1. Summary Information
|
|
|
Country |
|
|
Company Name |
AKZO NOBEL COATINGS INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Huat Teck Tan
|
|
Status |
Good |
Principal Name 2 |
Mr. Ramakrishnan
Bharathan |
|
|
|
Registration # |
08 - 024968 |
|
Street Address |
Plot No. 62P,
62A, 62B and 43SE, Hoskote Industrial Area, |
||
|
Established Date |
30.05.1994 |
SIC Code |
-- |
|
Telephone# |
91-80- 2289 5000 |
Business Style 1 |
Manufactures |
|
Fax # |
91-80- 2289 5500 |
Business Style 2 |
Sells |
|
Homepage |
Product Name 1 |
Specialist Coatings |
|
|
# of employees |
550 (Approximately) |
Product Name 2 |
Chemical |
|
Paid up capital |
Rs.7,656,550/- |
Product Name 3 |
Oil |
|
Shareholders |
Foreign holdings – 100% |
Banking |
Bank of |
|
Public Limited Corp. |
No |
Business Period |
18 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A (58) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
|
Akzo Nobel |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,342,142,000 |
Current Liabilities |
1,096,282,000 |
|
Inventories |
692,522,000 |
Long-term Liabilities |
660,000,000 |
|
Fixed Assets |
399,218,000 |
Other Liabilities |
161,868,000 |
|
Deferred Assets |
23,067,000 |
Total Liabilities |
1,918,150,000 |
|
Invest& other Assets |
569,011,000 |
Retained Earnings |
1,100,153,000 |
|
|
|
Net Worth |
1,107,810,000 |
|
Total Assets |
3,025,960,000 |
Total Liab. & Equity |
3,025,960,000 |
|
Total Assets (Previous Year) |
2,441,949,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
4,062,556,000 |
Net Profit |
90,164,000 |
|
Sales(Previous yr) |
3,529,012,000 |
Net Profit(Prev.yr) |
310,204,000 |
MIRA
INFORM REPORT
|
Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
AKZO
NOBEL COATINGS INDIA PRIVATE LIMITED (w.e.f. 11.12.1998) |
|
|
|
|
Formerly Known
As : |
COURTAULDS
COATINGS AND SEALANTS [ |
|
|
|
|
Registered
Office : |
Plot No. 62P,
62A, 62B and 43SE, Hoskote Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.05.1994 |
|
|
|
|
Com. Reg. No.: |
08 - 024968 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7.657 Millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U24222KA1994PTC024968 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA05028C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC5072B |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business
: |
Manufactures and sells protective and specialist coatings
for the shipping, oil, gas and chemical industries |
|
|
|
|
No. of Employees
: |
550 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 4430000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of AKZO Nobel Holdings BV, 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) |
|
|
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 : |
Plot No. 62P,
62A, 62B and 43SE, Hoskote Industrial Area, |
|
Tel. No.: |
91-80- 2289 5000 / 27971306 |
|
Fax No.: |
91-80- 2289 5500 / 27971305 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
Village: Jetpura,
Via-Merda- Adaraj, Taluka: Kadi, Dist: Mehsana 382271, |
|
Tel. No.: |
91-2764 –
285656, 91- 2764-285119 |
|
Fax No.: |
91- 2764- 285370,
91- 79-26843909 |
|
|
|
|
Factory 1 : |
Plot No. 62P,
Hoskote Industrial Area, Hoskote, |
|
Tel. No.: |
91-80-27971502 –
5/ 27971036/ 2715025 |
|
Fax No.: |
91-80-27971305/
2713005 |
|
E-Mail : |
|
|
Area : |
80,000sq.fts. (Owned) |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
A-1, |
|
Tel. No.: |
91-265-2336141-3/
3095139-40 |
|
Fax No.: |
91-265-2331494 |
|
|
|
|
Branch: |
Mumbai: 201,
Shilpin Centre, 40 G D Ambedkar Marg, Wadala (East), Mumbai – 400 031, |
|
Tel No.: |
91 –
22-24103340, 24124219 |
|
Fax No.: |
91-22-24104359 |
|
|
|
|
Overseas
Office: |
v
Akzo Nobel Non-Stick Coating v
521 Santa Rosa Dr. Des Plaines, IL 60018, USA v Akzo Nobel Coating Spa. Via Emila, 2 26861 Fombio (LO)
v
Akzo Nobel Non-Stick Coating Dalingshan Science and v Akzo Nobel – Decorative Coatings Rodovia Raposo Tavares, Km
18,5, 05577-300 - |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Huat Teck Tan
|
|
Designation : |
Director |
|
Address : |
399, |
|
Date of Birth/Age : |
18.01.1995 |
|
Date of Appointment : |
20.03.2001 |
|
DIN No.: |
02637317 |
|
|
|
|
Name : |
Mr. Ramakrishnan
Bharathan |
|
Designation : |
Managing Director |
|
Address : |
Flat No. A 14,
Cedar Sherwood Apts, |
|
Date of Birth/Age : |
18.01.1957 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
03110029 |
|
|
|
|
Name : |
Ms.
