MIRA INFORM REPORT
|
Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MONARCH CATALYST PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A-94, MIDC, Phase I, Dombivli, Thane-4212063, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
18.11.1983 |
|
|
|
|
Com. Reg. No.: |
11-31365 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110MH1983PTC031365 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
pnem06999g |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business : |
manufacturer of Nickel Catalyst for oils and Oleo Chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Financial
position of the company is satisfactory. Trade relations are fair. Business is
active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory: |
A-94, MIDC, Phase I, Dombivli, Thane – 421 2063, |
|
Tel. No.: |
91-251-2471716 / 2431013 / 2435591 |
|
Fax No.: |
91-251-2470269 |
|
E-Mail : |
info@monarchcatalyst.com raghu@monarchcatalyst.com |
|
Website : |
www.monarchcatalyst.com |
DIRECTORS
As on 26.07.2010
|
Name : |
Mr. Hitesh Chimanlal Vadalia |
|
Designation : |
Director |
|
Address : |
4, Mangal Murti, 3rd Floor, |
|
Qualification : |
B.Tech, M. S. |
|
Experience : |
16 years |
|
Date of Appointment : |
01.04.2008 |
|
|
|
|
Name : |
Mr. Krishnan Muthukumar |
|
Designation : |
Director |
|
Address : |
31/348, akshar Mahol, |
|
Qualification : |
B.Com, PGDM |
|
Experience : |
12 years |
|
Date of Appointment : |
01.01.1998 |
|
|
|
|
Name : |
Mr. Satish Chandra Katyal |
|
Designation : |
Director |
|
Address : |
Glamcent, 1st Floor, |
|
Date of Appointment : |
05.06.2006 |
|
|
|
|
Name : |
Mr. Abhishek Dalmia |
|
Designation : |
Director |
|
Address : |
Radha Vihar, 35-B, |
|
Date of Appointment : |
05.06.2006 |
|
|
|
|
Name : |
Mr. Shantilal Harilal Vadalia |
|
Designation : |
Chairman cum Director |
|
Address : |
B-1, Flat No. 1001, Lok Everest, 10th Floor, JD Marg,
Mulund West, Mumbai – 40 080, |
|
Date of Birth : |
20.07.1943 |
|
Qualification : |
M.Sc.Tech |
|
Experience : |
37 years |
|
Date of Appointment : |
01.04.2008 |
|
|
|
|
Name : |
Mr. Shivasubramanian Krishnan |
|
Designation : |
Vice Chairman cum Director |
|
Address : |
No. 10, Srinivas Parjath CHS Limited, |
|
Qualification : |
B.Sc |
|
Experience : |
36 years |
|
Date of Appointment : |
01.04.1995 |
KEY EXECUTIVES
|
Name : |
Mr. Raghunath Subramanian |
|
Designation : |
Secretary |
|
Address : |
304, Gayatri, |
|
Date of Appointment : |
22.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shantilal H Vadalia Rekha S Vadalia Hemani S Vadalia |
|
97750 |
|
Rekha S Vadalia Shantilal H Vadalia Hemani S Vadalia |
|
2290 |
|
Vasantha Muthukumar Krishnan M Vinod M |
|
6760 |
|
Krishnan M Reshma Krishnan Vasantha M |
|
18700 |
|
Reshma Krishnan Krishnan M. Vasantha M. |
|
2090 |
|
Hitesh C Vadalia Rupal H Vadalia |
|
42330 |
|
Rupal H Vadalia Hitesh C Vadalia |
|
21200 |
|
K Shivsubramanian Geeta S. Vindo M. |
|
14400 |
|
K. Shivsubramanian Geeta S. Reshma Krishnan |
|
40500 |
|
Jasumati C. Vadalia Hitesh C Vadalia |
|
34500 |
|
Krishnan Muthukumar Reshma Krishnan |
|
58050 |
|
K Shivsubramanian Geeta S Rashi Muthukumar |
|
36550 |
|
Revathi Equipment Limited, |
|
150800 |
|
Shridhar Iyer |
|
14500 |
|
Sudar Iyear Vanaja Sunder Iyer |
|
12083 |
As on 26.07.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
26.00 |
|
Directors
or relatives of directors |
|
74.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
manufacturer of Nickel Catalyst for oils and Oleo Chemicals |
GENERAL INFORMATION
|
Customers : |
Domestic Customers ·
Amoli Organics ·
Associated Drug Company ·
Atul Limited ·
Aurobindo Pharma Limited ·
Beekay Finochem Private Limited ·
Casil Health Products Limited ·
Colour Chem Limited ·
Exon Laboratories Private Limited ·
Hindustan Lever Limited ·
ICI India Limited ·
IPCA Laboratories Global Customers ·
Akzo Nobel ( ·
Baerlocher ( ·
Cognis ( ·
Greenwell Global Chemicals ( ·
Palmoleo ( ·
Peter Greven ( ·
Pofachem ( ·
Sogis ( ·
TEFAC ( ·
·
Undesa ( |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· State bank of India, MID Corporate Loan admin Unit Shri Hari Building, RTO Lane, Four Bungalows, Andheri (West), Mumbai – 400 053, Maharashtra · Barclays Bank PLC · Axis Bank Limited · ICICI bank Limited ·
