MIRA
INFORM REPORT
|
Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHERWIN-WILLIAMS PAINTS INDIA PRIVATE LIMITED (w.e.f 14.07.2007) |
|
|
|
|
Formerly Known
As : |
SMOOTH WORK PAINTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
158, Dani Corporate Park, 1st Floor, Vidya Nagari Marg,
Kalina, Santacruz (East), Mumbai – 400098, Maharashtra |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.11.2006 |
|
|
|
|
Com. Reg. No.: |
11-165555 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1617.776 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24222MH2006PTC165555 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS2902A |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Paints, Industrial Coatings,
Marine Coatings. |
|
|
|
|
No. of Employees
: |
312 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1220000 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Exist |
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|
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|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company which
seems to be increasing. However, trade relations are reported as fair. Business sis active.
Payment terms are slow. 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. Bhavesh Suthar |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-66113366 |
|
Date : |
19.02.2013 |
LOCATIONS
|
Registered Office : |
158, Dani Corporate Park, 1st Floor, Vidya Nagari Marg,
Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
91-22-66113366 / 27464835 |
|
Mobile No.: |
91-9867550115 (Mr. Tushar) |
|
Fax No.: |
91-22-66113355 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory: |
J-90, MIDC Taluja MIDC, Raigad – 410208, |
|
Tel. No.: |
91-22-27402979 |
|
Area: |
Owned |
DIRECTORS
(AS ON 28.09.2012)
|
Name : |
Mr. Louis Eugene Stellato |
|
Designation : |
Director |
|
Address : |
3365, Arboy Way, Westlake Ohio-44145, United States of America |
|
Date of Birth/Age : |
05.11.1950 |
|
Date of Appointment : |
20.11.2008 |
|
DIN No.: |
02430381 |
|
|
|
|
Name : |
Mr. Sean Patrick Hennessy |
|
Designation : |
Director |
|
Address : |
1280, Rue Saint Georges, West Lake Ohio-44145, United States of
America |
|
Date of Birth/Age : |
16.09.1957 |
|
Date of Appointment : |
20.11.2008 |
|
DIN No.: |
02462025 |
|
|
|
|
Name : |
Mr. George Joseph Mccarthy |
|
Designation : |
Additional Director |
|
Address : |
3905, Champions
CT, Flower Mound, Texas, 75028, United States of America |
|
Date of Appointment : |
31.01.2011 |
|
DIN No.: |
03405092 |
|
|
|
|
Name : |
Mr. Jairajrama Hegde |
|
Designation : |
Director |
|
Address : |
Flat No.2-B, Plot No.409, 18th Main, 4th T
Block, Jayanagar, Bangalore - 560041, Karnataka, India |
|
Date of Appointment : |
16.06.2011 |
|
DIN No.: |
03547407 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavesh Suthar |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Tushar |
|
Designation : |
Sales Assistant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Purdy International Corporation |
|
10 |
|
Sherwin Williams Company, USA |
|
161777566 |
|
|
|
|
|
Total |
|
161777576 |
(AS ON 29.09.2012)
Equity Shares Break – up
|
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, Exporter and Importer of Paints, Industrial Coatings,
Marine Coatings. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
China |
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Imports : |
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Products : |
Paints |
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Countries : |
· Saudi Arabia · Australia · UK · USA |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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|
|
|
No. of Employees : |
312 (Approximately) |
|
|
|
|
Bankers : |
·
Citi Bank Fort Branch, Mumbai, Maharashtra, India Contact No.: 91-22-40005922 |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountants |
|
Address : |
310, Ahura
Centre, 82 Mahakali Caves Road, Andheri (East) Mumbai – 400093, Maharashtra, India
|
|
Tel. No.: |
91-22-22875770/ 66515570 |
|
Fax No.: |
91-22-22875771 |
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E-Mail : |
|
|
Website : |
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|
PAN No. : |
AAQFS7647M |
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|
|
|
Holding Company : |
·
Sherwin-Williams
Company, USA |
|
|
|
|
Fellow Subsidiary (As on 31.03.2011): |
·
Ronseal
Inc, |
CAPITAL STRUCTURE
(AS ON 28.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
165000000 |
Equity Shares |
Rs.10/- each |
Rs.1650.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
161777576 |
Equity Shares |
Rs.10/- each |
Rs.1617.776 Millions
|
|
|
|
|
|
