MIRA
INFORM REPORT
|
Report Date : |
03.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
PARLE BISCUITS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400057, |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.09.1974 |
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|
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|
Com. Reg. No.: |
11-017797 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.950 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15412MH1974PTC017797 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16474D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0485D |
|
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Biscuits and Allied Products |
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|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 61000000 |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Exist |
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Comments : |
Subject is India’s largest manufacturer of biscuits and confectionery.
It is a well-established company having fine track record. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. Products of the company are well known to
consumers. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for business dealings 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.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
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 (91-22-66916911)
LOCATIONS
|
Registered Office : |
North Level Crossing, Vile Parle (East), Mumbai – 400057, Maharashtra,
India |
|
Tel. No.: |
91-22-66916911/ 12 / 66916929 / 67130300 |
|
Fax No.: |
91-22-66916927 / 66916926 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Plants 1 : |
SP-2/4, RIICO Industrial Area, |
|
Tel No : |
91-1494-246312 |
|
Fax No. : |
91-1494-246180 |
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|
|
|
Plants 2 : |
36, |
|
Tel No : |
91-1276-23415458 |
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Fax No. : |
91-1276-2341406 |
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|
|
|
Plants 3 : |
Plot No 3, Sector 1, Integrated Industrial Estate, Rudrapur-263153,
Uttaranchal, India |
|
Tel No : |
91-594-4247431/32/33 |
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Raj Kumar Satyanarayan Nevatia |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
1, Jogesh CHS Limited, 14, Natwar Nagar Road, Jogeshwari (East),
Mumbai – 400060, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1951 |
|
Date of Appointment : |
07.01.1998 |
|
DIN No.: |
00486912 |
|
|
|
|
Name : |
Ms. Santosh Narwal |
|
Designation : |
Director |
|
Address : |
H No 1615, Sector – 6, Bahadurgarh, Jhajjar – 124507, Haryana, India |
|
Date of Birth/Age : |
15.07.1969 |
|
Qualification : |
M.B.A |
|
Date of Appointment : |
17.06.2009 |
|
DIN No.: |
02701505 |
|
|
|
|
Name : |
Mr. Hariharan Kalathu Iyer |
|
Designation : |
Director |
|
Address : |
11, Giri Vihar, Rammaruthi Cross Lane No. 3 Naupada, Thane – 400602, Maharashtra,
India |
|
Date of Birth/Age : |
01.05.1954 |
|
Date of Appointment : |
15.09.2010 |
|
DIN No.: |
03086518 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Parle Products Private Limited, India |
|
49499 |
|
Rajkumar S. Nevatia, Parag K. Khansaheb Jointly with Parle Products
Private Limited, India |
|
1 |
|
TOTAL
|
|
49500 |
As on 26.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Biscuits and Allied Products |
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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|
|
|
Bankers : |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,
D, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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|
|
|
Banking
Relations : |
--- |
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|
|
|
Auditors : |
|
|
Name : |
S.A. Buhariwalla and Associates Chartered Accountants |
|
Address : |
201/ 203, Konark Classic, 85, Hill Road, Bandra, Mumbai – 400050,
Maharashtra, India |
|
PAN No.: |
AACPB0118L |
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|
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|
Holding company : |
Parle Products Private Limited |
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|
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Subsidiary company
: |
· Arctic Biscuits Private Limited · Antartic Biscuits Private Limited · Pardee Foods Nigeria Limited (Pardee) · Parlite Foods SARL (Parlite) · Equator Foods Ghana Limited |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives |
· Kisan Seva Kendra · Fitrite Packers |
CAPITAL STRUCTURE
As on 26.09.2013
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 |
|
|
|
|
|
|
49500 |
Equity Shares |
Rs.100/- each |
Rs. 4.950 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 |
