MIRA INFORM REPORT
|
Report No. : |
338508 |
|
Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
VARMORA GRANITO PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
8-A, National Highway At Dhuva, Tal. Wankaner, District Rajkot-363641,
Gujarat |
|
Tel. No.: |
91-2828-287558 / 500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.11.2003 |
|
|
|
|
Com. Reg. No.: |
04-043194 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 80.751 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26914GJ2003PTC043194 |
|
|
|
|
IEC No.: |
2403005282 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
RKTV00679A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV7523M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Granite Tiles and Porcelain Tiles. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company of Varmora Group, it was incorporated in the year 2003. It has good business track record. For the financial year 2014, the company possess healthy financial risk profile marked by good scale of operations. It has healthy sales growth and maintained good profitability margin. Further, the company has strong financial risk profile marked by impressive net worth position along with favourable gap between trade payables and receivables. Moreover, it is has improved earnings profile, the Varmora group's financial risk profile is expected to remain strong over the medium term. Trade relations are reported as fair. Business is active. Payment terms are regular. In view of strong financial risk profile, the company can be considered for business dealing 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 |
CRISIL |
|
Rating |
Long Term Rating=BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
16.06.2015 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating=A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
16.06.2015 |
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. Manish Varma |
|
Designation : |
Key Executive |
|
Contact No.: |
91-9825223068 |
|
Date : |
27.08.2015 |
LOCATIONS
|
Registered Office/ Factory : |
8-A, National Highway At Dhuva, Tal. Wankaner, District Rajkot-363641,
Gujarat, India |
|
Tel. No.: |
91-2828-287558 / 287500/700 |
|
Mobile No.: |
91-9825223068 (Mr. Manish Varma) |
|
Fax No.: |
91-2828-287500 / 287558 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq.fts |
|
Location : |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Corporate Office : |
8/9, Ground Floor, Building No.9, Laxmi Plaza, Laxmi
Industrial Estates |
|
Tel. No.: |
91-22-26333233 / 26390011/12 |
|
Fax No.: |
91-22-26373297 |
|
E-Mail : |
|
|
|
|
|
Branch Offices : |
Located at : ·
· Mumbai |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Ramanbhai Jivrajbhai Patel |
|
Designation : |
Director |
|
Address : |
301, Rudrax Apartment, Opposite Shri Colony, Kalawad Road, Rajkot - 360005, Gujarat, India |
|
Date of Birth/Age : |
04.07.1956 |
|
Date of Appointment : |
01.07.2009 |
|
PAN No.: |
AEKPV0293E |
|
DIN No.: |
00531281 |
|
|
|
|
Name : |
Mr. Naranbhai Hansrajbhai Patel |
|
Designation : |
Director |
|
Address : |
Shastri Nagar, 'Shree Hari', Ravapar Road, Morbi - 363641, Gujarat, India |
|
Date of Birth/Age : |
15.08.1950 |
|
Date of Appointment : |
01.07.2009 |
|
PAN No.: |
ACZPP0288L |
|
DIN No.: |
02735795 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Varma |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Granite Tiles and Porcelain Tiles. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30/ 60/ 90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30/ 60/ 90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
End Users and OEM’s
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nanalal P. Hadial and Company Chartered Accountants |
|
Address : |
1st Floor, Shakti Complex, Near Dr. Rupala Hospital, 16 Savsar
Plot , Morbi – 363641, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAHPH2014C |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates : |
· Solaris Ceramics Private Limited, India (U26914GJ2009PTC057698`) · Tocco Ceramic Private Limited, India (U26933GJ2011PTC065306) · Varmora Furniture’s Private Limited, India (U36100GJ2013PTC07499) · Varmora International · Varmora Ceramics Private Limited, India (U26914GJ1996PTC029963) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8700000 |
Equity Shares |
Rs. 10/- each |
Rs. 87.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8075100 |
Equity Shares |
Rs. 10/- each |
Rs. 80.751
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 |
80.751 |
80.751 |
85.000 |
|
(b) Reserves & Surplus |
255.610 |
231.224 |
220.820 |
