MIRA
INFORM REPORT
|
Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
BLOOM DEKOR LIMITED |
|
|
|
|
Registered Office : |
Block No. 267, Village Orantal Prantij, Sabarkantha-383205, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
23.03.1992 |
|
|
|
|
Com. Reg. No.: |
04-17341 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L20210GJ1992PLC017341 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB00170C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACB6221B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
|
|
|
|
Line of Business : |
Manufacturer And Exporter of High Pressure Decorative Laminates |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 650000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Fair |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an well established company having satisfactory track.
Financial position of the company appears to be sound. Trade relations are fair.
Business is active. Payments re 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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Raju |
|
Designation : |
Accounts Department |
|
Date : |
28.02.2011 |
LOCATIONS
|
Registered Office : |
Block No. 267, Village Orantal Prantij, Sabarkantha-383205, |
|
Tel. No. : |
91-2770-230510 |
|
Fax No : |
91-2770-230546 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Head Office : |
2/F, Sumel, |
|
Tel. No.: |
91-79-26841916/17/18 |
|
Fax No.: |
91-79-26841914 |
|
E-Mail : |
|
|
|
|
|
Mumbai Office : |
C-507, Kailas Esplande, LBS Marg, Opp. Sreyas Cinema, Ghatkoper(W),
Mumbai-400086, |
|
Tel. No.: |
91-22-40110224/25 |
|
E-Mail : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Sunil Gupta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Mayur Parikh |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. Rupal Gupta |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Ramesh Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chirag Mehta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Raju |
|
Designation : |
Accounts Department |
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 |
|
|
|
|
|
|
|
|
1,643,390 |
27.39 |
|
|
128,000 |
2.13 |
|
|
1,771,390 |
29.52 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1,771,390 |
29.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
996,463 |
16.61 |
|
|
|
|
|
|
955,921 |
15.93 |
|
|
1,213,384 |
20.22 |
|
|
1,062,842 |
17.71 |
|
|
1,062,842 |
17.71 |
|
|
4,228,610 |
70.48 |
|
Total Public shareholding (B) |
4,228,610 |
70.48 |
|
Total (A)+(B) |
6,000,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
6,000,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer And Exporter of High Pressure Decorative Laminates |
||||
|
|
|
||||
|
Products: |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Laminate Plant |
Sheets |
|
1470000 |
1049906 |
|
Door Plant |
Pieces |
|
90000 |
5824 |
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B T Vora And Company Chartered Accountant |
|
Address: |
Ahmedabad-380009, |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6250000 |
Equity Shares |
Rs.10/- Each |
Rs.62.500 Millions |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- Each |
Rs.60.000
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 |
60.000 |
60.000 |
60.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
103.073 |
92.922 |
88.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
163.073 |
152.922 |
148.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
144.437 |
135.411 |
118.900 |
|
|
2] Unsecured Loans |
5.877 |
2.927 |
2.000 |
|
|
TOTAL BORROWING |
150.314 |
138.338 |
120.900 |
|
|
DEFERRED TAX LIABILITIES |
17.268 |
14.731 |
12.800 |
|
|
|
|
|
|
|
|
TOTAL |
330.655 |
305.991 |
282.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
155.900 |
147.779 |
101.100 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
47.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.017 |
0.017 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
175.369
|
143.207
|
127.400 |
|
|
Sundry Debtors |
81.651
|
60.702
|
74.500 |
|
|
Cash & Bank Balances |
8.109
|
6.089
|
8.600 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
29.957
|
31.101
|
36.600 |
|
Total
Current Assets |
295.086
|
241.099
|
247.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
111.532
|
73.594
|
|
|
|
Other Current Liabilities |
8.215
|
8.949
|
106.800 |
|
|
Provisions |
0.601
|
0.361
|
6.700 |
|
Total
Current Liabilities |
120.348
|
82.904
|
113.500 |
|
|
Net Current Assets |
174.738
|
158.195
|
133.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
