MIRA
INFORM REPORT
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Report Date : |
18.07.2011 |
IDENTIFICATION DETAILS
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Name : |
BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED |
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Registered Office : |
3rd Floor, 301, Sai Heritage, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.12.1997 |
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Com. Reg. No.: |
11-112261 |
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Capital
Investment / Paid-up Capital : |
Rs.284.886 millions |
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CIN No.: [Company
Identification No.] |
U74999MH1997PTC112261 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07662E |
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PAN No.: [Permanent
Account No.] |
AAACB6493M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Compound Stabilisers for Resins and Plastics |
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No. of Employees : |
About 1200 [Group of companies] |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1358000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company had recorded some accumulated losses in the previous year. However with some improvement in the financial position, it has been successful in wiping off those losses. Trade relations are reported as fair. Business is active. Payments are reported to be sloe but correct. The company can be considered for small business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered
Office : |
3rd Floor, 301, Sai Heritage, |
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Tel. No.: |
91-22-67974151 / 52 / 61523200 |
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Fax No.: |
91-22-67974150 / 61523209 / 25188703 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 2, Industrial Area No. 3, |
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Tel. No.: |
91-72-72409700 / 1 / 2 / 3 |
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Fax No.: |
91-72-72409727 |
DIRECTORS
As on 16.08.2010
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Name : |
Mr. Grasnueck C Rainer |
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Designation : |
Director |
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Address : |
Vilale Placenza |
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Date of Birth/Age : |
05.05.1957 |
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Date of Appointment : |
10.12.1997 |
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Name : |
Mr. Dehm Dieter Klaus |
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Designation : |
Director |
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Address : |
Kazairstrasse, |
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Date of Birth/Age : |
05.11.1955 |
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Date of Appointment : |
23.03.2005 |
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Name : |
Mr. Susobhan Kumar Dutta |
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Designation : |
Director |
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Address : |
10/401, Swarnagiri, Siddhachal Co-Operative Housing Society
Limited, Phase – II, |
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Date of Birth/Age : |
10.03.1968 |
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Date of Appointment : |
01.08.2007 |
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Name : |
Mr. Frank Siegfried Ernst Schmalbach |
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Designation : |
Director |
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Address : |
Krankenhausstrasse 12, Dachau-85221, |
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Date of Birth/Age : |
11.01.1967 |
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Date of Appointment : |
16.08.2010 |
KEY EXECUTIVES
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Name : |
Pranjal Prafulla Shirke |
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Designation : |
Secretary |
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Address : |
B-202, Durvankur CHSL, Sant Janabhai Road, Vile Parle (East),
mumbai-400 057, Maharashtra, India |
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Date of Birth/Age : |
19.03.1981 |
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Date of Appointment : |
15.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2010
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Names of Shareholders |
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No. of Shares |
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Baerlocher Italia SPA Address: Via San Colombano, 62/A, 26900, |
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28488645 |
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Baerlocher GMBH Freisinger Strasse 1, D-85716, Unterschlessheim, |
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2 |
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Total |
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28488647 |
As on 16.08.2010
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Equity Share
Breakup |
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Category |
Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Compound Stabilisers for Resins and Plastics |
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Products : |
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PRODUCTION STATUS
(As on 31.03.2009)
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Particulars |
Unit |
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Installed
Capacity |
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Compound Stabilisers for Resins and Plastics |
M.T. |
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17000 p.a. |
GENERAL INFORMATION
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No. of Employees : |
About 1200 [Group of companies] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, Deloitte House, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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Holding Company : |
Baerlocher |
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Ultimate Holding Company : |
MRF Michael Rosenthal GmbH |
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Subsidiary of
Ultimate Holding Company: |
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Fellow
Subsidiary of Holding Company: |
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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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30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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28488647 |
Equity Shares |
Rs.10/- each |
Rs.284.886 millions |
