MIRA INFORM REPORT
|
Report No. : |
326987 |
|
Report Date : |
13.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SBL ENERGY LIMITED (w.e.f. 16.01.2014) |
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Formerly Known As
: |
AMIN EXPLOSIVES PRIVATE LIMITED (w.e.f. 14.11.2011) SBL ENERGY PRIVATE LIMITED |
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Registered
Office : |
Kotwal Building, At Yenvera, Post – Raulgaon, Katol, Nagpur – 441502,
Maharashtra |
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Tel. No.: |
91-712-2542357/2543257 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
8.02.2002 |
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Com. Reg. No.: |
11-134851 |
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Capital
Investment / Paid-up Capital : |
Rs. 22.148 Million |
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CIN No.: [Company Identification
No.] |
U24292MH2002PTC134851 |
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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 : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of safety fuse, explosive, detonator, exploder, OHM
Meter, portable magazine explosive van fabrication service. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 210000 |
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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 record. Management has failed to file financial record with government department
for the year 2014. As per the available financial record of 2013, company has achieved
revenue growth of 47.90% but it has lower profitability margins at 0.70%. Rating further constrained on account of company’s moderate financial
risk profile marked by low reserves and huge external borrowing taken by the
company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. In view of leverage balance sheet profile, the company can be
considered for business dealing with some 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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
|
Name : |
Mr. Accounts Jaiswal |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-712-2543257 |
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Date : |
12.06.2015 |
LOCATIONS
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Registered Office : |
Kotwal Building, At Yenvera, Post – Raulgaon, Katol, Nagpur – 441502,
Maharashtra, India |
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Tel. No.: |
91-712-2542357/2543257 |
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Mobile No.: |
91-8380074842 (Mr. Paraolkar) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
At Yenvera, Post – Raulagaon, Taluka Katol, District, Nagpur - 441502,
Maharashtra, India |
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Corporate Office : |
84, Hill Road, Rama Niwas, Flat No. 204, Ramnagar, Nagpur - 440010, Maharashtra, India |
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Tel. No.: |
91-712-2542357 |
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Fax No.: |
91-712-2543257 |
DIRECTORS
As on 30.09.2013
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Name : |
Mr. Sohel Asgharali Amin |
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Designation : |
Managing Director |
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Address : |
48, Genral Market, Gandhibagh, Nagpur, 440002, Maharashtra, India |
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Date of Birth/Age : |
05.12.1967 |
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Date of Appointment : |
01.06.2002 |
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DIN No.: |
01076337 |
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Other Directorship:
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Name : |
Mr. Ravi Kamra |
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Designation : |
Additional Director |
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Address : |
D-135, Sector-5, Devendra Nagar, Raipur, 492001, Chhattisgarh, India |
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Date of Birth/Age : |
05.05.1961 |
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Date of Appointment : |
13.05.2014 |
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DIN No.: |
00745058 |
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Other
Directorship:
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Name : |
Mr. Alok Awadhiya |
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Designation : |
Additional Director |
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Address : |
25/296, Near Satyanarayan Mandhir, Brahamanpara, Purani Basti, Raipur, 492001, Chhattisgarh, India |
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Date of Appointment : |
13.05.2014 |
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DIN No.: |
01475869 |
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Other Directorship:
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Name : |
Mr. Sarajit Kumar Pathak |
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Designation : |
Additional Director |
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Address : |
Nathani Building, Shastri Chowk,, Special Blasts Limited, Raipur, 492001, Chhattisgarh, India |
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Date of Appointment : |
01.03.2015 |
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DIN No.: |
02690649 |
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Other Directorship:
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Name : |
Mr. Kapil Baheti |
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Designation : |
Additional Director |
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Address : |
S. No. 47 Plot No 11 Flat No 2/3, Taware Colony United Aptt. Satara Road, Pune, 411002, Maharashtra, India |
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Date of Appointment : |
16.04.2015 |
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DIN No.: |
