cow leather 1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Eastern Chrome
Tanning Corporation Private Limited |
Principal Name 1 |
Mr. Ahmed Ehsan Kandrikar |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Fathima Thaseen Kandrikar |
|
|
|
Registration # |
18-048052 |
|
Street Address |
No.12, |
||
|
Established Date |
21.11.2001 |
SIC Code |
-- |
|
Telephone# |
91-44-28231104
(5 Lines) |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-28210874/
28231934 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Cow leather |
|
|
# of employees |
Not Available |
Product Name 2 |
Goat leather |
|
Paid up capital |
Rs. 20,000,000/- |
Product Name 3 |
Leather shoes |
|
Shareholders |
Directors or
relatives of Directors – 100.00% |
Banking |
State Bank of India |
|
Public Limited Corp. |
No |
Business Period |
10 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
KAR
Group Companies : |
-- |
United India Shoe Corporation Private Limited |
|
|
|
|
|
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
484,113,000 |
Current Liabilities |
476,122,000 |
|
Inventories |
91,897,000 |
Long-term Liabilities |
79,837,000 |
|
Fixed Assets |
37,480,000 |
Other Liabilities |
6,466,000 |
|
Deferred Assets |
0 |
Total Liabilities |
562,425,000 |
|
Invest& other Assets |
440,000 |
Retained Earnings |
31,505,000 |
|
|
|
Net Worth |
51,505,000 |
|
Total Assets |
613,930,000 |
Total Liab. & Equity |
613,930,000 |
|
Total Assets (Previous Year) |
658,084,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
899,801,000 |
Net Profit |
4,639,000 |
|
Sales(Previous yr) |
1,605,734,000 |
Net Profit(Prev.yr) |
(2,946,000) |
MIRA
INFORM REPORT
|
Report Date : |
05.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN CHROME TANNING CORPORATION PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
EASTERN CHROME
TANNING CORPORATION (UNLIMITED) |
|
|
|
|
Registered Office : |
No.12, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
21.11.2001 |
|
|
|
|
Com. Reg. No.: |
18-048052 |
|
|
|
|
Paid-Up Capital : |
Rs. 20.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U19111TN2001PLC048052 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE02414G |
|
|
|
|
TIN No.: |
33800461129 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of cow leather, goat leather,
leather shoes, finished shoes, shoe uppers |
|
|
|
|
No. of Employees : |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Corporate Office : |
No.12, |
|
Tel. No.: |
91-44-28231104 (5 Lines) |
|
Fax No.: |
91-44-28210874/ 28231934 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
MC Road, Ambur 635802 (Vellore Distrcit), Tamilnadu, India |
|
Tel. No.: |
91-4174-249012-13 |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Ahmed Ehsan Kandrikar |
|
Designation : |
Managing Director |
|
Address : |
5/3, Anderson Road, Chennai – 600006, Tamilnadu, India |
|
Date of Birth/Age : |
13.04.1978 |
|
Date of Appointment : |
11.12.2001 |
|
DIN No.: |
00247285 |
|
|
|
|
Name : |
Mrs. Fathima Thaseen Kandrikar |
|
Designation : |
Whole Time Director |
|
Address : |
16/44 Barnaby Road, Kilpauk, Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
31.07.1969 |
|
Date of Appointment : |
11.12.2001 |
|
DIN No.: |
00390132 |
|
|
|
|
Name : |
Mrs. Begum Mohamadi Thadey |
|
Designation : |
Director |
|
Address : |
5/3, Anderson Road, Chennai – 600006, Tamilnadu, India |
|
Date of Birth/Age : |
29.04.1951 |
|
Date of Appointment : |
11.12.2001 |
|
DIN No.: |
00241950 |
|
|
|
|
Name : |
Mr. K Shahid Mansoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Mohamed Akmal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
D. Mohana Sundaram |
|
Designation : |
Practicing Company Secretary |
|
Address : |
Chithra Durga, No. 14, Vivekananda Street, Radha Nagar, Chromopet,
Chennai – 600044, Tamilnadu, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Begum Mohamadi Thadey |
|
190000 |
|
Fathima Thaseen Kandrikar |
|
150000 |
|
Maryam Lubna Kandrikar |
|
150000 |
|
Mansoor Shahid Kandirkar |
|
190000 |
|
Akmal Mohamed Kandrikar |
|
