MIRA
INFORM REPORT
|
Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FIABILA INDIA LIMITED (w.e.f. 26.07.2005) |
|
|
|
|
Formerly Known
As : |
ALPA RESINS AND PAINTS LIMITED |
|
|
|
|
Registered
Office : |
17, MIDC, Taloja, Raigad – 410 208, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.03.1995 |
|
|
|
|
Com. Reg. No.: |
11-86610 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.111 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24222MH1995PLC086610 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA09579D / MUMA14818G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4213E |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Cosmetics for Multinational Companies. |
|
|
|
|
No. of Employees
: |
65 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 220000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Gopal Krishnan |
|
Designation : |
Manager |
|
Contact No.: |
91-22-61541625 |
|
Date : |
14.07.2011 |
LOCATIONS
|
Registered Office/Factory : |
17, MIDC, Taloja, Raigad – 410 208, |
|
Tel. No.: |
91-22-64571665 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2400 Sq. M. |
|
Location : |
Owned |
|
|
|
|
Head Office: |
124, “Udyogkshetra” |
|
Tel No.: |
91-22-25690666 / 66906190 / 61541666 |
|
Fax No.: |
91-22-25650018 |
|
Email: |
|
|
|
|
|
Chennai Office: |
3, 4th Floor, “Gokul Arcade”, No. 2, Sardar Patel Road,
Adyar, Chennai-600020, Tamilnadu, India |
|
Tel No.: |
91-44-24401004 |
|
Fax No.: |
91-44-24917948 |
|
Email: |
|
|
|
|
|
Manufacturing Facilities: |
Locate At: ·
Chennai ·
·
Mumbai ·
·
Haridwar ·
Umbergaon |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Kalapathy Lakshmanan |
|
Designation : |
Director |
|
Address : |
14, Ground
Floor, Tamilnadu – 600090, |
|
Date of Birth/Age : |
12.05.1952 |
|
Date of Appointment : |
11.06.1999 |
|
|
|
|
Name : |
Mr. Yogesh Korani |
|
Designation : |
Managing Director |
|
Address : |
6 Madhav Kunj, |
|
Date of Birth/Age : |
15.05.1952 |
|
Date of Appointment : |
19.02.1999 |
|
|
|
|
Name : |
Mr. Miasnik Pierre |
|
Designation : |
Chairman |
|
Address : |
8, Bidde La Tour Maub, Dorg 75007 Paris |
|
Date of Birth/Age : |
17.09.1943 |
|
Date of Appointment : |
21.05.2003 |
|
|
|
|
Name : |
Mr. Ankur Yogesh Korani |
|
Designation : |
Director |
|
Address : |
6 Madhav Kunj, |
|
Date of Birth/Age : |
20.02.1983 |
|
Date of Appointment : |
04.03.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Fiabila SA, France |
|
209667 |
|
Sanjay Bhandari |
|
16444 |
|
Clarion Cosmetics Private Limited, |
|
184960 |
|
Clarion Cosmetics Private Limited, |
|
10 |
|
Clarion Cosmetics Private Limited, |
|
10 |
|
Clarion Cosmetics Private Limited, |
|
10 |
|
Clarion Cosmetics Private Limited, |
|
10 |
|
|
|
|
|
Total |
|
411111 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
|
Bodies
corporate |
|
45.00 |
|
Other
top fifty shareholders |
|
4.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cosmetics for Multinational Companies. |
|
|
|
|
Products : |
·
Nail Polish ·
Nail Enamel ·
Nail Colour ·
Nail Enamel Remover ·
Nail Color Remover ·
Nail Polish Remover ·
Nail Colour Remover ·
Thixotropoic Lacquer ·
Thixotropic Colour ·
Colour Solution |
|
|
|
|
Exports : |
|
|
Products : |
·
Cosmetics ·
Packing Material |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material such as Nitro Selilio Pearls, Pigments etc. |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Credit – TT |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
(As on
31.03.2009) ·
Alufast hitech Industries ·
A A Engineering ·
Anand Busines Centre ·
Alfa Electricals ·
B K Print Pack ·
Balaji Auotmobiles ·
Breeeze Chemicals ·
Binal Packaging ·
Cera Décor ·
Galord Arts ·
Gujrat Glass ·
Innovative Engineers ·
Jay Enterprise ·
Manoj Paints |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
·
Wholesalers (As
on 31.03.2009) ·
Aero Pharma Silvassa ·
Bharat Cosmetics ·
Coschem Industries ·
Modi Revlon ·
S H Cosmetics ·
Pushpanjali Enterprises ·
Pyramid Industries ·
·
Weco Technoplast ·
Sapna Herbal ·
