MIRA INFORM REPORT
|
Report No. : |
309800 |
|
Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPRINGFEEL POLYURETHANE FOAMS PRIVATE LIMITED |
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Registered
Office : |
No.64, Velacherry Main Road, Sankaren Avenue, Velacherry, Chennai –
600 042, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.12.1997 |
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Com. Reg. No.: |
18-039600 |
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Capital
Investment / Paid-up Capital : |
Rs.30.400 million |
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CIN No.: [Company Identification
No.] |
U25209TN1997PTC039600 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES05672C |
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PAN No.: [Permanent Account No.] |
AADCS0733N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Flexible Polyurethane Foam. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 291200 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company possesses a moderate financial profile marked by adequate networth
base along with working capital intensive operations during FY14. Management has reported a better increase in its sales volume and has
reported as low profit margin with minimal profitability as against a
previous year loss. However, trade relations seem to be fair. Business is active. Payment
terms are slow but correct. The company 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 – 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 |
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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 PARTED BY
|
Name : |
Mr. Hariharan |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9789974064 |
LOCATIONS
|
Registered Office : |
No.64, Velacherry Main Road, Sankaren Avenue, Velacherry, Chennai –
600 042, Tamilnadu, India |
|
Tel. No.: |
91-44-22447908/ 27498005 |
|
Mobile No. : |
91-9789974064 (Mr. Hariharan) |
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Fax No.: |
91-44-22447908 |
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E-Mail : |
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Website : |
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Administrative Office/ Factory : |
51/2A, Kelambakkam - Vandalur Road, Pudupakkam Village, Chengalpattu
Taluk, Kanchipuram District – 603 103,
Tamilnadu, India |
|
Tel. No.: |
91-44-27498005 |
DIRECTORS
AS ON 15.09.2014
|
Name : |
Mr. Dilip Kumar |
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Designation : |
Director |
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Address : |
Apartment No.801, Regalia, No.3, 4, 5 Sardar Patel Road, Chennai – 600
113, Tamilnadu, India |
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Date of Birth/Age : |
16.09.1971 |
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Date of Appointment : |
15.12.1997 |
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DIN No.: |
00492563 |
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Other
Directorship :
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Name : |
Mr. Sameer Malhotra |
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Designation : |
Director |
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Address : |
Flat No.4-A, Kings Mead Apartments, No.14/3, South Mada Street,
Srinagar Colony, Saidapet, Chennai – 600 015, Tamilnadu, India |
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Date of Birth/Age : |
13.03.1972 |
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Date of Appointment : |
15.12.1997 |
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DIN No.: |
00492623 |
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Other
Directorship :
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Name : |
Mr. Venkatanarayana Yanepalli |
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Designation : |
Director |
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Address : |
B Block, Flat No.F2, Taj Palace, Flat No.113/3, New Market Street,
Chennai – 600 094, Tamilnadu, India |
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Date of Birth/Age : |
20.06.1949 |
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Date of Appointment : |
07.04.2004 |
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DIN No.: |
00492666 |
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KEY EXECUTIVES
|
Name : |
Mr. Hariharan |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS
AS ON 15.09.2014
|
Names of Shareholders |
No. of Shares |
|
S. Dilip Kumar |
420000 |
|
Pillayar Investments and Finance Private Limited, India |
750000 |
|
P. R. Sundaravadivelu |
344700 |
|
V. Manjula |
200000 |
|
R. Niranjini |
100000 |
|
S. Roop Kumar |
220000 |
|
S. Vasanth Kumar |
170000 |
|
D. Ranjini |
30000 |
|
Sameer Malhotra |
50000 |
|
Shashi Malhotra |
40000 |
|
Kumaravel Packaging Private Limited, India |
50000 |
|
R. Padmanaban |
210000 |
|
Indira Ramachandran |
30000 |
|
G. Kavitha |
30000 |
|
Y. S. Chakravarthi |
50000 |
|
Ravi Chilukuri |
345300 |
|
Total |
3040000 |
AS ON 15.09.2014
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] |
11.35 |
|
Bodies corporate |
26.31 |
|
Directors or relatives of Directors |
51.82 |
|
Other top fifty shareholders |
10.52 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Flexible Polyurethane Foam. |
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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 Available |
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Imports : |
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Products : |
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Countries : |
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Terms : |
Not Divulged |
PRODUCTION STATUS (AS
ON 31.03.2014):
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Polyurethane
Foam |
3900 MT |
3600.039 |
|
Mattresses
and Pillows |
|
6748 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sri and Company Chartered Accountants |
|
Address : |
Flat F-2, Sindur Cascade, No.2, Krishna Street, Off North Usman Road,
T Nagar, Chennai – 600 017, Tamilnadu, India |
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Tel. No. : |
91-44-28140850/ 1131/ 2064 |
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E-Mail : |
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Website : |
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PAN No.: |