190000 |
|
Ahmed Ehsan Kandrikar |
|
190000 |
|
Rahman Ameenur Kandirkar |
|
190000 |
|
Mashkura Thadey |
|
190000 |
|
Fathima Naaz |
|
190000 |
|
Asfia S. |
|
190000 |
|
Ahmed Shafeeq N. |
|
90000 |
|
Rahman Hafeezur Kandrikar |
|
90000 |
|
Total |
|
2000000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of cow leather, goat leather, leather
shoes, finished shoes, shoe uppers |
||||
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|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
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Bankers : |
|
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||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Venkataramani and Associates Chartered Accountant |
|
Address : |
No. 13 (Old No. 7) Thiru VI KA, Third Street, Royapettah High Road, Mylapore,
Chennai – 600004, Tamilnadu, India |
|
Tel. No.: |
91-44-24993679 |
|
Pan No.: |
AADER1923Q |
|
|
|
|
KAR Group Companies : |
|
Florind Shoes Private LimitedCAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
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 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31.505 |
26.866 |
32.307 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
51.505 |
46.866 |
52.307 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
71.158 |
80.040 |
103.225 |
|
|
2] Unsecured Loans |
8.679 |
8.679 |
3.500 |
|
|
TOTAL BORROWING |
79.837 |
88.719 |
106.725 |
|
|
DEFERRED TAX LIABILITIES |
2.966 |
3.258 |
4.588 |
|
|
SIDBY SUBSIDY |
3.500 |
3.500 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
137.808 |
142.343 |
163.620 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
37.480 |
41.971 |
47.920 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.440 |
0.440 |
0.440 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
91.897
|
307.514 |
619.952 |
|
|
Sundry Debtors |
20.654
|
27.108 |
14.701 |
|
|
Cash & Bank Balances |
23.344
|
19.563 |
20.845 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
440.115
|
261.488 |
32.106 |
|
Total
Current Assets |
576.010
|
615.673 |
687.604 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
463.997
|
505.362 |
563.762 |
|
|
Others Current Liabilities |
0.046
|
0.000 |
0.000 |
|
|
Provisions |
12.079
|
10.379 |
8.582 |
|
Total
Current Liabilities |
476.122
|
515.741 |
572.344 |
|
|
Net Current Assets |
99.888
|
99.932 |
115.260 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
137.808 |
142.343 |
163.620 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
899.801 |
1605.734 |
1776.922 |
|
|
|
Other Income |
56.206 |
10.870 |
12.687 |
|
|
|
TOTAL (A) |
956.007 |
1616.604 |
1789.609 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw materials |
784.529 |
1342.443 |
1478.795 |
|
|
|
Manufacturing expenses |
114.385 |
225.797 |
250.999 |
|
|
|
Repairs and maintenance |
9.988 |
13.257 |
13.307 |
|
|
|
Administrative expenses |
14.809 |
11.941 |
13.492 |
|
|
|
Selling expenses |
7.472 |
1.897 |
8.496 |
|
|
|
TOTAL (B) |
931.183 |
1595.335 |
1765.089 |
|
|
|
|
950.466 |
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.824 |
21.269 |
24.520 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.726 |
13.878 |
13.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.098 |
7.391 |
11.121 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.557 |
6.361 |
7.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.541 |
1.030 |
3.793 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.902 |
3.976 |
1.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
4.639 |
(2.946) |
2.717 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.865 |
29.811 |
27.094 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
31.504 |
26.865 |
29.811 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
122.023 |
124.141 |
|
|
|
TOTAL EARNINGS |
122.023 |
124.141 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Consumables |
85.104 |
74.969 |
NA |
|
|
|
Leather |
188.802 |
482.127 |
|
|
|
TOTAL IMPORTS |
273.906 |
557.096 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.32 |
(1.47) |
