MIRA
INFORM REPORT
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Report No. : |
306768 |
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Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
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Name : |
BETTS INDIA PRIVATE LIMITED |
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Formerly Known
As : |
COURTAULDS PACKAGING ( |
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Registered Office
: |
L-78, Verna Electronic City, Verna Salcete, Verna – 403722, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.10.1994 |
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Com. Reg. No.: |
24-002717 |
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Capital Investment
/ Paid-up Capital : |
Rs.300.900 Millions |
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CIN No.: [Company Identification
No.] |
U74950GA1994PTC002717 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRB03651E |
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PAN No.: [Permanent Account No.] |
AACCB8811F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Packaging Material. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. 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
|
Name : |
Ms. Maya Dias |
|
Designation : |
Finance Controller |
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Contact No.: |
91-832-6683100 |
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Date : |
06.02.2015 |
LOCATIONS
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Registered Office : |
L-78, Verna Electronic City, Verna Salcete, Verna – 403722, Goa, India
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Tel. No.: |
91-832-6683100 / 2783445 |
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Fax No.: |
91-832-2783418 / 6683100 |
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E-Mail : |
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Website : |
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Factory : |
1333/1334 Jharmajri, Phase - I, Hilltop Industrial Area, Baddi – 173205, Himachal Pradesh, India |
DIRECTORS
As on 18.08.2014
|
Name : |
Mr. Lester Pinto |
|
Designation : |
Managing director |
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Address : |
4E-FO-1, Models Millenium, Tiswadi, Caranzalem – 403002, Goa, India |
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Date of Birth/Age : |
01.09.1963 |
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Date of Appointment : |
02.04.2002 |
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DIN No.: |
01750518 |
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Name : |
Mr. Ramesh Pitchai |
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Designation : |
Whole-time director |
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Address : |
B-2, Ceebros Sriviayam, 9 Vijayraghava Road, T-Nagar – 600024,
Chennai, India |
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Date of Birth/Age : |
24.03.1966 |
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Date of Appointment : |
27.04.2007 |
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DIN No.: |
01801330 |
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Name : |
Mr. Adrian Peter Haughtaon |
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Designation : |
Director |
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Address : |
54 – B, Boulevard D, Angleterre, Vesinet - 78110 |
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Date of Birth/Age : |
09.09.1961 |
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Date of Appointment : |
25.04.2012 |
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DIN No.: |
05280531 |
KEY EXECUTIVES
|
Name : |
Ms. Maya Dias |
|
Designation : |
Finance Controller |
MAJOR SHAREHOLDERS
As on 18.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Betts Limited, England |
|
11499550 |
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Betts international Limited, England |
|
289353000 |
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Total |
|
300852550 |
Equity Share Break up (Percentage of Total Equity)
As on 18.08.2014
|
Category |
Percentage |
|
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 Packaging Material. |
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Products : |
Packaging Material |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Packaging Material |
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Countries : |
Dubai |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Dubai |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited, Institutional Plot No.68, Sector 44, Gurgaon - 122002, Haryana, India ·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg Lower Parel (West), Mumbai - 400013, Maharashtra, India |
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Facilities : |
Total Facility = Rs.100.000 Millions (From HDFC Bank Limited)
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
5Th Floor, Tower D, The Millenia,1 and 2, Murphy Road, Ulsoor, Bangalore, Karnataka, India |
