MIRA
INFORM REPORT
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Report Date : |
25.02.2011 |
Note:
The correct name of the company is Jamakhandi Sugars Limited.
IDENTIFICATION DETAILS
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Name : |
JAMAKHANDI SUGARS LIMITED |
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Registered
Office : |
Jamkhandi Urban |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
26.07.1993 |
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Com. Reg. No.: |
08-014570 |
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CIN No.: [Company Identification
No.] |
U85110KA1993PLC014570 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Sugar and Ethanol. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1162000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. The company has successful in wiping off
the accumulated losses of previous year. Trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
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 |
INFORMATION PARTED BY
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Name : |
Mr. Rajnish Verma |
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Designation : |
Deputy General Manager |
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Contact No.: |
91-8353-254161 |
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Date : |
24.02.2011 |
LOCATIONS
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Registered Office : |
Jamkhandi Urban |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
At: Hirepadasalagi Post: Naganur, Taluka: Jamkhandi District Bagalkot
- 587 301, |
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Tel. No.: |
91-8353-254161/ 62/ 63/ 64 |
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Fax No.: |
91-8353-254160 |
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Area : |
10000 sq ft |
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Location : |
Owned |
DIRECTORS
As on 30.09.2006
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Name : |
Mr. Sidappa B. Nyamagouda (EX-MLC) |
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Designation : |
Chairman |
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Address : |
Apmc Yard, Jamkhandi, District Bagalkot, |
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Date of Birth/Age : |
05.08.1949 |
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Date of Appointment : |
26.07.1993 |
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Name : |
Mr. Subbaraya Dhayanandhan |
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Designation : |
Managing Director |
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Address : |
Old No.10, New No.13/2, |
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Date of Birth/Age : |
13.02.1943 |
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Date of Appointment : |
07.09.2008 |
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Name : |
Mr. Guralingappa S. Nyamagouda |
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Designation : |
Director |
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Address : |
Nyamagouda
Galli, Jamkhandi, District Bagalkot, |
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Date of Birth/Age : |
15.05.1948 |
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Date of Appointment : |
26.07.1993 |
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Name : |
Mr. R.B. Patil |
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Designation : |
Director |
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Name : |
Mr. Rajiv S. Kadapatti |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.12.1964 |
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Date of Appointment : |
23.01.1995 |
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Name : |
Mr. Laxman S. Savadi (MLA) |
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Designation : |
Director |
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Address : |
At |
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Date of Birth/Age : |
16.02.1960 |
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Date of Appointment : |
26.07.1993 |
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Name : |
Mr. Annappa A. Huddar |
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Designation : |
Director |
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Address : |
At Post
Doddawadi, Tal. Athani, District |
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Date of Birth/Age : |
01.06.1955 |
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Date of Appointment : |
26.07.1993 |
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Name : |
Mr. Suresh A. Patil |
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Designation : |
Director |
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Address : |
Neminath Nagar, Sangli, |
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Date of Birth/Age : |
14.10.1957 |
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Date of Appointment : |
06.05.1998 |
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Name : |
Mr. Niraj S. Chandra |
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Designation : |
Director |
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Address : |
B – 54, MIDC Satara, |
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Date of Birth/Age : |
05.01.1964 |
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Date of Appointment : |
06.05.1998 |
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Name : |
Mr. Shyam A. Mule |
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Designation : |
Director |
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Address : |
Flar No. 6 /,
29/2 Somwar Peth, Pune, |
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Date of Birth/Age : |
09.07.1957 |
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Date of Appointment : |
06.05.1998 |
KEY EXECUTIVES
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Name : |
Mr. H Shivram |
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Designation : |
Nominee Director (IFCI) |
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Name : |
Mr. Abdul |
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Designation : |
Nominee Director (KSIIDC) |
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Name : |
Mr. Bhutappa |
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Designation : |
Nominee Director (KSIIDC) |
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Name : |
Mr. Rajnish Verma |
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Designation : |
Deputy General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2006
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Government [Central and State] |
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1.00 |
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Directors
or relatives of directors |
|
71.00 |
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Other
top fifty shareholders |
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28.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Sugar and Ethanol. |
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Products : |
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Exports : |
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Products : |
Sugar |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 days) |
PRODUCTION STATUS (As on 31.03.2008)
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Particulars |
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2007‐2008 |
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Licensed Capacity |
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2,500 TCD |
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Installed Capacity |
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2,500 TCD |
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Actual Crushing |
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5,14,247.998 |
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Particulars |
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Actual
Production |
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Sugar (Qtls) |
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6,30,840.00 |
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Molasses (MT) |
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19,234.00 |
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Power (Units) |
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4,18,02,244.00 |
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Bagasse (MT) |
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1,59,281.53 |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End Users and OEM’s |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
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Auditors : |
