1. Summary Information
|
|
|
Country |
|
|
Company Name |
SHEENLAC PAINTS
CORPORATION |
Principal Name 1 |
Mr. John Peter |
|
Status |
Goods |
Principal Name 2 |
Mrs. Mary John |
|
|
|
Registration # |
VAT 33111122418 |
|
Street Address |
57, Mc Nichols
Road, Chetpet, Chennai – 600031, Tamil Nadu, India |
||
|
Established Date |
1962 |
SIC Code |
-- |
|
Telephone# |
91-26413204/ 26412556 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-26423380 |
Business Style 2 |
Importers |
|
Homepage |
Product Name 1 |
Paints |
|
|
# of employees |
1000
(Approximately) |
Product Name 2 |
Thinners |
|
Paid up capital |
Not Divulged |
Product Name 3 |
-- |
|
Shareholders |
-- |
Banking |
Axis Bank |
|
Public Limited Corp. |
No |
Business Period |
50 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (53) |
|
Related
Company |
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Relation
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Country
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Company
Name |
CEO |
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|
-- |
-- |
-- |
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Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
-- |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
-- |
Current Liabilities |
-- |
|
Inventories |
-- |
Long-term Liabilities |
-- |
|
Fixed Assets |
-- |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
-- |
|
Invest& other Assets |
-- |
Retained Earnings |
-- |
|
|
|
Net Worth |
-- |
|
Total Assets |
|
Total Liab. & Equity |
-- |
|
Total Assets (Previous Year) |
-- |
|
-- |
|
P/L Statement as of |
-- |
(Unit: Indian Rs.) |
|
|
Sales |
-- |
Net Profit |
-- |
|
Sales(Previous yr) |
|
Net Profit(Prev.yr) |
-- |
|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHEENLAC PAINTS CORPORATION |
|
|
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Registered
Office : |
57, Mc Nichols Road, Chetpet, Chennai – 600031, Tamil Nadu |
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Country : |
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Year of Establishment : |
1962 |
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Com. Reg. No.: |
VAT 33111122418 |
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|
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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|
|
|
IEC No.: |
0406032360 |
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|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Manufacturer, Importers, Trader and Supplier of Paints, Thinners,
Abrasives and Fillers. |
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|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old established partnership concern having fine track.
The concern is doing well. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The concern 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
|
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 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Prakash Babu |
|
Designation : |
Manager |
|
Contact No.: |
91-44-26413204 |
|
Date : |
02.06.2012 |
LOCATIONS
|
Registered
Office/ corporate office : |
57, Mc Nichols Road, Chetpet, Chennai – 600031, Tamil Nadu, India |
|
Tel. No.: |
91-26413204/ 26412556 |
|
Fax No.: |
91-44-26423380 |
|
E-Mail : |
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|
Website : |
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|
|
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Factory 1: |
· 140/141 Sidco Industrial Estate, Thirumaizhisai, Chennai – 6021072, Tamil Nadu, India |
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Factory 2: |
· 102/103 Kolly Medui Pudu\Joya\ Post, Vadakkkenalure Village, Ponneri, Talu, Chennai, Tamil Nadu, India |
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Factory 3: |
· 186/189 Poonamallee Bye Pass Road, Poonamalle, Chennai, Tamil Nadu, India |
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·
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Branches |
·
Located At: · Ahmadabad · Kochi · Kolkata · Lucknow · Ludhiana · Mumbai · Nellore ·
Palakkad ·
Pondicherry · Goa · Hyderabad · Bangalore · Jaipur · Raipur · Vijayawada · Trichur · Coimbatore · Dehradhun · Faridabad ·
Ghaziabad |
|
|
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PARTNERS
|
Name : |
Mr. John Peter |
|
Designation : |
Partner |
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|
Name : |
Mrs. Mary John |
|
Designation : |
Partner |
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|
Name : |
Mr. Sudhir John Peter |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importers, Trader and Supplier of Paints, Thinners,
Abrasives and Fillers. |
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|
|
|
Products : |
· Automotive Paints · Decorative Paints · Industrial Thinner · P U Paints and Ancillaries · P U Wood Finishes · Wood Finishes |
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|
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Imports : |
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|
Products : |
Raw Material for the Manufacturer of Paints |
|
Countries : |
·
China ·
Indonesia ·
Singapore |
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|
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Terms : |
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|
Selling : |
Credit / (30 days) |
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|
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Purchasing : |
L/C / Credit / (30 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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|
|
|
No. of Employees : |
1000 (Approximately) |
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|
|
|
Bankers : |
·
Axis Bank ·
ICICI Bank ·
State Bank of Travancore ·
South Indian Bank, Chennai and Trichur |
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|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
Not Divulged |
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Sister Concern: |
Name: Spinax Chemicals
Industried Limited, Trichur, Kerala Line of
Business: Trader of Sheenlac paints, thinner and fillers all over
India Name: Cetex
Petrochemicals, Mc Nochols Road, Chennai Line of
Business: Training of employees regarding general safety. |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
-- |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Divulged
The above information has been denied by Mr. Prakash Babu.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
No |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
No |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
No |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
No |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
No |
AS PER WEBSITES
DETAILS:
Sheen lac Paints Corporation
