MIRA
INFORM REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREYAS INTERMEDIATES LIMITED |
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Formerly Known
As : |
SHREYAS INTERMEDIATE PRIVATE LIMITED |
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Registered Office : |
122-123 Solaris # 2, Universal Industrial Estate, |
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Country : |
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Financials (as on) : |
30.09.2009 |
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Date of Incorporation : |
06.11.1989 |
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Com. Reg. No.: |
11-054164 |
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CIN No.: [Company
Identification No.] |
L24120MH1989PLC054164 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS17881D |
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Legal Form : |
A public limited liability company. The company’s shares are listed on
stock exchange. |
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Line of Business : |
Company is engaged in the business of manufacturer and sale of
Pigments and Pigment Intermediates and Bi-Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B (35) |
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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 2300000 |
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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. Profit margin
is very low. Trade relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre 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 DECLINED BY
Management Non Co-Operative.
LOCATIONS
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Registered Office : |
122-123 Solaris # 2, Universal Industrial Estate, Saki Vijar Road,
Andheri (East), Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-28470570/ 71/ 72/ 73 |
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Fax No.: |
91-22-28571227/ 66924202 |
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E-Mail : |
accounts@shreyasintermediates.com |
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Website: |
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Factory 1 : |
D-21,0-22,
D-23.M.I.D.C., Lote Parshuram, Taluka Khed, Dist.: Ratnagiri – 415722, |
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Tel. No.: |
91-2356-272471/ 272182 |
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Fax No.: |
91-2356-272571 |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Dinesh Shankarlal Sharma |
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Designation : |
Director |
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Address: |
2A Shantivan, |
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Date of Birth/ Age: |
29.11.1956 |
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Date of Appointment: |
06.11.1989 |
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DIN No.: |
01231046 |
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Name : |
Mr. Bramhanand Dabbas |
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Designation : |
Director |
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Address: |
Flat No. 302 102 Madhav Estate, Sher E Punjab, |
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Date of Birth/ Age: |
24.11.1931 |
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Date of Appointment: |
25.07.2003 |
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DIN No.: |
01718487 |
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Name : |
Mr. Govind K. Sharma |
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Designation : |
Whole time Director |
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Address: |
Godava Plot No. R1017, Peer Lote, Taluka Khed, Ratnagiri
District-415722, |
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Date of Birth/ Age: |
21.10.1943 |
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Date of Appointment: |
29.11.2008 |
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DIN No.: |
02420331 |
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Name : |
Prof. Neelam Arora |
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Designation : |
Director |
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Address: |
Arora Villa, Plot No. 6, Sector 3 Shree Nagar, Thane West,
Mumbai-400604, |
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Date of Birth/ Age: |
22.03.1959 |
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Date of Appointment: |
29.01.2005 |
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DIN No.: |
01603068 |
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Name : |
Mr. |
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Designation : |
Director |
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Address: |
31 Sagar Tarang, 15 A Worli Seaface, Mumbai-400025, |
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Date of Appointment: |
29.11.2008 |
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DIN No.: |
02339427 |
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Name : |
Mr. Gopal Krishan Sharma |
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Designation : |
Director |
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Address: |
973, Sector 21 C, Housing Board Colony, Faridbad-121001, |
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Date of Birth/ Age: |
15.09.1951 |
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Date of Ceasing : |
18.10.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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5,878,900 |
36.51 |
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3,909,700 |
24.28 |
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9,788,600 |
60.78 |
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Total shareholding of Promoter and Promoter Group (A) |
9,788,600 |
60.78 |
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(B) Public Shareholding |
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2,100 |
0.01 |
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3,200 |
0.02 |
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5,300 |
0.03 |
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1,486,890 |
9.23 |
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2,424,492 |
15.06 |
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2,349,261 |
14.59 |
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49,357 |
0.31 |
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49,357 |
0.31 |
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6,310,000 |
39.18 |
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Total Public shareholding (B) |
6,315,300 |
39.22 |
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Total (A)+(B) |
16,103,900 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
16,103,900 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Company is engaged in the business of manufacturer and sale of
Pigments and Pigment Intermediates and Bi-Products. |
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Products : |
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PRODUCTION STATUS AS ON 30.09.2009
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Particulars |
Unit |
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Actual
Production |
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Pigment Blue |
Kgs |
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5882696 |
GENERAL INFORMATION
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No. of Employees : |
Approximately 150 |
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Bankers : |
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Facilities : |
