MIRA
INFORM REPORT
|
Report Date : |
24.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHARDA SOLVENT LIMITED |
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Registered Office : |
Dwarka Sadan, 6 Press Complex, M P Nagar, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.06.1992 |
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Com. Reg. No.: |
10-7125 |
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Capital
Investment / Paid-up Capital : |
Rs.100.500 Millions |
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CIN No.: [Company
Identification No.] |
U26921MP1992PLC007125 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Adible Oil by Extraction of Oil Seeds. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4790000 |
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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 |
|
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
|
Name : |
Mr. Rajendra Mittal |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9755032076 |
LOCATIONS
|
Registered Office : |
Dwarka Sadan, 6 Press Complex, M P Nagar, |
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Tel No.: |
91-755-2765647/ 2675257 / 2551601 |
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Mobile No.: |
91-9755032076 (Mr. Rajendra Mittal) |
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Fax No.: |
91-755-2765647 |
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E-Mail : |
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Corporate Office 1: |
53/8, Kanchan Bagh, |
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Tel. No.: |
91-731-524197, 518426 |
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Corporate Office 2: |
Unit No. 1, Luthra Industrial Premises, Andheri Kurla Road, Safed Pool,
Andheri (E), Mumbai-400072, Maharashtra, India |
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Tel No.: |
91-22-28515606/28515644/28516338 |
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Fax No.: |
91-22-28512885 |
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Factory 1: |
Village |
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Tel. No.: |
91-731-524197 / 518426 |
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Factory 2: |
Village Mundla Tahseel Digod, Dist Kota, |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Ramesh Chandra Agarwal |
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Designation : |
Director |
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Address : |
E-1/79, Arera Colony, Bhopal-462016, |
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Date of Birth/Age : |
15.06.1944 |
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Date of Appointment : |
29.09.1992 |
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DIN : |
00051310 |
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Name : |
Mr. Girish Agarwal |
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Designation : |
Director |
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Address : |
E-1/79, Arera Colony, Bhopal-462016, |
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Date of Birth/Age : |
10.07.1971 |
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Date of Appointment : |
28.08.2006 |
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DIN : |
00051375 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
E-1/79, Arera Colony, Bhopal-462016, |
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Date of Birth/Age : |
14.12.1969 |
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Date of Appointment : |
16.03.2006 |
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DIN : |
00809325 |
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Name : |
Mr. Nipun Garg |
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Designation : |
Whoe-time Director |
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Address : |
C/O, Sharda Solvents Limited, Court Road, Shivpuri-473551, |
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Date of Birth/Age : |
01.12.1985 |
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Date of Appointment : |
07.12.2005 |
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DIN : |
00694044 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
Sadar Bazar, Shivpuri-473501, |
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Date of Birth/Age : |
28.02.1945 |
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Date of Appointment : |
29.09.1992 |
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DIN : |
01334579 |
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Name : |
Mr. Manoj Garg |
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Designation : |
Director |
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Address : |
Dainik Bhaskar, Raipur-492001, |
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Date of Birth/Age : |
12.07.1971 |
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Date of Appointment : |
16.03.2006 |
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DIN : |
00809382 |
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Name : |
Mr. Vijay Khetawat |
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Designation : |
Director |
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Address : |
Dwarka Sadan 6, Press Complex Zone-1, M. P. Nagar, Bhopal-462011, |
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Date of Birth/Age : |
12.09.1959 |
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Date of Appointment : |
16.03.2006 |
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DIN : |
00092440 |
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Name : |
Mr. Sudhir Agarwal |
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Designation : |
Director |
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Address : |
E-1/79, Arera Colony, Bhopal-462016, |
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Date of Birth/Age : |
20.07.1967 |
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Date of Appointment : |
28.03.2009 |
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DIN : |
00051407 |
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Name : |
Mr. Tinkesh Garg |
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Designation : |
Additional Director |
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Address : |
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Date of Birth/Age : |
29.12.1976 |
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Date of Appointment : |
01.01.2010 |
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DIN : |