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Name : |
NNR and Company Chartered Accountants |
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Address : |
No.163, 2nd Floor, Rajeshwari Complex, |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/-each |
Rs.300.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/-each |
Rs.250.000
millions |
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[Of the above shares, 100000 Equity Shares are allotted as fully paid-up
pursuant to a contract without payments being received in cash]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
240.000 |
240.000 |
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2] Share Application Money |
6.010 |
9.974 |
4.788 |
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3] Reserves & Surplus |
34.394 |
0.000 |
16.225 |
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4] (Accumulated Losses) |
0.000 |
(1.316) |
(93.938) |
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NETWORTH |
290.404 |
248.658 |
167.075 |
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LOAN FUNDS |
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1] Secured Loans |
720.440 |
613.405 |
798.424 |
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2] Unsecured Loans |
144.694 |
118.127 |
114.635 |
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TOTAL BORROWING |
865.134 |
731.532 |
913.059 |
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DEFERRED TAX LIABILITIES |
4.771 |
0.000 |
0.000 |
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TOTAL |
1160.309 |
980.190 |
1080.134 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
451.983 |
474.807 |
493.055 |
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Capital work-in-progress |
37.490 |
25.605 |
26.089 |
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INVESTMENT |
11.710 |
9.585 |
9.259 |
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DEFERREX TAX ASSETS |
0.000 |
19.535 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
595.948
|
450.790 |
582.143 |
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Sundry Debtors |
63.011
|
48.285 |
48.054 |
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Cash & Bank Balances |
60.628
|
7.964 |
8.473 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
108.603
|
158.585 |
74.400 |
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Total
Current Assets |
828.190
|
665.624 |
713.070 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
210.701 |
157.967 |
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Other Current Liabilities |
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Provisions |
21.682
|
4.265 |
3.372 |
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Total
Current Liabilities |
169.064
|
214.966 |
161.339 |
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Net Current Assets |
659.126
|
450.658 |
551.731 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1160.309 |
980.190 |
1080.134 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
|
|
|
|
|
|
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Income |
963.022 |
872.035 |
881.629 |
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|
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Other Income |
54.854 |
90.676 |
4.963 |
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|
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TOTAL (A) |
1017.876 |
962.711 |
886.592 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
809.283 |
536.073 |
588.977 |
|
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Manufacturing Expenses |
60.616 |
58.939 |
48.681 |
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Manpower |
31.306 |
26.293 |
23.420 |
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|
Administration Expenses |
47.981 |
42.306 |
11.146 |
|
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|
Prior Period Adjustments |
0.663 |
2.241 |
(0.061) |
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|
Extra-Ordinary Items Waiver of Interest from IFCI |
0.000 |
(12.773) |
0.000 |
|
|
|
Impact of Change
in the Method of Depreciation |
0.000 |
0.000 |
(226.730) |
|
|
|
Increase/decrease in Stock |
(169.389) |
96.698 |
38.091 |
|
|
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TOTAL
(B) |
780.460 |
749.777 |
483.524 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
237.416 |
212.934 |
403.068 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
95.260 |
93.801 |
103.972 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
142.156 |
119.133 |
299.096 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.299 |
61.856 |
59.073 |
|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
77.857 |
57.277 |
240.023 |
|
|
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|
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Less |
TAX (H) |
24.754 |
(19.120) |
0.458 |
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
53.103 |
76.397 |
239.565 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(17.541) |
(93.938) |
(333.503) |
|
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|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend Proposed |
14.867 |
0.000 |
0.000 |
|
|
|
Tax on Dividend Proposed |
2.526 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
18.169 |
(17.541) |
(93.938) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
NA |
3.634 |
-- |
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|
TOTAL EARNINGS |
NA |
3.634 |
-- |
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Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
2.15 |
3.18 |
9.98 |
|
|
|
- Diluted |
2.15 |
3.17 |
9.98 |
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Particulars |
|
|
31.03.2010 (Approximately) |
|
Sales Turnover |
|
|
1200.000 |
Expected Sales (2010-2011): Rs.1500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
5.22
|
7.94 |
27.02 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.08
|
6.57 |
27.22 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.08
|
5.02 |
19.90 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.23 |
1.44 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
3.81 |
6.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.90
|
3.10 |
4.42 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: Not Available
FORM 8:
|
Corporate
identity number of the company |
U85110KA1993PLC014570 |
|
Name of the
company |
JAMAKHANDI SUGARS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Jamkhandi Urban E-Mail: jaat72@rediffmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Others (As per
Memorandum of Entry) |
|
Particular of
charge holder |
Belgaum District Central Co-Operative Bank Limited, Near Central Bus
Stand, E-Mail: jaat72@rediffmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
14/10/2010 |
|
Amount secured by
the charge |
Rs.250.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13% Terms of
Repayment: Principal part of the loan, should be repaid in full in a period o
8 years, after a moratorium period of 1 year, in 14 half yearly installments Extent and
Operation of the charge: First parri passu charge |
|
Short particulars
of the property charged |
All that piece or
parcel of land comprised in Survey Nos. 66/1, 72, 73, 74, 78, 79 and 80 at Village
Hirepadasalgi, Taluka Jamkhandi, Dist Bagalkot admeasuring 111 acres and 38
gunthas All that piece or
parcel of land comprised in Survey No. 88at Village Hirepadasalgi, Taluka
Jamkhandi, Dist Bagalkot admeasuring 37 acres and 35 gunthas |
FIXED ASSETS
·
Land (including of Land Development)
·
Buildings
·
Plant Machinery
·
Laboratory and Workshop
·
Equipments
·
Miscellaneous Tools and Equipment
·
Office Equipments
·
Furniture and Fittings
·
Motor Vehicles
WEBSITE DETAILS:
PROFILE:
Subject was incorporated in 1993 to establish a Sugar cum Co-generation project in backward rural area (about 20 kms. From Jamkhandi town) which would serve as a powerful media for augmenting the socio-economic prosperity of the farmers in particular and of the industrial backward Bagalkot-Bijapur district in general. Shri. S B Nyamagouda, Ex-MLC Karnataka Government (Former Union Dy. Minister for Coal) the Chairman who promoted the company with the association of local farmers and general public has engaged himself in socio-economic development of this region since 20 years. Construction of Chikkapadasalgi and Heggur barrages on co-operative basis with the help of farmers are his recorded contributions. The unique experiment of ‘Self-help’ at Chikkapadasalgi brought 35000 acres of land under irrigation and solved drinking water problem of 30 villages. The benefit of the above 35000 acres (under cultivation) would be available for Subject in terms of growing sugarcane. The sugar mill needs about 15000 acres of sugarcane of 100% capacity utilization.