Shailen Corporation ·
S H Cosmetics ·
Shailen Corporation ·
Lips and Tips Cosmetics |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
65 Approximately |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Citi
Bank N A, 2 Floor, Citi tower, ·
Kotak Mahindra Bank ·
Standard Chartered Bank ·
IDBI Bank ·
Dena Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lata Ramesh and Associates Chartered Accountants |
|
Address : |
C-601, Panchvan Complex, |
|
Tel. No.: |
91-22-28937760 / 28938035 |
|
|
|
|
Group Company : |
Clarion Cosmetics |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
411111 |
Equity Shares |
Rs.10/- each |
Rs.4.111
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 |
4.111 |
4.111 |
4.880 |
|
|
2] Share Application Money |
0.000 |
0.769 |
0.000 |
|
|
3] Reserves & Surplus |
51.470 |
43.777 |
39.013 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
55.581 |
48.657 |
43.893 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.403 |
8.383 |
8.511 |
|
|
2] Unsecured Loans |
4.400 |
4.400 |
4.400 |
|
|
TOTAL BORROWING |
8.803 |
12.783 |
12.911 |
|
|
DEFERRED TAX LIABILITIES |
0.805 |
1.038 |
1.098 |
|
|
SHARE PREMIUM A/C |
0.769 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
65.958 |
62.478 |
57.902 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.167 |
42.471 |
29.302 |
|
|
Capital work-in-progress |
10.161 |
2.167 |
13.170 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.278
|
27.801
|
29.495 |
|
|
Sundry Debtors |
17.573
|
14.677
|
15.162 |
|
|
Cash & Bank Balances |
1.325
|
0.701
|
0.961 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
17.359
|
20.612
|
20.922 |
|
Total
Current Assets |
52.535
|
63.791
|
66.540 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.655
|
30.229
|
35.138 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
15.250
|
15.732
|
15.993 |
|
Total
Current Liabilities |
37.905
|
45.961
|
51.131 |
|
|
Net Current Assets |
14.630
|
17.830
|
15.409 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.010 |
0.021 |
|
|
|
|
|
|
|
|
TOTAL |
65.958 |
62.478 |
57.902 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
142.863 |
123.579 |
161.833 |
|
|
|
Other Income |
4.310 |
2.097 |
4.030 |
|
|
|
TOTAL (A) |
147.173 |
125.676 |
165.863 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
89.110 |
80.536 |
0.000 |
|
|
|
Direct Expenses |
22.339 |
15.573 |
133.302 |
|
|
|
Personal Expenses |
10.071 |
7.822 |
6.544 |
|
|
|
Selling and Distribution Expenses |
1.106 |
0.871 |
1.463 |
|
|
|
Administrative Expenses |
7.950 |
9.586 |
7.548 |
|
|
|
TOTAL (B) |
130.576 |
114.388 |
148.857 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.597 |
11.288 |
17.006 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.135 |
1.357 |
1.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.462 |
9.931 |
15.878 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.863 |
2.960 |
2.238 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.599 |
6.971 |
13.640 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.139 |
2.267 |
4.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.460 |
4.704 |
8.928 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.777 |
39.013 |
30.085 |
|
|
|
|
|
|
|
|
|
|
DEFERRED
TAX ASSETS |
0.233 |
0.060 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
51.470 |
43.777 |
39.013 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
15.591 |
32.091 |
28.805 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.15 |
11.44 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.07
|
3.74
|
2.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.12
|
5.55
|
8.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.38
|
6.56
|
14.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.14
|
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
1.21
|
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.39
|
1.30 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Sundry Creditors |
22.655 |
30.229 |
35.138 |
PARTIAL DETAILS OF
SUNDRY CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
