MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AKASH PLASTOPACK PRIVATE LIMITED |
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Registered
Office : |
Plot No. 1 141/142, Road No ID-1, GIDC Sachin, Surat-394230, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
09.07.1996 |
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Com. Reg. No.: |
04-030165 |
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Capital Investment
/ Paid-up Capital : |
Rs. 5.000 millions |
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CIN No.: [Company Identification
No.] |
U25209GJ1996PTC030165 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacturing, sale and jobwork
of PVC and metallised films. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears some dip in the profitability of the company during current year.
However, net worth appears to be satisfactory. Trade relations are reported
as fair. Business is active. Payments are reported to be usually correct and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Ms. Sheetal |
|
Designation : |
Marketing Department |
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Contact No.: |
91-9909614440 |
|
Date : |
25.03.2013 |
LOCATIONS
|
Registered Office / Factory 1 : |
Plot No. 1 141/142, Road No ID-1, GIDC Sachin, Surat-394230, Gujarat,
India |
|
Tel. No.: |
91-261-2375742 / 2375741 |
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Mobile No.: |
91-9909614440 (Ms. Sheetal) |
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Fax No.: |
91-261-2374757 |
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E-Mail : |
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Factory 2 : |
402, Meridian Tower, Besides Rajkumar Cinema, Udhna Gate, Surat-395002,
Gujarat, India |
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Tel. No.: |
91-261-2345711 / 2339751 / 2351373 |
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Fax No.: |
91-261-2346493 |
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E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Kishin Giyanchand Tulsiani |
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Designation : |
Director |
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Address : |
7-B, Jai Hind Society, Near Ambika Nikaten, Athwalines, Surat-395007, Gujarat, India |
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Date of Birth/Age : |
20.03.1943 |
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Date of Appointment : |
09.07.1996 |
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DIN No.: |
01970530 |
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Name : |
Bharat Kishanchand Tulsiani |
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Designation : |
Director |
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Address : |
7-B, Jai Hind Society, Near Ambika Nikaten, Athwalines, Surat-395007, Gujarat, India |
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Date of Birth/Age : |
08.03.1972 |
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Date of Appointment : |
09.07.1996 |
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DIN No.: |
00949243 |
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Name : |
Bharti Bharat Tulsiani |
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Designation : |
Director |
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Address : |
7-B, Jai Hind Society, Near Ambika Nikaten, Athwalines, Surat-395007, Gujarat, India |
|
Date of Birth/Age : |
13.10.1972 |
|
Date of Appointment : |
01.05.1997 |
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DIN No.: |
02118390 |
KEY EXECUTIVES
|
Name : |
Ms. Sheetal |
|
Designation : |
Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kishanchand G. Tulsiyani |
|
4500 |
|
Rajniben K. Tulsiyani |
|
32000 |
|
Bharat K. Tulsiyani |
|
4500 |
|
Bharti B. Tulsiyani |
|
4500 |
|
Pavan K. Tulsiyani |
|
4500 |
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Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing, sale and jobwork
of PVC and metallised films. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by management |
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Bankers : |
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Facilities : |
NOTE: The term loans from IDBI Bank carries interest @ 13.25% to 15.00% p.a. The term loans are repayable in 48 monthly installments beginning from the date of loan. The loan is secured against the hypothecation of Plant and Machinery and is also secured by way of equitable mortgage over the factory land and building at Plot no. No. I- 141-142, G.I.D.C., Sachin, Surat and equitable mortgage over the office at 402, Meridian Tower, Near Rajkumar Cinemas. Surat and personal guarantees of directors and corporate guarantee of Aakash Polyfilms Limited. The Working Capital facility from IDBI Bank is secured by way of exclusive charge over inventory and receivables of the company. Further, the Working Capital Facility from IDBI bank is secured by way of collateral securities of factory land and building at Plot No. 1-141-142, Road No. I-Dl, G.I.D.C, Sachin, Surat and office at 402, Meridian Tower, Near Rajkumar Cinema, Udhna Darwaja, Surat. The working facilities is also secured by way of personal guarantee of Directors of the company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
DSI and Company Chartered Accountants |
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Address : |
17-26, Nariman Point shoping centre, City Light Road, Surat- 395007, Gujarat,
India |
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Tel. No.: |
91-261-3992929 / 3994747 |
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Fax No.: |
91-261-3053838 |
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E-Mail : |
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PAN No.: |
AAFFD4002N |
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Sister Concern : |
Aakash Polyfilms Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 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 |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.997 |
39.126 |
36.331 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
45.997 |
44.126 |
41.331 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
28.399 |
24.181 |
13.769 |
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|
2] Unsecured Loans |
9.735 |
9.914 |
5.225 |
|
|
TOTAL BORROWING |
38.134 |
34.095 |
18.994 |
|
|
DEFERRED TAX LIABILITIES |
0.362 |
0.179 |
0.000 |
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|
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TOTAL |
84.493 |
78.400 |
60.325 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.086 |
26.760 |
23.937 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
5.148 |
5.148 |
