MIRA INFORM REPORT
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Report No. : |
339890 |
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Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAVICOM TECHNOLOGY INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
Plot No.66, Great Eastern, Summit “B”, 1101-1104, 11th
Floor, Sector 15, C.B.D. Belapur, Navi Mumbai-400614, Maharashtra |
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Tel. No.: |
91-22-27565175 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.03.2002 |
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Com. Reg. No.: |
11-135274 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Million |
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CIN No.: [Company Identification
No.] |
U31909MH2002PTC135274 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of trading and
servicing of marine and electronic equipments and spares. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 86000 |
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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 incorporated in the year 2002 having
a moderate track record. Turnover and profit of the company has sharply declined during FY
2014. Further, the rating is constrained on account of very low profit
margin and low reserves level of the company. However, trade relations are reported as fair. Business is active.
Payment terms 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Ms. Amruta |
|
Designation : |
Account Executive |
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Contact No.: |
91-22-27563145 |
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Date : |
05.09.2015 |
LOCATIONS
|
Registered Office : |
Plot No.66, Great Eastern, Summit “B”, 1101-1104, 11th
Floor, Sector 15, C.B.D. Belapur, Navi Mumbai-400614, Maharashtra, India |
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Tel. No.: |
91-22-27563119 / 3145 / 5175 / 5176 |
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Fax No.: |
91-22-27563121 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Sarabjit Kaur Grewal |
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Designation : |
Director |
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Address : |
Post Box No.1788, Dubai, U.A.E. |
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Date of Birth/Age : |
14.03.1947 |
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Date of Appointment : |
22.03.2002 |
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DIN No.: |
00275527 |
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Name : |
Mr. Jimmy Kuldip Grewal |
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Designation : |
Director |
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Address : |
Post Box No.1788, Dubai, U.A.E. |
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Date of Birth/Age : |
17.06.1977 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
00275531 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Ms. Amruta |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Kuldip Singh Grewal |
|
450000 |
|
Surinder Singh Grewal |
|
360000 |
|
Sarabjit Kaur Grewal |
|
1000 |
|
Jimmy Kuldip Grewal |
|
120000 |
|
Grewal Exports Private Limited, India |
|
1469000 |
|
Elcome International LLC, UAE |
|
600000 |
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Total |
|
3000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
24.00 |
|
Bodies corporate |
49.00 |
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Directors or relatives of Directors |
27.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of trading and
servicing of marine and electronic equipments and spares. |
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Products : |
Not Divulged |
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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 |
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 : |
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Facilities : |
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Auditors : |
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Name : |
BSR and Company LLP Chartered Accountants |
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Address : |
1st Floor, Lodha Exceius, Apollo Mills Compound, N.M. Joshi
Marg Manalaxmi, Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-39898000 |
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Fax No.: |
91-22-30902311 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over
which key management personnel have significant influence and transactions have
taken place : |
(formerly known as Elcome Marine Services Private Limited) |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
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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I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders' Funds |
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(a) Share Capital |
30.000 |
30.000 |
20.000 |
|
(b) Reserves & Surplus |
3.884 |
3.847 |
(1.242) |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
2.500 |
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Total
Shareholders’ Funds (1) + (2) |
33.884 |
33.847 |
21.258 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.525 |
0.505 |
0.275 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.597 |
0.306 |
0.000 |
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Total
Non-current Liabilities (3) |
1.122 |
0.811 |
0.275 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
1.267 |
0.000 |
9.164 |
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(b) Trade payables |
4.258 |
5.213 |
4.474 |
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(c) Other current liabilities |
1.983 |
3.838 |
6.735 |
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(d) Short-term provisions |
0.233 |
1.554 |
1.000 |
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Total
Current Liabilities (4) |
7.741 |
10.605 |
21.373 |
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|
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TOTAL |
42.747 |
45.263 |
42.906 |
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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 |
10.718 |
11.434 |
11.258 |