A K Patil |
0.970 |
1.254 |
1.301 |
|
Anand Business Centre |
0.057 |
0.008 |
-- |
|
Amey Chemicals |
1.634 |
0.798 |
0.632 |
|
Ansa Packaging |
0.080 |
0.045 |
-- |
|
Aurum Packaging |
0.124 |
0.113 |
-- |
|
Diksha Enterprise |
0.523 |
0.187 |
-- |
|
H M Tubes and Containers Private Limited |
0.216 |
0.045 |
-- |
|
Harman Lamps Private Limited |
2.170 |
0.917 |
0.140 |
|
Nikita Packaging Private Limited |
0.268 |
0.446 |
-- |
|
Piramal Glass Limited |
4.232 |
2.899 |
-- |
TRADE REFERENCES
·
·
Oriflame
BUSINESS:
The Company was able
to achieve the targeted growth during the current year. The Directors are
endeavoring to go in for better product mix. And are confident of achieving
much better results in the coming years.
Bankers Charges
Report as per Registry
|
Name of the company |
ALPA RESINS AND
PAINTS LIMITED |
|
Presented By |
Mr. Yogesh Korani
|
|
1) Date and description of instrument creating the change |
Goods security
agreement dated 23.03.2003 executed by Alpa Resins and Paints Limited (Hereinafter
referred to as “the Company”) in favour of City Bank N. A. hereinafter
referred to as “the Lender”) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Goods Security
Agreement for Rs.7.500 millions which is fully funded. |
|
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 |
Hypothecation of
Stocks and Book debts forming part of current assets both present and future.
and Hypothecation of fixed assets including plant and machinery, electrical
fittings, furniture and fixtures, handling equipments, weighing machines and
scale, office equipments, lab equipments, vehicles, computers, washing tanks
and vessels, fork lift, air conditioners etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend and advance to the company said
facilities under said agreement and declaration by the company, inter alia.
as follows: Covenant by the
company to repay the facility at (2) above and pay interest and all other
monies in the manner set out in the said Agreements between the Company the
Lender and to comply with the terms and conditions of said Agreement. 2) The said
current assets and fixed assets hypothecated to the Lender by way of first
charge created in favour of the bank, as security for and be charged with the
repayment of the loan with all interest , liquidated, damages, premia on
prepayment or on redemption, costs, charges, and other expenses payable by
the company to the lender in respect thereof. Margin 36% on
stock and Debtors. 3) The company to
pthe said assets in marketable and good conditionsalso insured as provided
therein. 4) Power of entry
, power to take charge and / or possession of, seize, re over , receive,
appoint and sell, contract, dispatch for realisation or otherwise dispose of
or deal with all or any part of the said assets; etc., as provided therein. |
|
5) Name and Address and description of the person entitled to the charge. |
Citi Bank N A, 2
Floor, Citi tower, |
|
6) Date and brief description of instrument modifying the charge |
Deed of Modification
dated – 18.03.2004 Relating to enhancement of credit facilities. |
|
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. |
The original
charge was created on 23rd January, 2003 for securing fund based
facilities of Rs.7.500 millions against hypothecation of stock and book debts
and Plant and Machinery. The bank has now
extended additional facilities to the company and made a Deed of modification
to the extent of Rs.10.000 millions which is an increase of Rs.2.500 millions
against the said stock and Book debts arid Plant and machinery hypothecated
by way of First charge to the lender. Other termsand conditions
will remain same as per original Goods security agreement. |
FIXED ASSETS:
·
Land
·
·
Electrical
Fittings
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Handling
Equipments
·
Office
Equipments
·
Vehicles
·
Computer
·
Printing
Line
·
Air
Conditioner
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.44.53 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.