MIRA
INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
STP LIMITED (w. e. f. 09.01.1985) |
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Formerly Known
As : |
SHALIMAR TAR PRODUCTS LIMITED |
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Registered
Office : |
6, Lyons Range,
Kolkata-700001, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.11.1935 |
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Com. Reg. No.: |
21-8423 |
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Capital
Investment / Paid-up Capital : |
Rs.141.927
Millions |
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|
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CIN No.: [Company Identification
No.] |
U23109WB1935PLC008423 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALS00703D |
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PAN No.: [Permanent Account No.] |
AAECS6339M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of comprehensive range of
Construction and Waterproofing Products. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1000000 |
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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 old and 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
|
Registered Office : |
6, Lyons Range, Kolkata – 700001, West Bengal, India |
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Tel. No.: |
91-33-23280022/30280022 |
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Fax No.: |
91-33-30280025 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Corporate Office : |
3rd Floor, Farm Bhawan, 14-15, Nehru Place,
New Delhi
110019, India |
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Tel. No.: |
91-11-46561359 |
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Fax No.: |
91-11-46561358 |
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E-Mail : |
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Factory 1 : |
Mirzadih Road, P O MGM, Medical Collage, Jamshedpur –
831018, Jharkhand, India |
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Factory 2 : |
55/56, Anand B Developed Plot SIDCO Industrial Estate,
Ambtor, Chennai – 600098, Tamilnadu, India
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Factory 3 : |
Plot No. M – 6 to 9, Cumcolim Industrial Estate, Cuncolim
– 403703, |
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Branch Office : |
Located
At: ·
Lucknow ·
Bangalore ·
Baroda ·
Chandigarh ·
Cochin ·
Secunderabad ·
Mumbai ·
Pune ·
Chennai ·
Kolkata ·
Asam |
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Regional Office: |
Located
At: ·
New Delhi ·
Mumbai ·
Kolkata ·
Bangalore |
DIRECTORS
As on 02.08.2010
|
Name : |
Mr. Amit Judge |
|
Designation : |
Director |
|
Address : |
No -65, |
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Date of Birth/Age : |
14.10.1958 |
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Date of Appointment : |
29.09.2004 |
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PAN No. : |
AACPJ3138Q |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
15C, |
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Date of Birth/Age : |
01.07.1950 |
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Date of Appointment : |
27.09.2005 |
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PAN No. : |
AFVPB1894D |
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Name : |
Mr. Krishan Prasad Shrivastav |
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Designation : |
Executive Director |
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Address : |
1401, Sector 46, NJ, Gurgaon, Haryana – 122001, |
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Date of Birth/Age : |
02.09.1955 |
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Date of Appointment : |
19.06.2003 |
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PAN No. : |
ANYPS5602F |
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Name : |
Mr. Tarit Kumar Roy |
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Designation : |
Director |
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Address : |
FD-279,Sector III, |
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Date of Birth/Age : |
04.06.1940 |
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Date of Appointment : |
07.04.2008 |
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PAN No. : |
ACHPR9450L |
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Name : |
Mr. Ranjit Chowdhry |
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Designation : |
Director |
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Address : |
MA-1/6, GC, Garden Estate, Gurgaon, Haryana – 122001, |
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Date of Birth/Age : |
24.05.1965 |
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Date of Appointment : |
27.06.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Jai Prakash Kureja |
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Designation : |
Company Secretary |
|
Address : |
D-504, High Flats, Jhulelal Apartments, Road No. 44, Pitampura, |
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Date of Birth/Age : |
09.04.1961 |
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Date of Appointment : |
18.12.2006 |
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Email Id: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.08.2008
|
Names of Shareholders |
|
No. of Shares |
|
Atma Commerce Private Limited |
|
25000 |
|
USC Traders Private Limited |
|
87000 |
|
Albatross Investments Private Limited |
|
6000 |
|
Mandyali Dealcom Private Limited |
|
35000 |
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Akarsh Printers Limited |
|
80000 |
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Caravan Commercial Company Limited |
|
70000 |
|
Lodna Colliery Company (1920) Limited |
|
50000 |
|
Woolvest Merchandise Private Limited |
|
50000 |
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Garemohan Tieu-Up- Private Limited |
|
60000 |
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Grahams Investment Limited |
|
40000 |
|
Chaplet Tracon Private Limited |
|
83000 |
|
Laiseez Advisory Private Limited |
|
59000 |
|
Mohindra Finvest Private Limited |
|
86000 |
|
Albatross Investment Private Limited |
|
69000 |
As on 02.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Public Financial Companies |
|
1.16 |
|
Nationalised or other Banks |
|
0.01 |
|
Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
|
0.97 |
|
Bodies corporate |
|
93.78 |
|
