MIRA INFORM REPORT
|
Report No. : |
300378 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
RUSHABH RESINS AND PAINTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A/53, Aditi Apartment No. 2, Mathuradas Road, Kandivali (West) Mumbai
– 400067, Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
28.09.1993 |
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|
|
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Com. Reg. No.: |
11-074211 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U2422MH1993PTC074211 |
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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.] |
Not Available |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Sticker Paper. |
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|
|
|
No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 99000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 PARTED BY
|
Name : |
Mr. Jignesh |
|
Designation : |
Accountant |
|
Contact No.: |
91-9324030551 |
|
Date : |
13.01.2015 |
LOCATIONS
|
Registered Office : |
A/53, Aditi Apartment No. 2, Mathuradas Road, Kandivali (West) Mumbai
– 400067, Maharashtra, India |
|
Tel. No.: |
91-22-28822676 /8810544 |
|
Mobile No.: |
91-9324030551 (Mr. Jignesh) |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Area : |
Owned |
|
|
|
|
Factory: |
Industrial Estate, Near Ambika Udyog Old Sat, Shirgaon, Palghar
(West), Thane – 400064, India |
|
Area : |
Owned |
|
|
|
|
Admin / Correspondence Office : |
Viral Shopping Centre, 120 1st Floor Mantri Wadi Behind
Pawan Hotel, Suinath Road, Malad (West) Mumbai – 400064, Maharashtra, India |
|
Area : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Hema Chetan Mehta |
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|
Designation : |
Director |
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|
Address : |
B 702, Riddhi Siddhi Opposite Dada Naravne School Kandivali West,
Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
24.11.1972 |
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Date of Appointment : |
12.01.2000 |
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DIN No.: |
00681801
|
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|||||||||||||||||||||||||||
|
Name : |
Mr. Rajesh Bhogilal Mehta |
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|
Designation : |
Director |
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|
Address : |
A 53, Aditi Apartment No. 2, Opposite, Mathuradas Road Kandivali West,
Mumbai – 400067, Maharshtra, INDIA |
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Date of Birth/Age : |
15.05.1965 |
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Date of Appointment : |
10.03.2008 |
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DIN No.: |
00555129
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Jignesh |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.9.2014
|
Names of Shareholders |
No. of Shares |
|
Hema Chetan Mehta |
90350 |
|
Zeel Rajesh Mehta |
38000 |
|
Bina Rajesh Mehta |
33500 |
|
Rajesh Bhogilal Mehta |
5200 |
|
D. G. Mehta |
100 |
|
Chetan Bhogilal Mehta |
5100 |
|
Hansa Bhogilal Mehta |
100 |
|
Rajesh Bhogilal Mehta (HUF) |
100 |
|
Chetan B. Mehta |
100 |
|
Rajesh Bhogilal Mehta F/NG. of Tridha Rajesh Mehta |
27000 |
|
Gloss Holdings Private Limited |
100 |
|
Chetan B. Mehta F/NG. of Rutu Chetan Mehta |
350 |
|
Total |
200000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Sticker Paper. |
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Products : |
v Sticker Paper |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Sticker Paper |
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Countries : |
v Africa v South East v Arabia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
v Europe |
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Terms : |
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Selling : |
Cash and Credit (Days 30), L\C |
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Purchasing : |
Cash and Credit (Days 30), L\C |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers, End Users
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No. of Employees : |
35 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
J.C.VAIDYA Company Chartered Account |
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Address : |
A/403-4, Kailash Tower, M.G. Road, Kandivali (West), Mumbai,
Maharashtra, India |
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PAN No.: |
AAKPV3024H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs. 2.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs. 2.000 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 |
2.000 |
2.000 |
2.000 |
|
(b) Reserves & Surplus |
32.715 |
28.032 |
23.981 |
|
(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) |
34.715 |
30.032 |
25.981 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21.694 |
