MIRA
INFORM REPORT
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Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
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Name : |
NEXO INDUSTRIES LIMITED |
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Registered Office : |
585, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
09.10.1998 |
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Com. Reg. No.: |
16 - 21859 |
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CIN No.: [Company
Identification No.] |
U28939PB1998PLC021859 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDN00600F |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Nuts, bolts and Structures. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 1400000 |
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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. Trade relations are reported as fair. Business is active. Payments are
reported to be regular 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 |
INFORMATION PARTED BY (GENERAL INFORMATION)
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Name : |
Mr. Gurdeep |
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Designation : |
Accounts Departments |
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Date : |
20.01.2011 |
LOCATIONS
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Registered Office : |
585, |
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Tel. No.: |
91-161-2532331/ 2532332/ 2532333/2848040 |
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Fax No.: |
91-161-2848042/2532334/ 2535280 |
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E-Mail : |
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Website : |
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Factory : |
Focal Point, |
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Area : |
3000 Sq. Yards |
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Location : |
Owned |
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Head Office: |
Village Mangarh, |
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Tel. No.: |
91-161-2848686 |
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Fax No.: |
91-161-2848042 |
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Branches : |
Located At:
Tel. No.: 91-11-6210884/6218749
Mumbai Tel. No.: 91-22-3401393/3426460
Chennai Tel. No.: 91-44-4351101/4364877
Vadodara Tel. No.: 91-265-341134/322055
Tel. No.: 91-40-7810199/7843058 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajinder Singh |
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Designation : |
Managing Director |
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Address : |
250 – R, |
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Date of Birth/ Age: |
15.07.1943 |
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Date of Appointment : |
01.11.2008 |
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Name : |
Mr. Amrik Singh |
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Designation : |
Wholetime Director |
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Address : |
330- R, Raj Rajeshwari Apartments, |
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Date of Birth/ Age: |
14.08.1961 |
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Date of Appointment : |
09.10.1998 |
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Name : |
Mrs. Gurdeep Kaur |
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Designation : |
Director |
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Address : |
250-R |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mrs. Chandrajeet Kaur Singh |
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Designation : |
Director |
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Address : |
330 – R, |
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Date of Appointment : |
01.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Rajinder Singh |
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101830 |
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Amrik Singh |
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79150 |
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Avtar Singh |
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5000 |
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Harminder Kaur |
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1000 |
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Gurdip Kaur |
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3000 |
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Rajinder Singh and Sons, |
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1000 |
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Charanjit Kaur |
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8010 |
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Mandeep Kaur |
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10 |
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Jaswinder Singh |
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10 |
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Kaur Singh |
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10 |
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Rajinder Singh (HUF) |
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10 |
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Darshan Singh |
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10 |
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Sukhwinder Singh |
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10 |
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Suminder kaur |
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10 |
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Manjeet Singh |
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10 |
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Kuldeep Singh |
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10 |
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Randhir Kaur |
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10 |
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Tarlok Singh |
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10 |
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Manpreet Singh |
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10 |
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Harbhajan Singh and Sons (HUF), |
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10 |
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Parajit Kaur |
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10 |
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Total |
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199130 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Nuts, Bolts and Structures. |
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Exports : |
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Products : |
· Nuts · Bolts ·
Structures |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (As on 31.03.2009)
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Particulars |
Unit |
