN No.: |
00094153 |
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|
Name : |
Mr. Surendrabhai Trikamlal Shah |
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Designation : |
Director |
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Address : |
19, New Brahmakshatriya Society, Ellisbridge, Ahmedabad - 380006,
Gujarat, India |
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Date of Birth/Age : |
08.10.1927 |
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Date of Appointment : |
09.09.1994 |
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DIN No.: |
01715605 |
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Name : |
Mr. Maunish Dineshbhai Shah |
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Designation : |
Director |
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Address : |
Sannish, Opposite Little Flower School, Bhattha, Ahmedabad - 380006,
Gujarat, India |
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Date of Birth/Age : |
25.05.1969 |
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Date of Appointment : |
31.03.1997 |
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DIN No.: |
00094205 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Bhai |
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Designation : |
Account |
MAJOR SHAREHOLDERS
As on: 30.09.2013
|
Names of Shareholders |
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No. of Shares |
|
Saumil Shah |
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940740 |
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Surendra Shah |
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20010 |
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Maunish Shah |
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250 |
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A. S. Corporation, India |
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10 |
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Surendra T. Shah (HUF) |
|
10000 |
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Amola Shah |
|
20000 |
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Total |
|
991010 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Solution including Hardware, Software and E-Business
Services. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash and Cheque |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· Textile Traders Co-Operative Bank Limited, 6, Vasant Vihar Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad - 380009, Gujarat, India · Axis Bank Limited, Trishol 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India · Kotak Mahindra Bank Limited, Ahmedabad, Gujarat, India · HDFC Bank Limited · United Co-Operative Bank · Rajkot Nagrik Sahakari Bank |
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Facilities : |
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Auditors : |
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Name : |
Shreekant S Shah and Company Chartered Accountants |
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Address : |
11, Krishna Apartments, 2nd Floor, Near Choice Restaurant, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26425541/ 26441102 |
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Fax No.: |
91-79-26430843 |
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E-Mail : |
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PAN No.: |
ACVPS6968C |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
991010 |
Equity Shares |
Rs.10/- each |
Rs.9.910 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
9.910 |
9.910 |
9.910 |
|
(b) Reserves & Surplus |
10.079 |
5.831 |
3.531 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
19.989 |
15.741 |
13.441 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
5.555 |
11.334 |
13.452 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.600 |
1.265 |
1.165 |
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Total Non-current
Liabilities (3) |
6.155 |
12.599 |
14.617 |
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(4) Current
Liabilities |
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(a) Short term borrowings |
10.657 |
7.356 |
7.879 |
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(b) Trade payables |
39.775 |
22.085 |
13.576 |
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(c) Other current liabilities |
15.850 |
10.197 |
5.765 |
|
(d) Short-term provisions |
4.460 |
3.289 |
2.101 |
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Total Current
Liabilities (4) |
70.742 |
42.927 |
29.321 |
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TOTAL |
96.886 |
71.267 |
57.379 |
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ASSETS |
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|
(1) Non-current
assets |
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(a) Fixed Assets |
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(i) Tangible assets |
11.155 |
7.442 |
8.169 |
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(ii) Intangible Assets |
0.185 |
0.340 |
0.514 |
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(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.207 |
0.054 |
0.150 |
|
(c) Deferred tax assets (net) |
0.535 |
0.263 |
0.398 |
|
(d) Long-term Loan and Advances |
0.000 |
1.676 |
1.676 |
|
(e) Other Non-current assets |
0.888 |
0.624 |
0.818 |
|
Total Non-Current
Assets |
12.970 |
10.399 |
11.725 |
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|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2.246 |
5.203 |
3.258 |
|
(c) Trade receivables |
62.564 |
38.257 |
28.801 |
|
(d) Cash and cash equivalents |
3.380 |
6.204 |
5.810 |
|
(e) Short-term loans and advances |
8.124 |
5.498 |
4.224 |
|
(f) Other current assets |
7.602 |
5.706 |
3.561 |
|
Total Current
Assets |
83.916 |
60.868 |
45.654 |
|
|
|
|
|
|
TOTAL |
96.886 |
71.267 |
57.379 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
|
|
|
|
|
|
|
Sales and Services |
280.424 |
219.934 |
141.625 |
|
|
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Other Income |
NA |
NA |
NA |
|
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TOTAL (A) |
NA |
NA |
NA |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.963 |
8.814 |
9.861 |
|
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|
Less |
FINANCIAL
EXPENSES (D) |
2.305 |
2.746 |
4.587 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.658 |
6.068 |
5.274 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.141 |
2.383 |
2.042 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.517 |
3.685 |
3.232 |
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|
Less |
TAX (H) |
2.268 |
1.385 |
0.898 |
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|
PROFIT AFTER TAX
(G-H) (I) |
4.249 |
2.300 |
2.334 |
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|
|
|
Earnings Per
Share (Rs.) |
4.29 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.52 |
1.05 |
1.65 |
|
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|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.91 |
4.01 |
6.96 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.79 |
5.19 |
5.69 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.23 |
0.24 |
|
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|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.81 |
1.19 |
1.59 |
|
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.42 |
1.56 |
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 |
9.910 |
9.910 |
9.910 |
|
Reserves & Surplus |
3.531 |
5.831 |
10.079 |
|
Net worth |
13.441 |
15.741 |
19.989 |
|
|
|
|
|
|
long-term borrowings |
13.452 |
11.334 |
5.555 |
|
Short term borrowings |
7.879 |
7.356 |
10.657 |
|
Total borrowings |
21.331 |
18.690 |
16.212 |
|
Debt/Equity ratio |
1.587 |
1.187 |
0.811 |
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 |
141.625 |
219.934 |
280.424 |
|
|
|
55.293 |
27.504 |
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 |
141.625 |
219.934 |
280.424 |
|
Profit |
2.334 |
2.300 |
4.249 |
|
|
1.65% |
1.05% |
1.52% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
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 |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
Yes |
|
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 |
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10515705 |
05/08/2014 |
636,000.00 |
Saraspur Nagarik Co. Operative Bank Limited |
1, DARSHAN SOCIETY, STADIUM COMMERCE ROAD, NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA |
C17062480 |
|
2 |
10460413 |
01/11/2013 |
4,000,000.00 |
Textile Traders Co-Op. Bank Ltd. |
6, Vasant Vihar Society, Near Mithakhali Six Road, Navrangpura,, Ahmedabad, Gujarat - 380009, INDIA |
B89625834 |
|
3 |
10452698 |
14/09/2013 |
2,013,000.00 |
Saraspur Nagarik Co. Operative Bank Limited |
1, DARSHAN SOCIETY, STADIUM COMMERCE ROAD, NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA |
B86518123 |
|
4 |
10363744 |
29/05/2012 |
5,266,000.00 |
TEXTILE TRADERS CO.OP.BANK LTD. |
6, VASANT VIHAR SOCIETY, MITHAKHALI SIX ROAD, AHMEDABAD, Gujarat - 380009, INDIA |
B42911925 |
* Date of charge modification
UNSECURED LOANS
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
From Director |
0.000 |
0.316 |
|
From Others |
0.000 |
0.210 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Director |
0.000 |
1.055 |
|
From Others |
0.000 |
0.165 |
|
Total |
0.000 |
1.746 |
FIXED ASSETS
Tangible Assets
· Building
· Computer
· Furniture and Fixture
· Car
· Electric Installation
· Scooter
· Office Equipment
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. 61.86 |
|
|
1 |
Rs. 97.69 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.