MIRA
INFORM REPORT
|
Report Date : |
25.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASHAPURA INTERNATIONAL LIMITED |
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Registered
Office : |
Jeevan Udyog Building, 3rd Floor, 278 – D N Road, Fort,
Mumbai – 400001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.12.1989 |
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Com. Reg. No.: |
11-054664 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
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CIN No.: [Company Identification
No.] |
U14108MH1989PLC054664 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Supplier of Foundry Grade Bentonite. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 690000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered/ Corporate Office : |
Jeevan Udyog Building, 3rd Floor, 278 – D N Road, Fort,
Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-66651700 |
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Fax No.: |
91-22-22079395/ 22074452 |
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E-Mail : |
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Website : |
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Indian Locations
Offices: |
Located at: ·
Ahmedabad ·
Bengaluru ·
Baraya ·
Bhuj-Ler ·
Bhujodi ·
Chennai ·
Dharur ·
Jamnagar ·
Khambaliya ·
Kodur ·
Madhapar ·
Mangalore ·
Mumbai ·
Thiruvananthapuram |
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Overseas Offices: |
Located at: ·
Belgium ·
China ·
Indonesia ·
Malaysia ·
Nigeria ·
Sharjah |
DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Navnitlal Ratanji Shah |
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Designation : |
Director |
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Address : |
M-3, N-4, The Loyal CHSL, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai-400018,
Maharashtra, India |
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Date of Birth/Age : |
17.08.1926 |
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Date of Appointment : |
18.12.1989 |
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DIN No.: |
00018945 |
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Other Directorship :
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Name : |
Mr. Hemul Ramesh Shah |
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Designation : |
Director |
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Address : |
3021303, Rahul Enclave, A-Wing, Saibaba Nagar, Near M.L.G Garden,
Borivali (West), Mumbai-400 092, Maharashtra, India |
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Date of Birth/Age : |
04.01.1961 |
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Date of Appointment : |
15.05.2009 |
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DIN No.: |
00058558 |
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Other Directorship :
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Name : |
Mr. Chetan Navnitlal Shah |
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Designation : |
Director |
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Address : |
Wyoming Co-operative Housing Society Limited, 4th Floor,
Flat No. 4, 12 A, Little Gibbs Road, Malabar Hill, Mumbai- 400 006,
Maharashtra, India |
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Date of Birth/Age : |
28.01.1955 |
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Date of Appointment : |
02.11.2009 |
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DIN No.: |
00018960 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Dwarkadas Kapadia |
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Designation : |
Secretary |
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Date of Appointment : |
01.07.2002 |
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PAN No.: |
AAPPK4676B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ashapura Minechem Limited, India |
|
2999980 |
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Chetan Shah |
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10 |
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Dina Shah |
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2 |
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Vinod Shah |
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2 |
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Hemul Shah |
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2 |
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Chaitali Shah |
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2 |
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Rajnikant Pajwani |
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2 |
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Total |
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3000000 |
Equity Share Break up (Percentage of Total Equity)
As on 23.09.2011
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Foundry Grade Bentonite. |
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Products : |
·
Bentonite Unactivated Lumps ·
Bentonite activated Lumps ·
Bentonite Powder ·
Allied minerals ·
Chromite Sand |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Bentonite Activated Lumps |
MTS |
235320 |
|
Unactivated Bentonite Lumps |
MTS |
286253 |
|
Bentonite Powder |
MTS |
102638 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Bank of India, Mumbai Overseas Branch, Bank of India Building, 70/80
MG Road, Mezzanine Floor, Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
Notes: (A) Working
Capital Finance from Axis Bank Limited is secured by first pari passu charge
by way of hypothecation of company’s current assets, equitable mortgage of
immovable assets and hypothecation of movable fixed assets of the company.
These loans are also further jointly and severally guaranteed by some of the
directors of the company as well as corporate guarantee of the holding
company. (B) Working
Capital Finance from Axis Bank Limited is secured by first pari passu charge
by way of hypothecation of companys current assets, equitable mortgage of
immovable assets and hypothecation of movable fixed assets of the company.
