MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
IHSEDU AGROCHEM PRIVATE LIMITED |
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Registered
Office : |
Akhandanand, 38, Marol Co-Operative Industrial Estate, Off. M. V.
Road, Andheri (East), MUMBAI – 400059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.02.2000 |
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Com. Reg. No.: |
11-124048 |
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Capital
Investment / Paid-up Capital : |
Rs. 55.000 millions |
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CIN No.: [Company Identification
No.] |
U11200MH2000PTC124048 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Exporter of Caster Oil Refined. |
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No. of Employees
: |
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 790000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Jayant Agro Organics Limited. It is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINE BY
|
Name : |
Mr. K A Pandiya |
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Designation : |
Company Secretary |
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Date : |
06.06.2011 |
LOCATIONS
|
Registered Office / Corporate
Office : |
Akhandanand, 38, Marol Co-Operative Industrial Estate, Off. M. V.
Road, Andheri (East), MUMBAI – 400059, Maharashtra, India |
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Tel. No.: |
91-22-40271300 |
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Fax No.: |
91-22-40271399 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.667, State Highway No.41, Jagana, Palanpur, District
Banaskantha-385011, Gujarat, India |
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Tel. No.: |
91-2742-252658 |
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Fax No.: |
91-2742-257158 |
DIRECTORS
AS ON 13.09.2010
|
Name : |
Mr. Vithaldas Gokuldas Udeshi |
|
Designation : |
Whole Time Director |
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Address : |
13, AB Sett Minar, 16, A Peddar Road, Mumbai-400026, Maharashtra,
India |
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Date of Birth/Age : |
20.04.1931 |
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Date of Appointment : |
01.07.2002 |
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DIN No : |
00529122 |
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Name : |
Mr. Dilipsinh Gokuldas Udeshi |
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Designation : |
Whole Time Directors |
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Address : |
43-Mount Unique, 62 A, Peddar Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
02.12.1938 |
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Date of Appointment : |
01.07.2002 |
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DIN No : |
00355776 |
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Name : |
Mr. Mulraj Gokuldas Udeshi |
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Designation : |
Whole Time Director |
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Address : |
11, Lalabaug Society, Manjalpur, Baroda-390011, Gujarat, India |
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Date of Birth/Age : |
10.11.1933 |
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Date of Appointment : |
01.07.2002 |
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DIN No : |
00355925 |
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Name : |
Mr. Jayraj Gokuldas Udeshi |
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Designation : |
Whole Time Director |
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Address : |
502, Godavari, 5th Floor, Worli Sagar Cooperative Housing
Limited, Sir Pochkhanwala Road, Mumbai-400025, Maharashtra, India |
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Date of Birth/Age : |
13.09.1940 |
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Date of Appointment : |
01.11.2009 |
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DIN No : |
00529205 |
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Name : |
Mr. Bharat Mulraj Udeshi |
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Designation : |
Whole Time Director |
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Address : |
11, Lalabaug Society, Manjalpur, Baroda-390011, Gujarat, India |
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Date of Birth/Age : |
16.09.1964 |
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Date of Appointment : |
01.07.2002 |
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DIN No : |
00355984 |
KEY EXECUTIVES
|
Name : |
Mr. K A Pandiya |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.09.2010
|
Names of Shareholders |
No. of Shares |
|
Jayant Agro Organics Limited Jtly Vithaldas G Udeshi |
100 |
|
Jayant Agro Organics Limited Jtly Jayraj G Udeshi |
100 |
|
Jayant Agro Organics Limited Jtly Hemant V Udeshi |
100 |
|
Jayant Agro Organics Limited Jtly Sudhir V Udeshi |
100 |
|
Jayant Agro Organics Limited Jtly Abhay V Udeshi |
100 |
|
Jayant Agro Organics Limited Jtly Dr Subhash V Udeshi |
100 |
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Jayant Agro Organics Limited |
5499400 |
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Total
|
5500000 |
AS ON 13.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Caster Oil Refined. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Seed Crushing |
M. T. |
NA |
210000 |
-- |
|
Cake Processing |
M. T. |
NA |
165000 |
-- |
|
Castor Oil |
M.T. |
NA |
-- |
13619309 |
|
By Product |
M.T. |
NA |
-- |
*15550234 |
Notes : * Consumed Internally : C. Y. 1518453 M. T. (P. Y.
: 11310887 M. T.)
GENERAL INFORMATION
|
Bankers : |
·
Central Bank of India, Corporate Finance Branch,
1st Floor, MMO Building, M. G. Road, Fort, Mumbai-400023,
Maharashtra, India. |
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Facilities : |
Notes: 1.
