MIRA
INFORM REPORT
|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VAIGHAI CHEMICALS INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Vaigai House, No. 39(B), Anna Nagar, Madurai-625 020, Tamilnadu |
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Country : |
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|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.03.1980 |
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Com. Reg. No.: |
18-008156 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.9.390
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24111TN1980PLC008156 |
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|
|
|
IEC No.: |
3591000477 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIV00356G |
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|
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PAN No.: [Permanent Account No.] |
AAACV4725A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Chemicals, Edible Oil and Cotton Yards. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 37000 |
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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 record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Long term Rating) |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
February 17.02.2012 |
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 Office : |
Vaigai House, No. 39(B), Anna Nagar, Madurai-625020, Tamilnadu, India |
|
Tel. No.: |
91-452-2532515 |
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Fax No.: |
91-452-2522905 |
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E-Mail : |
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Website : |
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|
Area : |
8000 sq ft |
|
Location : |
Owned |
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|
|
|
Textile Division : |
Vaighai Finetex Limited 110/3, Nilakottai-Salaiputhur Road Kodanginaickenpatti Village Nilakottai Taluk – 624208, Tamilnadu, India |
|
Tel. No.: |
91-4543-233671 / 233122 |
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Fax No.: |
91-4543-233671 |
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Oil Division 1 : |
Vaigai Oils 350/1, Nagari-Sholavandan Road, Thanichiyam Village,
Vadipatti Taluk |
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Tel. No.: |
91-4543-258090 / 258091 |
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Fax No.: |
91-4543-258092 |
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Oil Division 2 : |
Vaigai Agro
Products 315/1 to 14, Tamilur Adaikalapattinam Post, Alangulam Taluk Tirunelveli District – 627808, Tamilnadu, India |
|
Tel. No.: |
91-4633-250114 |
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Fax No.: |
91-4633-250652 |
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Chemical Division : |
Vaigai Industries 32/1 and 32/2, Melakasakudy Village, Nedungadu Commune, Karaikal -609603, Tamilnadu, India |
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Tel. No.: |
91-4368-261375 |
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Fax No.: |
91-4368-262075 |
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E-Mail : |
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Area : |
Owned |
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|
|
|
Overseas Office : |
Vaigai Lanka
Private Limited 122, Negombo Road, Peliyagoda, Sri Lanka |
DIRECTORS
As on: 18.07.2012
|
Name : |
Mr. Dhanasekaran Periyasamy Nadar |
|
Designation : |
Whole-time-Director |
|
Address : |
Old No. 309, New 39/309, Anna Nagar, Madurai-625020, |
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Date of Birth/Age : |
12.09.1947 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.10.2008 |
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|
Name : |
Mr. Karunakaran Arjunan |
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Designation : |
Managing director |
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Date of Birth/Age : |
12.06.1958 |
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Date of Appointment : |
16.08.2010 |
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DIN No.: |
03186033 |
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|
|
|
Name : |
Mr. Chinnadurai |
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Designation : |
Director |
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Date of Birth/Age : |
20.03.1953 |
|
Date of Appointment : |
07.01.2011 |
|
DIN No.: |
03380725 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals, Edible Oil and Cotton Yards. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank Of Indthe Tamilnad Ind. Investment Corporation Limited, 9 Spencer Cpompound Thiruv Alluvar Salai, Dindigul - 624003, Tamil Nadu, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B Thiagarajan And Co Chartered Accountant |
|
Address : |
No.24 Yogambal Street, T.Nagar, Madurai, Tamil Nadu, India |
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PAN.: |
AADFB9485H |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325000 |
Equity Shares |
Rs.100/- each |
Rs.32.500 Millions |
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|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93901 |
Equity Shares |
Rs.100/-
each |
Rs.9.390
Millions |
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|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.390 |
9.390 |
9.390 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
99.322 |
88.605 |
80.751 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
108.712 |
97.995 |
90.141 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
32.738 |
88.734 |
74.308 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
5.220 |
|
|
TOTAL BORROWING |
32.738 |
88.734 |
79.528 |
|
|
DEFERRED TAX LIABILITIES |
3.554 |
3.785 |
3.820 |
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|
|
|
|
|
|
|
TOTAL |
145.004 |
190.514 |
173.489 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
130.273 |
137.734 |
147.036 |
|
|
Capital work-in-progress |
0.000 |
3.037 |
3.037 |
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|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.414
|
42.006 |
30.716 |
|
|
Sundry Debtors |
24.238
|
16.567 |
9.377 |
|
|
Cash & Bank Balances |
0.786
|
3.997 |
1.736 |
|
|
