MIRA INFORM REPORT
|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHIMANLAL FEIN PAPER PRIVATE LIMITED (w.e.f. 03.06.1999) |
|
|
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|
Formerly Known
As : |
THE |
|
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Registered
Office : |
40/42, |
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|
Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
09.11.1946 |
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|
|
Com. Reg. No.: |
11-006886 |
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Capital
Investment / Paid-up Capital : |
Rs.4.900
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51396MH1946PTC006886 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMC10457G |
|
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|
|
PAN No.: [Permanent Account No.] |
AAACT1599E |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Paper Products. |
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|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 140000 |
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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 a well-established company having a moderate track record. Huge external borrowings are recorded by the company during 2013. However, trade relations are fair. Business is active. Payments are
reported as slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BB |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
March 01, 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 DECLINED
Management non-cooperative
(Tel. No.: 91-22-22662842)
LOCATIONS
|
Registered Office : |
40/42, |
|
Tel. No.: |
91-22-22662842 / 22661943 |
|
Mobile No.: |
91-9833663336 (Mr. Hasit Hasmukh Shah) 91-9833663332 (Mr. Rajesh Madhvan) |
|
Fax No.: |
91-22-22623186/ 22662842 |
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E-Mail : |
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Branch Office : |
Located at: ·
Kochi |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mrs. Indu Hasmukh Shah |
|
Designation : |
Director |
|
Address : |
C-4, Alaknanda, 16A, |
|
Date of Birth/Age : |
27.11.1934 |
|
Date of Appointment : |
08.06.1981 |
|
DIN No.: |
00079164 |
|
|
|
|
Name : |
Mr. Hasit Hasmukh Shah |
|
Designation : |
Managing Director |
|
Address : |
C-4, Alaknanda, 16A, |
|
Date of Birth/Age : |
03.06.1965 |
|
Date of Appointment : |
27.03.1990 |
|
DIN No.: |
00079204 |
|
|
|
|
Name : |
Mr. Rajesh Madhvan |
|
Designation : |
Director |
|
Address : |
905/906, |
|
Date of Birth/Age : |
04.04.1964 |
|
Date of Appointment : |
24.04.2008 |
|
DIN No.: |
00998479 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Name
of Shareholders |
No.
of Shares |
%age |
|
Indu H. Shah |
9121 |
18.61 |
|
Indu H. Shah jointly with
Hasit H. Shah |
4628 |
9.44 |
|
Indu H. Shah jointly with
Hasit H. Shah |
10861 |
22.17 |
|
Hasit H. Shah jointly with Indu
H. Shah |
7299 |
14.90 |
|
Bhupali R. Madhavan jointly
with Rajesh Madhavan |
2678 |
5.47 |
|
Rajesh Madhavan jointly with
Bhupali R. Madhavan |
212 |
0.43 |
|
Sharad Sawant |
100 |
0.20 |
|
Usha Sawant |
100 |
0.20 |
|
Indu H. Shah jointly with
Hasit H. Shah |
7750 |
15.82 |
|
Indu H. Shah jointly with
Hasit H. Shah |
6250 |
12.76 |
|
Zain Akbarli Jawadwala |
1 |
0.00 |
|
Total |
49000 |
100.00 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
99.59 |
|
Other
top fifty shareholders |
|
0.41 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Paper Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
Notes: LONG TERM BORROWINGS Secured loans are
covered by: Vehicle Loans including Current Maturities is secured by Hypothecation of Vehicles against which the Loan have been taken. The loans are repayable in monthly equated installments over 5 years. SHORT TERM BORROWINGS The Cash Credit cum WCDL Loan from Bank is secured against Hypothecation of Book Debts, Inventories and mortgage of Residential Flats acquired out of Company’s and Director’s own funds. Guarantee given by Directors of the Company. The above loan is renewed every year and there is no default in payment of interest. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V.C. Shah and Associates Chartered Accountants |
|
Address : |
F-6, Jethwanagar, |
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PAN No.: |
AAEPS6422L |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000 |
Equity Shares |
Rs.100/- each |
Rs.4.900
millions |
|
|
|
|
|
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 |
4.900 |
4.900 |
4.900 |
|
(b) Reserves & Surplus |
30.021 |
28.775 |