Note:
All the above shares are held by Baerlocher Italia SpA, the holding
company and its nominee
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
284.886 |
284.886 |
276.269 |
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2]Share Application Money |
0.000 |
0.000 |
8.616 |
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3] Reserves & Surplus |
54.748 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(9.372) |
(60.230) |
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NETWORTH |
339.634 |
275.514 |
224.655 |
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LOAN FUNDS |
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1] Secured Loans |
65.787 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
77.449 |
97.218 |
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TOTAL BORROWING |
65.787 |
77.449 |
97.218 |
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DEFERRED TAX LIABILITIES |
0.299 |
0.295 |
0.000 |
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TOTAL |
405.720 |
353.258 |
321.873 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.666 |
75.460 |
87.976 |
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Capital work-in-progress |
2.378 |
4.638 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
157.725
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93.351
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111.088
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Sundry Debtors |
210.790
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187.987
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158.842
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Cash & Bank Balances |
0.413
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27.068
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6.249
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
28.708
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36.074
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23.573
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Total
Current Assets |
397.636
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344.480 |
299.752
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
40.656
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56.327
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43.332
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Current Liabilities |
11.383
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7.597
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13.159
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Provisions |
9.921
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7.396
|
9.364
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Total
Current Liabilities |
61.960
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71.320 |
65.855
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Net Current Assets |
335.676
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273.160 |
233.897
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
405.720 |
353.258 |
321.873 |
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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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TOTAL (A) |
1029.008 |
812.608 |
658.062 |
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Less |
EXPENSES |
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TOTAL (B) |
906.954 |
732.789 |
610.513 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPsssssssRECIATION AND AMORTISATION (A-B) (C) |
122.054 |
79.819 |
47.549 |
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Less |
FINANCIAL
EXPENSES (D) |
8.455 |
11.601 |
11.576 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
113.599 |
68.218 |
35.973 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.274 |
16.614 |
15.261 |
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PROFIT BEFORE
TAX (E-F) (G) |
97.325 |
51.604 |
20.712 |
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Less |
TAX (H) |
33.204 |
0.747 |
(0.392) |
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PROFIT AFTER TAX
(G-H) (I) |
64.121 |
50.857 |
21.104 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(9.372) |
(60.229) |
NA |
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BALANCE CARRIED
TO THE B/S |
54.749 |
(9.372) |
(60.229) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
7.774 |
11.541 |
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Commission Earnings |
NA |
1.301 |
1.322 |
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TOTAL EARNINGS |
NA |
9.075 |
12.863 |
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IMPORTS |
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Raw Materials |
NA |
126.170 |
94.507 |
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Capital Goods |
NA |
0.000 |
0.717 |
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TOTAL IMPORTS |
NA |
126.170 |
95.224 |
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Earnings Per
Share (Rs.) |
2.25 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
6.23
|
6.25 |
3.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.91
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12.28 |
5.34 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.18 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.37
|
0.54 |
0.72 |
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Current Ratio (Current Asset/Current Liability) |
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6.41
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4.83 |
4.55 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered office of the company has been shifted from Godrej Industries Complex, Pirojshanagar, Vikhroli (East), Mumbai – 400 079, Maharashtra, India to the present address w.e.f. 16.02.2009.
FINANCIAL
PERFORMANCE AS A MEASURE OF OPERATIONAL PERFORMANCE:
The Company witnessed a substantial growth in terms of
profitability in its business of manufacturing of plastic stabilizers during
the year under review. The Company achieved an overall improvement in all areas
as can be seen below:
Operational Performance:
|
Particulars |
Quantity (M.T) |
Increase Over
Previous Year |
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Sales |
11031 |
29.90% |
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Production |
11198 |
30.90% |
Financial Performance:
|
Particulars |
Amount in Millions |
Increase Over
Previous Year |
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Sales Revenue (Net) |
1016.640 |
26.76% |
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Profit Before Tax |
97.325 |
88.60% |
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Profit After Tax |
64.121 |
26.08% |
The Directors will thrive to maintain such margins during the current
year with the increase in the business volumes.