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PAN No.: |
AABFL5878L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
· Betts International Limited, United Kingdom |
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Ultimate Holding
Company : |
· Twist Beauty S.à r.l. & Partners S.C.A. (Luxembourg) |
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Intermediate
Holding Companies : |
· Betts Limited, United Kingdom · Betts Global Limited, United Kingdom · Betts Acquisition (2009) Limited, United Kingdom · Iona Bidco Limited, United Kingdom · Iona Topco Limited, United Kingdom · Twist Beauty Packaging UK Limited, United Kingdom · Twist Beauty Packaging S.a.r.l, Luxembourg · Albea Beauty Holdings SA, Luxembourg · Twist Beauty International Holdings SA, Luxembourg · Betts Group Holding Limited · Iona Luxembourg S.a.r.l · Albéa Beauty Partners SA, Luxembourg |
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Fellow Subsidiaries
: |
· Albea UK Limited, United Kingdom (formerly Betts UK Limited) · Albea Services S.A.S, France · Albea Hong Kong Limited, Hong Kong · PT Betts Indonesia, Indonesia · Albea Do Brasil embalagens Ltda, Brasil · Albea Packaging Suzhou Co. Limited, China · Albea Tubes France SAS, France |
CAPITAL STRUCTURE
As on 18.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
1150000000 |
Equity Shares |
Re. 1/- each |
Rs.1150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300852550 |
Equity Shares |
Re. 1/- each |
Rs.300.852
Millions |
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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
300.900 |
300.900 |
300.900 |
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(b) Reserves & Surplus |
465.400 |
370.600 |
303.200 |
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(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) |
766.300 |
671.500 |
604.100 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
60.700 |
232.800 |
88.100 |
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(b) Deferred tax liabilities (Net) |
55.400 |
40.500 |
13.300 |
|
(c) Other long term liabilities |
0.300 |
0.000 |
0.000 |
|
(d) long-term provisions |
12.000 |
11.500 |
9.400 |
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Total Non-current Liabilities (3) |
128.400 |
284.800 |
110.800 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
149.000 |
122.900 |
64.900 |
|
(c) Other current
liabilities |
214.100 |
94.100 |
81.300 |
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(d) Short-term provisions |
7.300 |
11.600 |
33.700 |
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Total Current Liabilities (4) |
370.400 |
228.600 |
179.900 |
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TOTAL |
1,265.100 |
1,184.900 |
894.800 |
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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 |
676.400 |
705.600 |
499.800 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
2.700 |
20.300 |
15.700 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
61.100 |
60.600 |
37.600 |
|
(e) Other Non-current assets |
8.000 |
3.700 |
3.600 |
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Total Non-Current Assets |
748.200 |
790.200 |
556.700 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
118.600 |
113.400 |
82.800 |
|
(c) Trade receivables |
201.500 |
188.400 |
173.000 |
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(d) Cash and cash
equivalents |
121.600 |
49.600 |
54.700 |
|
(e) Short-term loans and
advances |
68.000 |
40.500 |
25.900 |
|
(f) Other current assets |
7.200 |
2.800 |
1.700 |
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Total Current Assets |
516.900 |
394.700 |
338.100 |
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|
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TOTAL |
1,265.100 |
1,184.900 |
894.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
1,468.300 |
1,239.500 |
1,013.400 |
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Other Income |
41.300 |
15.500 |
10.800 |
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TOTAL (A) |
1,509.600 |
1,255.000 |
1,024.200 |
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Less |
EXPENSES |
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Cost of Materials |
851.600 |
691.300 |
510.100 |
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Operating and Other Expenses |
431.800 |
377.800 |
319.700 |
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TOTAL (B) |
1,283.400 |
1,069.100 |
829.800 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
226.200 |
185.900 |
194.400 |
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Less |
FINANCIAL
EXPENSES (D) |
43.300 |
20.700 |
3.100 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
182.900 |
165.200 |
191.300 |
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Less |
DEPRECIATION/
AMORTISATION (F) |
62.300 |
66.200 |
42.200 |
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PROFIT/(LOSS) BEFORE
TAX (E-F) (G) |
120.600 |
99.000 |
149.100 |
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Less |
