MIRA
INFORM REPORT
|
Report Date : |
12.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MULTICHEM SPECIALITIES PRIVATE LIMITED |
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Registered Office : |
1215, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
03.04.2007 |
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Com. Reg. No.: |
11-169587 |
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Capital
Investment / Paid-up Capital : |
Rs.13.984 Millions |
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CIN No.: [Company
Identification No.] |
U24100MH2007PTC169587 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM31783D |
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PAN No.: [Permanent
Account No.] |
AAFCM0263M |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Importer of Specialty Chemicals. |
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No. of Employees
: |
8 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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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 81000 |
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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 record. The
external borrowings appears to be huge. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
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 |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “B+” |
|
Rating Explanation |
High risk of default. |
|
Date |
17.05.2013 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Manish Shivdyal Karnani |
|
Designation : |
Managing Director |
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Contact No.: |
91-22-43432121 |
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Date : |
10.08.2013 |
LOCATIONS
|
Registered Office : |
1215, |
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Tel. No.: |
91-22-43432121 |
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Fax No.: |
91-22-43432122 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Warehouse : |
Located at: · Bhiwandi |
DIRECTORS
As on 14.09.2012
|
Name : |
Mr. Manish Shivdyal Karnani |
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Designation : |
Managing Director |
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Address : |
I-13, Maker Tower, 1st Floor, Cuffe Parade, Colaba, Mumbai
– 400005, Maharashtra, India |
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Date of Birth/Age : |
24.04.1973 |
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Qualification : |
B.Com |
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Date of Appointments : |
01.10.2007 |
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DIN No.: |
01252027 |
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Other
Directorship :
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Name : |
Mrs. Laxmi Manish Karnani |
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Designation : |
Director |
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Address : |
I-13, |
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Date of Birth/Age : |
05.11.1972 |
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Qualification : |
B. Com |
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Date of Appointments : |
14.05.2008 |
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DIN No.: |
01744979 |
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Other
Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Shivdayal B. Karnani |
|
4315 |
|
Manish Shivdayal Karnani |
|
1180000 |
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Shivdayal Karnani (HUF)- Rep. by Karta Shivdayal Karnani |
|
609 |
|
Kamlesh Gupta |
|
1000 |
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Laxmi Karnani |
|
212500 |
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Total |
|
1398424 |
As on 14.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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Directors or relatives of Directors |
99.93 |
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Other top fifty shareholders |
0.07 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer of Specialty Chemicals. |
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Products : |
· Acetophenone Amino Guanidine Bicarbonate Ammonium Persulfate Bronopol 1,4-Butane Diol Diethyl Carbonate Dimethyl Malonate DL-Tartaric DL-Tartaric Acid Formamide Gamma –Butyrolactone Glycolic Acid – 70% Tech. Grade Glucono-Delta-Lactone Isocyanuric Acid Itaconic Acid Lactic Acid Lithium Carbonate Malonic Acid Malononitrile N-Methyl Morpholine Potassium Sorbate Potassium Persulfate Propargyl Alcohol Sebacic Acid Sodium Gluconate Sodium
Dichloroisocyanurate(SDIC) Sodium Persulfate Sorbic Acid Trichloroisocyanuric Acid (TCCA) Trimethylchlorosilane Trimethyl Orthoformate Triphosgene |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
· USA China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash, Credit and Depend |
GENERAL INFORMATION
|
Suppliers : |
· K.K. Enterprises Naveen and Sons Sweta Pharma Private Limited Titan Organics Private Limited Aayush Enterprise Alliance Ambica Enterprises Amkure Chemicals Bhargava Ammonia Private Limited Canlinx Logistics India Private Limited |
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Customers : |
· Aakanksha Enterprise Aamby Valley Limited Aarti Industris Limited Acid India B.R. International Basf India Limited Inchem Laboratories Private Limited Indian Drugs and Chemicals Indian Aqua Traders Keyur Pharmachem |
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No. of Employees : |
8 (Approximately) |
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Bankers : |
