MIRA INFORM REPORT
|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
IPC PACKAGING COMPANY PRIVATE LIMITED |
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Registered
Office : |
#20, Jigani Link Road, Bommasandra
Jigani, Industrial Area, Hulimangala, Bangalore - 562106, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.05.2008 |
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Com. Reg. No.: |
08-046513 |
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Capital Investment
/ Paid-up Capital : |
Rs.9.655 Millions |
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CIN No.: [Company Identification
No.] |
U21020KA2008PTC046513 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI103477F |
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PAN No.: [Permanent Account No.] |
AABC18890E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of Manufacture and
sale of a wide range of Woven Sacks and Fabrics Catering to Needs of cement, Animal
feeds Manufacturing and other companies. |
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|
|
|
No. of Employees
: |
Not Available |
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 |
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Maximum Credit Limit : |
USD 620000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears huge external borrowing recorded by the company. The company
has recorded loss from its operations. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
CARE |
|
Rating |
A4 (Short Term Bank Facilities) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
August 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
B (Long Term Bank Facilities) |
|
Rating Explanation |
High risk of default. |
|
Date |
August 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.
LOCATIONS
|
Registered Office/ Factory : |
#20, Jigani Link Road, Bommasandra
Jigani, Industrial Area, Hulimangala, Bangalore - 562106, Karnataka,
India |
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Tel. No.: |
91-80-27839098 / 99 |
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Fax No.: |
91-80-27835311 |
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E-Mail : |
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Website : |
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Marketing Office : |
#4909, 9th Floor High Point IV, 45 Palace Road, Bangalore –
560001, Karnataka, India |
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Tel. No.: |
91-80-22263540 / 22266608 |
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Fax No.: |
91-80-22280456 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Lalchand Karamchand Chhabria |
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Designation : |
Director |
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Address : |
12, Gurukrupa, Cunningham Road, Bangalore – 560052, Karnataka,
India |
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Date of Birth/Age : |
18.10.1937 |
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Date of Appointment : |
21.05.2008 |
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PAN No.: |
ACAPC7297H |
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DIN No.: |
02156546 |
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Name : |
Mr. Subhash Lalchand Chhabria |
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Designation : |
Director |
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Address : |
No.12, Gurukrupa, Cunningham Road, Vasanthnagar, High Ground,
Bangalore - 560052, Karnataka, India |
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Date of Birth/Age : |
10.06.1969 |
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Date of Appointment : |
21.05.2008 |
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PAN No.: |
ACAPC7298J |
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DIN No.: |
02156529 |
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Name : |
Mrs. Nirmala Lalchand Chhabria |
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Designation : |
Director |
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Address : |
12, Gurukrupa, Cunningham Road, Bangalore – 560052, Karnataka,
India |
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Date of Birth/Age : |
28.02.1943 |
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Date of Appointment : |
21.05.2008 |
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PAN No.: |
ABYPC0211C |
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DIN No.: |
02156561 |
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Name : |
Mr. Aashish Lalchand Chhabria |
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Designation : |
Director |
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Address : |
12, Gurukrupa, Cunningham Road, Bangalore – 560052, Karnataka,
India |
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Date of Birth/Age : |
16.03.1968 |
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Date of Appointment : |
21.05.2008 |
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PAN No.: |
ACAPC7296G |
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DIN No.: |
02156576 |
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Name : |
Mr. Kizhekke Kanathil Radhakrishnan |
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Designation : |
Whole Time Director |
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Address : |
B-502, Meenakshi Classic, Sector-1,
HSR Layout, Agra Village, 27 Main, Bangalore-560102, Karnataka, India |
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Date of Birth/Age : |
26.08.1967 |
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Date of Appointment : |
09.08.2012 |
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DIN No.: |
03581022 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Lalchand Karamchand Chhabria |
251030 |
|
Nirmala Lalchand Chhabria |
241376 |
|
Aashish Lalchand Chhabria |
234297 |
|
Subhash Lalchand Chhabria |
234297 |
|
Neesha L Chhabria |
1500 |
|
Sheetal A Chhabria |
1500 |
|
Gitanjali S Chhabria |
1500 |
|
TOTAL
|
965500 |
AS ON 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
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TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of Manufacture and sale of a wide range of Woven Sacks and Fabrics Catering to Needs of cement, Animal feeds Manufacturing and other companies. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Girish Murthy and Kumar Chartered Accountant |
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Address : |
4502, High Point IV, 45, Palace Road, Bangalore – 560001, Karnataka,
India |
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PAN No.: |
ABYPK7150Q |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
965500 |
Equity Shares |
Rs.10/- each |
Rs. 9.655
Millions |
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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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|
|
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|
1] Share Capital |
9.655 |
9.655 |
0.155 |
|
|
2] Share Application Money |
0.000 |
0.000 |
148.478 |
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3] Reserves & Surplus |
147.010 |
161.457 |
13.397 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
156.665 |
171.112 |
162.030 |
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LOAN FUNDS |
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1] Secured Loans |
