MIRA INFORM REPORT
|
Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
RASOYA PROTEINS LIMITED |
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Registered
Office : |
Village Wanjari, Taluka Wani, Yavatmal – 445004, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.05.1992 |
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Com. Reg. No.: |
11-066662 |
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Capital
Investment / Paid-up Capital : |
Rs. 537.644 millions |
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CIN No.: [Company Identification
No.] |
L15143MH1992PLC066662 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPR01697D |
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PAN No.: [Permanent Account No.] |
AABCM1757C |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
The company is primarily engaged in the business of soya processing through soya solvent extraction plant and oil refinery along with lecithin plant. The company is also engaged in the business of generation of Power having production capacity of 10 MW. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
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 12000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The
rating take into account the risk associated with the implementation of the
project and expected deterioration in the capital structure due to proposed capacity
expansion and also the seasonal availability of raw materials. However, there seems a growth in the turnover and profitability of the
company. Trade relation are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for small business dealings at usual
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 |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB+ (Long Term Bank Facility) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
19.10.2012 |
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Rating Agency Name |
CARE |
|
Rating |
A4 (Short Term Bank Facility) |
|
Rating Explanation |
Minimal degree of safety it carry very high credit risk. |
|
Date |
19.10.2012 |
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/(Unit – I) : |
Village Wanjari, Taluka Wani, Yavatmal – 445004, Maharashtra, India |
|
Tel. No.: |
91-7239-225901 / 225902/ 225903 / 5904 |
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E-Mail : |
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Website: |
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Head Office : |
Rasoya House, Plot no. 20/21 – Kheta Layout, Near New Sneh Nagar,
Nagpur – 440025, Maharashtra, India |
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Works (Unit – II) |
Nh. No. 6 MSEB Sub Station, Village Kund, Taluka – Malkapur, District-
Buldhana – 443101, Maharashtra, India |
DIRECTORS
As on 31.03.2012
|
Name : |
MR. A.N. Lonkar |
|
Designation : |
Managing Director |
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Name : |
Mr. P.G. Duchakke |
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Designation : |
Executive Director |
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Name : |
Mr. A.K. Singh |
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Designation : |
Executive Director |
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Address : |
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Name : |
Mr. Sameer Y. Damle |
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Designation : |
Executive Director |
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Name : |
Mr. V.D.Bhagade |
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Designation : |
Independent and Non Executive Director |
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Name : |
Mr. S.R. Khankhoje |
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Designation : |
Independent and Non Executive Director |
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Name : |
Mr. A.N. Deshpande |
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Designation : |
Independent and Non Executive Director |
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Name : |
Mr. P.D. Mujumdar |
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Designation : |
Independent and Non Executive Director |
SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1)
Bodies Corporate |
24170058 |
31.15 |
|
(2)
Individuals/ Hindu Undivided Family |
11927140 |
15.37 |
|
|
36097198 |
46.52 |
|
Total shareholding of Promoter and Promoter Group (A) |
36097198 |
46.52 |
|
(B) Public Shareholding |
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|
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|
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|
3426610 |
4.42 |
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|
3426610 |
4.42 |
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|
31694758 |
40.84 |
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|
|
|
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|
1398184 |
1.80 |
|
|
4904797 |
6.32 |
|
|
79593 |
0.10 |
|
|
79593 |
0.10 |
|
|
38077332 |
49.07 |
|
Total Public shareholding (B) |
41503942 |
53.48 |
|
Total (A)+(B) |
77601140 |
100.00 |
|
I Shares held by Custodians and against which Depository
Receipts have been issued |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
36327640 |
0.00 |
|
|
36327640 |
0.00 |
|
Total (A)+(B)+(C) |
113928780 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company is primarily engaged in the business of soya processing through soya
solvent extraction plant and oil refinery along with lecithin plant. The
company is also engaged in the business of generation of Power having
production capacity of 10 MW. |
PRODUCTION STATUS AS ON 31.03.2012
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Crushing Of Soya Seeds |
|
NA |
570000 MT |
287809.627 |
|
Power |
|
79200 MW |
79200 MW |
50009 MW |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
V.N. Bhuwania and Company Chartered Accountants |
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Subsidiaries : |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000000 |
Equity Shares |
Rs.5/- each |
Rs. 700.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
107528780 |
Equity Shares |
Rs.5/- each |
Rs. 537.644 Millions |
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As on 30.07.2012
Authorised Capital : Rs. 700.000
Millions
Issued, Subscribed & Paid-up Capital: Rs. 569.644
Millions
FINANCIAL
DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
537.644 |
411.644 |
202.730 |
|
|
2] Share Application Money |
115.200 |
302.000 |
52.200 |
|
|
3] Reserves & Surplus |
2357.680 |
1845.773 |
561.716 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3010.524 |
