MIRA
INFORM REPORT
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Report Date : |
17.03.2011 |
IDENTIFICATION DETAILS
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Name : |
BHILOSA INDUSTRIES PRIVATE LIMITED |
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Formerly Known As : |
BHILOSA TEX-N-TWIST PRIVATE LIMITED |
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Registered Office : |
74/75, Free Press House, 7th Floor, Free Press Journal
Marg, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.06.1988 |
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Com. Reg. No.: |
11-47555 |
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CIN No.: [Company
Identification No.] |
U18101MH1988PTC047555 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB12298G |
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PAN No.: [Permanent
Account No.] |
AAACB1538K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
and Exporter of Polyester Textured Yarn. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 37000000 |
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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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Rajesh Birla |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-67441226 |
LOCATIONS
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Registered Office : |
74/75, Free Press
House, 7th Floor, Free Press Journal Marg, Nariman Point, Mumbai -
400 021, |
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Tel. No.: |
91-22-2283 8611-12-13-14 / 67441200 to 50 |
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Fax No.: |
91-22-22838615 |
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E mail : |
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Website : |
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Area : |
4000sq.ft |
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Location: |
Rented |
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Factory 1 : |
90/91 Danu Udyog Industrial Estate, Piparia, Silvassa (U.T.), |
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Tel. No.: |
91-260-2640728 |
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Location: |
Owned |
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Factory 2 : |
Survey 17/1/4 and 6, 14/1/1, 15/1/2, 37/3/6/111, Rakholi, Silvassa
(U.T.), |
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Tel. No.: |
91-260-2640728 |
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Location: |
Owned |
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Factory 3 : |
Survey 14/1/1 and 15/1/2, Rakholi, Silvassa (U.T.), |
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Tel. No.: |
91-260-2640728 |
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Factory 4 : |
Survey 14/1/2 Rakholi, Silvassa (U.T.), |
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Tel. No.: |
91-260-2640728 |
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Factory 5 : |
Survey 37 and 46/1/3/1 Rakholi, Silvassa (U.T.), |
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Tel. No.: |
91-260-2640728 |
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E-Mail : |
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Head Office : |
122, Zaveri Bazaar, 2nd Floor, |
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Tel. No.: |
91-22-22838611 |
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Fax No.: |
91-22-22838615 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rameshchandra Jain |
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Designation : |
Director |
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Address : |
Flat No. 1801, Pushpak Apartment, |
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Date of Birth/Age : |
61 years |
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Date of Appointment : |
02.06.1988 |
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Qualification : |
B.Com. |
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Name : |
Mr. Kumarpal R Jain |
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Designation : |
Managing Director |
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Address : |
182, Pushpak Apartment, |
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Date of Birth /Age: |
35 years |
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Date of Appointment : |
03.05.1995 |
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Qualification : |
B.Com. |
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Name : |
Mr. Pradeep Kumar |
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Designation : |
Director |
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Address : |
B-402, Rekha Retreat, Shanti Park, Mira Road,(East), Thane- 401107,
Maharashtra, India |
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Date of Birth /Age: |
12.02.1968 |
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Date of Appointment : |
01.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Rameshchandra T Jain |
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11570290 |
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Manjula R Jain |
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2024535 |
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Kumarpal R Jain |
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4622160 |
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Sandeep Jain and Rameshchandra T Jain |
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2052170 |
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Rameshchandra T Jain and Manjula R Jain |
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4482335 |
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Chetna T Jain and Manjula R
Jain |
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292000 |
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Kumarpal Jain and Manjula Jain |
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450000 |