FIXED ASSETS:
· Computer Software
·
·
· Plant and Machinery
· Office Equipment
· Computers
· Furniture and Fixture
· Motor vehicles
FORM 8
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Name of the company |
BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 23rd February, 2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 60.000 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 |
The whole of the borrowers stocks both present and future and including but without prejudice to the generality of the foregoing words all stocks of raw materials, work in progress, semi finished goods such as load stearic acid, cadimium oxide, MTO, PVC Stabilizers etc, Packing materials and stores etc. Whatsoever and wheresoever situate and/or in transit whether now belonging to or that may at any time during the continuance of this security belong to the Borrower or that may be held by any party anywhere to the order and disposition of the Borrower. All the present and future book – debts outstanding monies receivable, claims, bills, contact engagement and securities which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm company or body corporate or by the Government of India or any State Government or Indian Railways or any Government Department or Office or any Municipal or local or public or semi government body or authority whatsoever including those relating to the assets leased out and / or given on hire purchase basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is created to secure following credit facilities together with interest and margin as stated below Cash Credit – 1% Over PLR 25% (hypothecation of presently 12%) Stock and Book – Effective rate – Rs.45.000 Millions of Interest 13% with quarterly Inland Import - 25% L/C (D/P, D/A upto 90 days) Rs. 5.000 Millions Bank Grantee – 25% Rs. 10.000 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Hypothecation agreement dated 27th March, 2001 |
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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. |
The charged is increased from Rs. 60.000 Millions to Rs. 70.000 Millions i.e. the cash credit (Hypothecation of Stocks and Book Debts) facility is increased from Rs. 45.000 Millions to Rs. 70.000 Millions and the Inland DP/DA upto 90 days limit of Rs.5.000 millions and Bank Guarantee limit of Rs.10.000 millions are treated as cancelled and converted into Cash Credit (Hypothecation of Stocks and Book Debts.) |
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Corporate
identity number of the company |
U74999MH1997PTC112261 |
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Name of the
company |
BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
3rd Floor, 301, Sai Heritage, |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Others
– Stock, Plant, Machinery etc. |
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Particular of
charge holder |
Axis Bank Limited, Ghatkopar Branch, Sai Heritage, Email: suyashri@vsnl.com |
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Nature of
instrument creating charge |
No Instrument.
Memorandum of Entry (MOE) Equitable Mortgage by Deposit of Title Deeds on
06.10.2009 |
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Date of
instrument Creating the charge |
06.10.2009 |
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Amount secured by
the charge |
Rs. 100.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC@ 2.25% Below
BPLR i.e. presently 12.50% p.a. payable monthly Terms of repayment on demand Margin CC Stocks 25% ,
B/D 40% (cover period 90 days) LC-10%, BG 10%
(100% of disputed liabilities) Extent and operation of the charge The Credit
facilities granted by the Bank, further secured by way of exclusive 1st
Charge by deposit of Title Deeds in respect of Immovable Property of the Co.
situated at Plot No.2, Industrial Area No.3, A. B. Road, Dewas (MP), together
with buildings, structures constructed thereon, plant, machinery attached
thereto. |
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Short particulars
of the property charged (Including location of the property) |
1st charge on all
present and future stock of RM, WIP, SFG, FG, consumable stores and spares
wheresoever situated or in transit. 1st charge on all
present and future book debts, outstanding money receivables, claims, bills,
due and owing to the 1st charge on
plant and machinery, fixtures, fittings, computers and other accessories
lying at premises, godown at Ghatkopar
(E), Mumbai and Dewas, Thane. Exclusive 1st
charge by deposit of Title deeds of immovable property situated at Plot No.2,
Industrial Area No.3, A. B. Road, Dewas (MP) |
|
Particulars of
the present modification |
The Credit
facilities granted by the Bank, further secured by way of exclusive 1st Charge by deposit of Title
Deeds in respect of Immovable Property of the Co. situated at Plot No.2,
Industrial Area No.3, A. B. Road, Dewas (MP), together with buildings,
structures constructed thereon, plant, machinery attached thereto. |
AS PER WEBSITE DETAILS
About Baerlocher
The Baerlocher
group of companies is a leading provider of additives for the plastics industry,
in particular for PVC. Its offering includes a very broad range of stabilizers
based on lead, CaZn, CaOrg, BaZn and Sn, as well as other additives for all PVC
applications.
