MIRA INFORM REPORT
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Report No. : |
330112 |
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Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERCODE SOLUTIONS PRIVATE LIMITED (w.e.f.10.05.2002) |
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Formerly Known
As : |
EVEREST PACKAGING PRIVATE LIMITED |
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Registered
Office : |
112/15, Ravi Industrial Estate, Mahakali Caves Road, Andheri (East),
Mumbai – 400093, Maharashtra |
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Tel. No.: |
91-22-65814330 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.04.1974 |
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Com. Reg. No.: |
11-017378 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.000 Million |
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CIN No.: [Company Identification
No.] |
U74999MH1974PTC017378 |
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IEC No.: |
0311074782 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI05895B |
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PAN No.: [Permanent Account No.] |
AABCE1527E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provider of Barcode Printers, Print Engines, Label Printers,
Barcode Scanners. |
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No. of Employees
: |
50 (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 |
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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 incorporated during the year 1947.
It is engaged in the business of service provider of barcode printers, print
engines, labels printers, barcode scanners. It has a moderate track record. In view of financials of the year 2014, the company has moderate risk
profile marked by average profitability margin, low reserves which has led to
modest net worth position and huge borrowings taken by the company. Trade relations are reported as fair. Business is active. Payments
terms are slow but correct. In view of leverage balance sheet profile, company can be considered
for business dealing with some cautions. |
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
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. Jagdish |
|
Designation : |
Account Manager |
|
Contact No.: |
91-250-3980900 |
|
Date : |
03.07.2015 |
LOCATIONS
|
Registered/ Office : |
112/15, Ravi Industrial Estate, Mahakali Caves Road, Andheri (East),
Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-250-3980900/ 31/ 32 91-22-26873939/ 4606/ 3672 |
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Fax No.: |
91-22-26876495 |
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E-Mail : |
rajkumar.m@intercodesolutions.com vinay.dutt@intercodesolutions.com avanindra.k@intercodesolutions.com |
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Website : |
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Corporate Office : |
110, Ravi Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Head Office : |
Survey No. 59, Nand Estate, Opposite Krishna Resort, Malji Pada Village, Vasai [East], Thane – 401210, Maharashtra, India |
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Tel. No.: |
91-250-3980900 |
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Branch Offices: |
Located At : ·
Bengaluru ·
Chennai ·
Delhi ·
Vadodara ·
Hyderabad ·
Ahmedabad |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Bhavin Chandrakant Kothari |
|
Designation : |
Director |
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Address : |
101, Landmark, Carmichael Road, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
22.08.1961 |
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Date of Appointment : |
15.04.1983 |
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DIN No.: |
00946108 |
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Name : |
Mr. Chandrakant Nandlal Kothari |
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Designation : |
Director |
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Address : |
101,Landmark, Carmichael Road, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
08.11.1932 |
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Date of Appointment : |
06.04.1974 |
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DIN No.: |
00946197 |
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|
|
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Name : |
Mr. Gautam Chandrakant Kothari |
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Designation : |
Director |
|
Address : |
101, Landmark, Carmichael Road, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
28.06.1967 |
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Date of Appointment : |
01.01.2012 |
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DIN No.: |
01679050 |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish |
|
Designation : |
Account Manager |
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 |
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Directors
or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of Barcode Printers, Print Engines, Label Printers,
Barcode Scanners. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 Days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
· Keimed Limited · Pidilite Industries Limited · Granules India Limited |
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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 : |
Mahesh Popatlal Ladwa Chartered Accountants |
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Address : |
8/3, Bhuta Niwas, Dr. Ambedkar Road, Matunga (Cr), Mumbai – 400019,
Maharashtra, India |
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Tel. No.: |
91-22-24164240 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAPL2927K |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Million |
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|
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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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
10.000 |
10.000 |
1.280 |
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(b) Reserves & Surplus |
3.306 |
1.808 |
0.740 |