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Sandeep Jain and Manjula Jain |
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300000 |
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Rameshchandra Jain HUF |
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225000 |
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Rameshchandra Kumarpal |
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7201010 |
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Madhavi Kumarpal |
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1775000 |
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Sandeep R Jain |
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4325000 |
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Madhavi Jain |
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15000000 |
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Total |
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54319500 |
As on 30.09.2010s
Equity share breakup
(Percentage of total equity):
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter of Polyester Textured Yarn. |
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Products : |
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PRODUCTION STATUS
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Particulars |
31.03.2010 |
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Installed
Capacity |
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Partially Oriented Yarn / FDY (Mts.) |
105000 |
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Polyester Chips (Mts.) |
180000 |
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Texturised Yarn (Spindles) |
32040 |
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Twisted Yarn (Spindles) |
3544 |
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Looms (Nos) |
12 |
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Production |
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Partially Oriented Yarn / FDY (Mts.) |
88182.939 |
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Polyester Chips (Mts.) |
66219.71 |
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Texturised Yarn (Mts.) |
87812.81 |
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Fabrics (Mtrs.) |
9041540 |
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Wastage Yarn (Mts.) |
2041.08 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
2000 (100 in Office, 1900 in Factory)
Approximately |
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Bankers : |
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Facilities : |
Notes on nature
of security : a) Term Loans are
secured by 1st parri passu equitable mortgage on Company’s entire immovable
properties and hypothecation of plant and machineries and other fixed assets
of the company and further secured by 2nd pari passu charge
on company’s entire current assets and
personal guarantees of two promoter directors. b) Vehicle Loans
are secured by Hypothecation of specific vehicles. c) Cash Credit Loans are secured by Hypothecation of present and
future stocks of Raw Material, Stock in Process, Finished goods and Book debts
of the Company and further secured by 2nd pari passu charge on company’s
entire immovable properties and personal guarantees of two promoter
directors. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sanghvi Sanghvi and Sanghvi Chartered Accountant |
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Address : |
10, LA Citadelle, 2nd Floor, 99, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,000,000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
54319500 |
Equity Shares |
Rs.10/- each |
Rs.543.195
Millions |
Out of the above
shares:
(1) 10,00,000
Equity Shares are alloted as fully paid by way of Bonus Shares from
Capitalisation of General Reserve.
(2) 9,800 Equity
Shares are alloted as fully paid up pursuant to a contract without payment
being received in cash.
(3) 3,33,400
Equity shares are issued to the the shareholders of erstwhile Bhilosa
Synthetcis Private Limited pursuant to the scheme of amalgamation sanctioned by
the High Court of Judicature,
(4) 2,94,55,600
Equity Shares are alloted during the year ended 31st March, 2008 as fully paid
by way of Bonus Shares by capitalisation of Shares Premium and General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
543.200 |
393.195 |
368.195 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2177.000 |
1313.614 |
882.268 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2720.200 |
1706.809 |
1250.463 |
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LOAN FUNDS |
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1] Secured Loans |
2434.400 |
2169.585 |
2462.243 |
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2] Unsecured Loans |
3504.100 |
1782.812 |
5.463 |
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TOTAL BORROWING |
5938.500 |
3952.397 |
2467.706 |
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DEFERRED TAX LIABILITIES |
438.200 |
296.198 |
230.503 |
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TOTAL |
9096.900 |
5955.404 |
3948.672 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5156.600 |
3193.432 |
2246.573 |
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Capital work-in-progress |
1358.500 |
598.150 |
29.754 |
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INVESTMENT |
1.500 |
1.501 |
1.501 |
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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 |
1603.000
|
632.366
|
521.118
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Sundry Debtors |
1592.300
|
1085.464
|
933.491
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Cash & Bank Balances |
495.700
|
196.553
|
21.029
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
1070.400
|
865.517
|
860.062
|
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Total
Current Assets |
4761.400
|
2779.900
|
2335.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
2038.600
|
477.200 |
