MIRA INFORM REPORT
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Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
WAYNE-BURT PETRO CHEMICALS PRIVATE
LIMITED (w.e.f. 01.01.2013) |
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Formerly Known
As : |
BAILEY HYDROPOWER PRIVATE LIMITED |
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Registered
Office : |
A 10 Sipcot Industrial Park
Irrungattukottai Sriperumbudur Taluka, Chennai – 602105, Tamil Nadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
23.08.1999 |
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Com. Reg. No.: |
18-043048 |
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Capital
Investment / Paid-up Capital : |
Rs. 71.819 Millions |
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CIN No.: [Company Identification
No.] |
U28112TN1999PTC043048 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Specialized
Petrochemical Products. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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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 927000 |
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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. Management of the company has not filed its latest financial
(i.e.2013) with the government department. As per 2012 financial it seems that the company has shown a huge
growth in the profit however the rating takes into consideration the
company’s working – capital-intensive operations, customer-concentration in
revenue profile and modest scale of operation. Trade relations are reported as fair. Business is active. Payments terms
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating = B+ |
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Rating Explanation |
High risk of default |
|
Date |
14.03.2013 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4+ |
|
Rating Explanation |
Minimal degree of safety. It carry very high credit risk. |
|
Date |
14.03.2013 |
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 DENIED
Management Non Co-operative
Contact No.: 91-44-42647386
LOCATIONS
|
Registered Office : |
A 10 Sipcot Industrial Park
Irrungattukottai Sriperumbudur Taluka, Chennai – 602105, Tamil
Nadu, India |
|
Tel. No.: |
91-44-27156666 / 47100045 / 46 / 47 |
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Fax No.: |
91-44-271456670 |
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E-Mail : |
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Website : |
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Overseas Office: |
Located At
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DIRECTORS
As on 27.09.2012
|
Name : |
Mr. T G S Mahesh |
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Designation : |
Director |
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Address : |
2/695, 5th Cross Street, Rangaready Gardens, Neelankarai,
Chennai – 600041, Tamil Nadu, India |
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Date of Birth/Age : |
11.08.1969 |
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Date of Appointment : |
23.10.2009 |
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PAN No.: |
AKOPM7110K |
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DIN No.: |
02490717 |
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Name : |
Mrs. Vanitha Mahesh |
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Designation : |
Director |
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Address : |
2/695, 5th Cross Street, Rangaready Gardens, Neelankarai,
Chennai – 600041, Tamil Nadu, India |
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Date of Birth/Age : |
27.04.1971 |
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Date of Appointment : |
23.10.2009 |
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Voter ID No.: |
AFYPM6140E |
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DIN No.: |
02490693 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2012
|
Names of Shareholders |
No. of Shares |
|
Mr. T G S Mahesh |
111000 |
|
Mrs. Vanitha Mahesh |
153000 |
|
Grove Real Estate and Farms Private Limited , India |
36000 |
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Total |
300000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
12.33 |
|
Directors or relatives of Directors |
87.67 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialized
Petrochemical Products. |
GENERAL INFORMATION
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Supplier : |
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Customer : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
State Bank of India, Overseas Branch, No. 86, Rajaji Salai, Chennai –
600001, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suchitra and Company Chartered Accountants |
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Address : |
Flat No. 3, Rams Bridge Road, View Apartments, 3 Central Avenue Road,
Koddambakkam, Chennai – 600024, Tamil Nadu India |
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Tel. No.: |
91-44-24803411 |
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PAN No.: |
AADFS9454J |
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Mobile No.: |
91-9282104630 / 9444005478 |
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E-Mail : |
CAPITAL STRUCTURE
As on 27.09.2012
Authorised Capital : Rs. 100.000 millions
Issued, Subscribed & Paid-up Capital : Rs. 71.819
Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
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|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 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 |
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|
|
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
|
30.000 |
25.000 |
|
(b) Reserves & Surplus |
|
201.661 |
155.314 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
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|
|
|
