|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
VITTHAL CORPORATION LIMITED (w.e.f. 29.09.2010) |
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Formerly Known
As : |
VITHAL SUGARS MANUFACTURING LIMITED |
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Registered
Office : |
Vithalrao Shinde Nagar, Post- Mhaisgaon, Taluka, Madha District
Solapur – 413250, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
09.10.1998 |
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Com. Reg. No.: |
11-012939 |
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Capital
Investment / Paid-up Capital : |
Rs.208.510
Millions |
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|
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CIN No.: [Company Identification
No.] |
U17120PN1998PLC012939 |
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|
|
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEV05787F |
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PAN No.: [Permanent Account No.] |
AACCV5742M |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Sugar Extra Neutral Alcohol, Rectified
Sprit, Special Denatured Sprit. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 990000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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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 small to mediocre 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Dhawale |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9420492105 |
|
Date : |
20.04.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Vithalrao Shinde Nagar, Post- Mhaisgaon, Taluka, Madha District
Solapur – 413250, Maharashtra, India |
|
Tel. No.: |
91-2183-226455/ 226475 |
|
Mobile No.: |
91-9420492107 (Mr. Amol Dhawale) |
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Fax No.: |
91-2183-226495 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Haridas Bhanudas Dange |
|
Designation : |
Managing Director |
|
Address : |
At and Post – Shelgaon (Wangi), Taluka- Karmala, Solapur – 413202,
Maharashtra, India |
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Date of Birth/Age : |
01.08.1948 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Sanjay Vitthalrao Shinde |
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Designation : |
Director |
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Address : |
At and
Post – Nimgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India |
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Date of Birth/Age : |
31.07.1968 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Babanrao Vithalrao Shinde |
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Designation : |
Director |
|
Address : |
At and
Post – Nimgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India |
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Date of Birth/Age : |
01.09.1951 |
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Date of Appointment : |
15.06.2006 |
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Name : |
Mr. Chandrakant Vitthalrao Patil |
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Designation : |
Director |
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Address : |
37 A Chinchgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India |
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Date of Birth/Age : |
04.04.1950 |
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Date of Appointment : |
09.10.1998 |
KEY EXECUTIVES
|
Name : |
Mr. Amol Dhawale |
|
Designation : |
Sales Manager |
|
|
|
|
Name : |
Mr. Dhawale |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
No. of Shares (Equity) |
No. of Shares (Preference) |
|
|
|
|
|
Sanjay Vitthalrao Shinde |
219 |
6 |
|
Babanrao Vithalrao Shinde |
51 |
-- |
|
Haridas Bhanudas Dange |
32 |
-- |
|
Savita Sanjay Shinde |
51 |
-- |
|
Yashshri Sanjay shinde |
40 |
-- |
|
Yashwant Sanjay Shinde |
99 |
-- |
|
Archana Suhas Dange |
10 |
-- |
|
Suhas Haridas Dange |
20 |
-- |
|
Suman Haridas Dange |
20 |
-- |
|
Manakshi Sunil Pachkawade |
10 |
-- |
|
Sunil Ramchandra Pachkawade |
10 |
-- |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
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|
|
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Sugar, Extra Neutral Alcohol, Rectified
Sprit, Special Denatured Sprit. |
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Products : |
· Sugar · Extra Neutral Alcohol · Rectified Sprit · Special Denatured Sprit |
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Exports : |
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Products : |
Sugar |
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Countries : |
· Sri Lanka · Dubai · Singapore |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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|
|
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Sugar |
TCD |
2500 |
2500 |
450550 Qtls. |
|
Distillery |
KLPD |
30 |
30 |
-- |
|
Power |
MW |
20 |
Nil |
-- |
|
Molasses |
MT |
-- |
-- |
15556 |
|
Bagasse |
MT |
-- |
-- |
15027.125 |
|
Press Mud |
MT |
-- |
-- |
8519.435 |
|
Extra Neutral Alcohol |
Ltrs. |
-- |
-- |
123559 |
|
Rectified Sprit |
Ltrs. |
-- |
-- |
508061 |
|
Impure Sprit |
Ltrs. |
-- |
-- |
44154 |
GENERAL INFORMATION
|
Suppliers: |
Hi-Tech Enterprises |
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Customers : |
·
OM Trading Company ·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
· Punjab National Bank Kothrud Branch, Anantkrupa Society, Paud Road, Kothrud, Pune – 411038,
Maharashtra, India · Union Bank of India · Bank of India ·
Solapur DCC Bank |
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Facilities : |
Punjab National
Bank - Cash Credit – Rs.500.000 Millions
|
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. G. Naikawadi and Company Chartered Accountant |
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Address : |
37, Laxmi Park, Sukhshanti Apartment, Navi Peth, Pune – 411030,
Maharashtra, India |
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|
|
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Associates/Subsidiaries : |
· Vitthalrao Shinde SSK Limited · Anmol Minerals Private Limited · Yashashree Engineering · Vitthal Distilleries Limited · Indian Sugars Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital : Rs.250.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.208.510 Millions
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600 |
Equity Share |
Rs.50000/- each |
Rs.30.000 Millions |
|
19000 |
Preference Shares |
Rs.10000/- each |