330.655 |
305.991 |
282.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
412.388 |
339.200 |
304.500 |
|
|
|
Other Income |
6.512 |
5.119 |
6.500 |
|
|
|
TOTAL (A) |
418.900 |
344.319 |
311.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase for Resale |
0.000 |
1.533 |
|
|
|
|
Raw Materials Consumption |
284.406 |
216.235 |
|
|
|
|
Manufacturing Expenses |
76.326 |
56.569 |
284.300 |
|
|
|
Administrative, Selling and Distribution Expense |
38.832 |
35.573 |
|
|
|
|
Increase/ Decrease in Stock |
[26.951] |
[3.536] |
|
|
|
|
Prior Period Adjustment |
0.030 |
0.744 |
|
|
|
|
TOTAL (B) |
372.643 |
307.118 |
284.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
46.257 |
37.201 |
26.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.313 |
19.792 |
13.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.944 |
17.409 |
13.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.155 |
12.176 |
10.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12.789 |
5.233 |
3.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.638 |
2.139 |
3.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
10.151 |
3.094 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
62.302 |
59.208 |
59.200 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
72.453 |
62.302 |
59.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
109.785 |
120.168 |
121.759 |
|
|
TOTAL EARNINGS |
109.785 |
120.168 |
121.759 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
98.981 |
89.294 |
NA |
|
|
|
Traded Goods |
0.000 |
1.592 |
NA |
|
|
|
Stores & Spares |
1.698 |
0.814 |
NA |
|
|
|
Capital Goods |
6.347 |
4.987 |
NA |
|
|
TOTAL IMPORTS |
107.026 |
96.687 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.69 |
0.52 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
90.600 |
109.250 |
108.490 |
|
Total Expenditure |
79.200 |
99.240 |
100.300 |
|
PBIDT (Excl OI) |
11.400 |
10.010 |
8.190 |
|
Other Income |
0.920 |
0.250 |
0.380 |
|
Operating Profit |
12.320 |
10.260 |
8.570 |
|
Interest |
5.790 |
6.010 |
7.080 |
|
Exceptional Items |
0.00 |
0.000 |
0.000 |
|
PBDT |
6.530 |
4.250 |
1.490 |
|
Depreciation |
3.480 |
3.570 |
3.710 |
|
Profit Before Tax |
3.050 |
0.680 |
[2.220] |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
3.050 |
0.680 |
[2.220] |
|
Extraordinary Items |
0.000 |
0.030 |
0.000 |
|
Prior Period Expenses |
[0.050] |
0.000 |
[0.090] |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3.010 |
0.710 |
[2.300] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.42
|
0.90
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.10
|
1.54
|
1.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.84
|
1.35
|
0.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.03
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
1.45
|
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45
|
2.91
|
2.17 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT
DISCUSSIONS AND ANALYSIS
FINANCIAL
PERFORMANCE:
Subject is engaged into the manufacturing of high pressure laminate sheets
used in the furniture industry as well as interiors. The Company was mainly
exporting its products till 2006-07. The growth in the local market and the
continuous strengthening of the Rupee against the USD opened new opportunities
for the company to shift focus onto the domestic markets. Domestic sales has
shown a growth of 37.72% over the previous year 08-09.
The gross turnover of the company in the year 2009-10 has shown a growth
of 21.58% as compared to the previous year which also exceeded the projections.
The turnover of the company in the year 2009-10 was Rs. 412.388 Millions as
against Rs.367.213 Millions for the previous year 2008-09.
The domestic markets in
industry and new design concepts emerging for sophisticated interiors.
This is reason enough for the increase in
domestic laminate sales and strategic decisions taken by the management
have helped in improving the top line
of the company both in the domestic and the international markets.
During the financial year, there had been a number of external factors
adversely affecting the performance and profitability of the Company; i.e
Increase in 1) raw material cost, for chemicals like Phenol, Methan'ol, Formaldehyde
and Melamine due to rising crude oil prices. 2) Unfavourable exchange rates of
US Dollar and EURO 3) Increase in both inward and outward freight costs due to
high fuel prices. In addition to this, frequent shortage of raw materials also
affected the overall production and in turn, the anticipated top line of the
Company.
