|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MADHU SILICA PRIVATE LIMITED |
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Registered
Office : |
53, 55, 56 – B, G.I.D.C, Chitra Industrial Estate, Bhavnagar – 364004,
Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.10.1987 |
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Com. Reg. No.: |
04-010073 |
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Capital Investment
/ Paid-up Capital : |
Rs. 48.000 Millions |
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CIN No.: [Company Identification
No.] |
U24299GJ1987PTC010073 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Precipitated Silicas. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5000000 |
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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 an 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 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.
INFORMATION PARTED BY
|
Name : |
Mr. Pravin |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-278-2445415 |
|
Date : |
02.03.2012 |
LOCATIONS
|
Registered/ Head Office / Factory : |
53, 55, 56 – B, G.I.D.C, Chitra Industrial Estate, Bhavnagar – 364004,
Gujarat, India |
|
Tel. No.: |
91-278-2445415/37, 2446263/ 6161 |
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Fax No.: |
91- 278 - 2446159 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Marketing Offices 1 : |
Delhi Office : 1104, Devika Tower, 6-Nehru Place, New Delhi-110019, India |
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Tel. No.: |
91-11-4654222-5/6/7/8 |
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Fax No.: |
91-11-46542229 |
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E-Mail : |
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Marketing Offices 2 : |
Mumbai Office : 6, "Suyog", Gokhala Road (N), Dadar, Mumbai, India |
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Tel. No.: |
91-22-24323065/
28221770/ 24228865 |
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Fax No.: |
91-22-28376184 |
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E-Mail : |
DIRECTORS
As on 04.06.2011
|
Name : |
Mr. Rameshchandra Vinaychand Shah |
|
Designation : |
Managing director |
|
Address : |
1890-4/1 Vasudha, Opposite Akash Ganga Flats, New Rupani Circle,
Bhavnagar - 364001, Gujarat, India |
|
Date of Birth/Age : |
14.08.1945 |
|
Date of Appointment : |
20.10.1987 |
|
DIN No.: |
00062983 |
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|
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|
Name : |
Mr. Darshak Rameshchandra Shah |
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Designation : |
Director |
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Address : |
1890-A/1 Vasudha, Opposite Akash Ganga Flats, Rupani Circle, Bhavnagar
– 364002, Gujarat, India |
|
Date of Birth/Age : |
02.01.1974 |
|
Date of Appointment : |
02.09.1997 |
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DIN No.: |
00063063 |
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Name : |
Mr. Udaykant Labhshankar Mehta |
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Designation : |
Director |
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Address : |
102- Panna Tower, Plot No. 1940-B, Rupani, Bhavnagar – 364002,
Gujarat, India |
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Date of Birth/Age : |
26.09.1920 |
|
Date of Appointment : |
20.11.1987 |
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DIN No.: |
00063083 |
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|
|
|
Name : |
Mr. Dattatray Anant Vartak |
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Designation : |
Director |
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Address : |
202, B Wing, Alok Apartment, Mahant Road, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1934 |
|
Date of Appointment : |
20.11.1987 |
|
DIN No.: |
00085059 |
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|
|
|
Name : |
Ms. Neepa Udaykant Mehta |
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Designation : |
Director |
|
Address : |
102- Panna Tower, Plot No. 1940-B, Rupani, Bhavnagar – 364001,
Gujarat, India |
|
Date of Birth/Age : |
26.01.1968 |
|
Date of Appointment : |
01.09.2007 |
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DIN No.: |
01780860 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.06.2011
|
Names of Shareholders |
No. of Shares |
|
Ramesh V Shah |
67201 |
|
Ramesh V. Shah (HUF) |
87063 |
|
Kalpanaben R. Shah |
56902 |
|
Darshak R Shah |
79639 |
|
Reena D. Shah |
13419 |
|
R.V. Shah Family Trust |
24000 |
|
Darshak Finstock Private Limited, India |
30030 |
|
Bharat P. Raut |
9600 |
|
Bharat P. Raut (HUF) |
1440 |
|
Vidya B. Raut |
7680 |
|
Manas B. Raut |
480 |
|
Udavkant Mehta |
23614 |
|
Udaykant L .Mehta/ Ragini A Dhru |
1152 |
|
Udaykant L.Mehta / Jhankhana V. Vora |
1152 |
|
ShriU daykant L. Mehta Klalyan P. Vora |
1152 |
|
Udaykant L.Mehta / Shivani T. Mehta |
1152 |
|
Udaykant L.Mehta / Neepa U. Mehta |
1123 |
|
Ragini A Dhru / Avinash V. Dhru |
1250 |
|
Jhankhana V. Vora / Viral C. Vora |
2083 |
|
Kalyani P. Vohra / Prakash A. Vohra |
1250 |
|
Shivani T Mehta / Tushar H. Mehta |
1250 |
|
Neepa U. Mehta/Charumati U. Mehta |
1999 |
|
Dattarai A Vartak |
4214 |
|
Ajita Patil |
10772 |
|
Prasad D. Vartak |
4214 |
|
Shardaben Shastry |
17576 |
|
Ramesh R. Shastry |
16449 |
|
Nalini S. Shastry |
2509 |
|
Vaibhav S. Shastry |
2422 |
|
Chetana S. Shastry |
2421 |
|
Chitra R. Shastry |
4792 |
|
Total |
480000 |
As on 04.08.2011
|
Names of Allottee |
No. of Shares |
|
Ramesh V
Shah |
40000 |
|
Ramesh
V. Shah (HUF) |
46000 |
|
Kalpanaben
R. Shah |
32400 |
|
Darshak
R Shah |
48987 |
|
Reena D.
