MIRA INFORM REPORT
|
Report No. : |
325783 |
|
Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARKAY GLENROCK PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7/23 B Nilakottai Road, Pachamalayankottai, Near Sempatti,
Dindigul – 624707, Tamilnadu |
|
Tel. No.: |
91-451-2556744/ 2556755/ 2552168 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
03.03.1999 |
|
|
|
|
Com. Reg. No.: |
18-041997 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 30.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45309TN1999PTC041997 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIA00392A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA4825A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the processing of monuments and slabs. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 270000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Subject was incorporated in 1999. Subject is engaged in the processing
of monuments and slabs. Overall financial of the company seems to be fair. Rating takes into
consideration goods profit margin, better capital structure and favourable
gap between receivables and payable of the company. Trade relations are fair. Business is active. Payments are reported to
be usually correct. In the view of strong experience of promoter in the granite industry,
the subject can be considered for business dealings at usual trade terms and
condition. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : ICRA BB |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating : ICRA A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
January 2014 |
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 DECLINED BY
|
Name : |
Mr. Muthusankar Pamalingam |
|
Designation : |
Director |
|
Contact No.: |
91-9894656755 |
|
Date : |
04.06.2015 |
LOCATIONS
|
Registered Office : |
7/23B |
|
Tel. No.: |
91-451-2556744/
2556755/ 2552168 |
|
Fax No.: |
91-451-5353085/ 2556756 91-452-4353085 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Indian Office : |
"Meenatshi" |
|
Tel. No.: |
91-452-4354000 / 4355000 |
|
Fax No.: |
91-452-4353085 |
|
E-Mail : |
DIRECTORS
AS ON 15.09.2014
|
Name : |
Mr. Muthusankar Ramalingam |
|
Designation : |
Managing Director |
|
Address : |
“Manaswini” |
|
Date of Birth/Age : |
05.07.1968 |
|
Date of Appointment : |
02.03.2000 |
|
Voter ID No. : |
TN/23/140/0123261 |
|
DIN No. : |
00892520 |
|
|
|
|
Name : |
Mr. Ekambaram Anuradha |
|
Designation : |
Director |
|
Address : |
No.23, Manaswini, Aswini Street, Duraisamy Nagar, Bye Pass Road,
Madurai – 625016, Tamilnadu, India |
|
Date of Birth/Age : |
15.07.1971 |
|
Date of Appointment : |
03.03.1999 |
|
DIN No. : |
00946990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
E Anuradha |
|
649860 |
|
R Muthusankar |
|
1915000 |
|
David Kilpatrick |
|
340000 |
|
Venkata Ramanareddy |
|
30000 |
|
R B Bhaalaji |
|
30000 |
|
R Kalyani |
|
140 |
|
R Byravan |
|
17500 |
|
N Janaki |
|
17500 |
|
|
|
|
|
Total |
|
3000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 15.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
11.00 |
|
Directors or relatives of Directors |
89.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the processing of monuments and slabs. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
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|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS :NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
C Balakrishnan Chartered Accountant |
|
Address : |
No.13, Besant Road, Chokkikulam, Madurai – 625002, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ABBPB5654R |
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|
|
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Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 15.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000
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 |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
66.777 |
56.659 |
48.443 |
|
(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) |
96.777 |
86.659 |
78.443 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11.509 |
18.020 |
1.290 |
|
(b) Deferred tax liabilities
(Net) |
0.467 |
0.454 |
0.137 |
|
(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) |
11.976 |
18.474 |
1.427 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
135.031 |
123.111 |
124.691 |
|
(b) Trade payables |
2.869 |
9.913 |
14.261 |
|
(c) Other current liabilities |
6.607 |
3.600 |
14.197 |
|
(d) Short-term provisions |
4.838 |
4.135 |
4.529 |
|
Total
Current Liabilities (4) |
149.345 |
140.759 |
157.678 |
|
|
|
|
|
|
TOTAL |
258.098 |
245.892 |
237.548 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
57.088 |
63.656 |
59.792 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
2.745 |
2.066 |
6.692 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.171 |
0.171 |
0.171 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.661 |
1.827 |
2.035 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
61.665 |
67.720 |
68.690 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
98.094 |
59.973 |
66.703 |
|
(c) Trade receivables |
75.455 |
83.445 |
78.516 |
|
(d) Cash and cash equivalents |
10.828 |
22.938 |
6.065 |
|
(e) Short-term loans and
advances |
12.056 |
11.816 |
17.574 |
|
(f) Other current assets |
|
|
|
|
Total
Current Assets |
196.433 |
178.172 |
168.858 |
|
|
|
|
|
|
TOTAL |
258.098 |
245.892 |
237.548 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
291.027 |
261.893 |
|
|
|
Other Income |
0.771 |
0.864 |
|
|
|
TOTAL
|
291.798 |
262.757 |
240.923 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
203.201 |
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(29.250) |
0.534 |
|
|
|
Employees benefits expense |
28.855 |
25.880 |
|
|
|
Other expenses |
49.766 |
44.857 |
|
|
|
TOTAL
|
252.572 |
224.660 |
202.993 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
39.226 |
38.097 |
37.930 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
15.875 |
17.127 |
18.508 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.351 |
20.970 |
19.422 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
8.792 |
9.002 |
8.804 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
14.559 |
11.968 |
10.618 |
|
|
|
|
|
|
|
Less |
TAX |
4.595 |
3.752 |
3.238 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
9.964 |
8.216 |
7.380 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
34.358 |
26.642 |
19.762 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.500 |
0.500 |
0.500 |
|
|
Total
|
0.500 |
0.500 |
0.500 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
43.822 |
34.358 |
26.642 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.32 |
2.74 |
2.46 |
CURRENT
MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
N.A |
N.A |
N.A |
|
Cash generated from operations |
N.A |
N.A |
N.A |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.42 |
3.14 |
3.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.48 |
14.55 |
15.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.71 |
4.91 |
4.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.14 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.51 |
1.63 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.27 |
1.07 |
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 |
30.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
48.443 |
56.659 |
66.777 |
|
Net
worth |
78.443 |
86.659 |
96.777 |
|
|
|
|
|
|
long-term borrowings |
1.290 |
18.020 |
11.509 |
|
Short term borrowings |
124.691 |
123.111 |
135.031 |
|
Total
borrowings |
125.981 |
141.131 |
146.540 |
|
Debt/Equity
ratio |
1.606 |
1.629 |
1.514 |
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) |
|
Total Income |
240.923 |
262.757 |
291.798 |
|
|
|
9.063 |
11.052 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
240.923 |
262.757 |
291.798 |
|
Profit |
7.38 |
8.216 |
9.964 |
|
|
3.06% |
3.13% |
3.41% |
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 |
Yes |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
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 |
Yes |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and Advance from Director |
11.493 |
6.018 |
|
|
|
|
|
Total |
11.493 |
6.018 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10528629 |
05/11/2014 * |
210,300,000.00 |
IDBI BANK LIMITED |
SPECIALISED MSME
BRANCH,, 3 WEST MARRET STREET, |
C33007303 |
|
2 |
90286328 |
06/05/2014 * |
184,200,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 6A WEST VELI STREET, IInd FLOOR, MADURAI, Tamil Nadu - 625001, INDIA |
C04327219 |
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Generator
· Electrical Machinery
· Computer and Accessories
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.63.89 |
|
|
1 |
Rs.97.97 |
|
Euro |
1 |
Rs.71.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAN |
|
|
|
|
Analysis Done by
: |
RKH |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--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 |
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 |
|
47 |
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.