MIRA
INFORM REPORT
|
Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZCL CHEMICALS LIMITED (w.e.f. 06.04.2009) |
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Formerly Known
As : |
ZANDU CHEMICALS LIMITED |
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Registered
Office : |
A-806-807, 8th Floor, 215 Atrium, Chakala, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.03.1991 |
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Com. Reg. No.: |
11-060748 |
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CIN No.: [Company Identification
No.] |
U24100MH1991PLC060748 |
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|
|
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMZ01048F |
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|
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PAN No.: [Permanent Account No.] |
AAACZ0293P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer
and Exporter of Pharmaceutical Intermediates, Contract Chemical, Active Pharma
Ingredients, Chemical Research and Development. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 927000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company in its field. The company’s
profitability seems to be improving. Trade relations are reported as fair.
Business is active. Payments are reported as slow but correct. The company can be considered for business dealings at usual trade
terms and conditions with slight caution, initially. |
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 |
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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 DENIED BY
|
Name : |
Mr. Mangesh |
|
Designation : |
Accounts Department |
|
Date : |
18.03.2011 |
LOCATIONS
|
Registered Office : |
A-806-807, 8th Floor, 215 Atrium, Chakala, |
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Tel. No.: |
91-22-61539999 |
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Fax No.: |
91-22-61539997/ 98 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 3102/B, G.I.D.C., Ankleshwar – 393 002, |
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Tel. No.: |
91-2646-220097/ 220039/ 324466 |
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Fax No.: |
91-2646-250329 |
DIRECTORS
As on 31.08.2010
|
Name : |
Mr. Ajay Krishnakant Parikh |
|
Designation : |
Managing Director |
|
Address : |
20/301, Gurukrupa, Vithal Nagar, CHS Limited, |
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Date of Birth/Age : |
24.06.1957 |
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Date of Appointment : |
13.03.1991 |
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Name : |
Mr. Katsuya Ueda |
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Designation : |
Director |
|
Address : |
808, 2-8-1005, Memedo-Cho-Kohoku-Ku |
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Date of Birth/Age : |
14.08.1960 |
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Date of Appointment : |
01.10.2009 |
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Name : |
Ms. Minoti A. Parikh |
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Designation : |
Director |
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Address : |
20/301, Gurukrupa, Vithal Nagar, CHS Limited, |
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Date of Birth/Age : |
05.07.1964 |
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Date of Appointment : |
29.12.2008 |
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Date of Ceasing : |
01.09.2010 |
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Name : |
Mr. Krishnaswami Natarajan |
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Designation : |
Director |
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Address : |
Flat No.4, Sreshta Ujjwala, 19, Baliah Avenue, Luz Church Road,
Chennai – 600 004, Tamilnadu, India |
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Date of Birth/Age : |
04.07.1936 |
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Date of Appointment : |
17.10.2005 |
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Name : |
Mr. Nihar A. Parikh |
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Designation : |
Whole Time Director |
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Address : |
20/301, Gurukrupa, Vithal Nagar, CHS Limited, |
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Date of Birth/Age : |
13.11.1985 |
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Date of Appointment : |
01.09.2010 |
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|
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|
Name : |
Mr. Upendra Sheth |
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Designation : |
Director |
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Address : |
F.No.2, Namiella, |
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Date of Birth/Age : |
29.12.1952 |
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Date of Appointment : |
01.09.2010 |
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|
Name : |
Mr. Girish G. Parikh |
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Designation : |
Director |
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Address : |
70, |
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Date of Birth/Age : |
17.07.1946 |
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Date of Ceasing : |
29.12.2008 |
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|
|
|
Name : |
Mr. Padmanabh Pundarikray Vora |
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Designation : |
Director |
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Address : |
Flat No.503-504, 5th Floor, A Wing, |
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Date of Birth/Age : |
01.10.1943 |
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Date of Appointment : |
28.09.2007 |
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Date of Ceasing : |
29.12.2008 |
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|
Name : |
Mr. Manish R. Bavishi |
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Designation : |
Director |
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Address : |
702, Darshan Height, 7th Floor, Opposite Deepak Cinema,
B.M. Road, Lower Parel, Mumbai – 400 013, Maharashtra, India |
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Date of Birth/Age : |
03.09.1972 |
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Date of Appointment : |
29.12.2008 |
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Date of Ceasing : |
