MIRA INFORM REPORT

Report Date :

24.09.2014

NOTE :

The registered office of the company has been shifted from F-34, Preet Vihar, New Delhi – 110092, India to the present address w.e.f. 01.01.2009.

IDENTIFICATION DETAILS

Name :	COMPETENT DYESTUFF AND ALLIED PRODUCTS PRIVATE LIMITED
Registered Office :	A-4/15-16, Mandoli Industrial Area, Nand Nagri, Delhi - 110001
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.07.1990
Com. Reg. No.:	55-040693
Capital Investment / Paid-up Capital :	Rs. 7.131 Millions
CIN No.: [Company Identification No.]	U74899DL1990PTC040693
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in trading of fluorine-based chemicals.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has failed to file its financial record with government department for the year 2013. As per available financial record of 2012, 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. Payments 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
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

Rating Agency Name	ICRA
Rating	Long term fund based limits = B
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	June, 2014

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

Name :	Mr. Nitin Chawla
Designation :	Regional head
Contact No.:	91-9953355276
Date :	23.09.2014

LOCATIONS

Registered Office :	A-4/15-16, Mandoli Industrial Area, Nand Nagri, Delhi - 110001, India
Tel. No.:	Not Available
Mobile No.:	91-9953355276 (Mr. Nitin Chawla)
Fax No.:	Not Available
E-Mail :	ankitgarg7@indiatimes.com ankitgarg2169@gmail.com
Corporate Office :	No. 120, Anand Industrial Estate, Mohan Nagar, Ghaziabad – 201007, Uttar Pradesh, India
Tel. No.:	91-120-2657216/2657050
Fax No.:	91-120-2657380

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sharad Aggarwal

Designation :

Director

Address :

A-5, Sector – 27, Gautam Budh Nagar, Noida, Uttar Pradesh, India

Date of Appointment :

03.07.1990

DIN No. :

00277985

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC040693	COMPETENT DYESTUFF AND ALLIED PRODUCTS PRIVATE LIMITED	Director	03/07/1990	03/07/1990	-	Active	NO
2	U74899DL1991PTC044348	SURYA ARC ELECTRODES PRIVATE LIMITED	Director	13/05/1991	13/05/1991	-	Active	NO
3	U92199DL1999PLC101342	AMITY AMUSEMENT LTD	Director	30/08/1999	30/08/1999	-	Active	NO
4	U74999DL2004PTC128808	COLORTONE APPARELS PRIVATE LIMITED	Director	03/09/2004	03/09/2004	-	Dormant	NO
5	U74899DL1992PLC050965	K C M FINANCIAL SERVICE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
6	U51909DL2007PTC162860	Overseas Chemtech Private Limited	Director	05/04/2008	05/04/2008	-	Active	NO

Name :

Mrs. Jyoti aggarwal

Designation :

Director

Address :

A-5, Sector – 27, Gautam Budh Nagar, Noida, Uttar Pradesh, India

Date of Appointment :

01.04.2003

Date of cessation :

01.04.2013

DIN No. :

00278057

Name :

Mukta Garg

Designation :

Director

Address :

R-14/12, Raj Nagar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

23.03.1995

Date of cessation :

01.04.2013

DIN No. :

00240203

Name :

Mr. Atul Garg

Designation :

Director

Address :

R-14/12, Raj Nagar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

23.03.1995

DIN No. :

00240262

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1991PTC044348	SURYA ARC ELECTRODES PRIVATE LIMITED	Director	13/05/1991	13/05/1991	-	Active	NO
2	U74899DL1990PTC040693	COMPETENT DYESTUFF AND ALLIED PRODUCTS PRIVATE LIMITED	Director	23/03/1995	23/03/1995	-	Active	NO
3	U92199DL1999PLC101342	AMITY AMUSEMENT LTD	Director	30/08/1999	30/08/1999	-	Active	NO
4	U74899DL1992PLC050965	K C M FINANCIAL SERVICE LIMITED	Director	06/11/2000	06/11/2000	-	Active	NO
5	U51909DL2007PTC162860	Overseas Chemtech Private Limited	Director	05/04/2008	05/04/2008	-	Active	NO
6	U74900HR2011PTC044344	KUNDLI STAINLESS STEEL CLUSTER SERVICES PRIVATE LIMITED	Director	28/09/2012	02/02/2012	-	Active	NO
7	U70102UP2012PTC048741	SHREE TIRUPATIJI DEVELOPERS PRIVATE LIMITED	Director	06/02/2012	06/02/2012	12/07/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Chawla
Designation :	Regional head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Shareholders details files attached.

