MIRA
INFORM REPORT
|
Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
RESINOVA CHEMIE LIMITED (W.e.f. 22.06.2000) |
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Formerly Known
As : |
PARIKH RESINS AND
POLYMERS LIMITED |
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Registered
Office : |
54 / 38, Naya
Ganj, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.09.1995 |
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Com. Reg. No.: |
20-18135 |
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Capital
Investment / Paid-up Capital : |
Rs.40.049 millions |
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CIN No.: [Company Identification
No.] |
U24131UP1995PLC018135 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
KNPR01524F |
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PAN No.: [Permanent Account No.] |
AABCR6406N |
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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 Resins, Adhesives, Chemicals and Polymers |
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No. of Employees
: |
150
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as 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) |
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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 |
LOCATIONS
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Registered/ Head Office : |
54/38, Naya Ganj,
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Tel. No.: |
91-512-2351023/
2363032/ 2362106/ 2393032 |
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Fax No.: |
91-512-2310630 |
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E-Mail : |
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Website : |
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Area : |
250 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Industrial Area,
Panki, |
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Area : |
12000 sq. mtrs. |
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Location : |
Owned |
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Marketing Office : |
16/81-A, Civil Lines, |
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Tel. No. : |
91-512-2331646, 3951918 |
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Fax No. : |
91-512-2331803 |
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Branches : |
F-39, Okhla Indl. Area, Phase-I, Telephone : 91-11-26818810/11, 26814096, 26819846 Fax : 91-11-26818811 Ahmedabad Telephone : 91-79-26405663 Fax : 91-79-26406243 Kolkata Telephone : 91-33-22802694 Fax : 91-33-22802158 Telephone : 91-40-27802351 Fax : 91-40-27802351 Mumbai Telephone : 91-2522-276520, 276510 Fax : 91-2522-276510 Jaipur E-292 (D), Road No. 14, V.K.I. Area, Jaipur-302013 Phone: 91-141-3209303, 2460297 Fax: 91-141-2460297 E-mail: jaipurmkg@resinova.com |
DIRECTORS
(AS ON 05.08.2010)
|
Name : |
Mr. Vijay Suresh
Parikh |
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Designation : |
Managing Director
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|
Address : |
54/38, Naya Ganj,
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Date of Birth/Age : |
08.10.1960 |
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Qualification : |
Graduate |
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Date of Appointment : |
29.09.1995 |
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Name : |
Mr. Ramesh Shah |
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Designation : |
Director |
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Address : |
26/ 96 – B, 1st
Floor, |
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Date of Birth/Age : |
23.04.1944 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.08.1997 |
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Name : |
Ms. Neeta Vijay
Parikh |
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Designation : |
Additional
Director |
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Address : |
54/ 38, Nayaganj,
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Date of Birth/Age : |
20.11.1960 |
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Date of Appointment : |
16.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 05.08.2010)
|
Names of Shareholders |
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No. of Shares |
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Kushal V. Parikh |
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46500 |
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Nita V Parikh |
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884675 |
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Nihir V. Parikh |
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50000 |
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Ramesh Shah |
|
406 |
|
Usha Parikh |
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187250 |
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Vinita S Savla |
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137188 |
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Sunil R. Savla |
|
2031 |
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Suresh Chandra M.
Parikh |
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113813 |
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Suresh M. Parikh
- Karta |
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97000 |
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Vijay S Parikh |
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2170987 |
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Vijay S. Parikh
Karta |
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315000 |
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TOTAL |
|
4004850 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
|
90.32 |
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Other top fifty shareholders |
|
9.68 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Importer of Resins, Adhesives, Chemicals and Polymers. |
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Agencies Held : |
Bondtite |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Licensed Capacity |
Installed Capacity (P.A.) # |
Actual Production |
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Organic Chemicals |
NA |
8220 M.T. |
3180744 |
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GENERAL INFORMATION
