MIRA INFORM REPORT
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Report No. : |
319777.2 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
HIACME AUTOMATIONS INDIA PRIVATE LIMITED |
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Registered
Office : |
88, Sai Nivas,Ganesan Street, Rathinapuri, Coimbatore – 641027,
Tamilnadu |
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Mobile No.: |
91-9643336481 (Mr. Karthigeyan) |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.07.2005 |
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Com. Reg. No.: |
18-012001 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.228 Million |
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CIN No.: [Company Identification
No.] |
U34300TZ2005PTC012001 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBH03366G |
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PAN No.: [Permanent Account No.] |
AABCH5957M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of machine components for textile industry,
automobile and hydraulic valve, petro chemical valves. |
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No. of Employees
: |
28 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 19000 |
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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 a small company having a moderate track. Reserves of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Karthigeyan |
|
Designation : |
Director |
|
Contact No.: |
91-9643336481 |
LOCATIONS
|
Registered Office : |
88, Sai Nivas,Ganesan Street, Rathinapuri, Coimbatore – 641027,
Tamilnadu, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9643336481 (Mr. Karthigeyan) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory: |
#27, (Old No 1-E) 1st Kasturibai Street Ganapathy, Coimbatore –
641006, Tamilnadu, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Jothieswari Narayana Swamy |
|
Designation : |
Managing director |
|
Address : |
4st, 4th cross Rahamath Nagar, Rtnagarpost, Bangalore -
Coimbatore – 560032, Tamilnadu, India |
|
Date of Birth/Age : |
19.05.1955 |
|
Date of Appointment : |
19.07.2005 |
|
DIN No.: |
02038209 |
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|
|
|
Name : |
Mr. Perumal Govindasamy |
|
Designation : |
Director |
|
Address : |
7/311, New N7/311, New No. 7/665, Nehrunagar Nallur, Sathyamangalam,
Erode – 638459, Tamilnadu, India |
|
Date of Birth/Age : |
30.04.1932 |
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Date of Appointment : |
19.07.2005 |
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DIN No.: |
02919489 |
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Name : |
Mr. Nagammal Perumal Govindasamy Karthigeyan |
|
Designation : |
Managing director |
|
Address : |
O No.7/311, N No. 7/665, Nehrunagar, Nallur, Sathyamangalam, Erode –
638459, Tamilnadu, India |
|
Date of Birth/Age : |
01.06.1975 |
|
Date of Appointment : |
20.09.2010 |
|
DIN No.: |
03143746 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Palanisamy Kumarasamy |
|
6750 |
|
Perumal Govindasamy |
|
6974 |
|
Jothieswari Narayana Swamy |
|
6974 |
|
Nagammal Perumal Govindasamy Karthigeyan |
|
7746 |
|
N Vidyasakar |
|
3780 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
%2006-May-2015_files/image012.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of machine components for textile industry,
automobile and hydraulic valve, petro chemical valves. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
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Financial institute: |
The Tamilnadu Industrial Investment Corporation Limited,
United Shopping Complex, 1st Floor, Dr. Nanjappa Road, Coimbatore - 641018,
Tamil Nadu, India |
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Auditors : |
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Name : |
PSG and Company Chartered Accountants |
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Address : |
63, Gokhale Street, Ramnagar, Coimbatore – 641009, Tamil Nadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAEFP9824H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Shri Vaitsswa CNC |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed &
Paid-up Capital : Rs. 4.228 Million
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000 |
Equity Shares |
Rs.100/- each |
Rs. 4.500 Million |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000 |
Equity Shares |
Rs.100/- each |
Rs. 3.200
Million |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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|
|
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
4.228 |
3.200 |
3.200 |
|
(b) Reserves & Surplus |
2.579 |
2.196 |
1.586 |
|
(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) |
6.807 |
5.396 |
4.786 |
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|
|
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(3) Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
1.236 |
3.577 |
4.268 |
|
(b) Deferred tax liabilities
(Net) |
0.221 |
0.215 |
0.367 |
|
(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) |
1.457 |
3.792 |
4.635 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.050 |
0.000 |
|
(b) Trade payables |
2.823 |
3.870 |
1.926 |
|
(c) Other current liabilities |
4.505 |
4.660 |
4.586 |
|
(d) Short-term provisions |
0.141 |
0.262 |
0.182 |
|
Total
Current Liabilities (4) |
7.469 |
8.842 |
6.694 |
|
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|
|
|
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TOTAL |