599.669 |
534.830 |
310.334 |
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2] Unsecured Loans |
43.010 |
32.003 |
9.215 |
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TOTAL BORROWING |
642.679 |
566.833 |
319.549 |
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DEFERRED TAX LIABILITIES |
8.482 |
20.021 |
26.317 |
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TOTAL |
807.826 |
757.966 |
507.896 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
476.714 |
484.086 |
456.775 |
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Capital work-in-progress |
0.084 |
0.084 |
7.496 |
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INVESTMENT |
0.000 |
0.000 |
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 |
219.289
|
175.752
|
105.015 |
|
|
Sundry Debtors |
139.619
|
147.310
|
90.444 |
|
|
Cash & Bank Balances |
15.032
|
11.334
|
0.199 |
|
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Other Current Assets |
71.660
|
41.057
|
51.034 |
|
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Loans & Advances |
86.173
|
87.110
|
41.903 |
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Total
Current Assets |
531.773
|
462.563 |
288.595 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
128.394
|
133.068
|
27.199 |
|
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Other Current Liabilities |
70.679
|
54.879
|
202.797 |
|
|
Provisions |
1.672
|
0.820
|
14.974 |
|
Total
Current Liabilities |
200.745
|
188.767 |
244.970 |
|
|
Net Current Assets |
331.028
|
273.796
|
43.625 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
807.826 |
757.966 |
507.896 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
|
|
|
|
|
|
|
Income |
1232.243 |
1028.904 |
675.714 |
|
|
|
Other Operating Income |
71.757 |
76.304 |
0.000 |
|
|
|
Other Income |
8.749 |
1.880 |
54.654 |
|
|
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TOTAL (A) |
1312.749 |
1107.088 |
730.368 |
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|
Less |
EXPENSES |
|
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|
|
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|
Office Expenses |
|
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|
|
Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
1221.657 |
1033.797 |
646.083 |
|
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|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
91.092 |
73.291 |
84.285 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
90.075 |
63.054 |
46.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.017 |
10.237 |
38.081 |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.004 |
25.223 |
16.625 |
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(25.987) |
(14.986) |
21.456 |
|
|
|
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|
|
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Less |
TAX (H) |
(11.626) |
(6.296) |
12.695 |
|
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|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(14.361) |
(8.690) |
8.761 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
140.224 |
59.241 |
37.050 |
|
|
TOTAL EARNINGS |
140.224 |
59.241 |
37.050 |
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IMPORTS |
|
|
|
|
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Raw Materials |
2.380 |
25.701 |
33.486 |
|
|
|
Stores & Spares |
0.542 |
0.609 |
0.987 |
|
|
|
Capital Goods |
3.488 |
0.000 |
0.462 |
|
|
TOTAL IMPORTS |
6.410 |
26.310 |
34.935 |
|
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|
Earnings Per
Share (Rs.) |
(14.87) |
(8.99) |
565.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.09)
|
(0.78) |
1.20
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(2.11)
|
(1.46) |
3.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.58)
|
(1.58) |
2.88 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.09) |
0.13 |
|
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|
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|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.10
|
3.31 |
1.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.65
|
2.45 |
1.18 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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] |
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 |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Other loans and advances |
3.177 |
2.610 |
|
Deposits from directors |
39.833 |
29.393 |
|
|
|
|
|
TOTAL |
43.010 |
32.003 |
CORPORATE INFORMATION
Subject was incorporated
on May 21, 2008 by converting the erstwhile partnership firm India Packaging
Corporation under Part IX of the Companies Act, 1956. The Company currently
operates with an installed capacity of 15492 M.Ts per annum.
The Company is a
private limited company domiciled in India. The Company is engaged in the
business of design, manufacture, and sale of a wide range of Polypropelene
Woven fabrics and sacks for industrial use. The principal source of revenue for
the Company is from Domestic and export sale of PP Woven Fabrics and PP Sacks
and related products.
FORM 8
|
Corporate
identity number of the company |
U21020KA2008PTC046513 |
|
Name of the
company |
IPC PACKAGING
COMPANY PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
#20, Jigani Link Road, Bommasandra
Jigani, Industrial Area, Hulimangala, Bangalore - 562106, Karnataka,
India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10187101 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, 26/A, Electronic City, Hosur Road, Bangalore -
560100, Karnataka, India |
|
Nature of
instrument creating charge |
Memorandum of
deposit for creation of charge for term loan / overall limit form c-9. |
|
Date of
instrument Creating the charge |
15.06.2012 |
|
Amount secured by
the charge |
Rs. 767.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per existing
terms of sanction. Terms of Repayment As per existing terms of sanction. Margin As per existing
terms of sanction. Extent and Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Others Cash Credit RS. 345.000 millions TL 3 RS. 11.000 millions TL 4 RS. 12.000 millions TL 5 RS. 22.900 millions TL 6 RS. 180.000 millions TL 7 RS. 104.500 millions TL 8 RS. 40.000 millions LC RS. 50.000 millions BG RS. 2.500 millions Total RS. 767.900 millions (TL 1 RS. 30.000 millions and TL 2 RS. 6.000 millions stands closed). |
|
Short particulars
of the property charged |
Hypothecation of
company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts,
receivables, outstanding monies, bills, rights, stores, components, furniture
and fittings; other movables, plant and machinery, vehicles etc., All that
piece and parcel of land in Plot No. 20 and 169, bearing Sy No. 132, 243 and
244, Situated at Bommasandra-Jigani Link Road Industrial Area, Rajapura
Village, Jigani Hobli, Anekal Tq, Bangalore, admeasuring 12191 sq. mtrs. |
|
Particulars of
the present modification |
The amount
secured by the charge stands reduced to Rs. 767.900 millions The securities
described above continue for the reduced limit. All other terms and
conditions remain unchanged. |
FIXED ASSETS
- Leasehold Land
- Building
- Plant and Machinery
- Electrical Installation
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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. 54.16 |
|
|
1 |
Rs. 81.74 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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.