MIRA
INFORM REPORT
|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUJIFILM SERICOL INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
SERICOL INDIA PRIVATE LIMITED |
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|
Registered
Office : |
10/11 B U Bhandari Industrial Estate, Gat No. 151/2-2, Shirur,
Sanawadi, Pune - 412208, Maharashtra |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.02.1996 |
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|
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|
Com. Reg. No.: |
11-097416 |
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Capital
Investment / Paid-up Capital : |
Rs. 73.458 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24223MH1996PTC097416 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES04856F |
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PAN No.: [Permanent Account No.] |
AABCS0098L |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Marketing of Printing Inks, Thinners and Additives
and also Trading of Printing Inks, Thinners, Additives and Digital Machines. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1510000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Fujifilm Sericol International Limited’,
UK. It is a well-established company having a good track record. The financial position of the company appears to be sound and healthy.
Directors are reported as well-experienced and knowledgeable businessmen. Trade relations are reported as decent. Business is active. Payment
terms are reported as regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
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.
LOCATIONS
|
Registered Office/ Factory : |
10/11, B U Bhandari Industrial Estate, Gat No.151/2-2, Shirur,
Sanawadi, Pune - 412208, Maharashtra, India |
|
Tel. No.: |
91-2137-252048/ 392500 |
|
Fax No.: |
91-2137-392555 |
|
E-Mail : |
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|
Website : |
DIRECTORS
AS ON 18.09.2012
|
Name : |
Mr. Subramanyam Neelkantrao Mysore |
|
Designation : |
Managing director |
|
Address : |
Flat No. 16, Atlantis, Plot No.7, Kalyaninagar, Pune - 411006,
Maharashtra, India. |
|
Date of Birth/Age : |
07.11.1947 |
|
Date of Appointment : |
03.09.1998 |
|
DIN No.: |
00067188 |
|
|
|
|
Name : |
Mr. Pesi Kushru Choksey |
|
Designation : |
Director |
|
Address : |
Bentleys-Room 16, 17 Oliver Street, Colaba, Mumbai - 400039,
Maharashtra, India |
|
Date of Birth/Age : |
02.02.1923 |
|
Date of Appointment : |
23.02.1996 |
|
DIN No.: |
00060508 |
|
|
|
|
Name : |
Mr. Peter Joseph Kenehan |
|
Designation : |
Nominee director |
|
Address : |
24, Fitzmary Avenue, Westbrook, Margate, Kent UK CT95EL |
|
Date of Birth/Age : |
25.11.1958 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
03034554 |
|
|
|
|
Name : |
Takuo Ito |
|
Designation : |
Nominee director |
|
Address : |
8-19-59, Hisagi, Zushi, Kanagawa, Japan 2490001 |
|
Date of Birth/Age : |
21.07.1957 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
03040700 |
|
|
|
|
Name : |
Prasanna Raghavarao Motupalli |
|
Designation : |
Nominee director |
|
Address : |
A/4, Ganga Heights, Ashiyana Park-II, Baner, Pune – 411007,
Maharashtra, India |
|
Date of Birth/Age : |
20.02.1960 |
|
Date of Appointment : |
01.07.2011 |
|
DIN No.: |
03588377 |
|
|
|
|
Name : |
Mr. Robert Augustus Fassam |
|
Designation : |
Nominee director |
|
Address : |
Sequoia Vale Road, Broadstairs, Kent, England CT 10 2JG |
|
Date of Birth/Age : |
10.06.1959 |
|
Date of Appointment : |
18.09.2012 |
|
DIN No.: |
06399669 |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh Krishnan |
|
Designation : |
General Manager – Marketing and Sales |
|
|
|
|
Name : |
Shashul Hede |
|
Designation : |
National Sales Manager – Analog Business |
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|
Name : |
Mr. Sunil Happa |
|
Designation : |
General Manager – Finance, IT and Supply Chain |
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|
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|
Name : |
Mr. Shankar Keshav Satpute |
|
Designation : |
Secretary |
|
Address : |
Flat No. 4, Building No. 11-C, Paschima Nagari, Kothrud, Pune -
411052, Maharashtra, India |
|
Date of Birth/Age : |
26.06.1938 |
|
Date of Appointment : |
01.11.2001 |
|
PAN No.: |
AKXPS7008M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Fujifilm Sericol International Limited, UK |
|
7345799 |
|
Raghavrao P. Motupalli |
|
1 |
|
Total |
|
7345800 |
AS ON 18.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
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 : |
Manufacturing and Marketing of Printing Inks, Thinners and Additives
and also Trading of Printing Inks, Thinners, Additives and Digital Machines. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
The Hongkong and
Shanghai Banking Corporation Limited, Amar Avinash Corporate City, Sector No.
