MIRA
INFORM REPORT
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Report Date : |
18.02.2012 |
IDENTIFICATION DETAILS
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Name : |
BACHI SHOES LIMITED (w.e.f. 08.04.2011) |
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Formerly Known
As : |
BACHI SHOES (INDIA) PRIVATE LIMITED |
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Registered
Office : |
No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.02.1997 |
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Com. Reg. No.: |
18-037515 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.628 Million |
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CIN No.: [Company Identification
No.] |
U18209TN1997PLC037515 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEB03057F CHEB05227F |
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PAN No.: [Permanent Account No.] |
AABCB2609J AAAFB0587B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Trader of Leather Shoe Uppers with
Components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good 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 – September 30, 2011
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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
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Registered Office : |
No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamilnadu,
India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
No.15, |
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Tel. No.: |
91-44-25612571/
25612876 |
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Fax No.: |
91-44-25612876 |
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E-Mail : |
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Factory 1 : |
148 Sipcot
Complex, Sidco Industrial Estate, Ranipet – 632403. |
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Tel. No.: |
91-4172-244390/ 244398 |
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Fax No.: |
91-4172-244598 |
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E-Mail : |
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Area : |
50000 sq.ft
(Leased) |
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Factory 2 : |
149, 160, 161
Sipcot Complex, Sidco Industrial Estate, Ranipet – 632403. |
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Tel. No.: |
91-4172-244390/
244398 |
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Fax No.: |
91-4172-244598 |
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E-Mail : |
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Area : |
50000 sq.ft
(Leased) |
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Branches : |
No.15, |
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Tel. No.: |
91-44-25612571/
25612876 |
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Fax No.: |
91-44-25612876 |
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E-Mail : |
DIRECTORS
As on 22.09.2010
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Name : |
Mr. Gopalakrishna Pullela Varadarajulu |
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Designation : |
Director |
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Address : |
15, Sami Mudali Street, Periamet, Chennai – 600003, Tamilnadu, India |
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Date of Birth/Age : |
12.05.1966 |
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Date of Appointment : |
05.11.2001 |
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DIN No.: |
00417691 |
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Other Directorship :
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Name : |
Mr. Vishwanath Pullela Rajagopal |
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Designation : |
Director |
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Address : |
8A, Thiagarajapuram, Vellore – 632001, Tamilnadu, India |
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Date of Birth/Age : |
23.10.1952 |
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Date of Appointment : |
14.02.1997 |
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DIN No.: |
00417622 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2010
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Names of Shareholders |
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No. of Shares |
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P. V. Gopalakrishna (HUF) |
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978 |
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P. V. Gopalkrishna |
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11 |
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P.R. Viswanath |
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11 |
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Total |
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1000 |
Equity Share Break up (Percentage of Total Equity)
As on 22.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Trader of Leather Shoe Uppers with
Components. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
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Installed
Capacity |
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Finished Leather – Leather Division |
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275000 |
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Particulars |
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Actual
Production |
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Shoe uppers - pairs |
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1088558 |
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Full shoes - pairs |
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954629 |
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Leather Division |
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Finished leather - Own |
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41506 |
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Job work |