Angela Choong |
|
Designation : |
Director |
|
Address : |
48A, |
|
Date of Birth/Age : |
23.09.2002 |
|
Date of Appointment : |
23.09.2002 |
|
DIN No.: |
02966410 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Akzo Nobel |
|
765625 |
|
Mr. S Ishwar |
|
30 |
|
|
|
|
|
Total |
|
765655 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and sells protective and specialist
coatings for the shipping, oil, gas and chemical industries |
|
|
|
|
Brand Names : |
|
GENERAL INFORMATION
|
No. of Employees : |
550
(Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
Deutsche
Bank AG, ·
Deutsche
Bank, Hazarimal Somani Marg, Fort, ·
·
Deutsche
Bank, ·
ABN
Amro Bank ·
Bank
of ·
State
Bank of ·
Hatton
|
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered
Accountants |
|
Address : |
Maruthi
Info-Tech Centre, 11-12/1, |
|
Tel. No.: |
91 –
80- 41766000 |
|
Mobile No.: |
91 –
80- 41766999 |
|
PAN.: |
|
|
|
|
|
Holding Company : |
·
Akzo Nobel Coatings |
|
|
|
|
Ultimate Holding Company : |
·
Akzo |
|
|
|
|
Parties under
common control: |
·
Nobel ·
·
Akzo Nobel Car Refinishes BV ·
Akzo Nobel Chang Cheng Limited ·
Akzo Nobel Chemicals ( CIN No. : U24116PN1990PLC016569 ·
Akzo Nobel Coating Powder Coatings ·
Akzo Nobel ·
Akzo Nobel Car Refinishes CIN No. :U34300KA1997PTC027619 ·
Akzo Nobel Car Refinishes ·
Akzo Nobel Coatings Limited ·
Akzo Nobel Coatings Limited ·
Akzo Nobel Coatings Pty. Limited ·
Akzo Nobel Coatings SA ·
Akzo Nobel Coatings Spa ·
Akzo Nobel ·
Akzo Nobel Functional ·
Akzo Nobel Indl Coatings ·
Akzo Nobel Industrial Coatings ·
International Coatings P/L ·
International Coatings Pte Limited ·
International Coatings Sdn Bhd ·
International Farbenwerke Gmbh ·
International ·
International Farg Ab ·
International Farvefabrik A S
Denmark ·
International Farvefabrik As ·
International Mailing As ·
International Paint ( ·
International Paint ( ·
International Paint ( ·
·
·
International Paint Inc ·
International Paint Italia Spa ·
International Paint Limited ·
International Paint Limited ·
Akzo Nobel Industrial Paints ·
Akzo Nobel Non Stick Coating
Limited ·
Akzo Nobel Powder Coatings ·
Akzo Nobel Powder Coatings ·
Akzo Nobel Powder Coatings GmbH ·
Akzo Nobel Pty Limited ·
Akzo Nobel Rep Off BV ·
Akzo Nobel ·
Akzo Nobel Spa - ·
Akzo Nobel Surface Chemistry Pte
Limited ·
Akzo Nobel Powder Coating GmbH ·
Akzo Nobel Powder Coating GmbH ·
Akzo Nobel Non Stick Coatings
Limited ·
Akzonobel Non Stick Coatings ·
International Paints ·
Akzo Nobel Spa ·
International Coatings ·
International Coatings Limited ·
International Coatings Limited ·
International Paint ·
International Paint Pte Limited ·
Interpon Powder Coatings ( ·
International Paint of Shanghai Co
Limited ·
International Paint Pty Limited ·
International Paint Saudi Arabia
Limited Saudi ·
International Paint Singapore Pte Limited
·
International ·
International Paint (Hongkong)
Limited Hongkong ·
International ·
International ·
International Paints ·
International Paints Hongkong ·
International Paints ·
International Paints Limited ·
International Paints Limited ·
International Paints Singapore Pte
Limited ·
International ·
International Peinture SA ·
Organon ( ·
Oy International Paint A B ·
Pt Akzo Nobel Car Refinishes ·
Pt International Coatings ·
Pt International Coatings ·
Pt. Akzo Nobel Car Refinishes ·
Akzo Nobel Chang Cheng ( ·
International Paint ·
Akzo Nobel Spa ·
International Coatings Limited ·
International Paint ·
IP Felling Powder Limited ·
International Paint Limited ·
Akzo Nobel Coatings (Jiaxing) Co
Limited ·
International Paint ·
ICI India Limited ·
International Coatings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs.420.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
765655 |
Equity Shares |
Rs.10/- each |
Rs.7.657 millions |
|
|
|
|
|
Note
Of the above 765625 equity shares of Rs. 10/-
each are held by Akzo Nobel Coatings International B. V.,
