%20LIMITED%20129208%2010-Jan-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PFS SHIPPING ( |
|
|
|
|
Formerly Known
As : |
ABG SHIPPING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Shree Pant Bhuvan, No. 3/B, 2nd Floor, Mama Varerkar Marg,
Mumbai – 400007, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.12.1994 |
|
|
|
|
Com. Reg. No.: |
083429 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U61100MH1994PLC083429 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA15226B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCA8387L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of Financial Services, Recruitment Firms and Cargo
Shipping. |
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 |
|
Maximum Credit Limit : |
USD 15599000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Shree Pant Bhuvan, No. 3/B, 2nd Floor, Mama Varerkar Marg,
Mumbai – 400007, Maharashtra, India |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Nikhil Kishore Desai |
|
Designation : |
Director |
|
Address : |
B-201, Rock Garden Apartment, Dadabhai Cross Road, 1-2 Near Bhavans
College, Andheri (west), Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
05.12.1972 |
|
Date of Appointment : |
02.02.2010 |
|
|
|
|
Name : |
Mr. Krishna Gopal Toshniwal |
|
Designation : |
Director |
|
Address : |
Rajshree Nagar, B.T.M. Colony, Bhiwani – 127021, |
|
Date of Birth/Age : |
15.07.1958 |
|
Date of Appointment : |
02.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Equity
Shares |
|
ABG International Private Limited. ( |
|
9094200 |
|
Total |
|
9094200 |
|
|
|
|
|
Names of Shareholders |
|
No. of
Preference Shares |
|
ABG International Private Limited.( |
|
458000 |
|
Total |
|
458000 |
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Financial Services, Recruitment Firms and Cargo
Shipping. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
Standard
Chartered Bank 90, |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes :-
Term
Loan In Rupees Rs.1308.236
Millions In Foreign Currency USD1714.284 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nisar and Kumar Chartered Accountant |
|
Address : |
A-17, |
|
Tel. No.: |
91-22-23515414 |
|
Fax No.: |
91-22-23515527 |
|
E-Mail : |
|
|
|
|
|
Holding Company : |
ABG INTERNATIONAL PRIVATE LIMITED CIN No. : U99999MH1993PTC073745 |
|
|
|
|
Associates/Subsidiaries : |
·
Verwaitung Handysizebulker Holding Gmbh
·
MS Voge Nambia Gmbh and Company KG ·
MS Voge Lisa Gmbh and Company KG ·
MS Voge Angeia Gmbh and Company KG ·
MS Voge Lucie Gmbh and Company. KG ·
MS Voge Klara Gmbh and Company. KG ·
MS Voge Laura Gmbh and Company. KG
Address : 9, gul Road, #01-02, Tel. No. 91-65-68616480 Fax No. : 91-65-68616084 E-Mail : info@pfsshipping.com
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9500000 |
Equity Shares |
Rs.10/- each |
Rs.95.000 Millions |
|
500000 |
Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9094200 |
Equity Shares |
Rs.10/- each |
Rs.90.942
Millions |
|
458000 |
Preference Shares |
Rs.10/- each |
Rs.4.580
Millions |
|
|
Total |
|
Rs.95.522 Millions |
NOTES :-
- Out of the above 9094200 equity shares are held by holding company
i.e. ABG International Private Limited.
- Out of the above 40000 equity shares are allotted for consideration
other than cash in the financial year 2002-03.
- Out of the above 458000 preference shares are held by holding
company i.e. ABG International Private Limited.
- 458000 0% Redeemable Preference Shares are allotted as fully paid up
redeemable non convertible preference share at par to be redeemed at par
on 31.03.2020 or on such earlier date as may be unclaimed by Board of
Directors of the company.
