|
Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
AIRO LAM LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 355, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.10.2007 |
|
|
|
|
Com. Reg. No.: |
04-52019 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.55.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U20211GJ2007PLC052019 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA07515E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCA6219G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of High Pressure Decorative Laminates. |
|
|
|
|
No. of
Employees: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 340000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company
is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Survey No. 355, |
|
Tel. No.: |
91-2770-240572 / 73 |
|
Fax No.: |
91-2770-240574 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Factory: |
|
|
Tel. No.: |
91-2770-240572 / 73 |
|
Fax No.: |
91-2770-240574 |
|
Email: |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Kamleshbhai Jethabhai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
At Laxmanpura, Po Goral, Taluka – Idar, Sabarkantha – 383410, |
|
Date of Birth/Age : |
01.07.1974 |
|
Date of Appointment : |
22.10.2007 |
|
DIN No. : |
01840272 |
|
|
|
|
Name : |
Mr. Prafulkumar Devchandbhai Patel |
|
Designation : |
Director |
|
Address : |
2, Yogi Parivar Bunglows, |
|
Date of Birth/Age : |
15.10.1965 |
|
Date of Appointment : |
22.10.2007 |
|
DIN No. : |
00256551 |
|
|
|
|
Name : |
Mr. Pravinkumar Nathabhai Patel |
|
Designation : |
Managing Director |
|
Address : |
At Suryanagar Kampa, Idar, Sabarkantha – 383450, |
|
Date of Birth/Age : |
01.06.1969 |
|
Date of Appointment : |
22.10.2007 |
|
DIN No. : |
01840244 |
|
|
|
|
Name : |
Mr. Bharatbhai Dolabhai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
At Lamanpura, |
|
Date of Birth/Age : |
01.06.1972 |
|
Date of Appointment : |
22.10.2007 |
|
DIN No. : |
01840296 |
|
|
|
|
Name : |
Mr. Jashubhai Amichandbhai Patel |
|
Designation : |
Director |
|
Address : |
5, |
|
Date of Birth/Age : |
13.12.1977 |
|
Date of Appointment : |
22.10.2007 |
|
DIN No. : |
00256318 |
|
|
|
|
Name : |
Mr. Pravinbhai Amichandbhai Patel |
|
Designation : |
Additional Director |
|
Address : |
6, |
|
Date of Birth/Age : |
16.12.1980 |
|
Date of Appointment : |
01.06.2008 |
|
DIN No. : |
00256357 |
|
|
|
|
Name : |
Mr. Utkarshakumar Revabhai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
1, Yogi Parivar, Near Mahakali Temple, Kanknol Road, Mahavirnagar,
Himatnagar, Sabarkantha – 383001, Gujarat, India |
|
Date of Birth/Age : |
08.02.1982 |
|
Date of Appointment : |
01.06.2008 |
|
DIN No. : |
02022565 |
|
|
|
|
Name : |
Mr. Babu Devjibhai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
At and |
|
Date of Birth/Age : |
07.08.1974 |
|
Date of Appointment : |
18.06.2008 |
|
DIN No. : |
02223836 |
|
|
|
|
Name : |
Mr. Sureshbhai Hansrajbhai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
C/o. Patel Saw Mill, Mehtapura, Himatnagar, Sabarkantha – 383001, |
|
Date of Birth/Age : |
10.04.1980 |
|
Date of Appointment : |
18.06.2008 |
|
DIN No. : |
02223842 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kamleshbhai Jethabhai Patel |
|
149600 |
|
Bharatbha Dolabhai Patel |
|
348600 |
|
Pravinkumar Nathabhai Patel |
|
347310 |
|
Prafulkumar Devchandbhai Patel |
|
355000 |
|
Jasavantbhai Amichandbhai Patel |
|
272800 |
|
Utkarshbhai Revabhai Patel |
|
81200 |
|
Sureshbhai Hansrajbhai Patel |
|
59000 |
|
Aartiben Pravinbhai Patel |
|
54100 |
|
Amrutbhai Kodarbhai Patel |
|
93000 |
|
Anandkumar Hairbhai Patel |
|
47000 |
|
Dahyabhai Becharbhai Patel |
|
70000 |
|
Daxeshbha Vasantbhai Raval |
|
261000 |
|
Dinaben Jasavantbhai Patel |
|
90600 |
|
Girishbhai Ramjibhai Patel |
|
90000 |
|
Jagdishbhai Maganbhai Patel |
|
55750 |
|
Jasubhai Amichandbhai Patel (HUF) |
|
20000 |
|
Jaswantbhai Ramanbhai Patel |
|
10000 |
|
Jayanthibhai Dahyabhai Patel |
|
20000 |
|
Jayanthibhai Pashabhai Patel |
|
82000 |
|
Jiviben Nathabhai Patel |
|
41000 |
|
Kalpanaben Utkarshbhai Patel |
|
11400 |
|
Manilal Karshanbhai Patel |
|
70000 |
|
Nathabhai Girdharbhai Patel |
|
50000 |
As on 29.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
68.53 |
|
Other top fifty shareholders |
|
31.47 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of High Pressure Decorative Laminates. |
PRODUCTION STATUS (As On 31.03.2011)
|
Particulars |
|
Installed
Capacity |
Production |
|
Laminates Sheets |
|
3000 Sheets Per
day |
NA |
|
Particulars |
|
|
Production |
|
Laminate Sheet |
|
NA |
827052 |
GENERAL INFORMATION
|
No. of Employees : |
90 (Approximately) |
||||||||||||||||||||||||||||||
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|
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|
Bankers : |
·
State Bank of ·
Bank Of ·
Kotak Mahindra Bank ·
IDBI Bank |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. K Patel and Associates Chartered Accountants |
|
Address : |
F-51, 2nd Floor, “Akash Ganga” Complex, Near S T Stand,
Himatnagar – 383 001, |
|
Tel. No.: |
91-2772-240499 |
|
Mobile No.: |
91-9898044121 |
|
E-Mail : |
|
|
Pan No.: |
AGPPP6687D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 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 |
55.000 |
55.000 |
55.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
29.680 |
25.223 |
20.604 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
84.680 |
80.223 |
75.604 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
174.689 |
172.627 |
130.846 |
|
|
2] Unsecured Loans |
28.378 |
16.411 |
15.760 |
|
|
TOTAL BORROWING |