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 |
7.657 |
7.657 |
7.657 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1100.153 |
1009.989 |
699.785 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1107.810 |
1017.646 |
707.442 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
660.000 |
490.000 |
502.064 |
|
|
TOTAL BORROWING |
660.000 |
490.000 |
502.064 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
1.555 |
5.907 |
|
|
|
|
|
|
|
|
TOTAL |
1767.810 |
1509.201 |
1215.413 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
399.218 |
376.400 |
384.537 |
|
|
Capital work-in-progress |
554.917 |
173.156 |
64.145 |
|
|
|
|
|
|
|
|
INVESTMENT |
14.094 |
26.897 |
0.005 |
|
|
DEFERREX TAX ASSETS |
23.067 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
692.522
|
427.946
|
388.408
|
|
|
Sundry Debtors |
1010.736
|
829.123
|
692.504
|
|
|
Cash & Bank Balances |
141.923
|
427.690
|
326.710
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
189.483
|
88.573
|
104.585
|
|
Total
Current Assets |
2034.664
|
1773.332 |
1512.207 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
995.443
|
719.327 |
526.183
|
|
|
Other Current Liabilities |
100.839
|
73.703 |
154.584
|
|
|
Provisions |
161.868
|
47.554 |
64.714
|
|
Total
Current Liabilities |
1258.150
|
840.584 |
745.481 |
|
|
Net Current Assets |
776.514
|
932.748
|
766.726
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1767.810 |
1509.201 |
1215.413 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4062.556 |
3529.012 |
3034.975 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
4062.556 |
3529.012 |
3034.975 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
3903.577 |
3064.841 |
2712.047 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
158.979 |
464.171 |
322.928 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
68.815 |
153.967 |
154.352 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
90.164 |
310.204 |
168.576 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
566.742 |
417.343 |
506.057 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
726.872 |
673.119 |
|
|
|
Stores & Spares |
NA |
6.923 |
4.244 |
|
|
|
Capital Goods |
|
2.348 |
20.479 |
|
|
TOTAL IMPORTS |
|
736.143 |
697.842 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
117.76 |
405.15 |
220.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.22
|
8.79 |
5.55
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.53
|
21.59 |
17.03
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.45 |
0.46
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.73
|
1.30 |
1.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
2.10 |
2.03
|
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The turnover of the company for the current year has seen an increase of Rs.533.544 millions as compared to previous year but the company has registered a decrease in the profit compare to previous year with a net profit of Rs.90.164 millions as against Rs.310.204 millions in the previous year. The directors will strive forward to get better results this year
BACKGROUND
Subject was incorporated on 30 May 1994 as Courtaulds
Coatings and Sealants (
The Company manufactures and sells protective and specialist coatings for the shipping, oil, gas and chemical industries (under the brand name ‘International’). The Company also manufactures and sell powder coatings (under the brand name ‘Interpon’) for domestic appliances, automotive components, architectural extrusions, internal and external lacquers for metal cans and closures and other industrial products, coatings and sealant for the aerospace industry.
FIXED ASSETS
- Building
- Plant and
Machinery
- Lab Equipment
- Office
Equipment
- Computer
- Furniture and
Fixture
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.49.85 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.