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Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
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Name : |
GLORY POLY FILMS LIMITED |
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Formerly Known
As : |
GLORY POLY FILMS PRIVATE LIMITED |
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Registered
Office : |
201, Vintage |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.12.1997 |
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Com. Reg. No.: |
11-112461 |
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Capital
Investment/ Paid-up Capital: |
Rs. 594.681 Millions |
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CIN No.: [Company Identification
No.] |
L92110MH1997PLC112461 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG05222A |
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PAN No.: [Permanent Account No.] |
AAACG5068K |
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Legal Form : |
Public Limited Liability company. The company’s shares are
listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers of flexible
laminates and multilayer barrier (3 layers and 5 layer Nylon / EVOH based)
Films. |
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No. of
Employees: |
Approximately (250) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5500000 |
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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. Profitability
of the company appears to be low. However, 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
cautions. |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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. Rajesh Ameda |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-26514811 |
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Date : |
26.05.2012 |
LOCATIONS
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Registered Office : |
201, Vintage |
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Tel. No.: |
91-22-26514810 / 11 |
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Fax No.: |
91-22-26514812 |
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E-Mail : |
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Website : |
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Area: |
1000 Sq. Ft. |
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Location : |
Owned |
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Factory 1 : |
51/ 4-A, 51/ 4-B, 51/ 4-C, 51/ 4-C, 51/ 4-D, 54/ 1-A, 54/ 1-C, 54/
2-A, 54/ 2-E, 54/ 2-H, 54/ 3-D and 54/ 6-A, 54/2-F, Daman Industrial Estate,
Village Kadiya, Daman, United Territory, India |
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Tel. No: |
91-260-2220304 |
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Fax No: |
91-260-2220305 |
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Factory 2 : |
Survey No.261/ 2, 261/4 and 263/4, Industrial Estate, Village-
Dunetha, Daman-396210, |
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Tel. No.: |
91-260-3984800 |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Prakash N. Kela |
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Designation : |
Chairman |
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Name : |
Mr. Yogesh P. Kela |
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Designation : |
Managing Director |
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Name : |
Mr. Umesh P. Kela |
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Designation : |
Executive Director |
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Name : |
Mr. Deviprasad K. Taparia |
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Designation : |
Director |
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Name : |
Mr. Navin C. Chokshi |
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Designation : |
Director |
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Name : |
Mr. Vilas R. Shah |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ranjeet Kumar Sharma |
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Designation : |
Company Secretary |
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Name : |
Mr. Rajesh Ameda |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
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(1) Indian |
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Individuals/ Hindu Undivided Family |
7870166 |
13.23 |
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Sub Total |
7870166 |
13.23 |
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(2) Foreign |
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Total
Shareholding of Promoter and Promoter Group (A) |
7870166 |
13.23 |
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(B) Public
Shareholding |
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(1) Institutions |
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(2) Non-Institutions |
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Bodies Corporate |
8441979 |
14.20 |
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Individuals |
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Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
19707702 |
33.14 |
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Individual shareholders holding nominal share capital in excess to Rs.
0.100 Million |
22272381 |
37.45 |
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Any Other |
1175920 |
1.98 |
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Clearing Member |
104388 |
0.18 |
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Non Resident Indians |
1071532 |
1.80 |
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Sub Total |
51597982 |
86.77 |
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Total Public
Shareholding (B) |
51597982 |
86.77 |
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Total (A) + (B) |
59468148 |
100.00 |
|
(C) Shares held
by custodians and against which Depository Receipts have been issued |
-- |
-- |
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(1) Promoter and Promoter Group |
-- |
-- |
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(2) Public |
-- |
-- |
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Sub Total |
-- |
-- |
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Total (A) +(B)+
(C) |
59468148 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
flexible laminates and multilayer barrier ( 3 layers and 5 layer Nylon / EVOH
based ) Films |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
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PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
Actual
Production |
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Value |
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Plastic Films, Bags and Pouch |
Qty (KGS) |
1562272208 |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
Approximately (250) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditor: |
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Name : |
Mittal and Associates Chartered Accountants |