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No. of Employees : |
150
(Approximately) |
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Bankers : |
·
State
Bank of India SMECCC Branch, Zonal Office, The Mall, Kanpur – 208001, Uttar
Pradesh, India State Bank of India Canal Road Branch, Canal Road, Kanpur - 208001, Uttar Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shailesh Vishesh
and Company Chartered
Accountants |
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Address : |
24/35, |
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Tel No.: |
91-512-2312978 |
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E – Mail : |
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Pan No.: |
AARFS0719H |
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Associates (As on 31.03.2008) : |
˛
Parikh
Business Limited - Line of Business
– Trading of Chemical and others ˛
Shell
Organics Private Limited - Line of Business
– Organic Chemical |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5250000 |
Equity Shares |
Rs.10/- each |
Rs.52.500
millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4004850 |
Equity Shares |
Rs.10/- each |
Rs.40.049
millions |
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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 |
|
|
|
|
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1] Share Capital |
40.049 |
33.749 |
33.749 |
|
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2] Share Application Money |
0.000 |
2.943 |
2.500 |
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3] Reserves & Surplus |
102.701 |
70.625 |
66.968 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
142.750 |
107.317 |
103.217 |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
83.146 |
75.373 |
76.425 |
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2] Unsecured Loans |
0.328 |
0.301 |
0.443 |
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TOTAL BORROWING |
83.474 |
75.674 |
76.868 |
|
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DEFERRED TAX LIABILITIES |
0.860 |
1.248 |
1.288 |
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|
|
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|
|
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TOTAL |
227.084 |
184.239 |
181.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.588 |
52.491 |
43.528 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
161.490
|
113.407 |
103.726
|
|
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Sundry Debtors |
54.132
|
53.987 |
48.076
|
|
|
Cash & Bank Balances |
17.790
|
13.379 |
12.066
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
33.945
|
26.369 |
26.330
|
|
Total
Current Assets |
267.357
|
207.142 |
190.198 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
55.364
|
50.246 |
27.936
|
|
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Other Current Liabilities |
29.974
|
22.160 |
16.337
|
|
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Provisions |
18.523
|
2.988 |
8.080 |
|
Total
Current Liabilities |
103.861
|
75.394 |
52.353
|
|
|
Net Current Assets |
163.496
|
131.748 |
137.845
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
227.084 |
184.239 |
181.373 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
783.219 |
619.259 |
497.927 |
|
|
|
Other Income |
8.822 |
0.987 |
6.263 |
|
|
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TOTAL (A) |
792.041 |
620.246 |
504.190 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases made for re-sale |
0.273 |
0.371 |
0.405 |
|
|
|
Material Consumed and Manufacturing expenses
|
587.496 |
496.451 |
425.859 |
|
|
|
Increase/(Decrease) in Finished Goods |
(8.962) |
(5.181) |
(19.281) |
|
|
|
Payments to and Provision for employees |
47.959 |
31.899 |
24.611 |
|
|
|
Administrative, Selling and other expenses |
101.498 |
75.488 |
34.357 |
|
|
|
TOTAL (B) |
728.264 |
599.028 |
465.951 |
|
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|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
63.777 |
21.218 |
38.239 |
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
9.410 |
9.928 |
9.049 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
54.367 |
11.290 |
29.190 |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.250 |
3.654 |
2.915 |
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
50.117 |
7.636 |
26.275 |
|
|
|
|
|
|
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|
Less |
TAX (H) |
15.698 |
3.979 |
9.017 |
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
34.419 |
3.657 |
17.258 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.144 |
46.487 |
49.229 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
20.000 |
|
|
|
Provision for Proposed Dividend |
2.002 |
0.000 |
0.000 |
|
|
|
Provision for corporate Tax on Dividend |
0.340 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
82.221 |
50.144 |
46.487 |
|
|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.754 |
0.663 |
1.091 |
|
|
TOTAL EARNINGS |
0.754 |
0.663 |
1.091 |
|
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|
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
333.115 |
241.251 |
160.070 |
|
|
|
Packing Materials |
2.311 |
0.979 |
0.070 |
|
|
TOTAL IMPORTS |
335.426 |
242.230 |
160.140 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.59 |
1.08 |
5.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.35
|
0.59 |
3.42
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.40
|
1.23 |
5.28
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.14
|
2.94 |
11.24
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.07 |
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
1.41 |
1.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.57
|
2.75 |
3.63
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The company has been engaged in manufacturing chemical products all over
country with Brand Nam e an d having good response from the domestic markets in
all over country and is planning for export also.
CONTINGENT
LIABILITIES AS ON 31.03.2010 (not acknowledged as debts):
(a) Against
un-expired Letters of Credit Rs.68.949 Millions.
(b) Under Legal
matters:
a. Claim of
additional stamp duty Rs.0.704 Million by Land Revenue Authority Kanpur Dehat -
Appeal pending with Hon'ble Allahabad High Court.
b. Order under
Andhra Pradesh VAT Act - Rs.1.346 Millions Writ filed with Hon'ble High Court
of Andhra Pradesh.
