MIRA
INFORM REPORT
|
Report No. : |
334751 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAKAHATA PRECISION INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
SP2-41, RIICO New Industrial Complex, Phase-III, Neemrana - 301705, |
|
Tel. No.: |
91-1494-670500 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.08.2010 |
|
|
|
|
Com. Reg. No.: |
17-46888 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 880.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29220RJ2010FTC046888 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKT03056E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCT5735D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Precision Auto Parts. |
|
|
|
|
No. of Employees
: |
180 (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 |
|
Maximum Credit Limit : |
USD 1485000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “TAKAHATA PRECISION PTE. LIMITED”. It is an
established company having moderate track record. The company has reported consecutive losses for past few years, which
has further resulted in huge accumulation of losses and accrued payables
during 2014. However, the management has not reported any external borrowings in
its books. The ratings also take into consideration the sizable infusion of funds
from the part of the promoters as capital which highlights the dedication
towards business. Trade relation seems to be fair. Business is active. Payment terms are
reported as slow but correct. In view of strong support from its holding company, the subject can be
considered for business dealings with 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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Tajinder Singh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9001793931 |
LOCATIONS
|
Registered Office / Factory : |
SP2-41, RIICO New Industrial Complex, Phase-III, Neemrana - 301705,
Rajasthan, India |
|
Tel. No.: |
91-1494-670500 |
|
Mobile No.: |
91-9001793931 (Mr. Tajinder Singh) |
|
Fax No.: |
91-1494-670506 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 23.09.2014
|
Name : |
Yasuo Yamamoto |
|
Designation : |
Director |
|
Address : |
2-3-1401, Otsuka Bunky-Ku, Tokyo Japan |
|
Date of Birth/Age : |
06.09.1963 |
|
Date of Appointment : |
19.08.2010 |
|
DIN No.: |
03065547 |
|
|
|
|
Name : |
Shunichiro Hiromasa |
|
Designation : |
Managing director |
|
Address : |
2-11-6, Umezono Okazaki Aichi Japan |
|
Date of Birth/Age : |
30.04.1948 |
|
Qualification : |
Master in Chemical Engineering |
|
Experience : |
38 Years |
|
Date of Appointment : |
25.06.2014 |
|
DIN No.: |
03065836 |
|
|
|
|
Name : |
Kazuhiro Mochizuki |
|
Designation : |
Director |
|
Address : |
41/91, (22FI) Baan Na Varang Condo, Soi Langsuan Ploenchit Road,
Lumpini Bangkok Thailand 10330 |
|
Date of Birth/Age : |
27.02.1960 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
05253043 |
|
|
|
|
Name : |
Nobuyuki Ako |
|
Designation : |
Director |
|
Address : |
PNA-071, DLF Pinnacle Golf Course Road, DLF Phase – 5, Gurgaon –
122002, Haryana, India |
|
Date of Birth/Age : |
10.09.1971 |
|
Qualification : |
Bachelor in Sales and Marketing |
|
Experience : |
22 Years |
|
Date of Appointment : |
01.07.2014 |
|
DIN No.: |
06560117 |
|
|
|
|
Name : |
Kenichi Kawano |
|
Designation : |
Additional director |
|
Address : |
Flat No. G-101, Park Place, DLF Phase V, Gurgaon – 122001, Haryana
India |
|
Date of Birth/Age : |
01.06.1970 |
|
Date of Appointment : |
23.09.2014 |
|
PAN No.: |
DPTPK4912N |
|
DIN No.: |
06978120 |
KEY EXECUTIVES
|
Name : |
Mr. Tajinder Singh |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Avnish Malpani |
|
Designation : |
Secretary |
|
Address : |
110, Harmada Kumhar Oka Mohalla, Sikar Road, Jaipur – 302023,
Rajasthan, India |
|
Date of Birth/Age : |
15.09.1982 |
|
Date of Appointment : |
02.09.2013 |
|
PAN No.: |
BCYPM1482K |
|
|
|
|
Name : |
Akio Endo |
|
Designation : |
Deputy General Manager |
|
Date of Birth/Age : |
62 Years |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Experience : |
46 Years |
|
|
|
|
Name : |
Takehiro Ozawa |
|
Designation : |
Senior Manager |
|
Date of Birth/Age : |
41 Years |
|
Qualification : |
Bachelor in Engineering |
|
Experience : |
18 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Takahata Precision Pte. Limited, Singapore |
84000000 |
95.45 |
|
Takahata Precision Japan Co. Limited, Japan |
4000000 |
4.55 |
|
|
|
|
|
Total |
88000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 23.09.2014
|
Category |
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Precision Auto Parts. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
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 : |
L/C and Credit |
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|
