MIRA INFORM REPORT
|
Report No. : |
304044 |
|
Report Date : |
22.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DAINICHI COLOR INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
SP2-28, Majrakath, RIICO New Industrial Complex, Neemrana – 301705, Rajasthan |
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Country : |
India |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
18.07.2008 |
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Com. Reg. No.: |
17-040400 |
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Capital
Investment / Paid-up Capital : |
Rs.354.800 Millions |
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|
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CIN No.: [Company Identification
No.] |
U24100RJ2008FTC040400 |
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|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCD9433H |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of master batches, pigments,
colours compounding. |
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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 |
|
Maximum Credit Limit : |
USD 190000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. As per Registrar of companies the date of balance sheet i.e.
financials filed is shown as 31st March, 2014 but the documents
related to the financials for the year 2014 are not available from any
sources. As per available financial of 2012, the company has incurred a loss
from its operations. However, trade relations are fair. Business is active. Payment terms
are reported to be unknown. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 DENIED BY
|
Name : |
Mr.Sanjay / Mr. Abinash Ranjan |
|
Designation : |
Senior Executive in Finance / Assistant Manager |
|
Contact No.: |
91-9251011664 / 9251011667 |
|
Date : |
19.01.2015 |
LOCATIONS
|
Registered Office : |
SP2-28, Majrakath, RIICO New Industrial Complex, Neemrana – 301705,
Rajasthan, India |
|
Tel. No.: |
91-1494-246187 |
|
Mobile No.: |
91-9251011664 (Mr.Sanjay) |
|
Fax No.: |
91-1494-246190 |
|
E-Mail : |
DIRECTORS
As on 10.06.2014
|
Name : |
Takayoshi Tokimune |
|
Designation : |
Managing Director |
|
Address : |
8-23-17, Yurinokidai, Yachiyo-Shi, Chiba, 2760042, Japan |
|
Date of Appointment : |
16.06.2009 |
|
DIN No.: |
02227889 |
|
|
|
|
Name : |
Yasushi Tozawa |
|
Designation : |
Additional Director (Regularized w.e.f. 10.06.2014) |
|
Address : |
3-58-1-306, Kishiki-cho, Omiya-ku, Saitama 3300843 |
|
Date of Appointment : |
10.06.2014 |
|
DIN No.: |
06612514 |
KEY EXECUTIVES
|
Name : |
Mamta Gupta |
|
Designation : |
Secretary |
|
Address : |
D-1688, Jahangir Puri, New Delhi – 110033, Delhi, India |
|
Date of Appointment : |
15.02.2013 |
|
PAN No.: |
AQJPM1190Q |
|
|
|
|
Name : |
Mr.Sanjay |
|
Designation : |
Senior Executive in Finance |
|
|
|
|
Name : |
Mr. Abinash Ranjan |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS
As on 10.06.2014
|
Names of Shareholders (Equity Shares) |
No. of Shares |
Percentage of
Holding |
|
Dainichiseika Color and Chemicals Manufacturing Company Limited, Japan |
2483600 |
70.00 |
|
Marubeni Corporation, Japan |
1064400 |
30.00 |
|
Total |
3548000 |
100.00 |
|
Names of Shareholders (Preference Shares) |
No. of Shares |
|
Dainichiseika Color and Chemicals Manufacturing Company Limited, Japan |
3000000 |
|
Total |
3000000 |
As on 10.06.2014
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, Exporter and Supplier of master batches, pigments,
colours compounding. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
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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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Building No. 10, 8th Floor, Tower-B, DLF Cyber City, Phase - I I , Gurgaon-122002, Haryana, India |
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PAN No.: |
AAIFB7355D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
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|
Fellow Subsidiary
company : |
|
CAPITAL STRUCTURE
As on 10.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4981600 |
Equity Shares |
Rs.100/-each |
Rs.498.160 Millions |
|
3000000 |
Preference Shares |
Rs.100/-each |
Rs.300.000 Millions |
|
|
Total |
|
Rs.798.160
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3548000 |
Equity Shares |
Rs.100/-each |
Rs.354.800
Millions |
|
3000000 |
Preference Shares |
Rs.100/-each |
Rs.300.000
Millions |
|
|
Total |
|
Rs.654.800 Millions |
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4981600 |
Equity Shares |
Rs.100/-each |
Rs.498.160 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3548000 |
Equity Shares |
Rs.100/-each |
Rs.354.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
354.800 |
354.800 |
|
(b) Reserves &
Surplus |
|
(287.084) |
(226.820) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
67.716 |
127.980 |
|
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
161.046 |
