MIRA INFORM REPORT
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Report No. : |
306761 |
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Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
KUNAL PLASTICS
PRIVATE LIMITED |
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|
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Registered
Office : |
Flat No.2, Vile Parle Vatika CHS Limited, 14 Baptista Road, Opposite
Ishwarlal Park, Vile Parle(W) Mumbai – 400056, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.12.1983 |
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Com. Reg. No.: |
11-031665 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.500 Millions |
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|
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CIN No.: [Company Identification
No.] |
U25209MH1983PTC031665 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMK11667F |
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PAN No.: [Permanent Account No.] |
AAACK4312L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Polythene Plain and Printed Bags. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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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 : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk
profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealing with some caution. Note: As claimed by Mr. Balan Daliyar, accounts manager that Propack
industries was set us a partnership firm in 1970, which was acquired by
“KUNAL PLASTICS PRIVATE LIMITED” during Dec 1983. Further he also claimed
that all activities are carried out under “KUNAL PLASTICS PRIVATE LIMITED”. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “B-” |
|
Rating Explanation |
Risk prone credit quality and carries very
high credit risk. |
|
Date |
12.05.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
12.05.2014 |
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 PARTED BY
|
Name : |
Mr. Balam Daliyar |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-260-2243244/98 |
|
Date : |
07.02.2014 |
LOCATIONS
|
Registered Office : |
Flat No.2, Vile Parle Vatika CHS Limited, 14 Baptista Road, Opposite
Ishwarlal Park, Vile Parle(W) Mumbai – 400056, Maharashtra, India |
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Tel. No.: |
91-22-28361750 |
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Fax No.: |
91-22-28302669 |
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E-Mail : |
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Website : |
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Factory : |
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Tel. No.: |
91-260-2243244/ 2242244 |
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Fax No.: |
91-260-2242044 |
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Location : |
Owned |
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Sales Office : |
4, Magan Mahal, |
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Tel. No.: |
91-22-26833452/ 1403/ 0064 |
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Fax No.: |
91-22-26840359 |
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Email : |
DIRECTORS
As on 15.09.2014
|
Name : |
Mrs. Alka Bankim Desai |
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Designation : |
Director |
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Address : |
2, Vatika 14, |
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Date of Birth/Age : |
15.06.1957 |
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Date of Appointment : |
26.12.1983 |
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DIN No.: |
00397153 |
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|
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Name : |
Mrs. Amita Jaymin Desai |
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Designation : |
Whole-time director |
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Address : |
Kalpana, |
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Date of Birth/Age : |
07.12.1961 |
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Date of Appointment : |
26.12.1983 |
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DIN No.: |
00233892 |
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|
|
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Name : |
Mrs. Charulata Nitin Patel |
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Designation : |
Director |
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Address : |
Kalpana, |
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Date of Birth/Age : |
13.07.1963 |
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Date of Appointment : |
26.12.1983 |
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DIN No.: |
00233935 |
KEY EXECUTIVES
|
Name : |
Mr. Balam Daliyar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
As on 15.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ameeta Jaymin Desai |
|
8330 |
|
Charulata Nitin Patel |
|
8332 |
|
Indumati B. Desai |
|
1 |
|
Urmila C. Desai |
|
1 |
|
Chandravadhan M. Desai |
|
1 |
|
Kamlaben S Patel |
|
1 |
|
Surendra Patel (HUF) |
|
1 |
|
Alka B Desai |
|
8333 |
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Total |
|
25000 |
As on 15.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.98 |
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Other top fifty shareholders |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polythene Plain and Printed Bags. |
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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 : |
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Products : |
Polythene Printed Bag |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Advance |
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Purchasing : |
Cash and Advance |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Akkad Mehta and Company Chartered Accountants |
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Address : |
2, Vatika, 14 Baptista road, Vile Parle (West), Mumbai – 400056, |
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PAN No.: |
AAAFA2792F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 15.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/-
each |
Rs.2.500
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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|
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
2.500 |
2.500 |
2.500 |
