MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
S H KELKAR AND COMPANY PRIVATE LIMITED |
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|
|
|
Registered
Office : |
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Country : |
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|
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|
Financials (as
on) : |
31.03.2010 |
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|
Date of
Incorporation : |
01.07.1955 |
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Com. Reg. No.: |
11-009593 |
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Capital
Investment / Paid-up Capital : |
Rs.120.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1955PTC009593 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37437B |
|
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|
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PAN No.: [Permanent Account No.] |
AAACS9778G |
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|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer and
Marketer of Aromatic Chemicals Flavours and Fragrances. |
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|
|
No. of Employees
: |
250 (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 11000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-22069609 / 22019130/ 22069620/ 29/ 30 |
|
Fax No.: |
91-22-22081204 |
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E-Mail : |
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Website : |
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Factory : |
Lalbahadur Shastri Marg, Mulund (West), Mumbai - 400 080, |
|
Tel. No.: |
91-22-25642242/ 43 / 45/ 0960/ 56/ 58 / 25640960/25906245 (Marketing) |
|
Fax No.: |
91-22-25647334/ 25645271/ 25645272/25640202 (Sales Department) |
|
Email: |
marketing@shkelkar.com
(Marketing) katke@shkelkar.com (Sales) |
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|
Sales Office : |
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Tel No : |
91-22-22019130/ 22019198 |
DIRECTORS
As on 04.09.2010
|
Name : |
Mr. Ramesh V. Vaze |
|
Designation : |
Managing Director |
|
Address : |
S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund (West),
Mumbai – 400 002, |
|
Date of Birth/Age : |
30.04.1941 |
|
Qualification : |
BSC |
|
Date of Appointment : |
12.02.1975 |
|
|
|
|
Name : |
Mr. Govind Kelkar |
|
Designation : |
Director |
|
Address : |
S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund (West),
Mumbai – 400 002, |
|
Date of Birth/Age : |
06.02.1932 |
|
Qualification : |
B.Sc. |
|
Date of Joining: |
01.01.1967 |
|
Date of Appointment : |
02.03.2010 |
|
|
|
|
Name : |
Mrs. Sudha G. Kelkar |
|
Designation : |
Director |
|
Address : |
S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund (West),
Mumbai – 400 002, |
|
Date of Birth/Age : |
24.05.1936 |
|
Date of Appointment : |
05.04.1999 |
|
Date of Ceasing : |
16.08.2010 |
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|
|
|
Name : |
Mrs. Prabha R. Vaze |
|
Designation : |
Director |
|
Address : |
S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund (West),
Mumbai – 400 002, |
|
Date of Birth/Age : |
19.06.1946 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
05.04.1999 |
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|
|
|
Name : |
Mr. Kedar Vaze |
|
Designation : |
Director |
|
Address : |
S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund (West),
Mumbai – 400 002, |
|
Date of Birth/Age : |
12.11.1973 |
|
Date of Appointment : |
27.08.2010 |
|
|
|
|
Name : |
Mr. Ravi Lekhrajani |
|
Designation : |
Director |
|
Address : |
Flat No.B-605, 6th Floor, Sagar Shrot, Juhu Versova, New |
|
Date of Birth/Age : |
26.11.1969 |
|
Date of Appointment : |
27.08.2010 |
KEY EXECUTIVES
|
Name : |
Mrs. A.U.