These loans are also further jointly and severally guaranteed by some of the
directors of the company as well as corporate guarantee of the holding
company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sanghavi and Company Chartered Accountants |
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Address : |
Bulbul, First Floor, Crescent Road, Bhavnagar – 364001, Gujarat, India
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PAN.: |
AAQFS2682A |
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Associates : |
·
Ashapura Minechem Limited CIN
No.: L14108MH1982PLC026396 ·
Ashapura Consultancy Services Private Limited CIN
No.:U74140MH1993PTC075194 ·
Ashapura Aluminium Limited CIN
No.:U27203GJ2007PLC051421 ·
Bombay Minerals Limited CIN
No.:U14100GJ1953PLC000699 ·
Prashansha Ceramics Limited CIN
No.:U51909GJ1995PLC028159 ·
Ashapura Claytech Limited CIN
No.:U26939MH1995PLC090484 ·
Sharda Consultancy Private Limited CIN
No.:U74140MH1993PTC075195 ·
Penisula Property Developers Private Limited CIN
No.:U45202MH1997PTC109395 ·
Ashapura Volclay Limited CIN
No.:U14108MH1997PLC107300 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
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|
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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 |
30.000 |
30.000 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
144.622 |
99.431 |
69.907 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
174.622 |
129.431 |
99.907 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
155.129 |
99.035 |
79.695 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
48.475 |
|
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TOTAL BORROWING |
155.129 |
99.035 |
128.170 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
329.751 |
228.466 |
228.077 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.273 |
23.153 |
26.590 |
|
|
Capital work-in-progress |
0.456 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.096 |
0.351 |
0.351 |
|
|
DEFERREX TAX ASSETS |
1.113 |
1.251 |
1.001 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
132.324
|
129.459 |
84.148 |
|
|
Sundry Debtors |
180.913
|
90.667 |
116.148 |
|
|
Cash & Bank Balances |
14.380
|
17.599 |
11.144 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
94.830
|
59.038 |
30.827 |
|
Total
Current Assets |
422.447
|
296.763 |
242.267 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
88.198
|
53.426 |
27.051 |
|
|
Other Current Liabilities |
25.969
|
36.736 |
12.375 |
|
|
Provisions |
2.467
|
2.890 |
2.706 |
|
Total
Current Liabilities |
116.634
|
93.052 |
42.132 |
|
|
Net Current Assets |
305.813
|
203.711 |
200.135 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
329.751 |
228.466 |
228.077 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
770.596 |
553.677 |
470.477 |
|
|
|
Other Income |
8.478 |
1.116 |
3.084 |
|
|
|
TOTAL (A) |
779.074 |
554.793 |
473.561 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption changes inventories |
(4.037) |
(47.677) |
|
|
|
|
Manufacturing service costs |
315.060 |
278.803 |
|
|
|
|
Employee related costs |
33.242 |
27.295 |
|
|
|
|
Administrative selling other expenses |
343.339 |
226.388 |
|
|
|
|
Prior Period Expenses |
0.145 |
0.000 |
|
|
|
|
TOTAL
(B) |
687.749 |
484.809 |
442.486 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
91.325 |
69.984 |
31.075 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.733 |
11.893 |
14.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
71.592 |
58.091 |
16.421 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.405 |
3.608 |
4.729 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
69.187 |
54.483 |
11.692 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.996 |
24.959 |
5.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
45.191 |
29.524 |
6.639 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23.126 |
18.602 |
36.963 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
25.000 |
25.000 |
25.000 |
|
|
BALANCE CARRIED
TO THE B/S |
43.317 |
23.126 |
18.602 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value of Imports |
0.000 |
0.000 |
6.597 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
6.597 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.06 |
9.84 |
2.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.80
|
5.32 |
1.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.98
|
9.84 |
2.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.56
|
17.03 |
4.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.42 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
1.48 |
1.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.62
|
3.19 |
5.75 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE AND
FUTURE OUTLOOK:
During the year,
the Company’s Sales and Operational Income increased by 39.17% and stood at Rs.770.60
million as against Rs. 553.68 million in the previous year, which had a direct
effect on the Net Profits of the Company which stood at Rs. 45.19 million as
against Rs. 29.52 million in the previous year. Also, a sum of Rs. 25 million