03504009 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Accounts Jaiswal |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
27.54 |
|
Directors or relatives of Directors |
40.35 |
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Other top fifty shareholders |
32.11 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of safety fuse, explosive, detonator, exploder, OHM
Meter, portable magazine explosive van fabrication service. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
A. Khemka and Company Chartered Accountants |
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Address : |
23, "Business Plaza", 6, Farmland, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
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Tel. No.: |
91-712-2439310 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ABCPK1580G |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,150,000 |
Equity Shares |
Rs.10/- each |
Rs. 31.500 Million |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,214,850 |
Equity Shares |
Rs.10/- each |
Rs.22.148
Million |
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|
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
22.148 |
22.148 |
18.748 |
|
(b) Reserves & Surplus |
19.128 |
15.539 |
10.489 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
33.500 |
11.500 |
11.000 |
|
Total
Shareholders’ Funds (1) + (2) |
74.776 |
49.187 |
40.237 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
166.371 |
114.047 |
81.176 |
|
(b) Deferred tax liabilities (Net) |
0.537 |
0.619 |
0.643 |
|
(c) Other long term
liabilities |
4.809 |
5.641 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
171.717 |
120.307 |
81.819 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
52.612 |
63.809 |
33.330 |
|
(b) Trade
payables |
80.000 |
28.465 |
10.258 |
|
(c) Other
current liabilities |
16.179 |
16.071 |
20.989 |
|
(d) Short-term
provisions |
5.168 |
3.184 |
5.435 |
|
Total Current
Liabilities (4) |
153.959 |
111.529 |
70.012 |
|
|
|
|
|
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TOTAL |
400.452 |
281.023 |
192.068 |
|
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|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
156.452 |
53.497 |
41.554 |
|
(ii)
Intangible Assets |
2.040 |
2.623 |
0.056 |
|
(iii)
Capital work-in-progress |
39.812 |
118.700 |
57.117 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.010 |
0.010 |
0.010 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.155 |
4.948 |
5.214 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
208.469 |
179.778 |
103.951 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
65.002 |
31.142 |
26.675 |
|
(c) Trade
receivables |
77.643 |
46.393 |
19.864 |
|
(d) Cash
and cash equivalents |
9.677 |
7.589 |
6.983 |
|
(e) Short-term
loans and advances |
39.661 |
16.121 |
23.087 |
|
(f) Other
current assets |
0.000 |
0.000 |
11.508 |
|
Total
Current Assets |
191.983 |
101.245 |
88.117 |
|
|
|
|
|
|
TOTAL |
400.452 |
281.023 |
192.068 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
511.377 |
345.746 |
247.887 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
479.124 |
327.114 |
231.982 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.253 |
18.632 |
15.905 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.920 |
6.347 |
4.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.333 |
12.285 |
11.545 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.316 |
7.123 |
4.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.017 |
5.162 |
7.539 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.428 |
0.742 |
2.332 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.589 |
4.420 |
5.207 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.16 |
2.00 |
-- |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
600.000 |
The above information has been parted by Mr. Abhishek Jaiswal (Account
Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.70 |
1.28 |
2.10 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.31 |
5.39 |
6.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.39 |
3.18 |
5.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.10 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.93 |
3.62 |
2.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
0.91 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
18.748 |
22.148 |
22.148 |
|
Reserves & Surplus |
10.489 |
15.539 |
19.128 |
|
Share Application money pending allotment |
11.000 |
11.500 |
33.500 |
|
Net
worth |
40.237 |
49.187 |
74.776 |
|
|
|
|
|
|
long-term borrowings |
81.176 |
114.047 |
166.371 |
|
Short term borrowings |
33.330 |
63.809 |
52.612 |
|
Total
borrowings |
114.506 |
177.856 |
218.983 |
|
Debt/Equity
ratio |
2.846 |
3.616 |
2.929 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
247.887 |
345.746 |
511.377 |
|
|
|
39.477 |
47.905 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
247.887 |
345.746 |
511.377 |
|
Profit |
5.207 |
4.420 |
3.589 |
|
|
2.10% |
1.28% |
0.70% |
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 |
No |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deposits |
0.500 |
0.500 |
|
Loans and advances from related parties |
5.632 |
7.593 |
|
Other loans and advance |
96.829 |
35.429 |
|
Total |
102.961 |
43.522 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90144865 |
26/12/2003 |
4,500,000.00 |
PUNJAB NATIONAL BANK |
GANDHIBAGH BRANCH, NAGPUR, Maharashtra, INDIA |
- |
|
2 |
80002465 |
03/03/2014 * |
195,400,000.00 |
PUNJAB NATIONAL BANK |
CENTRAL AVENUE, GANDHI BAG, NAGPUR, Maharashtra - 440002, INDIA |
C00824722 |
|
3 |
90149476 |
19/12/2003 |
8,000,000.00 |
PUNJAB NATIONAL BANK |
GANDHIBAGH BRANCH, NAGPUR, Maharashtra, INDIA |
- |
FIXED ASSETS
- Building
- Plant and Equipment
- Furniture and fixture
- Land
- Vehicle
- Office equipment
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.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
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.