Shah |
6710 |
|
R.V.
Shah Family Trust |
12000 |
|
Darshak
Finstock Private Limited, India |
15015 |
|
Udaykant
Mehta |
8000 |
|
Udaykant
L Mehta and Ragini A Dhru |
400 |
|
Shri
Udaykant L.Mehta and Dhankhana V. Vora |
400 |
|
Udaykant
L.Mehta and Kalyani P. Vora |
400 |
|
Udaykant
L. Mehta and Shivani T. Mehta |
400 |
|
Udaykant
L. Mehta and Neepa U. Mehta |
400 |
|
Ragini A
Dhru and Avinash V. Dhru |
450 |
|
Jhankhana
V. Vora and Viral C. Vora |
1280 |
|
Kalyani
P. Vohra and Prakash A. Vohra |
769 |
|
Kalyani P.
Vohra and Prakash A. Vohra |
750 |
|
Shivani
T. Mehta and Tushar H. Mehta |
1230 |
|
Neepa U.
Mehta and Charumati U. Mehta |
1650 |
|
Dattarai
A Vartak |
1700 |
|
Ajita
Patil |
1650 |
|
Prasad
D. Vartak |
4388 |
|
Shardaben
Shastry |
8225 |
|
Chitra R.
Shastry |
6796 |
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Total |
240000 |
Equity Share Break up (Percentage of Total Equity)
As on 04.06.2011
|
Category |
Percentage |
|
Bodies corporate |
6.25 |
|
Directors or relatives of Directors |
80.13 |
|
Other top fifty shareholders |
13.62 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Precipitated Silicas. |
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Products : |
Precipitated Silica |
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Exports : |
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Products : |
Precipitated Silicas |
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Countries : |
·
China ·
Nigeria ·
Bangladesh ·
England ·
Korea ·
Brazil ·
Turkey ·
Israel |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Precipitated Silica / Sodium Alumina Silicate (300 days – 3 Shift
Basis) |
Kgs. |
37000000 |
36055200 |
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GENERAL INFORMATION
|
Suppliers : |
·
G.H.C.L ·
Jindal Company |
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Customers : |
·
Colgate ·
Hindustan Unilever ·
Apollo |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
·
Standard Chartered Bank, Abhijeet II, Ground Floor,
Near Mithakhali Six Roads, Ahmedabad – 380006, Gujarat, India ·
State Bank of Saurashtra, Cenitra Industrial
Estate Branch, Chitra, Bhavnagar, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P.G. Hemani and Company Chartered Accountants |
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Address : |
ARISTO, 2nd Floor, Near Radha Mandir, |
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Tel. No.: |
91-278-2423379/ 2426080 |
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E-Mail : |
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PAN.: |
AAEFD1906A |
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Associates : |
·
Aquagel Chemicals Private Limited CIN
No.: U24110GJ1990PTC014727 ·
Madhu R and D Centre Private Limited ·
Darshak Finstock Private Limited CIN
No.: U65910GJ1991PTC015449 |
CAPITAL STRUCTURE
After 04.06.2011
Authorised Capital : Rs.75.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.54.000 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
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|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
480000 |
Equity Shares |
Rs.100/-
each |
Rs.48.000
Millions |
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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 |
48.000 |
38.400 |
28.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1207.520 |
854.749 |
542.168 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1255.520 |
893.149 |
570.968 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
312.048 |
61.489 |
140.352 |
|
|
2] Unsecured Loans |
47.866 |
32.277 |
89.701 |
|
|
TOTAL BORROWING |
359.914 |
93.766 |
230.053 |
|
|
DEFERRED TAX LIABILITIES |
32.800 |
8.500 |
13.400 |
|
|
|
|
|
|
|
|
TOTAL |
1648.234 |
995.415 |
814.421 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1051.165 |
573.123 |
446.975 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.765 |
|
|
|
|
|
|
|
|
INVESTMENT |
177.022 |
12.810 |
1.480 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.425
|
32.190
|
44.300
|
|
|
Sundry Debtors |
451.452
|
382.696
|
281.119
|
|
|
Cash & Bank Balances |
14.728
|
12.595
|
19.306
