MIRA
INFORM REPORT
|
Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
RISHI FIBC SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Indra Complex, 7th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.02.2007 |
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Com. Reg. No.: |
04-049943 |
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Capital
Investment/ Paid-up Capital: |
Rs.130.000
Millions |
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CIN No.: [Company Identification
No.] |
U25209GJ2007PTC049943 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDR01529D |
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PAN No.: [Permanent Account No.] |
AADCR5130N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Flexible Intermediate Bulk
Containers. |
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No of Employees
: |
800 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
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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 as fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered normal 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
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 |
A3 [Bank Guarantee] [Upgraded From A4+] |
|
Rating Explanation |
Moderate degree of safety it carry higher credit risk. |
|
Date |
31.07.2012 |
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Rating Agency Name |
CRISIL |
|
Rating |
BBB – [Cash Credit] [Upgraded From BB+] |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
31.07.2012 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Alok |
|
Designation : |
Finance Manager |
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Contact No.: |
91-2662-305000 |
|
Date : |
29.01.2013 |
LOCATIONS
|
Registered Office/ Corporate Office 1 : |
Indra Complex, 7th Floor, |
|
Tel. No.: |
91-2662-305000 91-265-2657125 / 6590302 / 3 |
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Fax No.: |
91-2662-305015 91-265-2635870 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office 2/ Factory : |
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DIRECTORS
AS ON 12.09.2012
|
Name : |
Mr. Arvind Narayanprasad Nopany |
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Designation : |
Managing Director |
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Address : |
11-A , Nilamber Bungalows-1, Sayed |
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Date of Birth/Age : |
29.03.1965 |
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Date of Appointment : |
06.02.2007 |
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PAN No : |
AAAPN8927F |
|
00148521 |
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Name : |
Mr. Harshad Bhavanbhai Patel |
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Designation : |
Director |
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Address : |
8-B, Suvas Apartment 68 F, Neapean Sea Road, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
06.05.1957 |
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Date of Appointment : |
06.02.2007 |
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DIN No : |
00164228 |
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Name : |
Mr. Joseph Francis |
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Designation : |
Whole Time Director |
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Address : |
B-4, Arunoday Society, R C. Dutt Road, Alkapuri, Vadodara – 390 005, |
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Date of Birth/Age : |
31.05.1967 |
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Date of Appointment : |
19.12.2007 |
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DIN No : |
01821357 |
KEY EXECUTIVES
|
Name : |
Mr. Alok |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.09.2012
|
Names of Shareholders |
No. of Shares |
|
Arvind Narayanprasad Nopany |
7601900 |
|
Harshad B. Patel |
100 |
|
Devyani Nopany |
40000 |
|
Rishi Nopany |
10000 |
|
Joseph Francis |
1200000 |
|
Nalini Sekhsaria |
4000000 |
|
Rohit Trivedi |
46000 |
|
Ashutosh K. Roy |
60000 |
|
Moncy Jose |
30000 |
|
Alok Rathi |
12000 |
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|
|
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TOTAL |
13000000 |
AS ON 12.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
98.86 |
|
Other
top fifty shareholders |
|
1.14 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Flexible Intermediate Bulk
Containers. |
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Products : |
v
Coated/ Uncoated Circular Bag v
Single v
Peanut Bag v
Dissipative Bag v
U Panel Bag v
2 v
Asbestos Bag v
Baffle or Q Bag v
4 Panel Bag v
Baffle Liner
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Exports : |
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Products : |
Flexible Intermediate Bulk Containers |
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Countries : |
·
USA ·
Canada ·
New Zealand |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
Saudi Arabia ·
Qatar ·
Oman |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
800 [Approximately] |
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Bankers : |
v
State Bank of v
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India v
Centurion Bank of Punjab Limited, Productivity House,
v
HSBC Bank v
Citibank N.A. v
Corporation Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
S.G. Bhagwat and Company Chartered Accountants |
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Address : |
116-118 |
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Tel. No.: |
91-265-6621591/ 592 |
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E-Mail : |
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PAN No: |
AAGFS0669H |
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Associates/ Subsidiaries : (As on 31.03.2011) |
v
Garrison Polysacks Private Limited, Vadodara,
Gujarat, India Activity: Manufacturer of
Cement Bags. v
Dan Cement Trading Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13000000 |
Equity Shares |
Rs.10/- each
|
Rs.130.000
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 |
|
|
|
|
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1] Share Capital |
130.000 |
130.000 |
130.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
146.704 |
63.121 |
19.038 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
276.704 |
193.121 |
149.038 |
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LOAN FUNDS |
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1] Secured Loans |
323.183 |
326.519 |
273.026 |
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2] Unsecured Loans |
52.001 |
72.001 |
72.001 |
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TOTAL BORROWING |