CHARGES A) Loans given under 1 and 2 are secured by first legal charges of Company's Land/Building/Plant and Machinery etc. fixed or moveable and all other similar assets acquired or to be acquired in future situated at Plot Nd. D-22.MIDC Industrial Area, Lote Parshuram, Taluka Khed, Dist: Ratnagiri, Maharastra.Further these are secured by floating charges on all the liquid and other assets of the Company and Guaranteed by one present and one Ex-Director of the Company at the time of execution of the securities. A further pledge of share has also made by shareholder of the Company and Personal Guarantees of a Director, an Ex-Director and 2 shareholders of the Company have also been given. B) Working Capital Loan from Bank of Baroda is secured by first charge of inventories and by second charge on the fixed assets of the Company and personal guarantees of some the Directors of the Company.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sayeed Khan and Associates Chartered Accountants |
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Address: |
54/C, Level-1, Dewan Centre, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
1,50,00,000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
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Total |
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Rs. 350.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1,61,03,900 |
Equity Shares |
Rs. 10/- each |
Rs. 161.039
Millions |
|
1,50,00,000 |
10% Non Cumulative Redeemable Preference
Shares issued at a Premium of Rs. 5/- each |
Rs. 10/-
each |
Rs. 150.000
Millions |
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Total |
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Rs. 311.039 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
311.039 |
281.039 |
281.039 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
264.602 |
226.254 |
214.991 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
575.641 |
507.293 |
496.030 |
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LOAN FUNDS |
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1] Secured Loans |
824.485 |
753.069 |
586.872 |
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2] Unsecured Loans |
72.658 |
36.253 |
18.729 |
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TOTAL BORROWING |
897.143 |
789.322 |
605.601 |
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DEFERRED TAX LIABILITIES |
10.546 |
10.231 |
9.245 |
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TOTAL |
1483.330 |
1306.846 |
1110.876 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
841.070 |
726.040 |
688.262 |
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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 |
575.640
|
503.475 |
381.540 |
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Sundry Debtors |
135.853
|
78.938 |
82.608 |
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Cash & Bank Balances |
28.500
|
26.430 |
46.302 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
59.756
|
87.563 |
50.887 |
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Total
Current Assets |
799.749
|
696.406 |
561.337 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
162.081
|
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Other Current Liabilities and Provisions |
|
5.733 |
20.052 |
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Provisions |
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Total
Current Liabilities |
168.556
|
127.282 |
146.965 |
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Net Current Assets |
631.193
|
569.124 |
414.372 |
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MISCELLANEOUS EXPENSES |
11.067 |
11.682 |
8.242 |
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TOTAL |
1483.330 |
1306.846 |
1110.876 |
|
‘
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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SALES |
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Income |
1104.550 |
1303.504 |
907.270 |
|
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Other Income |
5.490 |
2.597 |
3.465 |
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TOTAL (A) |
1110.040 |
1306.101 |
910.735 |
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
958.179 |
1214.069 |
873.133 |
|
|
|
Preliminary Expenses w/off |
0.614 |
0.614 |
0.614 |
|
|
|
Increase / Decrease in Stock |
[6.388] |
[30.089] |
[93.320] |
|
|
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TOTAL (B) |
952.405 |
1184.594 |
780.427 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
157.635 |
121.507 |
130.309 |
|
|
|
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
107.688 |
69.958 |
23.408 |
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
49.947 |
51.549 |
106.901 |
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.064 |
34.869 |
23.605 |
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
8.883 |
16.680 |
83.296 |
|
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Less |
TAX (H) |
0.536 |
1.197 |
10.881 |
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PROFIT AFTER TAX
(G-H) (I) |
8.347 |
15.483 |
72.415 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
232.745 |
217.262 |
149.067 |
|
|
|
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|
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|
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BALANCE CARRIED
TO THE B/S |
241.092 |
232.745 |
221.482 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export Earnings |
251.400 |
205.314 |
173.000 |
|
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TOTAL EARNINGS |
251.400 |
205.314 |
173.000 |
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IMPORTS |
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Import Value |
35.400 |
69.221 |
92.290 |
|
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TOTAL IMPORTS |
35.400 |
59.221 |
92.290 |
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Basic and
Diluted Earnings Per Share (Rs.) |
0.52 |
0.96 |
4.50 |
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QUARTERLY RESULTS
|
PARTICULARS |
31.03.2010 |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Net Sales |
227.630 |
204.130 |
201.610 |
277.470 |
|
Total Expenditure |
200.960 |
187.800 |
200.190 |
287.590 |
|
PBIDT (Excl OI) |
26.670 |
16.330 |
1.420 |
[10.120] |
|
Other Income |
0.360 |
1.390 |
0.860 |
0.120 |
|
Operating Profit |
27.030 |
17.720 |
2.280 |
[10.000] |
|
Interest |
33.180 |
27.770 |
38.320 |
37.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
[6.150] |
[10.050] |
[36.040] |
[7.600] |
|
Depreciation |
9.200 |
9.200 |
12.020 |
3.000 |
|
Profit Before Tax |
[15.360] |
[19.250] |
[48.060] |
[50.600] |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
[15.360] |
[19.250] |
[48.060] |
[50.600] |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
[15.360] |
[19.250] |
[48.060] |
[50.600] |
KEY RATIOS
|
PARTICULARS |
|
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
PAT / Total Income |
(%) |
0.75
|
1.26 |
8.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.80
|
1.27 |
9.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.53
|
1.17 |
6.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.85
|
1.80 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.74
|
5.47 |
3.81 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
Sundry Creditors |
162.081 |
121.549 |
126.913 |
Review of
Operations:
The year continued to be a challenging one due to the Inflammatory crude
oil prices dampening the world economy. However, notwithstanding this trend,
during the year, the company has been able to continue the turnover at the same
level as compared to the previous year on an annualized basis, however, the
profitfot he year registered a decline of about 47% on an annualized basis. The
demand for company’s products continues resulting in Increased sales volumes.
