MIRA
INFORM REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
AMINES AND PLASTICIZERS LIMITED |
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Registered Office : |
Poal and Enclave c/o Pranati Builders Private Limited, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.09.1973 |
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Com. Reg. No.: |
02-001446 |
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CIN No.: [Company
Identification No.] |
U24229AS1973PLC001446 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA18981E |
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Legal Form : |
A closely held
Public Limited Liability Company. |
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Line of Business : |
Manufacturers of Basic Organic Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 830000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are 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
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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 |
LOCATIONS
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Registered Office : |
Poal and Enclave c/o Pranati Builders Private Limited, |
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Tel. No.: |
91-361-2666772 / 2630464 |
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Fax No.: |
91-361-2669108 |
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E-Mail : |
amines@vsnl.com (Corporate
Information and Export Sales) legal@amines.com (Corporate
Secretarial) marketing@amines.com
(Marketing-Domestic) purchase@amines.com (Purchase
Department) acconts@amines.com (Accounts
Department) pharmaprodcucts@amines.com
(Pharma Products) intlmarketing@amines.com
(international Business Development) |
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Website : |
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Corporate/ Head Office : |
D Building, Shivsagar Estate, |
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Tel. No.: |
91-22-24935282/ 87/88 |
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Fax No.: |
91-22-24938162 |
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Plant 1 : |
Chemical Plant (Unit
No.1) Thane-Belapur Road, Turbhe, Navi Mumbai-400705, |
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Plant 2 : |
APL Industrial
Gases Plant (Unit No.2) Survey No.49, Village Vadval-420020, Taluka Khalapur, District Raigad |
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Plant 3 : |
D 21/21A, TTC Industrial Area, Turbhe, |
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Tel. No.: |
91-22-27681350 / 27681321 / 27681342 / 27687367 |
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Fax No.: |
91-22-27681332 |
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E-Mail : |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Hemant Kumar Ruia |
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Designation : |
Chairman and Managing Director |
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Address : |
Minraj Building 405, |
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Date of Birth : |
24.02.1958 |
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Date of Appointment : |
01.04.2005 |
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Election Commission Identity Card : |
MT04021087663 |
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DIN No.: |
00029410 |
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Name : |
Mr. Kailashchandra Seksaria |
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Designation : |
Director |
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Address : |
74, |
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Date of Birth : |
03.04.1939 |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
00115565 |
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Name : |
Dr. Mothiliesh Kumar Sinha |
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Designation : |
Director |
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Address : |
1604 Orchid Filmcity, Malad East, Mumbai – 400097, |
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Date of Birth : |
02.09.1935 |
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Date of Appointment : |
29.09.2006 |
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DIN No.: |
00073988 |
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Name : |
Dr. Pandurang Hari Vaidya |
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Designation : |
Director |
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Address : |
27 C, Prachi Shahaji, |
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Date of Birth : |
25.05.1939 |
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Date of Appointment : |
29.09.2006 |
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DIN No.: |
00939149 |
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Name : |
Mr. Arun Shanker Nagar |
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Designation : |
Director |
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Address : |
Jayashree Flat 45, 75 |
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Date of Birth : |
09.10.1941 |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
00523905 |
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Name : |
Mr. Brijmohan Shrikrishna Jindel |
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Designation : |
Director |
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Address : |
B-51, Grain Merchant Soc., Sector No. 17, Vashi, Navi Mumbai – 400705,
Maharashtra, India |
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Date of Birth : |
13.01.1945 |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
00071417 |
KEY EXECUTIVES
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Name : |
Mr. Ajay Devidas Puranik |
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Designation : |
Company Secretary |
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PAN No.: |
AAEPP1035C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2009