375.184 |
398.520 |
345.027 |
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DEFERRED TAX LIABILITIES |
18.092 |
12.857 |
6.550 |
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|
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TOTAL |
669.980 |
604.498 |
500.615 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
479.863 |
426.180 |
365.677 |
|
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Capital work-in-progress |
11.268 |
17.027 |
0.000 |
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INVESTMENT |
0.000 |
5.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
108.078
|
115.001 |
58.962 |
|
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Sundry Debtors |
121.968
|
105.524 |
82.958 |
|
|
Cash & Bank Balances |
15.495
|
10.100 |
11.421 |
|
|
Other Current Assets |
2.931
|
8.823 |
0.000 |
|
|
Loans & Advances |
68.774
|
49.530 |
45.407 |
|
Total
Current Assets |
317.246
|
288.978 |
198.748 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
45.734
|
62.154 |
30.450 |
|
|
Other Current Liabilities |
68.852
|
49.563 |
33.622 |
|
|
Provisions |
23.811
|
20.970 |
3.078 |
|
Total
Current Liabilities |
138.397
|
132.687 |
67.150 |
|
|
Net Current Assets |
178.849
|
156.291 |
131.598 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
3.340 |
|
|
|
|
|
|
|
|
TOTAL |
669.980 |
604.498 |
500.615 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
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|
|
|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
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TOTAL |
1072.202 |
769.827 |
486.233 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
923.260 |
678.449 |
453.008 |
|
|
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|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
148.942 |
91.378 |
33.225 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
37.870 |
28.350 |
15.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
111.072 |
63.028 |
18.014 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
27.458 |
18.868 |
9.501 |
|
|
|
|
|
|
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|
|
|
PROFIT / (LOSS)
AFTER TAX |
83.614 |
44.160 |
8.513 |
|
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|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
946.900 |
718.302 |
NA |
|
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|
|
|
|
|
|
IMPORTS |
180.700 |
126.668 |
NA |
|
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|
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|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.43 |
3.40 |
0.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.80
|
5.74 |
1.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.93
|
8.81 |
3.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.33 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.85
|
2.75 |
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.17 |
2.96 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
45.734
|
62.154 |
30.450 |
|
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 |
-- |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Loans and Advances From Director and Related Parties |
52.001 |
72.001 |
|
TOTAL
|
52.001 |
72.001 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10172479 |
|
Corporate
identity number of the company |
U25209GJ2007PTC049943 |
|
Name of the
company |
RISHI FIBC
SOLUTIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Indra Complex, 7th Floor, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Mid
Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle,
Vadodara – 390 007, Gujarat, India Email: vikash_kumar@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum
relating to Deposit of title deeds for creation of further charge where the
initial charge was created by way of Mortgage by Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
12.09.2012 |
|
Amount secured by
the charge |
Rs.688.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC - 3% above Base
Rate, TL-I and IV 3.10% above Base Rate, TL-II, III and V - 3.15% above Base
Rate with monthly rest Terms of Repayment CC - On demand,
Term Loans - I, II, III and IV - as per existing terms and conditions, Term
Loan - V in 60 monthly installments - 59 monthly installments of Rs.1.100
Millions each and last installment of Rs.1.700 Millions Margin RM (Domestic and
Imported), SIP, FG - 25%, Receivables (Cover period 90 days) - 35%, EPC, LC
and BG - 10%, Term Loan - V 33.40% Extent and Operation of the charge Mortgage of
Immovable properties more particularly described in Second Schedule of the
Memorandum relating to Deposit of title deeds for creation of further charge
where the initial charge was created by way of Mortgage by Deposit of Title
Deeds |
|
Short particulars
of the property charged |
A- All that piece
and parcel of the land bearing old RS No.147, New Block No.138/B, Adm.
1-65-25 Hector (16525 Sq. Mtrs) lying being and situated at Vill: mouje Ranu,
Tal:Padra, Dist: Baroda B- All that piece
and parcel of the land bearing old RS No.151 and 153, New Block No.139, Adm.
1-32-00 Hector lying being and situated at Vill: mouje Ranu, Tal: Padra,
Dist: Baroda C- All that piece
and parcel of the land bearing old RS No.148, New Block No.1144, Adm. 1-62-32
Hector lying being and situated at Vill: mouje Ranu, Tal: Padra, Dist: Baroda D- All that piece
and parcel of the land bearing old RS No.593 paiki, Pursa Road Factory
premises, Adm. 12141 Sq. Mtrs and 15784 Sq. Mtrs at and P O Amod, Tal: Amod,
Dist: Bharuch |
|
Date of latest
modification prior to the present modification |
13.10.2011 |
|
Particulars of
the present modification |
By this execution
the charge over immovable properties extended to cover revised credit facilities
from Rs.563.200 Millions to Rs.688.200 Millions -Cash Credit - Rs.300.000
Millions + TL-I (O/s) Rs.49.900 Millions + TL-II (O/s) Rs.51.200 Millions +
TL-III (O/s) Rs.56.900 Millions + TL-IV (O/s) Rs.24.500 Millions + TL-V (New)
Rs.66.600 Millions + Letter of Credit Rs.120.000 Millions + Bank Guarantee
Rs.10.000 Millions + Credit exposure Limit Rs.9.100 Millions aggregating to
Rs.688.200 Millions |
CONTINGENT
LIABILITY NOT PROVIDED FOR:
1.
Estimated amount of Contract remaining to be executed
on Capital account not provided for Rs. 7.031 Millions (P.Y. Rs.18.562
Millions)
2.
Bill Discounted with Bank for Rs. 5.737 Millions
(P.Y. Rs. 9.144 Millions)
FIXED ASSETS:
v Land and Land Development
v Building
v Vehicles
v Computers and Peripherals
v Electrical Installation
v Furniture and Fixtures
v Office Equipments
v Plant and Machinery
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.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.