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43703 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Indian Overseas Bank, Purasawalkam Branch, No. 15, Hunters Road,
Doveton, Chennai – 600112, Tamilnadu, India |
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Facilities : |
Notes: (A) Indian
overseas bank a/c.4- Repayable within 1 year Rs.1.000 Millions Indian overseas
bank a/c.3-Repayable within 1 year Rs.3.000 Millions Indian overseas bank
a/c.8-Repayable within 1 year Rs.2.175 Millions Indian overseas bank - Term
Loan III-Repayable within 1 year Rs.0.319 Million Indian overseas bank - Term
Loan IV-Repayable within 1 year Rs.1.667 Millions (B) Indian
overseas bank a/c.4-Repayable within 1 year Rs.1.000 Million Indian overseas
bank a/c.3-Repayable within 1 year Rs.3.000 Millions (C) Secured by
hypothecation of stocks and collateral of existing and future Block of assets
of the company and personal guarantee of Managing Director (D) Secured by
hypothecation of stocks and collateral of existing and future Block of assets
of the company and personal guarantee of Managing Director (E) Secured by
document of title to goods/accepted Hundies and collateral of existing and future Block of assets of the
company; 46B, SIPCOT industrial complex Phase II, Narasingapuram, Ranipet and
personal guarantee of M.D Indian overseas
bank a/c.8 (Secured by hypothecation
of machinery, purchased with the term loan and collateral of existing and
future Block of assets of the company
and personal guarantee of M.D) Indian overseas bank - Term Loan IV (Secured by
hypothecation of machinery, purchased with the term loan and collateral of
existing and future Block of assets of the company and 46B, SIPCOT Industrial
Complex Phase II, Narasingapuram, Ranipet and personal guarantee of M.D) Indian overseas bank a/c - Leather Division (Secured by
hypothecation of machinery, purchased with the term loan and collateral of
land and building a at S.F.No.163,164 165, 166, 167/1,167/2 and 168/3 at
Periavarikkam Village, Vaniyambaditaluk and personal Guarantee of Managing
Director) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. S. Athmanathan
and Company Chartered
Accountants |
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Address : |
8 B,
Thyagarajapuram, |
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PAN.: |
AADPM6136G |
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Holding Company : |
Tata International ltd. |
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Joint Ventures
of Holding Company : |
·
Tata Precision Industries Limited ·
Drive India Enterprise Solutions Limited ·
Tata International DLT (Private) Limited |
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·
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Joint Ventures: |
Rite Brand Retail Private Limited |
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·
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Fellow
subsidiaries: |
·
Cometal, S.A.R.L ·
Light Source Manufacturers Limited ·
Pamodzi Hotels plc ·
Tata Africa Holdings (SA)(Proprietary) Limited ·
Tata Automobile Corporation (SA)(Proprietary)
Limited ·
Tata De Mocambique Limitada ·
Tata Africa Holdings Ghana Limited ·
Tata Africa Holdings (Tanzania) Limited ·
Tata Holdings Mocambique Limitada ·
Tata International (Australia) Proprietary
Limited ·
Tata Namibia (proprietary) Limited ·
Tata West Asia FZE ·
Tata Uganda Limited ·
Tata Zambia Limited ·
Tata South-East Asia Limited ·
Tata Africa Senegal SRL ·
Tata Africa Holdings Kenya Limited ·
Tata Africa Services (Nigeria) Limited ·
Blackwood Hodge Zimbabwe (private) Limited ·
Tata Africa Steel Processors (proprietary)
Limited ·
Graziella Shoes Limited ·
TIL Leather Mauritius ·
Euro Shoe Components Limited |
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Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
·
Jai Bharath Tanners ·
Bachi Shoes ·
Spectra Leathers ·
Poly Board Industries ·
Euro shoe Components Limited CIN
No.: U19116TN2005PLC056665 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6280 |
Equity Shares |
Rs.100/-
each |
Rs.0.628
Million |
|
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|
- 4710 Bonus shares of Rs.100 each, Fully paid up, out of Securities
Premium account
- 4772 shares of Rs.100 each, Fully paid up, held by Holding company,
Tata International Limited
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 |
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1] Share Capital |
0.628 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
710.726 |
328.723 |
266.740 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
711.354 |
328.823 |
266.840 |
|
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LOAN FUNDS |
|
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|
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1] Secured Loans |
111.221 |
83.730 |
30.944 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
111.221 |
83.730 |
30.944 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
822.575 |
412.553 |
297.784 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
336.584 |
79.097 |
77.511 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
292.483 |
33.199 |
12.846 |
|
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DEFERREX TAX ASSETS |
9.891 |
7.467 |
6.277 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
376.850
|
117.546 |
145.088 |
|
|
Sundry Debtors |
794.948
|
61.267 |
69.217 |
|
|
Cash & Bank Balances |
139.509
|
157.187 |
41.446 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
28.885
|
29.591 |
22.571 |
|
Total
Current Assets |
1340.192
|
365.591 |
278.322 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
469.393
|
66.873 |
59.048 |
|
|
Other Current Liabilities |
624.231
|
0.000 |
0.000 |
|
|
Provisions |
62.951
|
5.928 |
18.124 |
|
Total
Current Liabilities |
1156.575
|
72.801 |
77.172 |
|
|
Net Current Assets |
183.617
|
292.790 |
201.150 |
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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TOTAL |
822.575 |