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Actual
Production |
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Fasteners |
M.T |
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22305.646 |
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Scrap |
M.T |
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1359.968 |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
340 (Office-40, Factory-300) Approximately |
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Bankers : |
v
State Bank of v
Bank of v Citi Bank v The National Small Industrial Corporation v
Bank of Punjab Limited, Choura Bazar, v
State Bank of v
State Bank of v
State Bank of v HDFC Bank Limited v ICICI Bank Limited v
ABN Amro Bank NV |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sanjay Kapoor and Associates Chartered Accountants |
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Address : |
72-73, Guru Nanak Dev market, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity shares |
Rs. 100/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
199,130 |
Equity shares |
Rs. 100/-
each |
Rs. 19.913
Millions |
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 |
19.913 |
19.913 |
17.613 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
338.595 |
296.478 |
247.664 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
358.508 |
316.391 |
265.277 |
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LOAN FUNDS |
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1] Secured Loans |
373.275 |
335.703 |
291.086 |
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2] Unsecured Loans |
19.955 |
16.541 |
3.923 |
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TOTAL BORROWING |
393.230 |
352.244 |
295.009 |
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DEFERRED TAX LIABILITIES |
6.787 |
7.089 |
7.794 |
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TOTAL |
758.526 |
675.724 |
568.080 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
248.528 |
218.362 |
170.052 |
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Capital work-in-progress |
0.000 |
12.879 |
0.000 |
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INVESTMENT |
0.035 |
0.035 |
0.035 |
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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 |
168.186
|
157.988
|
126.948 |
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Sundry Debtors |
275.510
|
233.398
|
156.340 |
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Cash & Bank Balances |
43.807
|
29.074
|
10.629 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
154.470
|
136.997
|
176.533 |
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Total
Current Assets |
641.973
|
557.457
|
470.450 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
106.394
|
90.192 |
62.012 |
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Other Current Liabilities |
15.438
|
109.895
|
10.008 |
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Provisions |
10.178
|
3.114
|
0.438 |
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Total
Current Liabilities |
132.010
|
113.009
|
72.458 |
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Net Current Assets |
509.963
|
444.448
|
397.992 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
758.526 |
675.724 |
568.080 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
1667.451 |
1152.762 |
928.044 |
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Other Income |
22.180 |
4.037 |
3.167 |
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TOTAL (A) |
1689.631 |
1156.799 |
931.211 |
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Less |
EXPENSES |
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Material Consumed |
1069.452 |
694.961 |
604.417 |
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Manufacturing Expenses |
317.404 |
254.770 |
212.035 |
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Personal Expenses |
45.812 |
36.266 |
20.958 |
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Administration Expenses |
24.498 |
19.638 |
14.888 |
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Foreign Exchange Rate difference |
19.330 |
0.594 |
0.000 |
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Selling Expenses |
29.203 |
14.520 |
18.300 |
|
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Increase In Stock |
(4.930) |
(1.263) |
(58.508) |
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TOTAL (B) |
1500.769 |
1019.486 |
812.090 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
188.862 |
137.313 |
119.121 |
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Less |
FINANCIAL
EXPENSES (D) |
68.714 |
40.107 |
29.439 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
120.148 |
97.206 |
89.682 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.502 |
26.645 |
20.729 |
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PROFIT BEFORE
TAX (E-F) (G) |
93.646 |
70.561 |
68.953 |
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Less |
TAX (H) |
32.815 |
24.707 |
20.324 |
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PROFIT AFTER TAX
(G-H) (I) |
60.831 |
45.854 |
48.629 |
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Less |
Deferred Tax Liability |
(0.301) |
(0.704) |
03.242 |
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|
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Less |
Dividend |
19.913 |
0.000 |
17.613 |
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Less |
Dividend Tax |
3.384 |
0.000 |
2.470 |
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Less |
General Reserve |
25.000 |
0.000 |
25.000 |
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Less |
Income Tax Adjustment |
0.718 |
0.044 |
(0.650) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
249.178 |
202.664 |
201.710 |
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BALANCE CARRIED
TO THE B/S |
161.295 |
249.178 |
202.664 |
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EARNINGS IN
FOREIGN CURRENCY |
457.579 |
159.159 |
185.477 |
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Earnings Per
Share (Rs.) |
305.48 |
230.27 |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
5.54
|
3.96
|
5.22
|
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Net Profit Margin (PBT/Sales) |
(%) |
5.62
|
6.12
|
7.43
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.52
|
9.10
|
7.40
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.22
|
0.26
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Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
1.47
|
0.27
|
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Current Ratio (Current Asset/Current Liability) |
|
4.86
|
4.93
|
6.49
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LOCAL AGENCY FURTHER INFORMATION
Year in
Retrospect:
During the period
the Company achieved a turnover of Rs.1667.451 millions (P.Y. Rs.1152.762
millions) thus registered a growth of 44.65%. Exports of the company registered
187% increase from Rs.159.159 millions to Rs.457.579 millions, Profit before
depreciation and taxation was Rs.120.148 millions (P.Y. 97.206 millions).
