MIRA INFORM REPORT
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Report No. : |
310019 |
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Report Date : |
02.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
M.D. INDUCTO CAST PRIVATE LIMITED |
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Registered
Office : |
“M.D. House”, Plot No. 2715/A, Near Central Salt, Bhavnagar – 364002,
Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.09.2010 |
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Com. Reg. No.: |
04-062324 |
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Capital Investment
/ Paid-up Capital : |
Rs. 40.000 Millions |
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CIN No.: [Company Identification
No.] |
U28112GJ2010PTC062324 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAGCM9245A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Billets. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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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 260000 |
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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 a moderate track record. The rating is constrained on account of huge external borrowings taken
by the company which may act as a threat to its liquidity. Further, it also
takes note of the unfavourable gap between trade receivables and payables. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
CRISIL |
|
Rating |
Long term rating: “BB-” |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
19.08.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4+” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
19.08.2014 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Nikhil Ashokkumar Gupta |
|
Designation : |
Director |
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Contact No.: |
91-9825222476 |
|
Date : |
02.03.2015 |
LOCATIONS
|
Registered Office : |
“M.D. House”, Plot No. 2715/A, Near Central Salt, Bhavnagar – 364002,
Gujarat, India |
|
Tel. No. : |
Not Available |
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Mobile No. : |
91-9825222476 (Mr. Nikhil Ashokkumar Gupta) |
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Fax No. : |
Not Available |
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E-Mail : |
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Factory : |
Survey No. 144, Paiki 1 & 2, Survey No. 145, Paiki, Nesada, Sihor,
Bhavnagar, Gujarat, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ashokkumar Jagdishram Gupta |
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Designation : |
Director |
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Address : |
Plot No. D-146/147, Kaliyabid, Bhavnagar – 364002, Gujarat, India |
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Date of Birth/Age : |
15.08.1957 |
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Date of Appointment : |
16.09.2010 |
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DIN No. : |
00175862 |
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Other Directorship :
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Name : |
Mr. Nikhil Ashokkumar Gupta |
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Designation : |
Director |
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Address : |
Plot No. D-146/147, Kaliyabid, Bhavnagar – 364002, Gujarat, India |
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Date of Birth/Age : |
01.03.1985 |
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Date of Appointment : |
16.09.2010 |
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DIN No. : |
01069514 |
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Other Directorship :
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Name : |
Shamarani Ashokkumar Gupta |
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Designation : |
Director |
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Address : |
Plot No. D-146/147, Kaliyabid, Bhavnagar – 364002, Gujarat, India |
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Date of Birth/Age : |
18.03.1960 |
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Date of Appointment : |
16.09.2010 |
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DIN No. : |
01811489 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Ashokkumar Jagdishram Gupta |
367500 |
9.19 |
|
Shamarani Ashokkumar Gupta |
367500 |
9.19 |
|
Nikhil Ashokkumar Gupta |
377500 |
9.44 |
|
Shristi Nikhil Gupta |
1305000 |
32.63 |
|
Sahil Ashokkumar Gupta |
1582500 |
39.56 |
|
Total |
4000000 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Billets. |
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Products : |
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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 : |
-- |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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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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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P D Goplani and Associates Chartered Accountants |
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Address : |
A-104/105, Leela EFCEE, Waghawadi Road, Bhavnagar, Gujarat, India |
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Income-tax
PAN of auditor or auditor's firm : |
AANFP7008E |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associate : |
Harikrishna Steel Corporation |
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Other Related Party
: |
Sonthalia Steel Rolling Mills (Private) Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
4,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders'
Funds |
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(a) Share Capital |
40.000 |
30.000 |
0.500 |
|
(b) Reserves & Surplus |
52.710 |
8.736 |
0.000 |
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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) |
92.710 |
38.736 |
0.500 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
199.841 |
194.906 |
36.874 |
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(b) Deferred tax liabilities (Net) |
18.154 |
3.349 |
0.000 |
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(c) Other long term
liabilities |
2.125 |
8.957 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
220.120 |
207.212 |
36.874 |
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(4) Current Liabilities |
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(a) Short term
borrowings |
192.755 |
101.675 |
0.000 |
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(b) Trade
payables |
198.951 |
102.469 |
0.173 |
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(c) Other
current liabilities |
16.096 |
32.880 |
0.060 |
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(d) Short-term
provisions |
15.463 |
4.561 |
0.000 |
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Total Current
