MIRA INFORM REPORT
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Report No. : |
336135 |
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Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
N.R. COLOURS LIMITED (w.e.f. 09.03.2010) N.R.CHEMICALS PRIVATE LIMITED AMALGAMATED WITH N.R.
COLOURS LIMITED |
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Formerly Known
As : |
SONI
SECURITIES LIMITED GAYLORD
SECURITIES PRIVATE LIMITED |
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Registered
Office : |
202-A, Flying Colors,Pandit Dindayal Upadhyay Marg, L.B.S Cross Road,
Mulund (West), Mumbai – 400080, Maharashtra |
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Tel. No.: |
91-22-25650033 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.09.1994 |
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Com. Reg. No.: |
081437 |
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Capital
Investment / Paid-up Capital : |
Rs.80.788 Million |
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CIN No.: [Company Identification
No.] |
U24233MH1994PLC081437 |
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IEC No.: |
0310083966 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMN19012A |
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PAN No.: [Permanent Account No.] |
AADCN3204F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of different grades of resins, organic and inorganic pigments, additives and other chemicals. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
N.R. COLOURS LIMITED, the flagship Company of “JVR Group” of companies, incorporated on 26th September, 1994. It is engaged in trading of different grades of resins, organic and inorganic pigments, additives and other chemicals. It is an established company having a moderate track. During FY2014, the company reported decline in its sales turnover
marked by losses from its business operations. Rating further constrained on company modest scale of operations in the
highly fragmented and competitive chemical industry, fluctuation in raw
material and foreign exchange rate and weak financial risk profile marked by
below average debt protection metrics and high gearing. These rating weaknesses is partially offset by its promoter’s
extensive experience in the chemical trading business and sound track record
of its business. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow. The company can be considered for business dealings with some caution.
Note : As claimed by Madam Yogita (Accounts Department) that N. R.
Chemicals Private Limited has been merged with N.R. Colours Limited in the
year 2011. |
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term bank facilities : B- |
|
Rating Explanation |
Risk prone credit quality and carries very high credit risk. |
|
Date |
February 26, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term bank facilities : A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
February 26, 2015 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Madam Yogita |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-25650033 |
|
Date : |
10.08.2015 |
LOCATIONS
|
Registered Office / Corporate Office : |
202-A, Flying Colors,Pandit Dindayal Upadhyay Marg, L.B.S Cross Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Tel. No.: |
91-22-25650033 / 2565 0330 |
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Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Nirav Raveshia |
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Designation : |
Whole-time director |
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Address : |
8-A, 502, Neelam Nagar, Mulund (East), Mumbai - 400081, Maharashtra, India |
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Date of Birth/Age : |
06.06.1964 |
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Date of Appointment : |
19.01.2010 |
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DIN No.: |
00033782 |
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|
|
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Name : |
Manav Pradip Khakhar |
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Designation : |
Whole-time director |
|
Address : |
Khakhar House, 4th Floor, Jai Jawan Lane, Daftary Road, Malad East, Mumbai - 400097, Maharashtra, India |
|
Date of Appointment : |
01.01.2015 |
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DIN No.: |
07060153 |
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|
|
Name : |
Shilpa Raveshia |
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Designation : |
Director |
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Address : |
8-A/502, Neelam Nagar, Mulund (East), Mumbai - 400081, Maharashtra, India |
|
Date of Birth/Age : |
10.11.1967 |
|
Date of Appointment : |
19.01.2010 |
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DIN No.: |
00033869 |
KEY EXECUTIVES
|
Name : |
Madam Yogita |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Nirav J. Raveshia |
|
5358100 |
|
Swar Exim Private Limited |
|
1970200 |
|
Shilpa N Raveshia |
|
600100 |
|
Punita Raveshia |
|
150100 |
|
Sandeep Shah |
|
100 |
|
Namita Shah |
|
100 |
|
Beena John |
|
100 |
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|
|
|
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Total |
|
8078800 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
24.38 |
|
Directors or relatives of Directors |
75.62 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of different grades of resins, organic and inorganic pigments, additives and other chemicals. |
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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 : |
Not Divulged |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Vedula Vijay and Ramanathan Chartered Accountants |
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Address : |
R. No. 28, 211/219, Bharati Bhavan, 3rd Floor, P.D'Mello Road, Opposite Government Dental College, Fort, Mumbai – 400001, Maharashtra, India |
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PAN No.: |
AAAFM1776D |
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Memberships : |
-- |
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Collaborators : |
--- |
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Related party : |