AAXFS6133K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises owned or
significantly influenced by key managerial personnel or their relatives : |
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CAPITAL STRUCTURE
AS ON 15.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 million |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 million |
|
|
Total |
|
Rs.45.000
million |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3040000 |
Equity Shares |
Rs.10/- each |
Rs.30.400
million |
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|
|
|
|
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 |
30.400 |
30.400 |
30.400 |
|
(b) Reserves & Surplus |
71.513 |
70.285 |
80.194 |
|
(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) |
101.913 |
100.685 |
110.594 |
|
|
|
|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
11.765 |
27.410 |
31.499 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
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) |
11.765 |
27.410 |
31.499 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
171.398 |
139.184 |
128.605 |
|
(b) Trade
payables |
79.808 |
61.874 |
44.549 |
|
(c) Other
current liabilities |
19.313 |
36.256 |
34.255 |
|
(d) Short-term
provisions |
4.868 |
3.477 |
15.056 |
|
Total Current
Liabilities (4) |
275.387 |
240.791 |
222.465 |
|
|
|
|
|
|
TOTAL |
389.065 |
368.886 |
364.558 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
137.950 |
191.508 |
202.769 |
|
(ii)
Intangible Assets |
0.496 |
0.483 |
0.410 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.080 |
5.194 |
17.312 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
144.526 |
197.185 |
220.491 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
59.216 |
54.000 |
49.482 |
|
(c) Trade
receivables |
115.820 |
96.390 |
69.835 |
|
(d) Cash
and cash equivalents |
10.086 |
10.541 |
11.611 |
|
(e) Short-term
loans and advances |
59.417 |
10.770 |
13.139 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
244.539 |
171.701 |
144.067 |
|
|
|
|
|
|
TOTAL |
389.065 |
368.886 |
364.558 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
691.581 |
620.044 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
840.786 |
691.581 |
620.044 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
837.980 |
701.490 |
619.025 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
2.806 |
(9.909) |
1.019 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.970 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1.836 |
(9.909) |
1.019 |
|
|
|
|
|
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|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
371.018 |
230.628 |
205.516 |
|
|
TOTAL IMPORTS |
371.018 |
230.628 |
205.516 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.60 |
(3.26) |
0.33 |
|
Expected Sales (2014-2015): Rs.1000.000 million
The above information has been parted by Mr. Hariharan (Finance
Department).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.72 |
(2.69) |
0.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
(0.10) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.80 |
1.65 |
1.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
0.71 |
0.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
30.400 |
30.400 |
30.400 |
|
Reserves & Surplus |
80.194 |
70.285 |
71.513 |
|
Net worth |
110.594 |
100.685 |
101.913 |
|
|
|
|
|
|
Long Term borrowings |
31.499 |
27.410 |
11.765 |
|
Short Term borrowings |
128.605 |
139.184 |
171.398 |
|
Total borrowings |
160.104 |
166.594 |
183.163 |
|
Debt/Equity ratio |
1.448 |
1.655 |
1.797 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Total Income |
620.044 |
691.581 |
840.786 |
|
|
|
11.537 |
21.574 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Total Income |
620.044 |
691.581 |
840.786 |
|
Profit |
1.019 |
(9.909) |
1.836 |
|
|
0.16% |
(1.43%) |
0.22% |
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
NOTE ON DEMERGER:
A
Scheme of Arrangement demerging the windmill division from Springfeel
Polyurethane Foams Private Limited ("Demerged Company") into separate
company Springfeel Wind Energy Private Limited ("Resulting Company")
and their respective shareholders & creditors under Sections 391 - 394 of
the Companies Act, 1956 was duly approved by the Hon'ble High Court of Madras
on loth June 2014 with effect from 1st April 2013 vide CP No: 1 and
2 of 2014. To give effect to the court order, the windmill division of the
Company has been demerged and transferred into the Resulting Company on a going
concern basis.
Consequent
to the demerger of the windmill business of the Company as per the terms of the
Scheme of Arrangement, the financial statement of the Company for the year
ended 31st March 2014 does not include the operations of the
windmill business and are therefore strictly not comparable with the figures of
the previous year ended 31st March 2013.
All
the assets and liabilities relating to the windmill business of the Company, on
the appointed date, have been transferred to the Resulting Company at value
they appeared in the books of accounts of Demerged Company.
The
excess of assets over liabilities relating to the windmill division of Rs.0.608
million transferred as at 1st April 2013, has been adjusted in terms
of the Scheme against the reserves of the Company.
All
the transactions during the period between the appointed date and effective date
relating to the Wind Energy Division has been transferred from Demerged Company
to Resulting Company on effective date and reflected in the financial
statements of the Resulting Company for the year ended 31st March,
2014.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Long Term Maturities of Finance obligations |
3.265 |
3.239 |
|
From others |
8.500 |
15.500 |
|
Total |
11.765 |
18.739 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80026475 |
29/03/2014 * |
265,900,000.00 |
ING VYSYA BANK LIMITED |
185, ANNA SALAI, NEAR TVS, CHENNAI, TAMILNADU - 600006, INDIA |
C06987028 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
- Land
- Buildings
- Plant and Machinery
- Office Equipments
- Computers
- Furniture and Fixtures
- Vehicle
Intangible Assets
- 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 records 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.62.05 |
|
|
1 |
Rs.96.03 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
-- PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
30 |
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.