MIRA INFORM REPORT
|
Report Date : |
17.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TETRA-PAK INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. B-53, Chakan MIDC, Phase – 2, Taluka Khed,
Village – Vasuli, Chakan – 410501, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.12.1987 |
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Com. Reg. No.: |
11-012926 |
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Capital
Investment / Paid-up Capital : |
Rs. 1373.200 Millions |
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CIN No.: [Company Identification
No.] |
U21014PN1987PTC012 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNET03816B |
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PAN No.: [Permanent Account No.] |
AAACT3467B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Processing Equipments Dairy Products. |
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No. of Employees
: |
Not Available [We tried to confirm the number of employees but no one is
ready to part any information from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 6100000 |
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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 an established company having moderate track record. The company has taken huge external borrowing, which acts as
threatening to the liquidity position of the company However, trade relations are fair. Business is active. Payment terms
are reported to be 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
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
31-03-2014.
INFORMATION DENIED
Management non co-operative (91-2114-244127 / 2135-336700)
LOCATIONS
|
Registered Office : |
Plot No. B-53, Chakan MIDC, Phase – 2, Taluka Khed, Village – Vasuli, Chakan – 410501, Maharashtra, India |
|
Tel. No.: |
91-2114-244127 |
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Fax No.: |
91-2114-244123 / 244125 |
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E-mail: |
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Websites : |
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Area : |
10,000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
DLF Cyber Terrace, Building No 5, Tower C, 16th Floor, Cyber City, DLF Phase III, Gurgaon – 122002, Haryana, India |
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Tel. No.: |
91-124-5124600 |
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Fax No.: |
91-124-5064308 |
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Branch Office 1 : |
1134, 3rd Floor, 100 Feet Road, HAL 2nd Stage, Indiranagar, Bangalore – 560038, Karnataka, India |
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Tel. No.: |
91-80-25294491 |
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Fax No.: |
91-80-25271005 |
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Branch Office 2 : |
Locate at Pune |
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Overseas Office: |
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DIRECTORS
AS ON 15.07.2014
|
Name : |
Mr. Kandarp Bhushan Singh |
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Designation : |
Managing Director |
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Address : |
Flat No. 606A, The Aralias, DLF Golf Links, DLF Phase V, Gurgaon –
122002, Haryana, India |
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Date of Birth/Age : |
05.01.1966 |
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Date of Appointment : |
01.01.2011 |
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DIN No. : |
03421754 |
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Other Directorship :
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Name : |
Mr. Jayesh Gunvantrai Manek |
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Designation : |
Whole-time Director |
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Address : |
Buenivista, B – Building Flat No. 3, Pashan, Pune – 411021, Maharashtra, India |
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Date of Birth/Age : |
24.11.1971 |
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Date of Appointment : |
01.06.2012 |
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DIN No. : |
05292913 |
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Name : |
Mr. Russel Leighton Kekuewa |
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Designation : |
Director |
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Address : |
20, SOI Yagsoi Sammitr. |
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Date of Birth/Age : |
30.04.1954 |
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Date of Appointment : |
27.08.2004 |
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DIN No. : |
01046807 |
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KEY EXECUTIVES
|
Name : |
Mr. Sunil Rajaram Tembe |
|
Designation : |
Secretary and Manager Corporate Affairs |
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Address : |
20, |
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Date of Birth/Age : |
04.03.1961 |
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Date of Appointment : |
12.08.1996 |
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Pan No.: |
AAFPT4848Q |
MAJOR SHAREHOLDERS
As on 15.07.1913
|
Names of Shareholders |
|
No. of Shares |
|
Tetra |
|
137319999 |
|
Tetra Laval International S.A., |
|
1 |
|
Total |
|
137320000 |
As on 15.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 of Processing Equipments Dairy Products. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS - Not Divulged
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Available [We tried to confirm the
number of employees but no one is ready to part any information from the company
management] |
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Bankers : |
Not Available |
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Facilities : |
Not Available |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
C 401, 4th Floor, Panchshil Techpark, Yerwada,(Near Don Bosco School) |
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PAN No. : |
