|
Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
JOHNSON MATTHEY
CHEMICALS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 6A, MIDC
Industrial Estate, Taloja, District Raigad – 410 208, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.09.2002 |
|
|
|
|
Com. Reg. No.: |
11-137100 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.420.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH2002FTC137100 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEJ05603D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ1620M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Nickel Catalyst. |
|
|
|
|
No. of Employees
: |
Information Declined by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5123000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company appears to be decent. Trade relations are reported to be 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 conditions. |
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
WORKING CAPITAL DEMAND LOAN (SUSPENDED) :
CRISIL AA |
|
Rating Explanation |
High degree of safety it carry very low credit
risk |
|
Date |
31.08.2012 |
Note: Reason is not available
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 BY
|
Name : |
Mr. Samir |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-27401710 |
|
Date : |
02.01.2014 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 6A, MIDC
Industrial Estate, Taloja, District Raigad – 410 208, |
|
Tel. No.: |
91-22-27401710/ 27401434 |
|
Mobile No.: |
91-7838829700 (Mr. Sunil) |
|
Fax No.: |
91-22-27401711/ 27401421 |
|
E-Mail: |
|
|
Website: |
|
|
|
|
|
Research Chemicals
: |
Alfa Aesar Division, 3rd Floor, No. 108, Survey
Nos 195-196, Kandlakoya |
|
Tel. No.: |
91-8008812424 / 2525 / 2626 |
|
Fax No.: |
91-8418 260060 |
|
E-Mail: |
|
|
|
|
|
Refineries &
Gas |
6th Floor, Tower ' B', Global Business Park,
Mehrauli Gurgaon Road, Gurgaon |
|
Tel. No.: |
91-1242359836-837- 838 |
|
Fax No.: |
91 124 235 9844 |
|
E-Mail: |
DIRECTORS
AS ON 23.09.2013
|
Name : |
Mr. Saumendra
Tripathy |
|
Designation : |
Whole Time
Director |
|
Address : |
Flat No. C 1001, Petal
Heritage, Plot No.15 and 17, Sector 7, Kharghar, Navi Mumbai - 410 201, |
|
Date of Birth/Age : |
25.05.1972 |
|
Qualification : |
PGDM |
|
Date of Appointment : |
22.09.2009 |
|
DIN No.: |
02695123 |
|
|
|
|
Name : |
Mr. Dhananjay Vishnu
Tapasvi |
|
Designation : |
Managing Director
|
|
Address : |
8, Earle Close, Yarm – TS159SN, United Kingdom |
|
Date of Birth/Age : |
10.01.1967 |
|
Date of Appointment : |
04.11.2010 |
|
DIN No.: |
03309900 |
KEY EXECUTIVES
|
Name : |
Mr. Bijay Kumar Dhimaan |
|
Designation : |
Secretary |
|
Address : |
C-22, Sector-30, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
16.07.1965 |
|
Date of Appointment : |
17.05.2013 |
|
PAN No.: |
ADIPD9470C |
|
|
|
|
Name : |
Mr. Samir |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
AS ON 23.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Matthey Finance
B.V., Netherlands |
|
41999999 |
|
Johnson Matthey
(Nominees) Limited, UK |
|
1 |
|
|
|
|
|
Total |
|
42000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 23.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Nickel Catalyst. |
||||||||||||
|
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|
||||||||||||
|
Products : |
|
PRODUCTION STATUS
(Quantity
in tonnes)
|
Particulars |
31.03.2011 |
|
Catalysts: |
|
|
Installed Capacity |
4670 |
|
Actual Production |
4035 |
Notes:
i) Production meant for sale includes production under Toll conversion and is after shortages, handling losses and excludes quantity internally consumed if any.
ii) Catalyst production is delicensed.
iii) Installed capacity disclosed is on an annual basis.