2559.417 |
816.646 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1762.712 |
1502.273 |
902.484 |
|
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2] Unsecured Loans |
150.000 |
0.000 |
55.484 |
|
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TOTAL BORROWING |
1912.712 |
1502.273 |
957.968 |
|
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DEFERRED TAX LIABILITIES |
103.736 |
45.378 |
30.121 |
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|
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TOTAL |
5026.972 |
4107.068 |
1804.735 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1562.899 |
778.258 |
808.097 |
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Capital work-in-progress |
368.113 |
716.484 |
145.245 |
|
|
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|
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INVESTMENT |
1.958 |
1.949 |
0.069 |
|
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2380.798
|
1893.925 |
1108.718 |
|
|
Sundry Debtors |
201.837
|
251.486 |
221.734 |
|
|
Cash & Bank Balances |
460.711
|
1449.243 |
38.705 |
|
|
Other Current Assets |
196.720
|
25.624 |
2.522 |
|
|
Loans & Advances |
1248.334
|
108.369 |
105.706 |
|
Total
Current Assets |
4488.400
|
3728.647 |
1477.385 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1165.888
|
917.130 |
524.701 |
|
|
Other Current Liabilities |
173.147
|
155.711 |
99.168 |
|
|
Provisions |
55.363
|
45.429 |
26.733 |
|
Total
Current Liabilities |
1394.398
|
1118.270 |
650.602 |
|
|
Net Current Assets |
3094.002
|
2610.377 |
826.783 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
24.541 |
|
|
|
|
|
|
|
|
TOTAL |
5026.972 |
4107.068 |
1804.735 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7982.543 |
4169.022 |
3700.506 |
|
|
|
Other Income |
108.553 |
4.313 |
1.033 |
|
|
|
TOTAL (A) |
8091.096 |
4173.335 |
3701.539 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
7164.232 |
3649.648 |
|
|
|
|
Change in inventories |
(237.887) |
(111.140) |
|
|
|
|
Employee benefit expense |
57.423 |
27.370 |
|
|
|
|
Other Expense |
551.771 |
352.409 |
|
|
|
|
TOTAL (B) |
7535.539 |
3918.287 |
3522.901 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
555.557 |
255.048 |
178.638 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
255.264 |
109.539 |
53.894 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
300.293 |
145.509 |
124.744 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.691 |
39.969 |
23.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
235.602 |
105.540 |
101.404 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
68.072 |
34.103 |
24.512 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
167.530 |
71.437 |
76.892 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export On FIB Basis |
502.410 |
23.490 |
NA |
|
|
TOTAL EARNINGS |
502.410 |
23.490 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
1.79 |
3.24 |
NA |
|
|
|
Diluted |
1.68 |
2.87 |
NA |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
1st
Quarter |
2nd
Quarter |
|
Net sales |
1747.510 |
1975.120 |
|
Total expenditure |
1630.880 |
1816.090 |
|
PBDIT |
116.630 |
159.030 |
|
Other income |
0.830 |
11.730 |
|
Operating profit |
117.460 |
170.760 |
|
Interest |
53.080 |
80.630 |
|
Exceptional items |
0.000 |
0.000 |
|
PBDT |
64.380 |
90.130 |
|
Depreciation |
18.390 |
19.460 |
|
Profit before tax |
45.990 |
70.670 |
|
Tax |
23.310 |
26.040 |
|
Provision and contingencies |
0.000 |
0.000 |
|
Profit after tax |
22.690 |
44.630 |
|
Extraordinary items |
0.000 |
0.000 |
|
Prior period expenses |
0.000 |
0.000 |
|
Other adjustment |
0.000 |
0.000 |
|
Net profit |
22.690 |
44.630 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.07
|
1.71 |
2.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.95
|
2.53 |
2.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.89
|
2.34 |
4.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.04 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
1.02 |
1.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.22
|
3.330 |
2.27 |
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) |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
Yes |
PERFORMANCE
REVIEW:
During
the year the company's net income from operations is Rs.7982.500 Millions as
against Rs.4169.000 Millions in the previous year. Profit after interest but
before depreciation and tax has increased from Rs.145.500 Millions in year
2010-11 to Rs.154.800 Millions in year 2011-12. The company has been successful in maintaining
steady performance both in terms of sales and profitability during the year
BUSINESS
OUTLOOK:
· Expansion
Project: During the year, the Solvent Extraction
Plant and Vegetable Oil Refinery become operational in Buldhana districts of
Maharashtra. With the starting of Extraction unit at Buldhana, the company has
become one of the major soya processing units in Vidarbha region. The quality
of finished products from the new unit has been well accepted in the Market
within the shortest span of time.
· Value
Added Project: With a view to expand more business
opportunity,the directors have pleasure in informing you that the company has
undertaken various soya based value added proj ects which would be commissioned
in financial year 2012-13 and will certainly offer long term economy and
stability to the existing operations.
COMPANY OVERVIEW:
The Company along
with its fully owned subsidiary is mainly engaged in the business of soya seed
solvent extraction and has two oil refinery units. The company is also has a
power generation plant which provides captive power and electricity to the
solvent unit of the company. Over the years the company has become a leading
processor of Soya seed in Maharashtra. The main products of the company are
De-oiled cake (DOC), crude oil, refined edible soya oil and other various other
consumer products.
SEGMENT
REPORTING:
The
company is primarily engaged in the business of soya processing through soya solvent
extraction plant and oil refinery along with lecithin plant. The company is
also engaged in the business of generation of Power having production capacity
of 10 MW. The company has identified two primary business segments, namely Soya
extraction and Power which in the context of Accounting Standard 17 on
"Segment Reporting" constitute reportable segments.
FIXED ASSETS:
Tangible assets
- LAND AND
BUILDING
- PLANT AND
MACHINERY
- FURNITURE AND
FIXTURE
- COMPUTER
- VEHICLES
Intangible assets
- COMPUTER
SOFTWARE
CMT
REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.55.08 |
|
|
1 |
Rs.89.09 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.