MIRA INFORM REPORT
|
Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
A. P. ORGANICS LIMITED (w.e.f. 03.10.2012) |
|
|
|
|
Formerly Known
As : |
A P ORGANICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Jewel Plaza College Road, Civil Lines, Opposite Sita Ram's, Ludhiana – 141001, Punjab |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.04.1998 |
|
|
|
|
Com. Reg. No.: |
16-021323 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 6.225 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15143PB1998PLC021323 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA4673L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
The company is engaged in manufacturing of stearic acid, hard/bleach
rice bran oil and refined oil. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There
appears some dip in the turnover, profit margin of the company is low. The
company has also recorded huge external borrowings. 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB- |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
10.04.2012 |
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 : |
2nd Floor, Jewel Plaza College Road, Civil
Lines, Opposite Sita Ram's, Ludhiana – 141001, Punjab, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Saron Road, Dhuri, District
Sangrur, Paunjab, India |
|
Tel. No.: |
91-1675-220700/ 221100 |
|
Fax No.: |
91-1675-222104 |
|
E-Mail : |
DIRECTORS
As on: 25.09.2012
|
Name : |
Mr. Parshotam Dass Garg |
|
Designation : |
Director |
|
Address : |
A. P. Enclave Sangroor Road, Dhuri, Sangrur – 148024, Punjab, India |
|
Date of Birth/Age : |
05.21.1961 |
|
Date of Appointment : |
23.04.1998 |
|
PAN No.: |
ABDPD5027E |
|
Voter Id : |
PB-07-080-356259 |
|
DIN No.: |
00147734 |
|
|
|
|
Name : |
Mr. Vijay Kumar Goyal |
|
Designation : |
Whole-time Director |
|
Address : |
Yash Choudhry Market, Dhuri, Sangrur – 148024, Punjab, India |
|
Date of Birth/Age : |
01.02.1960 |
|
Date of Appointment : |
23.04.1998 |
|
PAN No.: |
ACJPK7355B |
|
Voter Id : |
PB-07-080-369354 |
|
DIN No.: |
00162292 |
|
|
|
|
Name : |
Mr. Achhru Ram Sharma |
|
Designation : |
Director |
|
Address : |
House No. 349A, a. p. Enclave, Sangroor Road, Dhuri, Sangrur – 148024,
Punjab, India |
|
Date of Birth/Age : |
08.29.1959 |
|
Date of Appointment : |
08.08.2012 |
|
Voter Id : |
PB-07-080-366259 |
|
DIN No.: |
00224747 |
|
|
|
|
Name : |
Mr. Pawan Kumar Singla |
|
Designation : |
Whole-time Director |
|
Address : |
A. P. Enclave Sangroor Road, Dhuri, Sangrur – 148024, Punjab, India |
|
Date of Birth/Age : |
02.07.1948 |
|
Date of Appointment : |
23.04.1998 |
|
PAN No.: |
AQWPS3337G |
|
Voter Id : |
PB-07-080-396463 |
|
DIN No.: |
00280006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 25.09.2012
|
Category |
Percentage |
|
Bodies corporate |
31.89 |
|
Directors or relatives of Directors |
68.11 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing of stearic acid, hard/bleach
rice bran oil and refined oil. |
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Rice Bran |
MT |
NA |
19200 |
18913 |
|
Stearic Acids |
MT |
NA |
7500 |
7216 |
|
Cotton Seeds |
MT |
NA |
NA |
3707 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Punjab and Sind Bank, Loha Bazar, Dhuri - 148024, Punjab, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. C. Vasudeva and Company Chartered Accountant |
|
Address : |
B-XIX-220, Rani Jhansi Road, Ghumar Mandi, Ludhiana - 141001, Punjab, India |
|
Tel. No.: |
91-161-2774527 |
|
Mobile No.: |
91-9815420555 |
|
Fax No.: |
91-161-2771618 |
|
E-Mail : |
|
|
PAN.: |
AABFS5902N |
|
|
|
|
Enterprises over
Which KMP able to exercise significant influences and transactions of sales and
purchases have been entered:: |
Ricela Health Foods Limited CIN No.: U15142PB1992PLC01272 |
CAPITAL STRUCTURE
As on: 25.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
857500 |
Equity Shares |
Rs.10/- each |
Rs. 8.575
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
830000 |
Equity Shares |
Rs.10/- each |
Rs. 8.300
Millions |
|
|
|
|
|
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
622500 |
Equity Shares |
Rs.10/- each |
Rs. 6.225 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 |
6.225 |
6.225 |
6.225 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
115.181 |
96.235 |
79.708 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
121.406 |
102.460 |
85.933 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
498.428 |
227.931 |
171.955 |
|
|
2] Unsecured Loans |
156.983 |
70.065 |
40.305 |
|
|
TOTAL BORROWING |
655.411 |
297.996 |
212.260 |
|
|
DEFERRED TAX LIABILITIES |
14.045 |
4.199 |
4.711 |
|
|
|
|
|
|
|
|
TOTAL |
790.862 |
404.655 |
302.904 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
194.297 |
109.411 |
108.085 |
|
|
Capital work-in-progress |
5.269 |
1.136 |
3.351 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