Despite the' downturn in the economy Bloom Dekor has returned an
increase of 21.58% on the top line with better margins.
INDUSTRY OVERVIEW
AND DEVELOPMENTS:
Globally, the decorative laminate industry is projected to have a
marginal growth. However, the domestic market
is showing a very healthy double digit growth, which appears to be
sustainable for the coming decade mainly on
account of boom in the real estate markets which has put a high demand
for decorative laminate sheets catering
to the interior decoration of the innumerable residential and commercial
buildings sector.
At the same time, the Chinese invasion with low prices is adding pressure
on the price realizations. The contribution of Indian laminate industry to the
world demand is still under utilized and offers a lot of opportunity for the
growth in volume but the value growth is not correspondingly high. A lot of
cost control in the process will have
to be ensured to improve ROI.
OUTLOOK and
OPPORTUNITIES :
LAMINATES:
Laminate industry in
DOORS:
The Company's entry into door business was marked by down trend in
construction industry and fierce competition from unorganized sector. Hence,
Bloom N'doors going very tough in this business. Hence, Bloom N'doors
introduced up-market, environment friendly new generation - engineered doors
which found lots of interests in the market.
Many builders were interested in using them as entrance doors due to
rich and esthetic look of solid door but value for money.
PROFESSIONAL
MANAGEMENT
The company is poised for phenomenal growth and has also started the
management restructuring process and introduction of modern systems to ensure
total professional approach to business.
Contingent Liabilities:
|
Particulars |
31.03.2010 Rs. in Millions |
|
a) Letter of Credit opened for import of Raw materials |
27.993 |
|
b) Letter of Credit opened for indigenous Raw material |
4.000 |
|
c) Sales bills discounted With Bankers |
1.805 |
|
d) Letter of Credit for Capital Goods` |
3.260 |
|
e) Income tax demand disputed in appeals |
17.310 |
|
f) Gujarat Sales Tax disputed in appelas |
1.020 |
|
g) Insurance claim |
2.041 |
Fixed Assets:
·
Land
·
Site Development
·
·
Staff Quarters
·
Plant and Machinery
·
S.S. Press Moulds
·
Electric Installation
·
Lab Equipments
·
Office Equipments
·
Furniture and Fixture
·
Air Conditioner
·
Vehicles
·
E- Treatment Plant
·
Office Furniture
AS PER WEBSITE
Profile:
Subject an ISO 9001:2008 Company, is one of the largest manufacturers
and exporters of High Pressure Decorative Laminates in
Subject has earned its brand image as a premier laminate-maker in the
country and has been the recipient of the PLEXCONCIL Best Exporter Award for
Six consecutive years awarded by the Government of India.
Subject has carved out a market presence in over 30 countries by
pursuing high standards in process, product quality and on-time delivery.
Bloom Dekor Limited is currently exporting products to
At Bloom quality and innovation have always been at the helm where
adhering to world standards has been a philosophy rather than a need. Change is
embraced and so is the need to constantly develop new designs in high pressure
laminates in line with modern international trends.
Bloom enjoys great presence and reputation in the international markets
and in a short span of time Bloom has carved a niche for itself amongst
architects and interior designers with their launch of trend setting designs
that are classic and contemporary.
Products from Bloom will help you make living and office spaces vivid
beautiful and pleasant, ensuring a visual and emotional connect with the
interiors.
Doors Division
Subject has added new product lines to its existing range i.e. Engineered
Panel Doors, Designer Flush Doors along with fit-out furniture products and
Modular Kitchen Units with the brand name n-doors. The factory with
a working area of 4500 sq. meters and equipped with state-of-the-art German and
Italian wood working machinery, has the capacity to roll out 200 doors a day.
With seasoned professionals to manage operations, Bloom Dekor is all set
to unleash a revolution-in doors, decor, fit-out furniture and modular
kitchens.
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.