MIRA
INFORM REPORT
|
Report Date : |
23.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN PLASTOWARES PRIVATE LIMITED |
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Registered
Office : |
Plot |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.07.1999 |
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Com. Reg. No.: |
11-120832 |
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Capital Investment/
Paid-up Capital: |
Rs.4.000 Million |
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CIN No.: [Company Identification
No.] |
U25200MH1999PTC120832 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18455D |
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PAN No.: [Permanent Account No.] |
AACCA0715F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture and Exporter Plastic Injection Moulded household articles
and Plastic Insulated ware. |
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No. of
Employees: |
Information denied by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 354000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There appears
some dip in the profitability of the company. However networth of the company
is satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO –OPERATIVE
LOCATIONS
|
Registered Office : |
Plot |
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Tel. No.: |
91-22 66960033/66954426 |
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Fax No.: |
91-22 -66960044 |
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E-Mail : |
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List Of Distributors (Zone Wise) |
North Zone ·
· Ambala ·
·
·
·
·
· Jaipur ·
·
· Jallandhar ·
·
·
South Zone ·
·
· Mangalore ·
·
·
·
·
· Hubli ·
·
· Trichy ·
West Zone · Mumbai ·
· Ahmedabad ·
· Anand ·
·
·
·
· Pune ·
East Zone · Guwahati ·
·
·
· Tinsukia |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bihari Shamdas Batra |
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Designation : |
Director |
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Address : |
8, Waverly Apartment, |
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Date of Birth/Age : |
05.08.1941 |
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Date of Appointment : |
15.07.1999 |
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Din No.: |
00878713 |
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Name : |
Mr. Rajeev Bihari Batra |
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Designation : |
Director |
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Address : |
8, Waverly Apartment, |
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Date of Birth/Age : |
27.03.1977 |
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Date of Appointment : |
15.07.1999 |
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Din No.: |
01185662 |
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Other Directorship:
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Name : |
Mrs. Asha Bihari Batra |
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Designation : |
Director |
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Address : |
7, Waverly Apartment, |
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Date of Birth/Age : |
20.06.1954 |
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Date of Appointment : |
17.03.2005 |
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Din No.: |
00878732 |
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Name : |
Mrs. Shweta Rajeev Batra |
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Designation : |
Director |
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Address : |
7, Waverly Apartment, |
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Date of Birth/Age : |
24.05.1982 |
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Date of Appointment : |
01.04.2007 |
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Din No.: |
01414907 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Bihari Shamdas Batra |
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3000 |
|
Rajeev Bihari Batra |
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3500 |
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Asha Bihari Batra |
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10500 |
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Bihari Shamdas Batra (HUF) |
|
23000 |
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Total |
|
40000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter Plastic Injection Moulded household articles
and Plastic Insulated ware. |
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Products : |
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PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Injection Moulded |
TPA/Pcs |
3181.165 |
13960058 |
Note: Installed Capacity is certified by the management and relied on by the
auditor
GENERAL INFORMATION
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No. of Employees : |
Information denied by management. |
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Bankers : |
Allahabad Bank, Dharamkripa Buliding., 1st Floor, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.N. Kankaria and Company Chartered Accountant |
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Address : |
111, Veena Chambers, 21, Dalal Street, Mumbai – 400001, |
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Pan No.: |
AAGPK7085H |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000
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 |
4.000 |
4.000 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
84.505 |
69.125 |
44.226 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
88.505 |
73.125 |
48.226 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
18.999 |
16.303 |
23.158 |
|
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2] Unsecured Loans |
22.531 |
16.477 |
17.802 |
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TOTAL BORROWING |
41.530 |
32.780 |
40.960 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
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TOTAL |
130.035 |
105.905 |
89.196 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.037 |
43.779 |
40.843 |
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Capital work-in-progress |
6.562 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.565 |
0.545 |
0.596 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
33.430
|
30.678 |
22.130 |
|
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Sundry Debtors |
52.035
|
36.289 |
21.529 |
|
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Cash & Bank Balances |
33.004
|
24.411 |
22.528 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
15.708
|
13.581 |
8.800 |
|
Total
Current Assets |
134.177
|
104.959 |
74.987 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
41.524
|
24.442 |
16.905 |
|
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Other Current Liabilities |
13.791
|
17.653 |
7.409 |
|
|
Provisions |
0.991
|
1.283 |
2.926 |
|
Total
Current Liabilities |
56.306
|
43.378 |
27.240 |
|
|
Net Current Assets |
77.871
|
61.581 |
47.747 |
|
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|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
130.035 |
105.905 |
89.196 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
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|
284.221 |
242.315 |
|
|
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Other Income |
|
4.906 |
6.280 |
|
|
|
TOTAL (A) |
329.870 |
289.127 |
248.595 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
163.588 |
133.963 |
|
|
|
Manufacturing Expenses |
|
40.264 |
28.835 |
|
|
|
Employee cost |
|
17.155 |
14.058 |
|
|
|
Administrative
expenses |
|
7.274 |
6.600 |
|
|
|
Selling Distribution expenses |
|
19.971 |
17.083 |
|
|
|
Increase/ Decrease in work in progress finished goods |
|
(5.626) |
5.654 |
|
|
|
TOTAL |
|
242.626 |
206.193 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
36.712 |
46.501 |
42.402 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2.292 |
2.746 |
2.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
34.420 |
43.755 |
39.685 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.220 |
10.715 |
10.432 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT |
0.001 |
0.185 |
0.512 |
|
|
|
|
|
|
|
|
|
Add |
LOSS/ PROFIT ON |
0.18 |
0.230 |
0.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
23.217 |
33.085 |
29.061 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7.837 |
8.186 |
7.488 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
15.381 |
24.899 |
21.573 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
69.125 |
44.225 |
22.652 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
84.506 |
69.124 |
44.225 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
227.459 |
208.887 |
189.983 |
|
|
|
|
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.346 |
2.224 |
6.829 |
|
|
TOTAL IMPORTS |
1.346 |
2.224 |
6.829 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
384.52 |
622.48 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.66 |
8.61 |
8.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
11.64 |
11.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.95 |
22.24 |
25.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.45 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.11 |
1.04 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.38 |
2.42 |
2.75 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency Rating,
if available |
No |
OPERATIONAL
HIGHLIGHTS
The Company scaled new heights in achieving
increased productivity during the year. Export of household products continues to
be encouraging and increased during the year as compared to previous year
though there is recession in all over the world. However, the continued
volatility of oil prices had an adverse impact on the prices of key raw
materials. With the rising input prices and lower margins on the product sale
side, the Company adopted various cost saving measures in order to maintain the
overall profitability. A combination of increase in raw material prices and
poor demand eroded margins. However with marginal increase in turnover
profitability during the year has decreased as compared to previous year even
with control over cost and expenditure. The Company's focus will be on
sustaining high operating rates, improving efficiency and reducing operating
costs. The Company has also implemented suitable controls to ensure that all
resources are utilized optimally and financial transactions are reported with
the accuracy.