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
159.782
|
131.590
|
120.576
|
|
Total
Current Assets |
670.387
|
559.071
|
465.301 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
163.312 |
84.213 |
70.409 |
|
|
Other Current Liabilities |
80.257
|
57.117
|
26.692
|
|
|
Provisions |
6.771
|
8.259
|
3.999
|
|
Total
Current Liabilities |
250.340
|
149.589
|
101.100
|
|
|
Net Current Assets |
420.047
|
409.482
|
364.201
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1648.234 |
995.415 |
814.421 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
SALES |
1800.031 |
1561.558 |
1255.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
561.753 |
456.023 |
240.001 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION |
92.406 |
103.691 |
64.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX |
469.347 |
352.332 |
175.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
113.420 |
89.411 |
44.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
355.927 |
262.921 |
130.865 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
NA |
NA |
556.591 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2.055 |
1.289 |
|
|
TOTAL IMPORTS |
NA |
2.055 |
1.289 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
741.51 |
547.75 |
454.39 |
|
Expected Sales ( 2011-2012 ) : Rs. 2300.000 Millions
The above information has been parted by Mr. Pravin.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
26.07
|
22.56
|
13.95
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.26
|
38.49
|
19.17
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.39
|
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49
|
0.28
|
0.58
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.68
|
3.74
|
4.60
|
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. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
No |
|
13. Reasons for variation <> 20% |
Yes |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------- |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises
|
94.355 |
81.312 |
70.409 |
|
Creditors due others |
68.957 |
2.901 |
0.000 |
|
Total |
163.312 |
84.213 |
70.409 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24299GJ1987PTC010073 |
|
Name of the
company |
MADHU SILICA PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
53, 55,56 - B,
G.I.D.C, Chitra Industrial Estate, Bhavnagar – 364004, Gujarat, India Email : madhusilica@madhusulica.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10156730 |
|
Type of charge |
Book debts Movable property (not
being pledge) Floating charge |
|
Particular of
charge holder |
Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakhali
Six Roads, Ahmedabad – 380006, Gujarat, India Email : Avinash.Bahutule@sc.com
|
|
Nature of
instrument creating charge |
Supplemental to
unattested memorandum of hypothecation |
|
Date of
instrument Creating the charge |
17.07.2010 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate +
Margin Terms of
repayment Credit Bills:
Maximum up to 180 days Export Invoice
Financing : Maximum up to 180 days Import Letter of
Credit : Maximum up to 360 days Margin As may be agreed
with the bank from time to time Extent and
operation of the charge First pari passu
charge on current assets of the company in favour of bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All present and
future: 1. Book debts,
out standings, money receivables, claims, bills due and owing to the company. 2. Stock in trade
consisting of raw materials, finished goods, goods in process and other
merchandise, being movable properties of the company, where so ever lying /
situated / stored etc. |
|
Date of
instrument modifying the charge |
21/08/2009 |
|
Particulars of
the present modification |
By this modification
limit enhanced up to Rs.250.000 Millions New Facility
Structure for Limits |
CONTIGNENT
LIABILITIES (AS ON 31.03.2011):
A.
Estimated amounts of contracts remaining to be executed
on Capital Account and not provided for : Rs.50.000 Millions (Previous Year :
Rs.400.000 Millions )
TRADE REFERENCE
·
Colgate
·
Hindustan Unilever
·
Apollo
·
G.H.C.L
·
Jindal Company
FIXED ASSETS:
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.