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 |
95.522 |
93.942 |
91.942 |
|
|
2] Share Application Money |
380.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3424.142 |
3007.121 |
2575.205 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3899.664 |
3101.063 |
2667.147 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2965.140 |
654.849 |
432.833 |
|
|
2] Unsecured Loans |
331.361 |
507.711 |
512.520 |
|
|
TOTAL BORROWING |
3296.501 |
1162.560 |
945.353 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7196.165 |
4263.623 |
3612.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3193.152 |
1534.470 |
1319.390 |
|
|
Capital work-in-progress |
735.791 |
159.452 |
152.378 |
|
|
|
|
|
|
|
|
INVESTMENT |
2971.617 |
2800.947 |
2114.197 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.892
|
1.053 |
3.839 |
|
|
Sundry Debtors |
72.736
|
75.231 |
35.530 |
|
|
Cash & Bank Balances |
89.942
|
32.021 |
53.927 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
447.635
|
533.529 |
68.394 |
|
Total
Current Assets |
620.205
|
641.834 |
161.690 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
277.094
|
830.191 |
92.427 |
|
|
Provisions |
47.506
|
42.889 |
42.728 |
|
Total
Current Liabilities |
324.600
|
873.080 |
135.155 |
|
|
Net Current Assets |
295.605
|
(231.246) |
26.535 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7196.165 |
4263.623 |
3612.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
434.283 |
389.272 |
816.919 |
|
|
|
Other Income |
61.095 |
177.261 |
176.401 |
|
|
|
TOTAL (A) |
495.378 |
566.533 |
993.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manning Expenses |
106.216 |
95.458 |
117.038 |
|
|
|
Stores, spare
parts and consumables |
26.211 |
26.907 |
67.324 |
|
|
|
Repairs to Ships
|
9.737 |
18.510 |
27.309 |
|
|
|
Fuel oil and
Lubricants expenses |
55.770 |
64.680 |
21.881 |
|
|
|
Port and Canal
expenses |
52.205 |
45.533 |
4.559 |
|
|
|
Documentation
& Other Charges |
3.379 |
2.177 |
0.748 |
|
|
|
Legal &
Professional Fees |
0.000 |
3.446 |
1.528 |
|
|
|
Other Operating
Expenses |
5.301 |
4.174 |
5.121 |
|
|
|
Survey / Agent
expenses |
12.891 |
17.711 |
5.274 |
|
|
|
Insurance and
Protection Club fees |
25.276 |
24.027 |
19.460 |
|
|
|
Navigational
& Communication Expenses |
1.130 |
1.280 |
0.929 |
|
|
|
Salary Wages
& Other Benefit |
14.753 |
15.829 |
17.088 |
|
|
|
Contribution to
P.F. |
1.499 |
1.098 |
1.041 |
|
|
|
Staff Welfare
Expenses. |
0.420 |
0.387 |
0.390 |
|
|
|
Advertisement |
0.073 |
0.000 |
1.027 |
|
|
|
Communication Charges
|
1.075 |
0.900 |
0.923 |
|
|
|
Travelling
Expenses & Conveyance |
6.822 |
5.033 |
5.250 |
|
|
|
Vehicle Expenses
|
0.510 |
0.490 |
0.781 |
|
|
|
Speedboat
Expenses |
0.619 |
0.504 |
0.930 |
|
|
|
Rent Rate &
Taxes |
0.007 |
0.074 |
13.672 |
|
|
|
Provision for
Doubtful Debts |
0.000 |
0.000 |
42.018 |
|
|
|
Bad Debts w/off |
0.000 |
1.442 |
1.429 |
|
|
|
Bank Charges |
1.298 |
3.441 |
0.976 |
|
|
|
Legal &
Professional Fees |
3.648 |
4.258 |
3.356 |
|
|
|
Brokerage |
0.000 |
14.141 |
29.411 |
|
|
|
Auditor's
Remuneration |
1.202 |
0.441 |
0.449 |
|
|
|
Office Expenses |
2.578 |
1.842 |
0.690 |
|
|
|
Membership &
Subscription |
0.404 |
0.534 |
0.626 |
|
|
|
Prior Period
Expenses |
0.000 |
0.209 |
0.653 |
|
|
|
Derivative Loss |
0.000 |
11.528 |
0.000 |
|
|
|
Business
Promotion Expenses |
0.102 |
0.000 |
0.000 |
|
|
|
Donation |
0.800 |
0.394 |
0.000 |
|
|
|
Bank Gaurantee
Expenses |
0.000 |
15.362 |
0.000 |
|
|
|
Translation
Exchange Loss |
0.000 |
1.356 |
0.668 |
|
|
|
TOTAL (B) |
333.926 |
383.166 |
392.549 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
161.452 |
183.367 |
600.771 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
66.724 |
47.967 |
103.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
94.728 |
135.400 |
497.110 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
63.947 |
59.273 |
106.253 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
30.781 |
76.127 |
390.857 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.033 |
16.072 |
15.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
29.748 |
60.055 |
375.323 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
507.265 |
468.860 |
171.916 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
6.400 |
0.000 |
|
|
|
Transferred to Tonnage Tax Reserve |
6.156 |
15.250 |
78.171 |
|
|
BALANCE CARRIED
TO THE B/S |
530.857 |
507.265 |
469.068 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.27 |
6.60 |
43.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.00
|
10.62 |
37.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.09
|
19.56 |
47.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.81
|
3.50 |
26.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.02 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
0.66 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
0.73 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
During the year, the profitability of the company has been affected compared
with previous year due to lower demand of vessels at reduced rate compared with
the exceptional charter hire rates earned by the company during the previous
year, dry docking of its vessels and the consequent lower operating days of the
Company’s fleet.