Thakurdesai |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ajit S. Vaze HUF |
|
4200 |
|
Girish S. Vaze HUF |
|
4200 |
|
Ajit S. Vaze |
|
4200 |
|
Girish S. Vaze |
|
4200 |
|
Anuradha A. Vaze |
|
4200 |
|
Anagha G. Vaze |
|
2000 |
|
Varun G. Vaze |
|
1111 |
|
Ramesh V. Vaze |
|
6049 |
|
Prabha R. Vaze |
|
6049 |
|
Ramesh V. Vaze HUF |
|
6048 |
|
Ramesh V. Vaze Family Trust |
|
2400 |
|
Prabha R. Vaze Family Trust |
|
2400 |
|
Kedar R. Vaze |
|
6049 |
|
Kedar R. Vaze HUF |
|
6049 |
|
Govind D. Kelkar |
|
9962 |
|
Sudha G. Kelkar |
|
9962 |
|
G.D. Kelkar (HUF) |
|
10081 |
|
Kelkar Investment Company Private Limited, |
|
8467 |
|
Suresh V. Vaze HUF |
|
33 |
|
G.D. Kelkar Family Trust |
|
2400 |
|
S.G. Kelkar Family Trust |
|
2400 |
|
V. G. Vaze Family Trust |
|
2400 |
|
Radhabai Vaze Family Trust |
|
2400 |
|
V. G. Vaze Charity Trust |
|
1600 |
|
Swati D. Sathare |
|
120 |
|
Jyoti S. Bhadkamkar |
|
120 |
|
Vinay A Vaze |
|
300 |
|
|
|
|
|
Total |
|
109400 |
As on 04.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
7.74 |
|
Directors
or relatives of directors |
|
27.64 |
|
Other
top fifty shareholders |
|
64.62 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Marketer of Aromatic Chemicals Flavours and Fragrances. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Aromatic Chemicals |
M.T. |
|
715 |
936 |
|
Fragrances |
M.T. |
|
12645 |
3515 |
GENERAL INFORMATION
|
No. of Employees : |
250 (Approximately) |
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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 : |
Batliboi and
Purohit Chartered
Accountants |
|
Address : |
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Tel. No.: |
91-22-22077941/ 42 |
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Website : |
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Group Company : |
Address: Plot No. 170 to 175, GIDC
Industrial Estate, Vapi-396195, Tel No.: 91-260-2430699 / 2420799 Fax No.: 91-260-2430499 Website: www.kvarochem.com
Address: Lal Bahadur Shastri Marg, Near Tel No.: 91-22-25400960 / 25642242/43/45 /
25647256/58 Fax No.: 91-22-25647334 / 25645271
Address: Lal Bahadur Shastri Marg, Near Tel No.: 91-22-25400960 / 25642242/43/45 /
25647256/58 Email: saoji@shkelkar.com
Address: C.T.S. No. 635, 637, Tel No.: 91-22-25645273 / 74 / 25683606 Fax No.: 91-22-25645271 / 25647334 Email: keva@bom5.vsnl.net.in Website: www.kevafragrances.com |
CAPITAL STRUCTURE
As on 04.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.1000/- each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
109400 |
Equity Shares |
Rs.1000/- each |
Rs.109.400 millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.1000/- each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity Shares |
Rs.1000/- each |
Rs.120.000 millions |
Note: (Of the above shares, 400 Equity Shares of
Rs.1000/- each are allotted to vendors as fully paid-up pursuant to a contract
dated 8th August, 1955 without payment being received in cash)
After As on 04.09.2010
Authorised Capital : Rs.1250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1109.400
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 |
120.000 |
120.000 |
120.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2719.782 |
2356.900 |
2101.282 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2839.782 |
2476.900 |
2221.282 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
10.954 |
162.728 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
10.954 |
162.728 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2839.782 |
2487.854 |
2384.010 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
680.073 |
662.525 |
644.167 |
|
|
Capital work-in-progress |
319.716 |
279.126 |
156.026 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.828 |
2.828 |
2.828 |
|
|
DEFERREX TAX ASSETS |
6.254 |
8.619 |
11.029 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1007.582
|
888.342 |
1003.321 |
|
|
Sundry Debtors |
569.705
|
519.018 |
410.876 |
|
|
Cash & Bank Balances |
483.058
|
21.648 |
57.206 |
|
|
Other Current Assets |
0.000
|
0.000 |
204.210 |
|
|
Loans & Advances |
335.223
|
320.500 |
185.826 |
|
Total
Current Assets |
2395.568
|
1749.508 |
1861.439 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
145.998
|
48.891 |
278.125 |
|
|
Other Current Liabilities |
403.254
|
150.906 |
0.915 |
|
|
Provisions |
15.405
|
14.955 |
12.439 |
|
Total
Current Liabilities |
564.657
|
214.752 |
291.479 |
|
|
Net Current Assets |
1830.911
|
1534.756 |
1569.960 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2839.782 |
2487.854 |
2384.010 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2520.378 |
2234.551 |
2094.756 |
|
|
|
Other Income |
26.211 |
40.559 |
34.628 |
|
|
|
TOTAL (A) |
2546.589 |
2275.110 |
2129.384 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
NA |
1775.409 |
1790.761 |
|
|
|
Increase/ Decrease in Stock |
NA |
2.883 |
(49.371) |
|
|
|
TOTAL (B) |
NA |
1778.292 |