Other Current Assets |
8.172
|
4.573 |
0.000 |
|
|
Loans & Advances |
6.882
|
6.961 |
5.593 |
|
Total
Current Assets |
102.492
|
74.104 |
47.422 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
1.805 |
|
|
Other Current Liabilities |
82.269
|
19.285 |
11.595 |
|
|
Provisions |
5.492
|
5.076 |
10.606 |
|
Total
Current Liabilities |
87.761
|
24.361 |
24.006 |
|
|
Net Current Assets |
14.731
|
49.743 |
23.416 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
145.004 |
190.514 |
173.489 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
202.368 |
170.284 |
743.898 |
|
|
|
Other Income |
6.248 |
0.602 |
7.406 |
|
|
|
TOTAL (A) |
208.616 |
170.886 |
759.084 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / Decrease in WIP and Finished Goods |
(3.241) |
(8.826) |
697.599 |
|
|
|
Cost of Goods Sold |
45.550 |
51.453 |
|
|
|
|
Other Manufacturing Expenses |
72.872 |
54.312 |
|
|
|
|
Employee Benefit Expenses |
12.222 |
10.525 |
|
|
|
|
Administrative and Selling Expenses |
29.838 |
24.676 |
|
|
|
|
TOTAL (B) |
157.241 |
132.14 |
697.599 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
51.375 |
38.144 |
61.485 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.498 |
12.549 |
16.056 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.877 |
25.595 |
45.429 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.533 |
10.424 |
15.484 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
22.344 |
15.172 |
29.945 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.262 |
2.937 |
10.584 |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-H) (I) |
15.082 |
12.235 |
19.361 |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
55.845 |
203.408 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
NA |
NA |
166.924 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
55.845 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
47.215 |
34.352 |
53.025 |
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
C.I.F. Value of Import |
50.667 |
0.000 |
52.918 |
|
|
TOTAL IMPORTS |
50.667 |
0.000 |
52.918 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
160.62 |
130.29 |
95.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.23
|
7.16 |
2.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.04
|
8.91 |
4.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.60
|
7.16 |
15.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.15 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.30
|
0.91 |
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
3.04 |
1.98 |
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 |
No |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
OPERATIONAL REVIEW:
During the year, the Company achieved Sales of Rs.202.368 Millions as against Rs.170.284 Millions reported previous year. The Profit after taxes was Rs. 15.082 Millions for the year as compared to Rs.12.235 Millions during the previous year. The Directors are taking appropriate measures to increase the profit in from coming years.
FUTURE PROSPECTS:
The finished goods prices are more or less sustainable in Indian context; however the margin shirks due to higher level of input cost. The expansion plan is awaiting sanctions/permits from various Government agencies. Once, everything is in place for company's initiatives to improve the volume will fructify.
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Sr. |
Description |
31.03.2012 |
31.03.2011 |
|
1. |
To Banks |
|
|
|
|
- Under Bank Guarantee |
4.136 |
4.136 |
|
|
- Under Letter of Credit |
4.089 |
3.997 |
|
2 |
Estimated Amount of .Contracts pending to be executed on Capital Account (Net of Advances), not provided for |
1.000 |
3.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U24111TN1980PLC008156 |
|
Name of the
company |
VAIGHAI CHEMICAL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Vaigai House, No. 39(B), Anna Nagar, Madurai-625020, Tamilnadu, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90288805 |
|
Type of charge |
· Immovable property · Book debts · Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, 6A, West Veli Street, Madurai-625001, Tamilnadu, India |
|
Nature of instrument
creating charge |
1. Letter regarding the grant of individual limits within the overall limit-Form C 5 2. No Instrument is executed. Xerox copy of Letter confirming Extension of Equitable Mortgage in Form "B" is enclosed |
|
Date of instrument
Creating the charge |
25.19.2012 |
|
Amount secured by
the charge |
Rs.90.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Margin RM/SIP/FG/Stores & Spares/Receivables/LC/BG - 25% Extent and Operation
of the charge The Charge operates as Exclusive First Charge in favour of the Bank as security for the Overall Limit of Rs.99.000 Millions, together with interest, commission, cost, charges and other expenses that may accrue and/or be debited to the company's accounts from time to time. Others Cover period for Receivables - 60 days |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hyp. of Stock, Book Debts, Plant and Machinery and other movable fixed assets and EM on company's Immovable properties. Full details are as per attachment |
|
Date of
instrument modifying the charge |
22.01.2011 |
|
Particulars of
the present modification |
Within the existing OL of Rs.414.500 Millions. the aggregate of the individual limits is increased from Rs.63.200 Millions to Rs.99.000 Millions Extension of Hyp. as Exclusive First Charge of Companies all present and future Stocks, Book Debts, Plant and Machinery, other movable fixed assets and EM as EXECULSIVE FIRST CHARGE on company's Immovable Properties, as security for the increased aggregate limits of Rs.99.000 Millions. together with interest and all other monies due by the Company to the Bank. All other terms and conditions remain unaltered. |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and
Machinery
·
Furniture
and Fittings
·
Computer
Equipments
·
Vehicles
·
Office
Equipments
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.53.29 |
|
|
1 |
Rs.83.97 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
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 |
4 |
|
--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 |
|
44 |
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.
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