11, Bound Garden Road, Pune - 411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
C - 401, Panchshil Techpark, Yerwada, Pune - 411006, Maharashtra,
India |
|
Income-tax PAN
of auditor or auditor's firm : |
AALFS0506L |
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|
|
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Holding Company : |
Fujifilm Sericol International Limited, U.K |
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|
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|
Holding Company of Parent Company |
Fujifilm Sericol Overseas Holdings Limited, UK |
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|
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Ultimate Holding Company : |
Fujifilm Corporation, Japan |
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|
|
|
Fellow Subsidiary Company : |
Ø Fujifilm
Speciality Ink Systems Limited, UK Ø Fujifilm North
America Corporation, USA Ø Fujifilm Australia
Pty Limited, Australia Ø Fujifilm Canada
Inc., Canada Ø Fujifilm
(Thailand) Limited, Thailand Ø Fujifilm Sericol
Hong Kong Limited, Hong Kong Ø Fujifilm
(Singapore) Pte Limited Ø Fujifilm
(Malaysia) Sdn. Bhd |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,510,000 |
Equity Shares |
Rs. 10/- each |
Rs. 115.100 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,345,800 |
Equity Shares |
Rs. 10/- each |
Rs. 73.458
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 |
73.458 |
73.458 |
73.458 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
303.641 |
233.302 |
176.767 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
377.099 |
306.760 |
250.225 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.258 |
2.296 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.258 |
2.296 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
377.099 |
307.018 |
252.521 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
111.422 |
89.398 |
80.680 |
|
|
Capital work-in-progress |
1.802 |
12.314 |
6.637 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.353 |
0.872 |
0.457 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
107.747
|
96.690 |
78.678 |
|
|
Sundry Debtors |
111.617
|
70.037 |
79.138 |
|
|
Cash & Bank Balances |
74.600
|
74.272 |
38.019 |
|
|
Other Current Assets |
1.709
|
0.453 |
0.000 |
|
|
Loans & Advances |
22.168
|
11.768 |
16.073 |
|
Total
Current Assets |
317.841
|
253.220 |
211.908 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
35.075
|
31.098 |
15.482 |
|
|
Other Current Liabilities |
12.227
|
10.274 |
29.288 |
|
|
Provisions |
7.017
|
7.414 |
2.391 |
|
Total
Current Liabilities |
54.319
|
48.786 |
47.161 |
|
|
Net Current Assets |
263.522
|
204.434 |
164.747 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
377.099 |
307.018 |
252.521 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
436.435 |
379.299 |
337.874 |
|
|
|
Other Income |
8.767 |
5.323 |
4.802 |
|
|
|
TOTAL (A) |
445.202 |
384.622 |
342.676 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
328.580 |
289.260 |
260.115 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
116.622 |
95.362 |
82.561 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.490 |
0.496 |
0.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
116.132 |
94.866 |
82.384 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.903 |
9.943 |
8.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
104.229 |
84.923 |
73.571 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
33.891 |
28.388 |
25.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
70.338 |
56.535 |
47.770 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
50.882 |
42.993 |
26.920 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
57.915 |
48.646 |
31.697 |
|
|
BALANCE CARRIED
TO THE B/S |
63.305 |
50.882 |
42.993 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (on FOB Basis) |
100.639 |
47.196 |
|
|
|
|
Other Earnings |
3.340 |
2.775 |
|
|
|
TOTAL EARNINGS |
103.979 |
49.971 |
41.991 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
31.233 |
|
|
|
Trading Goods |
|
|
45.132 |
|
|
|
Capital Goods |
|
|
2.254 |
|
|
TOTAL IMPORTS |
N.A. |
N.A. |
78.619 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.58 |
7.70 |
6.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
15.80
|
14.70 |
13.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.88
|
22.39 |
21.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.28
|
24.79 |
25.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.28 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.85
|
5.19 |
4.49 |
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 |
-- |
|
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 |
REVIEW OF OPERATIONS:
The business environment
throughout the year 2011-12 continued to be uninspiring. Inflation remained
high. The oil prices continued to remain high, impacting the input costs of a
number of industries. The rate of growth of industrial production was low,
which curtailed demand in a number of sectors across the economy. The Company
could not escape the effects of the recessionary conditions and the increase in
input costs, particularly of these based on petroleum. The Company also faced
contraction of demand from several segments. Demand from segments like
containers, graphics, garments etc. dropped considerably during the year, while
demand from the automotive applications and sign segment was static. The demand
for digital inks also was lower than expected.
Under these trying
circumstances, it was a challenge to overcome all these hurdles and to keep the
steady pace of growth in revenues as well as profits. Once again the diverse
product portfolio of the Company helped in imparting the necessary resilience
to the operations, which stood the Company in good stead to face the
recessionary pressures.
The Company could
successfully offset the fall in demand from these sectors by tapping the demand
from other sectors like label printing and decal printing. It also introduced
new improved variety of phthalate free and PVC free ink for the garment
printing application, which found unprecedented response from the export market
in Europe and USA. With these exports the Company was able to double its
foreign exchange earnings compared to the last year.
The Company has
also been able to keep its expenses in check, which was very important in times
of rising prices, as it ensured that in spite of increasing raw material costs,
the profitability did not suffer.
The Company has a
deep commitment to continual development of new products which will offer added
value to the printing industry. Thus the Company has, during the year,
developed and introduced several new products in the market. Some of these have
already contributed to the growth achieved in the year, while some are more
recently launched and the initial response from the market to them is
encouraging. These include the improved PVC and Phthalate free garment green
ink mentioned earlier, PVC and phthalate free ‘dye-blocker’ ink suitable for
heat sensitive garments, a ‘first time in the industry’ solvent based gloss
screen ink with minimum one year outdoor durability for industrial application,
and a 3-year outdoor durability ink for signage and decal printing on aluminium
and other metals. On the digital ink front, new solvent inks for use on
machines with Seiko, Konica, Spectra and Ricoh heads were developed for both
the domestic and export market.
The Directors are
confident that these and other products still under development will provide a
cutting edge to the Company’s competitive strength.
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. 54.34 |
|
|
1 |
Rs. 80.90 |
|
Euro |
1 |
Rs. 70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.