1741.390 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
496.818 |
387.994 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
NA |
12.099 |
16.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
484.719 |
371.397 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
81.692 |
53.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
495.247 |
403.027 |
317.551 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
132.365 |
147.409 |
132.696 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
362.882 |
255.618 |
184.855 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.001 |
0.000 |
0.001 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
255.617 |
184.856 |
|
|
BALANCE CARRIED
TO THE B/S |
362.883 |
0.001 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On account of export of goods on F.O.B. basis |
208.939 |
263.399 |
242.661 |
|
|
TOTAL EARNINGS |
208.939 |
263.399 |
242.661 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
651.313 |
594.324 |
682.664 |
|
|
|
Capital Goods |
0.357 |
79.155 |
21.816 |
|
|
TOTAL IMPORTS |
651.670 |
673.479 |
704.480 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3024.02 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.25
|
11.24 |
8.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.65
|
18.04 |
15.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.10
|
16.71 |
12.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.16 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.20
|
0.09 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.24
|
8.15 |
6.39 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was
incorporated on 1st July 1955 at Mumbai in
Subject has become
private limited liability company w.e.f. 18th May 2001.
PRODUCTION AND SALES:
Production grew by 8.2% to 3515 Tonnes, the
commencement of Vashivalli operations. Overall sales for the year grew by
12.8%, contributed primarily by the Fragrance business (+16.4%). The Director
expect that this upward trend in domestic sales of Fragrance will continue
during the current year. Production of the Aromatic chemical, Kevolid, has been
discontinued and sales of this product has been restricted to disposal of
existing stocks.
PROFITS AND DIVIDEND:
During the year profit before tax grew by 23%
contributed by the double-digit volume growth in Fragrance and the full year
impact of price changes to offset raw material cost increases. Profit after tax
was further by the tax shield from the non-compete fees paid by the Company
during the years 2006-07 to 2009-10. In view of the impending family settlement
agreed with the shareholders of the company, no dividend has been declared for
the current year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999MH1955PTC009593 |
|
Name of the
company |
S.H. KELKAR AND COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-Mail: |
|
Type of charge |
Movable Property Others (Stock) |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90161833 |
|
Particular of
charge holder |
Standard
Chartered Bank, E-Mail: Ganesh.Krishnan@sc.com |
|
Nature of
description of the instrument creating or modifying the charge |
No Due
certificate dated 28th April, 2010. |
|
Date of instrument
Creating the charge |
28/04/2010 |
|
Amount secured by
the charge |
Rs.39.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As may be
notified by Bank and Borrower. Terms of
Repayment: As may be
notified by Bank and Borrower. Margin: As may be
notified by Bank and Borrower. Extent and
Operation of the charge: As may be
notified by Bank and Borrower. |
|
Short particulars
of the property charged |
All the company's
stock in trade, raw materials, goods in process, semi-manufactured and
manufactured goods, semi-finished and
finished products, now or at any time belonging to or at the disposal of the
company or that may be held by any party company and which are now stored or
being stored or which may hereafter from time to time be stored at or brought
into the company's premises and godowns at Bombay or anywhere in India or
wherever the same may be including in the custody or control of any of the
company's agents or distributors or which may be in the same course of
transit by ship, rail, air or otherwise. |
|
Date of latest
modification prior to the present modification |
17/07/1998 |
|
Particulars of
the present modification |
By the present modification
the company has paid all the dues of the Standard Chartered Bank and
therefore the charge with respect to Standard Chartered Bank has been
released and the said charge is continued in favour of ICICI Bank Limited for
the amount of Rs.39.500 millions. |
FIXED ASSETS:
·
Goodwill
·
Land
·
Buildings
·
R and D Building
·
Creative Centre – New R
and D Building
·
R and D Equipments
·
R and D Green House
·
Plant and Machinery
·
Motor Cars and Vehicles
·
Furniture and Fixtures
·
Agricultural Implements
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
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.