MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
NAVDEEP CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5th
Floor, New |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.02.1978 |
|
|
|
|
Com. Reg. No.: |
11 - 20113 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1978PTC020113 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN09572D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN0294L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
Alkyl Aryl Sulphonic Acid and ITS Derivatives, Fatty Acids Derivatives,
Textile Finishing Agents, Oil Field Chemicals
|
|
|
|
|
No. of Employees
: |
70
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 410000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and 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 : |
5th
Floor, New |
|
Tel. No.: |
91-22- 2207 4160 / 2207 4157 /
2207 4158 / 2207 4159 |
|
Fax No.: |
91-22- 2207 4199 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
166, |
|
Tel. No.: |
91-22-22613855/22074160 |
|
Fax No.: |
91-22-22074199 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. 430, Plot
No. 409, Plot No. 1105 GIDC, Ankleshwar, |
DIRECTORS
AS ON 26.07.2010
|
Name : |
Mr. Deepak
Vijaysinh Bhimani |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
26, CCI Chambers,
4th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai –
400020, Maharshtra, India |
|
Date of Birth
: |
31.08.1939 |
|
Date of Appointment : |
01.02.1978 |
|
Email : |
|
|
|
|
|
Name : |
Mrs. Sandhya
Deepak Bhimani |
|
Designation : |
Director |
|
Address : |
26, CCI Chambers,
4th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai –
400020, Maharshtra, India |
|
Date of Birth
: |
21.12.1944 |
|
Date of Appointment : |
01.02.1978 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Amit Deepak
Bhimani |
|
Designation : |
Director |
|
Address : |
26, CCI Chambers,
4th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai – 400020,
Maharshtra, India |
|
Date of Birth
: |
16.11.1967 |
|
Date of Appointment : |
01.03.1995 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Chandrahadas
C Dayal |
|
Designation : |
Director |
|
Address : |
Arun, B 7, |
|
Date of Birth
: |
31.01.1944 |
|
Date of Appointment : |
08.08.1991 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Navinchandra
Govindji Ashar |
|
Designation : |
Joint Managing
Director |
|
Address : |
257, Lumbini,
Kansal Section, Ambernath, |
|
Date of Birth
: |
31.01.1932 |
|
Date of Appointment : |
01.02.1978 |
|
|
|
|
Name : |
Mrs. Rajni
Navinchandra Ashar |
|
Designation : |
Director |
|
Address : |
257, Lumbini,
Kansal Section, Ambernath, |
|
Date of Birth
: |
09.02.1939 |
|
Date of Appointment : |
01.02.1978 |
|
Date of Ceasing : |
17.03.2008 |
|
|
|
|
Name : |
Mr. Siddarth
Navinchandra Ashar |
|
Designation : |
Director |
|
Address : |
257, Lumbini,
Kansal Section, Ambernath, |
|
Date of Birth
: |
30.05.1975 |
|
Date of Appointment : |
27.08.2001 |
|
Date of Ceasing : |
17.03.2008 |
|
|
|
|
Name : |
Mr. Ramnik
Keshavlal Kapadia |
|
Designation : |
Director |
|
Address : |
111, Rewa
Apartments, |
|
Date of Birth
: |
23.10.1938 |
|
Date of Appointment : |
19.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Amit Deepak
Bhimani |
|
7289 |
|
Amit Deepak
Bhimani |
|
3867 |
|
Amit Deepak
Bhimani |
|
19940 |
|
Amit Deepak
Bhimani HUF |
|
1500 |
|
Chaula Amit Bhimani |
|
4341 |
|
Yash Amit Bhimani |
|
241 |
|
Mira Amit Bhimani |
|
55 |
|
Sandhya Deepak
Bhimani |
|
38393 |
|
Sandhya Deepak
Bhimani |
|
8135 |
|
Deepak Vijaysinh Bhimani HUF |
|
48257 |
|
Deepak Vijaysinh Bhimani |
|
65814 |
|
Shachi Deepak Bhimani |
|
2168 |
|
|
|
|
|
Total |
|
200000 |
AS ON 26.07.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Alkyl Aryl Sulphonic Acid and ITS Derivatives, Fatty Acids Derivatives,
Textile Finishing Agents, Oil Field Chemicals
|
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Alkely Aryl
Sulphonic Acid and ITS Derivatives |
Kgs |
5160000 |
5111325 |
|
Fatty Acid
Derivatives |
Kgs |
940000 |
334775 |
|
Textile Finishing
Chemicals |
Kgs |
1100000 |
173675 |
|
Oil Field
Chemicals |
Kgs |
1940000 |
44874 |
|
Others |
Kgs |
3630000 |
417263 |
GENERAL INFORMATION
|
No. of Employees : |
70
(Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of ·
Bank of |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G M Kapadia and
Company Chartered
Accountant |
|
Address : |
Tamarind House,
36 – B, |
|
Tel. No.: |
91-22-22653996 |
|
Pan No : |
AAAFG4713G |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000
Millions |
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 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
84.199 |
76.080 |
77.984 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
104.199 |
96.080 |
97.984 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
73.362 |
49.879 |
32.639 |
|
|
2] Unsecured Loans |
31.444 |
27.364 |
15.072 |
|
|
TOTAL BORROWING |
104.806 |
77.243 |
47.711 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
209.005 |
173.323 |
145.695 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
112.148 |
86.621 |
77.383 |
|
|
Capital work-in-progress |
8.367 |
8.198 |
1.221 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.038 |
0.038 |
0.519 |
|
|
DEFERREX TAX ASSETS |
3.224 |
1.933 |
0.615 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.254
|
27.334 |
27.224 |
|
|
Sundry Debtors |
84.055
|
66.500 |
73.025 |
|
|
Cash & Bank Balances |
8.850
|
4.369 |
4.547 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
32.935
|
23.619 |
14.376 |
|
Total
Current Assets |
157.094
|
121.822 |
119.172 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
54.463
|
26.567 |
42.220 |
|
|
Other Current Liabilities |
12.148
|
9.616 |
7.355 |
|
|
Provisions |
5.255
|
9.106 |
3.640 |
|
Total
Current Liabilities |
71.866
|
45.289 |
53.215 |
|
|
Net Current Assets |
85.228
|
76.533 |
65.957 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
