MIRA INFORM REPORT
|
Report No. : |
319424 |
|
Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUBRIZOL ADVANCED MATERIALS INDIA PRIVATE LIMITED (w.e.f. 29.06.2007) |
|
|
|
|
Formerly Known
As : |
INDIAMALT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
App. and Bus. Centre, 6th and 7th Floor, Mehra Ind. Estate, Jaswanti
Landmark, LBS Marg, Vikhroli (West), Mumbai – 400079, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.02.1991 |
|
|
|
|
Com. Reg. No.: |
11-248032 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24297MH1991PTC248032 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDI00130E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI4361B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cassia Gum Powder. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Not Available |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects company sound financial risk profile marked by
healthy net worth position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. 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.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sanjay Goyal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-66027868 |
|
Date : |
25.04.2015 |
LOCATIONS
|
Registered Office : |
App. and Bus. Centre, 6th and 7th Floor, Mehra Ind. Estate, Jaswanti
Landmark, LBS Marg, Vikhroli (West), Mumbai – 400079, Maharashtra, India |
|
Tel. No. : |
91-22-66027868 |
|
Fax No. : |
91-22-25778486 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 28.08.2014
|
Name : |
Mr. Madhukar Ramniklal Kumbhani |
|
Designation : |
Director |
|
Address : |
99, Dariya Mahal B, 80, Nepean Sea Road, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
04.02.1950 |
|
Date of Appointment : |
26.03.2011 |
|
DIN No. : |
01902492 |
|
|
|
|
Name : |
Marc M Verthongen |
|
Designation : |
Director |
|
Address : |
Leopoldslei 68, Be - 2930, Brasschaat, 000000, Belgium |
|
Date of Birth/Age : |
04.01.1957 |
|
Date of Appointment : |
13.12.2007 |
|
DIN No. : |
02001441 |
|
|
|
|
Name : |
Anthony Michael Smits |
|
Designation : |
Director |
|
Address : |
27371 Maurer Drive, Olmsted Township, Ohio, 441381782, , United States Of America |
|
Date of Birth/Age : |
21.11.1972 |
|
Date of Appointment : |
12.11.2013 |
|
DIN No. : |
06735127 |
|
|
|
|
Name : |
Matthew Scott Timmons |
|
Designation : |
Managing director |
|
Address : |
429,Bentley Ville Rd, Chagrin Falls, Ohio, 44022, , United States Of America |
|
Date of Birth/Age : |
13.01.1958 |
|
Date of Appointment : |
15.07.2014 |
|
DIN No. : |
06906033 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Goyal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.08.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Lubrizol Luxemborg SARL, Luxemborg |
260000 |
26.00 |
|
Noveon Hilton Davis Inc, Ohio |
740000 |
74.00 |
|
|
|
|
|
Total |
1000000 |
100.00 |
As on 09.02.2015
|
Names of Allottee |
No. of Shares |
|
Noveon Hilton Davis, USA |
239871 |
|
Lubrizol Luxemborg SARL, Luxemborg |
84279 |
|
|
|
|
Total |
324150 |
As on 28.08.2014
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 Cassia Gum Powder. |
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|
|
|
Products : |
Not Available |
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|
|
|
Brand Names : |
Not Available |
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|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
Belgium |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30, 60 and 90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30, 60 and 90 Days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||
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||||||||||||||||||||||
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
31, Nutan Bhart Society, Alkapuri, Baroda – 390007, Gujarat, India |
|
Tel. No. : |
91-265-2333776 |
|
Fax No. : |
91-265-2339729 |
|
PAN
No. : |
AADFD2337G |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Lubrizol Luxemborg SARL, Luxemborg |
CAPITAL STRUCTURE
AFTER 28.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1324150 |
Equity Shares |
Rs.10/- each |
Rs.13.241 Million |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
513.102 |
444.547 |
372.923 |
|
(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) |
523.102 |
454.547 |
382.923 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
174.459 |
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 |
14.885 |
11.601 |
8.693 |
|