Other top fifty shareholders (other than listed above) |
|
3.55 |
|
Others |
|
0.53 |
|
Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of comprehensive range of
Construction and Waterproofing Products. |
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Products : |
·
Construction
Chemicals ·
Bitumen
Based Products ·
Coal Tar
Based Products ·
Road
Marking Paints and Allied Products ·
Waterproofing
products ·
Epoxy Flooring |
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Brand Names : |
·
“TARFELT”, ·
“TERAROOF” ·
“THERMOLAY” |
PRODUCTION STATUS (As on 31.03.2010):-
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Waterproofing Felt |
KM |
3600.00 |
3600.00 |
1475.78 |
|
Bitumuls Products -Blown Bitumen -Bitumuls -S.E.Joints |
MT MT/KL SQM |
5400.00 3000.00 67500.00 |
5400.00 3000.00 67500.00 |
683.41 284.451 273.454 |
|
Coal Tar Based Products |
MT/KL |
40750.00 |
40750.00 |
349.397 |
|
Outerwrap |
SQM |
3600000.00 |
3600000.00 |
63428.247 |
|
Construction Chemicals |
MT |
1175.00 |
8736.00 |
2128.12 |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
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Bankers : |
· ICICI Bank Limited, AJC Bose Road · State Bank of Hyderabad, Core -6, Scope Complex, Lodhi Road, New Delhi – 110003, India · Allahabad Bank, 16, Strand Road, Kolkata, West Bengal, India · ANZ Grindlays Bank, PLC, H Block, Connaught Place, New Delhi – 110001 · Corporation Bank, New Delhi, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
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Address : |
12, Bhagat Singh Marg, |
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Memberships : |
Confederation of Indian Industry |
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Collaborators : |
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Holding Company : |
Turner Morrison Limited U51109WB1913PLC002404 |
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Fellow Subsidiary Company : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14200010 |
Equity Shares |
Rs.10/- each |
Rs.142.000
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14192656 |
Equity Shares |
Rs.10/- each |
Rs.141.927
Millions |
Out of the above
subscribed and paid up Equity Shares:
·
100000 Shares were
allotted as fully paid up pursuant to contact without payment being received in
cash
·
350490 Equity Shares were
allotted as fully paid up to the shareholders of erstwhile coatseal India Limited Pursuant to the scheme of
amalgamation without receiving payment in cash.
·
3055080 Shares were
allotted as fully paid up bonus shares capitalizing General Reserves and
Securities Premium account.
As on 02.08.2010
Authorised Capital: Rs.150.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.142.626
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 |
141.927 |
141.927 |
141.927 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
135.991 |
125.394 |
122.666 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
277.918 |
267.321 |
264.593 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
95.800 |
68.268 |
32.435 |
|
|
2] Unsecured Loans |
72.228 |
74.292 |
79.779 |
|
|
TOTAL BORROWING |
168.028 |
142.560 |
112.214 |
|
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DEFERRED TAX LIABILITIES |
9.138 |
0.000 |
0.000 |
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|
|
|
|
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TOTAL |
455.084 |
409.881 |
376.807 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
86.504 |
70.739 |
66.519 |
|
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Capital work-in-progress |
4.911 |
2.636 |
2.910 |
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|
|
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INVESTMENT |
0.020 |
17.098 |
17.098 |
|
|
DEFERREX TAX ASSETS |
0.000 |
2.572 |
5.306 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
138.813
|
163.347
|
161.565
|
|
|
Sundry Debtors |
163.286
|
128.271
|
127.651
|
|
|
Cash & Bank Balances |
55.044
|
26.114
|
32.461
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
144.341
|
135.999
|
85.435
|
|
Total
Current Assets |
501.484
|
453.731
|
407.112
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.349
|
58.016 |
21.755 |
|
|
Other Current Liabilities |
66.100
|
63.779
|
73.835
|
|
|
Provisions |
19.386
|
15.100
|
26.548
|
|
Total
Current Liabilities |
137.835
|
136.895
|
122.138
|
|
|
Net Current Assets |
363.649
|
316.836
|
284.974
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
455.084 |
409.881 |
376.807 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
991.279 |
777.663 |
782.181 |
|
|
|
Other Income |
8.086 |
57.490 |
9.243 |
|
|
|
TOTAL (A) |
999.365 |
835.153 |
791.424 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
644.485 |
568.982 |
521.657 |
|
|
|
Other Expenses |
253.816 |
223.907 |
199.295 |
|
|
|
Exceptional Items |
13.884 |
0.000 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
32.705 |
9.655 |
21.728 |
|
|
|
TOTAL (B) |
944.890 |
802.544 |
742.680 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.475 |
32.609 |
48.744 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.909 |
20.234 |
22.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.566 |
12.375 |
26.094 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.123 |
5.676 |
5.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
24.443 |
6.699 |
20.332 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.846 |
3.971 |
13.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
10.597 |
2.728 |
7.191 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.894 |
0.166 |
(33.307) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
13.491 |
2.894 |
0.166 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.766 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8.819 |
22.255 |
NA |
|
|
|
Traded Goods |
190.180 |
178.141 |
NA |
|
|
TOTAL IMPORTS |
198.999 |
200.396 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.75 |
0.19 |
2.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.06
|
0.31
|
0.91
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
0.86
|
2.60
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.18
|
1.27
|
4.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.02
|
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
1.04
|
0.89
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.64
|
3.31
|
3.33
|
LOCAL AGENCY FURTHER INFORMATION
Operations of the
Company:
Turnover and operational
profit has increased by 27% and 11 % respectively as compared to the previous
year.
