MIRA
INFORM REPORT
|
Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
COMMANDER WATERTECH PRIVATE LIMITED (w.e.f. 26.09.2005) |
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|
|
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Formerly Known
As : |
PHENOWELD POLYMER PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.07.1971 |
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Com. Reg. No.: |
11-015206 |
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Capital
Investment / Paid-up Capital : |
Rs.6.580
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U24134MH1971PTC015206 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Marketing innovative Flushing Systems, Seat Covers,
Bathroom for Physically Challenged, Waterless Urinals, Macerataors for
basement toilets, Sanitary and Allied Product. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
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 190000 |
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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. There appears
some dip in the turnover and huge dip in the profitability of the company, as
this being the first year of full fledged production in the new factory more
effort were made to ensure proper establishment. The company has also
recorded huge external borrowings. 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
caution. |
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
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 |
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. Naren |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-66688103 |
|
Date : |
13.02.2013 |
LOCATIONS
|
Registered Office/ Head Office/ Warehouse : |
2nd Floor, |
|
Tel. No.: |
91-22-28571099/ 66688103/ 28574505/ 66947859/ 66949758/ 28570194 |
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Mobile No.: |
91-9987771028 (Mr. John) |
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Fax No.: |
91-22-28570234 |
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E-Mail : |
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Website : |
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|
Area : |
3000 Sq ft |
|
Location : |
Leased |
|
|
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|
Factory : |
Mohamod Ali Compound, Malvani, Malad (West), Mumbai, Maharashtra,
India |
|
Area : |
2000 Sq ft |
|
Location : |
Rented |
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|
|
|
Branch Office : |
Located at: ·
Ahmedabad ·
Bangalore ·
Chennai ·
Ernakulam ·
Kolkata ·
Delhi ·
Lucknow ·
Jaipur ·
Pune ·
Secunderabad |
DIRECTORS
As on 26.09.2012
|
Name : |
Mr. Munubhai Kalidas Parekh |
|
Designation : |
Director |
|
Address : |
10, Kailash Prakash, R.N.N. Marg, Ghatkopar (East), Mumbai – 400 077, |
|
Date of Birth/Age : |
03.01.1946 |
|
Date of Appointment : |
29.09.2009 |
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DIN No.: |
00068992 |
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|
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|
Name : |
Mr. Bhaskar Gopaldas Parikh |
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Designation : |
Director |
|
Address : |
Zandu Pharma Works Limited, 70, |
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Date of Birth/Age : |
13.09.1948 |
|
Date of Appointment : |
29.09.2009 |
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DIN No.: |
00663434 |
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|
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Name : |
Mrs. Neeta Bhaskar Parikh |
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Designation : |
Director |
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Address : |
Zandu Pharmacy, |
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Date of Birth/Age : |
02.06.1958 |
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Date of Appointment : |
29.09.2009 |
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DIN No.: |
01010797 |
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Name : |
Mr. Dhiren Shevantilal Shah |
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Designation : |
Director |
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Address : |
Prabhu Kunj, 5, Pedder Road, Cumbala Hill, Post Office, Gamdevi Police
Station, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
29.04.1956 |
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Date of Appointment : |
29.09.2009 |
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DIN No.: |
01149436 |
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|
|
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Name : |
Mr. Jimmy Bhaskar Parikh |
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Designation : |
Director |
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Address : |
1301/994, |
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Date of Birth/Age : |
05.09.1979 |
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Date of Appointment : |
06.09.2010 |
|
DIN No.: |
02411099 |
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Name : |
Mrs. Chhanda Bihari |
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Designation : |
Managing Director |
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Address : |
F-221, Geetanjali, Seven Bunglows, Versova, Mumbai – 400 061, |
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Date of Birth/Age : |
06.03.1957 |
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Date of Appointment : |
30.06.2007 |
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DIN No.: |
01752573 |
KEY EXECUTIVES
|
Name : |
Mr. Naren |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nova Tradex Private Limited, |
|
57000 |
|
Bhaskar Parikh (HUF) |
|
200 |
|
Shri Admor Private Limited, India |
|
1300 |
|
Jimmy B Parikh and Neeta Parikh |
|
1500 |
|
Chhanda Bhihari |
|
3000 |
|
Manubhai K. Parikh |
|
150 |
|
Dhiren Shevantilal Shah |
|
150 |
|
Janny K. Shah |
|
1200 |
|
Janny K. Shah and Neeta Parikh |
|
1300 |
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Total |
|
65800 |
As on 26.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
88.60 |
|
Directors or relatives of Directors |
11.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketing innovative Flushing Systems, Seat Covers, Bathroom
for Physically Challenged, Waterless Urinals, Macerataors for basement
toilets, Sanitary and Allied Product. |
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Products : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· Bank of India, Saki Naka Branch, Sagar Tech Plaza, Andheri Kurla Road, Sakinaka, Andhiri (East), Mumbai – 400 072, Maharashtra, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India Tel. No. : 91-22-66521308 · The Shamrao Vithal Co-Operative Bank Limited, Cuffe Parade, Mumbai - 400 005, Maharashtra, 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.B. Mody and Company Chartered Accountants |
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Address : |
3/102, |
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PAN.: |
AABPM8507D |
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Holding Company: |
Nova Tradex
Private Limited Address: 1301, CIN No.: U65990MH1988PTC049862 |
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Subsidiaries : |
Estee Home
Furnishing Industries Private Limited CIN No.: U36100MH1996PTC100073 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000 |
Equity Shares |
Rs.100/- each |
Rs.9.500 Millions |
|
5000 |
10% Preference Shares |
Rs.100/- each |
Rs.0.500 Million |
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65800 |
Equity Shares |
Rs.100/- each |
Rs.6.580
Millions |
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The details of
shareholders holding more than 5% shares
|
Name of Shareholder |
No. of Shares |
% held |
|
Nova Tradex Private Limited |
57000 |
87 |
No Shares has been issued or bought back during the current reporting year.
