MIRA
INFORM REPORT
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Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAL SOLVENTS AND CHEMICALS PRIVATE LIMITED |
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Registered Office : |
101, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.08.1959 |
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Com. Reg. No.: |
11-011440 |
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Paid-up Capital : |
Rs. 40.500 Millions |
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CIN No.: [Company
Identification No.] |
U24110MH1959PTC011440 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI05421D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Industrial Chemicals, Pharmaceutical and Agro
Chemicals. |
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No. of Employees : |
Information not divulged by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1800000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well-established company having satisfactory track.
Trade relations are fair. Business is active. General financial position is
good. Payments are reported as per commitments. The company can be considered good for normal 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.
INFORMATION DECLINED BY
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Name : |
Mr. Thomas Easow |
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Designation : |
Finance Head |
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Date : |
14.07.2011 |
LOCATIONS
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Registered Office : |
101, |
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Tel. No.: |
91-22-22841179 / 22841180/22841180 |
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Fax No.: |
91-22-22871957 |
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E-Mail : |
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Website : |
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Factory : |
Plot Nos. 7906-7909, GIDC Ankleshwar – 393 002, |
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Tel. No.: |
91-2646-239553/54 |
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Fax No.: |
91-2646-251173 |
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E-mail : |
DIRECTORS
As On 24.09.2010
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Name : |
Mr. Virendra Popatlal Shah |
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Designation : |
Chairman cum Managing Director |
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Address : |
603, Pleasant Place, |
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Date of Birth/Age : |
09.06.1945 |
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Date of Appointment : |
01.05.1972 |
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DIN No.: |
00643925 |
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Name : |
Mr. Gautam Bhogilal Shah |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
08.01.1946 |
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Date of Appointment : |
16.11.1974 |
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DIN No.: |
00665651 |
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Name : |
Mr. Hiten P. Shah |
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Designation : |
Managing Director |
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Address : |
15 Firdaus 56, |
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Date of Birth/Age : |
05.12.1963 |
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Date of Appointment : |
05.06.1989 |
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DIN No.: |
00665659 |
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Name : |
Mr. Bimal Virendra Shah |
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Designation : |
Whole Time Director |
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Address : |
603, Pleasant Place, |
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Date of Birth/Age : |
28.03.1974 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
03084647 |
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Name : |
Mr. Bhavesh Virendra Shah |
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Designation : |
Whole Time Director |
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Address : |
603, Pleasant Place, |
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Date of Birth/Age : |
09.12.1980 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
03084639 |
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Name : |
Mr. Nilay Gautam Shah |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
11.04.1974 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
03507841 |
KEY EXECUTIVES
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Name : |
Mr. Thomas Easow |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 24.09.2010
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Names of Shareholders |
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No. of Shares |
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Virendra Shah |
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27500 |
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Gautam Shah |
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17940 |
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Hiten Shah |
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27450 |
As On 24.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Chemicals, Pharmaceutical and Agro
Chemicals. |
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Products : |
Speciality Chemicals: Alkylated
Anilines:
Commodity Chemicals:
Ethers:
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
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Unit |
Installed
Capacity** |
Actual
Production* |
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Speciality Chemicals |
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Tonnes |
57240.00 |
39740.140 |
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Pharmaceuticals |
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Tonnes |
300.00 |
29.535 |
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Basic Chemicals |
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Tonnes |
168300.00 |
157178.025 |
Note:
* Production
includes only quantity manufactured as shown in central excise records
** Installed
capacity is based on 3 shift basis
GENERAL INFORMATION
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No. of Employees : |
Information
not divulged by management |
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Bankers : |
·
State Bank of ·
IDBI Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J.K. Shah and Company Chartered Accountant |
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Address : |
3rd Floor, Flat No.14, Al-Karim Manzil, 15, |
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Tel. No.: |
91-22-22615581 / 22620183 |
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Fax No.: |
91-22-22619937 |
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E-Mail : |
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Pan No.: |
AAAFJ1725D |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Share |
Rs.100/- Each |
Rs. 50.000 Millions |
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200000 |
Preference Shares |
Rs.100/- Each |
Rs. 20.000 Millions |
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Total |
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Rs. 70.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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405000 |
Equity Share |
Rs.100/- Each |
Rs. 40.500
Millions |
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Note:
Of the above 18000 equity shares of Rs. 100 each
were allotted as fully paid bonus shares by capitalization of general reserve.