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Other Current Liabilities |
70.400
|
37.140
|
617.000
|
|
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Provisions |
74.400
|
106.410
|
47.856
|
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Total
Current Liabilities |
2183.400
|
620.750
|
664.856
|
|
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Net Current Assets |
2578.000
|
2159.150
|
1670.844
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MISCELLANEOUS EXPENSES |
2.300 |
3.171 |
0.000 |
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TOTAL |
9096.900 |
5955.404 |
3948.672 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
9101.000 |
7003.879 |
6036.007 |
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Other Income |
66.600 |
37.837 |
50.619 |
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TOTAL (A) |
9167.600 |
7041.716 |
6086.626 |
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Less |
EXPENSES |
|
|
|
|
|
|
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Raw Materials Consumed |
|
4827.846 |
4579.600 |
|
|
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Manufacturing and operating expenses |
|
913.394 |
629.699 |
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|
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Payments and Benefits to Employee |
|
95.332 |
63.612 |
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Administrative, Selling and Distribution
expenses |
7608.500 |
237.326 |
211.800 |
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Increase/(Decrease) in Finished Goods |
|
(21.965) |
(84.891) |
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TOTAL (B) |
7608.500 |
6051.933 |
5399.820 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1559.100 |
989.783 |
686.806 |
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Less |
FINANCIAL
EXPENSES (D) |
279.700 |
284.939 |
201.418 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1279.400 |
704.844 |
485.388 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
238.100 |
165.723 |
106.975 |
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PROFIT BEFORE
TAX (E-F) (G) |
1041.300 |
539.121 |
378.413 |
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Less |
TAX (H) |
327.900 |
132.775 |
88.760 |
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|
PROFIT AFTER TAX
(G-H) (I) |
713.400 |
406.346 |
289.653 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
828.353 |
797.656 |
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Less |
APPROPRIATIONS |
|
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Capitalized by issue of bonus shares |
NA |
0.000 |
258.956 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1234.699 |
828.353 |
|
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IMPORTS |
|
|
|
|
|
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Raw Materials |
NA |
1142.092 |
160.465 |
|
|
|
Capital Goods |
NA |
787.710 |
343.010 |
|
|
TOTAL IMPORTS |
NA |
1929.802 |
503.475 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.14 |
11.04 |
39.33 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.78
|
5.77 |
4.76 |
|
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|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.44
|
7.70 |
6.27 |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.50
|
9.03 |
8.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.32 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
2.68 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
4.48 |
3.51 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
The registered office of the has been shifted from 122, Zaveri Bazar, 2nd
Floor, Trishla Building, Mumbai-400002, Maharashtra, India to the present
address w. e. f. 01.01.2007
Result of
Operations
During the year
performance of the Company has registered an improvement over the previous
year. Net Sales increased by 29.57% from Rs.7023.900 millions in 2008-09 to
Rs.9101.000 millions in 2009-10 and net profit for the year was Rs.713.400
millions, thereby registering an increase of 75.58%. Cash profit increased to
Rs.1093.500 millions from Rs 637.700 millions in the previous year, an increase
of 71.48%.
CP Projects
Their prestigious
continuous polymerization (CP) Project with a capacity of 1, 80,000 TPA has
been commissioned and started production from Oct.23, 2009.
To consolidate its
position further in PFY industry the company has undertaken the project to
increase its polyethylene terephthalate chips capacity by further setting up a
continuous polymerization (CP) plant at new location village Naroli, Silvassa
with a capacity of 2,27,500 TPA. The plant is slated to be operational by
April, 2012.
Expansion Project
of PTY
The expansion
project to install additional 27 Texturising Machines with a capacity of 40330
TPA was completed by March, 2010.
During the year
under review, the Company has taken up project to increase its PTY capacity
from 137690 TPA to 204910 TPA by adding 45 Texturising Machines. The
implementation of the project is at advance stage, till date out of 45
Texturising Machines, the 32 Texturising Machines have already arrived,
commissioned at the site and commercial production has started on all thirty
two machines. The entire project is expected to be completed by end of March
2011.
Expansion Project
of 414 POY Position and 108 FDY Position with Melt Transfer Line.
To further improve
the margins, the company has taken up project to increase its POY capacity from
82320 TPA to 183750 TPA by installing 414 POY Position with capacity of 101430
TPA. The company has also taken up project to increase its FDY capacity from
9450 TPA to 37800 TPA by installing 108 FDY Position with capacity of 28350
TPA. All plants have already been delivered at site and erection is at advance
stage. Out of 414 POY Position, commercial production on 288 POY Position
already started through Melt Transfer Line and balance 126 POY Position and 108
FDY Position is expected to be operational by October 2010.