GENERAL INFORMATION
|
No. of Employees : |
Information Declined by Management |
|||||||||||||||
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|
|
|||||||||||||||
|
Bankers : |
·
HSBC
Bank, Taloja Branch ·
Dena
Bank ·
State
Bank of |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered
Accountants |
|
Address : |
Building No. 10, 8th Floor, Tower B, |
|
Tel. No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
PAN.: |
AAAFB9852F |
|
|
|
|
Holding company : |
·
Johnson Matthey Inc., UK ·
Mathey Finance BV, Netherland |
|
|
|
|
Fellow
subsidiaries: |
· Avocado Research Chemicals Limited, UK · Johnson Matthey (Shanghai) Chemicals Limited, China · Johnson Matthey B.V., Netherlands · Alfa Aesar China (Tinajin) Limited, China · Johnson Matthey Catalog Co. Inc., UK · Johnson Matthey Chemicals GmbH, Germany · Alfa Aesar GmbH and Company, Germany · Tracerco Asia Sdn Bhd, Malaysia · Tracerco Limited, UK · Johnson Matthey Incorporated, Japan · Johnson Matthey India Private lImited, India · Johnson Matthey Plc., UK |
|
|
·
|
CAPITAL STRUCTURE
AS ON 23.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs.420.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs.420.000 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 |
420.000 |
420.000 |
420.000 |
|
(b) Reserves & Surplus |
860.937 |
682.602 |
554.575 |
|
(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) |
1280.937 |
1102.602 |
974.575 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2503.226 |
2388.943 |
1539.729 |
|
(b) Deferred tax liabilities (Net) |
51.898 |
16.990 |
(12.014) |
|
(c) Other long term liabilities |
97.338 |
5.016 |
10.131 |
|
(d) long-term provisions |
102.038 |
181.117 |
239.473 |
|
Total Non-current Liabilities (3) |
2754.500 |
2592.066 |
1777.319 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
778.837 |
792.042 |
50.082 |
|
(b) Trade payables |
331.684 |
390.940 |
592.342 |
|
(c) Other current
liabilities |
661.895 |
201.571 |
193.331 |
|
(d) Short-term provisions |
1.330 |
3.022 |
0.442 |
|
Total Current Liabilities (4) |
1773.746 |
1387.575 |
836.197 |
|
|
|
|
|
|
TOTAL |
5089.183 |
5082.243 |
3588.091 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1570.022 |
773.830 |
669.843 |
|
(ii) Intangible Assets |
13.618 |
100.726 |
231.182 |
|
(iii) Capital
work-in-progress |
1137.473 |
1416.677 |
664.082 |
|
(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 |
230.174 |
199.291 |
226.579 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2951.287 |
2490.524 |
1791.686 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1905.000 |
1811.007 |
1139.629 |
|
(c) Trade receivables |
628.800 |
437.240 |
433.225 |
|
(d) Cash and cash
equivalents |
12.858 |
128.012 |
44.393 |
|
(e) Short-term loans and
advances |
309.743 |
197.487 |
162.782 |
|
(f) Other current assets |
1.495 |
17.973 |
16.376 |
|
Total Current Assets |
2857.896 |
2591.719 |
1796.405 |
|
|
|
|
|
|
TOTAL |
5809.183 |
5082.243 |
3588.091 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3704.300 |
3130.600 |
2732.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
2930.400 |
2521.400 |
2747.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
773.900 |
609.200 |
(14.400) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
244.900 |
211.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
529.000 |
398.200 |
(14.400) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
226.700 |
222.700 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
302.300 |
175.500 |
(14.400) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
124.000 |
47.500 |
38.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
178.300 |
128.000 |
(52.500) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
682.500 |
554.500 |
607.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
860.800 |
682.500 |
554.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.25 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.81
|
4.09 |
(1.92) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.25
|
5.06 |
(0.53) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.16 |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.56
|
2.88 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.87 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
442.105 |
1.129 |
1.314 |
|
|
|
|
|
|
Total |
442.105 |
1.129 |
1.314 |
|
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 |
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
PERFORMANCE REVIEW:
During the
financial year, subject sales grew by 18% (at Rs.3704.300 Millions as compared
to last year Rs.3130.600 Millions), and, Operating Profit (PBIDT) has been
increased by 27% (at Rs.773.900 Millions as compared to last year Rs.609.100
Millions). During the year, launch of new products and improvements in
operating efficiencies have also contributed an increase in the operating
profitability of subject.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Fully convertible
debenture others |
1141.700 |
1141.700 |
|
Term loans |
1360.028 |
1244.507 |
|
Short Term Borrowings |
|
|
|
Rupee term loans
from Banks |
722.505 |
690.000 |
|
Loans repayable
on demand |
56.332 |
102.042 |
|
|
|
|
|
Total |
3280.565 |
3178.249 |
NOTE: No Charges Exist
for Company.
FIXED ASSETS:
Tangible Assets
·
Land –
Leasehold
· Plant and Machinery
· Motor Vehicles – Leased
· Motor Vehicles – Owned
· Building
· Furniture, Fittings and Equipment
Intangible Assets
· Software
· Goodwill
· Trademarks
· Patents and Know-How
· Non Complete Fee
·
Option
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 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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
44 |
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.