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 |
40.500 |
40.500 |
40.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
415.270 |
250.752 |
172.913 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
455.770 |
291.252 |
213.413 |
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LOAN FUNDS |
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1] Secured Loans |
723.449 |
598.997 |
566.154 |
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2] Unsecured Loans |
59.075 |
57.901 |
47.683 |
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TOTAL BORROWING |
782.524 |
656.898 |
613.837 |
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DEFERRED TAX LIABILITIES |
100.683 |
94.476 |
66.087 |
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TOTAL |
1338.977 |
1042.626 |
893.337 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
812.994 |
705.131 |
510.696 |
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Capital work-in-progress |
26.290 |
44.095 |
38.884 |
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INVESTMENT |
4.482 |
4.533 |
3.778 |
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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 |
194.218
|
92.554
|
117.943 |
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Sundry Debtors |
587.835
|
349.256
|
504.073 |
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Cash & Bank Balances |
105.629
|
2.482
|
24.362 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
88.673
|
85.713
|
51.359 |
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Total
Current Assets |
976.355
|
530.005
|
697.737 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
412.027 |
183.646 |
315.783 |
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Other Current Liabilities |
34.915
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27.365
|
21.483 |
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Provisions |
34.202
|
30.127
|
20.492 |
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Total
Current Liabilities |
481.144
|
241.138
|
357.758 |
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Net Current Assets |
495.211
|
288.867
|
339.979 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1338.977 |
1042.626 |
893.337 |
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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 |
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Other Income |
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TOTAL |
1983.800 |
2140.900 |
1619.582 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Interest |
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Depreciation |
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TOTAL |
1735.600 |
1978.000 |
1494.443 |
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PROFIT BEFORE
TAX |
248.200 |
162.900 |
125.139 |
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Less |
TAX |
73.300 |
66.100 |
45.459 |
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PROFIT AFTER TAX
|
174.900 |
96.800 |
79.680 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
815.882 |
760.111 |
529.795 |
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TOTAL EARNINGS |
815.882 |
760.111 |
529.795 |
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IMPORTS |
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Raw Materials |
274.632 |
198.621 |
46.653 |
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Capital Goods |
0.000 |
0.000 |
45.751 |
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TOTAL IMPORTS |
274.632 |
198.621 |
92.404 |
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Earnings Per
Share (Rs.) |
431.96 |
239.09 |
212.15 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.82
|
4.52
|
4.92
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.87
|
13.19
|
17.84
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.56
|
0.59
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Debt Equity Ratio (Total Liability/Networth) |
|
2.77
|
3.08
|
1.68
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Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.20
|
1.95
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
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Due to micro and
small enterprises |
0.856 |
1.017 |
0.975 |
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Liabilities
towards leased assets |
62.848 |
54.052 |
0.000 |
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Others |
348.323 |
128.577 |
314.808 |
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Total |
412.027 |
183.646 |
315.783 |
FINANCIAL RESULTS
AND DIVIDEND:
During the period, Company earned a profit of Rs.174.942 milllons. The Directors therefore recommend dividend payment at the rate of 22% on equity shares, aggregating to Rs. 8.910 millions
The contingent
liabilities not provided for:
- Letter of
Credit opened by Banks Rs. 177.280 Millions (Previous Year Rs.20.646
Millions )
- Guarantee
issued by the Bank on behalf ofthe Company Rs. 3.611 Millions (Previous
Year Rs. 3.750 Millions)
- Income Tax Demand - Disputed by the department - Rs.0.032 Million (Previous Year Rs. 0.054 Million)
- Corporate
Guarantee given Rs 1.659 Million (Previous Year Rs 1.659 Million)
Bankers Charges
Report as per Registry
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Name of the company |
INDUSTRIAL
SOLVENT AND CHEMICALS PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
Agreement of loan
for overall limit Agreement of
hypothecation of goods and assets Letter Reg. Grant
of individual limits within overall limit All dated 12.07.1999
creating a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.97.500
Millions |
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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 |
All present and
future goods, book debts and all other moveable assets including documents of
to goods, outstanding moneys, receivables including receivables by way of
cash assistance and/or cash incentives under the cash incentive scheme or any
other scheme, claims including claims by way of refund of customs/excise
duties under the duty Drawback Credit Scheme, Bills, Invoice, documents,
contracts, policies guarantees, engagements, securities investments and
rights and present and all future machineries belonging to or under the
control of the company. Wherever lying, stored and kept whether in |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest – 2.75%
above SBAR E.R. 14.53% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of State Bank of |
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6) Date and brief description of instrument modifying the charge |
1) Supplemental
agreement of loan for increase in the overall limit 2) Supplement
agreement of hypothecation of goods and assets for increase in the overall
limit both dated 10.01.2005 pertaining to a single charge. |
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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. |
1) By
modification dated 09.09.1999 charge further secured by equitable mortgage
created on land bearing Hissa No.4 of survey No.81-A and Hissa No.1 and 2 of
survey No.138, admn. 7650 sq. yards (6396.36 sq.meters) situated within the
limits of Thane, together with all buildings and structure and fixed plant
and M/Cs thereon. 2) By
modification dated 05.06.200 adhoc Export Packing Credit of Rs.14.000
Millions granted. Further, Account transferred from SBI, Churchgate Branch to
SBI, Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai –
400 005 3) By
modification dated 04.09.2001 joint mortgage created by deposit of title
deeds with IDBI, IDBI acting for itself and as agent of SBI, on leasehold
land bearing Plots Nos.7906, 7907, 7908 and 7909 admn. In aggregate 47,440
sq.meters, situated in Ankleshwar Industrial Area of GIDC, Village Jitali,
Taluka Ankleshwar, Dist. Bharuch, 4) By
modification dated 30.08.2002, equitable mortgage created on 19.09.1999 on
land bearing Hissa No.4 of survey No.81-A and Hissa No.1 and 2 of survey
No.138, admn. 7650 sq yards (63963.36 sq.meters) situated at 5) By
modification dated 16.02.2004, the above charge of rs.105.000 Millions
further secured by equitable mortgage created on Office Premises No.1 and 7
i.e. 101 and 107, admn. 975 and 1178 aq.feet respectively, on the 10th
Floor, Atlanta Premises Co-op Society Limited, Nariman Point, Mumbai – 400
021. 6) By
modification dated 16.02.2004, the above charge of Rs.105.000 Millions
further secured by equitable mortgage created on Office Premises No.1 and 7
i.e. 101 and 107, admn. 975 and 1178 sq.feet respectively, on the 10th
floor, Atlanta Premises Co-op Society Limited, Nariman Point, Mumbai – 400
021. 7) By
modification dated 24.06.2004, joint mortgage which was created on 04.09.2001
by deposit of title deeds with IDBI, IDBI acting for itself and as agent of
SBI, on leasehold land bearing Plot No.7906, 7907, 7908 and 7909 admeasuring
in aggregate 474400 Sq. meters, situated in Ankleshwar Industrial Area of
GIDC, Village Jitali, Taluka Ankleshwar, District Bharuch, Gujarat together
with all buildings and structures and all fixed plant and M/cs theron, to
secure the working capital facilities of Rs.97.500 Millions, further extended
to secure the additional working capital facilities of Rs.7.500 Millions
granted by the Bank to the company. Hence, total amount of charge secured by