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(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 |
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(d) Long-term Loan and Advances |
1.820 |
1.671 |
3.141 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
12.538 |
13.105 |
14.399 |
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|
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|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
8.735 |
12.680 |
11.787 |
|
(c) Trade receivables |
13.626 |
13.243 |
13.165 |
|
(d) Cash and cash equivalents |
3.944 |
3.128 |
1.414 |
|
(e) Short-term loans and
advances |
3.616 |
2.343 |
1.474 |
|
(f) Other current assets |
0.288 |
0.764 |
0.667 |
|
Total
Current Assets |
30.209 |
32.158 |
28.507 |
|
|
|
|
|
|
TOTAL |
42.747 |
45.263 |
42.906 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
78.845 |
92.429 |
53.388 |
|
|
Other Income |
0.726 |
0.317 |
0.693 |
|
|
TOTAL
(A) |
79.571 |
92.746 |
54.081 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
42.309 |
52.709 |
34.833 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
3.945 |
(0.893) |
(8.478) |
|
|
Employees benefits expense |
18.581 |
18.487 |
15.010 |
|
|
Other expenses |
12.190 |
12.808 |
12.147 |
|
|
TOTAL
(B) |
77.025 |
83.111 |
53.512 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2.546 |
9.635 |
0.569 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.905 |
0.944 |
0.861 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.641 |
8.691 |
(0.292) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1.321 |
1.433 |
1.036 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
0.320 |
7.258 |
(1.328) |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.282 |
2.170 |
(0.122) |
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|
|
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|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
0.038 |
5.088 |
(1.206) |
|
|
|
|
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|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
3.846 |
(1.242) |
(0.036) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
3.884 |
3.846 |
(1.242) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
10.299 |
19.071 |
8.679 |
|
|
TOTAL
EARNINGS |
10.299 |
19.071 |
8.679 |
|
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|
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|
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IMPORTS |
|
|
|
|
|
Spares |
15.248 |
38.224 |
22.745 |
|
|
TOTAL
IMPORTS |
15.248 |
38.224 |
22.745 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.01 |
2.18 |
(0.54) |
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 flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.05 |
5.50 |
(2.26) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.23 |
10.42 |
1.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.75 |
16.04 |
(3.10) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.21 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.04 |
0.00 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.90 |
3.03 |
1.33 |
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 |
20.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
(1.242) |
3.847 |
3.884 |
|
Net
worth |
21.258 |
33.847 |
33.884 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
9.164 |
0.000 |
1.267 |
|
Total
borrowings |
9.164 |
0.000 |
1.267 |
|
Debt/Equity
ratio |
0.431 |
0.000 |
0.037 |
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) |
|
Sales |
53.388 |
92.429 |
78.845 |
|
|
|
73.127 |
(14.697) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
53.388 |
92.429 |
78.845 |
|
Profit |
(1.206) |
5.088 |
0.038 |
|
|
(2.26%) |
5.50% |
0.05% |
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 |
No |
|
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 |
PAST PERFORMANCE
The Company achieved a gross turnover of Rs. 795.51 lakhs in the current year as compared to last year’s turnover of Rs. 927.46 lakhs, a decline of 14 %. The performance would have been much better if some of the projects had materialized.
Inspite of the best efforts during the year under review the company was not able to reach its targeted business turnover. However a lot of things have been put in place and the Company hopes to generate sufficient business during the following financial year.
The Directors are very much concerned with the accumulated losses over the years but in view of the recent developments are confident of recovering the same during the course of the next two years.
One of the constraints in generating business was availability of the right mix of staff, which has since been set in place. This would be a major factor in the coming years leading to higher volumes of business and wiping out of the losses of the company. During year under review there has been change in the organization structure of the company which would substancially increase the business prospects of the company.
Having executed different types of projects during the last two years the company is now fully geared to undertake further jobs and execute the same more efficiently.
CURRENT PERFORMANCE
AND FUTURE OUTLOOK
The sincere efforts of your management and staff have helped the company in generating more enquiries and the company has got some good orders for GPS and instrumentation products. The service revenue in terms of percentage of total income is also improving in the current year and the company is trying its level best to boost the service income in the current year.
With a full‐fledged set up having all the facilities for efficient conduct of business and a team of skilled service and sales staff the company is fully geared to undertake and execute the business that are in the pipeline.
The operations of the company require obtaining of certain licences. All such licences are in place.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10436073 |
13/09/2013 * |
30,000,000.00 |
Axis Bank Limited |
Ground Floor, Axis House, Bombay Dyeing Mills Co |
B86038056 |
FIXED ASSETS
- Office premises
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Electrical fittings
- Office equipment
- Computers
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.66.60 |
|
|
1 |
Rs.102.30 |
|
Euro |
1 |
Rs.74.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.