MIRA INFORM REPORT
|
Report No. : |
308494 |
|
Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
TECH SUTRE INDUSTRIES LIMITED [w.e.f.11.10.2010] |
|
|
|
|
Formerly Known
As : |
SUNLINE EXPORTS LIMITED SUNLINE EXPORTS PRIVATE LIMITED |
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|
|
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Registered
Office : |
6th Floor, 'A' Block, Shivsagar State, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra |
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|
Country : |
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|
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Financials (as
on) : |
31.03.2014 |
|
|
|
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Date of
Incorporation : |
07.07.2003 |
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|
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Com. Reg. No.: |
11-141188 |
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Capital
Investment / Paid-up Capital : |
Rs. 68.964 Millions |
|
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|
|
IEC No.: |
Not Available |
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|
CIN No.: [Company Identification
No.] |
U13200MH2003PLC141188 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAHCS7662Q |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Cotton Yarn, Grey Fabric etc. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Even though the company was incorporated on 07th July 2003,
it has commenced its business operations from 15th January 2013.
It is having a satisfactory track record. The rating takes into consideration company’s improved financial risk
profile supported by improvement in liquidity position of the company and
decent sales turnover achieved in its first year of business operations. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
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 DECLINED BY
|
Name : |
Mr. Upendra Patel |
|
Designation : |
Manager |
|
Contact No.: |
91-22-66619000 |
LOCATIONS
|
Registered Office : |
6th Floor, 'A' Block, Shivsagar State, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66619000 |
|
Fax No.: |
91-22-66619090 |
|
E-Mail : |
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|
Factory : |
Gat No. 85, 88/1A and 88/1B, Village Sutarepada, Post Khede
Meheregaon, Taluka and District Dhule – 424302, Maharashtra, India |
DIRECTORS
AS ON 20.08.2014
|
Name : |
Mr. Vinay Rohidas Patil |
|
Designation : |
Managing director |
|
Address : |
302, Purna Sir Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra,
India |
|
Date of Birth/Age : |
22.02.1972 |
|
Qualification : |
MBA, B.E. |
|
Date of Appointment : |
05.01.2005 |
|
DIN No.: |
00522674 |
|
|
|
|
Name : |
Mr. Kunal Rohidas Patil |
|
Designation : |
Director |
|
Address : |
302, Purna Sir Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra,
India |
|
Date of Birth/Age : |
18.09.1974 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
05.01.2005 |
|
DIN No.: |
00522634 |
|
|
|
|
Name : |
Mr. Amit Anil Jagtap |
|
Designation : |
Director |
|
Address : |
C-60, Abhimabshree Society, Baner Road, Chatushrungi, Pune – 411008, Maharashtra,
India |
|
Date of Birth/Age : |
03.02.1977 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
15.03.2008 |
|
DIN No.: |
00357982 |
KEY EXECUTIVES
|
Name : |
Mr. Upendra Patel |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Vinay Rohidas Patil |
|
74550 |
|
Kunal Rohidas Patil |
|
49700 |
|
Lata Rohidas Patil |
|
50 |
|
Ruchi Vinay Patil |
|
100 |
|
Smita C. Patil |
|
50 |
|
Samruddha International Limited, India |
|
3404500 |
|
Amit Jagtap |
|
50 |
|
Sandesh Vanijya Private Limited, India |
|
56000 |
|
Aryawart Vincom Private Limited, India |
|
21500 |
|
Manoj Thakur |
|
71500 |
|
Samruddha Resources Limited, India |
|
3330000 |
|
Total |
|
7008000 |
AS ON 20.08.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
97.20 |
|
Directors
or relatives of directors |
1.78 |
|
Other
top fifty shareholders |
1.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn, Grey Fabric etc. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited Credit Management Center, Unit-6, Corporate Park, Sion
Traombay Road, Chembur, Mumbai - 400071, Maharashtra, India |
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Facilities : |
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Financial Institution : |
· Mahindra and Mahindra Financial Services Limited Gateway Building, Apollo Bunder, Mumbai - 400001, Maharashtra, India |
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|
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Auditors : |
|
|
Name : |
M.B. Agrawal and Company Chartered Accountants |
|
Address : |
C-204, Mhatre Pen Building Senappati Bapat Marg, Dadar
[West], Mumbai - 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFM5230D |
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|
|
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Associates Company : |
· Samruddha Resources Limited [U51900MH1997PLC112284] Samruddha International Limited Sumangal Dwelling Projects Private Limited Tvish Infrasturcture Private Limited Hrishikesh Texfab Private Limited Kunal Cottons Private Limited Suruchi Cottons Private Limited Dhule Textile Park Private Limited LRP Securities Private Limited Teeshee Holdings Private Limited (Samruddha Investment
