MIRA
INFORM REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
HENKEL CAC PRIVATE LIMITED AMALGAMATED
WITH HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Sundararaman
Ramakrishnan Iyer |
|
Status |
Good |
Principal Name 2 |
Priya Ranjan Das |
|
|
|
Registration # |
11-234233 |
|
Street Address |
10th and 11th Floor, Kesar Solitaire, Plot No.
5, Sector 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra,
India |
||
|
Established Date |
01.01.1990 |
SIC Code |
-- |
|
Telephone# |
91-22-39296900 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-39296602 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Adhesives |
|
|
# of employees |
200
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 412,147,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings – 100% |
Banking |
State
Bank of India |
|
Public Limited Corp. |
No |
Business Period |
22 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Aa (73) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
Company |
India |
Henkel CAC Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,871,969,000 |
Current Liabilities |
1,361,706,000 |
|
Inventories |
1,044,222,000 |
Long-term Liabilities |
51,321,000 |
|
Fixed Assets |
2,929,932,000 |
Other Liabilities |
2,745,000 |
|
Deferred Assets |
77,228,000 |
Total Liabilities |
1,415,772,000 |
|
Invest& other Assets |
56,241,000 |
Retained Earnings |
4,151,673,000 |
|
|
|
Net Worth |
4,563,820,000 |
|
Total Assets |
5,979,592,000 |
Total Liab. & Equity |
5,979,592,000 |
|
Total Assets (Previous Year) |
4,686,220,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
5,732,906,000 |
Net Profit |
462,567,000 |
|
Sales(Previous yr) |
1,090,036,000 |
Net Profit(Prev.yr) |
324,432,000 |
|
Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED (w.e.f.17.11.2005) HENKEL CAC PRIVATE LIMITED AMALGAMATED WITH HENKEL ADHESIVES TECHNOLOGIES INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
HENKEL LOCTITE INDIA PRIVATE LIMITED (w.e.f.16.07.2002) LOCTITE INDIA PRIVATE LIMITED |
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|
|
|
Registered
Office : |
10th and 11th Floor, Kesar Solitaire, Plot No.
5, Sector 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
Date of
Incorporation : |
01.01.1990 |
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|
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Com. Reg. No.: |
11-234233 |
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Capital
Investment / Paid-up Capital : |
Rs. 412.147 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28933MH1990PTC234233 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH01954B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1954B |
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|
|
|
Legal Form : |
Private Limited
Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of adhesives. |
|
|
|
|
No. of Employees
: |
200
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 18000000 |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a well
established and a reputed company having fine track. It is a part of Henkel
Group Worldwide. Trade relations are reported as fair. Business is active. Financial
position of the company appears to be sound. Payments are reported to be
regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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.
LOCATIONS
|
Registered/ Head Office : |
10th and 11th Floor, Kesar Solitaire, Plot No.
5, Sector 19, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra,
India |
|
Tel. No.: |
91-22-39296900 |
|
Fax No.: |
91-22-39296602 |
|
E-Mail : |
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Website : |
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Factory : |
D-3/D-4, MIDC Industrial Estate, Jejuri, Pune – 412303, |
|
Tel. No.: |
91-2115-253365 / 253203 |
|
Fax No.: |
91-2115-253248 / 253448 |
|
E-Mail : |
srinivasan.venkatakrishnan@in.henkel.com
renga-rajan.srinivasan@in.henkel.com |
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|
|
|
Branches : |
Located at ·
Mumbai ·
Gurgaon ·
Uttarakhand ·
Pune |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Priya Ranjan Das |
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Designation : |
Director |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
03461415 |
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Other Directorship: |
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Name : |
Mr. Sundararaman
Ramakrishnan Iyer |
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|
Designation : |
Alternate
Director |
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Address : |
G-1, Sai Madhura
Residency, 12th Main JP Nagar, 5th Phase, Bangalore –
560078, Karnataka, India |
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Date of Birth/Age : |
10.06.1961 |
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Date of Appointment : |
27.09.2010 |
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DIN No.: |
03303029 |
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Other Directorship: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Henkel KGaA,
Germany |
|
41214663 |
|
Inter
Beteligungsverwaltungs-Gesellschaft mbH, Germany |
|
1 |
|
Total |
|
41214664 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of adhesives. |
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Products : |
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Imports: |
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Products: |
Raw Material and Finished Goods |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed Capacity |
Actual
Capacity |
|
Engineering Sealants
and adhesives |
MT |
476 |
324 |
Notes:
1) Installed capacity is based on management’s certificate and accepted by
auditors, being a technical matter
2) Production is in packed form.
