MIRA INFORM REPORT
|
Report No. : |
317652 |
|
Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
Tommy Hilfiger Arvind Fashion PRIVATE LIMITED
(w.e.f.
06.01.2012) |
|
|
|
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Formerly Known
As : |
ARVIND MURJANI BRANDS PRIVATE LIMITED |
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|
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Registered
Office : |
The Arvind Mills Premisesnaroda Road, Ahmedabad – 380025,
Gujarat |
|
Tel No.: |
91-79-22203030 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.09.2003 |
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Com. Reg. No.: |
04-146421 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 229.237 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U18101GJ2003PTC046421 |
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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.] |
AAECA3768J |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Subject is engaged in marketing and wholesale trading activity of
Tommy Hilfiger brand apparels, accessories and other products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of ARVIND GROUP. It is an established company having
fine track record. The rating reflects credit enhancement to company in the form of
unconditional and irrevocable corporate guarantee from Arvind. Rating also reflects company’s reputed brand name in a segment
supported by wide experience of its promoters, healthy financial risk profile
and fair profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “A (SO)” |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
12.08.2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non co-operative (91-80-41142901)
LOCATIONS
|
Registered Office : |
The Arvind Mills Premisesnaroda Road, Ahmedabad – 380025, Gujarat
|
|
Tel. No.: |
91-79-22203030 /30138108 |
|
Fax No.: |
91-79-30138668 |
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E-Mail : |
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|
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Corporate Office: |
No.4 Brunton 1st Cross Road Bangalore – 560025 , Karnataka, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Shailesh Shyamsundar Chaturvedi |
|
Designation : |
Director |
|
Address : |
807 Olympus 3 Prestige Acropolis Hosur, Bangalore, Karnataka,
India |
|
Date of Birth/Age : |
05.06.1968 |
|
Date of Appointment : |
15.03.2012 |
|
PAN No.: |
AAIPC4561G |
|
DIN No.: |
03023079 |
|
|
|
|
Name : |
Mr. Kattur Eswaran Venkatachalapathy |
|
Designation : |
Director |
|
Address : |
Flat No553/554 5th Floor, 5th Block Ranka Heights 314/9 7th Cross 4th Main
Domlur Layout Bangalore – 560071, Karnataka, India |
|
Date of Birth/Age : |
29.10.1962 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
00968667 |
|
|
|
|
Name : |
Mr. Jagdish Gajanand Dalal |
|
Designation : |
Director |
|
Address : |
5B, Malay Society, Opposite Hunel Flats Manak Bagh, Ambawadi – 380015,
Gujarat, India |
|
Date of Birth/Age : |
04.06.1961 |
|
Date of Appointment : |
12.01.2004 |
|
DIN No.: |
00009785 |
|
|
|
|
Name : |
Mr. Daniel Heinrich Grieder |
|
Designation : |
Director |
|
Address : |
Prinsengracht 468 1017KG Amsterdam, The Netherlands |
|
Date of Birth/Age : |
06.11.1961 |
|
Date of Appointment : |
30.09.2014 |
|
DIN No. : |
06979658 |
|
|
|
|
Name : |
Mr. Michiel Rubenkamp Alfons |
|
Designation : |
Director |
|
Address : |
Stommeerweg 78, 1431EZ, Aaalsmeer, Netherlands – 1431 |
|
Date of Birth/Age : |
18.03.1968 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06477590 |
KEY EXECUTIVES
|
Name : |
Ms. Lipi Jha |
|
Designation : |
Secretary |
|
Address : |
G 01 Laa Paradise Apartment Hal 3rd Stage Bangalore,
Karnataka, Idnia |
|
Date of Birth/Age : |
16.07.1978 |
|
Date of Appointment : |
19.03.2012 |
|
PN No.: |
AHJPJ0214D |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Arvind Brands and Retail Limited, India |
11461839 |
50.00 |
|
Tommy Hilfiger Europe B. V., Netherlands |
2063131 |
9.00 |
|
Tommy Hilfiger B.V, Netherlands |
9398708 |
41.00 |
|
Total |
22923678 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in marketing and wholesale trading activity of
Tommy Hilfiger brand apparels, accessories and other products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
12th and 13th Floor, UB City, Canberra Block,
No. 24, VittalMallya Road, Bengaluru
-560 001, Karnataka, India |
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PAN No.: |
AABFS3421N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Party: |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22923678 |
Equity Shares |
Rs.10/- each |
Rs.229.237 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
229.240 |
229.240 |
179.590 |
|
(b) Reserves &
Surplus |
529.140 |
425.280 |
53.590 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
151.530 |
|