203.067 |
189.038 |
146.606 |
|
|
DEFERRED TAX LIABILITIES |
3.786 |
2.666 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
291.533 |
271.927 |
222.210 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
101.891 |
101.934 |
107.293 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
154.062
|
120.994
|
77.911
|
|
|
Sundry Debtors |
99.302
|
89.152
|
41.385
|
|
|
Cash & Bank Balances |
6.082
|
2.172
|
2.031
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
8.557
|
14.281
|
14.312
|
|
Total
Current Assets |
268.003
|
226.599 |
135.639 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
89.652
|
64.745
|
33.803
|
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Provisions |
1.910
|
2.996
|
0.875
|
|
Total
Current Liabilities |
91.562
|
67.741 |
34.678 |
|
|
Net Current Assets |
176.441
|
158.858 |
100.961 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
13.201 |
11.135 |
13.956 |
|
|
|
|
|
|
|
|
TOTAL |
291.533 |
271.927 |
222.210 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
NET TURNOVER |
442.813 |
367.567 |
113.488 |
|
|
|
Other income |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.125 |
41.241 |
16.955 |
|
|
|
|
|
|
|
|
|
Less |
INT AND
FINANCIAL EXPENSES (D) |
23.886 |
19.524 |
7.833 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.239 |
21.717 |
9.122 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.435 |
13.032 |
8.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.804 |
8.685 |
0.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.347 |
4.066 |
0.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.457 |
4.619 |
0.604 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
58.518 |
48.203 |
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.81 |
0.84 |
0.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.54
|
2.36 |
0.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.84
|
2.64
|
0.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.11
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.47
|
3.20
|
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.93
|
3.35
|
3.91 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
OPERATION
During the Financial year the Company has achieved turnover of
Rs.442.813 millions as against Rs.367.567 millions during the previous year. During
the year the Company has earned Net Profit of Rs.4.457 millions as against
Rs.4.619 millions during the previous year. Barring unforeseen circumstances,
the Directors are hopeful to get better performance in the current year
FORM 8
|
Corporate identity number of the company |
U20211GJ2007PLC052019 |
|
Name of the company |
AIRO LAM LIMITED |
|
Address of the registered office or of the principal place of business in |
Survey No. 355, Nananpur Road, N.H No. 8, Village - Dalpur, Taluka
Prantij – 383 120, Gujarat, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others Hypo. of Goods and Assets. |
|
Particular of charge holder |
State Bank of Industrial Finance Branch, 1st Floor, Neptune Towe, Annexe,
Opposite. Gandhidham Railway Station, Ahmedabad – 380 009, |
|
Nature of instrument creating charge |
Supplemental Agreement of Hypothecation of Goods and Assets for
Increase in the overall limit. |
|
Date of instrument Creating the charge |
29.07.2011 |
|
Amount secured by the charge |
Rs.218.500 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest Cash Credit : At 3.75% above Base Rate (BR) Team Loan : At 4.25% above Base
Rate (BR), with biennial reset. Terms of repayment Cash Credit : 0.25% p.a. on the entire unutilized portion, if average
is 60% or less (to be levied half yearly). Term Loan : As per bank's
extant instructions. Margin Nature
Margin Raw Materials: 25% Stock in Progress: 25% Stores and Consumable: 25% Finished Goods: 25% Receivables(cover period 90 days):
40% Letters of Credit: 15% Extent and operation of the charge All the properties hypothecated and charged to the Bank for reduction
in various credit facilities from Rs.256.500 millions to Rs.218.500 millions
on renewal of the said credit facilities by the Bank together with interest,
commission, costs, charges, expenses and other monies payable by the Company
to the Bank. Others Sr. Name of Facilities
Existing Proposed 1. Cash Credit 11.00 12.00 2. SLC 1.65 NIL 3. Term Loan 8.00 4.85 4. Letters of Credit 5.00 5.00 Total 25.65 21.85 |
|
Particulars of the property charged |
·
Hypothecation of all present and future Stocks of
Raw Materials, stock-in-process, finished goods, packing materials, movable
Plant and Machineries, accessories, Consumable Stores and Spares ·
furniture and fixtures, office equipment, and
other movable assets situated or to be situated at Survey No.355, Nananpur
Road, N. H. No.8, Village-Dalpur,Tal-Prantij,District-Sabarkantha-383120 or
wheresoever. ·
Hypothecation of both present and future
book-debts, receivables, outstanding monies, claims, rights, bills, invoices,
contracts, insurance policies, guarantees, engagements, securities,
investments etc. |
|
Particulars of the present modification |
The original charge dated 19/02/2008 being Hypothecation Agreement of
Goods and Assets now modified for reduction in various credit facilities from
Rs.256.500 millions to Rs.218.500 millions
granted by the Bank to the Company together with interest, commission,
costs, charges, expenses and other monies payable by the Company to the Bank |
FIXED ASSETS
·
·
Plant and machinery
·
·
Labour quarter
·
Laboratory
·
Computer
·
Furniture and Fixture
·
Vehicle
·
Office Equipments
·
Land
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.55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.