SUBSIDIARY :-
During the year, the company invested in its wholly owned subsidiary
company in
CHANGE OF ADDRESS
:-
Registered office of the company has been shifted from 5th
Floor, Bhupati Chambers,
FORM 8 :-
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U61100MH1994PLC083429 |
|
Name of the
company |
PFS SHIPPING ( |
|
Address of the
registered office or of the principal place of business in |
Shree Pant Bhuvan, No. 3/B, 2nd Floor, Mama Varerkar Marg,
Mumbai – 400007, Maharashtra, India |
|
Type of charge |
Ship |
|
Particular of
charge holder |
Standard
Chartered Bank 90, |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of Mortgage |
|
Date of
instrument Creating the charge |
20.05.2010 |
|
Amount secured by
the charge |
Rs.323.073
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Credit
Facilities. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
Repayment : As agreed by and
with the Bank from time to time. Margin : As agreed by and
with the Bank from time to time. Extent and
Operation of the charge : First charge by
way of mortgage over security given by the Company for ECB Loan of USD 7 mio
(eqv INR 323,073,333/-) to be disbursed by Standard Chartered Bank (SCB) Others : First charge on
vessel as specified in deed of mortgage has been created in favour of SCB
Mumbai as security agent for securing ECB Term Loan limit of USD 7 Mio granted
to the Company by SCB London . For the purpose of filing Form 8, the facility
amount equivalent in INR has been calculated at the prevailing foreign
exchange rate i.e. (1 USD = INR 46.153). |
|
Short particulars
of the property charged |
Vessel 1 - Vessel
/ Ship name "PFS Force" and bearing provisional registration no. 20
under the Provisional Certificate of Indian Registry granted by Registrar of
Indian Ships, Mercantile Marine Department on 11.01.2010. Vessel 2 - essel /
Ship name "PFS Courage" and bearing provisional registration no.
437 under the Provisional Certificate of Indian Registry granted by Registrar
of Indian Ships, Mercantile Marine Department Mumbai on 18.12.2009. |
FIXED ASSETS :-
- Vessels
- Computers
- Speed Boats
- Office Equipments
- Vehicles
- Vessel
Equipment
WEBSITE DETAILS :-
ABOUT US :-
Overview :
•
Closely held, Public limited company.
• Part
of ABG Group, a well diversified group with interest spanning across all major
marine activities and in key infrastructure related
industries such as Cement and Energy.
• At
PFS, major activities include Ship Owning, Chartering & Managing
History :
• PFS
Shipping was originally incorporated as ABG Shipping in 1994
• Started
with primary objective to have a group of associated companies that are
vertically and horizontally integrated whereby one stop services for all marine
related requirements could be offered to its customers.
• It
began with modest beginning with acquisition of first vessel and named it ABG
Pioneer, now named as PFS Pioneer
• From
its start PFS was into Bulk segment of shipping until 2006 when it placed its
first order with ABG Shipyard for five 80T Bollard Pull Anchor Handlers. PFS
thus became an offshore vessel owning company as well.
• PFS
has successfully placed its AHTS PFS Brave on term charter with ONGC.
•
Thereafter it successively placed, PFS Courage and PFS Force also on term
charter with ONGC.
• In Dec
2009, PFS bought UT755 design PSV PFS Supplier placed her on term charter with
ONGC.
• In
July 2010, PFS purchased its first Panamax PFS Vamana, as 70000 DWT Bulk
Carrier.
Board of Directors :
1. V. K.
Malik (Managing Director)
2.
Dhananjay Datar
3. K. K.
Agarwal
4. Nikhil Desai 5.
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.70.03 |
|
Euro |
1 |
Rs.58.93 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.