03076028 |
KEY EXECUTIVES
|
Name : |
Mr. Rajendra Mittal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Agarwal |
|
940904 |
|
Sudhir Agarwal |
|
185800 |
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Girish Agarwal |
|
133500 |
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|
16200 |
|
Tinkesh Garg |
|
11000 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
49.92 |
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Directors
or relatives of directors |
|
35.15 |
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Other
top fifty shareholders |
|
2.75 |
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Others
|
|
12.15 |
|
Mutual
funds |
|
0.03 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Adible Oil by Extraction of Oil Seeds. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Crushing of Seeds |
TPD |
2250 |
-- |
|
Refinery |
TPD |
410 |
-- |
|
Vanaspati |
TPD |
250 |
-- |
|
Oil Mill |
TPD |
725 |
-- |
|
DOC |
M.T |
-- |
98434.192 |
|
Solvent Oil/Crude |
M.T |
-- |
24015.768 |
|
Expender Oil |
M.T |
-- |
11682.020 |
|
Refined Oil |
M.T |
-- |
49120.782 |
|
Vanaspati |
M.T |
-- |
10044.221 |
|
Oil Cake |
M.T |
-- |
22964.475 |
|
Gums, Acid Oil Etc. |
M.T |
-- |
3054.381 |
GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Krishna Gupta and Company Chartered Accountants |
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Address : |
105, Parikalp Singhal Tower, Old High Court Road, Gwalior-474009,
Madhya Pradesh, India |
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Tel. No.: |
91-751-2628374/ 4086435 |
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Mobile No.: |
91-9827075044 |
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Fax No.: |
91-751-2628374 |
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Associates/Subsidiaries : |
CIN - U52599MP2007PTC020045
CIN - U15143MP2007PTC020046 |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,000,000 |
Equity Shares |
Rs.10/- each |
Rs.70.000
Millions |
|
500,000 |
Cumulative Convertible Preferences Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
Total |
|
Rs.120.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5050,000 |
Equity Shares |
Rs.10/- each |
Rs.50.500 Millions |
|
500,000 |
Cumulative Convertible Preferences Shares |
Rs.100/- each |
Rs.50.000 Millions |
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|
Total |
|
Rs.100.500 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 |
100.500 |
100.500 |
50.500 |
|
|
2] Share Application Money |
450.000 |
450.000 |
0.000 |
|
|
3] Reserves & Surplus |
648.955 |
546.021 |
227.936 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1199.455 |
1096.521 |
278.436 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4050.495 |
2270.246 |
1146.916 |
|
|
2] Unsecured Loans |
0.000 |
349.877 |
514.488 |
|
|
TOTAL BORROWING |
4050.495 |
2620.123 |
1661.404 |
|
|
DEFERRED TAX LIABILITIES |
193.536 |
113.082 |
47.459 |
|
|
|
|
|
|
|
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TOTAL |
5443.486 |
3829.726 |
1987.299 |
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|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
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|
|
|
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FIXED ASSETS [Net Block] |
1685.375 |
1256.780 |
342.301 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.200 |
0.200 |
0.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1058.018
|
1542.977
|
867.973 |
|
|
Sundry Debtors |
3723.985
|
1645.944
|
938.598 |
|
|
Cash & Bank Balances |
241.805
|
311.683
|
42.936 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
429.343
|
207.436
|
250.702 |
|
Total
Current Assets |
5453.151
|
3708.040
|
2100.209 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1637.782
|
1109.205
|
426.315 |
|
|
Other Current Liabilities |
50.359
|
23.468
|
8.671 |
|
|
Provisions |
8.893
|
3.734
|
20.425 |
|
Total
Current Liabilities |
1697.034
|
1136.407
|
455.411 |
|
|
Net Current Assets |
3756.117
|
2571.633
|
1644.798 |
|
|
|
|
|
|
|
|
PRE OPERATIVE EXPENSES |
1.794 |
1.113 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5443.486 |
3829.726 |
1987.299 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11875.184 |
9126.780 |
5648.880 |
|
|
|
Other Income |
75.999 |
6.467 |
4.062 |
|
|
|
TOTAL (A) |
11951.183 |
9133.247 |
5652.942 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases for Trading |
3794.498 |
2960.103 |
1888.997 |
|
|
|
Raw Material Consumed |
6661.704 |
5431.755 |
3157.819 |
|
|
|
Manufacturing Expenses |
430.591 |
282.624 |
220.916 |
|
|
|
Employees Remuneration |
47.475 |
24.464 |
10.163 |
|
|
|
Selling, Administration and other Expenses |
324.214 |
193.292 |
250.758 |
|
|
|
Increase/ Decrease in Stock |
76.881 |
(123.031) |
(33.463) |
|
|
|
TOTAL (B) |
11335.363 |
8769.207 |
5495.190 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
615.820 |
364.040 |
157.752 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
345.605 |
121.636 |
82.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
270.215 |
242.404 |
75.681 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
75.249 |
33.963 |
20.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
194.966 |
208.441 |
54.980 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
89.347 |
70.356 |
20.004 |
|
|
|
|
|
|
|
|
|
Less |
Income Tax Adjustments
for Earlier year |
2.684 |
0.000 |
0.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
102.935 |
138.085 |
34.795 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.321 |
0.236 |
0.141 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
138.000 |
34.700 |
|
|
BALANCE CARRIED
TO THE B/S |
3.256 |
0.321 |
0.236 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.03 |
24.88 |
6.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.86
|
1.51
|
0.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.64
|
2.28
|
0.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.73
|
4.20
|
2.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.19
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.79
|
3.43
|
7.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.21
|
3.26
|
4.61 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The Company's overall performance was excellent during the year. The Total Turnover
and Other Income of the Company during the year was Rs.11874.302 Millions as
compared to Rs.9256.279 Millions. The profit before tax decreased from
Rs.208.441 millions in FY 08-09 to Rs.194.966 millions in FY 09-10. The company
has transferred Rs.100.000 Millions to the General Reserves in the year.