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(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) |
13.306 |
11.808 |
2.020 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
85.806 |
63.751 |
28.253 |
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(b) Deferred tax liabilities (Net) |
0.593 |
0.228 |
0.057 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
86.399 |
63.979 |
28.310 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b)
Trade payables |
27.508 |
35.404 |
27.771 |
|
(c)
Other current liabilities |
4.727 |
5.285 |
0.878 |
|
(d)
Short-term provisions |
0.006 |
0.050 |
0.653 |
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Total
Current Liabilities (4) |
32.241 |
40.739 |
29.302 |
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TOTAL |
131.946 |
116.526 |
59.632 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
20.722 |
22.344 |
19.981 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(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 |
0.305 |
0.201 |
0.000 |
|
(e)
Other Non-current assets |
36.451 |
33.347 |
1.718 |
|
Total
Non-Current Assets |
57.478 |
55.892 |
21.699 |
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(2) Current assets |
|
|
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
15.962 |
18.402 |
6.407 |
|
(c)
Trade receivables |
34.715 |
23.145 |
30.129 |
|
(d)
Cash and cash equivalents |
5.942 |
8.560 |
0.077 |
|
(e)
Short-term loans and advances |
17.849 |
10.527 |
9.516 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
74.468 |
60.634 |
46.129 |
|
|
|
|
|
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TOTAL |
131.946 |
116.526 |
67.828 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
136.021 |
90.849 |
39.764 |
|
|
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Other Income |
5.039 |
5.459 |
0.000 |
|
|
|
TOTAL (A) |
136.021 |
90.849 |
39.764 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
99.667 |
68.765 |
32.515 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(1.982) |
(9.436) |
0.000 |
|
|
|
Employees benefits expense |
11.558 |
9.094 |
1.696 |
|
|
|
Admin Expenses |
0.000 |
0.000 |
3.886 |
|
|
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Other expenses |
21.389 |
20.884 |
0.000 |
|
|
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TOTAL (B) |
130.632 |
89.307 |
38.097 |
|
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PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.428 |
7.001 |
1.667 |
|
|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
6.142 |
5.156 |
0.985 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.286 |
1.845 |
0.682 |
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.960 |
0.297 |
0.059 |
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2.326 |
1.548 |
0.623 |
|
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|
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|
Less |
TAX (H) |
0.463 |
0.310 |
0.150 |
|
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|
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|
|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1.863 |
1.238 |
0.473 |
|
|
|
|
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|
|
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|
Less |
DEFERRED TAX
LIABILITIES |
0.365 |
0.172 |
0.058 |
|
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|
|
|
|
|
|
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|
PROFIT FOR THE
YEAR |
1.498 |
1.066 |
0.415 |
|
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|
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|
Earnings Per
Share (Rs.) |
23.26 |
15.47 |
48.63 |
|
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 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.37 |
1.36 |
1.19 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.67 |
7.71 |
4.19 |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.76 |
1.33 |
0.92 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.13 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.45 |
5.40 |
13.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31 |
1.49 |
1.57 |
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 |
1.280 |
10.000 |
10.000 |
|
Reserves & Surplus |
0.740 |
1.808 |
3.306 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2.020 |
11.808 |
13.306 |
|
|
|
|
|
|
Long-term borrowings |
28.253 |
63.751 |
85.806 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
28.253 |
63.751 |
85.806 |
|
Debt/Equity
ratio |
13.987 |
5.399 |
6.449 |
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 |
39.764 |
90.849 |
136.021 |
|
|
|
128.470 |
49.722 |
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 |
39.764 |
90.849 |
136.021 |
|
Profit |
0.473 |
1.238 |
1.863 |
|
|
1.19% |
1.36% |
1.37% |
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 |
No |
|
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 |
No |
|
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10488703 |
28/03/2014 |
5,000,000.00 |
THE
SARASWAT COOPERATIVE BANK LIMITED |
THE SARASWAT
COOPERATIVE BANK LTD, SUBHASH ROAD, VILE PARLE EAST, MUMBAI -
400057, MAHARASHTRA, INDIA |
C02326973 |
|
2 |
10476935 |
30/12/2014
* |
30,000,000.00 |
THE
SARASWAT COOPERATIVE BANK LIMITED |
SME
VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOC, S |
C41356619 |
|
3 |
10476934 |
09/01/2015
* |
15,000,000.00 |
THE
SARASWAT COOPERATIVE BANK LIMITED |
SME
VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOC, S |
C41342478 |
|
4 |
10464061 |
29/10/2013 |
14,000,000.00 |
THE
SARASWAT COOPERATIVE BANK LIMITED |
SME
VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI
- 400057, MAHARASHTRA , INDIA |
B91064170 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
From Directors |
39.670 |
33.509 |
|
From Others |
32.395 |
29.460 |
|
Total |
72.065 |
62.969 |
CHANGE OF ADDRESS:
The Registered Office of the Company has been shifted from 112/15, Mahal
Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra,
India to the present address w.e.f. 09.11.2011.
FIXED ASSETS:
Tangible Assets
· Computer
· Factory Premises
· Furniture and Fixtures
· Motor Car
Intangible Assets
· Business Rights
· Preliminary Expenses
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.63.40 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--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.