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(2) Share Application money
pending allotment |
|
0.000 |
20.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
231.661 |
200.314 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
24.197 |
21.900 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
24.197 |
21.900 |
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(4) Current Liabilities |
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(a) Short term borrowings |
|
112.063 |
141.558 |
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(b) Trade payables |
|
35.524 |
25.614 |
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(c) Other current liabilities |
|
0.466 |
0.930 |
|
(d) Short-term provisions |
|
4.358 |
4.827 |
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Total
Current Liabilities (4) |
|
152.411 |
172.929 |
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TOTAL |
|
408.269 |
395.143 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
|
155.164 |
110.660 |
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(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
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(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
69.476 |
61.214 |
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(e) Other Non-current assets |
|
0.000 |
0.000 |
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Total
Non-Current Assets |
|
224.640 |
171.874 |
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
119.254 |
99.180 |
|
(c) Trade receivables |
|
50.056 |
116.336 |
|
(d) Cash and cash equivalents |
|
12.384 |
7.335 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
1.935 |
0.418 |
|
Total
Current Assets |
|
183.629 |
223.269 |
|
|
|
|
|
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TOTAL |
|
408.269 |
395.143 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2.331 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
153.112 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
155.443 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
130.572 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
130.572 |
|
|
DEFERRED TAX LIABILITIES |
|
|
24.402 |
|
|
|
|
|
|
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TOTAL |
|
|
310.417 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
|
|
FIXED ASSETS [Net Block] |
|
|
121.634 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
104.700 |
|
|
Sundry Debtors |
|
|
52.601 |
|
|
Cash & Bank Balances |
|
|
3.066 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
46.586 |
|
Total
Current Assets |
|
|
206.953 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
18.170 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
18.170 |
|
|
Net Current Assets |
|
|
188.783 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
310.417 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
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SALES |
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Income |
|
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|
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|
Other Income |
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|
|
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TOTAL |
262.425 |
209.260 |
175.981 |
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
234.438 |
194.654 |
154.146 |
|
|
|
Administrative Expenses |
|
|
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|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
TOTAL |
234.438 |
194.654 |
154.146 |
|
|
|
|
|
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.987 |
14.606 |
21.835 |
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
12.100 |
11.757 |
13.970 |
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|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX |
15.887 |
2.849 |
7.865 |
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Less |
TAX |
5.216 |
0.346 |
4.243 |
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|
|
|
|
|
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|
PROFIT/
(LOSS) AFTER TAX |
10.671 |
2.503 |
3.622 |
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
231.812 |
212.018 |
NA |
|
|
TOTAL EARNINGS |
231.812 |
212.018 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
35.57 |
7.34 |
155.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.07
|
1.20 |
2.06 |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.89
|
0.71 |
2.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.01 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
0.71 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.29 |
1.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
25.000 |
30.000 |
|
Reserves & Surplus |
155.314 |
201.661 |
|
Share Application money
pending allotment |
20.000 |
0.000 |
|
Net
worth |
200.314 |
231.661 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
141.558 |
112.063 |
|
Total
borrowings |
141.558 |
112.063 |
|
Debt/Equity
ratio |
0.707 |
0.484 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
175.981 |
209.260 |
262.425 |
|
|
|
18.911 |
25.406 |
NET PROFIT MARGIN
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
175.981 |
209.260 |
262.425 |
|
Profit After Tax |
3.622 |
2.503 |
10.671 |
|
|
2.06% |
1.20% |
4.07% |
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 |
Yes |
|
18] |
Major
customers |
Yes |
|
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 |
No |
|
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 |
Note :
The registered office of the company has been
shifted from A-3, Kannan Apartments, Door No. 40, Chamiers Road, Chennai –
600018, Tamil Nadu, India to the present address w.e.f. 18.03.2011.
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90294967 |
07/02/2013 * |
205,100,000.00 |
State Bank of
India |
Overseas Branch,
No.86.Rajaji Salai, Chennai, Tam |
B69794337 |
* Date of charge modification
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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.