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Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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2,310,998 |
42.00 |
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1,714,477 |
31.16 |
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4,025,475 |
73.16 |
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Total shareholding
of Promoter and Promoter Group (A) |
4,025,475 |
73.16 |
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(B) Public
Shareholding |
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1,000 |
0.02 |
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400 |
0.01 |
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200 |
- |
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1,600 |
0.03 |
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804,711 |
14.63 |
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583,762 |
10.61 |
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85,892 |
1.56 |
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560 |
0.01 |
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560 |
0.01 |
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1,474,925 |
26.81 |
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Total Public
shareholding (B) |
1,476,525 |
26.84 |
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Total (A)+(B) |
5,502,000 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
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Total
(A)+(B)+(C) |
5,502,000 |
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 : |
Manufacturers of Basic Organic Chemicals. |
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Products : |
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PRODUCTION STATUS (as on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Ethanolamines |
M.T. |
10000 |
8270806 |
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Phthalate- Plasticizers |
M.T. |
8000 |
- |
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Morpholine and derivatives |
M.T. |
3600 |
874700 |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chartered Accountants |
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Address : |
6, Karim Chambers, 40 A, Doshi Marg, Mumbai – 400023, |
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Auditors : |
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Name : |
Chartered Accountants |
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Address : |
10, |
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Associates : |
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Subsidiaries : |
CIN No.: U99999MH2001PLC134291
CIN No.: U28910MH2008PTC179777 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500000 |
Equity Share |
Rs.10/- Each |
Rs. 95.000 Millions |
|
50000 |
Preference Shares |
Rs.100/- Each |
Rs. 5.000 Millions |
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Total |
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Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5502000 |
Equity Share |
Rs.10/- Each |
Rs. 55.020
Millions |
|
19385 |
14% Redeemable cumulative preference shared,
redeemable at par on or before 9th April, 2015 |
Rs.100/-
Each |
Rs. 1.939
Millions |
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Total |
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Rs. 56.959 Millions |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
56.959 |
56.958 |
36.958 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
151.078 |
128.027 |
99.546 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
208.037 |
184.985 |
136.504 |
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LOAN FUNDS |
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1] Secured Loans |
285.652 |
247.520 |
234.742 |
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2] Unsecured Loans |
9.270 |
0.000 |
0.000 |
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TOTAL BORROWING |
294.922 |
247.520 |
234.742 |
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DEFERRED STATUTORY DUES |
0.000 |
0.000 |
2.945 |
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DEFERRED TAX LIABILITIES |
10.051 |
7.734 |
8.410 |
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TOTAL |
513.010 |
440.239 |
382.601 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.483 |
72.447 |
77.097 |
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Capital work-in-progress |
6.407 |
13.193 |
0.107 |
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INVESTMENT |
10.628 |
10.628 |
10.628 |
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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 |
222.457
|
182.824
|
183.413 |
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Sundry Debtors |
260.152
|
188.020
|
203.592 |
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Cash & Bank Balances |
63.670
|
20.310
|
10.236 |
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Loans & Advances |
8.528
|
165.270
|
91.729 |
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Interest accrued on Deposits / Loan |
167.778
|
4.718
|
2.348 |
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Total
Current Assets |
722.585
|
561.142
|
491.318 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
300.107
|
199.912
|
186.729 |
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Provisions |
20.986
|
17.259
|
9.820 |
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Total
Current Liabilities |
321.093
|
217.171
|
196.549 |
|
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Net Current Assets |
401.492
|
343.971
|
294.769 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
513.010 |
440.239 |
382.601 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1685.343 |
1591.759 |
1066.763 |
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Other Income |
8.773 |
4.602 |
4.287 |
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TOTAL |
1694.116 |
1596.361 |
1071.050 |
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Less |
EXPENSES |
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Raw Material Consumed |