Total Non-current
Liabilities (3) |
14.885 |
186.060 |
8.693 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
44.445 |
0.000 |
0.000 |
|
(b) Trade payables |
82.848 |
69.308 |
63.562 |
|
(c) Other
current liabilities |
249.775 |
15.215 |
178.523 |
|
(d) Short-term
provisions |
6.177 |
4.990 |
5.571 |
|
Total Current
Liabilities (4) |
383.245 |
89.513 |
247.656 |
|
|
|
|
|
|
TOTAL |
921.232 |
730.120 |
639.272 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
233.287 |
259.043 |
272.937 |
|
(ii)
Intangible Assets |
18.651 |
0.044 |
0.073 |
|
(iii) Capital
work-in-progress |
40.977 |
1.147 |
3.066 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.300 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
51.764 |
36.296 |
35.674 |
|
(d) Long-term Loan and Advances |
194.665 |
31.942 |
19.826 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
539.644 |
328.472 |
331.576 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
216.780 |
151.583 |
143.489 |
|
(c) Trade
receivables |
102.366 |
104.912 |
75.211 |
|
(d) Cash
and cash equivalents |
4.478 |
97.712 |
55.389 |
|
(e)
Short-term loans and advances |
52.054 |
34.962 |
20.921 |
|
(f) Other current
assets |
5.910 |
12.479 |
12.686 |
|
Total
Current Assets |
381.588 |
401.648 |
307.696 |
|
|
|
|
|
|
TOTAL |
921.232 |
730.120 |
639.272 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Domestic |
68.100 |
92.200 |
39.000 |
|
|
|
Export |
774.200 |
657.000 |
570.200 |
|
|
|
Other Income |
6.200 |
9.100 |
8.800 |
|
|
|
TOTAL |
848.500 |
758.300 |
618.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
685.900 |
601.800 |
510.700 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
162.600 |
156.500 |
107.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.700 |
9.000 |
4.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
145.900 |
147.500 |
102.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
44.800 |
41.200 |
45.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
101.100 |
106.300 |
57.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
32.600 |
34.700 |
34.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
68.500 |
71.600 |
22.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
377.000 |
305.400 |
282.800 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
445.500 |
377.000 |
305.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
324.589 |
377.787 |
317.516 |
|
|
TOTAL EARNINGS |
324.589 |
377.787 |
317.516 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
238.77 |
169.74 |
275.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.21 |
15.35 |
9.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.23 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.38 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
4.49 |
1.24 |
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 |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
372.923 |
444.547 |
513.102 |
|
Net worth |
382.923 |
454.547 |
523.102 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
174.459 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
44.445 |
|
Total borrowings |
0.000 |
174.459 |
44.445 |
|
Debt/Equity ratio |
0.000 |
0.384 |
0.085 |
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) |
|
Total Income |
618.000 |
758.300 |
848.500 |
|
|
|
22.702 |
11.895 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
618.000 |
758.300 |
848.500 |
|
Profit |
22.600 |
71.600 |
68.500 |
|
|
3.66% |
9.44% |
8.07% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
207.325 |
0.000 |
168.011 |
|
|
|
|
|
|
Total |
207.325 |
0.000 |
168.011 |
|
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 |
Yes |
|
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) |
Yes |
|
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 |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and
advance from related parties |
|
|
|
From Holding Company, Lubrizol Luxemborg SARL |
0.000 |
174.459 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand |
|
|
|
From Banks |
44.445 |
0.000 |
|
|
|
|
|
Total |
44.445 |
174.459 |
INDEX OF CHARGES
No Charges Exist for Company
FIXED ASSETS
Tangible Assets
v Land – Freehold
v Building
v Plant and Machinery
v Furniture and Fixture
v Vehicle
v Office Equipment
v Leasehold Improvement
v Computer
Intangible Assets
v Computer software
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.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
-- PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.