MIRA
INFORM REPORT
|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
APURVA INDIA LIMITED [w.e.f. 07.01.2009] |
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Formerly Known
As : |
APURVA BUILCARE TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
New Udyod Mandir No 2, Office No 2, 2nd Floor, 7C, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
29.06.1995 |
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Com. Reg. No.: |
11-090074 |
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Capital Investment
/ Paid-up Capital : |
Rs.52.740
Millions |
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|
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CIN No.: [Company Identification
No.] |
U74999MH1995PLC090074 |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Teflon and Wax Surface Coatings. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
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 410000 |
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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 moderate track record. There
appears some dip in the turnover and profitability of the company. Reserves
of the company also appears to be low. 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 slight
caution. |
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 |
CRISIL |
|
Rating |
A3 [Suspended Bank Guarantee] |
|
Rating Explanation |
Moderate degree of safety it carry higher credit risk. |
|
Date |
28.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB – [Suspended Cash Credit] |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
28.09.2012 |
NOTE: Reason for suspended is not available.
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 : |
New Udyod Mandir No 2, Office No 2, 2nd Floor, 7C, |
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Tel. No.: |
91-22-24475051 |
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Fax No.: |
91-22-24475056 |
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E-Mail : |
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Website : |
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Regional Office 1 : |
D51, First Floor, Sector 10, Noida-201301, Uttar Pradesh, India |
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Tel No.: |
91-120-4564307 |
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Fax No.: |
91-120-4564397 |
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Email: |
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Regional Office 2 : |
G-18, Eldorado Complex, 112, Nungambakkam High Road, Chennai-600034,
Tamilnadu, India |
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Tel No.: |
91-44-28261414 |
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Fax No.: |
91-44-28261414 |
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Email: |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ashok Narayan Kate |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
602, Sujatha Apartment, |
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Date of Birth/Age : |
16.04.1955 |
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Date of Appointment : |
29.06.1995 |
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DIN No. : |
00419360 |
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Name : |
Mrs. Ulka Ashok Kate |
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Designation : |
Whole Time Director |
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Address : |
601, Sujatha Apartment, |
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Date of Birth/Age : |
15.04.1955 |
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Date of Appointment : |
29.06.1995 |
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DIN No. : |
00451533 |
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Name : |
Mr. Ameya Ashok Kate |
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Designation : |
Director |
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Address : |
602, Sujatha Apartment, |
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Date of Birth/Age : |
09.12.1980 |
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Date of Appointment : |
12.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kate Narayan Ashok |
|
2716146 |
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Kate Ashok Ulka |
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2532600 |
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Kate Ashok Ameya |
|
20520 |
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Desai Vinayak Narayan |
|
432 |
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Kate Murlidhar Narayan |
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4320 |
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Ladge Dhawendra |
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27 |
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Shanbagh Shridhar Ganesh |
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27 |
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TOTAL
|
|
5274072 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
99.98 |
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Other
|
|
0.02 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Teflon and Wax Surface Coatings. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
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Exterior Coatings |
Kg. |
74740 |
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Interior Coatings |
Kg. |
109008 |
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Floor Coatings |
Kg. |
651436 |
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Bonding Agents |
Kg. |
737166 |
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 : |
Tembye and Mhatre Chartered Accountant |
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Address : |
120 Udyog Mandir No 1, Bhagoji Keer Marg Mahim, Mumbai – 400016, |
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Tel. No.: |
91-22-24448069/73 |
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Fax No.: |
91-22-24448069/73 |
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E-Mail : |
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PAN No: |
AAAFT4024B |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5274072 |
Equity Shares |
Rs.10/- each
|
Rs.52.740
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 |
52.740 |
52.740 |
52.740 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
49.833 |
47.832 |
35.905 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
102.573 |
100.572 |
88.645 |
|
|
LOAN FUNDS |
|
|
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1] Secured Loans |
26.194 |
11.670 |
39.265 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
5.099 |
|
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TOTAL BORROWING |
26.194 |
11.670 |
44.364 |
|
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DEFERRED TAX LIABILITIES |
1.007 |
1.808 |
0.197 |
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TOTAL |
129.774 |
114.050 |
133.206 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.107 |
60.737 |
39.821 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