Consultancy Private Limited) Terre Holdings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,008,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.080 Millions |
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|
|
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|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,884,000 |
Equity Shares |
Rs. 10/- each |
Rs. 68.840 Millions |
|
|
Subscribed but not fully paid up |
|
Rs. 0.124 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 68.964
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
68.964 |
2.114 |
2.114 |
|
(b) Reserves & Surplus |
281.708 |
9.728 |
13.918 |
|
(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) |
350.672 |
11.842 |
16.032 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
182.201 |
384.447 |
219.269 |
|
(b) Deferred tax liabilities (Net) |
1.585 |
0.000 |
0.000 |
|
(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) |
183.786 |
384.447 |
219.269 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
75.040 |
15.558 |
0.000 |
|
(b)
Trade payables |
98.196 |
4.196 |
5.877 |
|
(c)
Other current liabilities |
80.830 |
26.350 |
8.781 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
254.066 |
46.104 |
14.658 |
|
|
|
|
|
|
TOTAL |
788.524 |
442.393 |
249.959 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
268.102 |
267.177 |
6.843 |
|
(ii)
Intangible Assets |
0.449 |
0.080 |
0.083 |
|
(iii)
Capital work-in-progress |
31.738 |
8.285 |
141.241 |
|
(iv)
Intangible assets under development |
0.103 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
1.772 |
0.000 |
|
(d) Long-term Loan and Advances |
37.566 |
14.491 |
60.824 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
31.085 |
|
Total Non-Current
Assets |
337.958 |
291.805 |
240.076 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
124.572 |
16.848 |
0.000 |
|
(c)
Trade receivables |
84.811 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
5.885 |
5.210 |
1.890 |
|
(e) Short-term
loans and advances |
235.298 |
128.530 |
7.993 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
450.566 |
150.588 |
9.883 |
|
|
|
|
|
|
TOTAL |
788.524 |
442.393 |
249.959 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
473.764 |
0.000 |
0.000 |
|
|
|
Other Income |
2.811 |
1.008 |
0.000 |
|
|
|
TOTAL (A) |
476.575 |
1.008 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
403.884 |
6.200 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
-86.064 |
-6.790 |
0.000 |
|
|
|
Employees benefits expense |
19.303 |
1.290 |
4.052 |
|
|
|
Other expenses |
77.961 |
1.607 |
3.831 |
|
|
|
Exceptional Items |
0.000 |
0.055 |
(7.883) |
|
|
|
TOTAL (B) |
415.084 |
2.362 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
61.491 |
(1.354) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.856 |
1.999 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.635 |
(3.353) |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.653 |
2.609 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
9.982 |
(5.962) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.403 |
(1.772) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
4.579 |
(4.190) |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
7.09 |
(15.27) |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.97 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.98 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.32 |
(1.38) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
(0.50) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.73 |
33.78 |
13.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77 |
3.27 |
0.67 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.114 |
2.114 |
68.964 |
|
Reserves & Surplus |
13.918 |
9.728 |
281.708 |
|
Net
worth |
16.032 |
11.842 |
350.672 |
|
|
|
|
|
|
Long-term borrowings |
219.269 |
384.447 |
182.201 |
|
Short term borrowings |
0.000 |
15.558 |
75.040 |
|
Total
borrowings |
219.269 |
400.005 |
257.241 |
|
Debt/Equity ratio |
13.677 |
33.779 |
0.734 |
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 |
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 |
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 |
No |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10347818 |
26/03/2012 * |
240,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH,
SHIVSAGAR ESTATE, WORLI (SOUTH), DR. |
B37219409 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits |
67.997 |
244.006 |
|
|
|
|
|
Total |
67.997 |
244.006 |
PERFORMANCE REVIEW:
The construction of sheds and installation of machinery was accomplished
last week of March previous year. Though, the actual commercial production had
started in the month of April itself, but in the first quarter the company was
operated on a bit slow pace and successfully operated with optimum capacity
during the later months of year under review. So, as against the zero revenue
from the textiles business in the previous year, the company has recorded
turnover of Rs. 473.800 Millions and earned profit before tax of Rs. 10.000
Millions approx.
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Factory
equipments
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Brands
and trade marks
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. 62.14 |
|
|
1 |
Rs. 95.78 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.