|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
AMBATTUR CLOTHING
LIMITED |
|
|
|
|
Registered
Office : |
86-E/ 2,
Ambattur Industrial Estate, Ambattur, Chennai – 600 058, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
09.02.1995 |
|
|
|
|
Com. Reg. No.: |
18-034577 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 38.368 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93090TN1995PLC034577 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA07829D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4127D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
Garments. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10470000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track
record. There appears losses from last two years recorded by the company. However, net worth of the company seems to be strong. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered for normal 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office : |
86-E/ 2, Ambattur Industrial Estate, Ambattur, Chennai –
600 058, |
|
Tel. No.: |
91-44-26357811 / 26250961 / 26255174 |
|
Fax No.: |
91-44-26257150 / 26250961 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
New SP/8, Ambattur Industrial Estate,
Chennai – 600 058, |
|
|
|
|
Factory 1 : |
B-9, Ambattur Industrial Estate, Chennai –
600 058, Tamilnadu, India |
|
Area: |
6000 sq. ft |
|
Location: |
Owned |
|
|
|
|
Factory 2 : |
B 10, Ambattur Industrial Estate, Chennai – 600 058, |
|
|
|
|
Factory 3: |
B 13, Ambattur Industrial Estate, Chennai – 600 058, Tamilnadu, India |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Vijay Mohandas Mahtaney |
|
Designation : |
Chairman and Managing Director |
|
Address : |
19, |
|
Date of Birth/Age : |
02.02.1955 |
|
Date of Appointment : |
09.02.1995 |
|
DIN No.: |
01679863 |
|
|
|
|
Name |
Mr. Koshu Vijay Mahtaney |
|
Designation |
Director |
|
Address |
19, |
|
Date of Birth |
15.08.1955 |
|
Date of
Appointment |
09.02.1995 |
|
DIN No. : |
01710542 |
|
|
|
|
Name |
Mr. Amit Vijay Mahtaney |
|
Designation |
Director |
|
Address : |
19, |
|
Date of Birth |
28.06.1982 |
|
Date of
Appointment |
09.07.2003 |
|
DIN No. : |
01727493 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders |
No. of Shares |
|
Vijay Mahtaney |
2493236 |
|
Koshu V. Mahtaney |
963535 |
|
Amit Mahtaney |
342466 |
|
Tusker Travels Private Limited – |
578 |
|
Anila Berwani, Singapore |
36100 |
|
V.K. Madhu |
760 |
|
Madras Garments Private Limited – |
125 |
|
TOTAL
|
3836800 |
AS ON 28.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.94 |
|
Bodies corporate |
0.02 |
|
Directors or relatives of Directors |
99.02 |
|
Other top fifty shareholders |
0.02 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Garments. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
|
|
|
|
Pattern of garment produced |
Pieces |
5197793 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chowlesh P Shah Chartered Accountants |
|
Address : |
Rainbow Vikas 1st Floor, No. 9, |
|
Tel. No.: |
91-44-42176567/28363199 |
|
E-Mail : |
|
|
PAN No.: |
AADPS5409A |
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Subsidiaries : |
CIN No.:- U52321TN1987PTC014511
CIN No.:- U67190TN2006PTC059869
CIN No.:- U45201TN1994PLC029085
CIN No.:- U51102TN1987PTC014464
CIN No.:- U51102TN1987PTC014463
CIN No.:- U70101TN2003PTC052049
CIN No.:- U45202TN2006PTC059232
CIN No.:- U18101TN2005PTC057525
CIN No.:- U18101TN2005PTC057799
CIN No.:- U18101TN2005PTC057798
|
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2011
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 |
|
|
|
|
|
|
3836800 |
Equity Shares |
Rs.10/- each |
Rs. 38.368
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
38.368 |
38.368 |
38.368 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2579.647 |
2666.932 |
3006.281 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2618.015 |
2705.300 |
3044.649 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
730.521 |
1174.303 |
1384.656 |
|
|
2] Unsecured Loans |
185.200 |
80.500 |
0.000 |
|
|
TOTAL BORROWING |
915.721 |
1254.803 |
1384.656 |
|
|
DEFERRED TAX LIABILITIES |
38.844 |
20.640 |
7.890 |
|
|
|
|
|
|
|
|
TOTAL |
3572.580 |
3980.743 |
4437.195 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
693.155 |
827.327 |
923.491 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
30.305 |
|
|
|
|
|
|
|
|
INVESTMENT |
1858.958 |
1923.946 |
2160.439 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
479.969
|
483.042
|
453.814
|
|
|
Sundry Debtors |
298.585
|
261.265
|
307.476
|
|
|
Cash & Bank Balances |
54.739
|
49.392
|
332.045
|
|
|
Other Current Assets |
143.599
|
188.375
|
145.249
|
|
|
Loans & Advances |
283.500
|
461.979
|
410.316