ABSFS4151K |
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Fellow Subsidiary Company: |
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Holding company: |
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CAPITAL STRUCTURE
As on 15.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270000000 |
Equity Shares |
Rs.10/- each |
Rs.2700.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
137320000 |
Equity Shares |
Rs.10/- each |
Rs. 1373.200 Millions |
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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 |
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|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
1373.200 |
1373.200 |
1819.200 |
|
(b) Reserves &
Surplus |
792.775 |
1723.683 |
887.808 |
|
(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) |
2165.975 |
3096.883 |
2707.008 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
6337.375 |
5723.279 |
750.000 |
|
(b) Deferred tax
liabilities (Net) |
176.110 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
81.436 |
72.986 |
50.438 |
|
Total Non-current
Liabilities (3) |
6594.921 |
5796.265 |
800.438 |
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|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4048.075 |
1850.819 |
1029.024 |
|
(b) Trade payables |
4127.408 |
2789.759 |
2507.299 |
|
(c) Other current
liabilities |
2232.306 |
1681.316 |
778.822 |
|
(d) Short-term provisions |
370.345 |
421.231 |
227.757 |
|
Total Current Liabilities
(4) |
10778.134 |
6743.125 |
4542.902 |
|
|
|
|
|
|
TOTAL |
19539.030 |
15636.273 |
8050.348 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8712.527 |
6492.551 |
1900.349 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
96.315 |
1643.730 |
631.956 |
|
(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 |
16.378 |
73.527 |
|
(d) Long-term Loan and Advances |
530.745 |
165.420 |
434.126 |
|
(e) Other Non-current
assets |
1812.315 |
900.574 |
609.131 |
|
Total Non-Current Assets |
11151.902 |
9218.653 |
3649.089 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3566.190 |
2698.952 |
1455.284 |
|
(c) Trade receivables |
2350.224 |
1826.849 |
1479.780 |
|
(d) Cash and cash
equivalents |
18.015 |
219.413 |
215.439 |
|
(e) Short-term loans and
advances |
1109.165 |
1272.169 |
894.240 |
|
(f) Other current assets |
1343.534 |
400.237 |
356.516 |
|
Total Current Assets |
8387.128 |
6417.620 |
4401.259 |
|
|
|
|
|
|
TOTAL |
19539.030 |
15636.273 |
8050.348 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
TOTAL |
16755.000 |
15149.000 |
9646.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
16247.000 |
13544.000 |
8540.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
508.000 |
1605.000 |
1106.000 |
|
|
|
|
|
|
|
Less |
TAX |
50.448 |
341.591 |
296.738 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
457.552 |
1263.409 |
809.262 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
3.33 |
9.20 |
5.89 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
2.73 |
8.34 |
8.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.61 |
11.48 |
15.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.52 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.79 |
2.45 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78 |
0.95 |
0.97 |
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 |
1819.200 |
1373.200 |
1373.200 |
|
Reserves & Surplus |
887.808 |
1723.683 |
792.775 |
|
Net worth |
2707.008 |
3096.883 |
2165.975 |
|
|
|
|
|
|
long-term borrowings |
750.000 |
5723.279 |
6337.375 |
|
Short term borrowings |
1029.024 |
1850.819 |
4048.075 |
|
Total borrowings |
1779.024 |
7574.098 |
10385.450 |
|
Debt/Equity ratio |
0.657 |
2.446 |
4.795 |
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 |
9646.000 |
15149.000 |
16755.000 |
|
|
|
57.050 |
10.601 |
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 |
9646.000 |
15149.000 |
16755.000 |
|
Profit |
809.262 |
1263.409 |
457.552 |
|
|
8.39% |
8.34% |
2.73% |
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 |
Yes |
|
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% |
No |
|
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 |
---------------------- |
|
23] |
Banking
Details |
No |
|
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 |
||||
|
Lodging No. : |
CEXAL/374/2014 |
Failing Date:- |
11/11/2014 |
|
|
Petitioner:- |
COMMISSIONER OF CENTRAL EXCISE, PUNE |
Respondent:- |
M/S. TETRA PAK (INDIA) PRIVATE LIMITED |
|
|
Petn.Adv:- |
NEELESH VASANT KALANTRI (14349) |
|||
|
District:- |
PUNE |
|||
|
Bench:- |
DIVISION |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
|
|
Status:- |
Pre- Admission |
|||
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|||
|
Act. : |
Central Excise and Salt Act |
Under Section:- 35G |
||
Operations
The Company recorded a total income of Rs. 16755.000 million in the current financial year as against Rs. 15149.000 million in the last year. The production of packaging material for the year was 7.38 billion packs against 5.96 billion packs during the previous year while sales of packaging material were 7.28 billion packs as against 6.00 billion packs for the previous period. The sales of processing division were marginally higher at Rs.1744.000 Million as compared to Rs. 1732.000 Million recorded during previous period. The Company has earned lower a profit before tax of Rs.508.000 million as against Rs 1605.000 million in the previous period due to higher depreciation and interest.
VIEW INDEX OF
CHARGES: No Charges Exist for company
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from banks |
6337.375 |
5723.279 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
3000.000 |
900.000 |
|
Borrowing from foreign institutional |
1048.075 |
950.819 |
|
Total |
10385.450 |
7574.098 |
FIXED ASSETS
- Land
- Buildings
- Office building
- Plant and equipment
- Vehicles
- Office equipment
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. 61.64 |
|
|
1 |
Rs. 96.54 |
|
Euro |
1 |
Rs. 76.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
34 |
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.