07.08.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.08.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Vaidya Jugatram Haresh |
|
1 |
|
Parikh Krishnakant Ajay |
|
478997 |
|
Parikh Ajay Minoti |
|
1000 |
|
Parikh Ajay Nihar |
|
1001 |
|
Parikh Ajay Anuja |
|
1001 |
|
Sharmila Leasing Private Limited, |
|
6000 |
|
Soraya Investment Trading Private Limited, |
|
6000 |
|
Phi Consultancy Private Limited, |
|
6000 |
|
Tejal Mercantile Private Limited, |
|
7000000 |
|
Nagase and Company Limited, Japan |
|
2500000 |
|
Total
|
|
10000000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Parikh Krishnakant Ajay |
|
4000000 |
|
Total
|
|
4000000 |
As on 31.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
93.33 |
|
Directors
or relatives of directors |
|
6.67 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Pharmaceutical Intermediates, Contract Chemical, Active Pharma
Ingredients, Chemical Research and Development. |
|
|
|
|
Products : |
·
Active Pharma Ingredients (API’s) ·
Piperazines Derivatives ·
Phenothiazine Derivatives ·
Methyl Phenidate Series ·
Nitrile Derivatives ·
Miscellaneous Advanced
Derivatives |
GENERAL INFORMATION
|
No. of Employees : |
180 |
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Bankers : |
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Facilities : |
Note: The Term Loan facilities are secured by first charge on it’s fixed assets
(present and future) other then vehicles and second charge on its current
assets. The working capital facilities from Corporation Bank are secured by
pari passu first charges on Inventory, book debts and current assets and
pari-passu second charge on Its fixed assets (present and future) other then
vehicles. The working capital facilities from EXIM Bank are secured by first pan
passu charges over entire current assets arid pan passu second charge over
the entire movable and Immovable fixed assets of the Company. All credit facilities are further secured by personal guarantee of Dr.
Ajay Penikh Term Loan and working capital facilities from Corporation Bank era
further secured by corporate guarantee of Tejal Mercantile Private Limited. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V. Parekh and Associates Chartered Accountants |
|
Address : |
37, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000 millions |
|
4000000 |
Preference Shares |
Rs.10/- each |
Rs.40.000 millions |
|
|
Total
|
|
Rs.150.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
millions |
|
4000000 |
Preference Shares |
Rs.10/- each |
Rs.40.000 millions |
|
|
Total
|
|
Rs.140.000 millions |
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|
|
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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 |
140.000 |
110.000 |
2.921 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
91.755 |
23.018 |
18.322 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
231.755 |
133.018 |
21.243 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
300.922 |
256.989 |
287.470 |
|
|
2] Unsecured Loans |
21.488 |
101.488 |
66.747 |
|
|
TOTAL BORROWING |
322.410 |
358.477 |
354.217 |
|
|
DEFERRED TAX LIABILITIES |
6.760 |
1.587 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
560.925 |
493.082 |
375.460 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
363.988 |
386.276 |
38.973 |
|
|
Capital work-in-progress |
13.189 |
0.000 |
312.834 |
|
|
|
|
|
|
|
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INVESTMENT |
0.445 |
0.357 |
0.358 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.543 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
149.475
|
198.814 |
95.435 |
|
|
Sundry Debtors |
165.096
|
161.703 |
18.395 |
|
|
Cash & Bank Balances |
3.301
|
4.678 |
5.463 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
27.579
|
28.648 |
28.812 |
|
Total
Current Assets |
345.451
|
393.843 |
148.105 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
147.873
|
275.394 |
97.770 |
|
|
Other Current Liabilities |
6.418
|
7.630 |
24.432 |
|
|
Provisions |
7.857
|
4.370 |
3.151 |
|
Total
Current Liabilities |
162.148
|
287.394 |
125.353 |
|
|
Net Current Assets |
183.303
|
106.449 |
22.752 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
560.925 |
493.082 |
375.460 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
643.706 |
508.156 |
323.616 |
|
|
|
Other Income |
2.425 |
24.624 |
1.741 |
|
|
|
TOTAL (A) |
646.131 |
532.780 |
325.357 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/Decrease in Stock |
16.421 |
(27.500) |
16.736 |
|
|
|
Material Consumed |
393.905 |
384.015 |
198.064 |
|
|
|
Excise Duty & Education Cess |
1.454 |
4.256 |
5.872 |
|
|
|
Manufacturing and Other Expenses |
81.871 |
63.992 |
55.379 |
|
|
|
Employees Remuneration |
46.613 |
42.475 |
32.623 |
|
|
|
Prior Period items |
0.188 |
0.143 |
0.170 |
|
|
|
TOTAL (B) |
540.452 |
467.381 |
308.844 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
105.679 |
65.399 |
16.513 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
43.061 |
39.311 |
7.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
62.618 |
26.088 |
9.013 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.481 |
58.049 |
7.757 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
29.137 |
(31.961) |
1.256 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.125 |
2.889 |
0.348 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
19.012 |
(34.850) |
0.908 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.518 |
15.822 |
15.821 |
|
|
|
|
|
|
|
|
|
|
Adjustment made during the year |
-- |
39.546 |
(0.907) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
39.530 |
20.518 |
15.822 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
647.191 |
410.559 |
NA |
|
|
TOTAL EARNINGS |
647.191 |
410.559 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.36 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.94
|
(6.54) |
0.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.53
|
(6.29) |
0.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.11
|
(4.10) |
0.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
(0.24) |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.09
|
4.86 |
22.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.13
|
1.37 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
147.266 |
262.496 |
49.485 |
|
Sundry Creditors (Project) |
0.607 |
12.898 |
48.285 |
|
|
|
|
|
Note:
The registered office of the company has been shifted from 806/ 807, 8th Floor, 215 Atrium, Chakala, Andheri-Kurla Road, Andheri (East), Mumbai – 400 069, Maharashtra to the present address w.e.f. 07.08.2009.
