MIRA INFORM REPORT
|
Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PERFETTI VAN MELLE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
47th Milestone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.06.1992 |
|
|
|
|
Com. Reg. No.: |
05-036116 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.495.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909HR1992PTC036116 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKP04072F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2626A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Marketer of Confectionery Products, i.e. Chewing Gums and Toffees. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a
subsidiary of Perfetti Van Melle Holding B.V., The Netherlands. It is a well
established company having good track record. The company’s financial
position appears to be sound. The performance capacity seems to be high.
There are no external borrowings reported. Trade relations
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitments. The company can
be considered normal for normal 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 / Factory 1 : |
47th Milestone, |
|
Tel. No.: |
91-124-2290337/ 2290341 |
|
Fax No. : |
91-124-2290342 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1st Floor , Tower A, Global |
|
Tel. No.: |
91-124-3079171 |
|
Fax No.: |
91-124-2803212 |
|
|
|
|
Factory 2 : |
Chennai Factory No.7, |
|
|
|
|
Factory 3 : |
Rudrapur Factory Plot No.14/B, Sector 9, Integrated Industrial Estate, Pant Nagar,
Rudrapur- 263 153, District – Udham Singh Nagar, |
|
Tel. No.: |
91-5911-245874 |
|
|
|
|
Sales Office : |
Located at:
|
DIRECTORS
As on: 26.09.2012
|
Name : |
Mr. Shikhermal Surana |
|
Designation : |
Director |
|
Address : |
164, |
|
Date of Birth/Age : |
25.01.1949 |
|
Date of Appointment : |
16.12.2002 |
|
DIN No.: |
00023553 |
|
|
|
|
Name : |
Mr. Abhey Yograj |
|
Designation : |
Director |
|
Address : |
N-94, |
|
Date of Birth/Age : |
01.09.1943 |
|
Date of Appointment : |
26.06.1992 |
|
DIN No.: |
00029998 |
|
|
|
|
Name : |
Mr. Stefeno Pelle |
|
Designation : |
Director |
|
Address : |
Al Barsha lll, Plot 375, Street No.22C, Villa No.38, |
|
Date of Birth/Age : |
19.02.1964 |
|
Date of Appointment : |
17.04.2006 |
|
DIN No.: |
00088104 |
|
PAN No.: |
AGYPP4211E |
|
|
|
|
Name : |
Mr. Harsh Kumar Arora |
|
Designation : |
Director |
|
Address : |
House No.12, Road No.6 (12/6), East Punjabi Bagh, |
|
Date of Birth/Age : |
27.08.1959 |
|
Date of Appointment : |
11.06.2007 |
|
DIN No.: |
00132859 |
|
PAN No.: |
ABNPA2171N |
|
|
|
|
Name : |
Mr. Massimo Terrevazzi |
|
Designation : |
Director |
|
Address : |
Minister Nelissenstraat 2, 4818 HT, |
|
Date of Birth/Age : |
11.05.1962 |
|
Date of Appointment : |
17.04.2006 |
|
DIN No.: |
00813536 |
|
|
|
|
Name : |
Mr. Ramesh Puthukode Jayaraman |
|
Designation : |
Managing Director |
|
Address : |
1-B, |
|
Date of Birth/Age : |
03.07.1965 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
00945416 |
|
|
|
|
Name : |
Mr. Sameer Suneja |
|
Designation : |
Director |
|
Address : |
House No.C5/20, Second Floor, Safdarjang Development Area, |
|
Date of Birth/Age : |
12.08.1971 |
|
Date of Appointment : |
01.02.2008 |
|
DIN No.: |
02104440 |
|
PAN No.: |
AATPS1322E |
KEY EXECUTIVES
|
Name : |
Mr. Harsh Kumar Arora |
|
Designation : |
Company Secretary |
|
Address : |
House No.12, Road No.6 (12/6), East Punjabi Bagh, |
|
Date of Birth/Age : |
27.08.1959 |
|
Date of Appointment : |
28.01.1999 |
|
PAN No.: |
ABNPA2171N |
MAJOR SHAREHOLDERS
As on: 26.09.2012
|
Names of Shareholders |
No. of Shares |
|
Stefano Pelle (Holding as Nominee of Perfetti Van Melle Holding B.V.,
Netherlands) |
1 |
|
Perfetti Van Melle Holding B.V., Netherlands |
49553498 |
|
Van Melle International Trust B.V., |
100 |
|
Euraffair International B.V., |
1 |
|
Alessandro Ruggeri (Holding as Nominee of Perfetti Van Melle Holding
B.V., Netherlands) |
1 |
|
Total |
49553601 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Confectionery Products, i.e. Chewing Gums and Toffees. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
STOP NOT |
PRODUCTION STATUS (AS ON 31.03.2011)
Licensed capacity,
installed capacity:
The Company is not subject to industrial licensing and hence, the
licensed capacity clause is not applicable. The installed capacity is 113,880
tons.
