MIRA INFORM REPORT
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Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
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Name : |
VIJAY TANKS AND VESSELS LIMITED |
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Registered Office : |
B – 504, Vrindavan Apartment, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.09.2004 |
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Com. Reg. No.: |
11-14340 |
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CIN No.: [Company
Identification No.] |
U29132MH2004PLC014340 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV01330A |
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PAN No.: [Permanent
Account No.] |
AAACV4048A |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer, Exporter and Importer of Pressure Vessels, Tanks and
Bullets. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and a reputed company having fine
track. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Tarun Barat |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9227741321 |
LOCATIONS
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Registered Office : |
B – 504, Vrindavan Apartment, |
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Tel. No.: |
91-22-25684419 |
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Mobile No. : |
91-9227741321 (Mr. Tarun Barat) |
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Fax No.: |
91-22-25684419 |
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E-Mail : |
accounts@vijaytanks.com |
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Website : |
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Locations : |
Owned |
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Area : |
5000 sq.ft. |
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Head Office / Works : |
National Highway No. 8, Sankarda, |
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Tel. No.: |
91-265-2840168/2840171/ 2840572 |
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Fax No.: |
91-265-2840577 |
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E Mail: |
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Area : |
5,50,000 Sq. ft. (Owned) |
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Factory 1 : |
Plot No. 315 to 324, 442-D and 443 E, Kandla Special Economic Zone,
Gandhidham-370230, |
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Tel No: |
91-2836-227562 |
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Fax No.: |
91-2836-227562 |
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E Mail: |
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Area : |
60,000 Sq. ft (Leased) |
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Factory 2 : |
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Factory 3 : |
State Highway No. 20, Mithoi Lalpur, Khambhalia, Jamnagar-361305 |
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E Mail: |
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Braches : |
Located at: ·
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Chennai ·
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DIRECTORS
As on 25.09.2010
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Name : |
Mr. V. Sundar Rajan |
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Designation : |
Whole Time Director |
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Director |
Tarangan Society, Near |
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Date of Birth/Age : |
15.06.1954 |
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Qualification : |
B.Sc |
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Date of Appointment: |
01.04.2007 |
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Name : |
Mrs. R. Kanan |
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Designation : |
Whole time Director |
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Address: |
3, Yogi Sagar Apartment, Urmi Society Alkapuri, Baroda-390007, |
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Date of Birth/Age : |
15.06.1954 |
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Qualification : |
B.Sc |
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Date of Appointment: |
01.04.2007 |
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Name : |
Mr. Ranganathan Raghvan |
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Designation : |
Chairman cum Managing Director |
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Address: |
9, Saraswati Society, |
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Date of Birth/Age : |
26.10.1970 |
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Qualification : |
B.E. Mechanical |
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Date of Appointment: |
01.04.2007 |
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Name : |
Ms. Prema Raghavan |
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Designation : |
Director |
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Address: |
9, Saraswati Society, |
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Date of Birth/Age : |
07.10.1946 |
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Date of Appointment: |
25.08.2008 |
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Name : |
Mr. Sekar Swamy |
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Designation : |
Director |
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Address: |
12, Kshitij Appartment, 47, A L Jagamonadas Marg, |
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Date of Birth/Age : |
28.05.1957 |
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Date of Appointment: |
29.09.2007 |
KEY EXECUTIVES
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Name : |
Mr. Tarun Barat |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Prema Raghavan |
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650 |
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R Srinivasan |