Swar Exim Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,500,000 |
Equity Shares |
Rs.10/- each |
Rs.85.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,078,800 |
Equity Shares |
Rs.10/- each |
Rs.80.788 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
80.788 |
80.788 |
80.788 |
|
(b) Reserves &
Surplus |
(29.330) |
(6.472) |
12.882 |
|
(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) |
51.458 |
74.316 |
93.670 |
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
14.438 |
19.769 |
20.543 |
|
(b) Deferred tax
liabilities (Net) |
0.848 |
1.095 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
15.286 |
20.864 |
20.543 |
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
225.860 |
225.769 |
112.913 |
|
(b) Trade payables |
125.563 |
137.766 |
101.461 |
|
(c) Other current
liabilities |
6.260 |
6.452 |
5.456 |
|
(d) Short-term provisions |
0.000 |
6.252 |
6.252 |
|
Total Current Liabilities
(4) |
357.683 |
376.239 |
226.082 |
|
|
|
|
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TOTAL |
424.427 |
471.419 |
340.295 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
57.699 |
73.062 |
20.852 |
|
(ii) Intangible Assets |
25.269 |
36.975 |
48.711 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
28.386 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.407 |
0.407 |
0.407 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.405 |
|
(d) Long-term Loan and Advances |
2.881 |
2.904 |
0.919 |
|
(e) Other Non-current
assets |
0.500 |
0.750 |
1.000 |
|
Total Non-Current Assets |
86.756 |
114.098 |
100.680 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
119.214 |
112.509 |
103.476 |
|
(c) Trade receivables |
148.802 |
163.796 |
101.653 |
|
(d) Cash and cash equivalents |
52.930 |
65.156 |
14.885 |
|
(e) Short-term loans and
advances |
12.846 |
14.231 |
18.843 |
|
(f) Other current assets |
3.879 |
1.629 |
0.758 |
|
Total Current Assets |
337.671 |
357.321 |
239.615 |
|
|
|
|
|
|
TOTAL |
424.427 |
471.419 |
340.295 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
645.244 |
724.807 |
874.892 |
|
|
Other Income |
2.776 |
7.867 |
0.896 |
|
|
TOTAL |
648.020 |
732.674 |
875.788 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
61.041 |
105.597 |
120.914 |
|
|
Purchases of
Stock-in-Trade |
485.120 |
504.105 |
605.121 |
|
|
Exceptional Items |
(2.396) |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(21.524) |
4.698 |
15.476 |
|
|
Employees benefits
expense |
22.620 |
18.667 |
15.776 |
|
|
Other expenses |
76.161 |
75.096 |
79.727 |
|
|
TOTAL |
621.022 |
708.163 |
837.014 |
|
|
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
26.998 |
24.511 |
38.774 |
|
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|
|
|
|
|
Less |
FINANCIAL EXPENSES |
31.943 |
24.069 |
22.181 |
|
|
|
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|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(4.945) |
0.442 |
16.593 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.738 |
6.255 |
2.828 |
|
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|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(10.683) |
(5.813) |
13.765 |
|
|
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|
|
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|
Less |
TAX |
(0.247) |
1.500 |
4.919 |
|
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PROFIT/ (LOSS) AFTER TAX
|
(10.436) |
(7.313) |
8.846 |
|
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|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(1.29) |
(0.91) |
1.09 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(16.163) |
83.575 |
NA |
|
Net cash flows from (used in) operating activities |
10.826 |
105.835 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.62) |
(1.01) |
1.01 |
|
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|
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|
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|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.18 |
3.38 |
4.43 |
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.52) |
(1.23) |
4.42 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21) |
(0.08) |
0.15 |
|
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|
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|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.67 |
3.30 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.95 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
80.788 |
80.788 |
80.788 |
|
Reserves & Surplus |
12.882 |
(6.472) |
(29.330) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
93.670 |
74.316 |
51.458 |
|
|
|
|
|
|
long-term borrowings |
20.543 |
19.769 |
14.438 |
|
Short term borrowings |
112.913 |
225.769 |
225.860 |
|
Total borrowings |
133.456 |
245.538 |
240.298 |
|
Debt/Equity ratio |
1.425 |
3.304 |
4.670 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
874.892 |
724.807 |
645.244 |
|
|
|
(17.155) |
(10.977) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
874.892 |
724.807 |
645.244 |
|
Profit/Loss |
8.846 |
(7.313) |
(10.436) |
|
|
1.01% |
(1.01%) |
(1.62%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from others |
22.545 |
18.836 |
|
|
|
|
|
Total |
22.545 |
18.836 |
OPERATIONS
During the current year, the Company had posted a gross income of Rs 648.020 Million (Previous Year Rs. 732.674 Million) which had resulted in a Net loss of Rs. 10.436 Million (Previous Year loss Rs. 7.313 Million). The
Directors are confident of better performance for the coming years.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10331772 |
31/12/2011 |
30,000,000.00 |
BANK OF INDIA |
GHATKOPAR (EAST) BRANCH, KIRAN NIKETAN,TILAK ROAD, |
B30553085 |
|
2 |
10331770 |
03/06/2014 * |
250,000,000.00 |
BANK OF INDIA |
GHATKOPAR (EAST) BRANCH,KIRAN NIKETAN,TILAK ROAD, |
C09058603 |
|
3 |
10231888 |
21/06/2010 |
10,000,000.00 |
BANK OF INDIA |
GHATKOPAR (EAST) BRANCH,KIRAN NIKETAN,TILAK ROAD,, |
A90375114 |
|
4 |
10129795 |
10/04/2010 * |
95,000,000.00 |
BANK OF INDIA |
GHATKOPAR(EAST) BRANCH,KIRAN NIKETAN,TILAK ROAD,, |
A84646405 |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Office Equipment
- Computer
- Vehicle
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 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.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
--- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.