|
(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) |
336.361 |
311.975 |
305.820 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
62.951 |
127.459 |
133.736 |
|
(b) Deferred tax liabilities (Net) |
8.719 |
8.851 |
9.309 |
|
(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) |
71.670 |
136.310 |
143.045 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
202.082 |
153.256 |
244.885 |
|
(b)
Trade payables |
301.525 |
256.725 |
260.843 |
|
(c)
Other current liabilities |
54.393 |
26.533 |
28.566 |
|
(d)
Short-term provisions |
22.144 |
10.228 |
22.296 |
|
Total
Current Liabilities (4) |
580.144 |
446.742 |
556.590 |
|
|
|
|
|
|
TOTAL |
988.175 |
895.027 |
1005.455 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
271.610 |
300.439 |
314.239 |
|
(ii)
Intangible Assets |
0.100 |
0.100 |
0.100 |
|
(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 |
21.750 |
21.750 |
21.750 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
8.008 |
8.009 |
8.109 |
|
Total
Non-Current Assets |
301.468 |
330.298 |
344.198 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
107.656 |
128.541 |
202.327 |
|
(c)
Trade receivables |
442.580 |
334.777 |
329.981 |
|
(d)
Cash and cash equivalents |
29.334 |
25.848 |
28.099 |
|
(e)
Short-term loans and advances |
28.009 |
4.119 |
4.371 |
|
(f)
Other current assets |
79.128 |
71.444 |
96.479 |
|
Total
Current Assets |
686.707 |
564.729 |
661.257 |
|
|
|
|
|
|
TOTAL |
988.175 |
895.027 |
1005.455 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2506.680 |
2357.040 |
2431.772 |
|
|
|
Other Income |
1.471 |
5.777 |
5.202 |
|
|
|
TOTAL |
2508.151 |
2362.817 |
2436.974 |
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
43.189 |
45.462 |
42.833 |
|
|
|
|
|
|
|
|
|
|
PROVISION OF TAX |
12.241 |
7.653 |
7.920 |
|
|
|
|
|
|
|
|
|
|
DEFERRED TAX |
(0.132) |
(0.457) |
0.978 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
24.386 |
14.652 |
14.552 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
44.004 |
NA |
NA |
|
|
TOTAL EARNINGS |
44.004 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.02 |
1.81 |
1.71 |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
2800.000 |
|
|
|
|
|
The above information has been parted by Mr. Manish Varmora (Key
Executive)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
21.881 |
13.312 |
16.296 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.97 |
0.62 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85 |
0.94 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.26 |
1.19 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
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 |
85.000 |
80.751 |
80.751 |
|
Reserves & Surplus |
220.820 |
231.224 |
255.610 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
305.820 |
311.975 |
336.361 |
|
|
|
|
|
|
Long-term borrowings |
133.736 |
127.459 |
62.951 |
|
Short term borrowings |
244.885 |
153.256 |
202.082 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
16.296 |
13.312 |
21.881 |
|
Total
borrowings |
394.917 |
294.027 |
286.914 |
|
Debt/Equity
ratio |
1.291 |
0.942 |
0.853 |
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 |
2431.772 |
2357.040 |
2506.680 |
|
|
|
-3.073 |
6.349 |
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 |
2431.772 |
2357.040 |
2506.680 |
|
Profit |
14.552 |
14.652 |
24.386 |
|
|
0.60% |
0.62% |
0.97% |
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) |
Yes |
|
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 |
Yes |
|
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 three 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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90104248 |
21/05/2014 * |
621,700,000.00 |
STATE BANK OF INDIA |
LALPAR BRANCH, TAL. MORBI, LALPAR- 363641, GUJARAT, INDIA |
C07124050 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
1.140 |
5.670 |
|
Loans and advances from others |
51.913 |
68.642 |
|
Total |
53.053 |
74.312 |
COMPANYS PERFORMANCE:
The Company has reported
revenue from operation during the year of Rs. 2506.680 Million as compared to the
previous year?s revenue from operation of Rs. 2357.040 Million. The Company has
earned net profit of Rs. 24.386 Million during the year as compared to previous
year net profit of Rs. 14.652 Million.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
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. 66.06 |
|
|
1 |
Rs. 102.35 |
|
Euro |
1 |
Rs. 74.97 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
IND/ ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
51 |
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.