MIRA INFORM REPORT
|
Report No. : |
333452 |
|
Report Date : |
24.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
H. K. JEWELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1701-A, 17th Floor, The Capital, Plot No. C-70, ‘B’ Wing,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra |
|
Tel. No.: |
91-22-67160000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.06.2009 |
|
|
|
|
Com. Reg. No.: |
11-193278 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2009PTC193278 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCH2454E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is
engaged in the business of Dealers in Diamond Jewellery, Plated Goods, Articles
Required for Ornaments, Gold and Silversmiths. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating assigned to company, favourably factors in the decent
financial risk profile of the company marked by constant growth in scale of
operations, sound profitability margins and relatively comfortable debt
service coverage indicators. The ratings also takes into account the experience of the promoters
with sound track record of operations in the gems and jewellery industry,
healthy net-worth base of the company. These rating are partly offset by highly fragmented and competitive
industry, exposure to volatility in gold prices, working capital intensive
nature of business, low profitability margins. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be usually correct. The company can be considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 (GENERAL DETAILS)
|
Name : |
Mr. Sanjay |
|
Designation : |
Chief Accountant |
|
Contact No.: |
91-22-67160000 |
|
Date : |
23.07.2015 |
LOCATIONS
|
Registered Office : |
1701-A, 17th Floor, The Capital, Plot No. C-70, ‘B’ Wing,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-67160000 |
|
Fax No.: |
91-22-67049750 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ghanshyam Dhanji Dholakiya |
|
Designation : |
Director |
|
Address : |
Flat No. 62-6, Mont Blanc Building, Dadyseth Hill, 572, August Kranti
Marg, Mumbai – 400 036, Maharashtra, India |
|
Date of Appointment : |
12.06.2009 |
|
PAN No.: |
AARPD3389E |
|
DIN No.: |
01474986 |
|
|
|
|
Name : |
Mr. Savji Dhanji Dholakiya |
|
Designation : |
Director |
|
Address : |
7 Bhagat Nagar Society, Opposite Police Station Katargam, Surat – 395
004, Gujarat, India |
|
Date of Appointment : |
12.06.2009 |
|
PAN No.: |
AAPPD6921Q |
|
DIN No.: |
02069387 |
|
|
|
|
Name : |
Mr. Rajesh Himmatbhai Dholakiya |
|
Designation : |
Director |
|
Address : |
89, Hari Hari Society, Katargam Road, Surat – 395 004, Gujarat, India |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
02173366 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay |
|
Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Savji Dhanji Dholakiya |
|
320000 |
|
Ghanshyam Dhanji Dholakiya |
|
320000 |
|
Gauriben Savjibhai Dholakiya |
|
120000 |
|
Dharmisthaben Ghanshyambhai Dholakiya |
|
120000 |
|
Rajesh Himmatbhai Dholakiya |
|
30000 |
|
Dharmesh Himmatbhai Dholakiya |
|
30000 |
|
Pintu Tulsibhai Dholakiya |
|
60000 |
|
|
|
|
|
Total |
|
1000000 |
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of Dealers in Diamond Jewellery, Plated Goods,
Articles Required for Ornaments, Gold and Silversmiths. |
|
|
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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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
Not Available |
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|
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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 : |
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Facilities : |
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|
Auditors : |
|
|
Name : |
M. M. Nissim and Company Chartered Accountants |
|
Address : |
Barodawala Mansion, B Wing, 3rd Floor, 81, Dr. Annie Besant
Road, Worli, Mumbai – 400 018, Maharashtra, India |
|
Tel. No.: |
91-22-24949991 |
|
Fax No.: |
91-22-24949995 |
|
E-Mail : |
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|
Website : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFM5103E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
|
|
Associates : |
(U36912MH2012ptc227014) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
57.803 |
43.774 |
25.051 |
|
(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) |
67.803 |
53.774 |
35.051 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
129.469 |
200.325 |
16.380 |
|
(b) Deferred tax liabilities
(Net) |
4.897 |
2.310 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.649 |
2.190 |
1.192 |
|
Total
Non-current Liabilities (3) |
137.015 |
204.825 |
17.572 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
45.296 |
22.212 |
22.206 |
|
(b) Trade payables |
437.219 |
131.610 |
205.568 |
|
(c) Other current liabilities |
48.907 |