The major growth
drivers have been Waterproofing felts, Blown Bitumen, Bitumuls and Coal
Tarproducts.
During the year,
the Company has strengthened its manufacturing capacity significantly and
improved qualities of its products through consistent R and D activities. It
has introduced several new products in the market which have been well
accepted. The Company has emerged as a dominant market player in the waterproofing
segment in
The Company has
also undertaken plans for geographical diversification under which the first
manufacturing facility is coming up in Uttar Pradesh at Kosi Kotwan to meet the
requirements of Northern Region. In addition to this the Company has got
industrial land allotted at Bobbili Growth Centre near Vizag in Andhra Pradesh
to put up another manufacturing facility. Serious Efforts are on to locate
suitable place for putting up manufacturing facility in
FUTURE OUTLOOK
As informed, the
company has built up a strong team capable of taking its operation to higher
levels. The company is building production and marketing capabilities for
polyeurethane products having wide range of applications. The company is poised
for a significant growth in sales of its membrane, bitumen and chemical
products.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U23109WB1935PLC008423 |
|
Name of the
company |
STP LIMITED |
|
Address of the
registered office or of the principal place of business in |
6 |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others Agreement for
Hypothecation of Vehicles |
|
Particular of
charge holder |
Corporation Bank,
M-41,Connaught Circus, New Delhi-110 001, |
|
Nature of description
of the instrument creating or modifying the charge |
Agreement for
Hypothecation of Vehicles |
|
Date of
instrument Creating the charge |
10.11.2010 |
|
Amount secured by
the charge |
Rs.0.640 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
as per sanction terms. Terms of
Repayment That the Borrower
shall repay the advance in monthly installments of Rs.0.020 million on or
before 7th, of each month, the first of such installment of Rs.0.020 million
to be paid on 07.12.2010. Margin As per terms of
Sanction. Extent and
Operation of the charge As per terms of
Sanction. |
|
Short particulars
of the property charged |
Hypothecation of
Brand New vehicle of Hyundai Verna vivt-1.6sx. |
FIXED
ASSETS
· Land
· Building
· Plant and Machinery
· Furniture and Office Equipments
· Laboratory
· Motor Car.
·
Vehicles
WEBSITE DETAILS:
COMPANY PROFILE:
Established in the year 1935, they, Subject, an ISO 9001:2000 Certified company are one of the
renowned manufacturers, exporters and suppliers of a wide range of construction
and waterproofing products. In addition, they are also engaged in offering road
marking compounds and allied products. Subject,
formerly known as Shalimar Tar Products, is a part of the Turner Morrison
Group, Widely acknowledged as the “Pioneer in the World of Waterproofing”.
Subject started its waterproofing revolution in 1935 with tar and bitumen as
base products. In 1947 Subject introduced Tarfelt BH, FG in
For over 70 years, Subject products have set industrial standards for the
construction industry. Tarfelt and Shalitex - their registered brands have
outgrown into generics and are now a part of waterproofing folklore. Today,
Subject continues its tradition of quality construction chemical products that
are specially formulated and manufactured to perform. With the advance and
modern Construction technique in
Subject is a diversified player in the infrastructure space. It has four
business verticals:
· Construction Chemicals
· Bitumen Based Waterproofing and other Products
· Coal Tar Based Products
· Road Surfacing Product, including Road Marking Paints
Under the able guidance of their Director Mr. K P Srivastav, who has done B.Com (H), FCA and FCS and has vast
experience in the industry, they have been able to carve a niche for
theirselves. With his dedicated and loyal approach to the business, they are
reaching towards the pinnacle of success.
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.49.71 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.