Long term loan is secured against hypothecation
of plant and machinery and other Fixed Assets- (Present and Future) and
equitable mortgage of Land and Building, Factory premises (installments due with
a year Rs. 37.923 millions [P. Y. Rs. 37.760 millions]) 2.
Short term loan is Secured against hypothecation of inventory book debts,
vehicles and export bills of the company. 3.
All the loans are guaranteed by the Directors personally
and also by the corporate guarantee provided by the Holding Company. |
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Banking
Relations : |
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Auditors : |
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Name : |
T. P. Ostwal and Associates Chartered Accountant |
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Address : |
Bharat House, 4th Floor, 104, Mumbai Samachar Marg,
Mumbai-400001, Maharashtra, India |
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Tel. No.: |
91-22-40693900 |
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Fax No.: |
91-22-40693999 |
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E-Mail : |
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Holding Company : |
Jayant Agro-Organics Limited CIN No : L24100MH1992PLC066691 |
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Fellow Subsidiary : |
·
Ihsedu Specialty Chemicals Private Limited. ·
Ihsedu Coreagri Services Private Limited. |
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Associates/Subsidiaries : |
·
Jayant Finvest Limited ·
Gokulmani Real Estate Development Private Limited ·
Enlite Chemical Industries Limited ·
Gokuldas K Udeshi Investments. ·
Varun Leasing and Finance Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5500000 |
Equity Shares |
Rs.10/- each |
Rs. 55.000
Millions |
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|
Note: (All the shares are held by the holding
company, Jayant Agro-Organics Limited and its nominees)
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 |
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|
|
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|
1] Share Capital |
55.000 |
55.000 |
55.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
143.980 |
100.453 |
81.998 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
198.980 |
155.453 |
136.998 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
135.541 |
121.144 |
71.402 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
135.541 |
121.144 |
71.402 |
|
|
DEFERRED TAX LIABILITIES |
39.178 |
23.307 |
18.588 |
|
|
|
|
|
|
|
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TOTAL |
373.699 |
299.904 |
226.988 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
471.527 |
401.244 |
372.003 |
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Capital work-in-progress |
129.304 |
40.077 |
25.025 |
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INVESTMENT |
0.011 |
0.011 |
0.011 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
107.693
|
30.961 |
57.111 |
|
|
Sundry Debtors |
10.599
|
49.559 |
89.060 |
|
|
Cash & Bank Balances |
1.425
|
7.995 |
6.404 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
60.730
|
37.894 |
27.503 |
|
Total
Current Assets |
180.447
|
126.409 |
180.078 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
68.367
|
34.092 |
116.147 |
|
|
Other Current Liabilities |
306.333
|
218.391 |
223.641 |
|
|
Provisions |
32.890
|
15.354 |
10.341 |
|
Total
Current Liabilities |
407.590
|
267.837 |
350.129 |
|
|
Net Current Assets |
(227.143)
|
(141.428) |
(170.051) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
373.699 |
299.904 |
226.988 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1193.571 |
895.847 |
588.498 |
|
|
|
Other Income |
0.417 |
11.055 |
4.945 |
|
|
|
TOTAL (A) |
1193.988 |
906.902 |
593.443 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials |
834.287 |
585.613 |
334.909 |
|
|
|
Purchases of Finished Goods |
34.386 |
104.998 |
62.123 |
|
|
|
Increase / (Decrease) in Stock |
(14.303) |
(3.685) |
17.094 |
|
|
|
Personal Cost |
24.961 |
16.282 |
11.357 |
|
|
|
Manufacturing Expenses and Other Expenses |
201.186 |
140.738 |
99.278 |
|
|
|
Interest on Bank Term Loan |
0.000 |
0.000 |
1.988 |
|
|
|
TOTAL (B) |
1080.517 |
843.946 |
526.749 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
113.471 |
62.956 |
66.694 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.793 |
15.241 |
3.481 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.678 |
47.715 |
63.213 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.194 |
21.039 |
12.329 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
76.484 |
26.676 |
50.884 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
29.739 |
8.221 |
17.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
46.745 |
18.455 |
33.739 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
100.447 |
81.992 |
48.253 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend Distribution Tax |
0.467 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
2.750 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
143.975 |
100.447 |
81.992 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
220.975 |
303.714 |
139.917 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
NA |
NA |
0.247 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.50 |
3.36 |
6.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.92
|
2.03 |
8.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.41
|
2.98 |
8.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.73
|
5.06 |
9.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.17 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.93
|
2.65 |
3.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44
|
0.47 |
0.51 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
The Company has achieved the turnover of Sales and services of Rs.
