MIRA INFORM REPORT
|
Report No. : |
342938 |
|
Report Date : |
28.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
NEELKANTH GEMS |
|
|
|
|
Registered
Office : |
605 Vastu Shilp Apartments, Near Parsi Colony, Pump house, Andheri House,
Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Mobile No.: |
91-9920480802 (Mr. Jayesh) |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.04.1994 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 16.252 Million |
|
|
|
|
IEC No.: |
0394007646 |
|
|
|
|
TAN No.: |
MUMH08648D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAFH0191F |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Diamond |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 46000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject was set up in 1993 as a partnership firm by Mr. Naran Sheta,
Mr. Babubhai Sheta, Mr. Bhimjibhai Sheta, Mr. Jayeshbhai Sheta, Mr.
Pareshbhai Sheta and Mr. Chetanbhai Sheta. It is engaged into manufacturing
and exporting of diamond. It has satisfactory track record. Profitability of the concern is low during FY 2014. However, the
concern has performed well and achieved decent turnover during year under
review. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The concern can be considered for business dealings with usual
business terms and conditions. |
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 |
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 PARTED BY
|
Name : |
Mr. Jayeshbhai Sheta |
|
Designation : |
Partner |
|
Contact No.: |
91-9920480802 |
|
Date : |
28.09.2015 |
LOCATIONS
|
Registered Office : |
605 Vastu Shilp Apartments, Near Parsi Colony, Pump house, Andheri
House, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9920480802 (Mr. Jayesh) 91-8976689161 (Mr. Nikhil) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
|
Locality : |
Residential |
|
|
|
|
Factory 1 : |
3rd Floor, Neelkanth Nandu, Doshiniwadi, Vasta Devadi Road,
Katargam, Surat – 395004, Gujarat, India |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
GW – 6052, Bharat, Diamond Bource, BKC, Bandra (East), Mumbai – 400051,
Maharashtra, India |
|
Location : |
Rented |
KEY EXECUTIVES
|
Name : |
Mr. Nikhil |
|
Designation : |
Account Department |
PARTNERS
|
Name : |
Mr. Naran Sheta |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Babubhai Sheta |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Bhimjibhai Sheta |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Jayeshbhai Sheta |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Pareshbhai Sheta |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Chetanbhai Sheta |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Diamond |
|
|
|
|
Products : |
Diamond |
|
|
|
|
Brand Names : |
--- |
|
|
|
|
Agencies Held : |
--- |
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|
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Exports : |
|
|
Products : |
Diamond |
|
Countries : |
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|
|
|
Imports : |
|
|
Products : |
Rough Diamond |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit |
|
|
|
|
Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
250 (Approximately) |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Jhaveri and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
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Memberships : |
Not Divulged |
|
|
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Collaborators : |
Not Divulged |
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|
|
|
Sister Concern : |
Not Available |
CAPITAL STRUCTURE
As on: 31.03.2014
|
Capital Investment : |
|
|
Owned : |
Rs. 16.252 Million |
|
Borrowed : |
-- |
|
Total : |
Rs. 16.252
Million |
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner Capital Account |
16.252 |
10.662 |
6.544 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16.252 |
10.662 |
6.544 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.900 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.900 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.152 |
10.662 |
6.544 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.890 |
3.414 |
1.770 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.141 |