One of the biggest paint manufacturers in India, Sheenlac started as a proprietorship firm and now is a limited liability corporation. The promoter of this firm is Mr. John Peter. He is the founder Chairman of the Sheenlac group of companies. He started the paint business in the year 1962. The history of how the Corporation was formed is given below. In the year 2007 all the manufacturing units were amalgamated into a group called the Sheenlac Paints Corporation. The corporation is the amalgamation of the following firms:
· Super coat Industries
· Surface Coating Industries
· Sphinax Chemical Industries Private Limited
· Cetex petrochemicals
In the year 1962 Mr. John Peter founded a proprietorship firm under the name of United Thinner Agencies as a trading company. Till 1967 this trading firm did good business and established itself. On 26th April 1967 this was converted into a registered firm. The firm was then started production (till then they were traders) of thinners. Later in the year 1970 Mr, John Peter acquired a plot 109B Developed Plots, Ambattur Industrial Estate, Chenpai 600098 from the Department of Industries and Commerce, Tamilnadu for the construction of a factory. Here he erected machinery for the production of Paints, Thinners and Allied products. Thus a big factory was born in Ambattur. Being situated inside the Industrial estate the firm got a lot of subsidies applicable for small scale industries. However the factory was now moving away from a small scale industry to a full-fledged factory. On the 6th of November 1971 a new firm was started in the name of Sphinax Chemical Industries. The paints and other products manufactured here had a very good demand in the market and to cater to the increase in demand on 29th July 1977 the firm was converted into a private limited company called Sphinax chemicals Industries P Ltd. In 1981 as a part of its expansion the company also started branches in Thrissur, Chennai, Vijayawada, Bangalore, and Coimbatore. In 1986 the group had started a new paint manufacturing factory under the name of Polycoat Industries at 48-C, Developed Plots, Ambattur Industrial Estate, Chennai - 600 098 exclusively for production of automotive paints & Wood finishes with Mrs. Mary John W/o,Mr.John Peter as the Proprietrix. Due to some unavoidable reasons this unit as well as Sphinax Chemical Industries Private Limited, were closed in 1989 - 90 and later on started a new partnership firm in the name of "Super coat Industries" in the year 1991 - 92.
As part of expansion the company purchased the adjoining plot 108-C, Developed plots, Ambattur Industrial Estate, Chennai - 600 098 and expanded the capacities by constructing a multi storied building for storing purpose, a building to accommodate the R&D. In 1997 - 98 the firm Super coat Industries was again converted into a Proprietrix concern, with Mrs. Mary John W/o Mr. John Peter as the proprietrix. The company is having a Research and Development wing functioning under the able guidance of well qualified chemists. To cater to the increased market demand the "Super coat Industries" constructed a 3 storied factory building with well-equipped machinery in 1999 with capacity to produce 2 Lakhs liters of Paints and Wood finishes in a month. In the same year Super coat Industries also programmed for the ISO and obtained the certificate of ISO 9001 - from BVQI. In 1993 the group had started another proprietary concern with Mr.Sudhir John as the proprietor with the name of "Surface Coating Industries" Located at 139-142, Sidco Industrial Estate, Thirumazhasai, Chennai - 602 107, exclusively for N.C. Thinner & Wood Polish Production. The company has a well-equipped plant, with a capacity to produce 7 to 10 lakhs liters of Thinner and 2 Lakhs liters of Wood Polish per month. The Proprietor of the concern is Mr. Sudhir John S/o. Mr. John Peter, a well qualified person with chemistry as main, also has an experience in the paint field for more than 12 years and thus made a turnover of Rs.320.000 millions in 1999-2000. To meet the increased market demand the Surface Coating Industries acquired a new land at Poonamallee bye pass road measuring 12 acres. In the above place 3 factory building were constructed each measuring 500 sq.ft. The First Shed for Thinner Production, which has a capacity to produce 50,000 liters per day. The second shed for production of wood polish, which has a capacity to produce 20,000 liters per day. The Third shed is used for storage of packing materials. For the Raw materials storage there are about 6 over head tanks. This factory is equipped with latest technology for fire fighting with fire hydrant system and water spray system fixed. The factory employees are given proper training by M/s. Cetex petro chemicals to take care of the general and Fire Safety Measurements. At present the company is on the process of getting the ISO 9001 Certification. Also this is an atomized plant. 1992 Sphinax Chemical Industries was converted into Sphinax Chemical Industries Ltd. after which it stopped its production activities and started to concentrate fully in marketing and trading activities. For meeting the market needs Sphinax shifted its Thrissur Branch to Kochi, new branches were started in Kannur, Madurai, Hyderabad, Baroda, Cuttack etc.
The administrative office is the address given below. IN 2007 all the manufacturing unbits of the firm was amalgamated into Sheenlac paints Corporation. The corporation employs about 1000 people and has a turnover of over 500 crores I NR. Their bankers are Axis Bank, ICICI Bank, State Bank of Travancore, South Indian bank among many others. They are the recipients of a number of awards both for the partners and for the Firm.
The company is ISO 9000:2000 Certified Company. This company Introduction in India at all. Every household in the country is a user of Sheenlac either for their house, automobile or industrial purpose. Their color range and quality is very well known. The media advertisements and the paper announcements make SHEELAC a household name. They do not export their products. In fact they are unable to meet the domestic needs. However they import raw materials for the manufacture of paints from
1. China
2. Indonesia
3. Singapore
GENERAL DETAILS:
Sheenlac in a nut shell
1. Sheenlac’s totally automated plant is build around 50 acres, with a builtup area at around 20,000 Sq.ft
2. Completely automated factory infrastructure.
3. Botting Lines, dispatching 120 bottles per minute.
4. Largest Manufacturing plant in India for ‘thinner’ and wood Finishes’ with a production capacity of 23 million per year.
5. Conforms to the latest Industrial Safety Standards The Ambattur Unit alone is capable of producing 6 million liters of Wood and Automotive Finishes.
6. State of the art R and D Facilities.
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.56.05 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
53 |
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.