Form 8:
|
Name of the company |
BHILOSA
TEX-N-TWIST PRIVATE LIMITED |
|
Presented
By |
ING Vysya Bank
Limited, Nariman Point, Mumbai |
|
1) Date and description of instrument creating the change |
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.160.000
Millions |
|
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 |
For Term Loan
Facility : First ranking
pari passu charge on the entire machinery including texturising machines,
furniture, fixture, vehicles, computers and all other movable fixed assets belonging
to the company, both present and future and second ranking pari passu charge
on the entire stock of raw materials, work in progress, semi finished and
finished goods, book debts and other movable current assets belonging to the
borrower, both present and future. For Working
Capital Facility : [CC/WCDL/Short Term Loan] : First ranking pari passu charge on
the entire Stock of raw materials, work in process, finished goods, book
debts and other movable current assets both present and future and second
ranking pari passu charge on the entire machinery including texturising
machines, furniture, fixture, vehicles, computers and all other movable fixed
assets belonging to the company, both present and future |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 10.50
% p.a. for Term Loan with annual reset option: at 0.50 % p.a. over PLR on CC
/ WCDL facilities: 9.00 % p.a. on Short Term loan or such other rates as may
be prescribed by the bank from time to time Security to
seducer term loan of Rs.110 millions WCDL/CC of Rs.50 Millions with a sub
limit of Rs.40 Millions as Short term loan , with interest, costs, expenses,
charge, commission etc. |
|
5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited, Mittal Tower, Nariman Point, Mumbai
|
|
Corporate
identity number of the company |
U18101MH1988PTC047555 |
|
Name of the
company |
BHILOSA TEX-N-TWIST PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
74/ 75, Free Press
House, 7th Floor, Free Press Journal Marg, Nariman Point, Mumbai -
400 021, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10192961 |
|
Type of charge |
Book Debts Movable Property Immovable
property Others Current and Fixed
Assets |
|
Particular of
charge holder |
Corporation Bank,
Industrial Finance Branch, Bharat House, 104, Ground Floor, B S Marg, Fort,
Mumbai – 400 023, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
No
instrument. Memorandum of deposit for
creation of further charge for term loan/ overall limits where the intial
charge is created by way of mortgage by deposit of title deeds. |
|
Date of
instrument Creating the charge |
09.06.2010 |
|
Amount secured by
the charge |
Rs.730.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms Terms of
Repayment As per sanction
terms Margin As per sanction
terms Extent and
Operation of the charge As per sanction
terms |
|
Short particulars
of the property charged |
Hypothecation/mortgage
charge of all the present and future i) movable assets of the company
including plant and machinery (but not being current assets), on first pari
passu charge basis. Ii) Other movable
properties being current assets on second pari passu charge basis. Iii) Immovable
properties of the company situated at 14/1/2, 14/1/1/1, 15/2, 17/1/6, 17/1/4,
46/1/3/1 and 37 village rakholi, Silvassa and 90 and 91a, Amli, Silvassa and
at b-501, Pinnaacle Corp. |
|
Particulars of
the present modification |
Now by the
present modification. Dated 9.6.2010 a joint mortgage charge has been
extented on all immovable properties of the company by way of an equitable
mortgage by deposit of title deeds, situated at Rakholi, Amli, union
territory of Dadra and Nagar Haveli and Bandra of mumbai to secure the term
loan facility of Rs.730.00 millions of
corporation bank on first ranking pari passu charge basis with other term
lenders |
Fixed Assets
- Land
- Building
- Electric
Fittings
- Plant and
Machinery
- Furniture
- Office
Equipments
- Vehicles
- Computer
Software
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.45.18 |
|
|
1 |
Rs.72.58 |
|
Euro |
1 |
Rs.63.13 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.