Rs.190.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
562 |
Equity Share |
Rs.50000/- each |
Rs.28.100
Millions |
|
18041 |
Preference Shares |
Rs.10000/- each |
Rs.180.410
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.208.510 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
208.510 |
208.510 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
90.574 |
|
|
3] Reserves & Surplus |
40.755 |
0.834 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
249.265 |
209.344 |
91.074 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1606.547 |
720.919 |
147.489 |
|
|
2] Unsecured Loans |
57.500 |
29.884 |
0.000 |
|
|
TOTAL BORROWING |
1664.047 |
750.803 |
147.489 |
|
|
DEFERRED TAX LIABILITIES |
29.247 |
0.470 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1942.559 |
960.617 |
238.563 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
736.734 |
508.889 |
5.897 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
206.439 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.500 |
0.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
991.217
|
470.014 |
0.000 |
|
|
Sundry Debtors |
11.526
|
8.553 |
0.000 |
|
|
Cash & Bank Balances |
210.428
|
67.710 |
7.160 |
|
|
Other Current Assets |
0.891
|
0.557 |
0.265 |
|
|
Loans & Advances |
328.308
|
132.923 |
19.444 |
|
Total
Current Assets |
1542.370
|
679.757 |
26.869 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
26.403
|
196.382 |
1.082 |
|
|
Other Current Liabilities |
295.231
|
33.089 |
0.194 |
|
|
Provisions |
15.971
|
0.213 |
0.003 |
|
Total
Current Liabilities |
337.605
|
229.684 |
1.279 |
|
|
Net Current Assets |
1204.765
|
450.073 |
25.590 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.560 |
1.155 |
0.137 |
|
|
|
|
|
|
|
|
TOTAL |
1942.559 |
960.617 |
238.563 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
829.293 |
114.269 |
|
|
|
Other Income |
|
3.012 |
2.162 |
|
|
|
TOTAL (A) |
|
832.305 |
116.431 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ (Decrease) in Inventory |
|
(496.322) |
(463.408) |
|
|
|
|
|
|
|
|
|
|
Raw Material Consumed |
|
983.689 |
491.255 |
|
|
|
Personal Expenses |
|
26.621 |
10.566 |
|
|
|
Operating Expenses |
|
50.022 |
18.507 |
|
|
|
Administrative and Selling Expenses |
|
19.574 |
7.587 |
|
|
|
TOTAL (B) |
|
583.584 |
64.507 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
248.721 |
51.924 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
126.405 |
33.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
122.316 |
18.472 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
37.860 |
16.955 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
84.456 |
1.517 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
44.535 |
0.683 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
39.921 |
0.834 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.750 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Preference Redemption Reserve |
|
18.041 |
0.000 |
|
|
|
General Reserve |
|
4.067 |
0.084 |
|
|
BALANCE CARRIED TO
THE B/S |
|
18.563 |
0.750 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
72,368.96 |
1,484.12 |
|
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
2950.000 |
1660.000 |
|
|
|
|
|
Expected Sales (2012-13) : Rs.3000.000 Millions
The above information has been parted by Mr. Dhawale (Finance Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.80
|
0.72 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.18
|
1.33 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.71
|
0.13 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.01 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.03
|
4.68 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.57
|
2.96 |
21.01 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from Gangama
nagar, Pimpalner, Tal Majha, Solapur, Maharashtra, India, to the present
address w.e.f. 31.05.2008.
RESULTS OF OPERATIONS
The year was the second year of operation of the company.
Crushing of sugarcane and production of sugar in the season 2009-10 upto March
31, 2010 was 38.20 lac qtls. 4.51 lac qtls. As against 24.06 lac qtls. and 2.70
lac qtls., respectively in the preceding year. Recovery was also higher at
11.78% as against 11.20% in the previous season. The company has accounted for
the sugarcane price of Rs. 2300 per ton for the year. Turnover for the year
ended March 31, 2010 was Rs.829.293 Millions and profit after tax for the year
was Rs.39.921 Millions.
The company has
successfully commenced operations of its 30 KLPD Distillery Unit in March, 2010
and produced 5.08 lac litres of Rectified Spirit, 1.24 lac litres of Extra
Neutral Alcohol and 0.44 lac litres of Impure Spirit.
The Company has
planned to implement 12 MW Co-gen Power Plant in the sugar season 2010-11. This
will further enhance the earnings of the company.
|
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 |
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 three years |
Yes |
|
12) Profitability for three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
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 (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
Yes |
FORM 8:
|
Corporate
identity number of the company |
U17120PN1998PLC012939 |
|
Name of the
company |
VITTHAL
CORPORATION LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Vitthal Nagar,
Post-Mhaisgaon, Tq. Madha, Dist. Solapur – 413250, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Others: Hypothecation of Goods and Debts, Letter of Guarantee |
|
Particular of
charge holder |
Union Bank of
India Kumbhar Ves
Shopping Centre, P. B. No. 127, Solapur – 413250, Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation of
Goods and Debts and Letter of Guarantee |
|
Date of
instrument Creating the charge |
24.12.2010 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 7 % + 3 % Subsidy
= 10 % P.A. Terms of
Repayment: The factory will
deduct the amount of loan from payments made to the borrowers and remit the
same to the bank for repayment of advance. The repayment period will be 12
months from the date of disbursement. penal interest will be charged for
delayed payment as per the bank's norms Margin: Nil Extent and
Operation of the charge: 12 Months Short
Term Crop Loan |
|
Particulars of
the property charged |
Vitthal Nagar, At
Post: Mhaisgaon, Tal: Madha, Dist: Solapur, Maharashtra - 413250. Hypothecation of receivables
arising out of crop loans granted to farmers. |
FIXED ASSETS:
· Land and Site Development
· Factory Building
· Plant and Machinery
· Furniture and Fixture
· Computers
· Vehicles
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.