Profit before tax was Rs.93.646 millions (P.Y. 70.561 millions) and Net Profit
amounted to Rs.60.831 millions (P.Y. 45.854 millions).
Bankers Charges
Report as per Registry
|
This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
90171980 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U28939PB1998PLC021859 |
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Name of the company |
NEXO INDUSTRIES LIMITED |
|
Address |
585, |
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Type of Charges |
v Book debts v Movable property (not being pledge) v Others v Immovable Property |
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Particular of the charge holder |
State Bank of |
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Nature or description of the instrument creating or modifying the charge |
Supplement Agreement of Hypothecation of Goods and Assets for Increase in the overall limit to Rs. 563.700 Millions Letter Regrading the grant of Individual limit within the overall limit Rs. 563.700 Millions |
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Date of the instrument creating charge |
02.03.2009 |
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Amount Secure by the charge |
Rs. 563.700 Millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Cash Credit SBAR Term Loan – I 0.75% below SBAR Term Loan – II 0.50% below SBAR Term Loan – III 0.75% below SBAR SLC 1.00% above SBAR
Terms of repayment Working Capital: On Demand Term Loan – III : 59 Installment of Rs. 0.083 Million each and last installment of Rs. 0.083 Million starting from April 2009
Margin Stocks: 25% Book debts : 40% LC/FLC: 15% EPC: 15% Building, Plant and Machinery : 35%
Extent and operation of the charge 100% |
|
Short particulars of the Property charged |
Equitable Mortgage of Leasehold
Rights of |
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Date of latest modification prior to the present modification |
20.11.2008 |
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Particulars of the present modification |
Sanction of Car Loan of Rs. 5.000 Millions CC (EPC) Sublimit enhanced form Rs. 60.000 Millions to Rs. 100.000 Millions Treatment of expenditure of Rs. 24.500 Millions already incurred as margin for the already sanctioned term loan of Rs. 600.000 Million Other Facility and Terms and Conditions remaining the same. |
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Name of the company |
NEXO INDUSTRIES LIMITED |
|
Presented By |
Mr. Amrik Singh, Director |
|
1) Date and description of instrument creating the change |
a) General agreement for the grant of small industrial capital finance dated 17.05.1999 b) Ancillary agreement 1 for Rs. 8.500 millions c) Ancillary agreement 3 for Rs. 6.000 millions d) Ancillary agreement 6 for Rs. 5.500 millions. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000 millions of CC (Hypothecation) – Rs. 4.000 millions CC (Bills) – Rs. 2.700 millions CC (B D) – Rs. 4.500 millions DDP – Rs. 1.300 millions Letter of Credit – Rs. 2.500 millions Bank Guarantee – Rs. 3.000 millions Bills under L/C – Rs. 2.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecations opf stocks and raw materials, stocks in process, finished goods, book debts and all other current assets whether in transit or at factory works, godowns of the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 3.50% above SBAR with minimum of 15.81% p.a. with margin of 25% against stocks and bills and 40% against CC (Book debts), Extent and operation of the charges is 100%. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
a) Supplementary general agreement for the grant of small industrial advances and hypothecation of movables for Rs. 95.400 millions (Working capital finance) dated 04.09.2004 b) Ancillary agreement 1 for Rs. 54.000 millions. c) Agreement for the grant of small industrial advances (Ancillary agreement no. 4 for Rs. 4.000 millions) d) Ancillary agreement 6 for Rs. 40.000 millions. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Limit of Rs. 144.000 millions enhanced to Rs. 164.000 millions as dsetailed below by sanction of limit of Rs. 20.000 millions for a period of 3 months Interest @ 0.25% above SBAR minimum 10.50%. Other terms and conditions remains the same.