28.657 |
|
(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) |
34.921 |
33.675 |
33.557 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
68.681 |
46.793 |
38.726 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
68.681 |
46.793 |
38.726 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
247.887 |
188.208 |
204.362 |
|
(b)
Trade payables |
8.510 |
5.272
|
8.419 |
|
(c)
Other current liabilities |
7.473 |
5.234
|
9.470 |
|
(d)
Short-term provisions |
0.000 |
0.000
|
0.000 |
|
Total
Current Liabilities (4) |
263.870 |
198.714 |
222.251 |
|
|
|
|
|
|
TOTAL |
367.472 |
279.182 |
294.534 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
17.998 |
18.918 |
17.286 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.390 |
1.350 |
1.350 |
|
(c) Deferred tax assets
(net) |
0.132 |
0.058 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.813 |
0.813 |
0.813 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
20.333 |
21.139 |
19.449 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
69.385 |
67.605
|
81.228 |
|
(c)
Trade receivables |
201.441 |
127.410
|
124.968 |
|
(d)
Cash and cash equivalents |
1.831 |
1.642
|
10.318 |
|
(e)
Short-term loans and advances |
74.482 |
61.386 |
58.571 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
347.139 |
258.043 |
275.085 |
|
|
|
|
|
|
TOTAL |
367.472 |
279.182 |
294.534 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
984.774 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
41.291 |
30.656 |
27.742 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
38.482 |
29.306 |
20.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.809 |
1.350 |
7.474 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.108 |
1.175 |
0.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1.701 |
0.175 |
6.656 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.455 |
0.057 |
2.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1.246 |
0.118 |
4.556 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
12.408 |
12.290 |
8.034 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.300 |
|
|
BALANCE CARRIED
TO THE B/S |
13.654 |
12.408 |
12.290 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
25.43 |
2.41 |
92.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
0.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.46
|
0.06
|
2.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.01
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
9.07
|
6.98
|
7.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.30
|
1.24 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
4.9 |
4.9 |
4.9 |
|
Reserves & Surplus |
28.657 |
28.775 |
30.021 |
|
Net
worth |
33.557 |
33.675 |
34.921 |
|
|
|
|
|
|
long-term borrowings |
38.726 |
46.793 |
68.681 |
|
Short term borrowings |
204.362 |
188.208 |
247.887 |
|
Total
borrowings |
243.088 |
235.001 |
316.568 |
|
Debt/Equity
ratio |
7.244 |
6.979 |
9.065 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Current Maturities of Long Term Debt |
|
|
|
|
Vehicle Loans from |
|
|
|
|
Corporation Bank |
0.000 |
0.053 |
NA |
|
Kotak Mahindra
Prime Limited |
0.528 |
0.478 |
NA |
|
Total |
0.528 |
0.531 |
NA |
|
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 one year |
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80002589 |
23/10/2013 * |
276,270,000.00 |
CORPORATION BANK |
68/72, BABU GENU
ROAD, KALBADEVI, P.B. NO.2587, MUMBAI, MAHARASHTRA - 400002, INDIA |
B88726609 |
|
2 |
90240858 |
02/03/2005 * |
22,500,000.00 |
CORPORATION BANK |
KA;LSADEVI
BRANCH, MUMBAI, Maharashtra - 400002, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
From Directors |
17.939 |
11.696 |
|
From Shareholders
|
28.329 |
16.807 |
|
Interest accrued
and due |
1.122 |
0.850 |
|
From Others |
20.212 |
15.833 |
|
Total |
67.602 |
45.186 |
Notes:
LONG TERM BORROWINGS
1. Loan from Directors carries interest @ 12% p.a.
2. Loan from Shareholders and others carries interest ranging from 12% p.a. to 18% p.a.
3.
The Board of Directors confirm that the
above Loans are Long Term Borrowings i.e. shall not be repayable within next
twelve months.
FIXED ASSETS:
· Shredder Machine (Aditya)
· Air Conditioners
· Cellular Phones
· Computer System
· Contech Electronic Balance
· Dehumidfier
· Electrical Installation
· Fax Machine (Cannon)
· Flat
· Furniture and Fixtures
· Telephone System (Panasonic)
· Motor Car
· Refrigerator
· Sony Television
· UPS
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.61.95 |
|
|
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--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.