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Address : |
Mumbai |
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Internal Auditor: |
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Name : |
M/s. ADV and Associates Chartered Accountant |
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Address: |
Mumbai |
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Associates : |
Immense Packaging Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
63000000 |
Equity Shares |
Rs. 10/- each |
Rs. 630.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
59468148 |
Equity Shares |
Rs. 10/-
each |
Rs. 594.681
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
594.681 |
244.681 |
191.961 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
805.165 |
624.034 |
478.812 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1399.846 |
868.715 |
670.773 |
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LOAN FUNDS |
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1] Secured Loans |
933.218 |
934.529 |
890.347 |
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2] Unsecured Loans |
90.581 |
115.360 |
123.138 |
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TOTAL BORROWING |
1023.799 |
1049.889 |
1013.485 |
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DEFERRED TAX LIABILITIES |
41.757 |
38.280 |
15.267 |
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TOTAL |
2465.402 |
1956.884 |
1699.525 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1510.884 |
864.615 |
907.268 |
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Capital work-in-progress |
0.000 |
428.502 |
44.234 |
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INVESTMENT |
0.000 |
16.641 |
16.641 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
202.684
|
134.623 |
133.079 |
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Sundry Debtors |
477.009
|
273.325 |
269.886 |
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Cash & Bank Balances |
23.906
|
25.608 |
28.340 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
511.464
|
640.368 |
509.334 |
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Total
Current Assets |
1215.063
|
1073.924 |
940.639 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
192.058
|
326.843 |
195.726 |
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Other Current Liabilities |
38.491
|
61.679 |
8.075 |
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Provisions |
38.353
|
50.543 |
21.554 |
|
Total
Current Liabilities |
268.902
|
439.065 |
225.355 |
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Net Current Assets |
946.161
|
634.859 |
715.284 |
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MISCELLANEOUS EXPENSES |
8.357 |
12.267 |
16.098 |
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TOTAL |
2465.402 |
1956.884 |
1699.525 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1643.959 |
1137.092 |
788.989 |
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Other Income |
35.890 |
10.536 |
2.771 |
|
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TOTAL (A) |
1679.849 |
1147.628 |
791.760 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
59.659 |
52.199 |
35.008 |
|
|
|
Administrative and Selling Expenses |
55.279 |
56.096 |
42.203 |
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|
IPO Expenses written off |
6.210 |
5.750 |
5.366 |
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|
Material Consumed |
1397.147 |
867.555 |
627.746 |
|
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|
Exchange loss on issue of GDR |
29.650 |
0.000 |
0.000 |
|
|
|
Increase / (Decrease) in Stock |
(35.285) |
(8.371) |
(22.847) |
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TOTAL (B) |
1512.660 |
973.229 |
687.476 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
167.189 |
174.399 |
104.284 |
|
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|
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|
|
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|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
59.701 |
68.856 |
27.673 |
|
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|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
107.488 |
105.543 |
76.611 |
|
|
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
90.317 |
30.464 |
15.916 |
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PROFIT BEFORE
TAX (E-F) (G) |
17.171 |
75.079 |
60.695 |
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Less |
TAX (H) |
12.099 |
35.513 |
10.093 |
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PROFIT AFTER TAX
(G-H) (I) |
5.072 |
39.566 |
50.602 |
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|
Earnings Per
Share (Rs.) |
0.11 |
2.17 |
2.90 |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1750.000 |
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|
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Expected Sales (2012-2013) : Rs. 2000.000 Millions
The above information has been parted by Mr. Rajesh Ameda.
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st Quarter |
2ND
Quarter |
3rd
Quarter |
|
Sales Turnover |
332.620 |
384.630 |
375.420 |
|
Total Expenditure |
268.060 |
308.710 |
307.360 |
|
PBIDT (Excl
OI) |
64.560 |
75.920 |
68.060 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating
Profit |
64.560 |
75.920 |
68.060 |
|
Interest |
25.330 |
32.330 |
31.740 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
39.230 |
43.590 |
36.320 |
|
Depreciation |
35.780 |
35.840 |
35.850 |
|
Profit
Before Tax |
3.450 |
7.760 |
0.470 |
|
Tax |
0.620 |
1.400 |
0.080 |
|
Reported PAT |
2.830 |
6.370 |
0.380 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2.830 |
6.370 |
0.380 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.30
|
3.45 |
6.39 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.04
|
6.60 |
7.69 |
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.63
|
3.87 |
3.28 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.09 |
0.09 |
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.95
|
1.76 |
1.87 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.52
|
2.45 |
4.17 |
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 |
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4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
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7. Promoter’s background |
No |
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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 |
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 |
No |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
No |
|
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 |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
No |
HISTORY:
The Company was incorporated on 15th December 1997
as a private limited company with the main object to carry on the business of
manufacturing of co extruded multi layer barrier film for packing of various
food and non-food products. The present plant can be used to manufacture mono
as well as multilayer films. Mr. Prakash N. Kela, Mr. Yogesh P. Kela and Mr.
