MIRA INFORM REPORT
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Report No. : |
330105 |
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Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOCH CHEMICAL TECHNOLOGY GROUP INDIA PRIVATE LIMITED (w.e.f.
10.11.2006) |
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Formerly Known
As : |
KOCH-GLITSCH INDIA PRIVATE LIMITED (w.e.f. 11.03.2005) KOCH-GLITSCH INDIA LIMITED (w.e.f. 15.03.2000) GLITSCH PROCESS INDIA LIMITED GLITSCH TECHNOLOGIES ( |
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Registered
Office : |
Corporate Park - II, 10th Floor, CTS No. 354, 355/1-6, 356, 357 and 360, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra |
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Tel. No.: |
91-22-67717171 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
29.07.1994 |
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Com. Reg. No.: |
11-079939 |
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Capital
Investment / Paid-up Capital : |
Rs.62.643 Million |
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CIN No.: [Company Identification
No.] |
U29199MH1994PTC079939 |
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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.] |
AABCK3688G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Service Provider of Chemical. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
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MIRA’s Rating : |
A (70) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s strong financial risk profile marked by
strong net worth base along with zero debt balance sheet profile and decent profitability
margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
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
31-03-2013.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-2667-2443444)
LOCATIONS
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Registered Office : |
Corporate Park - II, 10th Floor, CTS No. 354, 355/1-6, 356, 357 and 360, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India |
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Tel. No.: |
91-22-67717171 |
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Fax No.: |
91-22-67717161 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
315-317, Sankarda-Bhadarava Road, Moxi Savli, Vadodara – 391780,
Gujarat, India |
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Tel. No.: |
91-2667-244345 |
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Fax No.: |
91-2667-244334 |
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Overseas Offices : |
Located at: ·
· Benelux · France · Germany · Italy · Spain · Brazil · Kingdom of Bahrain · Australia · China · Singapore |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Jatin Prabodhchandra Parikh |
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Designation : |
Managing Director |
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Address : |
B-4, Somnath Duplex, Near Gotri Naka, Vadodara - 390021, Gujarat,
India |
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Date of Birth/Age : |
01.02.1965 |
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Date of Appointment : |
27.01.2005 |
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PAN No.: |
AAPPP6027P |
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DIN No.: |
00086458 |
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Name : |
Mr. John Jeremiah Morrison |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
04.03.1960 |
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Date of Appointment : |
07.09.2006 |
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DIN No.: |
00234027 |
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Name : |
Mr. Anish Ghoshal |
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Designation : |
Director |
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Address : |
402, Rocky Hill, Rizvi Complex, Shirly Ranjan Road, Bandra (West), Mumbai
- 400050, Maharashtra, India |
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Date of Birth/Age : |
16.09.1964 |
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Date of Appointment : |
07.09.2006 |
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DIN No.: |
00276807 |
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Name : |
Manuel Martinez Botana |
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Designation : |
Director |
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Address : |
40, Route De Luxembourg, L-3253, Bettembourg, Bettembourg,
Na, Luxembourg |
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Date of Birth/Age : |
02.06.1954 |
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Date of Appointment : |
27.09.2012 |
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DIN No.: |
05263352 |
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Name : |
Mr. Paul Edward Rohleder |
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Designation : |
Additional director |
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Address : |
10822 W, Meribeau Ct, Wichita Ks, 67212, , United States
of America |
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Date of Appointment : |
18.10.2014 |
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DIN No.: |
06903254 |
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Name : |
Mr. Deepak Kanubhai Thakker |
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Designation : |
Additional director |
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Address : |
4217 Atherton Drive, Plano, Texas, Plano, 75093, United
States of America |
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Date of Appointment : |
18.10.2014 |
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DIN No.: |
06926512 |
KEY EXECUTIVES
|
Name : |
Mr. Jigarkumar Ghanshyambhai Patel |
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Designation : |
Secretary |
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Address : |
D-203, Pramukh Avenue, R-Tex Compound, Opposite Dinesh
Chambers, Bapunagar, Ahmedabad - 380025, Gujarat, India |
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Date of Birth/Age : |
18.02.1985 |
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Date of Appointment : |
15.06.2009 |
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PAN No.: |
APHPP2767D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
No. of Shares |
|
Koch Chemical Technology Group Singapore Pte. Limited, Singapore |
6264269 |
|
Koch Australia Pty Limited, Australia |
4 |
|
Ashok Chhaganlal Pratap |
6 |
|
Total |
6264279 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
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
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Line of Business : |
Manufacturer, Exporter and Service Provider of Chemical. |
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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 : |
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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Auditors : |
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Name : |
K. C. Mehta and Company Chartered Accountants |
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Address : |
