MIRA INFORM REPORT
|
Report No. : |
340166 |
|
Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
POSCO INDIA DELHI STEEL PROCESSING CENTRE PRIVATE LIMITED (w.e.f.
29.04.2008) |
|
|
|
|
Formerly Known
As : |
POSS DELHI STEEL PROCESSING CENTRE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.193, Sector 4, HSIIDC, Bawal-123501, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.01.2007 |
|
|
|
|
Com. Reg. No.: |
05-041978 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.777.362
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310HR2007PTC041978 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECP1537G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
|
|
Line of Business
: |
Manufacturing and Processing of Steel components and parts in primary,
semi-finished forms for Automobiles, Home appliances and other
steel-consuming industries. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Posco Company Limited”. Korea. It is an
established company having moderate track. The company has recorded moderate financial profile, it has incurred
consistently losses from its operation over the years and it has accumulated
leading deterioration in the share capital of the company. Further the company has reported huge external borrowing which act as
a threat to the liquidity position during 2014. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of strong financial and managerial support from its holding
company, the subject can be considered for business dealings with slight
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
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 DENIED BY
|
Name : |
Mr. Pravin Kumar Chourasia |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-1284-308300 |
|
Date : |
07.09.2015 |
LOCATIONS
|
Registered /
Corporate Office: |
Plot No.193, Sector 4, HSIIDC, Bawal-123501, Haryana, India |
|
Tel No.: |
91-1284-308342 / 308300 |
|
Fax No.: |
91-1284-308343 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Corporate / Marketing Office: |
10th Floor, BPTP Park Centra Building Sector 30, Gurgaon-122002,
Haryana, India |
|
Tel No.: |
91-124-4164200 |
|
Fax No.: |
91-124-4164209 |
|
|
|
|
Factory : |
Suite No. 445, Ashok Hotel, Chanakyapuri, New Delhi-110021, India |
|
Tel No.: |
91-11-24673680 |
|
Mobile No. : |
91-9810238282 (Mr. Doh Moo Sang) |
|
Fax No.: |
91-11-24673688 |
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E-Mail : |
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|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Seo ran Yu |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
21.02.1968 |
|
Date of Appointment : |
04.04.2013 |
|
DIN No.: |
06546241 |
|
|
|
|
Name : |
Mr. Choi Ho Kun |
|
Designation : |
Director |
|
Address : |
B-2, 2nd Floor, Meera Cooperative Suit, Plot NO.1 and 2,
Ishwar Nagar, Mathura Road, New Delhi – 110065, Delhi, India |
|
Date of Birth/Age : |
04.11.1967 |
|
Date of Appointment : |
29.11.2010 |
|
DIN No.: |
03348479 |
|
|
|
|
Name : |
Mr. Kim Jeoungsu |
|
Designation : |
Director |
|
Address : |
Hyundai Park Ville, 1002-1803 577, Gwangjin – Dong, Gwangjin – Gu,
Seoul Metro Korea - 138220 |
|
Date of Birth/Age : |
01.11.1963 |
|
Date of Appointment : |
01.09.2010 |
|
DIN No.: |
03294568 |
|
|
|
|
Name : |
Mr. Yoon Jihwan |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.07.1964 |
|
Date of Appointment : |
11.09.2013 |
|
DIN No.: |
06685323 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Kumar Chourasia |
|
Designation : |
Company Secretary |
|
Address : |
213, Sector 31, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
17.04.1975 |
|
Date of Appointment : |
11.11.2009 |
|
Pan No.: |
AGYPC4200C |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Posco Company Limited, Korea |
51616843 |
66.40 |
|
Shinhan Bank, Korea |
3886810 |
5.00 |
|
Samsung Corporation Company Limited, Korea |
14458935 |
18.60 |
|
Posco South Asia Corporation Limited, Bangkok |
7773621 |
10.00 |
|
Total |
77736209 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Processing of Steel components and parts in primary,
semi-finished forms for Automobiles, Home appliances and other
steel-consuming industries. |
|
|
|
|
Products : |
|
|
|
|
|
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 : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
SRBC and Company Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector 42, Sector Road, Gurgaon – 122002,
Haryana, India |
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PAN No.: |
ABSFS4151K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
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|
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|
Fellow Subsidiary |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77800000 |
Equity Shares |
Rs.10/-each |