Baerlocher supplies what are known as "one-packs" under the brand
name Baeropan. These are customized additive formulations meeting the needs of
a special application, developed together with the customer using Baerlocher
know-how.
Other Baerlocher products established in the marketplace are Baerostab (diverse
stabilizer systems), Baeropol (additive systems for polyolefins), Baerolub
(lubricants), Baerocid (fatty acids), as well as Ceasit and Zincum (metal
stearates).
Characteristics of Baerlocher are strong customer and employee orientation, as
well as innovation and sustainability. The additive one-pack concept and
several novel product forms developed by Baerlocher have become
state-of-the-art in the industry. Continued leadership in innovation is
demonstrated by Baerlocher's support to the PVC industry in the transition from
Pb to CaZn stabilizers as well as by the innovative lubricant systems for wood
plastic composities.
Baerlocher is committed to the principles of responsible care: sustainable
development, safe and environmentally friendly production processes as well as
protection of people and the environment are corporate goals. It maintains an
ISO 9001 certified quality management system and its environmental management
system complies with ISO 14001. The company also provides proactive support for
voluntary industry commitments such as Vinyl 2010 and the replacement of Pb
stabilizers.
The Baerlocher group of companies has 13 production sites around the world,
with its headquarters in Munich-Unterschleissheim. Research and development are
carried out in Germany (Munich-Unterschleissheim), France (Marseilles), Italy
(Lodi) and the United States (Dover, Ohio). With a sales network covering more
than 40 countries, the Baerlocher group of companies has a total of about 1200
employees.
Additionally to its core business, Baerlocher is involved in a variety of
activities, both in industry and in society. It plays an active role in trade
associations and runs a Plastic Additives Museum at the production site in
Lingen, Germany. The company also provides opportunities for apprenticeships in
various business areas.
PRESS RELEASE
Baerlocher India
Additives Private Limited Conferred the 2007 Frost and Sullivan Market
Leadership Award for Heat Stabilizers in the Indian Polymer Additives
Market
Frost and Sullivan at its recently held "2007 Frost and Sullivan
India Chemicals Materials and Foods Awards Banquet" in Mumbai awarded
Baerlocher India Additives Private Limited the Market Leadership Award for Heat
Stabilizers in the Indian Polymer Additives Market.
The award for Market Leadership is presented to the company
that has exhibited market share leadership through the implementation of market
strategy and has displayed excellence in all areas of the market leadership
process, including the identification of market challenges, drivers and
restraints, as well as strategy development and methods of addressing these
market dynamics.
On receiving the award, Mr. Susobhan Kr. Dutta, Managing
Director, Baerlocher India Additives Private Limited said, "The Plastic
industry is going through a period of important changes driven by a number of
industry initiatives and legal directives combined with dramatic changes in raw
material prices and shortage of some of key raw materials. In line with these
changes, we are looking at a big shift in technology especially from lead-based
to calcium-based stabilisers. As the market leader, we want to grow more than
the average growth rate of the industry and we plan to achieve this by
introducing better technology, new products and by expanding market base."
To choose the recipient of this award, the analysts track
competitor revenue and market share within the industry. This is achieved
through interviews with all market participants and extensive secondary
research of proprietary data sources. Finally, competitors are compared and
ranked for relative positions. Frost and Sullivan then presents the award to
the company that received the number one industry rank.
In addition to the methodology described above, specific criteria
are used to ascertain final competitor rankings in this industry. These
criteria include market share, revenue growth rates, profitability and market
and technology innovation.
According to Mamta Wadhwa, Director, Chemicals Materials and
Foods Practice, Frost and Sullivan, South Asia and Middle East:
"Baerlocher's vision 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.44.52 |
|
|
1 |
Rs.77.90 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.