Contingent
Liabilities : bank guarantee given on company’s behalf of Rs.20.300 millions
[Previous year 22.700 millions]
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U26921MP1992PLC007125 |
|
Name of the
company |
SHARDA SOLVENT
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Dwarka Sadan, 6 Press Complex, M P Nagar, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10207887 |
|
Type of charge |
|
|
Particular of
charge holder |
Yes Bank
Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road,
Worli, Mumbai - 400018, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of instrument
Creating the charge |
10.03.2011 |
|
Amount secured by
the charge |
Rs.470.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Short Term Loan :
As agreed at the time of Disbursement Letter of Credit
: Commission between, 0.70% to 1.50% p.a. (As per agreed terms) Terms of
Repayment – Short Term Loan :
Bullet repayment at the end of the tenor of each tranche. Letter of Credit
: Twelve Months Extent and
Operation of the charge - subservient charge on the current assets and
movable fixed assets of the company (More specifically mentioned in the
schedule of Deed of Hypothecation dated 10th March 2011) |
|
Short particulars
of the property charged |
Subservient
charge on the current assets and movable fixed assets of the company (More
specifically mentioned in the schedule of Deed of Hypothecation dated 10th
March 2011) |
|
Particulars of
the present modification |
Credit Facility
has been increased from Rs.400.000 Millions to Rs.470.000 Millions, as
under:- 1. Short Term
Loan and Letter of Credit Facility : 450.000 Millions 2. Cash Credit
Facility : 20.000 Millions |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10150760 |
|
Corporate
identity number of the company |
U26921MP1992PLC007125 |
|
Name of the
company |
SHARDA SOLVENT
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Dwarka Sadan, 6 Press Complex, M P Nagar, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Deposit of Title
Deed dated 5.1.2011 |
|
Date of
instrument Creating the charge |
05.01.2011 |
|
Amount secured by
the charge |
Rs.5450.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and Operation
of the charge Deposit of title
deed in respect of immovable properties of the company First charge ranking
pari passu in respect of term lenders
for Rs.1350.000 millions
|
|
Short particulars
of the property charged |
Property
mortgaged -Khasra No.682, 683,679,1806/679,681,Patwari alka No.11, situated
Village Kachanaria, Tehsil Biaora, Distt Raigarh. Khasra No.
263,264,265 situated at village Banskhedi, Tehsil and Dist Shivpuri together
all constructions thereon and plant and
machinery installed furniture and
fixtures installed therein present and
future. Khasra No.134,
213/9,214,215, 217/372,213/10,135/3(new no 763/135), 26/11,135/2,143 and
135/5 situated at Village-Mundla and Padlia, Patwar, Tehsil Dagod, dist Plot No.E-35,
Riico Industrial Area Growth Centre, Khasra No.678/1,667/3,situated
at Village Kachanariya, Teh. Biaora, Dist. Rajgarh, together with all
constructions there on, plant and machinery, installed furniture, fixtures
installed therein present and future. |
|
Particulars of
the present modification |
The Credit
facilities limit by SBI Consortium has been enhanced from Rs. 4150.000
millions to Rs. 5450.000 Millions. |
Fixed
Assets:
·
Land and Site Development
·
Plant and Machinery
·
Building
·
Vehicles
·
Office and Equipments
·
Furniture and Fixtures
·
Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.45.68 |
|
|
1 |
Rs.75.29 |
|
Euro |
1 |
Rs.65.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.