c. Food and Civil
Supply department of State of Maharashtra under Weight and Measurement Act - Rs.0.015
Million Case is pending under court proceedings
FORM 8:
|
Corporate
identity number of the company |
U24131UP1995PLC018135 |
|
Name of the
company |
RESINOVA CHEMIE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
54/ 38, Naya
Ganj, Kanpur – 208001, Uttar Pradesh, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Book Debts Movable Property Floating charge Others: Fixed Assets and Current Assets. |
|
Particular of
charge holder |
State Bank of SMECCC Branch, Zonal Office, The Mall,
Kanpur – 208001, Uttar Pradesh, India E-Mail: v1maheshwari@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
(i) Letter of
Arrangement (ii) Agreement of
Loan Cum Hypothecation (iii) Letter of
Confirmation for creation of Mortgage by deposit of title deeds (iv) Memorandum
for recording creation of Mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
18.04.2011 |
|
Amount secured by
the charge |
Rs.162.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Working Capital-
Interest at the rate of 2.15 percent margin above Base Rate which is
presently 8.25 percent per annum. Present effective rate 10.40 percent per
annum with monthly rests. Terms of
Repayment: Working Capital-
Repayable on Demand. Margin: 25% Raw Materials
Imported 25% Raw Materials
Indigenous 25% Semi Finished
Goods 25% Finished
Goods 25% Components /
Consumable / Spares 50% Domestic
Receivables 10% Letter of
Credit Extent and
Operation of the charge: The Company's
properties are Hypothecated and Mortgaged to secure credit facility
aggregating to Rs.162.000 Millions granted by the Bank to the Borrower:- Cash Credit (stocks) Rs.50.000 Millions Cash Credit (book
debts) Rs.20.000 Millions Letter of Credit
(Import) Rs.90.000 Millions Letter of Credit
(Inland) Rs.2.000 Millions Total
Rs.162.000 Millions with
interchangeability to the extent of Rs.15.000 Millions from Cash Credit (Book
Debts) to Cash Credit (Stocks). |
|
Short particulars
of the property charged |
Primary
Security:- (i) Hypothecation
of stock of raw material, stock in process, finished goods, and consumable
spare. (ii)
Hypothecation of Book Debts. (iii)
Hypothecation of raw material imported under Foreign Letter Credit. (iv)Hypothecation
of raw material purchased against Inland Letter of Credit. (v)Cash margin of
10 % on Letter of Credit limit. Collateral Security:- (i) Equitable
mortgage of factory land and building standing in the name of M/s Resinova
Chemie Limited situated at Arazi No. 372, Mauja Rania, Tehsil Akbarpur,
Kanpur Dehat. Admeasuring 5
Bigha, 9 Biswa, and 3 Biswansi, bounded by:- East- Factory M/s
Corona Cosmetic Private Limited West- Agriculture
Land North- UPSIDC
Road South-
Agriculture Land (ii) First charge
on entire plant and machinery (Net Block) of the company. |
|
Name of the company |
RESINOVA CHEMIE LIMITED |
|
1) Date and description of instrument creating the change |
Agreement for Cash Credit created on 12.12.2000 dt. 05.03.2002 Enhanced limit from Rs.17.500 millions [dt. 05.03.2002] |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.50.000 millions |
|
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 |
Stocks of Epichlordin, Bisphenal a Methanol, Epoxy Resins, Dropylenes, Glycol Polyester Resins, Phthalic Hydroxide, TETA whether row or in process of manufacture |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
0.75% INT above SBAR with 11% |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Canal Road, |
|
6) Date and brief description of instrument modifying the charge |
Agreement and hypothecation of goods and assets dated 05.03.2005 already registered in favour of SBI Canal Road, Kanpur |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Credit facility over all limit Rs.50.000 millions other terms and conditions remain same. |
FIXED ASSETS
·
Land
·
Building
·
Furniture
and Fixture
·
Plant
and Machinery
·
Weighing
Machine
·
Electrical
Fitting
·
Power
Equipment
·
Lab
Equipments
·
Office
Equipment
·
Mechanical
and Equipments
·
Air-conditioner
·
Vehicles
·
Computer
·
Cycle
WEBSITE DETAILS:
PROFILE
Subject started as a company manufacturing speciality chemicals, over the years they have evolved as leading manufacturers of adhesives and sealants, construction chemicals, and industrial maintenance products, with significant effort on branding and increasing market share in all segments in which the company operates.
As part of strategy to strengthen the business, they have achieved considerable backword
integration and developed manufacturing and formulation expertise in the field
of epoxy resins and hardeners, acrylics, UV Cure, cyanoacrylates, silicones,
anaerobics etc, the manufacturing units are at two locations near
The spirit of innovation at Subject extends to all activities such as packing,
branding, product and market
development, in a very short period they
have created a supply chain network of 800 channel partners, serviced by
the7 offices covering every region of the country, the products are available
at more than 3,00,000 retail outlets, to fulfil customer needs they market the
products in about 25 brands, 60 brand extensions and 400 S.K.U’s , this complex
effort made possible through a very large number of dedicated and trained marketing staff operating from every
geography in the country.
They have set new standards for the adhesive industry in India, they hope the
enthusiasm and energy of the associates will allow them to lead and retain the
position in every segment they cover.
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.44.38 |
|
|
1 |
Rs.72.21 |
|
Euro |
1 |
Rs.62.87 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.