The implementation of the strategic cost management initiatives has resulted in
improving productivity significantly.
Production and
Performance:
The company has produced Pigment to match international quality. The
production achieved during the year was 5883 tons of Pigment. The capacity
utilization in this products was 16.25%. however in the Pigment capacity
utilization was low on account of the
project not being complete dues to balancing equipments. The company
hopes to achieve full capacity utilization in the coming years as they are in
the process of installing the balancing equipments.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90222491 |
|
Corporate
identity number of the company |
L24120MH1989PLC054164 |
|
Name of the
company |
SHREYAS INTERMEDIATES LIMITED |
|
Address of the
registered office or of the principal place of business in |
122-123 Solaris # 2, Universal Industrial Estate, Saki Vijar Road,
Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Bank of Baroda,
Nariman Point Branch, Foreshore Building, Gen Bhosale Marg, Nariman Point,
Mumbai-400021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1) Amalgamated deed of Prime and collateral
securities of Hypothecation and Mortgage, Supplements Agreement and
undertaking. 2) Inter se Agreement (Both instrument
constitute single charge) |
|
Date of
instrument Creating the charge |
29.04.2009 |
|
Amount secured by
the charge |
Rs. 1073.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest: As
stipulated by BOB and SBI Form Time to
time and / or as per reserve bank of Terms of
Repayment Fund Based and
Non Fund Based Facilities Bank of State Bank of Total: Rs.
1073.000 Millions Margin As stipulated by
BOB and SBI Form Time to time and / or
as per reserve bank of Extent and
Operation of the charge Charge in favour
of bank of |
|
Short particulars
of the property charged |
Leasehold Rights
in MIDC PLOT of Land Bearing Plot No. D-22 ADM
8225 sq.mtrs. Plot No. D-23 ADM
2100 sq. mtrs. Plot No. D21 ADM
12011 sq.mtrs. Plot No. C-27 ADM
12011 sq. mtrs situated in Lote Parshuram
Industrial Area at Village Lote in the Taluka and registration Sub- District
of Khed and Distriat and Registration District of Ratnagiri and Plot No. B-57 ADM
5850 sq.mtrs or thereabouts together with factory shed/ office ADM, an Area
of 1969.24 sq.mtrs in MIDC Lote Parshuram Taluka Khed . |
|
Particulars of
the present modification |
Fund Based and
Non Fund Based Facilities Bank of State Bank of Total: Rs.
1073.000 Millions |
Fixed Assets
- Land
- Building
- Plant and Machinery
- Effluent Treatment Plant
- Electrical Installation
- Furniture and Fixtures
- Other Equipment
- Vehicles
- Capital Work in Progress
AS PER WEBSITE
History:
Headquartered in Mumbai, the commercial capital of
The production facilities are strategically located, enabling movement of raw
material and finished products smoothly. The company has technically competent
personnel at the Production and Quality Assurance levels to produce Pigments as
per the requirement of the customers spread across the world.
While the current capacities are reasonably good, the company expects to
achieve substantially higher capacities and become one of the largest producers
of CPC and other pigments by middle of 2006 when an ongoing expansion programme
is scheduled to be completed.
Profile:
Subject is a professionally managed Company having its Corporate Office
in Mumbai, the commercial capital of
The manufacturing facilities are located at Lote Parashuram, a Chemical
Industrial Zone, 250 KMs away from Mumbai on the Mumbai –
The Company also has facilities for palletizing and stuffing of containers
(both 20’ and 40’) at the Plants and the Logistics team is well trained to
handle these operations. This also allows themthe freedom of moving export
cargo overnight from Plant to the Docks and/or Container Freight Station in
Mumbai for loading on vessels sailing the next day.
There are 4 Plants at Lote Parashuram to produce, CPC Blue Crude and other
Phthalocyanine Pigments. A very flexible manufacturing schedule helps the
company respond to changes, if any, in the international demand pattern.
The Company has recently started production of Rubber/EVA Master Batches at a
new Unit set up specifically for this purpose in Himachal Pradesh (
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 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.