MIRA
INFORM REPORT
|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMICO CHEMICALS PRIVATE LIMITED
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Registered
Office : |
341, Functional Industrial Area, Patparganj, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.03.1984 |
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Com. Reg. No.: |
55-017720 |
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Capital Investment
/ Paid-up Capital : |
Rs.75.000 Million |
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CIN No.: [Company Identification
No.] |
U74899DL1984PTC017720 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELC06058D |
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PAN No.: [Permanent Account No.] |
AAACC0213A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter Antimony Based Chemical and Inorganic Salt. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
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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 well established company having satisfactory track record. The rating reflect CCPL’s above average financial risk profile marked
by its low gearing and healthy debt protection metrics, and the extensive
experience of its promoters in the antimony metal segment Trade relation are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
June 06, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3 |
|
Rating Explanation |
Moderate degree of safety and high credit
risk |
|
Date |
June 06, 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 PARTED BY
|
Name : |
Ms. Anjani |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-11-42141363 |
|
Date : |
02.01.2014 |
LOCATIONS
|
Registered Office : |
341, Functional Industrial Area, Patparganj, Delhi – 110092, India |
|
Tel. No.: |
91-11-22167148 / / 22143146 /
42141363 / 22143971 / 45204520 |
|
Mobile No.: |
91-9810005428 (Mr. B.K.Jain) 91-9810075571 (Mr. Rajnish Jain) |
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Fax No.: |
91-11-22167149 |
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E-Mail : |
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Website : |
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Factory : |
51/7-9, Site 4, Industrial Area, Gazidbad, India |
DIRECTORS
As on 23.09.2013
|
Name : |
Bimal Kumar Jain |
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Designation : |
Director |
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Address : |
D-9, Vivek Vihar, Delhi – 110095, India |
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Date of Birth/Age : |
10.01.1950 |
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Date of Appointment : |
28.09.1990 |
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DIN No.: |
00204260 |
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Other Directorship:
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Name : |
Mr. Rajnish Jain |
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Designation : |
Director |
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Address : |
D-9, Vivek Vihar, Delhi – 110095, India |
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Date of Birth/Age : |
12.02.1973 |
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Date of Appointment : |
02.04.1994 |
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DIN No.: |
00204423 |
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Other Directorship:
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Name : |
Mrs. Kusum Jain |
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Designation : |
Director |
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|
Address : |
D-9, Vivek Vihar, Delhi – 110095, India |
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Date of Birth/Age : |
15.03.1955 |
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Date of Appointment : |
01.11.1911 |
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DIN No.: |
00393673 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Ms. Anjani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2013
|
Names of Shareholders |
No. of Shares |
|
Bimal Kumar Jain |
217500 |
|
Rajnish Kumar Jain |
375000 |
|
Rashmi Kumar Jain |
1250 |
|
Kusum Kumari Jain |
147500 |
|
B.K.Jain HUF |
8750 |
|
Total |
750000 |
As on 23.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter Antimony Based Chemical. |
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Products : |
· Antimony Trioxide High Tint · Antimony Trioxide Catalytic Grade · Antimony Trioxide Catalytic Grade Wetted With 4% Meg · Antimony Trioxide Catalytic Grade 'Vhp 999' · Antimony Trioxide Wetted With Dop / Didp · Potassium Pyro Antimonate – Powder · Sodium Antimonate · Molybdenum Trioxide · Zinc Hydroxy Stannate · Zinc Stannate-Znsno3.