|
Particulars |
Unit |
Actual
Production |
|
Confectionery |
In Kgs |
75662899 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Holding Company : |
Perfetti Van Melle Holding B.V., Netherlands |
|
|
|
|
Ultimate Holding
company : |
Perfetti Van Melle SpA, Italy |
|
|
|
|
Fellow Subsidiary
company: |
|
|
|
|
|
Associate : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49553601 |
Equity Shares |
Rs.10/- each |
Rs.495.500
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 |
495.500 |
495.500 |
495.536 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3666.200 |
3197.500 |
2279.504 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4161.700 |
3693.000 |
2775.040 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4161.700 |
3693.000 |
2775.040 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2027.000 |
1562.300 |
1440.517 |
|
|
Capital work-in-progress |
135.900 |
485.100 |
173.703 |
|
|
|
|
|
|
|
|
INVESTMENT |
997.800 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
256.600 |
214.200 |
178.645 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1763.500
|
1265.700 |
909.176
|
|
|
Sundry Debtors |
107.500
|
105.300 |
74.741
|
|
|
Cash & Bank Balances |
662.000
|
1541.100 |
1290.017
|
|
|
Other Current Assets |
49.400
|
100.900 |
0.000
|
|
|
Loans & Advances |
1228.700
|
973.800 |
698.056
|
|
Total
Current Assets |
3811.100
|
3986.800 |
2971.990 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1736.000
|
1538.400 |
626.928
|
|
|
Other Current Liabilities |
382.000
|
286.500 |
852.044
|
|
|
Provisions |
948.700
|
730.500 |
510.843
|
|
Total
Current Liabilities |
3066.700
|
2555.400 |
1989.815 |
|
|
Net Current Assets |
744.400
|
1431.400 |
982.175
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4161.700 |
3693.000 |
2775.040 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
10340.000 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
15500.300 |
13010.000 |
10340.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
9700.100 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
15085.800 |
12131.300 |
9700.100 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
414.500 |
878.700 |
639.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(54.200) |
(35.500) |
(64.800) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
468.700 |
914.200 |
704.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1493.600 |
1329.400 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
750.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1962.300 |
1493.600 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
232.100 |
137.800 |
153.480 |
|
|
|
Sale of assets |
2.200 |
2.100 |
0.292 |
|
|
|
Remittance on closure of overseas branch |
0.000 |
6.400 |
0.000 |
|
|
TOTAL EARNINGS |
234.300 |
146.300 |
153.772 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished goods |
72.800 |
19.400 |
3.485 |
|
|
|
Raw materials |
1363.300 |
1003.200 |
795.784 |
|
|
|
Components, stores and spares |
12.000 |
16.600 |
7.988 |
|
|
|
Capital goods |
159.800 |
358.600 |
245.280 |
|
|
TOTAL IMPORTS |
1607.900 |
1397.800 |
1052.537 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
9.46 |
18.45 |
14.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
3.02
|
7.03 |
6.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.10
|
15.84 |
13.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.24 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.56 |
1.49 |
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 |
Yes |
|
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 |
Yes |
|
23] |
Banking Details |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Notes: The Registered
office of the company has been shifted from D-62, Defence Colony, New Delhi –
110 024, Haryana, India to present address w.e.f. 11.07.2006.
LITIGATION DETAILS:
KERALA HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case Status : DISPOSED
|
Status of WRIT PETITION (CIVIL 14513 of 2006 M/S.SREELAKSHMI ENTERPRISES Vs. M/S.PERFETTI INDIA LIMITED Pet's Adv. : SMT.PRABHA R.MENON Res's Adv. : SRI.C.P.MOHAMMED NIAS Date of Disposal : Monday, November 13, 2006 Category : LOWER COURT MATTERS CIVIL
Case Updated on: Thursday, November 16, 2006 |
OPERATION AND FUTURE
OUTLOOK:
While the year (2011-12) has shown sales expansion @ over 19%, the current year appears to be challenging from the trends so far emerging. The major challenge has been the increased cost of raw materials, particularly sugar, which is an important component for the company’s different products. At the same time, the new line of activities i.e. Namkeens under the brand name STOP NOT did not perform to the company’s expectations and remained under stress. New variants of the product are being planned in the current year and it is expected that with a wider range of STOP NOT being available, the product should start doing well.
The company is also adopting various cost reduction measures to meet the challenges. Introduction of some new products e.g. Jelly and innovative candies are likely to give impetus to the growth of the company besides relying on the traditional gums, candies, soft chews and lollypops already existing.
To meet the growing demands for the company’s products, the members would be pleased to note that after extensive studies, the management team chose a piece of land in Guwahati in the state of Assam which is already approved for industrial usage. The site enjoys many fiscal benefits and being an approved industrial use plot, it would be possible to put fast the 4 the manufacturing unit. An Agreement to Sell has already been entered into with the vendors who have undertaken to carry-out the development work these days so that possession can be received for further construction at an early date.
FUTURE PLAN OF
ACTION:
The company shall continue to strengthen its R and D activities and to introduce new innovative products to the delight of consumers.
FIXED ASSETS:
- Land – Freehold
- Land – Leasehold
- Buildings
- Plant and Machinery
- Motor Vehicles
- Furniture and Fixtures
- Computer Under Finance Lease
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.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.