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 |
1617.776 |
1390.606 |
1390.606 |
|
|
2] Share Application Money |
0.000 |
227.170 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1313.401) |
(1081.048) |
(866.769) |
|
|
NETWORTH |
304.375 |
536.728 |
523.837 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
94.846 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
94.846 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
304.375 |
536.728 |
618.683 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
86.240 |
270.044 |
306.330 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
20.175 |
|
|
GOODWILL |
0.000 |
0.000 |
121.234 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
196.602
|
170.827 |
128.661
|
|
|
Sundry Debtors |
307.674
|
288.127 |
257.369
|
|
|
Cash & Bank Balances |
28.368
|
22.999 |
19.171
|
|
|
Other Current Assets |
4.857
|
16.053 |
25.530
|
|
|
Loans & Advances |
27.999
|
31.715 |
42.591
|
|
Total
Current Assets |
565.500
|
529.721 |
473.322 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
282.866
|
207.274 |
256.390 |
|
|
Other Current Liabilities |
54.382
|
46.117 |
30.730
|
|
|
Provisions |
10.117
|
9.646 |
15.258
|
|
Total
Current Liabilities |
347.365
|
263.037 |
302.378
|
|
|
Net Current Assets |
218.135
|
266.684 |
170.944
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
304.375 |
536.728 |
618.683 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1021.474 |
945.263 |
759.245 |
|
|
|
Other Income |
NA |
NA |
10.473 |
|
|
|
TOTAL (A) |
NA |
NA |
769.718 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
|
|
228.655 |
|
|
|
Raw Material Consumed |
|
|
412.695 |
|
|
|
Finished Goods Purchases |
|
|
4.654 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
(14.374) |
|
|
|
Employees Remuneration and Benefit |
|
|
135.294 |
|
|
|
TOTAL (B) |
NA |
NA |
766.924 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
2.794 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
8.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(6.109) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
206.994 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
NA |
(213.103) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(232.353) |
(214.278) |
(213.103) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(653.666) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(866.769) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Sales |
0.693 |
0.608 |
1.497 |
|
|
TOTAL EARNINGS |
0.693 |
0.608 |
1.497 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
110.420 |
128.497 |
81.378 |
|
|
|
Finished Goods |
2.029 |
2.685 |
2.951 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.183 |
|
|
TOTAL IMPORTS |
112.449 |
131.182 |
84.512 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.49) |
(1.54) |
(1.53) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
(27.69)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
(28.07)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
(27.33)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
(0.41)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
2.01 |
1.57
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Due to Micro and Small Enterprises |
282.866
|
207.274 |
|
|
|
|
|
Total |
282.866
|
207.274 |
|
Particulars |
31.03.2010 (Rs. In Millions) |
|
Sundry Creditors
|
|
|
Due to Micro and Small Enterprises |
8.504 |
|
Others |
247.886 |
|
|
|
|
Total |
256.390 |
|
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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
-------------------------------------------------------------------------------------------------------------------------------------------------------
LITIGATION DETAILS
|
Petitioner |
Date if
Registration |
Month |
Year |
Registration No. |
Name of the
Importer |
|
|
|
|
|
|
|
|
Mumbai Customs Zone - I |
05.01.2009 |
Jan-11 |
2009 |
S/9-3 GATT/09 GVC |
Sherwin Williams Paints India Private Limited |
-------------------------------------------------------------------------------------------------------------------------------------------------------
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Bank guarantees given by bank on behalf of the Company |
1.765 |
1.665 |
|
Claims against the Company not acknowledged as debts |
0.771 |
0.000 |
FIXED ASSETS:
Tangible Assets
·
Land
·
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fittings
(Leasehold premises and others)
·
Computers
·
Vehicles
Intangible Assets
·
Distribution Network
·
Non Compete Fees
·
Co-operation Agreement
·
Software Licence
·
Brands / Trademarks
·
Corporate Name Licence
Fees
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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.