15.733 |
18.030 |
16.115 |
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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 |
7.555 |
8.672 |
8.999 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.367 |
2.420 |
0.283 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
9.922 |
11.092 |
9.282 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1.192 |
0.845 |
0.735 |
|
(c) Trade receivables |
3.672 |
5.829 |
4.610 |
|
(d) Cash and cash equivalents |
0.657 |
0.155 |
1.343 |
|
(e) Short-term loans and
advances |
0.290 |
0.109 |
0.145 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5.811 |
6.938 |
6.833 |
|
|
|
|
|
|
TOTAL |
15.733 |
18.030 |
16.115 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
19.767 |
|
18.160 |
|
|
Other Income |
0.702 |
0.182 |
|
|
|
TOTAL
(A) |
20.469 |
22.242 |
18.160 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
7.724 |
|
|
|
|
Employees benefits expense |
4.071 |
4.556 |
|
|
|
Other expenses |
6.571 |
7.700 |
|
|
|
TOTAL
(B) |
18.366 |
17.987 |
13.449 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2.103 |
4.255 |
4.711 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.452 |
0.621 |
0.671 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.651 |
3.634 |
4.040 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1.297 |
2.693 |
2.950 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
0.354 |
0.941 |
1.090 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.122 |
0.271 |
0.035 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
0.232 |
0.670 |
1.055 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
5.49 |
20.93 |
NA |
%2006-May-2015_files/image003.gif){kind=small}
%2006-May-2015_files/image004.gif){kind=small}
Expected Sales (2014-2015) : Rs.60.000 Million
The above information has been parted by Mr. Karthigeyan
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin
|
(%) |
1.17 |
3.04 |
5.81 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
10.64 |
19.29 |
25.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.25 |
5.22 |
6.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.17 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.18 |
0.67 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78 |
0.78 |
1.02 |
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 |
3.200 |
3.200 |
4.228 |
|
Reserves & Surplus |
1.586 |
2.196 |
2.579 |
|
Net
worth |
4.786 |
5.396 |
6.807 |
|
|
|
|
|
|
long-term borrowings |
4.268 |
3.577 |
1.236 |
|
Short term borrowings |
0.000 |
0.050 |
0.000 |
|
Total
borrowings |
4.268 |
3.627 |
1.236 |
|
Debt/Equity
ratio |
0.892 |
0.672 |
0.182 |
%2006-May-2015_files/image014.gif)
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 |
18.160 |
22.242 |
20.469 |
|
|
|
22.478 |
(7.971) |
%2006-May-2015_files/image016.gif)
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 |
18.160 |
22.242 |
20.469 |
|
Profit |
1.055 |
0.670 |
0.232 |
|
|
5.81% |
3.01% |
1.13% |
%2006-May-2015_files/image018.gif)
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
PERFORMANCE
The performance of the company has been good during the year. Despite the continued general global market recession the Company has been able to exceed the target turnover. However, the profitability has been effected due to the acute power shortage and increased labour cost. The Company has executed major orders from Flowlink Systems Private Limited., and Reiter LMW Machinery Limited., Doiter Castings, Coimbatore, which has helped improve its performance on all parameters. The Company has increased its production capacity. The Company has undertaken specialized orders which are being undertaken by sub-contracting with a sister concern.
The directors have undertaken more marketing effort and also have reasonable orders on hand for the current year. There is a general expectation of an economic slowdown for the next two years. The Company it has geared itself to face the slowdown and is also looking to tap the export market. The Company is yet to fulfill its export obligations for set off of import duties for which it has time until December 2013.
In view of the steady expansion of the Company’s operations, the number of employees has also steadily increased. The Company has also shifted from sending materials to other concerns for processing to carrying out such operations in house for most operations. The directors intend to initiate steps to register its employees for Employees State Insurance and Provident Fund.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10335485 |
27/01/2012 |
1,500,000.00 |
THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LT |
NO.94 DR. NANJAPPA
ROAD, 1ST FLOOR, UNITED SHOPPI |
B32095838 |
|
2 |
10247403 |
02/11/2010 |
2,520,000.00 |
THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LT |
NO.94 DR. NANJAPPA
ROAD,, 1ST FLOOR, UNITED SHOPP |
A97739767 |
|
3 |
10208691 |
22/03/2010 |
2,336,000.00 |
THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LI |
UNITED SHOPPING
COMPLEX, 1ST FLOOR, DR. NANJAPPA |
A81627978 |
|
4 |
10028534 |
18/12/2006 |
3,046,000.00 |
THE TAMIL NADU INDUSTRIAL INVESTMENT CORPORATION L |
692, ANNA SALAI,,
NANDANAM,, CHENNAI, TAMIL NADU |
A07879398 |
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 records 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 records 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.63.61 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
4 |
|
--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 |
|
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.