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794 |
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Gayatri Raghunathan |
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100 |
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Raganthan Raghavan |
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430879 |
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Padma Raghunathan |
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28355 |
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Kausalya Srinivasan |
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28665 |
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Rajalakshmi Raghavan |
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28814 |
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Vasundara Raghavan |
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28157 |
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Total |
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546414 |
Equity Share Breakup (Percentage of Total Equity) As on 30.09.2010:-
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Category |
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Percentage of Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Pressure Vessels, Tanks and
Bullets. |
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Products : |
v
Atmospheric, Pressurised and Cryogenic Storage Systems v
Shop fabricated Process Columns, Pressure Vessels and Heat v
Exchangers
v
Dry and Wet Gasholders, Silos v
Offsites and Process Piping v
Fired Heaters and Stacks v
Hot Tapping of Tanks and Pipelines v
Drums and Barrels v
Civil and Structural Works v
Process Plant
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Exports : |
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Products : |
v
Pressure
Vessels v
Tanks
v
Bullets. |
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Countries : |
v
v
African
Countries v Gulf Countries v |
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Imports : |
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Products : |
v
Steel
Plates |
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Countries : |
v
v
European
Countries |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days) |
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Purchasing : |
L/C, Cash, Credit (30 days) |
PRODUCTION STATUS (As on :
31.03.2009):-
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Particulars |
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Unit |
Installed
Capacity |
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Storage Tanks |
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M.T |
50000 |
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Process Equipments |
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M.T |
20000 |
GENERAL INFORMATION
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Customers : |
Wholesalers, End Users, OEM’s and Manufacturer
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No. of Employees : |
Total : 6500 (Office + Factory) Approximately |
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Bankers : |
v Dena Bank v State Bank of v Export-import
Bank of India v IDBI Bank
Limited, v HDFC Bank Limited v The Kaur Vysya
Bank Limited v Standard
Chartered Bank v ICICI Bank,
Vadodara Main Branch |
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Facilities: |
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Auditors : |
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Name : |
Sharp Tenean and Associates Chartered Accountants |
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Address: |
87, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, |
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Tel. No. : |
91-22-61537500/22022224/8857 |
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Fax No. : |
91-22-22023856 |
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Email : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,90,000 |
Equity shares |
Rs. 100/- each |
Rs. 69.000 Millions |
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10,000 |
Redeemable Cumulative preference Shares |
Rs. 100/- each |
Rs. 1.000 Million |
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Total |
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Rs.70.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,46,414 |
Equity shares |
Rs. 100/- each |
Rs.54.641
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
54.641 |
54.641 |
54.641 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
915.107 |
700.217 |
472.754 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
969.748 |
754.858 |
527.395 |
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LOAN FUNDS |
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1] Secured Loans |
159.288 |
179.579 |
177.183 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
159.288 |
179.579 |
177.183 |
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DEFERRED TAX LIABILITIES |
37.633 |
32.674 |
26.939 |
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TOTAL |
1166.669 |
967.111 |
731.517 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
463.678 |
328.518 |
257.183 |
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Capital work-in-progress |
9.883 |
40.555 |
17.361 |
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INVESTMENT |
0.123 |
0.123 |
0.123 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
94.554
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435.765 |
123.006 |
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Sundry Debtors |
740.329
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583.054 |
231.177 |
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Cash & Bank Balances |
873.248
|
569.887 |
414.912 |
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Other Current Assets |
12.912
|
19.376 |
5.392 |