17.539 |
0.539 |
0.539 |
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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 |
32.410
|
32.327 |
45.659
|
|
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Sundry Debtors |
63.752
|
61.067 |
92.745
|
|
|
Cash & Bank Balances |
5.836
|
13.570 |
7.816
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
9.153
|
15.148 |
14.520
|
|
Total
Current Assets |
111.151
|
122.112 |
160.740 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
38.338
|
35.882 |
46.728
|
|
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Other Current Liabilities |
9.257
|
18.627 |
9.690
|
|
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Provisions |
6.428
|
14.829 |
11.476
|
|
Total
Current Liabilities |
54.023
|
69.338 |
67.894
|
|
|
Net Current Assets |
57.128
|
52.774 |
92.846
|
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
129.774 |
114.050 |
133.206 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
195.257 |
212.580 |
219.554 |
|
|
|
Other Income |
1.945 |
1.645 |
1.739 |
|
|
|
TOTAL (A) |
197.202 |
214.225 |
221.293 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
110.325 |
|
|
|
|
|
Purchases of Stock in Trade |
1.539 |
0.288 |
|
|
|
|
Employee Benefit Expenses |
35.975 |
29.670 |
|
|
|
|
Other Expenses |
33.937 |
46.416 |
185.383 |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and Stock
in Trade |
(0.067) |
5.762 |
|
|
|
|
Exceptional Items |
0.553 |
(5.877) |
|
|
|
|
TOTAL (B) |
182.262 |
185.798 |
185.383 |
|
|
|
|
|
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|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.940 |
28.427 |
35.910 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.429 |
3.855 |
4.536 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.511 |
24.572 |
31.374 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.850 |
6.895 |
3.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
5.661 |
17.677 |
27.705 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.595 |
2.675 |
8.601 |
|
|
|
|
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|
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|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
5.066 |
15.002 |
19.104 |
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
46.832 |
35.305 |
50.492 |
|
|
|
|
|
|
|
|
|
Less |
Capitalized
by issue of bonus shares |
0.000 |
0.000 |
30.607 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.400 |
0.400 |
0.600 |
|
|
|
Dividend |
2.637 |
2.637 |
2.637 |
|
|
|
Tax on Dividend |
0.428 |
0.438 |
0.448 |
|
|
BALANCE CARRIED
TO THE B/S |
48.433 |
46.832 |
35.304 |
|
|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
21.346 |
NA |
21.256 |
|
|
|
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|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
14.339 |
35.980 |
|
|
|
Capital Goods |
NA |
0.000 |
0.116 |
|
|
TOTAL IMPORTS |
NA |
14.339 |
36.096 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.96 |
2.84 |
3.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.57
|
7.00 |
8.63
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.90
|
8.32 |
12.62
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.40
|
9.67 |
13.81
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.17 |
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.25
|
0.12 |
0.50
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
1.76 |
2.37
|
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 |
Yes |
|
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) |
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] |
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 |
FUTURE PROSPECTS
AND OPERATIONS:
During the year of
operation, the profit before Interest, Depreciation and taxation of the Company
was to the extent of Rs.14.713 Millions compared to Rs. 27.744 Millions and
after considering the depreciation of Rs 6.850 Millions and the provision of taxation
at Rs. 1.395 Millions and deferred tax of Rs. (0.800 Million) the net profit
earned by the company for the year arrives at Rs 5.066 Millions compared to the
net profit of Rs. 15.002 Millions and considering prior period adjustment and
surplus of the previous year, the balance available was Rs. 51.898 Millions and
after transferring an amount of Rs 0.400 Million to General Reserve and Rs.
2.637 Millions to Dividend , an amount of Rs. 48.433 Millions was carried to
the Balance Sheet.
The turnover and
profitability of the company reduced substantially compared to the last year
due to the increase in the overheads coupled with cut throat competition. The
overall adverse business climate related to the field in which the company
operates affected the company. The Directors are confident of getting the
returns in the current year although there are huge challenges for the sector
in which the company operates. The current market scenario is very challenging,
the cost of the raw materials, packing materials, higher interest rates, higher
power tariff is overall affecting the financial performance of the company,
however the company’s endeavour is to increase the production, expand the
customer base, reduce the product manufacturing costs.
FIXED ASSETS:
- Factory land
(Lease hold)
- Land at SEZ,
- Plant and
machinery
- Computers and
peripherals
- Furniture and
fixtures
- Office
equipments
- Motor car
AS PER WEBSITE
DETAILS:
PROFILE:
Subject commenced its operation in the year 1992. The promoters had extensive experience in the field of providing protection treatments to various industrial structures. The objective of the company was to manufacture state of the art chemical products which provide protection to surfaces of industrial structures. The plant was commissioned to produce resin based formulations used for protection of floors and tank surfaces from effect of acids and alkalies. The product range was gradually expanded to offer products which can protect other surfaces of Buildings like Roof, External Walls, Internal Walls, Floors etc. All the products are designed and developed in-house to cater to specific requirements which are influenced by their weather conditions and construction quality. Today, they are in a position to offer solution to every building protection need.
PRODUCTION:
All the products are manufactured in there facility at MIDC, Tarapur. The
factory is equipped with latest machinery for production of all the products, dry
as well as liquids. The stocks are maintained at factory and distributed
through nationwide network. Quality control laboratory is fully equipped with
facilities to test incoming raw materials and finished products.
TECHNICAL SERVICES:
There technical team has vast onsite experience of application of there products. They assist clients in designing, selecting, specification framing and site execution of various systems. They have at their disposal modern equipments like Vacuum Assisted Shot Blasting machine, Hot Compressed Air Blasting machine, Diamond and Tungsten Carbide Surface Grinders, Power Trowel etc.
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 : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.