Subject is one of the most
progressive sugar industry in the state of Karnataka, having started its
operations in 1993.The trial production was taken up during April May 2001 and
commercial production during October 2001. Subject has a sugar mill with a
crushing capacity of 2500 TCD and Co-generation plant of 12 MW capacities. The
company is proposed to expand its capacity from 2500TCD to 5000 TCD and
additional 17.5 MW Co-generation.
Subject has been registered under Companies Act, 1956 vide Registration No.
08/14570 on 26th July 1993. The Sugar factory is located at Hirepadasalagi
village situated about 20 Kms from Jamakhandi town, Bagalkot district. The site
is at a distance of 5 Kms from Bijapur –Dharwad state highway. River
1. Subject, a registered Public Limited Company has established a sugar mill with a capacity of 2500 TCD sugar plant with a co-generation of 12.3 MW. The company is now expending its capacity from 2500 TCD to 5000 TCD and co-generation from 12.3 MW to 30 MW.
2. Subject is also setting up a distillery unit of 60 KLPD, which will start its first commercial production by January 2011.
3. Subject has been registered with the Register of Companies under Companies Act, 1956 vide Registration No. 08/14570 on 26th July 1993. A letter of intent has been issued on 31st March 1994, which was extended upto July 1998.
4. The
sugar factory is located at Hirepadasalgi village situated about 20 Kms. from
Jamkhandi town, Bagalkot district in an area of 149.825 Acres. The site is at a
distance of 5 Kms from Bijapur-Dharwad state highway and adjacent to the link
road connecting Chikkapadasalgi and Savalgi villages. River
ACHIEVEMENTS:
They are glad to state that Carbon Credit from UNFCC is
realized upto September 2006 and Carbon Credit is valid upto 2012, which is an
additional income for the company. In
PERFORMANCE DURING 5TH YEAR OF OPERATION – 2005-2006
|
Total Cane Crushed |
4,71,418.854 MT’s |
|
Total Sugar Bagged |
5,52,015 Quintals |
|
Recovery |
11.68% |
PERFORMANCE
DURING 6TH YEAR OF OPERATION – 2006-2007
|
Total Cane Crushed |
5,34,367.998 MT’s |
|
Total Sugar Bagged |
6,45,015 Quintals |
|
Recovery |
12.05% |
PERFORMANCE
DURING 7TH YEAR OF OPERATION – 2007-2008
|
Total Cane Crushed |
4,74,132.063 MT’s |
|
Total Sugar Bagged |
5,82,695 Quintals |
|
Recovery |
12.25% |
PERFORMANCE
DURING 8TH YEAR OF OPERATION – 2008-2009
|
Total Cane Crushed |
4,21,315.976 MT’s |
|
Total Sugar Bagged |
4,31,640 Quintals |
|
Recovery |
10.20% |
PERFORMANCE
DURING 9TH YEAR OF OPERATION – 2009-2010
|
Total Cane Crushed |
5,30,010.321 MT’s |
|
Total Sugar Bagged |
6,20,825 Quintals |
|
Recovery |
11.71% |
AWARDS:
Third place in “BEST SUGARCANE
DEVELOPMENT” in Karnataka for the year 2009-10 from The South
Indian Sugarcane and Sugar Technologists’ Association (SISSTA).
Second place in “BEST CO-GENERATION
AWARD” in Karnataka for the year 2007-08 from The South Indian
Sugarcane and Sugar Technologists’ Association (SISSTA).
Second place in “BEST_CANE_DEVELOPMENT_AWARD”
in Karnataka for the year 2006-2007 from The South Indian Sugarcane and Sugar
Technologists’ Association (SISSTA).
Second place in “BEST_PERFORMANCE_SUGAR_FACTORY_AWARD”
in Karnataka for the year 2006-07 from The South Indian Sugarcane and Sugar
Technologists’ Association (SISSTA).
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.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.