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Loans & Advances |
376.183
|
560.954 |
388.107 |
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Total
Current Assets |
2097.226
|
2169.036 |
1162.594 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
199.278
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166.269 |
114.792 |
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Other Current Liabilities |
986.181
|
1218.222 |
489.560 |
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Provisions |
218.782
|
186.630 |
101.392 |
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Total
Current Liabilities |
1404.241
|
1571.121 |
705.744 |
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Net Current Assets |
692.985
|
597.915 |
456.850 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1166.669 |
967.111 |
731.517 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
3576.824 |
3206.247 |
2686.590 |
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Other Income |
35.604 |
2.729 |
4.088 |
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TOTAL (A) |
3612.428 |
3208.976 |
2690.678 |
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Less |
EXPENSES |
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Raw Materials / Stores Consumed |
1714.550 |
2102.886 |
1971.971 |
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Human Resources Development Cost |
306.487 |
254.167 |
254.810 |
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Operating and Other Expenses |
1163.882 |
443.642 |
271.418 |
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Admin & Selling Expenses |
73.271 |
65.413 |
54.627 |
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TOTAL (B) |
3258.190 |
2866.108 |
2552.826 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
354.238 |
342.868 |
137.852 |
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Less |
FINANCIAL
EXPENSES (D) |
9.471 |
7.542 |
5.346 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
344.767 |
335.326 |
132.506 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.358 |
33.274 |
33.283 |
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PROFIT BEFORE
TAX (E-F) (G) |
302.409 |
302.052 |
99.223 |
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Less |
TAX (I) |
64.301 |
51.127 |
(1.187) |
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PROFIT AFTER TAX
(G-I) (J) |
238.108 |
250.925 |
100.410 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.030 |
21.480 |
33.855 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
200.000 |
200.000 |
100.000 |
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Proposed Interim Dividend |
19.125 |
19.125 |
10.928 |
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Tax on Dividend |
3.176 |
3.250 |
1.857 |
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BALANCE CARRIED
TO THE B/S |
65.837 |
50.030 |
21.480 |
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Earnings Per
Share (Rs.) |
435.76 |
459.22 |
183.76 |
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Expected Sales (2010-2011) : Rs. 4000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.59
|
7.81 |
2.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.45
|
9.42 |
3.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.80
|
12.09 |
6.98 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.40 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
2.31 |
1.67 |
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Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.38 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Detail
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Particulars |
As on 31.03.2010 (Rs. In Millions
) |
As on 31.03.2009 (Rs. In Millions
) |
As on 31.03.2008 (Rs. In Millions
) |
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Sundry Creditors |
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SSI / Micro, Small and Medium |
1.035 |
0.373 |
0.861 |
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Others |
198.243 |
165.896 |
113.931 |
Form 8
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Corporate
identity number of the company |
U29132MH2004PLC014340 |
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Name of the
company |
VIJAY TANKS AND VESSELS LIMITED |
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Address of the
registered office or of the principal place of business in |
B – 504, Vrindavan Apartment, |
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This form is for |
Modification of
Charge |
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Type of charge |
Book debts |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Certificate for
reduction of Liability. |
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Date of
instrument Creating the charge |
28.10.2010 |
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Amount secured by
the charge |
Rs. 320.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated in
sanction letter dated 31.07.2009 and 07.08.2009 Terms of
Repayment Not applicable. Facility is Non-funded. Margin NIL Extent and
Operation of the charge First Exclusive
charge on the current assets / assets created out of IDBI's funds pertaining
to the Borrowers Mangalore Refinery and Petrochemicals Ltd., (MRPL's) Phase III
Refinery Project Others LC / BC limit of
Rs 80.000 millions, Bank Guarantee Limit Rs 230.000 millions and Loan
Equivalent Risk (LER) Rs 10.000 millions |
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Particulars of
the property charged |
First Exclusive charge
on the current assets / assets created out of IDBI's funds pertaining to the
Borrowers Mangalore Refinery and Petrochemicals Ltd., (MRPL's) Phase III
Refinery Project. |
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Particulars of
the present modification |
Aggregate
sanction limit for MRPL Refinery Project reduced from Rs 520.000 millions to
Rs 320.000 millions by retaining LC /