221.855 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
1.189 |
0.810 |
|
Total Non-current
Liabilities (3) |
162.235 |
222.665 |
|
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
239.500 |
150.000 |
|
(b) Trade payables |
|
37.367 |
20.852 |
|
(c) Other current
liabilities |
|
68.302 |
3.824 |
|
(d) Short-term provisions |
|
0.159 |
0.261 |
|
Total Current Liabilities
(4) |
345.328 |
174.937 |
|
|
|
|
|
|
|
TOTAL |
575.279 |
525.582 |
|
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
373.328 |
368.859 |
|
(ii) Intangible Assets |
|
0.303 |
0.468 |
|
(iii) Capital
work-in-progress |
|
0.000 |
15.633 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
5.907 |
34.872 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
379.538 |
419.832 |
|
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
98.171 |
56.915 |
|
(c) Trade receivables |
|
32.360 |
10.184 |
|
(d) Cash and cash
equivalents |
|
10.660 |
13.091 |
|
(e) Short-term loans and
advances |
|
53.898 |
25.560 |
|
(f) Other current assets |
|
0.652 |
0.000 |
|
Total Current Assets |
195.741 |
105.750 |
|
|
|
|
|
|
|
TOTAL |
575.279 |
525.582 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
354.800 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(120.158) |
|
|
NETWORTH |
|
|
234.642 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
242.498 |
|
|
TOTAL BORROWING |
|
|
242.498 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
477.140 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
390.041 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
44.970 |
|
|
Sundry Debtors |
|
|
5.979 |
|
|
Cash & Bank Balances |
|
|
7.227 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
44.731 |
|
Total
Current Assets |
|
|
102.907 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
15.216 |
|
|
Provisions |
|
|
0.592 |
|
Total
Current Liabilities |
|
|
15.808 |
|
|
Net Current Assets |
|
|
87.099 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
477.140 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
SALES |
|
|
|
|
|
Income |
185.475 |
70.699 |
|
|
|
Other Income |
12.307 |
14.362 |
|
|
|
TOTAL |
197.782 |
85.061 |
11.402 |
|
|
|
|
|
|
|
Less |
EXPENSES |
258.045 |
191.723 |
81.537 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(60.263) |
(106.662) |
(70.135) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(60.263) |
(106.662) |
(70.135) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(16.99) |
(30.06) |
(19.76) |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Total Income |
(%) |
(30.46)
|
(125.39) |
(615.11) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.48) |
(20.92) |
(14.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.89) |
(0.83) |
(29.89) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
5.92 |
2.91 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57 |
0.60 |
6.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
354.800 |
354.800 |
|
Reserves & Surplus |
(226.820) |
(287.084) |
|
Net worth |
127.980 |
67.716 |
|
|
|
|
|
long-term borrowings |
221.855 |
161.046 |
|
Short term borrowings |
150.000 |
239.500 |
|
Total borrowings |
371.855 |
400.546 |
|
Debt/Equity ratio |
2.906 |
5.915 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
11.402 |
85.061 |
197.782 |
|
|
|
646.018 |
132.518 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
11.402 |
85.061 |
197.782 |
|
Profit |
(70.135) |
(106.662) |
(60.263) |
|
|
(615.11%) |
(125.39%) |
(30.47%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
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) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL PERFORMANCE
December 2012 (FY 2012) the Company has made best use of the market forces and has taken advantage of the business opportunities that has come its way. Total income of the Company has increased from INR 85.06 Millions (FY 2011) to INR 197.78 Millions (FY 2012) reflecting a growth of more than 130% in one year. Sales of the Company during the FY 2012 stood at INR 185.47 Millions (excluding excise duty) as against INR 70.68 Millions (excluding excise duty) during the previous financial year. Total expenses of the Company have also increased from INR 191.72 Millions (FY 2011) to INR 258.04 Millions (FY 2012). The loss of the company has been reduced from INR 106.66 Millions in the FY 2011 to INR 60.263 Millions in the FY 2012.
INDEX OF CHARGES
NO CHARGES EXIST FOR
COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.12.2012 (Rs.
in Millions) |
31.12.2011 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from banks |
57.997 |
88.705 |
|
Rupee term loans from others |
103.049 |
133.150 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
124.500 |
59.000 |
|
Loans repayable on demand from others |
115.000 |
91.000 |
|
Total |
400.546 |
371.855 |
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.61.84 |
|
|
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--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.