1193.571 millions and the profit after tax was Rs. 46.745 millions against Rs. 895.847
millions and Rs. 18.455 millions respectively in the previous year.
EXPANSION :
The Company, during the year, has installed additional plant and
machinery worth Rs. 87.386 millions and acquired Land and Building valued at
Rs. 3.930 millions to expand its overall capacity.
CONTINGENT
LIABILITY:
The company has received a notice of demand from Gujarat VAT authorities
claiming Vat of Rs. 116.466 millions including interest of Rs. 11.852 millions
and penalty of Rs. 70.223 millions on self consumption of castor meal (De Oiled
Cake) used in boiler as fuel on the ground that the raw material purchased has
been used as fuel as well as some raw material used in the process of job work.
FORM 8
|
Corporate
identity number of the company |
U11200MH2000PTC124048 |
|
Name of the
company |
IHSEDUAGROCHEM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Akhandanand, 38, Marol Co-Operative Industrial Estate, Off. M. V.
Road, Andheri (East), MUMBAI – 400059, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Central Bank of India, Corporate Finance Branch, 1st Floor,
MMO Building, M. G. Road, Fort, Mumbai-400023, Maharashtra, India. |
|
Nature of
instrument creating charge |
1.
Composite
deed of hypothecation 2.
Extension
of equitable mortgage (All the above agreement
constitute a single charge) |
|
Date of
instrument Creating the charge |
29.03.2011 |
|
Amount secured by
the charge |
Rs. 510.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As stipulated by
bank from time to time Terms of repayment As per stipulated
by bank from time to time Margin As per stipulated
by bank from time to time Extent and operation of the charge First charge
(present and future) total limit Rs.510.500 millions (packing credit cum
export bills purchased / discounted/ EBRD / Export bill negotiated =Rs.
300.000 millions, Term Loan -1= Rs.6.000 millions(O/s), Term Loan=II cum LC
=Rs.26.400 millions), Term Loan III cum LC= Rs.22.200 millions, term loan IV=
Rs. 105.900 millions, Term Loan V = Rs. 50.000 millions) And / or As
stipulated by bank from time to time Other As stipulated by
bank from time to time |
|
Short particulars
of the property charged (Including location of the property) |
First charge (present
and future) 1.
Hypothecation
of all stock / goods / inventories including brought under LC Kept at
borrower place or in transit or where ever else. 2.
Hypothecation of all book debts and
receivables 3.
Hypothecation
of all plant and machinery, furniture, fittings, cranes, computers and other
accessories, spares tools etc. lying at factories / godown or where ever else
or in transit or any other place 4.
Hypothecation
of all current, movable and fixed assets 5.
Hypothecation
of capital work in progress 6.
EMG
of land / Building / Factory premises / Warehouse located at survey no.667,
paiki, village Jagana, District Palanpur, State North Gujarat with all fixed
assets 7.
Hypothecation
of all the plant and machinery purchased out of bank finance including
enercon make concrete tower transformer steel and cogeneration unit at
Palanpur. |
|
Charge
identification number of the charge to be modified |
90144460 |
|
Particulars of
the present modification |
By this
modification limit enhanced to Rs.510.500 millions (packing credit cum export
bills Purchased / discounted / ebrd / export bills negotiated=Rs.300.000
millions, term loan-1=Rs.6.000 millions (o/s),term loan=ii cum LC =Rs.26.400
millions (o/s),term loan iii cum LC=Rs.22.200 millions (o/s),term loan iv=Rs
105.900 millions, term loan v=Rs.50.000 millions),continued security as given
by original charge as well as by modifications |
FIXED ASSETS
·
Freehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Motor Car
Web side details
Profile
In order to maintain a high standard in quality of Castor
Oil and as a part of it's cost reduction exercise, Jayant Agro-Organics Limited
acquired a crushing unit from Gujarat Agro Industries Corporation Limited
located in Palanpur, Gujarat, in its 100% subsidiary, Subject along with Land.
This plant now is fully modernized with state-of-the-art technology.
This plant has a crushing capacity of 350 MT oil / Day and
also have solvent extraction plant. The plant is located in Banaskantha – which
is one of the largest castor growing districts in Gujarat – which alone
accounts for 75% of India’s Castor Seed production. The plant is well linked as
it is situated on the state highway and also close to the Kandla Port from
where our bulk oil exports take place.
Products manufactured are Castor Oil Commercial Grade,
Castor Oil First Special Grade, Castor Oil Pale Pressed Grade, Castor Oil Extra
Pale Grade, Castor Oil Neutralized Grade, Castor Oil Pharma Grade. Notable is
the fact that this unit also manufactures all high grade Castor Oils including
Castor Oil Cold Pressed.
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.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.