BC limit of Rs 80.000 millions, Bank Guarantee limit of Rs 230.000 millions
and LER of Rs 10.000 millions. |
Bankers Charges
Report as per Registry
|
Name of the company |
VIJAY TANKS AND VESSELS LIMITED |
|
Presented By |
Mr. A V Jayaraman |
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1) Date and description of instrument creating the change |
Unattested Deed
of Hypothecation dated 25.01.2006 executed by Vijay Tanks and Vessels Limited
(therein and hereinafter referred to as “the company”) in favour of Export –
Import Bank of India (“Exim Bank”), a certified true copy whereof is attached
hereto. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Non-funded facility
upto KWD 4910 (equity Rs. 0.750 Million) together with guarantees commission,
interest, charges, expenses and all other monies payable by the company to
Exim Bank under the Agreement of Indemnitys dated 25.01.2006 made between the
company and Exim Bank. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the
Borrower’s current assets pertaining to the project, both present and future,
briefly described in Schedule III to the Deed of hypothecation, including
receivables and stocks of raw materials, semi-finished and finished goods. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(a) The charge
created by the aforesaid Deed of Hypothecation shall operate as a continuing
security by way of an exclusives charge over the company’s current assets
including receivables moneys that may be paid by Exim Bank on behalf
facility, together with payment of guarantee commission, interest, compound
interest, additional interest by way of liquidated damages (in case of
default), costs (legal costs on a full indemnity basis), charges, expenses
and all other monies payable by the company to Exim Bank under the said
Agreement of indemnity. b) The said
charge shall rank as an exclusive first charge in favour of Exim bank |
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5) Name and Address and description of the person entitled to the charge. |
Export-import Bank of |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29132MH2004PLC014340 |
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Name of the
company |
VIJAY TANKS AND VESSELS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
B – 504, Vrindavan Apartment, |
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Type of charge |
Book Debts Others |
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Particular of
charge holder |
Export-import Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested Deed of
Hypothecation of Receivables dated 11.04.2009 executed by Vijay Tanks and
Vessels Limited (The company) in favour of Export Import Bank of |
|
Date of
instrument Creating the charge |
11.04.2009 |
|
Amount secured by
the charge |
Rs. 92.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 10.50% payable
on 20th of each month subject to reset in accordance with the provisions
of Loan Agreement. Terms of
Repayment Each Disbursement
under the preshipment credit will be repayable out of proceeds or at the end
of 180 days form the dated of respective disbursement, whichever is earlier. Margin Not Applicable Extent and
Operation of the charge Charge created in
favor of Exim Bank shall rank as first paripassu charge on contract
receivables pertaining to the Borogue Project 2, Ruwais, Abudhabi, UAE
(PF/TK-3361/127 dated 09.03.2009) |
|
Short particulars
of the property charged |
All the
receivables of the borrower, both present and future, pertaining to the
contract including Book Debts, Outstanding moneys, Claims, demands, bills,
contracts, engagements and securities belonging to or held by the Borrower
and which are now due and owing or occurring and which may at any time
hereafter during condinuance of security becomes due and owing or accure to
the borrower under or in respect of contract. More particularly
described in Schedule III to the deed of
hypothecation |
Fixed Assets:-
v Land
v Factory Shed
v
v Plant and
Machinery
v Electrical
Installation
v Furniture and
Fixtures
v Office Equipments
v Vehicles
v Computer
AS PER WEBSITE DETAILS
• Founded in 1956 by R. Ramanujan, who embodied
the pioneering spirit of courage and inspiration that has built the Indian
Engineering and Construction industry
• Amongst the worlds
leading Storage Tank and Process Equipment fabrication companies
• Over 5000 projects
delivered across the Indian subcontinent, Middle East, Africa and Australia
• 350 engineers and 3000
crew deployed across VTV fabrication plants and project sites
• A global operation with two distinct
Niche Equipment Verticals (Storage Tanks and Process Equipment) and Delivery
Platforms (Projects and Manufacturing)
• Pioneered the indigenous design and
construction of Floating Roof Tanks, Cryogenic Storage Tanks, Spheres and
Mounded Storage Bullets in India
• Designed and built 70% of India’s
crude oil storage capacity, including one of the world’s Largest storage
terminals at RIL-Jamnagar
• Built India’s first LNG storage Tanks
and the only Indian company providing in-house EPC delivery of Cryogenic
Storage Systems
• Patented the “VARAHASPHERE” process
for the construction of spherical tanks in a manner that reduces cost and
delivery cycles while enhancing quality and safety
• Executed the largest ever single
piece shipment from Kandla Port – 4 Nos. 500 MT each Bullets for a project in
New Caledonia
• Pioneered the Field
Fabrication of Large Columns and Reactors in India
• Drafted the first
Indian Standard Code for the design and construction of Storage Tanks
• Process equipment focus on CDU/VDU
Columns, Coke Drums, Reactors and other high end fabricated equipment
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.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
Yes |
|
--AFFILIATION |
YES/NO |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
50 |
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.