MIRA INFORM REPORT
|
Report No. : |
351019 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL STAINLESS (HISAR) LIMITED (w.e.f. 26.12.2014) |
|
|
|
|
Formerly Known
As : |
JINDAL
STAINLESS (HISAR) PRIVATE LIMITED (w.e.f. 06.08.2014) KS
INFRA TOWER AND LANDMARK PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
O.P.
Jindal Marg, Hisar - 125005, Haryana |
|
Tel. No.: |
91-1662-222471/83 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.07.2013 |
|
|
|
|
Com. Reg. No.: |
05-049963 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27205HR2013PLC049963 |
|
|
|
|
IEC No.: |
0588085146 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ1969M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
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Line of Business
: |
Manufacturer of Stainless Steel. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
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Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject was incorporated as a result of demerger from Jindal Stainless
Limited on July 2013. Jindal Stainless demerged its ferro alloys and mining division into Jindal
Stainless (Hisar) that will issue one equity share of the company to JSL
shareholders for every one share held in JSL on the record date of 21st
November 2015. As per the director’s report for the year 2014, the company has not
yet started its business activity and it has share capital of Rs. 0.100
million. Payment terms are not known. In view of overall weak financial condition of Jindal group, and the
subject being a new company, it can be considered for business dealings with
fully safe and secured trade terms and conditions. (Note: subject was incorporated as a Private Limited Company but
recently on 6th December 2014. It got connected into public
Limited.) |
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 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Pankaj |
|
Designation : |
Account Executive |
|
Contact No.: |
91-11-26188345 |
|
Date : |
19.11.2015 |
LOCATIONS
|
Registered Office : |
O.P.
Jindal Marg, Hisar - 125005, Haryana, India |
|
Tel. No.: |
91-1662-222471/83 |
|
Fax No.: |
91-1662-220476/220499 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Jindal Centre, 12, Bhikaji Cama Place, New Delhi-110066, India |
|
Tel. No.: |
91-11-26188345/60/ 41462000 |
|
Fax No.: |
91-11-26170691/26161271/ 41659169/ 26101562 |
|
E-Mail : |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Mahender Kumar Goel |
|
Designation : |
Director |
|
Address : |
House No. 1653, Sunita House, Near Dav School, Sector-14, Hisar-125001, Haryana, India |
|
Date of Birth/Age : |
10.12.1957 |
|
Date of Appointment : |
23.06.2014 |
|
DIN No.: |
00041866 |
|
|
|
|
Name : |
Mr. Rajinder Parkash Jindal |
|
Designation : |
Director |
|
Address : |
House No. 1451-P, Sector 13, Behind Jawa Hospital, Hisar - 125005, Haryana, India |
|
Date of Appointment : |
01.12.2014 |
|
DIN No.: |
00004594 |
|
|
|
|
Name : |
Mr. Mahabir Prashad Swami |
|
Designation : |
Director |
|
Address : |
H. No.107 Ward No.27,Sector.13, Teh.Hisar, Hisar-125005, Haryana, India |
|
Date of Appointment : |
01.12.2014 |
|
DIN No.: |
02406163 |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj |
|
Designation : |
Account Executive |
|
|
|
|
Name : |
Mr. Praneet Kumar |
|
Designation : |
Human Resource |
|
|
|
|
Name : |
Mr. Bhartendu Harit |
|
Designation : |
Company Secretary |
|
Address : |
362, Housing Board Colony, Sirsa Road, Hisar-125001, Haryana, India |
|
Date of Birth/Age : |
15.03.1970 |
|
Experience : |
03.11.2015 |
|
PAN: |
ABBPH1847G |
|
Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
List of allottees
As on: 03.12.2014
|
Names of Shareholders |
|
No. of Shares |
|
Jindal stainless Limited |
|
39760 |
|
Mr. Mahabir Prashad |
|
40 |
|
Mr. Shanti Swaroop Saxena |
|
40 |
|
Mr. Ankur Agrawal |
|
40 |
|
Mr. Rajeev Garg |
|
40 |
|
Mr. Mahabir Prashad Swami |
|
40 |
|
Mr. Jitendra Kumar |
|
40 |
|
Total |
|
40000 |
As on: 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sahil |
|
5000 |
|
Mr. Gaurav Puri |
|
5000 |
|
Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
Percentage |
|
Other top fifty shareholders |
100.00 |
|
Total |
100.00 |
%20LIMITED%20-%20351019%2026-Nov-2015_files/image007.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stainless Steel. |
|
|
|
|
Products : |
Stainless Steel |
|
|
|
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Brand Names : |
Not Divulged |
|
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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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Banking Relations
: |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
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|
|
|
Auditors : |
|
|
Name : |
Sandeep Khurana and Associates Chartered Accountants |
|
Address : |
House No 15, Advocate Colony, Hisar- 125001, Haryana, India |
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PAN: |