412.553 |
297.784 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
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SALES |
|
|
|
|
|
|
|
Income |
758.992 |
668.587 |
|
|
|
|
Other Income |
208.819 |
81.854 |
|
|
|
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TOTAL (A) |
967.811 |
750.441 |
683.849 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
484.413 |
453.464 |
|
|
|
|
Manufacturing service costs |
91.847 |
69.791 |
|
|
|
|
Employee related expenses |
82.895 |
54.619 |
|
|
|
|
Administrative selling other expenses |
73.528 |
50.046 |
|
|
|
|
Prior Period Items |
4.944 |
7.494 |
|
|
|
|
TOTAL (B) |
737.627 |
635.414 |
579.140 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
230.184 |
115.027 |
(including
financial and depreciation) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.892 |
2.506 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
225.292 |
112.521 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.527 |
16.293 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
182.765 |
96.228 |
104.709 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.880 |
34.375 |
37.536 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
144.885 |
61.853 |
67.173 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
328.593 |
266.740 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
14.500 |
0.000 |
|
|
|
|
Interim Dividend |
349.826 |
0.000 |
|
|
|
|
Proposed Dividend |
56.754 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
52.398 |
328.593 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
681.595 |
582.070 |
583.572 |
|
|
TOTAL EARNINGS |
681.595 |
582.070 |
583.572 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
171.439 |
109.188 |
133.706 |
|
|
|
Stores & Spares |
97.280 |
55.390 |
55.283 |
|
|
|
Capital Goods |
17.964 |
7.666 |
8.966 |
|
|
TOTAL IMPORTS |
286.683 |
172.244 |
197.955 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
23070.86 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.97
|
8.24 |
9.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.08
|
14.39 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.90
|
21.64 |
29.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.29 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.78
|
0.47 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
5.02 |
3.61 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY
Total revenue at Rs.967.800
Millions for the year 2010-11 were higher by 29% over the previous year's
revenue of Rs.750.400 Millions. The profit before taxes at Rs.187.700 Millions
was up by 81 % from the previous year's profit of Rs.10.37 corers. Net profit
for the year at Rs.144.800 Millions was higher by 134.30 % than the previous
year's net profit of Rs.61.800 Millions.
ACQUISITIONS OF
BUSINESSES
The Company
acquired businesses by way of slump sale from Spectraa Leathers and Jai Bharath
Tanneries w.e.f. 1st November, 2010 and from Bachi Shoes w.e.f. Closing hours
of 31st March, 2011. With these acquisitions the Company has brought various
shoe manufacturing related activities under one umbrella which will help
enhance the efficiency which will further the help the Company to retain its
position as a leading kids footwear manufacturer and supplier from India to
Europe.
ACQUISITION OF
FOOTWEAR MANUFACTURING FACILITIES
The Company
acquired the manufacturing facilities located at Ranipet and Ambur from Salim
Leathers Private Limited.
PARTNERSHIP WITH
TATA INTERNATIONAL LIMITED
During the year
Tata International Limited acquired 76% stake in the Company. Thus the Company
has become subsidiary of Tata International Limited effective from December,
2010. Directors are confident that this partnership with Tata International
Limited will boost the Company's growth.
FORM 8
|
Corporate
identity number of the company |
U18209TN1997PLC037515 |
|
Name of the
company |
BACHI SHOES
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamilnadu,
India Email Id : bachiind@bachishoes.com
|
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80037510 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Indian Overseas Bank, Purasawalkam Branch, No. 15, Hunters Road,
Doveton, Chennai – 600112, Tamilnadu, India Email Id : prvkmbr@chemrc01.iobnet.co.in
|
|
Nature of
instrument creating charge |
Letter of
Confirmation Date 16.09.2011 for deposit of title deeds made on
Date15.09.2011 |
|
Date of
instrument Creating the charge |
15.09.2011 |
|
Amount secured by
the charge |
Rs.807.640
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As determined by
the bank from time to time Terms of
repayment As determined by
the bank from time to time Margin As determined by
the bank from time to time Extent and
operation of the charge As per the
instruments executed on 15.09.2011 Others Nature of
Facility and Limits |
|
Date of
instrument modifying the charge |
04.07.2011 |
|
Particulars of
the present modification |
a) Additional securities
were offered by way of Creation of Equitable Mortgage over the immovable
properties owned by the Company situated at Pinji Village and Periyavarikkam
Village, to secure the existing Credit Facilities of Rs.807.639 Millions,
enjoyed by the Company, together with interest, cost and expenses which shall
be debited to the account from time to time. b) All other
existing securities are already offered to the bank shall continue |
Contingent
Liabilities (As on 31.03.2011)
a) Claims against the company not acknowledged as debts – Rs.200.000
Millions
b) Estimated amount of contracts remaining to be executed on capital
account not provided - do - Leather Division – Rs.4.324 Millions
c) Against guarantees given – Rs.187.100 Millions
d) Against letters of credit – Rs.19.134Millions
e) Acceptances and endorsements by banks – Rs.5.156 Millions
f) Export bills discounted – Nil
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Data processing machines
·
Buses and Van
·
Motor Vehicles
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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.