Anaerobic – 80,635
Kgs
Cyanoacrylate –
18,113 Kgs
Resinol – 6,909
Kgs
Others – 218,127
Kgs.
GENERAL INFORMATION
|
Customers : |
End Users, OEM’s
and Manufacturing Companies |
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No. of Employees : |
200
(Approximately) |
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Bankers : |
v State Bank of India, Industrial Finance Branch, Residency Road, Bangalore – 560025, Karnataka, India v State Bank of India, Shiv Sagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India v Central Bank of India, B. S. Marg, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered
Accountants |
|
Address : |
Lodha Excelus,
1st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai –
400011, Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
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|
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Subsidiaries: |
· Henkel CAC Private Limited CIN No. U24110MH1984PTC032433 · Henkel KGaA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85750000 |
Equity shares |
Rs. 10/- each |
Rs. 857.500 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41214664 |
Equity shares |
Rs. 10/- each |
Rs. 412.147
Millions |
|
|
|
|
|
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 |
412.147 |
412.147 |
412.147 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4151.673 |
3833.285 |
3701.730 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4563.820 |
4245.432 |
4113.877 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
51.321 |
0.000 |
4.261 |
|
|
TOTAL BORROWING |
51.321 |
0.000 |
4.261 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
4615.141 |
4245.432 |
4118.138 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
2929.932 |
75.987 |
94.279 |
|
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Capital work-in-progress |
56.241 |
1.143 |
6.181 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
1061.493 |
1061.495 |
|
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DEFERREX TAX ASSETS |
77.228 |
12.952 |
10.687 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1044.222
|
140.035
|
101.271
|
|
|
Sundry Debtors |
1262.388
|
256.983
|
168.114
|
|
|
Cash & Bank Balances |
244.283
|
231.734
|
23.732
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
365.298 |
2905.893 |
2882.932 |
|
Total
Current Assets |
2916.191
|
3534.645 |
3176.049
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1068.064 |
294.347 |
139.785 |
|
|
Other Current Liabilities |
293.642
|
142.087
|
93.583
|
|
|
Provisions |
2.745
|
4.354
|
3.529
|
|
Total
Current Liabilities |
1364.451
|
440.788 |
236.897
|
|
|
Net Current Assets |
1551.740
|
3093.857 |
2945.496
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4615.141 |
4245.432 |
4118.138 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5732.906 |
|
|
|
|
|
Other Income |
NA |
223.825 |
|
|
|
|
TOTAL (A) |
NA |
1313.861 |
1023.169 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost, Stock, Personnel Cost and
Other Charges |
|
|
|
|
|
|
TOTAL (B) |
NA |
793.357 |
680.766 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1080.442 |
520.504 |
(Including
Financial Charges) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.738 |
0.380 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1074.704 |
520.124 |
342.403 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
290.177 |
26.251 |
23.339 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
784.527 |
493.873 |
319.064 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
321.960 |
169.441 |
112.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
462.567 |
324.432 |
207.057 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
717.993 |
618.881 |
411.824 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
46.257 |
32.443 |
0.000 |
|
|
|
Dividend |
144.180 |
192.877 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
990.123 |
717.993 |
618.881 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.22 |
7.87 |
5.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
24.69 |
20.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.86
|
45.31 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.42
|
13.68 |
9.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.12 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.10 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
8.02 |
13.41 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: Mr. Sumant has confirmed
that ‘Henkel CAC Private Limited’ was amalgamated with ‘Henkel Adhesives
Technologies India Private Limited’ with effect from 10.06.2011.
Note:
The company was incorporated on 1st January 1990
at District Pune in
BACKGROUND
Henkel Adhesives
Technologies India Private Limited (‘the Company’) is a private limited company
incorporated under the provisions of the Companies’ Act, 1956 on 1 January
1990. The Company is in the business of manufacture and sale of industrial
adhesive products.
The Company is a subsidiary of Henkel KGaA, Germany, a company
incorporated under the laws of Germany.
OPERATIONS:
Subject has as its
main business in the field of Industrial Adhesives.
The Company has
recorded a turnover of Rs. 6183.300 Millions for the year ended March 31, 2011.
The profit carried to the Balance Sheet was Rs. 990.100 Millions.
During the year,
Henkel CAC Private Limited, a wholly-owned subsidiary of subject merged with
the Company as per the High Court Order dated 10th June, 2011.
FIXED ASSETS:
v Leasehold Land
v Leasehold Improvements
v Building
v Plant and Machinery
v Electrical Installation
v Furniture and Fixtures
v Office Equipments
v Vehicles
v Laboratory Equipment
v Computer Software
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] 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. 53.59 |
|
|
1 |
Rs. 85.81 |
|
Euro |
1 |
Rs. 69.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
73 |
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.