494.503 |
749.191 |
429.739 |
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Purchases made for re-sale |
771.989 |
343.516 |
283.262 |
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Manufacturing and Other Expenses |
383.472 |
463.569 |
320.458 |
|
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|
Increase/(Decrease) in Finished Goods |
(12.858) |
(18.784) |
1.819 |
|
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TOTAL |
1637.106 |
1537.492 |
1035.278 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
57.010 |
58.869 |
35.772 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
6.884 |
6.551 |
5.568 |
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PROFIT BEFORE
TAX |
50.126 |
52.318 |
30.204 |
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Less |
TAX |
19.935 |
18.075 |
4.935 |
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PROFIT AFTER TAX
|
30.191 |
34.243 |
25.269 |
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Add |
Tax Provision |
-- |
-- |
5.573 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
113.141 |
84.295 |
53.453 |
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Less |
APPROPRIATIONS |
|
|
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|
|
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|
Proposed Dividend – Preference Shares |
0.271 |
4.613 |
-- |
|
|
|
Proposed Dividend – Equity Shares |
5.502 |
0.000 |
-- |
|
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|
Corporate Dividend Tax |
0.981 |
0.784 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
136.578 |
113.141 |
84.295 |
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EARNINGS IN
FOREIGN CURRENCY |
510.436 |
854.955 |
406.059 |
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IMPORTS |
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Raw Materials |
27.588 |
31.005 |
12.834 |
|
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Material for Resale and Repacking |
200.395 |
235.762 |
249.626 |
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Capital Goods |
0.000 |
0.000 |
0.055 |
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TOTAL IMPORTS |
227.983 |
266.767 |
262.515 |
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Earnings Per
Share (Rs.) |
5.44 |
7.84 |
8.73 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.78 |
2.15 |
2.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.97 |
3.29 |
2.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.13 |
8.26 |
5.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.28 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.96 |
2.51 |
3.16 |
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Current Ratio (Current Asset/Current Liability) |
|
2.25 |
2.58 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered Office of
the company has been shifted from Noonmati, Guwahati-781020,
HISTORY
Subject, a sick company, manufactures ethanolomines and a
wide range of plasticizers used in PVC compounding. It also pioneered the
manufacture of morpholine and its derivatives, which find extensive use in the
chemical industry. In 1995-96, it entered into an agreement with one of the
major manufacturers of gases for de-bulking of oxygen/nitrogen. The company
exports some of its products to the Gulf countries. During 1996-97, company has
successfully executed turnkey contract for seeting up of Nitrous Oxide plant
for a client in
OPERATIONS
AND FUTURE PROSPECTS:
During the year, the income of the Company grew marginally by
5.68% to Rs.1706.974 Millions as against Rs.1615.146 Millions in the previous
year. The Profit before tax was lower at Rs.50.125 Millions from Rs.52.318
Millions in the previous year. The Profit after tax for the current year stood
at Rs. 30.190 Millions as against Rs.34.243 Millions during the previous year.
During the year in spite of the recessionary trend in the
global market, the Company’s products enjoyed a reasonably good demand. Sales
in the domestic market were higher as compared to exports.
In the current year, due to the strengthening of the Rupee,
the realizations are lower as compared to earlier years. However, the company
continues its thrust on international and domestic sales.
The Company in-coordination with the shut down of a major
raw-material supplier also closed its Plant for about 45 days and has
undertaken a major expansion work for increasing its capacities in certain
products. The expansion would be completed in the 2nd quarter of the current
year.
The company is also putting up a new ethoxylation plant for
catering to various specialty products for which it is in talks with a major
Multi National Company. The Plant and Machinery has already been ordered and
erection is in process.
The benefits of the expansion and the new ethoxylation plant
would accrue from the 3rd quarter of the current year.
EXPORTS:
The export revenue of the Company was Rs. 510.436 Millions
as compared to Rs. 854.955 Millions during the previous year. The Company’s
exports were lower primarily due to global uncertainty and the lower demand in
international market due to the recessionary trend. The demand for the
Company’s specialty products in the international market continued and helped
to a great extent in generating exports revenue during the year.
As reported earlier, the technology developed by the Company
for Pressure Swing Adsorption with a reputed technical institute has been
commissioned and is working to the full satisfaction of the customer. The
Company is trying to develop this business further during the current year.
ISO
CERTIFICATION:
During the year, ISO 9001:2000 certification has been
upgraded to 9001:2008 wherein main emphasis is on saving cost by conserving
natural resources. Further, the Company has also obtained ISO 14001:2004 and
OHSAS 18001:2007 Certification from DNV.
ISO 14001:2004 Certification relates to conservation of
natural resources whereby the environment becomes less polluted. OHSAS
18001:2007 Certification relates to Safety and Health. Various measures have been
taken by the Company in order to ensure compliance.