Umesh P. Kela are promoted the company. The company commenced its Commercial
production since March 1998. December 2005, the company has converted into
public limited company. The Company is setting up an expansion project whereby
the existing manufacturing facility at
FINANCIAL PERFORMANCE
During the year, the company recorded a total income of Rs. 1679.850 Millions (previous year Rs. 1147.629 Millions), representing an increase of approximately 46.38%. Profit before tax decreased by 77.13% to Rs. 17.171 Millions (previous years. 75.079 Millions). The performance as impacted on account of volatility in raw material prices, which largely depends on the movement of crude oil prices, and specially in the last quarter of the financial year, against which The Company’s performance can be considered modest.
MANAGEMENT DISCUSSION
AND ANALYSIS
Packaging Industry
The continuing
current wave of economic development in India is being seen from all over
the world, as infrastructure, manufacturing, agriculture, and services continue
to grow at high rates, despite economic slow down across the globe, the
packaging industry is also showing great variety and depth in its growth.
In 2001, the packaging industry worldwide generated an annual
estimated turnover of US$ 417 billion. The major regions that made up this
total include Europe, US$ 129 billion, North America, $116 billion, and
Packaging in India
Packaging, like any other industry evolves to produce more quickly and efficiently. It is generally lighter in weight, uses less material, is easier to open, dispense from, reseal store, and dispose. Packaging has evolved from a relatively small range of heavy, rigid containers made of wood, glass and steel to be a broad array of rigid and flexible packaging options increasingly made from specialized lightweight material.
Flexible Packaging
Flexible packaging consist of multi- layer laminated sheets of plastics (PVC,LDPE, HDPE, BOPP, BPOET), paper, cloth or metal foils that are used separately or in combination for various packaging application. However, this article discusses flexible packaging as laminates of plastics that have a unique set of properties that ensure toughness, moisture resistance, aroma retention, gloss, grease resistance, heat sealability, printability, low odour and taste. These find use in packaging food, tea, coffee, spices chewing tobacco, bakery, confectionery, oils, and in certain other non- food application such as household detergent, health and personal care, soaps and shampoos.
Flexible Packaging
Demand in
World demand for converted flexible packaging will grow at
more than 4 percent per year to nearly 14 million metric tons, with a value
exceeding US$ 50 billion. The best gain are expected in the world’s emerging
markets, including Eastern Asia, Eastern Europe, Africa, and
The expansion of the Indian flex-pack market has accelerated due to:
• A growing middle class of over 300 million.
• The conversion of the more traditional rigid packaging into flexible
forms.
• A favourable government tax structure. Excise duty that was once 24%
has been reduced to 16%.
• Liberalization of the Indian economy since 1991.
• Globalization and the influx of multinational companies.
• Modern plants and equipment available to the flexible packaging
industry.
Considering these factors it is only obvious that flexible packaging has
a very bright future in
SWOT ANALYSIS:
Strength
With the Company has already made inroads within the Industry, it can
start looking forward to both backward and forward integration, with its
dedicated work force. The Company is yet to explore the foreign markets, and
necessary studies of the foreign market are shaping up for a better performance
in the coming years.
Weakness
The Company is still to explore the foreign markets and to experience
its international competitive edge.
Opportunities
• Rapidly growing economy resulting in rising demand for plastic
packaging products in
• Mushrooming of malls in
Threats
• Raw material availability and its prices shooting up due to unforeseen
circumstances (Petroleum prices).
• Inadequate management controls arising from the massive increase in
scale of operation might result in losing market share and profits.
FIXED ASSETS
WEBSITE DETAILS:
Overview:
Their company is a part of the Prakash Kela Group of Industries which has over
25 years of expertise in multilayer polyfilms manufacturing. Glory Polyfilms
has a state-of-the art Imported and Indian machines to manufacture high barrier
and speciality films and laminates at
Group of Companies
- Tristar Industries –
- Immense Packaging - Chennai
All the group
companies of Glory is in to manufacture of multi layer co-extruded PE films for
the milk packaging sector. Most of their clients are Government Dairies in the
different states in
BUSINESS:
Flexible Laminates
Subject makes a
variety of laminated structures for food and non-food applications which are
custom designed to give optimum performance at an affordable cost. The products
are used to give barrier and protection to various solids, powders and liquids.
The customers have an option of getting printing upto 8 colors in the advanced
rotogravure machines having fully auto registration system.
Multilayer films
Subject is one of the suppliers
of 3 layer and 5 layer (Nylon / EVOH based co-extruded films which are used for
shelf sensitive products. The barrier films are individually designed as per
the customer specifications and are available in roll form, pouches, etc. The
advanced rotogravure printing machines having fully auto registration system
are designed to give the best possible results up to 8 colors.
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. 55.26 |
|
|
1 |
Rs. 86.80 |
|
Euro |
1 |
Rs. 69.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.