MIRA INFORM REPORT
|
Report Date : |
26.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL PACKAGING PRODUCTS PRIVATE LIMITED (w.e.f. 31.03.2005) |
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Formerly Known
As : |
INTERNATIONAL PACKAGING PRIVATE LIMITED |
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Registered
Office : |
Unit No. 602, 6th Floor, Antrishk Thakoor House, CTS No. 773, Makwana
Road, Marol, Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
13.12.2000 |
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Com. Reg. No.: |
11-130009 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.454
Millions |
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CIN No.: [Company Identification
No.] |
U21014MH2000PTC130009 |
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PAN No.: [Permanent Account No.] |
AAACI7987D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Selling of Plastic Woven Fabric in roll
form and converted Industrial Fabrics. |
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No. of Employees
: |
650 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Vikram Shetty |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-67416620 |
|
Date : |
22.12.2014 |
LOCATIONS
|
Registered Office : |
Unit No. 602, 6th Floor, Antrishk Thakoor House, CTS No. 773, Makwana Road,
Marol, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67416620/ 45 |
|
Mobile No.: |
91-9824732747 (Mr. Dharmesh) |
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Fax No.: |
91-22-67416699 |
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E-Mail : |
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Website : |
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Area : |
2378 sq. ft. |
|
Location : |
Owned |
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Factory 1 : |
Survey No. 380/2, |
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Tel. No.: |
91-260-2699385-388 |
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Fax No.: |
91-260-2699390 |
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Factory 2 : |
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DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Baldev Singh Shokar |
|
Designation : |
Director |
|
Address : |
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|
Date of Birth/Age : |
03.02.1950 |
|
Date of Appointment : |
10.01.2001 |
|
DIN No.: |
00265320 |
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|
Name : |
Mr. Robert Alexander Milne |
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Designation : |
Director |
|
Address : |
2201, |
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Date of Birth/Age : |
01.10.1952 |
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Date of Appointment : |
10.01.2001 |
|
DIN No.: |
00458105 |
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|
|
|
Name : |
Mr. Vinay Gupta |
|
Designation : |
Director |
|
Address : |
403-A Rainbow CHS Limited, Raheja Vihar Powai, Andheri
(East), Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
06.08.1968 |
|
Date of Appointment : |
20.06.2013 |
|
DIN No.: |
01592996 |
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Name : |
Thad M Jones |
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Designation : |
Director |
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Address : |
676 Ivy Lane, Charlottesville, VA22901, USA |
|
Date of Birth/Age : |
17.11.1971 |
|
Date of Appointment : |
23.01.2014 |
|
DIN No.: |
06794995 |
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|
Name : |
Stephen Martin Burns |
|
Designation : |
Director |
|
Address : |
980 Tanglewood Road, Charlottesville, VA22901, USA |
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Date of Birth/Age : |
29.12.1961 |
|
Date of Appointment : |
23.01.2014 |
|
DIN No.: |
06794999 |
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|
Name : |
Opender Singh |
|
Designation : |
Director |
|
Address : |
Dg-III/3, Vikas Puri, DDA Flats, New Delhi -110 018 |
|
Date of Birth/Age : |
17.12.1966 |
|
Date of Appointment : |
23.01.2014 |
|
DIN No.: |
0695927 |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Shetty |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Inter Wrap Inc. |
|
242930 |
|
0979301, British Columbia Limited |
|
2454 |
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|
|
|
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Total |
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245384 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Plastic Woven Fabric in roll
form and converted Industrial Fabrics. |
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Products/ Services : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Canada · USA |
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Imports : |
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Products : |
Raw Material and Machinery |
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Countries : |
· Italy · Thailand · Singapore · Canada · US · Belgium |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Others
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No. of Employees : |
650 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Address : |
14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar [West],
Mumbai – 400028, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
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Entities having
significant influence over the companies with equal voting rights : |
· 640713 British Columbia Limited · 640714 British Columbia Limited |
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Associate concerns
/ companies under control of key management personnel and relatives : |
· Daro Energy Private Limited [U40100DN2005PTC000431] · IBCO SRL · InterWrap Converting Solutions · InterWrap Corporation · InterWrap Inc. · InterWrap Polymer Products Private Limited [U25209MH2006PTC163837] · InterWrap Quindago Trading · Milne Management Inc. · Quindago Novia Polymer Company Limited ·
Shubh-Nil Yarns Private Limited
[U20296MH1997PTC107904] |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
|
24,500,000 |
Preference Shares |
Rs. 10/- each |
Rs. 245.000 Millions |
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|
|
|
|
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Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
245,384 |
Equity Shares |
Rs. 10/- each |
Rs. 2.454
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
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(a) Share Capital |
2.454 |
247.429 |
247.429 |
|
(b) Reserves & Surplus |
904.128 |
678.440 |
625.782 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
906.582 |
925.869 |
873.211 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
7.140 |
11.657 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
6.983 |
|
(d)
long-term provisions |
6.704 |
2.857 |
1.167 |
|
Total
Non-current Liabilities (3) |
6.704 |
9.997 |
19.807 |
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(4)
Current Liabilities |
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(a)
Short term borrowings |
274.260 |
342.273 |
311.024 |
|
(b)
Trade payables |
401.159 |
232.701 |
127.588 |
|
(c)
Other current liabilities |
39.206 |
110.469 |
65.456 |
|
(d)
Short-term provisions |
42.146 |
15.634 |
10.712 |
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Total
Current Liabilities (4) |
756.771 |
701.077 |
514.780 |
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|
|
|
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TOTAL |
1670.057 |
1636.943 |
1407.798 |
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II.