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(b) Reserves & Surplus |
30.638 |
40.075 |
69.206 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
33.138 |
42.575 |
71.706 |
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|
|
|
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(3) Non-Current Liabilities |
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|
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(a) long-term borrowings |
113.706 |
117.746 |
124.430 |
|
(b) Deferred tax liabilities
(Net) |
21.078 |
18.528 |
5.979 |
|
(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) |
134.784 |
136.274 |
130.409 |
|
|
|
|
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(4) Current Liabilities |
|
|
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(a) Short term borrowings |
78.557 |
68.078 |
53.286 |
|
(b) Trade payables |
96.505 |
75.749 |
36.498 |
|
(c) Other current liabilities |
18.626 |
14.502 |
28.079 |
|
(d) Short-term provisions |
1.808 |
2.071 |
2.145 |
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Total
Current Liabilities (4) |
195.496 |
160.400 |
120.008 |
|
|
|
|
|
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TOTAL |
363.418 |
339.249 |
322.123 |
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
172.495 |
181.805 |
53.593 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
132.142 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.302 |
4.349 |
5.877 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.683 |
12.883 |
9.985 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
184.480 |
199.037 |
201.597 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
54.962 |
52.224 |
40.899 |
|
(c) Trade receivables |
113.280 |
73.348 |
67.088 |
|
(d) Cash and cash equivalents |
4.276 |
6.845 |
7.906 |
|
(e) Short-term loans and
advances |
5.944 |
6.487 |
4.178 |
|
(f) Other current assets |
0.476 |
1.308 |
0.455 |
|
Total
Current Assets |
178.938 |
140.212 |
120.526 |
|
|
|
|
|
|
TOTAL |
363.418 |
339.249 |
322.123 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
579.214 |
424.736 |
425.487 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
574.328 |
428.966 |
413.009 |
|
|
|
|
|
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|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.886 |
(4.23) |
12.478 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
11.662 |
10.823 |
4.517 |
|
|
|
|
||
|
Less |
EXCEPTIONAL
ITEMS |
0.000 |
1.528 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(6.776) |
(16.581) |
7.961 |
|
|
|
|
|
|
|
Less |
TAX
I) |
2.660 |
12.549 |
2.265 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(9.436) |
(29.130) |
5.696 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6.262) |
22.868 |
18.463 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.000 |
|
|
Dividend |
0.000 |
0.000 |
0.250 |
|
|
Tax on Dividend |
0.000 |
0.000 |
0.041 |
|
|
Total) |
0.000 |
0.000 |
1.291 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
(15.698) |
(6.262) |
22.868 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(377.44) |
(1165.20) |
227.84 |
Expected Sales (2014-15): Rs. 650.000 Millions
The above information has been parted by Mr. Balam
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(1.63) |
(6.86) |
1.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.87) |
(4.95) |
4.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
(0.39) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.80 |
4.36 |
2.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.87 |
1.00 |
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 |
2.500 |
2.500 |
2.500 |
|
Reserves & Surplus |
69.206 |
40.075 |
30.638 |
|
Net
worth |
71.706 |
42.575 |
33.138 |
|
|
|
|
|
|
long-term borrowings |
124.430 |
117.746 |
113.706 |
|
Short term borrowings |
53.286 |
68.078 |
78.557 |
|
Total
borrowings |
177.716 |
185.824 |
192.263 |
|
Debt/Equity
ratio |
2.478 |
4.365 |
5.802 |
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 |
425.487 |
424.736 |
579.214 |
|
|
|
(0.177) |
36.370 |
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 |
425.487 |
424.736 |
579.214 |
|
Profit |
5.696 |
(29.130) |
(9.436) |
|
|
1.34% |
(6.86%) |
(1.63%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
OPERATION
The company total revenues for the year were Rs. 579.214 Millions as compared to Rs.424.736 Millions for the previous year. The Company’s has incurred a loss of Rs. 6.776 Millions as compared to profit tax of Rs. 16.582 Millions in the preceding year.
The volatility in raw material prices continued as in previous year. Inflationary trend in commodity market, higher borrowing cost and fluctuation in exchange rate has adversely affected the business growth and profit margin
PROSPECTS FOR THE
CURRENT YEAR
The company expects the current year to be full of challenges. The abnormal increase in input cost, stagnancy in demand coupled with steep Rupee depreciation and increased borrowing cost will put pressure on volume growth as well as profit margin.
The uncertainty continues in behavior of oil prices which will affect the prices and availability of critical raw material. Abnormal fluctuations in exchange rate will also have adverse impact on cost of raw material.
The company had successfully commissioned CI Flexo Printing Line in May 2012 to modernize and expand its printing capability. The Company is putting more efforts towards developing diversified customer base as well new applications. The company has established long standing relationship with its key customers and its strength has been the ability to understand the ultimate customers’ end use performance characteristics and to develop products to meet these requirements.
The company expects growth from new applications and diversified products. Barring unforeseen circumstances, company expects to have marginal growth in volume and profitability during current year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10168144 |
11/06/2009 |
20,000,000.00 |
STATE BANK OF INDIA |
MIDC ANDHERI(EAST) BRANCH, PLOT NO.B-1, CENTRAL ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA |
A66108937 |
|
2 |
10092892 |
23/09/2006 |
69,000,000.00 |
STATE BANK OF INDIA |
M.I.D.C., ANDHERI (EAST) BRANCH, MAROL, CENTRAL |
A08198970 |
|
3 |
80044679 |
11/04/2011 * |
200,500,000.00 |
STATE BANK OF INDIA |
MIDC ANDHERI (EAST) BRANCH. PLOT NO B-4, MIDC INDUSTRIAL AREA, CENTRAL ROAD, ANDHERI, MUMBAI, MAHARASHTRA - 400093, INDIA |
B12236329 |
* Date of charge modification
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.