MIRA
INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMOIL ADANI PRIVATE LIMITED |
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Registered
Office : |
Adani House, Near. |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.05.2008 |
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Com. Reg. No.: |
04-054045 |
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Capital
Investment / Paid-up Capital : |
Rs. 16.880 Millions |
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CIN No.: [Company Identification
No.] |
U40200GJ2008PTC054045 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC02747D |
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PAN No.: [Permanent Account No.] |
AADCC3765G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of marine fuel products. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Not Available |
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Comments : |
Subject is a subsidiary of Chemoil Adani Pte Limited It is an established company having satisfactory track record. The company has incurred a loss during 2013 however, Net worth of the company
is satisfactory. General financial position of the company is normal and
acceptable for business dealing The company also receive strong operational and financial support from
its holding company Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. In view of experienced management and operational synergies derived
from the group companies, the company can be considered normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities: BBB+ |
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Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
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Date |
06 August 2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: A2 |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
06 August 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
31-03-2014.
INFORMATION DENIED BY
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Name : |
Ms. Bhumi |
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Designation : |
Receptionist |
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Contact No.: |
91-79-25555101 |
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Date : |
01.09.2014 |
LOCATIONS
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Registered Office : |
Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
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Tel. No.: |
91-79-25556171/25555765 |
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Fax No.: |
91-79-25555611 |
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E-Mail : |
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Website : |
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Head Office: |
12 Titanium Near Prahalad Nagar, Garden V E Jalpur, Ahmedabad –
380015, Gujarat, India |
DIRECTORS
AS ON 07.08.2013
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Name : |
Mr. Jatinkumar R. Jalaundhwala |
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Designation : |
Director |
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Address : |
602 Satkrut, Parth Sarthi, Avenue, 132 Ring Road, Near Shyamal Raw
House, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
29.01.1960 |
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Date of Appointment : |
07.08.2013 |
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DIN No. : |
00137888 |
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Other Directorship :
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Name : |
Mr. Pranav v Adani |
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Designation : |
Director |
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Address : |
Param Shanti Bunglow, Survey No. 100/1, B/H Rajpath Club, Ahmedabad –
380059, Gujarat, India |
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Date of Birth/Age : |
09.08.1978 |
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Date of Appointment : |
25.08.2009 |
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DIN No. : |
00008457 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Ms. Bhumi |
|
Designation : |
Receptionist |
MAJOR SHAREHOLDERS
As on 07.08.2013
|
Names of Shareholders |
No. of Shares |
|
Chemoil Adani pte. Limited, Singapore |
1687962 |
|
Samir S. Vora Nomine of Chemoil – Adani Pte. Limited, Singapore |
1 |
|
Devang S. Desai Nomine of Chemoil – Adani Pte. Limited, Singapore |
1 |
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Total |
1687964 |
As on 07.08.2013
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
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Line of Business : |
Trader of marine fuel products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· State Bank of India, Cag Branch, 58 Shrimal Society, Navrangpura, Ahmedabad – 380009, Gujarat, India ·
Axis Bank Limited, Trishul, 3rd floor,
Opposite Samatheshwar Mahadev, Law Garden, Ahmedabad – 380006, Gujarat, India
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mrunal N. Shah and Company Chartered Accountants |
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Address : |
43, 5th Floor, Shree Krishna Centre , Near Mithakhali Circle,