REACH
COMPLIANCE:
As reported earlier the Company pre-registered all the
products being exported under The Registration Evaluation Authorization and
Restriction of Chemicals (REACH) and has obtained the required pre-
registration numbers.
CREDIT
RATING:
As required under BASEL II Norms stipulated by RBI for
Credit facilities availed by the Company, the Company had obtained BB+ Credit
rating from CRISIL.
SUBSIDIARY
COMPANIES:
APL Engineering Services Private Limited, a 100% Wholly
Owned Subsidiary of the Company received orders for Fabrication and supply of
Pressure Vessel. These orders were executed and completed during the year. The
Pressure Vessels supplied are working to the complete satisfaction of the
customer. The Company is setting up its own manufacturing and fabrication unit
at Vadval, Khopholi. All required Plant and Machinery are in the final stages
of erection. The plant is expected to be commissioned in the 2nd quarter of the
current Financial Year.
As reported earlier, APL Infotech Limited, a subsidiary of
the Company is engaged in the field of software development and trials of its
software are being done on a multiple Oil Line belonging to one of the leading
Companies in
CONTINGENT LIABILITIES NOT PROVIDED FOR
IN RESPECT OF
(Rs. In Millions)
|
PARTICULARS |
AS ON 31.03.2010 |
|
|
|
|
i) Disputed Sales Tax Dues
(excluding interest, if any) |
1.004 |
|
ii) Claims against the Company
not acknowledged as debts |
1.368 |
FIXED ASSETS
- Development
of
- Buildings
- Plant and
Machineries
- R and D
Equipment
- Effluent
Treatment Plant
- Furniture and
Fittings
- Office and
Computer Equipment
- Vehicles
AS PER WEB DETAILS
Profile
Subject
was incorporated in 1973 as a Public Limited Company, registered under the
Indian Companies Act of 1956 and is the pioneer and largest producer of
Ethanolamines, Alkyl Alkanolamines, Plasticizers, Morpholine, Alkyl Morpholines
and Gas Treating Solvents in
Subject was set up in Technical Collaboration with the erstwhile
In the field of Ethanolamines and Alkyl Alkanolamines subject is serving
approximately 75-80% of the total demand of the Indian Market and is regularly
exporting material to over 35 countries globally including USA, Canada,
Germany, Korea, Japan, Australia, New Zealand, the Middle East, etc.
It has also pioneered the manufacture of the Methyl Diethanolamine (MDEA), an
Ethylene Oxide derivative and is constantly striving to develop new products through
its R and D efforts so as to expand its current product range to meet customer
requirements.
Subject has been awarded the highest award by the Government of India for "Import Substitution and Technical Development" for pioneering the manufacture of Methyl Diethanolamine in 1991.
Subject has entered into a strategic alliance with the Dow Chemical Company;
Subject is committed to Total Customer Satisfaction by delivering quality
products and services worldwide and this has helped us to become one of the
worlds leading manufacturers of Amines.
In the field of Plasticizers, subject manufactures a wide range of products
which include Phthalates, Sebacates, Trimellitates, Acetates, Maleates, etc.
subject can also custom manufacture a range of Esters / Plasticizers to cater
to specific customers needs.
Subject has also pioneered the manufacture of Morpholine and Alkyl Morpholines
in
Subject diversified into the manufacture of the Industrial Gases, namely,
Oxygen, Nitrogen and Acetylene in the year 1984 at its facilities in Khopoli,
80 Kms. from Mumbai.
Subject also offers consultancy services for setting up plants for the
manufacture of the Ethanolamines and Plasticizers on a case to case basis and
its range of services extend for technology transfer, designing, and procurement
of equipment, erection, testing and commissioning of plant and training of
plant personnel.
Subject
has also set-up Plasticizer plants in
At Subject, where growth maintaining service and quality are a way of life,
they constantly look forward to expanding their operations, both within
Subject firmly believes that it is people who are responsible for making a Company what it is, and it's team of young enthusiastic professionals - experience rich in all the functional areas of the management, is a living proof of this.
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. 45.31 |
|
|
1 |
Rs. 70.26 |
|
Euro |
1 |
Rs. 59.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
46 |
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.