AS ON 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	67.00
Other top fifty shareholders	33.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in trading of fluorine-based chemicals.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Punjab National Bank, G.T. Road Branch, G.T. Road, Ghaziabad - 201001, Uttar Pradesh, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from Banks
ICICI Bank-I	4.710	4.710
ICICI Bank-II	3.361	4.537
ICICI Bank-III	4.102	5.550
ICICI Bank-IV	0.320	0.000
ICICI Bank-V	0.522	0.000
HDFC Bank Limited	0.281	0.000
Tata Capital Limited	0.100	0.365
SHORT TERM BORROWINGS
Loans Repayble on demand
Punjab National Bank Ghaziabad (Cash Credit Limit against hypothecation of stock and book debtsand also guaranteed by the directors of the company)	103.550	84.619
Loan and advances from Related Parties	0.000	0.000
Total	116.946	99.781

NOTE :

Nature of Security Against Term Loan	Terms of Repayment
ICICI Bank-I Term loan from ' ICICI Bank ' was taken against hypothecation of ' Car' also guaranted by directors of company	Repayable in 59 monthly installment of Rs.0.128 Million each. The rate of interest is 9.75% p.a.
ICICI BANK-II Term loan from ' ICICI Bank ' was taken against hypothecation of 'Car' also guaranted by directors of company	Repayable in 59 monthly installment of Rs.0.131 Million each. The rate of interest is 9.75% p.a.
ICICI BANK-III Term loan from ' ICICI Bank ' was taken against hypothecation of 'Car' also guaranted by directors of company	Repayable in 59 monthly installment of Rs.0.161 Million each. The rate of interest is 9.75% p.a.
ICICI BANK-IV Term loan from ' ICICI Bank ' was taken against hypothecation of 'Car' also guaranted by directors of company	Repayable in 35 monthly installment of Rs.0.018 Million each. The rate of interest is 14% p.a.
ICICI BANK-V Term loan from ' ICICI Bank ' was taken against hypothecation of 'Car' also guaranted by directors of company	Repayable in 35 monthly installment of Rs.0.029 Million each. The rate of interest is 13.75% p.a.
HDFC Bank Limited Term loan from ' HDFC Bank Limited ' was taken against hypothecation of 'Car'.	Repayable in 35 monthly installment of Rs.0.016 Million each. The rate of interest is 17.65% p.a.
TATA Capital Limited Term loan from ' HDFC Bank Limited ' was taken against hypothecation of 'Car'	Repayable in 35 monthly installment of Rs.0.015 Million each. The rate of interest is 13.20% p.a.

Banking Relations :
Financial Institution:	Tata Capital Limited
Auditors :
Name :	Anil Ajay and Company Chartered Accountants
Address :	G - Block, Suraj Mal Vihar, Delhi – 110095, India
PAN No.:	AAGFA7406A

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71,310	Equity Shares	Rs.100/- each	Rs. 7.131 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.131	7.131
(b) Reserves & Surplus	12.687	10.671
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19.818	17.802
(3) Non-Current Liabilities
(a) long-term borrowings	25.712	25.801
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	25.712	25.801
(4) Current Liabilities
(a) Short term borrowings	103.550	84.619
(b) Trade payables	42.628	29.413
(c) Other current liabilities	12.992	6.821
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	159.170	120.853
TOTAL	204.700	164.456
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.255	26.369
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.250	1.500
(c) Deferred tax assets (net)	0.210	0.315
(d) Long-term Loan and Advances	0.624	0.801
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	24.339	28.985
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	73.432	56.437
(c) Trade receivables	65.985	47.393
(d) Cash and cash equivalents	1.554	1.715
(e) Short-term loans and advances	39.390	29.926
(f) Other current assets	0.000	0.000
Total Current Assets	180.361	135.471
TOTAL	204.700	164.456