8.058 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
32.132
|
33.803 |
24.160 |
|
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Sundry Debtors |
16.184
|
20.936 |
5.756 |
|
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Cash & Bank Balances |
14.398
|
2.740 |
2.444 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.046
|
14.125 |
8.705 |
|
Total
Current Assets |
76.760
|
71.604 |
41.065 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.462
|
14.766 |
7.363 |
|
|
Other Current Liabilities |
2.969
|
2.590 |
0.048 |
|
|
Provisions |
6.070
|
7.756 |
5.324 |
|
Total
Current Liabilities |
31.501
|
25.112 |
12.735 |
|
|
Net Current Assets |
45.259
|
46.492 |
28.330 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.493 |
78.400 |
60.325 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
|
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Income |
181.025 |
182.131 |
140.745 |
|
|
|
Other Income |
0.182 |
0.189 |
0.124 |
|
|
|
TOTAL |
181.207 |
182.320 |
140.869 |
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|
|
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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 |
174.798 |
175.086 |
134.678 |
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PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.409 |
7.234 |
6.191 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.679 |
3.202 |
3.240 |
|
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|
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|
|
|
|
|
Less |
Extraordinary
Items |
0.010 |
0.001 |
0.000 |
|
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|
PROFIT BEFORE
TAX |
2.720 |
4.031 |
2.951 |
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Less |
TAX |
0.849 |
1.236 |
0.983 |
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PROFIT AFTER TAX
|
1.871 |
2.795 |
1.968 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
39.127 |
36.332 |
34.364 |
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
40.998 |
39.127 |
36.332 |
|
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|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Earning (FOB) |
111.561 |
121.786 |
80.378 |
|
|
TOTAL EARNINGS |
111.561 |
121.786 |
202.164 |
|
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|
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|
IMPORTS |
68.669 |
81.024 |
69.626 |
|
|
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|
Earnings / (Loss)
Per Share (Rs.) |
37.42 |
55.90 |
39.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.03
|
1.53 |
1.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.50
|
2.21 |
2.10 |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.45
|
4.10 |
4.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.09 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.83
|
0.77 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44
|
2.85 |
3.22 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
For Goods |
21.732 |
13.178 |
5.466 |
|
For Expenses |
0.730 |
1.588 |
1.897 |
|
Total |
22.462
|
14.766 |
7.363 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
CORPORATE
INFORMATION
Subject is a private limited company and incorporated under the
provisions of the companies Act, 1956, The company is engaged in the business
of manufacturing, sale and jobwork of PVC and metallised films.
OPERATIONS
During the year, the company earned total revenue including other income
of Rs. 181.207 millions. After providing total expenditure of Rs. 178.487
millions and taxes of Rs. 0.849 million the net profit of the company for the
year is Rs. 1.871 millions.
PROSPECTS
As the Government has announced the liberalized policies to accelerate industrial growth, the prospects of the Company are bright. Moreover, the existing environment will enhance the quality of the products, which will ultimately result in customer satisfaction, and larger volume of business.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
From HDFC Bank Limited |
0.000 |
1.612 |
|
From Directors and Shareholders |
9.735 |
8.302 |
|
Total |
9.735 |
9.914 |
NOTE
The closing balances of unsecured loans are subject to confirmation however, the Directors have certified the respective balances. The unsecured loan from HDFC Bank carries interest @ 15% p.a. whereas other unsecured loan carries interest @ 12% p.a.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U25209GJ1996PTC030165 |
|
Name of the company |
AKASH PLASTOPACK PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No. 1 141/142, Road No ID-1, GIDC Sachin, Surat-394230, Gujarat,
India Email: bharattulsiani@yahoo.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10256917 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
IDBI Bank Limited, CSC Surat, 801, 8th Floor,, 21st
Century Business Centre, Ring Road, Surat - 395002, Gujarat, India Email: rakesh.sinha@idbi.co.in
|
|
Nature of instrument creating charge |
Memorandum for extension of equitable mortgage |
|
Date of instrument Creating the charge |
24.02.2012 |
|
Amount secured by the charge |
Rs.66.415 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest N.A being collateral security Terms of Repayment N.A being collateral security Margin N.A being collateral security Extent and Operation of the charge The limit has been renewed from Rs. 67.000 millions to Rs. 66.415
millions as per sanction letter dated 06.02.2012 and the memorandum for
extension of equitable mortgage is entered into to cover the said limits. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Land bearing Plot No I-141 admeasuring 1293.75 sq.mts.with
construction in block no. 630/P and 649/P more particularly described in the
II schedule of memorandum of extension of equitable mortgage Land bearing Plot No I-142 admeasuring 1311.96 sq.mts.with
construction in block no. 630/P and 649/P more particularly described in the
II schedule of memorandum of extension of equitable mortgage Land bearing Plot No. 402 admeasuring 1022 sq.ft at meridian tower
more particularly described in the II schedule of memorandum of extension of
equitable mortgage |
|
Date of instrument modifying the charge |
14.02.2012 |
|
Particulars of the present modification |
By this present modification, the charge on the immovable properties
mortgaged to the company as collateral security is reduced from Rs.67.000
millions to Rs. 66.415 millions |
FIXED ASSETS
- Land
- Factory Building
- Office
- Plant and Machinery
- Electric Installations
- Gas Connections
- Furniture
- Computer
- Vehicles (Heavy)
- Vehicles (2- Wheeler)
- Vehicles (4- Wheeler)
- A.C. Machine
- Weighing Machine
- Attendance Machine
- Strapling Machine
- EPABX
- Fax
- Camera
- Cooler
- Mobile Phone
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.54.10 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.