21.367 |
20.000 |
|
(b) Deferred tax liabilities (Net) |
1.874 |
1.871 |
1.853 |
|
(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) |
23.568 |
23.238 |
21.853 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
16.744 |
14.026 |
12.530 |
|
(b) Trade
payables |
25.102 |
21.958 |
14.357 |
|
(c) Other current
liabilities |
1.578 |
1.547 |
2.342 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
43.424 |
37.531 |
29.229 |
|
|
|
|
|
|
TOTAL |
101.707 |
90.801 |
77.063 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
|
|
(ii)
Intangible Assets |
10.133 |
10.757 |
10.623 |
|
(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 |
0.137 |
0.089 |
0.092 |
|
(e) Other
Non-current assets |
0.137 |
0.029 |
0.004 |
|
Total Non-Current
Assets |
10.407 |
10.875 |
10.719 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
32.023 |
25.486 |
22.518 |
|
(c) Trade
receivables |
56.450 |
46.989 |
41.785 |
|
(d) Cash
and cash equivalents |
1.694 |
6.647 |
1.286 |
|
(e)
Short-term loans and advances |
1.133 |
0.804 |
0.755 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
91.300 |
79.926 |
66.344 |
|
|
|
|
|
|
TOTAL |
101.707 |
90.801 |
77.063 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
211.948 |
191.234 |
182.272 |
|
|
|
Other Income |
0.127 |
1.067 |
0.950 |
|
|
|
TOTAL |
212.075 |
192.301 |
183.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumption |
171.474 |
156.010 |
157.046 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
0.652 |
0.447 |
(2.318) |
|
|
|
Employees benefits expense |
7.045 |
6.525 |
5.960 |
|
|
|
Exchange Rate Difference |
1.156 |
0.000 |
0.411 |
|
|
|
Other expenses |
20.121 |
19.370 |
14.093 |
|
|
|
TOTAL
(B) |
200.448 |
182.352 |
175.192 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
11.627 |
9.949 |
8.030 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.180 |
3.631 |
3.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.447 |
6.318 |
5.025 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.623 |
0.623 |
0.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.824 |
5.695 |
4.360 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.141 |
1.644 |
0.989 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.683 |
4.051 |
3.371 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
66.00 |
57.00 |
47.00 |
|
Expected Sales (2014-15) : Rs. 240.000 Millions
The above information has been parted by Mr. Jignesh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
2.21 |
2.12 |
1.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.49 |
5.20 |
4.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.71 |
6.27 |
5.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.11 |
1.18 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10 |
2.13 |
2.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.000 |
2.000 |
2.000 |
|
Reserves & Surplus |
23.981 |
28.032 |
32.715 |
|
Net
worth |
25.981 |
30.032 |
34.715 |
|
|
|
|
|
|
long-term borrowings |
20.000 |
21.367 |
21.694 |
|
Short term borrowings |
12.530 |
14.026 |
16.744 |
|
Total
borrowings |
32.530 |
35.393 |
38.438 |
|
Debt/Equity
ratio |
1.252 |
1.179 |
1.107 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
182.272 |
191.234 |
211.948 |
|
|
|
4.917 |
10.832 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
182.272 |
191.234 |
211.948 |
|
Profit |
3.371 |
4.051 |
4.683 |
|
|
1.85% |
2.12% |
2.21% |
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 |
Yes |
|
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 |
UNSECURED LOAN
(Rs.
In Million)
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advance
from Related Parties |
|
|
|
From a Director |
0.288 |
0.348 |
|
From Member |
21.394 |
20.901 |
|
Total |
21.682 |
21.249 |
Business:
The company achieved a turn over Rs. 212.076
Millions against 192.301 Millions, registered a moderate growth of 10% in spite of weak economic conditions prevailing
globally. Due to effective cost control, the company could improve profit
before tax by 20%. Out look of the current year appears to be better.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10165669 |
17/06/2009 |
1,400,000.00 |
Bank of
Maharashtra |
Malad (West)
Branch, Chandrashali Building, Liberty Garden Road No. 1, Malad (West),
Mumbai, Maharashtra - 400064, INDIA |
A65107427 |
|
2 |
90159207 |
08/12/2011 * |
12,000,000.00 |
Bank of
Maharashtra |
Malad (West)
Branch, Chandrashalli Building,, Liberty Garden Rd No.1, Malad (West),
Mumbai, Maharashtra - 400064, INDIA |
B37046620 |
* Date of charge modification
FIXED ASSETS
v Land
v Factory Building
v Vehicle
v Electrical Installations
v Furniture and Fixture
v Air Conditioners
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.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
ANU |
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 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.