The Company's sale turnover (net of excise duly) and Income from Operations amounted Rs.329.870 Millions
earning Operating Profit of
Rs 23.200 Millions. During the year Operating Profit decreased by 29.78% as Compared to previous
year. The Domestic Sales (net of excise duty) increased by 38.13% over the
previous year. Export Sales witnessed an increase of 4.78% over
the previous year because of recession in all over the world. T he total
value of foreign exchange earning through Exports
during the current year was Rs.233.493 Millions (FOB value Rs.227.459 Millions). The Order booking for the
current year is excellent.
FORM 8
|
Corporate
identity number of the company |
U25200MH1999PTC120832 |
|
Name of the
company |
ASIAN
PLASTOWARES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot Email: asiansd@bom5.vsnl.net.in
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
80010148 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Allahabad Bank, Dharamkripa Buliding., 1st Floor, Email: arun.govil@gmail.com |
|
Nature of
instrument creating charge |
General
Letter of Hypothecation Letter
of Mortgage confirming Deposit of Title Deeds-1 Letter
of Mortgage confirming Deposit of Title Deeds-2 Term
Loan Agreement (Above
agreement Constitute a single charge) |
|
Date of
instrument Creating the charge |
26.04.2011 |
|
Amount secured by
the charge |
Rs.55.000 |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit
- BR + 2.50 % p.a.w.m.r. Term Loan III - BR + 2.50 % p.a.w.m.r. Term Loan
Fresh - BR + 2.50 % p.a.w.m.r. Bank Guarantee -
10 % Concession In Term
of Payment: Cash Credit
- On Demand Term Loan III
- As per existing terms - (Principal Was to be repaid in 20
equal Quarterly Instalments) Term Loan Fresh - 5
years from the date of first disbursement Bank Guarantee -
Date Of Validity Margin Cash Credit
- 25 % on stocks and 50 % on book debts upto 75 days Term Loan III
- 25 % Term Loan Fresh -
25 % Bank Guarantee -
25 % CASH MARGIN Extent and
operation of the charge Exclusive
hypothecation charge over entire Stocks, Book debts and other Current assets
of the Company both present and future and Equitable Mortgage on Co's
immovable properties situated at Village Kadaiya, District Daman Limits
enhanced to Rs.55.000 Millions |
|
Short particulars
of the property charged (Including location of the property) |
All
piece and parcel of Land and Building thereon or ground admeasuring 2070 Sq.
Mtrs. or thereabouts bearing plot No.99/4 situated at Village Kadaiya,
District Daman, alongwith
the industrial building adm.1101 Sq. Mtrs. on the Ground Floor and 115.26
Sq.Mtrs. on the First Floor, representing part of Old S.No.109/2 & 8 and
99/4(Part) Hypothecation
by way of first charge in favour of the Bank all present and future entire
stocks of raw materials ,work-in-process and finished goods, book debts and
other current assets of the Company including plant & machinery as per
list enclosed with Term Loan Agreement, moulds, equipments, furniture etc. Counter
Indemnity/Guarantee from/of the Company |
|
Date of last modification prior to the present modification |
15.06.2007 |
|
Particulars of the present modification |
Hypothecation
by way of first charge all present and future entire Stocks of raw materials,
work-in-process and finished goods, Book debts and other Current assets of
the Company including plant & machinery as per list enclosed with TL
Agreement and Equitable Mortgage of Property situate at Plot No.99/3,99/4,&99/5,Village
Kadaiya, Daman (detailed mentioned in above Col No.15) has now increased to
Rs.55.000 Millions |
CONTINGENT
LIABILITY NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions )
|
Particular |
31.03.2011 |
31.03.2010 |
|
Guarantee given by Bankers on behalf of the company |
7.058 |
5.541 |
|
Bonds/undertaking given by the company under confessional duty/exemption scheme to government authorities |
2.000 |
2.000 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) |
4.168 |
0.978 |
|
|
|
|
FIXED ASSETS:
·
Building at Village
kadaiya
·
Plant and Machinery
·
Dies and molds
·
Utility Equipment
·
Electrical Install ions
·
Office Equipment
·
Furniture and Fixtures
·
Computer system
·
Motor Cars
·
Canter
·
Motor Cycles and Scooters
·
Trademarks
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 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.53.67 |
|
|
1 |
Rs.67.45 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.