Navrangpura, Ahmedabad- 380009, Gujarat, India |
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PAN No.: |
ANJPS4336D |
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Holding Company |
· Chemoil Adani Pte. Limited, Singapore |
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Joint Venture
Partner |
· Adani Global Ltd, Mauritius · Chemoil Energy Ltd, Hongkong |
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Enterprises over
which the key management personnel and/or their relatives have significant
influence |
· Aanya Maritime Inc · Aashna Maritime Inc · Adani Enterprises Limited · Adani Gas Limited · Adani Logistics Limited · Adani Murmugao Port Terminal Private Limited · Adani Petronet (Dahej) Port Private Limited · Adani Port and Special Ecomonic Zone Limited · Adani Power Limited · Adani Properties Private Limited · Andromedia Management Limited. · Chemoil International Pte Limited · Chemoil Middle East DMCC · Link Marine Pte Limited · Ocean Connect Marine Inc. · Ocean Connect Marine Pte Limited · Vanshi Shipping Pte Limited |
CAPITAL STRUCTURE
As on 07.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1687964 |
Equity Shares |
Rs.10/- each |
Rs. 16.880 Millions |
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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 |
16.880 |
16.880 |
16.880 |
|
(b) Reserves &
Surplus |
935.804 |
1223.034 |
740.350 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
952.684 |
1239.914 |
757.230 |
|
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
0.774 |
0.536 |
0.163 |
|
Total Non-current
Liabilities (3) |
0.774 |
0.536 |
0.163 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1722.539 |
1696.743 |
941.147 |
|
(b) Trade payables |
956.839 |
1082.345 |
4743.278 |
|
(c) Other current
liabilities |
13.249 |
25.727 |
109.316 |
|
(d) Short-term provisions |
0.144 |
0.018 |
0.360 |
|
Total Current Liabilities
(4) |
2692.771 |
2804.833 |
5794.101 |
|
|
|
|
|
|
TOTAL |
3646.229 |
4045.283 |
6551.494 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9.354 |
10.694 |
6.159 |
|
(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 |
0.010 |
0.010 |
0.010 |
|
(c) Deferred tax assets
(net) |
0.312 |
2.166 |
-0.609 |
|
(d) Long-term Loan and Advances |
72.897 |
68.503 |
1.499 |
|
(e) Other Non-current
assets |
0.048 |
1.046 |
31.990 |
|
Total Non-Current Assets |
82.621 |
82.419 |
39.049 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1420.954 |
2068.811 |
3152.496 |
|
(c) Trade receivables |
1207.342 |
1154.468 |
2730.720 |
|
(d) Cash and cash
equivalents |
832.627 |
499.440 |
529.107 |
|
(e) Short-term loans and
advances |
102.678 |
240.096 |
99.469 |
|
(f) Other current assets |
0.007 |
0.049 |
0.653 |
|
Total Current Assets |
3563.608 |
3962.864 |
6512.445 |
|
|
|
|
|
|
TOTAL |
3646.229 |
4045.283 |
6551.494 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL |
15260.750 |
19723.189 |
18479.945 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
15552.959 |
19200.461 |
18042.163 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(292.209) |
522.728 |
437.782 |
|
|
|
|
|
|
|
Less |
TAX |
(4.980) |
40.045 |
22.867 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(287.229) |
482.683 |
414.915 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
TOTAL EARNINGS |
14302.300 |
19030.000 |
16968.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(170.16) |
285.95 |
245.80 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
(1.88) |
2.45 |
2.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.01) |
12.93 |
6.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.31) |
0.42 |
0.58 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.81 |
1.37 |
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.41 |
1.12 |
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 |
16.880 |
16.880 |
16.880 |
|
Reserves & Surplus |
740.350 |
1223.034 |
935.804 |
|
Net worth |
757.230 |
1239.914 |
952.684 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
941.147 |
1696.743 |
1722.539 |
|
Total borrowings |
941.147 |
1696.743 |
1722.539 |
|
Debt/Equity ratio |
1.243 |
1.368 |
1.808 |
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 |
18479.945 |
19723.189 |
15260.750 |
|
|
|
6.728 |
(22.625) |
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 |
18479.945 |
19723.189 |
15260.750 |
|
Profit |
414.915 |
482.683 |
(287.229) |
|
|
2.25% |
2.45% |
(1.88%) |
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 |
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 |
---------------------- |
|
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 |
10168398 |
27/08/2012 * |
8,000,000,000.00 |
AXIS BANK LIMITED |
Trishul, 3rd Floor, Opp. Samatheshwar Mahadev, Law Garden, Ahmedabad, Gujarat - 380006, INDIA |
B57847980 |
|
2 |
10138557 |
09/05/2009 * |
3,000,000,000.00 |
AXIS BANK LIMITED |
MAKER TOWERS,
"F", 13TH FLOOR, CUFFE PARADE, COLA |
A62601992 |
* Date of charge modification
FIXED ASSETS
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer Equipments
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. 60.43 |
|
|
1 |
Rs. 98.64 |
|
Euro |
1 |
Rs. 78.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.