CC (Hypothecation) – Rs. 30.000 millions E.P.C. – Rs. 15.000 millions CC (B.D.) – Rs. 20.000 millions EBP (Non LC) – Rs. 10.000 millions DDP (Cheques) – Rs. 0.010 million Letter of Credit – Rs. 15.000 millions Bank Guarantee – Rs. 25.000 millions Standby line of credit – Rs. 4.000 millions Inland Bill purchase Rs. 45.000 millions Under LC Foreign Bill Purchases – Rs. 25.000 millions Under LC *within CC (Nexo Industries Private Limited) *within CC (B.D.) |
Fixed Assets:
v
Cars
v
Air Conditioner
v
Land and Building
v
v
v
Bus
v
Computer
v
Cycle
v
Crane
v
Dies
v
Electric Motors
v
Electric Fittings
v
Fans
v
Fax Machine
v
Fire Extinguisher
v
Furniture and Fixtures
v
Fork Lifter
v
Guest House
v
Generator
v
Land
v
Mobile Phone
v
Mini Truck
v
Monoblock Pump set
v
Office Equipment
v
Pager
v
Photocopier
v
Preceision Measuring
Tools
v
Refrigerator
v
Scooter
v
Telephone Exchange and
Equipments
v
Typerwirter
v
Water Treatment Plant
v
Water Cooler
v
Weighing Scale
As Per Website
Details
Subject
is a leading name in the world of fasteners and structure, has been assisting
the Indian economy in the area of Electricity, Telecommunication and Railways.
Growing with growth in these areas Nexo Group, today forms an Industry managing
Two companies, namely, Nexo Industries Private limited and Nexo Structures
Private Limited
Nexo Fastners Division:
Established its base in 1964 for manufacturing
fasteners Nexo Industries Private Limited and High Tensile fasteners in 1978
with Hot Dip Galvanized fasteners in 1982. Nexo Industries Private
Limited has attained a place among the leading manufacturers of fasteners in
the world. In the year 1997, after a number of achievements towards the aim
of "Total Quality Management", Nexo became the first ISO 9002
Company in
The
aim of TQM is set to achieve the level of customer expectations beyond customer
satisfaction.
The Contribution to the
v ISO
9001-2000.
v Bureau
of International Standards (ISI).
v Power
Grid Corporation of India Limited (PGCIL) Electricity Distribution Authority of
Government of
v National
Thermal Corporation of India Ltd. (NTPC) Electricity Generation Authority of
Government of
v Department
of Telecommunication (DOT) Telecommunication Authority of Government of
v Central
Organization of Railway Electrification (CORE) Railway Controlling Authority of
v Electricity
Dep't. of Various States in
v Director
General Supplies and Disposal (DGSandD) Central Purchasing Authority of
Government of
v
Approvals
v ISO
9002.
v
Bureau of International Standards (ISI).
v
Power Grid Corporation of India Limited (PGCIL)
Electricity Distribution Authority of Government of
v
National Thermal Corporation of India Limited
(NTPC) Electricity Generation Authority of Government of
v
Department of Telecommunication (DOT)
Telecommunication Authority of Government of
v
Central Organization of Railway
Electrification (CORE) Railway Controlling Authority of
v
Electricity Dep't. of Various States in
v
Director General Supplies and Disposal (DGS
and D) Central Purchasing Authority of Government of
v
Business
The company is engaged in
manufacturing and exports of M. S. and H. T. Black and Hot Dip Galvanised
Hexagonal Bolts and Nuts.
The company has takenover the
entire business of M/s. Nexo Industries w.e.f. 01.04.1999 and also undertook
expansion plant at village Mangarh, near Kohara,
The company is one of the leading
manufacturers of Hot Dip Galvanized Fasteners/High Tensile Fasteners in
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
49 |
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.