CHANGE OF NAME:
The company changed it’s name from Zandu Chemicals Limited ZCL Chemicals
Limited w.e.f. 06.04.2009.
PERFORMANCE:
During the year the turnover was Rs.643.706 millions as against
Rs.508.156 millions achieved during the previous year registering and increase
of 27% over the previous year. After offsetting the expenses the company earned
profit (before tax) of Rs.29.137 millions as against incurred a loss of
Rs.31.961 millions during the previous year.
|
Corporate
identity number of the company |
U24100MH1991PLC060748 |
|
Name of the
company |
ZCL CHEMICALS
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
A-806-807, 8th Floor, 215 Atrium, Chakala, E-Mail: usjeth@rediffmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10181706 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Export-Import Bank of India, Centre One Building, Floor 21, World
Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail: eximoif@vsnl.com |
|
Nature of description
of the instrument creating or modifying the charge |
Mortgage was
created by ZCL Chemicals Ltd ("the Company") on 20/07/2010 in
favour of Export-Import Bank of |
|
Date of
instrument Creating the charge |
20/07/2010 |
|
Amount secured by
the charge |
Rs.466.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: For Dollar
Disbursement: 350 bps above LIBOR payable with quarterly rests For Rupee
Disbursement: 9% p.a. payable with monthly rests, subject to reset. Non Fund: LC and
BG commission payable in Rs. Terms of
Repayment: 1) Pre-shipment
credit: Pre-shipment credit to be repaid out of disbursement under post
shipment credit, or out of export proceeds or within 180 days from date of
each disbursement, whichever is earlier. 2) Post-shipment
credit: Post shipment credit to be repaid out of export proceeds or within
180 days from the date of each disb/ conversion from pre-shipment credit,
whichever is earlier. 3) L/C shall have
maximum period of 180 days and BGs shall have maximum period upto 3 years. Margin: 10% Extent and
Operation of the charge: The charge shall
operate as a second pari passu charge over the Company's immovable properties
for the due repayment of the Fund Based Facility of Rs.120.000 millions and
Non-Fund Based Facility of Rs.30.000 millions together with payment of
interest and all other moneys payable by Company to EXIM bank under the
Facilities Agreement dated October 3, 2009. |
|
Short particulars
of the property charged |
Plot No 3102,
B-1, Ankleshwar notified Area, Village Gudkhod, Taluka Bharuch, District
Ankleshwar, Plot No 3102/B,
Ankleshwar Industrial Estate, Village Gudkhod, Taluka Bharuch, District
Ankleshwar, Office no 806 and
807, Building "215 Atrium", Village Mulhaon, Chakala, Andheri,
Mumbai. |
|
Particulars of
the present modification |
Charge created
under Deed of Hypothecation dated October 3, 2009 by the Company over its
movable assets in favour of Exim Bank is now further secured by way of
mortgage created by the Company on 20/07/10 by way of second parri passu
charge in favour of Exim Bank on Company's immovable properties mentioned
above as security for Exim Bank's loan of Rs.15 crores as mentioned in
Schedule G-II of the Memorandum of Deposit of Title Deeds. |
FIXED ASSETS:
·
Land (Leasehold)
·
Air Conditioning
·
Building
·
Computers
·
Electric Installation
·
Furniture, Fixtures and Office Equipments
·
Plant and Machinery
·
Laboratory Equipments
·
Plant and Machinery
·
Research Equipments
·
Utilities
·
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 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.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.