MIRA
INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
BSL LIMITED |
|
|
|
|
Registered Office : |
26, Industrial Area, P.B. No. 17, Bhilwara – 311001, Rajasthan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
24.10.1970 |
|
|
|
|
Com. Reg. No.: |
002266 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24302RJ1970PLC002266 |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Share are Listed on
Stock Exchange |
|
|
|
|
Line of Business : |
Manufacture of
Polyester-Viscose, Polyester-Woollen and 100% Woollen Fabrics, Polyester-Wool
Blended and 100% Woollen and Worsted yarn. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 : |
26, Industrial Area, Gandhi Nagar, Post Box No. 17, Bhilwara – 311001,
|
|
Tel. No.: |
91-1482-246801 / 6 |
|
Fax No.: |
91-1482-246807 / 246157 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
|
|
Tel. No.: |
91-120-2541810 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Mandpam, Bhilwara – 31001, |
|
Tel. No.: |
91-1482- 249101 |
|
Fax No.: |
91-1482- 249110 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Village Gorera, Jaisalmer – 345001, |
|
|
|
|
Branches : |
401, " |
DIRECTORS
As On 31.03.2010
|
Name : |
Mr. Arun Churiwal |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Ravi
Jhunjhunwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shekhar
Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Salil
Bhandhari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sushil Kumar
Churiwala |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Susil
Jhunjhunwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. N.
Choudhary |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nivedan
Churiwal |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Praveen Jain |
|
Designation : |
CFO and Company Secretary |
|
|
|
|
Name : |
Mr. V.K. Gupta |
|
Designation : |
Vice-President (Weaving) |
|
|
|
|
Name : |
Mr. M.C. Maheshwari |
|
Designation : |
Vice President (Export) |
|
|
|
|
Name : |
Mr. S. Sengupta |
|
Designation : |
Vice President (Spinning) |
|
|
|
|
Name : |
Mr. V. B. Arora |
|
Designation : |
Vice President (Marketing) |
|
|
|
|
Name : |
Mr. A. K. Mehta |
|
Designation : |
Vice-President (Processing and Silk) |
|
|
|
|
Name : |
Mr. J. C. Soni |
|
Designation : |
Business Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,115,865 |
10.84 |
|
|
4,406,207 |
42.81 |
|
|
5,522,072 |
53.65 |
|
|
|
|
|
|
287,000 |
2.79 |
|
|
287,000 |
2.79 |
|
Total shareholding of Promoter and Promoter Group (A) |
5,809,072 |
56.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
450 |
- |
|
|
1,183,277 |
11.50 |
|
|
1,183,727 |
11.50 |
|
|
|
|
|
|
748,147 |
7.27 |
|
|
|
|
|
|
2,082,777 |
20.24 |
|
|
399,996 |
3.89 |
|
|
68,449 |
0.67 |
|
|
68,449 |
0.67 |
|
|
3,299,369 |
32.06 |
|
Total Public shareholding (B) |
4,483,096 |
43.56 |
|
Total (A)+(B) |
10,292,168 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
10,292,168 |
- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacture of Polyester-Viscose,
Polyester-Woollen and 100% Woollen Fabrics, Polyester-Wool Blended and 100%
Woollen and Worsted yarn. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION
STATUS AS ON 31.03.2009
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production In Millions |
|
Looms |
-- |
|
134 |
-- |
|
Worsted Spinning
Spindles |
-- |
|
8768 |
-- |
|
Synthetic
Spinning Spindles |
-- |
|
17136 |
|
|
Worsted Yarn |
Kg |
|
7904 |
0.703 |
|
PV Yarn |
Kg |
|
-- |
2.838 |
|
Fabrics |
Mtrs |
|
-- |
14.765 |
|
Readymade
Garments |
Nos |
|
-- |
0.004 |
|
Worsted Yarn (Job
Work) |
Kg |
|
-- |
0.113 |
|
Wind Power |
Units |
|
-- |
3.669 |
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.L. Chechani and
Company Chartered
Accountants |
|
Address : |
Bhilwara, |
|
|
|
|
Advisor Name : |
R.N. Gupta |
|
|
|
|
Associates and Joint Venture: |
|
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/- each |
Rs. 290.000 Millions |
|
500000 |
Redeemable Cumulative Preferences Shares |
Rs. 100 /- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 340.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10292168 |
Equity Shares |
Rs.10/- each |
Rs. 102.922 Millions |
|
|
|
|
|
Note:
i) 2920 Equity Shares have been issued at par pursuant to a contract without payment being received in cash,
ii) Allotment of 987 Equity shares has been kept in abeyance pending litigation.
iii) During the year 29,57,469 Fully paid up Equity Shares of Rs. 10/- each have been issued for consideration other than cash, pursuant to Scheme of Amalgamation of erstwhile Bhilwara Processors Limited with the Company as approved by the Hon'ble High Court Rajasthan Jddhpur.