SOURCES OF FUNDS	31.03.2010
SHAREHOLDERS FUNDS
1] Proprietor's Capital	7.131
2] Share Application Money	0.000
3] Reserves & Surplus	8.826
4] (Accumulated Losses)	0.000
NETWORTH	15.957
LOAN FUNDS
1] Secured Loans	90.458
2] Unsecured Loans	8.694
TOTAL BORROWING	99.152
DEFERRED TAX LIABILITIES	0.000
TOTAL	115.109
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	7.578
Capital work-in-progress	0.000
INVESTMENT	4.060
DEFERRED TAX ASSETS	0.493
CURRENT ASSETS, LOANS & ADVANCES
Inventories	35.943
Sundry Debtors	76.868
Cash & Bank Balances	5.723
Other Current Assets	1.207
Deposits	0.000
Loans & Advances and Deposits	4.902
Total Current Assets	124.643
Less : CURRENT LIABILITIES & PROVISIONS
Sundry Creditors	0.000
Other Current Liabilities / Duty and Taxes	20.815
Provisions	0.850
Total Current Liabilities	21.665
Net Current Assets	102.978
MISCELLANEOUS EXPENSES	0.000
TOTAL	115.109

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	SALES
	Revenue from operations	290.310	166.099	201.410
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.120	4.726	3.762
Less/ Add	DEPRECIATION/ AMORTISATION	3.202	2.053	0.992
	PROFIT/ (LOSS) BEFORE TAX	2.918	2.673	2.770
Less	TAX	0.902	0.828	0.854
	PROFIT/ (LOSS) AFTER TAX	2.016	1.845	1.916
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	0.000	0.000
	TOTAL EARNINGS	0.000	0.000	0.000
	IMPORTS	Nil	Nil	Nil
	Earnings / (Loss) Per Share (Rs.)	28.27	25.87	26.86

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	1.01	1.61	1.38
Return on Total Assets (PBT/Total Assets}	(%)	1.44	1.64	2.09
Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.17
Debt Equity Ratio (Total Debt /Networth)		6.52	6.20	6.21
Current Ratio (Current Asset/Current Liability)		1.13	1.12	5.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.131	7.131
Reserves & Surplus	10.671	12.687
Net worth	17.802	19.818
long-term borrowings	25.801	25.712
Short term borrowings	84.619	103.550
Total borrowings	110.420	129.262
Debt/Equity ratio	6.203	6.522

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	201.410	166.099	290.310
		(17.532)	74.781

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	201.410	166.099	290.310
Profit/(Loss) After Tax	1.916	1.845	2.016
	0.95%	1.11%	0.69%

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%	No
14]	Estimation for coming financial year	----
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	---
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90063432	30/04/2014 *	110,000,000.00	PUNJAB NATIONAL BANK	BRANCH .G.T. ROAD, GHAZIABAD, UTTAR PRADESH - 201001, INDIA	C05475629
2	90062886	24/03/2005 *	10,000,000.00	PUNJAB NATIONAL BANK	G.T. ROAD, GHAZIABAD, UTTAR PRADESH, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loan and Advances from related parties
From directors and shareholder	4.576	5.298
From bodies corporate	7.740	5.130
From ABN Amro Bank	0.000	0.211
Total	12.316	10.639

TURNOVER

The company has Turnover of Rs. 290.310 Millions during the year (Rs.166.099 Millions in previous year).

FIXED ASSETS

· Plant and Equipments

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Motor Bike

· Air Conditioners

· Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records 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 records 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.60.87
UK Pound	1	Rs.99.63
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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