MIRA INFORM REPORT
|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUPERMAX PERSONAL CARE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Malhotra House, Opposite GPO, Fort, Mumbai - 400001,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
03.09.2010 |
|
|
|
|
Com. Reg. No.: |
11-207411 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310MH2010PTC207411 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES29813A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAOCS7144Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Shaving Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations re fair. Business is active. Payment terms are usually
correct. The company can be considered 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
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.
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. Mukesh |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-39291068 |
|
Date : |
28.08.2013 |
LOCATIONS
|
Registered Office : |
4th Floor, Malhotra House, Opposite GPO, Fort, Mumbai -
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22697584 / 85 / 39291092 / 39291068 |
|
Fax No.: |
91-22-22695292 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
6th Floor, Hamilton A, Hiranandani Estate, Ghodbunder Road,
Thane (West), Thane - 400607, Maharashtra, India |
|
Tel. No.: |
91-22-39291000 |
|
Fax No.: |
91-22-39167197 |
|
|
|
|
Factory : |
Wagle Estate, P.O. L.B.S Marg, Thane - 400604 (West), Maharashtra,
India |
|
Tel No.: |
91-22-40451000 |
|
Fax No.: |
91-22-25823415 |
|
|
|
|
Hyderabad Office : |
Plot No.2 and 2B, Phase-IV, IDA Jeedimetla, Hyderabad - 500055, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-23095241 / 27 |
|
Fax No.: |
91-40-23095302 |
DIRECTORS
As on: 24.12.2011
|
Name : |
Mr. Amit Bhansali |
|
Designation : |
Director |
|
Address : |
1/4/1, Watkins Lane, Howrah - 711101, West Bengal, India |
|
Date of Birth/Age : |
28.12.1979 |
|
Date of Appointment : |
11.04.2011 |
|
PAN No.: |
AFOPB7997N |
|
DIN No.: |
02625472 |
|
|
|
|
Name : |
Mr. Kunal Uddhavdas Agarawal |
|
Designation : |
Director |
|
Address : |
18, Moti Building, 4th Floor, Iind Fanaswadi, Room No.63/64,
Chira Bazar, Mumbai-400002, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1982 |
|
Date of Appointment : |
29.09.2011 |
|
PAN No.: |
AHXPA6244J |
|
DIN No.: |
03639047 |
|
|
|
|
Name : |
Mr. Sidhartha Suri |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. E-300, Reserve Bank Staff Quarters, Maratha Mandir Marg,
Byculla, Mumbai-400008, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1972 |
|
Date of Appointment : |
06.02.2013 |
|
DIN No.: |
03344278 |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 24.12.2011
|
Names of Shareholders |
No. of Shares |
|
Supermax Singapore Ptd. Limited, Singapore |
47599 |
|
Supermax Luxembourg S.A.R.L, Luxembourg |
1 |
|
|
|
|
Total |
47600 |
Equity Share Break up (Percentage of Total Equity)
As on: 24.12.2011
|
Category |
|
Percentage |
|
|
|
|
|
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 Shaving Products. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
Africa |
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
Japan |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash, Credit and Depend |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Installed
Capacity |
-- |
361 |
|
|
||
|
Particulars |
Unit |
Actual
Production |
|
Safety Major Blades |
Pkts. |
2000 |
|
Twin type shaving |
Pkts. |
169 |
|
Semi finished (twin type shaving) |
Pkts. |
19 |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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No. of Employees : |
Information declined by the management |
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Bankers : |
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||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
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.: |
AAIFB4734C |
|
|
|
|
Ultimate Holding
Company : |
Supermax Offshore Holdings |
|
|
|
|
Holding Company : |
Supermax Singapore Pte Limited |
|
|
|
|
Fellow Subsidiary
Company : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.500 |
0.500 |
|
(b) Reserves & Surplus |
|
1701.900 |
1456.800 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
1702.400 |
1457.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
711.500 |
712.000 |
|
(b) Deferred tax liabilities (Net) |
|
64.800 |
(13.700) |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
252.400 |
177.600 |
|
Total Non-current
Liabilities (3) |
|
1028.700 |
875.900 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1573.000 |
1441.900 |
|
(b) Trade payables |
|
1807.400 |
1948.400 |
|
(c) Other current liabilities |
|
637.200 |
2076.800 |
|
(d) Short-term provisions |
|
112.300 |
7.300 |
|
Total Current
Liabilities (4) |
|
4129.900 |
5474.400 |
|
|
|
|
|
|
TOTAL |
|
6861.000 |
7807.600 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2472.200 |
2587.700 |
|
(ii) Intangible Assets |
|
36.500 |
48.600 |
|
(iii) Capital work-in-progress |
|
328.400 |
288.300 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
39.200 |
30.600 |
|
Total Non-Current
Assets |
|
2876.300 |
2955.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1005.400 |
751.200 |
|
(c) Trade receivables |
|
2220.000 |
2575.000 |
|
(d) Cash and cash equivalents |
|
36.000 |
886.800 |
|
(e) Short-term loans and advances |
|
161.800 |
246.800 |
|
(f) Other current assets |
|
561.500 |
392.600 |
|
Total Current
Assets |
|
3984.700 |
4852.400 |
|
|
|
|
|
|
TOTAL |
|
6861.000 |
7807.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
7662.200 |
109.300 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
1036.400 |
(21.700) |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
|
632.000 |
20.000 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
278.000 |
8.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
404.400 |
(41.700) |
|
|
|
|
|
|
|
|
|
|
TAX |
|
159.300 |
(13.700) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
245.100 |
(28.000) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(28.000) |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
217.100 |
(28.000) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
3880.900 |
2.022 |
|
|
TOTAL EARNINGS |
|
3880.900 |
2.022 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
670.400 |
10.051 |
|
|
TOTAL IMPORTS |
|
670.400 |
10.051 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
4902.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
3.20 |
(25.62) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.19 |
(0.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.24 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
1.34 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.96 |
0.89 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
0.900 |
0.500 |
|
|
|
|
|
Total |
0.900 |
0.500 |
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATIONS:
During the period, the company registered a Sales Turnover (including exports) of Rs. 7419.300 Millions, Domestic sales amounted to Rs. 3587.600 Millions, whereas Export sales were Rs. 3831.7000 Millions, during the year.
During the year, there was no change in the Board of Directors of the company.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Rupee term loans from others |
95.200 |
16.400 |
|
Intercorporate borrowings |
0.200 |
1.700 |
|
|
|
|
|
Total |
95.400 |
18.100 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10362126 |
29/05/2012 |
915,000.00 |
PUNJAB NATIONAL BANK |
PNB HOUSE, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B42234161 |
|
2 |
10289018 |
28/05/2011 * |
2,409,000,000.00 |
PUNJAB NATIONAL BANK |
THAKUR MANSION, THAKUR MANSION ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
B15035157 |
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
Intangible Assets
- Goodwill
- 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 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.69.36 |
|
|
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
49 |
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.