· Oriental Bank of Commerce, Fort Branch, Jash Chambers, Ground Floor, Sir P. M. Road, Mumbai – 400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. B. Gabhawalla and Company Chartered Accountant |
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Address : |
12, “La Bella” |
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Tel. No. : |
91-22-26825100 / 01 / 02 |
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Fax No. : |
91-22-26825103 |
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Email : |
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Website: |
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PAN No.: |
AABPG3257L |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
1398424 |
Equity Shares |
Rs. 10/- each |
Rs.13.984 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
|
13.984 |
13.984 |
|
(b) Reserves & Surplus |
|
6.292 |
3.949 |
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(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money pending allotment |
|
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
20.276 |
17.933 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
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(a) long-term borrowings |
|
25.885 |
12.198 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.058 |
0.000 |
|
Total Non-current Liabilities (3) |
|
25.943 |
12.198 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
42.890 |
26.894 |
|
(b) Trade payables |
|
115.502 |
84.694 |
|
(c) Other current
liabilities |
|
0.041 |
0.084 |
|
(d) Short-term provisions |
|
1.092 |
1.767 |
|
Total Current Liabilities (4) |
|
159.525 |
113.439 |
|
|
|
|
|
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TOTAL |
|
205.744 |
143.570 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2.295 |
3.065 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.147 |
0.048 |
|
(d) Long-term Loan and Advances |
|
0.063 |
0.063 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
2.505 |
3.176 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
86.285 |
53.380 |
|
(c) Trade receivables |
|
104.398 |
85.858 |
|
(d) Cash and cash
equivalents |
|
10.481 |
0.092 |
|
(e) Short-term loans and
advances |
|
0.446 |
0.183 |
|
(f) Other current assets |
|
1.629 |
0.881 |
|
Total Current Assets |
|
203.239 |
140.394 |
|
|
|
|
|
|
TOTAL |
|
205.744 |
143.570 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
13.984 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2.258 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
16.242 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
16.599 |
|
|
TOTAL BORROWING |
|
|
16.599 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
32.841 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.998 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.021 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
34.908
|
|
|
Sundry Debtors |
|
|
52.306
|
|
|
Cash & Bank Balances |
|
|
0.076
|
|
|
Other Current Assets |
|
|
3.916
|
|
|
Loans & Advances |
|
|
0.499
|
|
Total
Current Assets |
|
|
91.705
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
41.435
|
|
|
Other Current Liabilities |
|
|
18.472
|
|
|
Provisions |
|
|
0.025
|
|
Total
Current Liabilities |
|
|
59.932
|
|
|
Net Current Assets |
|
|
31.773
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.049 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
32.841 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
413.399 |
|
|
|
|
|
Other Income |
NA |
|
|
|
|
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TOTAL |
NA |
302.864 |
221.728 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
299.840 |
220.102 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.229 |
3.024 |
1.626 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.781 |
0.563 |
0.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.448 |
2.461 |
1.415 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.104 |
0.770 |
0.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.344 |
1.691 |
0.964 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.68 |
1.21 |
0.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
0.56
|
0.43
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.83
|
NA
|
NA
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.70
|
1.75
|
1.53
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.14
|
0.09
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.39
|
2.18
|
1.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.24
|
1.53
|
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 |
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10064983 |
16/07/2011 * |
150,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH, JASH CHAMBERS, GROUND FLOOR, SIR P. M ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B18244095 |
* Date of charge modification
NOTE
The Registered office of the company has been shifted from 505, Nainkripa, 5th Floor, 118/122,
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Long term
borrowings |
|
|
|
Directors |
|
|
|
Lakshmi Karnani |
0.000 |
1.544 |
|
Manish Karnani |
0.000 |
3.594 |
|
Other |
|
|
|
S.D. Karnani |
0.000 |
0.000 |
|
Manish Trade Link Private Limited |
2.247 |
0.000 |
|
Others |
|
|
|
Evergreen Traders Private Limited |
2.500 |
2.500 |
|
Siddharth International |
0.000 |
2.700 |
|
Chemtex Speciality Limited |
20.000 |
0.000 |
|
Total |
24.747 |
10.338 |
FIXED ASSETS
· Fax Machine
EPABX
Machine
Office
Equipments
Electric
Installation
Air
Condition
Computer
Other
Equipments
Water
Purifier
Mobile
Handset
Furniture
and Fixtures
Car
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 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.61.12 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.