ASSETS |
|
|
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|
(1)
Non-current assets |
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(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
566.644 |
636.261 |
651.214 |
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(ii)
Intangible Assets |
0.289 |
0.265 |
0.340 |
|
(iii)
Capital work-in-progress |
68.689 |
12.866 |
17.992 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
2.500 |
2.500 |
|
(c) Deferred tax assets
(net) |
0.283 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
24.644 |
49.878 |
36.930 |
|
(e)
Other Non-current assets |
2.567 |
20.947 |
6.220 |
|
Total
Non-Current Assets |
663.116 |
722.717 |
715.196 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
499.973 |
439.278 |
330.447 |
|
(c)
Trade receivables |
270.492 |
324.331 |
220.313 |
|
(d)
Cash and cash equivalents |
110.791 |
19.396 |
45.808 |
|
(e)
Short-term loans and advances |
118.724 |
120.352 |
95.908 |
|
(f)
Other current assets |
6.961 |
10.869 |
0.126 |
|
Total
Current Assets |
1006.941 |
914.226 |
692.602 |
|
|
|
|
|
|
TOTAL |
1670.057 |
1636.943 |
1407.798 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
3685.459 |
2639.024 |
2471.803 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
3357.335 |
2437.218 |
2275.496 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
328.124 |
201.806 |
196.307 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.775 |
20.132 |
20.204 |
|
|
|
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|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
308.349 |
181.674 |
176.103 |
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.306 |
96.129 |
94.762 |
|
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
306.043 |
85.545 |
81.341 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
103.662 |
27.192 |
28.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
202.381 |
58.353 |
52.748 |
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
2219.715 |
2137.653 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.82 |
2.36 |
2.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.49 |
2.21 |
2.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
8.90 |
7.65 |
7.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.11 |
5.28 |
5.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.09 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.30 |
0.37 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.30 |
1.35 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
247.429 |
247.429 |
2.454 |
|
Reserves & Surplus |
625.782 |
678.440 |
904.128 |
|
Net
worth |
873.211 |
925.869 |
906.582 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
311.024 |
342.273 |
274.260 |
|
Total
borrowings |
311.024 |
342.273 |
274.260 |
|
Debt/Equity
ratio |
0.356 |
0.370 |
0.303 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2471.803 |
2639.024 |
3685.459 |
|
|
|
6.765 |
39.652 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2471.803 |
2639.024 |
3685.459 |
|
Profit |
52.748 |
58.353 |
202.381 |
|
|
2.13% |
2.21% |
5.49% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
7.002 |
13.966 |
|
|
|
|
|
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10368907 |
09/06/2012 |
400,000,000.00 |
HDFC BANK LIMITED |
1ST FLOOR, CROSSWAY MALL, GHODDOD ROAD, SURAT, Gujarat - 395007, INDIA |
B45046240 |
|
2 |
10345180 |
02/03/2012 |
400,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B36138444 |
|
3 |
10349210 |
23/02/2012 |
75,344,000.00 |
BANK OF BARODA |
SILVASSA BRANCH, OPPOSITE PIONEER HOTEL, ADIVASIB |
B37416054 |
|
4 |
10156435 |
28/10/2010 * |
250,000,000.00 |
Barclays Bank Plc |
601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli,
Mumbai, Maharashtra - 400018, INDIA |
A97018618 |
|
5 |
10156434 |
23/04/2009 |
120,000,000.00 |
BARCLAYS BANK PLC. |
CEEJAY HOUSE, SHIVSAGAR ESTATE,, DR.A.BEASANT ROAD, WORLI., MUMBAI,
Maharashtra - 400018, INDIA |
A61819165 |
* Date of charge modification
CORPORATE INFORMATION
Subject is a private company domiciled in India and
incorporated under the provisions of the Companies Act, 1956. The Company is
engaged in the business of manufacturing and sale of plastic woven fabric in
roll form and converted Industrial fabrics.
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Other building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Computer software
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. 63.46 |
|
|
1 |
Rs. 98.51 |
|
Euro |
1 |
Rs. 77.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.