4.950 |
4.950 |
4.950 |
|
(b) Reserves & Surplus |
15438.620 |
13147.724 |
11170.805 |
|
(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) |
15443.570 |
13152.674 |
11175.755 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
49.836 |
|
(c) Other long term liabilities |
89.310 |
47.227 |
17.481 |
|
(d) long-term provisions |
588.643 |
368.291 |
26.941 |
|
Total Non-current Liabilities (3) |
677.953 |
415.518 |
94.258 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
50.149 |
|
(b) Trade payables |
3375.551 |
3077.025 |
2948.361 |
|
(c) Other current
liabilities |
601.248 |
506.090 |
453.027 |
|
(d) Short-term provisions |
47.400 |
37.548 |
24.098 |
|
Total Current Liabilities (4) |
4024.199 |
3620.663 |
3475.635 |
|
|
|
|
|
|
TOTAL |
20145.722 |
17188.855 |
14745.648 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3905.373 |
3657.546 |
3750.684 |
|
(ii) Intangible Assets |
23.977 |
25.258 |
0.000 |
|
(iii) Capital
work-in-progress |
229.611 |
343.571 |
217.218 |
|
(iv)
Intangible assets under development |
0.035 |
0.035 |
31.039 |
|
(b) Non-current Investments |
2068.646 |
2532.012 |
2449.025 |
|
(c) Deferred tax assets (net) |
17.972 |
30.741 |
0.000 |
|
(d) Long-term Loan and Advances |
1312.083 |
922.992 |
629.835 |
|
(e) Other Non-current assets |
4.902 |
3.329 |
0.618 |
|
Total Non-Current Assets |
7562.599 |
7515.484 |
7078.419 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3567.787 |
2743.299 |
2419.404 |
|
(b) Inventories |
5739.098 |
4952.198 |
3730.209 |
|
(c) Trade receivables |
1326.247 |
1032.998 |
680.853 |
|
(d) Cash and cash
equivalents |
1059.196 |
378.452 |
189.813 |
|
(e) Short-term loans and
advances |
770.158 |
523.750 |
573.535 |
|
(f) Other current assets |
120.637 |
42.674 |
73.415 |
|
Total Current Assets |
12583.123 |
9673.371 |
7667.229 |
|
|
|
|
|
|
TOTAL |
20145.722 |
17188.855 |
14745.648 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
55964.113 |
51223.610 |
40045.901 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3401.083 |
2873.969 |
1570.335 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1110.187 |
897.050 |
384.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
2290.896 |
1976.919 |
1186.320 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1976.919 |
1186.320 |
1140.238 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2290.896 |
1976.919 |
1186.320 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
42994.26 |
39998.81 |
24.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.08 |
5.61 |
3.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.08 |
20.12 |
13.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.22 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.13 |
2.67 |
2.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4.950 |
4.950 |
4.950 |
|
Reserves & Surplus |
11170.805 |
13147.724 |
15438.620 |
|
Net
worth |
11175.755 |
13152.674 |
15443.570 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
50.149 |
0.000 |
0.000 |
|
Total
borrowings |
50.149 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.004 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40045.901 |
51223.610 |
55964.113 |
|
|
|
27.912 |
9.255 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40045.901 |
51223.610 |
55964.113 |
|
Profit |
1186.320 |
1976.919 |
2290.896 |
|
|
2.96% |
3.86% |
4.09% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 |
No |
|
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 |
|
LITIGATION DETAILS |
||||
|
Bench:- Bombay |
||||
|
Stamp No.: |
CAOST/11894/2013 |
Failing Date:- |
17/04/2013 |
|
|
Main Matter |
||||
|
Stamp No.: RPWST/11893/2013 |
||||
|
Petitioner:- |
STATE OF MAHARASHTRA |
Respondent:- |
PARLE BISCUITS PRIVATE LIMITED |
|
|
Petn.Adv:- |
Government Pleader (0) |
|
|
|
|
District:- |
NANDED |
|||
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|
||||
|
Bench:- |
DIVISION |
|||
|
Status:- |
Pre – Admission |
|||
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|||
|
Act. : |
Food and Safety Standards Act |
|
||
NOTE
The registered address of the company V. S. Khandekar Marg, Vile Parle
(East), Mumbai – 400057, Maharashtra, India has been shifted to the present
address w.e.f. 08.09.2007
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10133414 |
26/09/2012 * |
1,500,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B60035961 |
* Date of charge modification
FIXED ASSETS
- Land
- Factory buildings
- Plant and machinery
- Electric installations
- Furniture and fittings
- Office equipment
- Vehicles
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.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
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 |
|
75 |
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.