209.005 |
173.323 |
145.695 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
353.534 |
328.236 |
NA |
|
|
|
Other Income |
3.877 |
4.424 |
NA |
|
|
|
TOTAL (A) |
357.411 |
332.660 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
300.195 |
276.816 |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
300.195 |
276.816 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
57.216 |
55.844 |
42.485 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.180 |
11.070 |
10.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46.036 |
44.774 |
32.288 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.292 |
15.013 |
17.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
27.744 |
29.761 |
14.988 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.209 |
10.553 |
4.133 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
17.535 |
19.208 |
10.855 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
46.583 |
50.408 |
41.892 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR
PERIOD ADJUSTMENT |
(0.058) |
0.006 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
SHORT
PROVISION FOR TAX FOR EARLIER YEARS |
0.000 |
0.059 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.850 |
1.921 |
0.000 |
|
|
|
Interim Dividend |
5.000 |
14.000 |
2.000 |
|
|
|
Proposed Dividend |
3.000 |
4.000 |
0.000 |
|
|
|
Tax on Dividend |
1.359 |
3.059 |
0.339 |
|
|
BALANCE CARRIED
TO THE B/S |
52.851 |
46.583 |
50.408 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
150.833 |
110.981 |
102.431 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
51.660 |
70.386 |
75.210 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
87.39 |
96.00 |
54.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.91
|
5.77 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.85
|
9.07 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.30
|
14.28 |
7.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.31 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.70
|
1.27 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
2.69 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted Fort, Mumbai-400001,
OPERATING RESULTS:
During the year Company’s sale grew from Rs.324.200 millions to
Rs.353.500 millions. The Company had a profit before tax Rs.27.743 millions for
the year as compared to Rs.29.760 millions for the previous year. Decrease in
the profit as compared to previous year is basically due to change in the
gratuity ceiling. The decrease in Domestic sales has been 6.73% and the
increase in export sales has been 35.90% The overall increase has been 7.71%
from the last year.
PROSPECTS:
The Indian chemical industry has seen encouraging growth in the last
five to seven years in all sectors of the industry. The impact of’ the global
economic crisis was visible to some extent, but the industry has been able to
weather it better than the industries in other developed nations.
During the year, the Crude oil prices crept up steadily, however the
volatility was not as intense as in the previous year, As a consequences the
base oil price movement also showed a reduced volatility. This coupled with the
general improvement in the economy.
The Current year has started with a good demand for the Company’s
products. Exports are expected to grow with the indicated forecast for the
Speciality chemicals. The Company has completed its debottleneeking of certain
production processes as planned.
Keeping in mind the future growth, Company had already started planning
the expansion. Due to the ban on the setting up new industries and expansion in
existing industries by the
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90237296 |
|
Corporate
identity number of the company |
U24100MH1978PTC020113 |
|
Name of the
company |
NAVDEEP CHEMICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
5th
Floor, New |
|
Type of charge |
Book Debts Movable Property (not
being pledge) Others |
|
Particular of
charge holder |
Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
composite agreement of hypothecation of goods, book debts, moveable machinery
& vehicles |
|
Date of
instrument Creating the charge |
19.01.2011 |
|
Amount secured by
the charge |
Rs.123.541
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest :Br+5.50% i.e.
Presently 14.50% Pa With Monthly Rests (Cc) :Br+6.25% i.e.
Presently 15.25% Pa With Monthly Rests (TL-VII,VIII and IX) :Br+1.25% i.e.
Presently 10.25% Pa With Monthly Rests (PC,FBP/UFBP-SUB WC) Terms of
Repayment Term Loan VII:
Repayable In 60monthly Installments of Rs.0.500 million Each Commencing From
Jan, 2009 To Dec, 2013 Term Loan VIII:
Repayable In 20monthly Installments Of Rs.0.990 millions and Last Installment
of Rs.0.200 millions Each Commencing From Jan, 2010. Term Loan IX:
Repayable In 60monthly Installments Of Rs.0.250 millions Each Commencing From
April2011. Sub-Limit: CC,
FBP (Dp/Da90days), Packing Credit, Bill Purchased (Cheques/Daue), FB-Total,
NFB:BG (Performance/Fin.), BG (Performance), Inland/Import LC Margin 25% on stocks 35% on book debts 25% on pc 29% on TL vii 25% on viii 27.33% on ix 10% and 25% on performance and financial guarantee respectively 25% on inland/
foreign l/c (dp/da 90days) Extent and
Operation of the charge Bank of Baroda
b/o sir. P. M. Road Laxmi building |
|
Short particulars
of the property charged |
Hypothecation of
goods, book debts, moveable machinery and vehicles |
|
Date of latest
modification prior to the present modification |
03.11.2009 |
|
Particulars of
the present modification |
Charge increased
from Rs.112.726 millions to Rs.123.541 millions |
Fixed Assets:
· Leased Land
· Plant and Machinery
· Furniture and Fixture
· Laboratory Equipment
· Motor Car
· Office Equipment
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.44.45 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
48 |
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.