Rs.778.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77736209 |
Equity Shares |
Rs.10/-each |
Rs.777.362
Million |
FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
777.362 |
777.362 |
777.362 |
|
(b) Reserves & Surplus |
(194.593) |
141.158 |
319.782 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
582.769 |
918.520 |
1097.144 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
391.832 |
319.766 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
70.782 |
58.484 |
46.519 |
|
Total Non-current
Liabilities (3) |
462.614 |
378.250 |
46.519 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3044.730 |
2595.539 |
2038.169 |
|
(b) Trade payables |
2256.983 |
1593.385 |
1389.101 |
|
(c) Other current
liabilities |
74.697 |
70.107 |
49.074 |
|
(d) Short-term provisions |
2.188 |
2.271 |
1.435 |
|
Total Current Liabilities
(4) |
5378.598 |
4261.302 |
3477.779 |
|
|
|
|
|
|
TOTAL |
6423.981 |
5558.072 |
4621.442 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1326.360 |
1308.393 |
712.296 |
|
(ii) Intangible Assets |
3.807 |
4.997 |
0.377 |
|
(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 |
53.118 |
|
(d) Long-term Loan and Advances |
27.783 |
80.849 |
58.990 |
|
(e) Other Non-current
assets |
0.958 |
0.400 |
0.000 |
|
Total Non-Current Assets |
1358.908 |
1394.639 |
824.781 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2766.011 |
2028.108 |
1976.430 |
|
(c) Trade receivables |
1485.802 |
1126.739 |
883.982 |
|
(d) Cash and cash
equivalents |
377.632 |
550.908 |
525.062 |
|
(e) Short-term loans and
advances |
426.958 |
446.379 |
401.889 |
|
(f) Other current assets |
8.670 |
11.299 |
9.298 |
|
Total Current Assets |
5065.073 |
4163.433 |
3796.661 |
|
|
|
|
|
|
TOTAL |
6423.981 |
5558.072 |
4621.442 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
GROSS INCOME |
8314.152 |
6921.833 |
5624.998 |
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(264.299) |
(64.707) |
(211.528) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
71.452 |
60.802 |
57.952 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(335.751) |
(125.509) |
(269.480) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
53.118 |
(87.863) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(335.751) |
(178.627) |
(181.617) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(4.32) |
(2.30) |
(2.34) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(669.643) |
(169.165) |
(244.442) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.23) |
(2.26) |
(5.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.58) |
(0.14) |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.90 |
3.17 |
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.98 |
1.09 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
777.362 |
777.362 |
777.362 |
|
Reserves & Surplus |
319.782 |
141.158 |
(194.593) |
|
Net worth |
1097.144 |
918.520 |
582.769 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
319.766 |
391.832 |
|
Short term borrowings |
2038.169 |
2595.539 |
3044.730 |
|
Total borrowings |
2038.169 |
2915.305 |
3436.562 |
|
Debt/Equity ratio |
1.858 |
3.174 |
5.897 |
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) |
|
Gross Income |
5624.998 |
6921.833 |
8314.152 |
|
|
|
23.055 |
20.115 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Income |
5624.998 |
6921.833 |
8314.152 |
|
Profit |
(181.617) |
(178.627) |
(335.751) |
|
|
(3.23%) |
(2.58%) |
(4.04%) |
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 |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
REVIEW OF OPERATION
During the year, the Company’s turnover increased to Rs. 9402.800 Million as against Rs. 7843.000 Million of the previous year, thereby registering an increase of 19.88% in turnover through increase in sales volume in domestic market, improved product mix and buoyancy in steel market. The sales volume during financial year 2013-14 was 139,808 MTs against 116,525 MTs for the financial year 2012-13, an increase of 19.98% over previous year.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10144282 |
26/12/2013 * |
98,766,800.00 |
SHINHAN BANK |
3RD FLOOR D-6 SOUTH EXTENSION PART-II, RING ROAD, NEW DELHI - 110049, INDIA |
B92948058 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from others |
391.832 |
319.766 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
3044.730 |
2346.513 |
|
Others loans and advances |
0.000 |
249.026 |
|
Total |
3436.562 |
2915.305 |
FIXED ASSETS:
·
Land
·
Factory Building
·
Plant and Machinery
·
Computer
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Air Conditioners
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 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.66.74 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KYP |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
--- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.