1.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.49
|
(0.18) |
0.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
0.06 |
0.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.90
|
0.16 |
0.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.02 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.79
|
12.90 |
12.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.19 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
This form is for |
Modification of charge |
||||||
|
Charge identification number of the
modified |
90293969 |
||||||
|
Corporate identity number of the company |
L19111TN2001PLC048052 |
||||||
|
Name of the company |
EASTERN CHROME TANNING CORPORATION
(UNLIMITED) |
||||||
|
Address of the registered office or of the
principal place of business in |
No. 12 College Road, Chennai 600 006,
Tamil Nadu, India |
||||||
|
Type of charge |
Book Debts Movable Property Immovable Property |
||||||
|
Particular of charge holder |
|
||||||
|
Nature of description of the instrument
creating or modifying the charge |
FORM C.1-A ( Supplemental Agreement of loan
for increase in the overall limit ) FORM C.2-A ( Supplemental Agreement of
Hypothecation of goods and assets for increase in the overall limit ) FORM C.5 ) Letter regarding the grant of
individual limits within the overall limit). |
||||||
|
Date of instrument Creating the charge |
28.11.2006 |
||||||
|
Amount secured by the charge |
Rs. 312.500 Millions |
||||||
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest - As Per Page 3 Of The
Sanctioned Letter Dated 13.11.2000 Enclosed, Which Is Duly Accepted. Terms of Repayment - Repayable On Demand Facility Available For A Period Of 36
months Subject To Annual Review. Margin - 25 % on Raw Material, SIP, Finished
Goods and 5 % on Letter of credit and Bank Guarantee. Extent and Operation of the charge - Hypothecation Of Stocks Of Rm, Sip, Fg, Consumables,
Stores, Spares Etc . Backed By Export Order, Documents Of Title Goods And
Extension Of Charge On Current Assets And Hypothecation Of Companies' Plant and
Machinery. |
||||||
|
Short particulars of the property charged |
Hypothecation Of Stocks Of Rm,
Sip, Fg, Consumables, Stores, Spares
Etc . Backed By Export Order, Documents Of Title Goods And Extension
Of Charge On Current Assets And Hypothecation Of Companies' Plant and
Machinery. |
||||||
|
Date of latest modification prior to the
present modification |
25.05.2006 |
||||||
|
Particulars of the present
modification |
The Limit Enhanced To Rs.312.500
millions - Details As Per Page 2 Of The Sactioned
Letter Dt.13.11.2006 Enclosed And Duly
Accepted. |
Fixed Assets:
·
Building
·
Plant and machinery
·
Computer
·
Vehicles – heavy and light
·
Furniture and fittings
·
Electrical installation
·
Air conditioners
·
Fire fighting equipment
·
Office equipment
·
Effluent treatment plant
WEBSITE DETAILS:
PROFILE:
Subject is the group's leather base. As one of the first tanneries in India to be awarded the coveted ISO 14001 certification for environmental standards, the consistency in quality and an increased output is achieved by the use of state-of-the-art equipment.
In addition to meeting the requirement of leather for the other group
companies, ECTC also exports considerable amounts of leathers to Mexico,
Brazil, EU, and the Far East. Specializing in the production of cowhides, cow
kips, cow calf, goat uppers, besides cow and goat linings. Its specialty
includes brush off leathers, burnishes, smooth grain and corrected grain.
Contemporary machinery and a very strong sourcing base of raw materials all
over the world ensures that the company caters to the fashion needs of the
world, producing 1.5 Million Sqft./Month. Customers include Nike, Ariat, Cole
Haan, Rockport, Nine West.
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.45.90 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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 |
5 |
|
--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 |
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.