TAX (H) |
25.800 |
31.600 |
47.200 |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
94.800 |
67.400 |
101.900 |
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EARNINGS IN
FOREIGN CURRENCY |
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F.O.B. Value of Export |
88.000 |
86.700 |
43.100 |
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Reimbursement of expenses |
3.800 |
0.000 |
1.700 |
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TOTAL EARNINGS |
91.800 |
86.700 |
44.800 |
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IMPORTS |
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Raw Materials |
118.500 |
197.100 |
19.900 |
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Stores & Spares |
34.100 |
41.400 |
27.300 |
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Capital Goods |
21.700 |
18.400 |
139.800 |
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TOTAL IMPORTS |
174.300 |
256.900 |
187.000 |
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Earnings /
(Loss) Per Share (Rs.) |
0.32 |
0.22 |
NA
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||
Expected Sales (2014-2015): Rs.1500.000 Millions
The above information has been parted by Ms. Maya Dias
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.46 |
5.44 |
10.06 |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
15.41 |
15.00 |
19.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.55 |
8.50 |
16.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.15 |
0.25 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.08 |
0.35 |
0.15 |
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Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.73 |
1.88 |
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 |
300.900 |
300.900 |
300.900 |
|
Reserves & Surplus |
303.200 |
370.600 |
465.400 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
604.100 |
671.500 |
766.300 |
|
|
|
|
|
|
Long Term borrowings |
88.100 |
232.800 |
60.700 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
88.100 |
232.800 |
60.700 |
|
Debt/Equity
ratio |
0.146 |
0.347 |
0.079 |
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 |
|
Sales |
1,013.400 |
1,239.500 |
1,468.300 |
|
|
|
22.311 |
18.459 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
1,013.400 |
1,239.500 |
1,468.300 |
|
Profit |
101.900 |
67.400 |
94.800 |
|
|
10.06% |
5.44% |
6.46% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
99.100 |
34.700 |
0.000 |
|
Total |
99.100 |
34.700 |
0.000 |
|
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 |
No |
|
18] |
Major customers |
No |
|
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 |
No |
GENERAL
INFORMATION
The Company is a subsidiary of Betts International Limited, UK, a leading manufacturer of packaging material for the dentifrice, skin care and pharmaceutical business. The Ultimate Holding Company is Twist Beauty Packaging S.à.r.l.and Partners S.C.A., Luxembourg.
The Company has two factories situated in India- one at Verna-Goa and other at Baddi- Himachal Pradesh. The Company specializes in laminate tube making, injection moulding and printing. In addition, the Company has its sales offices located in Mumbai and Delhi.
FINANCIAL RESULTS
The shift in the market from Plastic tube to Plastic Barrier Laminate Tubes and alternate Rigid Packaging, higher cost of manufacture and price erosion made the plastic tube business non-viable. The Company therefore discontinued the plastic tube business in the financial year and sold the plastic tube business machinery. (Profit on sale of machinery: Rs.21.600 Millions) The discontinuance of the plastic tubes business has helped curtailing the loss going forward.
While the laminate tube business has grown, the margins continue to be under stress due to the price pressures, increased competition and the inflationary impact on expenses in the Laminate tube business. Increase in capacity has been necessary to give the Company the economies of scale.
OUTLOOK:
The Board is of the view that the Indian business shall grow substantially, in the coming years.
The Board is chalking out additional expansion plans for the Company.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10540244 |
23/12/2014 |
50,000,000.00 |
HDFC Bank Limited |
Hdfc Bank House, Senapati Bapat Marg,, Lower Parel (West), Mumbai, Maharashtra - 400013, India |
C39019211 |
|
2 |
10390545 |
13/05/2013 * |
200,000,000.00 |
The Hongkong And Shanghai Banking Corporation Limited |
Institutional Plot No.68, Sector 44, Gurgaon, Haryana - 122002, India |
B76120781 |
|
3 |
10335320 |
13/05/2013 * |
200,000,000.00 |
The Hongkong And Shanghai Banking Corporation Limited |
Institutional Plot No.68, Sector 44, Gurgaon, Haryana - 122002, India |
B76112275 |
|
4 |
80042260 |
17/12/2014 * |
180,000,000.00 |
HDFC Bank Limited |
Hdfc
Bank House, Senapati Bapat Marg, Lower Parel |
C38995155 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.74 |
|
|
1 |
Rs.94.95 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
46 |
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.