Standard Chartered Bank, 90, M |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sheth doshi and associates Chartered Accountants |
|
Address : |
B-3, Lok Everest, JSD Marg, Mullund West, Mumbai-400080, |
|
Tel. No.: |
91-22-25919742 |
CAPITAL STRUCTURE
As on 26.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
580000 |
Equity Shares |
Rs.100/- each |
Rs.58.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
58.000 |
58.000 |
58.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
215.894 |
162.352 |
241.865 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
273.894 |
220.352 |
299.865 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
347.374 |
370.530 |
253.219 |
|
|
2] Unsecured Loans |
16.700 |
0.000 |
100.000 |
|
|
TOTAL BORROWING |
364.074 |
370.530 |
353.219 |
|
|
DEFERRED TAX LIABILITIES |
43.700 |
41.124 |
30.246 |
|
|
|
|
|
|
|
|
TOTAL |
681.668 |
632.006 |
683.330 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
422.549 |
437.429 |
407.895 |
|
|
Capital work-in-progress |
1.368 |
1.077 |
8.577 |
|
|
|
|
|
|
|
|
INVESTMENT |
23.617 |
11.461 |
24.951 |
|
|
DEFERREX TAX ASSETS |
7.954 |
7.313 |
0.122 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
75.410
|
52.901 |
130.778 |
|
|
Sundry Debtors |
198.990
|
125.042 |
219.464 |
|
|
Cash & Bank Balances |
14.767
|
0.404 |
35.193 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
151.218
|
138.826 |
107.564 |
|
Total
Current Assets |
440.385
|
317.173 |
492.999 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
159.872
|
94.675 |
195.746 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.00 |
|
|
Provisions |
56.016
|
51.038 |
61.217 |
|
Total
Current Liabilities |
215.888
|
145.713 |
256.963 |
|
|
Net Current Assets |
224.497
|
171.460 |
236.036 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.683 |
3.266 |
5.749 |
|
|
|
|
|
|
|
|
TOTAL |
681.668 |
632.006 |
683.330 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
901.648 |
773.403 |
1135.082 |
|
|
|
Other Income |
5.112 |
9.885 |
2.309 |
|
|
|
TOTAL (A) |
906.760 |
783.288 |
1137.391 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative and Marketing Expenses |
88.941 |
77.752 |
49.883 |
|
|
|
Extra Ordinary Items |
0.000 |
84.907 |
0.000 |
|
|
|
Other Expenses |
690.546 |
619.856 |
954.525 |
|
|
|
TOTAL (B) |
779.487 |
782.515 |
1004.408 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
127.273 |
0.773 |
132.983 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
41.096 |
53.799 |
41.945 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.177 |
(53.026) |
91.038 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.900 |
22.231 |
14.812 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
62.277 |
(75.257) |
76.226 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.735 |
4.256 |
27.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
53.542 |
(79.513) |
49.201 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
92.31 |
(137.09) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.90
|
(10.15) |
4.3 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.91
|
(9.73) |
6.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.22
|
(9.97) |
8.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
(0.34) |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.12
|
2.34 |
2.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
2.18 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
Performance Review
After the tumultuous
year of 2008-09 which was affected by the global meltdown and utter confusion
in the financial market, some stability was seen in the year 2009- 10. Their
Company achieved turnover of Rs.900.000 Millions in the year under review
against Rs.770.000 Millions achieved in previous year. We achieved a Profit
after tax of Rs.53.500 Millions as compared to the loss of Rs.79.500 Millions
in Previous Year.
The turnaround was
achieved due to multipronged action and measures taken by the company. A
stringent control was established on the inventory and receivables. Efforts
were made successfully to develop alternate source of supply of Raw Materials.
All this efforts resulted in pruning the working capital requirement which
helped the company to reduce the financial costs.