was transferred to General Reserve of the Company. Bentonite being used in
number of industries like Foundry, Pellets making, Infrastructure /
Construction, speciality products meant for Paper and Paint industries and many
more and that the demand in these sector is growing steadily, a bright outlook
is anticipated for 'Bentonite industry'. Iron Ore Pellets Industry is growing
leaps and bounds due to high demand for Steel products in India and Abroad. The
Pellet Plants Capacity in India is expected to grow from 35 MMTA to 60 MMTA
within a year time, which will eventually result in higher demand for
Bentonite. Further, major initiative have been taken for development of
infrastructure facilities like ports, bridges, roads, etc. where there is high
demand for drilling Bentonite grades. Considering all the above factors and to
meet the rising demand for Bentonite, your Company has undertaken two expansion
projects, a. Increase in existing capacity at Madhapar Plant from 300-350 MT
per day to 500 MT per day and b. Setting up of new Plant at Eastern Region to
cope up with increasing demand from Iron Ore Plant Segment.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U14108MH1989PLC054664 |
|
Name of the
company |
ASHAPURA INTERNATIONAL
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Jeevan Udyog
Building, 3rd Floor, 278 -D
N Road, Fort, Mumbai – 400001, Maharashtra, India Email : cosec@ashapura.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10021905 |
|
Type of charge |
Immovable
property Any interest in
immovable property |
|
Particular of charge
holder |
Bank of India, Mumbai Overseas Branch, Bank of India Building, 70/80
MG Road, Mezzanine Floor, Fort, Mumbai – 400001, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of
entry creating joint Equitable mortgage (Extension) |
|
Date of
instrument Creating the charge |
30.03.2010 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
agreed rate with monthly rests or at such other rate of interest as may be
notified to the company by the BOI consortium banks from time to time Terms of
repayment As stipulated by
each bank as per their respective sanction letters Margin As stipulated by
each bank as per their respective sanction letters Extent and
operation of the charge Consortium of i)
Bank of India (BOI) and ii) Axis Bank Limited
with BOI as Lead Bank .The charge hereby created/extended shall be a
security by way of pari passu first charge in favour of said Bank of India
Consortium and/or its members for
payment of said facilities mentioned or balances thereof from time to time
due in said accounts granted to borrower with interest thereon at the agreed
rates and rests or for any advances/s of any nature now due or pending or
that may be made or become due hereafter Others From time to time
in said accounts/in any other account/s and/or for any other indebtedness or
liability whatsoever and for all costs, charges and expenses. Revised
Facilities/Limits(Rs. in Millions): (1) BOI:WC: FB :
A)CC(Stocks/BDs) Rs.100.000,Total FBL Rs.100.000, NFB :B)Gtee
(I/F)Rs.10.000,C) L/C(I/F) DP/DA 90 days:Rs.10.000 Total NFBL (B+C)Rs.20.000
Total FBL+NFBL Rs.120.000 (2) Axis Bank
Limited :WC :FB A)CC(Stocks/BDs) Rs.800 Total FBL Rs.80.000, NFBL: NIL Total
FBL + NFBL Rs.80.000. Aggregate Limit BOI consortium Rs.200.000 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the leasehold
rights, titles and interest of the Company in the Non Agricultural Land for the
Industrial use admeasuring 6.00 acres equivalent to 242.81 Sq. mtrs. or
thereabout (ii) and (iii) being
part of the larger land bearing S.No.206/1 admeasuring 10.37 acres at Village
Madhapar, Taluka and Registrar Sub District Bhuj, Kutch in the state of
Gujarat together with the buildings, and other structures, plant and machinery, fixtures and fittings,
erected or installed thereon, or to be erected or installed thereon both
present and future. |
|
Particulars of
the present modification |
1st Modification.
The tem Loan of Bank of India Rs.7.434 Millions is paid off. Thus reduced
aggregate limit of Bank of India of Rs.71.500 Millions is increased to
Rs.120.000 Millions and the aggregate limit of Axis Bank Limited is increased
from Rs.52.000 Millions to Rs.80.000 Millions. Thus the principal amount of
charge on the mortgaged property of the Company of BOI Consortium stands
increased from Rs.123.500 Millions to Rs.200.000 Millions. |
FIXED ASSETS
·
Freehold Land and Land
Development
·
Leasehold Land
·
Factory Building
·
Office Building
·
Plant and Machinery
·
Office Equipment
·
Vehicles
·
Furniture and Fixtures
Contingent
Liabilities 31.03.2011
a) In respect of guarantees given by the bank and counter guaranteed by
the Company - Rs.6.269 Millions
b) Guarantees given on behalf of the Holding Company - Rs.30.806
Millions
c) In respect of disputed Income tax liabilities - Rs.2.148 Millions
d) In respect of guarantees given by the company - Rs.6.423
Millions
e) Disputed liabilities in respect of VAT - Rs.1.894 Millions
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.49.07 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.