The company has issued one class of shares referred to as equity shares having a par value of Rs, 100 each. Each shareholder is entitled to one vote per share held. Thus dividend proposed by the board of Directors is to the approval of the shareholders in the ensuing Annual General Meeting.
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 |
6.580 |
6.580 |
6.330 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
42.778 |
42.776 |
29.856 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
49.358 |
49.356 |
36.186 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
86.419 |
59.961 |
5.526 |
|
|
2] Unsecured Loans |
35.063 |
32.720 |
8.716 |
|
|
TOTAL BORROWING |
121.482 |
92.681 |
14.242 |
|
|
DEFERRED TAX LIABILITIES |
4.169 |
2.148 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
175.009 |
144.185 |
50.428 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
119.060 |
102.713 |
25.647 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
22.069 |
22.074 |
0.071 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
39.880
|
32.784
|
24.685
|
|
|
Sundry Debtors |
8.780
|
19.058
|
23.705
|
|
|
Cash & Bank Balances |
4.827
|
13.986
|
8.204
|
|
|
Other Current Assets |
2.294
|
0.000
|
0.000
|
|
|
Loans & Advances |
3.755
|
24.609
|
11.000
|
|
Total
Current Assets |
59.536
|
90.437
|
67.594
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
25.292
|
52.173
|
26.110
|
|
|
Other Current Liabilities |
0.000
|
6.466
|
6.674
|
|
|
Provisions |
0.364
|
12.400
|
10.100
|
|
Total
Current Liabilities |
25.656
|
71.039
|
42.884
|
|
|
Net Current Assets |
33.880
|
19.398
|
24.710
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
175.009 |
144.185 |
50.428 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue |
181.117 |
200.409 |
204.455 |
|
|
|
Other Income |
NA |
NA |
|
|
|
|
TOTAL (A) |
NA |
NA |
204.455 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
184.813 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
184.813 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.360 |
22.867 |
Including Financial
Expenses |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.800 |
5.583 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.560 |
17.284 |
19.642 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.537 |
4.667 |
2.614 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.023 |
12.617 |
17.028 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.021 |
4.447 |
6.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.002 |
8.170 |
10.728 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.326 |
22.156 |
11.428 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
30.328 |
30.326 |
22.156 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.244 |
1.008 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.03 |
191.75 |
269.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
5.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.67
|
6.30 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.69
|
6.53 |
18.26
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.26 |
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.46
|
1.88 |
0.39
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
1.27 |
1.58
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
25.292 |
52.173 |
26.110 |
|
|
|
|
|
|
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 |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
The Gross Turnover for the year was Rs.198.877 Millions as compared to
Rs. 219.909 Millions in the last year.
PRODUCTION:
This being the first year of full fledged production in the new factory
more efforts were made to ensure proper establishment of best practices in
in-house manufacturing, Productivity and safety norms.
Conveyer system for assembly line was developed to ensure better
efficiency in operations.
Production levels were maintained satisfactorily to build inventory of
saleable products and in line with the sales.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowing |
|
|
|
Security Deposits from Customers |
11.798 |
|
|
Loan from Directors/ Relatives |
|
|
|
Bhaskar Gopaldas Parikh (HUF) |
22.500 |
32.720 |
|
Others |
0.000 |
|
|
Advance form Customers |
0.765 |
|
|
Total |
35.063 |
32.720 |
FIXED ASSETS
· Land at Pune (Talegaon)
· Plant and Machinery
· Moulds
· Computers
· Premises
· Furniture and Fixtures
· Electrical Fittings
· Office Equipments
· Air Conditioner
· Vehicles
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.53.87 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.