this property stands enhanced from Rs.97.500 Millions to Rs.105.000 Millions. 8) By
modification dated 10.01.2005, additional credit facilities of rs.55.000
Millions granted. Hence, amount of charge increased from Rs.105.000 Millions
to Rs.160.000 Millions. 9) By
modification dated 10.01.2005, equitable mortgage created on 16.02.2004 on
Office Premises No.1 and 7 i.e. 101 and 107, admn. 975 and 1178 sq.feet
respectively, on the 10th floor of Atlanta Premises Co-op society
Limited, Nariman Point, Mumbai – 400 021, to secure the credit facilities of
Rs.105.000 Millions, is extended to further secure the additional credit
facilities of Rs.55.000 Millions granted by the Bank to the company. Hence
the total amount of charge secured by the aforesaid properties stands
enhanced from Rs.105.000 Millions to Rs.160.000 Millions 10) By
modification dated 28.03.2005, additional credit facilities of rS.137.000
millions granted. Hence, amount of charge increased from Rs.160.000 Millions
to Rs.297.000 Millions. 11) By
modification dated 28.03.2005 equitable mortgage created on 16.02.2004 on
Office Premises No.1 and 7 i.e. 101 and 107, admn. 975 and 1178 Sq.feet
respectively, on the 10th floor of Atanta Premises Co-op society
Limited, Nariman Point, Mumbai – 400 021, to secure the credit facilities of
Rs.105.000 Millions and extended to secure the enhanced credit facilities of
Rs.297.000 Millions on first charge basis. Also, equitable
mortgage created on Office Premises No.8 i.e. admn. 879 sq.feet (carpet) on
10th floor of Atlanta Premises Coop Society Limited, Nariman
Point, Mumbai – 400 021, to further secure the above charge of basis. Further , the
equitable mortgage on the above assets extended in favour of industrial Development
Bank of India (IDBI) on second charge basis (SBI having the first charge) to
secure the various credit facilities of Rs.1235.500 Millions (outstanding as
on 02.01.2005 Rs.44.710 Millions) |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90165338 |
|
Corporate
identity number of the company |
U24110MH1959PTC011440 |
|
Name of the
company |
INDUSTRIAL
SOLVENTS AND CHEMICALS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
101, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
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Number of charge
holder (s) |
1 |
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Particular of
charge holder |
State Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
Agreement of loan for increase in the overall limit. (C.A.1 2) Supplemental Agreement
of Hypothecation of goods and assets for increase in the overall limit. (C.2-A). 3) Letter
regarding the grant of individual limits within the overall limit. (C.5). (All the above
documents constitute a single modification charge). |
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Date of instrument
Creating the charge |
31.03.2010 |
|
Amount secured by
the charge |
Rs. 742.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As would be determined
by the bank from time to time. Margin Raw Material: Imported : 15% Domestic : 25% Stocks-in-process
: 40% Finished goods :
33.33% Book debts/
receivables (cover period) 90 days: 33.33% tt Extent and
Operation of the charge As per sanctioned
terms. |
|
Short particulars
of the property charged |
I)
A
first charge by way of Hypo. of the borrowers entire goods, movables &
other assets present and future including documents of title to goods and
other assets such as book debts, o/s moneys, receivables II)
including
receivables by way of cash assistance and/or cash incentives under the cash
incentive scheme or any other scheme, claims including claims by way of
refund of customs/excise duties under the III)
duty drawback
credit scheme or any other scheme claims including claims by way of refund of
customs/excise duties under the duty drawback credit scheme or any other
scheme, bills, invoices, documents, IV)
Contracts,
insurance policies, guarantees, engagements, securities, investments and
rights uncalled capital and all machinery present and future of such form
satisfactory to the Bank. |
|
Date of latest
modification prior to the present modification |
10.03.2008 |
|
Particulars of
the present modification |
Now by the
present modification, the limit has been increased from Rs.723.200 millions
to Rs.742.800 millions. |
FIXED ASSETS:
- Land – Freehold
- Building
- Plant and Machinery
- Electrical Installations
- Furniture and Fixtures
- Laboratory Equipments
- Transport Vehicles
- Office Equipments
- Air Conditioner
- Computer
- Technical Knowhow
- Uninstalled Assets
- Water Cooler
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.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.