499.533
|
236.667 |
182.547 |
|
|
Sundry Debtors |
85.668
|
99.338 |
23.108 |
|
|
Cash & Bank Balances |
24.863
|
7.453 |
11.118 |
|
|
Other Current Assets |
8.276
|
2.500 |
0.000 |
|
|
Loans & Advances |
54.507
|
79.002 |
48.393 |
|
Total
Current Assets |
672.847
|
424.960 |
265.166 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.880
|
80.983 |
12.156 |
|
|
Other Current Liabilities |
66.842
|
48.788 |
40.932 |
|
|
Provisions |
1.829
|
1.081 |
20.610 |
|
Total
Current Liabilities |
81.551
|
130.852 |
73.698 |
|
|
Net Current Assets |
591.296
|
294.108 |
191.468 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
790.862 |
404.655 |
302.904 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2513.375 |
2766.102 |
|
|
|
|
Other Income |
1.431 |
2.126 |
|
|
|
|
TOTAL (A) |
2514.806 |
2768.228 |
1220.378 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1560.501 |
1376.046 |
|
|
|
|
Purchase of stock in trade |
521.759 |
995.049 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock
in trade |
35.267 |
(24.916) |
1169.857 |
|
|
|
Employee benefits Expenses |
22.274 |
19.619 |
|
|
|
|
Other Expenses |
273.263 |
344.490 |
|
|
|
|
TOTAL (B) |
2413.064 |
2710.288 |
1169.857 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
101.742 |
57.940 |
50.521 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.188 |
16.799 |
13.546 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
50.554 |
41.141 |
36.975 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.473 |
15.474 |
16.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
29.081 |
25.667 |
20.715 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.135 |
9.140 |
7.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
18.946 |
16.527 |
13.460 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
0.277 |
0.000 |
0.000 |
|
|
|
Capital Goods |
4.628 |
0.000 |
0.636 |
|
|
TOTAL IMPORTS |
4.905 |
0.000 |
0.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.43 |
26.55 |
21.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.75
|
0.59 |
1.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.16
|
0.93 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.35
|
4.80 |
5.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.25 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.39
|
2.91 |
2.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.25
|
3.25 |
3.59 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The Registered Office of the company has been shifted from 39, Cudham Singh Nagar, Ludhiana – 141003, Punjab, India to present address w.e.f. 29.09.2010
PERFORMANCE REVIEW
During the year the company recorded a turnover of Rs 2514.806 Millions as compared Rs. 2768.228 Millions of the previous year. After providing depreciation of Rs. 21.473 Millions (previous year Rs.15.474 Millions) the company earned a net profit of Rs. 18.946 Millions (previous year Rs.16.526 Millions).
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U15143PB1998PLC021323 |
|
Name of the
company |
A. P. ORGANICS
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2nd Floor, Jewel Plaza College Road, Civil Lines, Opposite Sita Ram's, Ludhiana – 141001, Punjab, India |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Punjab and Sind Bank, Loha Bazar, Dhuri - 148024, Punjab, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Plant and Machinery and other assets installed/ to be
installed for the Project on Value addition including potential
neutraceuticals from derivatives of Rice, Wax Pressing unit and auxillary
equipment and others. |
|
Date of
instrument Creating the charge |
30.03.2013 |
|
Amount secured by
the charge |
Rs. 28.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BR+2.15%
i.e.12.40% at present Terms of Repayment 24 Quarterly
Installments of Rs. 1.188 Millions each commencing from quarter ending June
2014 (with total tenor of 85 months including construction period of 13
months). Interest to be services as and when charged. Margin 25% Extent and Operation of the charge 100% |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Plant and Machinery and other assets installed/ to be installed for the Project on Value addition including potential neutraceuticals from derivatives of Rice, Wax Pressing unit and auxillary equipment. |
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Deposits from directors |
15.398 |
30.986 |
|
Deposits from shareholders |
57.936 |
34.304 |
|
Intercorporate deposits |
83.649 |
2.275 |
|
Other loans and advances |
0.000 |
2.500 |
|
Total |
156.983 |
70.065 |
FIXED ASSETS
- Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
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. 54.28 |
|
|
1 |
Rs. 84.32 |
|
Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
31 |
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.