|
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
180 (Approximately) |
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Bankers : |
·
Citi Bank ·
Mizuho Bank, Japan |
||||||||||||||
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|
|
|
Auditors : |
|
|
Name : |
SNR and Company Chartered Accountants |
|
Address : |
A-15, 2nd Floor, Hauz Khan, New Delhi – 110016, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Fellow Subsidiary
Company : |
· Takahata Precision Moulding SDN BHD Takahata Precision (Thailand) Limited Takahata Precision (Suzhou) Co. Limited Takahata (Shen Zhen) Co. Limited Takahata (H.K.) Co. Limited |
|
|
|
|
Ultimate Holding
Company : |
Takahata Precision Japan Co. Limited (Formerly Known as Takahata Seiko Co. Limited) |
|
|
|
|
Holding Company : |
Takahata Precision Pte. Limited (Formerly Known as
Takahata Holding and Technology Pte. Limited) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 900.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 880.000 Million |
|
|
|
|
|
As on 23.09.2014
Authorised Capital : Rs. 950.000
Million
Issued, Subscribed & Paid-up Capital : Rs. 935.000 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 |
880.000 |
880.000 |
580.000 |
|
(b) Reserves & Surplus |
(360.224) |
(207.088) |
(72.610) |
|
(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) |
519.776 |
672.912 |
507.390 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
27.359 |
27.359 |
14.199 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.797 |
0.400 |
0.056 |
|
Total Non-current
Liabilities (3) |
29.156 |
27.759 |
14.255 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
270.704 |
17.238 |
20.750 |
|
(c) Other
current liabilities |
60.046 |
161.846 |
147.674 |
|
(d) Short-term
provisions |
0.068 |
0.087 |
0.089 |
|
Total Current
Liabilities (4) |
330.818 |
179.171 |
168.513 |
|
|
|
|
|
|
TOTAL |
879.750 |
879.842 |
690.158 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
638.364 |
582.171 |
466.927 |
|
(ii)
Intangible Assets |
1.318 |
1.579 |
1.736 |
|
(iii)
Capital work-in-progress |
1.250 |
0.000 |
1.361 |
|
(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 |
48.558 |
27.237 |
1.430 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.050 |
|
Total Non-Current
Assets |
689.490 |
610.987 |
471.504 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
83.168 |
11.808 |
1.530 |
|
(c)
Trade receivables |
42.462 |
18.553 |
20.523 |
|
(d) Cash
and cash equivalents |
32.158 |
209.966 |
169.795 |
|
(e)
Short-term loans and advances |
32.317 |
25.824 |
24.117 |
|
(f)
Other current assets |
0.155 |
2.704 |
2.689 |
|
Total
Current Assets |
190.260 |
268.855 |
218.654 |
|
|
|
|
|
|
TOTAL |
879.750 |
879.842 |
690.158 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
GROSS REVENUE |
NA |
62.573 |
25.959 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
(121.317) |
(49.977) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
13.160 |
14.199 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(153.136) |
(134.477) |
(64.176) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Traded goods |
|
27.645 |
22.016 |
|
|
|
Capital Goods |
|
105.878 |
103.872 |
|
|
TOTAL IMPORTS |
NA
|
133.523 |
125.888 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.74) |
(1.53) |
(1.57) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
(13.79) |
(7.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
(0.18) |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.58 |
1.50 |
1.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
580.000 |
880.000 |
880.000 |
|
Reserves & Surplus |
(72.610) |
(207.088) |
(360.224) |
|
Net
worth |
507.390 |
672.912 |
519.776 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE : The Registered
Office of the company has been shifted from #24, Vatika Business Centre, First
India Place, 2nd Floor, Mehrauli Gurgaon Road, Gurgaon – 122004, Haryana, India
to the present address w.e.f.10.10.2012.
CORPORATE INFORMATION
Subject was incorporated in India on August 19, 2010 to
manufacture or to deal in all varieties, characteristics, color application and
use of plastic, resin, metal goods and materials including high precision gears
and other allied chemicals, to do all incidental acts and things necessary for
the attainment of the above objects.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10577781 |
12/12/2014 |
2,370,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C57854341 |
FIXED ASSETS:
· Land
Buildings
Factory
building
Plant
and equipment
Factory
equipments
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
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.63.81 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUB |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.