50.331 |
24.704 |
|
(d) Short-term provisions |
0.092 |
2.919 |
0.049 |
|
Total
Current Liabilities (4) |
531.514 |
207.072 |
252.527 |
|
|
|
|
|
|
TOTAL |
736.332 |
465.671 |
305.150 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
199.580 |
207.509 |
3.488 |
|
(ii) Intangible Assets |
1.997 |
0.364 |
0.219 |
|
(iii) Capital work-in-progress |
0.425 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.464 |
|
(d) Long-term Loan and Advances |
6.558 |
5.174 |
6.815 |
|
(e) Other Non-current assets |
12.116 |
9.695 |
8.635 |
|
Total
Non-Current Assets |
220.701 |
222.767 |
19.646 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
367.083 |
166.314 |
124.473 |
|
(c) Trade receivables |
133.387 |
59.606 |
156.517 |
|
(d) Cash and cash equivalents |
4.941 |
12.090 |
1.359 |
|
(e) Short-term loans and
advances |
10.037 |
4.653 |
1.811 |
|
(f) Other current assets |
0.183 |
0.241 |
1.344 |
|
Total
Current Assets |
515.631 |
242.904 |
285.504 |
|
|
|
|
|
|
TOTAL |
736.332 |
465.671 |
305.150 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1097.411 |
714.938 |
|
|
|
Other Income |
4.093 |
14.3399 |
|
|
|
TOTAL |
1101.505 |
729.331 |
NA |
|
|
|
|
|
|
|
EXPENSES |
1052.675 |
694.774 |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
48.830 |
34.557 |
NA |
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
13.801 |
4.438 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
35.029 |
30.119 |
NA |
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
13.714 |
1.990 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
21.315 |
28.129 |
NA |
|
|
|
|
|
|
|
TAX |
7.287 |
9.406 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
14.028 |
18.723 |
9.930 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Foreign Exchange Earning |
301.530 |
185.022 |
NA |
|
|
TOTAL
EARNINGS |
301.530 |
185.022 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
14.03 |
18.72 |
9.93 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
20.428 |
18.483 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.27 |
2.57 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.94 |
3.93 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.90 |
6.04 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.52 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.88 |
4.48 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
1.17 |
1.13 |
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 |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
25.051 |
43.774 |
57.803 |
|
Net
worth |
35.051 |
53.774 |
67.803 |
|
long-term borrowings |
16.380 |
200.325 |
129.469 |
|
Short term borrowings |
22.206 |
22.212 |
45.296 |
|
Total
borrowings |
38.586 |
241.020 |
195.193 |
|
Debt/Equity
ratio |
1.101 |
4.482 |
2.879 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
714.938 |
1097.411 |
|
|
53.497 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
714.938 |
1097.411 |
|
Profit |
18.669 |
14.027 |
|
|
2.61% |
1.28% |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two 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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from 3rd Floor, Wicel Administrative Building, Wicel Compound, Opposite Seepz Main Gate, M.I.D.C., Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f.30.03.2013
FUTURE PROSPECTS /
OUTLOOK:
The Company is continuously working on strengthening the business. The Company has been successfully executing major orders from prestigious customers and it has been enjoying the confidence of all customers across the country with repeat orders. The Company has embarked on improving margins in all products by reducing the variable cost and rationalizing the fixed costs. The results of these initiatives are expected to improve the overall profitability of the Company further during the current year.
UNSECURED LOAN
|
|
|
|
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and Advances from Directors |
68.775 |
79.320 |
|
Loans and Advances from Others |
0.510 |
40.635 |
|
|
|
|
|
Total |
69.285 |
119.955 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10361933 |
29/05/2012 |
110,000,000.00 |
INDUSIND BANK LIMITED |
701, SOLITAIRE
CORPORATE PARK, GURU HARGOVIND MAH |
B42158915 |
|
2 |
10228025 |
12/03/2014 * |
5,544,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
Overseas Branch,Kimatrai Building, Maharshi Karve Road, Marine Lines, Mumbai, Maharashtra - 400002, INDIA |
C00554527 |
|
3 |
10228033 |
12/03/2014 * |
50,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
Overseas
Branch,Kimatrai Building, Maharshi Karve Road, Marine Lines, Mumbai,
Maharashtra - 400002 |
C00553735 |
FIXED ASSETS
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Computers
·
Vehicles
·
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.63.71 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
44 |
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.