The turnaround was
quite robust with more than 50% growth in terms of quantity though in terms of
value it seems only 15%, this is due to drastic reduction in the prices of
commodities. Their company’s performance is commendable in comparison to previous
year considering that the global economy is not fully recovered with hiccups
coming in from various countries.
Business Outlook
For the next
financial year i.e. 2010-11 MONARCH is targeting to improve the top line by
about 35% which would improve the bottom line. Since the market is still not
out of the woods and orders are not quite easy it's a challenge to maintain the
growth rate of 35-40%. But to achieve this task the company is continuing its
very aggressive strategy adopted since last year.
- To further increase market share for OFC
catalyst in the export as well as the domestic market.
- The target for AAC is also quite
challenging and we have planned to repeat the last year's performance with
at least 20% of share from exports in the higher target for this year.
- In case of NMC the focus continuous on
to gain more Job work related business and get breakthroughs with big
pharma companies for their NMC requirements.
- They have also introduced quite a few new
alumina based .catalysts for chemical processes. They hope to establish
this new product line in this year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24110MH1983PTC031365 |
|
Name of the
company |
MONARCH CATALYST
PVT LTD |
|
Address of the
registered office or of the principal place of business in |
A-94, MIDC, Phase I, Dombivli, Thane – 421 2063, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
Standard Chartered Bank, 90, M |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Unattested
Mermorandum of Hypothecation |
|
Date of
instrument Creating the charge |
09.04.2010 |
|
Amount secured by
the charge |
Rs.80.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
Repayment As agreed by and with
the Bank from time to time. Margin As agreed by and
with the Bank from time to time. Extent and
Operation of the charge The Bank is
having first pari passu charge on current assets and second pari passu charge
on plant and machinery of the Company. |
|
Short particulars
of the property charged |
I)
Hypothecation
by way of first pari passu charge on current assets viz. a) all present and
future stock in trade consisting of raw materials, finished goods and goods
in process & II)
All
present and future book debts, outstanding monies receivable, claims and
bills. III)
Hypothecation
by way of second pari passu charge on plant and machinery of the Company viz.
all present and future of the movable fixed assets of the Company. |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Electrical Installation
- Vehicles
- Furniture and Fixtures
- R and D Equipments
- Office Equipment
AS PER WEBSITE DETAILS:
PROFILE:
Subject is an
established manufacturer of Nickel Catalyst for oils and oleo chemicals in
In the area of catalysts, as a step towards the growth, Subject has taken over the “Kallin Intermediate Private Limited” (KIPL) on April 1, 2002. KIPL was established in 1978 by Dr. Kalyanpur and Mr. A.R. Mallapur to manufacture Activated Alloy Catalyst (AAC) and supported noble metal catalyst (NMC). Various grades of supports, viz. carbon, alumina, calcium carbonate etc are used for effective dispersion of noble metals on them and achieve better performance in catalytic reactions.
To accept greater challenges, subject created a separate plant (facility) in 1984 for the recovery of metal from all types of spent catalysts (used/deactivated catalysts). After several years of process optimization, subject has achieved a higher yield (more than 90%) of base metals from different types of used catalysts. Recovery of metal from spent catalyst not only solves the pollution problem but also helps our clients to better dispose (realizing a value) of waste generated in their plant. Constant innovations are incorporated in the recovery process, which give benefits in operating the plant cost effectively. Also, the recovery of metal from waste enables subject to pass on certain cost benefits to its clients.
At Subject, the quality control system operates with strict adherence to the specifications for raw materials, intermediates and final products. State of the art analytical instruments are provided to measure surface area, pore size/pore volume, metal dispersion and metal crystallite size, temperature programmed reduction, fatty acid composition, cis-trans fatty acids in edible fat and purity of organic fine chemicals. Also, dedicated high pressure autoclaves are used routinely for catalyst performance tests (hydrogenation of oils/fatty acids, drug intermediates and fine chemicals).
At subject , the technical team endeavours constantly towards adopting new technologies in the area of manufacturing/developing new brands and quality control procedures. Process conditions are revised regularly to enhance quality and improve product consistency. The focus area at subject is to support its customers in attending to their technical issues as well as associate with them to help their waste management initiatives.
Now, subject is one of the few major players in the field of catalysts technology and is among the top three global players in the field of oils and fats nickel catalyst. The higher demand from the export market allowed subject to expand its manufacturing facility/capacity of nickel catalysts, AAC and NMC. The consequent synergy in the operations of the base metal and noble metal catalysts with cumulative experience of more than 200 years in the catalyst industry has enriched the new entity and enhanced subject capability.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
49 |
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.