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Exports : |
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Products : |
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Countries : |
·
Russia ·
Saudi Arabia ·
Dubai ·
Middle East
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Imports : |
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Products : |
Raw Material |
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Countries : |
South Africa |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
State Bank of Bikaner and Jaipur, D-10, D Block,
Shopping Centre, Vivek Vihar, Delhi – 110092, India. ·
ICICI
Bank |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
K.K. Ghel and Company Chartered Accountant |
|
Address : |
806, Hemkunt House, 6 Rajendra Place, New Delhi – 110008, India |
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PAN No.: |
AAAFK0011F |
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Tel. No.: |
91-11-25714080, 25759511 |
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Fax No.: |
91-11-25759512 |
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E-Mail : |
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Related Party: |
·
Arhant Dye-Chem Private
Limited. ·
Elegant Cars Private
Limited. ·
Chemico Synthetics
Limited. |
CAPITAL STRUCTURE
As on 23.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 100/- Each |
Rs.100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
750000 |
Equity Shares |
Rs. 100/- Each |
Rs.75.000 Million |
||
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
75.000 |
75.000 |
30.000 |
|
(b) Reserves & Surplus |
245.858 |
140.748 |
84.313 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
320.858 |
215.748 |
114.313 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.059 |
2.412 |
3.650 |
|
(b) Deferred tax liabilities (Net) |
1.705 |
1.628 |
1.370 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.791 |
0.658 |
0.600 |
|
Total Non-current Liabilities (3) |
5.555 |
4.698 |
5.620 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
101.775 |
145.260 |
73.162 |
|
(b) Trade payables |
5.806 |
7.219 |
9.682 |
|
(c) Other current
liabilities |
3.463 |
3.104 |
9.874 |
|
(d) Short-term provisions |
79.335 |
95.016 |
125.683 |
|
Total Current Liabilities (4) |
190.379 |
250.599 |
218.401 |
|
|
|
|
|
|
TOTAL |
516.792 |
471.045 |
338.334 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
63.373 |
59.107 |
46.800 |
|
(ii) Intangible Assets |
0.017 |
0.029 |
0.038 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
8.275 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43.205 |
42.361 |
2.281 |
|
(e) Other Non-current assets |
91.110 |
17.224 |
0.000 |
|
Total Non-Current Assets |
197.705 |
118.721 |
57.394 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
62.490 |
14.727 |
10.523 |
|
(c) Trade receivables |
138.866 |
125.150 |
123.656 |
|
(d) Cash and cash
equivalents |
43.198 |
117.250 |
44.586 |
|
(e) Short-term loans
and advances |
74.295 |
94.907 |
102.175 |
|
(f) Other current
assets |
0.238 |
0.290 |
0.000 |
|
Total Current Assets |
319.087 |
352.324 |
280.940 |
|
|
|
|
|
|
TOTAL |
516.792 |
471.045 |
338.334 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
SALES |
|
1104.700 |
|
891.640 |
|
|
Other Income |
|
NA |
NA |
|
|
|
Total Income |
|
NA |
NA |
891.640 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
693.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
NA |
198.372 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
67.622 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
157.135 |
83.948 |
130.750 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
76.751 |
20.316 |
NA |
|
|
|
|
|
|
|
|
|
Add |
EXCESS TAX
PROVISION WRITTEN BACK |
0.087 |
0.044 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision of Income Tax |
52.112 |
27.558 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
181.861 |
76.751 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
153.233 |
125.958 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
818.520 |
472.954 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
122 |
526 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
14.22
|
7.51 |
0.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
22.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00
|
0.00 |
0.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.33
|
0.68 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.41 |
1.29 |
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 |
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 |
Yes |
|
18] |
Major
customers |
Yes |
|
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 |
Yes |
UNSECURED LOANS
|
Particular |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Short Term
Borrowing |
|
|
|
Loans From Directors |
33.363 |
53.802 |
|
Total |
33.363 |
53.802 |
OPERATIONS
The production capacity
was enhanced by adding another furnace and expansion of bag house during the
year. The exchange rate fluctuation coupled with volatile rates of Metal/Metal
Ore in the international market created uncertainty about supplies &
orders. Despite this with the optimal management of resources the co was able
to achieve better results during the year. Financial Results the turnover of
the company marginally increased from Rs 1104.700 Million in the previous year
to Rs. 1117.800 Million during the year. The profit earned amounted to Rs.
157.100 Million as compared to Rs. 83.900 Million in the previous year.
INDEX OF CHARGE:
|
S.No.
|
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
80001044
|
31/05/2012
* |
180,000,000.00
|
STATE
BANK OF BIKANER & JAIPUR |
D-10,
D BLOCK, SHOPPING CENTRE, VIVEK VIHAR, DELH |
B41666744
|
|
2 |
80001041
|
16/06/2005
|
33,750,000.00
|
STATE
BANK OF BIKANER AND JAIPUR |
D-10,SHOPPING
CENTER, VIVEK VIHAR, NEW DELHI, Del |
- |
Fixed Assets
·
Lease Hold Land
·
Building
·
Machinery
·
Furniture and Fixtures
·
Electric Fitting
·
Car
·
Cycle
·
Office Equipment
·
Air Conditions
·
Typewriter
·
Computer
·
Computer Software
·
Generator Set
·
Weight and Measure
·
Fire Fighting Equipment
·
Fan
·
Material Handling
·
Pollution Control Equipment
·
Lab Equipment
·
Tubewell
·
Water Softening Plant
·
Scooter
·
Mobile
·
Forklift Truck
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.62.50 |
|
UK Pound |
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.