AAAAA0000A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Group Companies: |
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CAPITAL STRUCTURE
After As on:
30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
As on: 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
0.100 |
|
(b) Reserves & Surplus |
|
|
(0.023) |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
0.077 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
0.000 |
|
(b) Trade
payables |
|
|
0.000 |
|
(c) Other
current liabilities |
|
|
0.015 |
|
(d) Short-term
provisions |
|
|
0.000 |
|
Total Current
Liabilities (4) |
|
|
0.015 |
|
|
|
|
|
|
TOTAL |
|
|
0.092 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
0.000 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other
Non-current assets |
|
|
0.012 |
|
Total Non-Current
Assets |
|
|
0.012 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
0.000 |
|
(c) Trade
receivables |
|
|
0.000 |
|
(d) Cash
and cash equivalents |
|
|
0.080 |
|
(e)
Short-term loans and advances |
|
|
0.000 |
|
(f) Other
current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.080 |
|
|
|
|
|
|
TOTAL |
|
|
0.090 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL (A) |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
|
|
0.020 |
|
|
|
Preliminary Expenses off |
|
|
0.003 |
|
|
|
TOTAL (B) |
|
|
0.023 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(0.023) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
|
|
(0.023) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
|
|
(0.023) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
|
|
(0.023) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(2.30) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
31.03.2014 |
|
Current Maturities of Long term debt |
|
|
NA |
|
Cash generated from operations |
|
|
NA |
|
Net Cash flows from operating activities |
|
|
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
|
0.000 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
|
0.000 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(25.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.000 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
6.00 |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10599482 |
20/10/2015 |
161,708,400,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, Maharashtra, INDIA |
C68618784 |
* Date
of charge modification
PRESS RELEASE:
Jindal Stainless shares down 61% on demerger of three arms
Nov 19, 2015: Money control Bureau Jindal Stainless (JSL) shares crashed 61 percent intraday Thursday on demerger of its three wholly owned subsidiaries - Jindal Stainless (Hisar), Jindal United Steel and Jindal Coke.
The company said scheme of arrangement has become effective for Jindal
Stainless (Hisar) but for other two subsidiaries, it will become effective upon
receipt of approval from Orissa Industrial and Infrastructure Development
Corporation.
While explaining reason for demerger, it said the objective and rationale
behind demerger is to increase profitability, reduction of debt, increase
capacity utilization, enable backward integration of Odisha plant etc.
The company has fixed November 21 as record date for scheme of demerger.
Jindal Stainless demerged its ferro alloys and mining division into Jindal Stainless (Hisar) that will issue one equity share of the company to JSL shareholders for every one share held in JSL.
It also transferred its stainless steel manufacturing facilities located at
Hisar, Haryana to Jindal Stainless (Hisar) on a going concern basis through
slump sale for a consideration of Rs 28098.000 million
"Out of which, Rs 26000.000 million would be paid in cash to Jindal
Stainless by subsidiary and the balance amount of Rs 2098. 00million will be
set off against an equivalent amount out of Rs 5759.800 million being amount
due and payable by Jindal Stainless to Jindal Stainless (Hisar) as receivables.
Out of Rs 5759.800 million, Rs 3661.800 million shall stand discharged by way
of issue of shares of Jindal Stainless to its subsidiary," it said in its
filing on November 13.
JSL will transfer its coke oven plant at Odisha to Jindal Coke through slump sale for a consideration of Rs 4926. 000 million. Jindal Coke will pay Rs 3750.000 million in cash and balance will be adjusted by issuing shares to JSL.
JSL said equity shares to be issued by Jindal Stainless (Hisar) to shareholders
of JSL will be listed on BSE and NSE.
For the half year ended September 2015, JSL reported a loss of Rs 3886. 00million on revenue of Rs 3,2760.500 million and Jindal Stainless (Hisar) posted profit of Rs 40.400 million on revenue of Rs 34593.800 million.
At 12:50 hours IST, the scrip of Jindal Stainless was quoting at Rs 24.00, down Rs 32.10, or 57.22 percent on the BSE.
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
KNL |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
13 |
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.