0.130 |
0.121 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
174.722 |
106.357 |
6.444 |
|
|
Sundry Debtors |
7.919 |
0.885 |
3.201 |
|
|
Cash & Bank Balances |
1.509 |
0.514 |
3.215 |
|
|
Other Current Assets |
0.483 |
0.158 |
0.158 |
|
|
Loans & Advances |
4.792 |
4.523 |
2.240 |
|
Total
Current Assets |
189.425 |
112.437 |
15.258 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.569 |
3.028 |
5.421 |
|
|
Other Current Liabilities |
167.032 |
98.417 |
0.000 |
|
|
Provisions |
4.703 |
3.874 |
5.184 |
|
Total
Current Liabilities |
175.304 |
105.319 |
10.605 |
|
|
Net Current Assets |
14.121 |
7.118 |
4.653 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.152 |
10.662 |
6.544 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
301.532 |
97.233 |
55.780 |
|
|
Other Income |
0.011 |
0.009 |
18.977 |
|
|
TOTAL
|
301.543 |
97.242 |
74.757 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of goods sold |
269.331 |
65.352 |
35.959 |
|
|
Import and Export Charges |
0.447 |
0.171 |
0.026 |
|
|
Wages and Salary |
18.565 |
23.256 |
13.962 |
|
|
Electric Expenses |
1.969 |
1.885 |
1.373 |
|
|
Factory Expenses |
0.532 |
0.335 |
0.169 |
|
|
Audit Fees |
0.028 |
0.027 |
0.025 |
|
|
Account Writing Charges |
0.050 |
0.025 |
0.025 |
|
|
Bank Charges |
0.324 |
0.108 |
0.073 |
|
|
Brokerage Expenses |
0.343 |
0.052 |
0.065 |
|
|
Conveyance |
0.239 |
0.164 |
0.140 |
|
|
Electric Charges |
0.017 |
0.000 |
0.033 |
|
|
Travelling Expenses |
1.194 |
0.315 |
0.000 |
|
|
Others |
0.000 |
0.000 |
0.713 |
|
|
General Expenses |
0.137 |
0.193 |
0.047 |
|
|
Municipal Tax |
0.148 |
0.178 |
0.190 |
|
|
Office Expenses |
0.139 |
0.038 |
0.116 |
|
|
Office Maintains Expenses |
0.045 |
0.147 |
0.085 |
|
|
Professional Fees |
0.032 |
0.002 |
0.007 |
|
|
Provident Fees |
0.040 |
0.048 |
0.035 |
|
|
Professional Tax |
0.132 |
0.121 |
0.147 |
|
|
Remuneration to Partner |
4.248 |
2.189 |
1.052 |
|
|
Rent |
0.351 |
0.000 |
0.000 |
|
|
Telephone charges |
0.054 |
0.034 |
0.033 |
|
|
Motor Car Expenses |
0.051 |
0.000 |
0.000 |
|
|
Insurance |
0.000 |
0.000 |
0.196 |
|
|
Bank Charges |
0.000 |
0.000 |
1.306 |
|
|
Bad Debts |
0.000 |
0.000 |
0.051 |
|
|
Loss on sale of Machinery |
0.000 |
0.000 |
6.602 |
|
|
Interest |
0.000 |
0.361 |
0.000 |
|
|
TOTAL
|
298.416 |
95.001 |
62.430 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.127 |
2.241 |
12.327 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
0.665 |
1.109 |
0.197 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
2.462 |
1.132 |
12.130 |
|
|
|
|
|
|
|
Less |
TAX |
0.829 |
0.764 |
3.469 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1.633 |
0.368 |
8.661 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
Not Divulged |
|
|
|
|
|
Expected Sales (2015-2016): Rs. 350.000 Million
The above information has been parted by Mr. Jayesh Sheta (Partner)
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.54 |
0.38 |
15.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.28 |
0.98 |
70.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.11 |
1.85 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.16 |
1.06 |
1.43 |
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) |
|
Partners Capital |
6.544 |
10.662 |
16.252 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6.544 |
10.662 |
16.252 |
|
|
|
|
|
|
Secured Loan |
0.000 |
0.000 |
0.000 |
|
Unsecured Loan |
0.000 |
0.000 |
0.900 |
|
Total
borrowings |
0.000 |
0.000 |
0.900 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.055 |
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 |
55.780 |
97.233 |
301.532 |
|
|
|
74.315 |
210.113 |
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 |
55.780 |
97.233 |
301.532 |
|
Profit |
8.661 |
0.368 |
1.633 |
|
|
15.53% |
0.38% |
0.54% |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in India.
Diamond production in India can be traced back to almost 8th Century
B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the UK,
Japan and China. India’s polished diamond export is expected to cross $ 21 bn
in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
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.66.09 |
|
|
1 |
Rs.100.87 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.