Total Shareholders’ Funds
(1) + (2) |
758.380 |
654.520 |
384.710 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
13.880 |
20.220 |
16.010 |
|
(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) |
13.880 |
20.220 |
16.010 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
181.480 |
218.940 |
328.090 |
|
(b) Trade payables |
467.840 |
271.800 |
138.180 |
|
(c) Other current
liabilities |
60.610 |
74.890 |
241.960 |
|
(d) Short-term provisions |
5.860 |
6.210 |
4.500 |
|
Total Current Liabilities
(4) |
715.790 |
571.840 |
712.730 |
|
|
|
|
|
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TOTAL |
1488.050 |
1246.580 |
1113.450 |
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
91.780 |
85.710 |
50.070 |
|
(ii) Intangible Assets |
323.570 |
349.590 |
363.690 |
|
(iii) Capital
work-in-progress |
1.020 |
0.000 |
0.090 |
|
(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 |
96.110 |
109.200 |
88.340 |
|
(e) Other Non-current
assets |
5.250 |
5.100 |
5.870 |
|
Total Non-Current Assets |
517.730 |
549.600 |
508.060 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
610.700 |
483.910 |
410.530 |
|
(c) Trade receivables |
277.830 |
153.580 |
134.320 |
|
(d) Cash and cash
equivalents |
7.330 |
6.350 |
3.790 |
|
(e) Short-term loans and
advances |
70.760 |
50.410 |
39.110 |
|
(f) Other current assets |
3.700 |
2.730 |
17.640 |
|
Total Current Assets |
970.320 |
696.980 |
605.390 |
|
|
|
|
|
|
TOTAL |
1488.050 |
1246.580 |
1113.450 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2342.250 |
1889.770 |
1378.300 |
|
|
Other Income |
10.660 |
5.730 |
11.270 |
|
|
TOTAL (A) |
2352.910 |
1895.500 |
1389.570 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES (B) |
2117.170 |
1734.850 |
1263.130 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
235.740 |
160.650 |
126.440 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
31.050 |
40.330 |
28.030 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
204.690 |
120.320 |
98.410 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.430 |
40.250 |
22.230 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
157.260 |
80.070 |
76.180 |
|
|
|
|
|
|
|
Less |
TAX (H) |
53.400 |
19.720 |
22.530 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
103.860 |
60.350 |
53.650 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.53 |
2.63 |
2.34 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/ Sales) |
(%) |
4.43 |
3.19 |
3.89 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.06 |
8.50 |
9.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.58 |
6.42 |
6.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.12 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.33 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.22 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
179.590 |
229.240 |
229.240 |
|
Reserves & Surplus |
53.590 |
425.280 |
529.140 |
|
Share Application money
pending allotment |
151.530 |
0.000 |
0.000 |
|
Net worth |
384.710 |
654.520 |
758.380 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
328.090 |
218.940 |
181.480 |
|
Total borrowings |
328.090 |
218.940 |
181.480 |
|
Debt/Equity ratio |
0.853 |
0.335 |
0.239 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1378.300 |
1889.770 |
2342.250 |
|
|
|
37.109 |
23.944 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1378.300 |
1889.770 |
2342.250 |
|
Profit |
53.650 |
60.350 |
103.860 |
|
|
3.89% |
3.19% |
4.43% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW OF OPERATIONS
The Company has completed another impressive year of performance showing continued growth in earning in financial year. The Company has posted a sales turnover of Rs. 2342.250 Million during the year against the previous year figure of Rs. 1889.770 Million showing an increase of 23.94% over the previous year. The operating profit before interest, tax, depreciation & amortization stands at Rs. 235.740 Million during the period against the previous year figure of Rs. 160.650 Million.
The brand Tommy Hilfiger showed an impressive growth in the financial year both in retail sales and wholesale sales continuing to establish its strength in the Indian market. The Company is planning to continue its efforts to grow the business rapidly in the coming financial year.
The directors are continuously looking for avenues for future growth of the Company.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90361326 |
17/09/2014 * |
460,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA |
C28811172 |
* Date of charge modification
CONTINGENT
LIABILITIES
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.
FIXED ASSETS
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Other equipments
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. 62.37 |
|
|
1 |
Rs. 92.44 |
|
Euro |
1 |
Rs. 66.56 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.