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 |
102.922 |
73.347 |
73.347 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
489.945 |
328.383 |
327.881 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
592.867 |
401.730 |
401.228 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1114.266 |
1151.461 |
1253.346 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1114.266 |
1151.461 |
1253.346 |
|
|
DEFERRED TAX LIABILITIES |
85.402 |
50.149 |
49.446 |
|
|
|
|
|
|
|
|
TOTAL |
1792.535 |
1603.340 |
1704.020 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
968.635 |
810.669 |
895.054 |
|
|
Capital work-in-progress |
6.946 |
5.628 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.003 |
0.003 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
572.602
|
463.209
|
493.934 |
|
|
Sundry Debtors |
309.959
|
312.668
|
313.697 |
|
|
Cash & Bank Balances |
3.311
|
4.018
|
4.452 |
|
|
Other Current Assets |
164.069
|
132.667
|
205.653 |
|
|
Loans & Advances |
21.909
|
20.883
|
19.426 |
|
Total
Current Assets |
1071.850
|
933.445
|
1037.162 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
108.298
|
45.375
|
|
|
|
Other Current Liabilities |
120.463
|
93.883
|
216.738 |
|
|
Provisions |
26.138
|
7.147
|
11.461 |
|
Total
Current Liabilities |
254.899
|
146.405
|
228.199 |
|
|
Net Current Assets |
816.951
|
787.040
|
808.963 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1792.535 |
1603.340 |
1704.020 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2177.478 |
1877.916 |
1780.195 |
|
|
|
Other Income |
0.712 |
9.577 |
11.856 |
|
|
|
TOTAL (A) |
2178.190 |
1887.493 |
1792.051 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
905.135 |
792.606 |
783.359 |
|
|
|
Payment to and Provision for Employees |
259.610 |
172.399 |
163.786 |
|
|
|
Operational and Other Expenses |
707.621 |
697.844 |
747.070 |
|
|
|
Increase/(Decrease) in Finished Goods |
10.372 |
(0.671) |
(41.305) |
|
|
|
TOTAL (B) |
1882.738 |
1662.178 |
1652.910 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
295.452 |
225.315 |
139.141 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.267 |
126.430 |
128.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
185.185 |
98.885 |
10.998 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
123.755 |
96.393 |
99.579 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
61.430 |
2.492 |
(88.581) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
23.544 |
1.990 |
(23.075) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
37.886 |
0.502 |
(65.506) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.579 |
10.077 |
|
|
|
|
|
|
|
|
|
|
Add |
BALANCE
BROUGHT FROM AMALGAMATING COMPANY |
1.350 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Equity Share Dividend |
7.719 |
0.000 |
|
|
|
|
Provision for Dividend Tax |
1.282 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
40.814 |
10.579 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1193.999 |
1070.702 |
999.237 |
|
|
TOTAL EARNINGS |
1193.999 |
1070.702 |
999.237 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Wool, Fibre and Silk Yarn) |
163.669 |
113.602 |
116.830 |
|
|
|
Stores & Spares |
13.511 |
14.456 |
14.890 |
|
|
|
Capital Goods |
2.486 |
1.988 |
8.029 |
|
|
TOTAL IMPORTS |
179.666 |
130.046 |
139.749 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.68 |
0.07 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
571.500 |
756.600 |
604.600 |
|
Total Expenditure |
493.600 |
675.600 |
515.000 |
|
PBIDT (Excl OI) |
77.900 |
81.000 |
89.600 |
|
Other Income |
0.100 |
0.200 |
0.500 |
|
Operating Profit |
78.000 |
81.200 |
90.100 |
|
Interest |
28.200 |
31.300 |
29.500 |
|
PBDT |
49.800 |
49.900 |
60.600 |
|
Depreciation |
30.600 |
31.300 |
32.100 |
|
Profit Before Tax |
19.200 |
18.600 |
28.500 |
|
Tax |
7.800 |
7.700 |
7.800 |
|
Profit After Tax |
11.400 |
10.900 |
20.700 |
|
Net Profit |
11.400 |
10.900 |
20.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.74
|
0.03
|
(3.66) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.82
|
0.13
|
(4.98) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.01
|
0.14
|
(4.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.01
|
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
3.23
|
3.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.20
|
6.38
|
4.54 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The Indian Textile
Industry's performance overall has been better during the financial year
2009-2010 compared to global economic recession period of 2008-2009. The
Economies, particularly Domestic, have made good recovery. There company's
Exports has increased during this period in terms of volume and per meter price
realization. The Company is focusing on strengthening domestic market.
OPPORTUNITIES,
THREATS AND OUTLOOK:
With the
introduction of new designs and high end silk fabrics and New Expansion
projects of (i) 12 Nos. Picanol Weaving Machines and (ii) 400 Spindles of
Vortex Spinning Company's turnover and profitability is expected to improve. In
Export front, Company has increased its volume and per unit price resulting
higher profitability and turnover. The volatile exchange rate affects the
profitability of the company.
EXPORTS:
The Company's Export turnover during the year was Rs.1229.100 millions. Despite global recessionary conditions, Company has been able to increase its volume and per meter price realization resulting into higher profitability during the year.
OUT LOOK FOR
COMPANY'S ACTIVITIES
The Company is
focusing more on Institutional Domestic sales as it is now a Composite Textile
Mill. In export markets, Company plans to increase volumes by entering into new
markets of Eastern Europe and
AMALGAMATION OF
BHILWARA PROCESSORS LIMITED WITH THE COMPANY
The Hon'ble High
Court,
WIND POWER PROJECT
The Company's Wind
Power Project at Jaisalmer had generated 3506 Lac units during the year, as
against 36.69 Lac units last year.
Contingent Liabilities not provided for: (As
On 31.03.2010)
Rs. In Millions
|
(a) Bills
discounted with Banks |
115.755 |
|
(b) Guarantees
given by the Company's Bankers |
7.922 |
|
(c) Guarantees
issued on behalf of other Companies |
Nil |
|
(d) Claims against
the Company not acknowledged as debts |
1.552 |
|
(e) Excise duty
demand disputed by the Company |
2.388 |
|
(f) Sales Tax
demand of Erstwhile BSL Wulfing Limited, disputed by the company |
3.164 |
|
(g) Estimated value
of contracts remaining to be executed on Capital Accounts |
56.942 |
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Electrical
Installation
- Furniture and
Fixture
- Vehicles
- Office and
Other Equipments
- Computer
software
- Enabling
assets
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.45.13 |
|
|
1 |
Rs.73.36 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.