Liabilities (4) |
423.265 |
241.585 |
0.233 |
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TOTAL |
736.095 |
487.533 |
37.607 |
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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 |
263.614 |
178.509 |
5.059 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.106 |
0.000 |
13.945 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.241 |
1.042 |
0.169 |
|
(e) Other Non-current assets |
16.168 |
1.607 |
0.435 |
|
(f) Foreign currency monetary item translation difference
asset account |
0.013 |
0.000 |
0.000 |
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Total Non-Current
Assets |
281.142 |
181.158 |
19.608 |
|
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|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
369.942 |
190.904 |
0.000 |
|
(c) Trade
receivables |
23.095 |
99.506 |
0.000 |
|
(d) Cash and
cash equivalents |
5.715 |
0.451 |
0.199 |
|
(e)
Short-term loans and advances |
56.201 |
15.514 |
17.800 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
454.953 |
306.375 |
17.999 |
|
|
|
|
|
|
TOTAL |
736.095 |
487.533 |
37.607 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
3688.132 |
509.966 |
0.000 |
|
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Other Income |
9.044 |
0.128 |
0.000 |
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TOTAL (A) |
3697.176 |
510.094 |
0.000 |
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Less |
EXPENSES |
|
|
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TOTAL (B) |
3573.387 |
491.354 |
0.000 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
123.789 |
18.740 |
0.000 |
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Less |
FINANCIAL
EXPENSES (D) |
45.045 |
5.327 |
0.000 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
78.744 |
13.413 |
0.000 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.738 |
1.328 |
0.000 |
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PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
68.006 |
12.085 |
0.000 |
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Less |
TAX (H) |
24.032 |
3.349 |
0.000 |
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PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
43.974 |
8.736 |
0.000 |
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|
Earnings /
(Loss) Per Share (Rs.) |
12.86 |
8.45 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.19 |
1.71 |
0.00 |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
3.36 |
3.67 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.24 |
2.48 |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.73 |
0.31 |
0.00 |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
4.23 |
7.66 |
73.75 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
1.27 |
77.25 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.500 |
30.000 |
40.000 |
|
Reserves & Surplus |
0.000 |
8.736 |
52.710 |
|
Net
worth |
0.500 |
38.736 |
92.710 |
|
|
|
|
|
|
long-term borrowings |
36.874 |
194.906 |
199.841 |
|
Short term borrowings |
0.000 |
101.675 |
192.755 |
|
Total
borrowings |
36.874 |
296.581 |
392.596 |
|
Debt/Equity
ratio |
73.748 |
7.656 |
4.235 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
509.966 |
3688.132 |
|
|
|
|
623.211 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
509.966 |
3688.132 |
|
Profit |
0.000 |
8.736 |
43.974 |
|
|
|
1.71% |
1.19% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10508456 |
23/06/2014 |
5,907,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C10879021 |
|
2 |
10496528 |
09/05/2014 |
1,278,900.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C05109061 |
|
3 |
10478789 |
29/01/2014 |
3,000,000.00 |
AXIS BANK LIMITED |
RAC AHMEDABAD, CV/ CE
DEPARTMENT, 4TH FLOOR, SHIV |
B96852769 |
|
4 |
10426463 |
17/05/2013 |
1,200,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B75391359 |
|
5 |
10382073 |
13/03/2014 * |
386,800,000.00 |
PUNJAB NATIONAL BANK |
PUNJAB NATIONAL BANK, RAMWADI COMPLEX,OPP BHIDBHANJAN MAHADEV, BHVANAGAR, GUJARAT - 364001, INDIA |
C02929545 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
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FINANCIAL PERFORMANCE
During the year, Company has achieved total revenue of Rs. 3697.177 Millions resulting under review as compared to revenue of Rs. 510.094 Millions during the previous financial year ended March, 2013 (Company was carried manufacturing activity for Two month from 8th February in the previous year,). Net profit during the year under review was reported at Rs. 43.974 Millions as compared to Rs. 8.736 Millions during the previous year.
During the year company has achieved production of MS Billets of 109,303.385 MT and sold of 103,497.950 MT as compared to production of 15,875.720 MT and sold 14,155.630 MT in the previous year. During the year, the capacity utilization was higher at 91.09% as compared to 13.23% for two month in the previous year, and company has also started production of New Product as RUDRA TMX Bars has Production of 1326.050 MT from the month of March, 2014.
AWARD AND RECOGNITION
The Company has been the proud recipient of the following awards and recognitions:
MDICPL has been recognised with the DHATU NAYAK AWARD CERTIFICATE in All India Induction Furnaces Association' Quality assessment, Product Innovation and development in the Manufacturing Category for the year 2013-14. MDICPL is the first and only furnace company to get this recognition in this year. The award is presented annually by the All India Induction Furnaces Association (AIIFA) to promote quality awareness and practices, recognize quality achievements of Indian companies and publicise successful quality strategies and programs.
EXPANSION AND
PROJECTS
During the year, the Company proposes to expansion of production capacity of MS Billets/MS Ingots to 4,80,000 (M.T) from 1,20,000 (M.T) TPA and also production capacity of Rolling Mill to 4,80,000 (M.T) from 1,20,000 (M.T) TPA, approximate within one year.
PROSPECTS OF THE
COMPANY
The Directors have taken various measures to control the cost and to increase the turnover and profitability and are hopeful, barring unforeseen circumstances, to achieve better results.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
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.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
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Information
Gathered by : |
GYT |
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Analysis Done by
: |
SUM |
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|
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|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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DEFAULTER |
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--RBI |
YES/NO |
NO |
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--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.