2nd Floor, Meghdhanush, Race Cource, Vadodara -390007, |
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Tel. No.: |
91-265-2341626 / 3086400 |
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Fax No.: |
91-265-3086444 / 455 / 466 |
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E-Mail : |
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Website : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFK1558J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
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Ultimate Holding
Company: |
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Associate: |
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Fellow Subsidiary
Company: |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
6264279 |
Equity Shares |
Rs.10/- each |
Rs.62.643
Million |
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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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(1)Shareholders' Funds |
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(a) Share Capital |
62.643 |
62.643 |
62.643 |
|
(b) Reserves & Surplus |
1847.276 |
1428.747 |
1149.908 |
|
(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) |
1909.919 |
1491.390 |
1212.551 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
27.358 |
19.478 |
11.635 |
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Total
Non-current Liabilities (3) |
27.358 |
19.478 |
11.635 |
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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 |
49.952 |
128.246 |
65.097 |
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(c) Other current liabilities |
105.309 |
55.755 |
40.013 |
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(d) Short-term provisions |
9.167 |
10.800 |
32.008 |
|
Total
Current Liabilities (4) |
164.428 |
194.801 |
137.118 |
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TOTAL |
2101.705 |
1705.669 |
1361.304 |
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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 |
220.787 |
219.518 |
234.360 |
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(ii) Intangible Assets |
3.195 |
1.977 |
1.986 |
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(iii) Capital work-in-progress |
25.439 |
1.235 |
1.798 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
13.878 |
7.116 |
4.085 |
|
(d) Long-term Loan and Advances |
17.508 |
16.413 |
18.610 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
280.807 |
246.259 |
260.839 |
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
365.527 |
425.892 |
282.079 |
|
(c) Trade receivables |
162.181 |
141.770 |
172.237 |
|
(d) Cash and cash equivalents |
1145.569 |
748.143 |
555.227 |
|
(e) Short-term loans and
advances |
145.050 |
141.515 |
90.691 |
|
(f) Other current assets |
2.571 |
2.088 |
0.231 |
|
Total
Current Assets |
1820.898 |
1459.408 |
1100.465 |
|
|
|
|
|
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TOTAL |
2101.705 |
1705.667 |
1361.304 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
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Income |
1493.950 |
1203.850 |
1245.070 |
|
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Other Income |
172.918 |
92.911 |
129.400 |
|
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TOTAL
GROSS |
1666.868 |
1296.761 |
1374.470 |
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EXPENSES |
989.434 |
852.587 |
1026.228 |
|
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
677.434 |
444.174 |
348.242 |
|
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|
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|
FINANCIAL
EXPENSES |
3.199 |
2.558 |
3.884 |
|
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
674.235 |
441.616 |
344.358 |
|
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DEPRECIATION/
AMORTISATION |
38.164 |
37.989 |
37.096 |
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PROFIT/ (LOSS)
BEFORE TAX |
636.070 |
403.627 |
389.222 |
|
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FOR TAXATION |
(224.750) |
(135.000) |
(131.000) |
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DEFERRED
TAX |
6.762 |
3.031 |
0.739 |
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TAX
ADJUSTMENT FOR EARLIER YEARS |
0.455 |
7.180 |
0.000 |
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PROFIT/ (LOSS)
AFTER TAX |
418.530 |
278.838 |
258.961 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1417.644 |
1138.805 |
879.844 |
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Balance
Carried to the B/S |
1836.174 |
1417.644 |
1138.805 |
|
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Earnings
/ (Loss) Per Share (Rs.) |
66.81 |
44.51 |
41.34 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
28.01 |
23.16 |
20.80 |
|
|
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|
|
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Operating Profit Margin (PBIDT/Sales) |
(%) |
45.35 |
36.90 |
27.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.84 |
23.78 |
28.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.27 |
0.32 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
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|
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.07 |
7.49 |
8.03 |
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 |
62.643 |
62.643 |
62.643 |
|
Reserves & Surplus |
1149.908 |
1428.747 |
1847.276 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1212.551 |
1491.390 |
1909.919 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of long-term
debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
1245.070 |
1203.850 |
1493.950 |
|
|
|
(3.311) |
24.098 |
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 |
1245.070 |
1203.850 |
1493.950 |
|
Profit |
258.961 |
278.838 |
418.530 |
|
|
20.80% |
23.16% |
28.01% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
No |
|
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 |
CHANGE OF ADDRESS
The registered office of the company has been shifted from 41 and 42, Kalpataru Court, 4th Floor, Choithram Gidwani Marg, Chembur, Mumbai – 400074, Maharashtra, India to the present address w.e.f. 01.06.2007.
RESULT OF OPERATIONS
The Company has delivered superior financial performance with Improvement across the key parameters The company reported a net turnover of Rs. 1493.950 million against Rs. 1203.850 million during the previous financial year, a increased of 24%.
The company registered a EBDT of Rs. 674.230 million as compared to Rs. 441.610 million and increase of Rs. 232.602 million during the previous financial year and net profit after tax for the year was Rs. 418.530 million as against Rs. 278.840 million in the previous financial year and increase of 50%. The revenue profits were positively impacted by a sharp movement in Currency Exchange rate and increased Export Volume.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90215711 |
22/01/2007 * |
260,000,000.00 |
ABN AMRO BANK N.V. |
7, ALKAPURI,, BARODA, GUJARAT - 390007, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Goodwill
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
UK Pound |
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
70 |
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.