|
|
Total
Current Assets |
1260.392
|
1444.053 |
1648.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
133.915
|
191.938
|
235.306
|
|
|
Other Current Liabilities |
94.553
|
15.309
|
81.605
|
|
|
Provisions |
11.457
|
7.336
|
9.029
|
|
Total
Current Liabilities |
239.925
|
214.583 |
325.940 |
|
|
Net Current Assets |
1020.467
|
1229.470
|
1322.960
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3572.580 |
3980.743 |
4437.195 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2366.237 |
2780.241 |
2928.726 |
|
|
|
Other Income |
269.949 |
335.653 |
461.777 |
|
|
|
TOTAL (A) |
2636.186 |
3115.894 |
3390.503 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1469.507 |
1743.427 |
1728.028 |
|
|
|
Manufacturing service costs |
144.281 |
170.700 |
148.886 |
|
|
|
Employee related expenses |
590.028 |
548.229 |
637.343 |
|
|
|
Administrative selling other expenses |
319.943 |
773.537 |
1089.877 |
|
|
|
TOTAL (B) |
2523.759 |
3235.893 |
3604.134 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
112.427 |
(119.999) |
(213.631) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
98.398 |
110.208 |
121.418 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.029 |
(230.207) |
(335.049) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
83.107 |
91.475 |
108.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(69.078) |
(321.682) |
(443.224) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.202 |
17.668 |
(4.486) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(87.280) |
(339.350) |
(438.738) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2079.954 |
2419.304 |
2858.042 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1992.674 |
2079.954 |
2419.304 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2370.026 |
2756.013 |
2910.080 |
|
|
|
Other Earnings |
14.610 |
11.921 |
56.903 |
|
|
TOTAL EARNINGS |
2384.636 |
2767.934 |
2966.983 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
778.680 |
948.757 |
830.703 |
|
|
|
Stores & Spares |
0.112 |
1.184 |
2.046 |
|
|
|
Capital Goods |
0.000 |
1.132 |
49.463 |
|
|
TOTAL IMPORTS |
778.792 |
951.073 |
882.212 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(22.75) |
(88.45) |
(114.35) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(3.31)
|
(10.89) |
(12.94)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.92)
|
(11.57) |
(15.13)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.54)
|
(14.16) |
(17.23)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
(0.12) |
(0.15)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.55 |
0.56
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.25
|
6.73 |
5.06
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
No |
FINANCIAL PERFORMANCE REVIEW
Financial Year
2010-2011 continued to be challenging. The gradual revival of business in major
importing countries that suffered economic recession last year is a positive development
for the future. There had been number of macro issues affecting the apparel
industry viz appreciating rupee, pressures on margins, shortage labor, rising
wage rates and reduced relief / support in the form of subsidies by the
government to the industry. Despite this, the company was able to achieve a
turnover of Rs.2364.500 Millions in 2010-2011 as against Rs.2780.200 Millions
in the previous year, a decrease of 5.34%. The company reported post tax loss
of Rs.87.300 Millions as against a post tax loss of Rs. 339.300 Millions in the
previous year.
OUTLOOK FOR THE
CURRENT YEAR
The market
continues to be extremely volatile, however the company continues to focus on
cost reduction, increasing productivity and effective management of working
capital. The company is optimistic for revival in the major economies in the
world and looking forward for better performance going forward.
JOINT VENTURE
AMBATTUR CLOTHING INTERNATIONAL WLL
Ambattur Clothing
International WLL a joint venture company set up in Bahrain has achieved a
turnover of BD 12.41 million during the year as against BD 10.45 million in the
previous year and net profit of BD 0.73 million as against Profit of BD .32
million during the previous year.
SPARROW APPARELS LIMITED
The Subsidiary
Company has achieved a turnover of 1777.87 Mil Taka and reported a Profit of
54.123 Mil Taka for the year ended 30th June 2010 as compares to turnover of
1266.12 Mil Taka and net loss of 9.129 Mil Taka for the relevant previous year.
FIXED ASSETS
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 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. 54.84 |
|
|
1 |
Rs. 89.11 |
|
Euro |
1 |
Rs. 72.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
42 |
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.