MIRA INFORM REPORT
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Report No. : |
333358 |
|
Report Date : |
28.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
MITSUI PRIME ADVANCED COMPOSITES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. Sp 2-54,55,56, Neemrana New Industrial Area Complex,
Majrakath, Behror, Alwar - 301705, Rajasthan |
|
Tel. No.: |
91-1494-246577/78 |
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|
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
|
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Date of
Incorporation : |
18.07.2007 |
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|
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Com. Reg. No.: |
045555 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.1980.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25203RJ2007PTC045555 |
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|
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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.] |
AAFCM1458C |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Polypropylene
Composite. |
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|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3400000 |
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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. Mitsui Prime Advanced Composites India Private Limited is a Private
Company Incorporated on 18 July 2007. It is classified as Indian
Non-Government Company and is registered at Registrar of Companies, Jaipur.
Its authorized share capital is Rs.1980.000 Million and its paid up capital
is Rs.1980.000 Million. Subject is a subsidiary of MITSUI CHEMICALS INCORPORATION, JAPAN. Profitability of the company is under pressure. Rating takes into consideration, subjects moderate financial risk profile marked by accumulated losses incurred by the company along with huge deterioration it cash reserves. The company has achieved better growth in its sales turnover whereas has reported a loss from its operations during FY 2014. There was increase in the income of the company bby Rs.359.362 Million. However, the company has incurred losses of Rs.59.738 Million during FY 14. Subject was strong financial, managerial and operation support from its parent company. Trade relations are fair. Business is active. Payment terms are
reported to be slow. In the view of strong support from parent company and extensive
experience of promoters, the subject can be considered for business dealings
with some caution. |
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|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Bharat Kumar |
|
Designation : |
Senior Accountant |
|
Contact No.: |
91-124-4222371 |
|
Date : |
27.07.2015 |
LOCATIONS
|
Registered Office / Factory: |
Plot No. Sp 2-54,55,56, Neemrana New Industrial Area Complex, Majrakath, Behror, Alwar - 301705, Rajasthan, India |
|
Tel. No.: |
91-1494-246577/78 |
|
Fax No.: |
91-1494-246580/81 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Yasuhiko Ohtawa |
|
Designation : |
Director |
|
Address : |
4-3-1, Sakuradai, Ichihara Chiba, 2990127, Japan |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03270919 |
|
|
|
|
Name : |
Toshihiro Omura |
|
Designation : |
Director |
|
Address : |
M-172 Park Heights DLF City Phase V, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
16.06.1970 |
|
Date of Appointment : |
31.01.2014 |
|
DIN No.: |
06821290 |
|
|
|
|
Name : |
Ikunori Sakai |
|
Designation : |
Managing director |
|
Address : |
Pyramid Tower Private Limited, M-2, 33/34, DLF Phase II, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
29.08.1959 |
|
Date of Appointment : |
31.03.2014 |
|
DIN No.: |
06893759 |
|
|
|
|
Name : |
Fumio Yoshizumi |
|
Designation : |
Director |
|
Address : |
5-9-5, Koyama, Tokyo, Higashikurume City - 2030051, Japan |
|
Date of Birth/Age : |
09.07.1963 |
|
Date of Appointment : |
31.03.2014 |
|
DIN No.: |
06969446 |
KEY EXECUTIVES
|
Name : |
Rajendra Prasad Sahu |
|
Designation : |
Secretary |
|
Address : |
WZ-79, Toda Pur, IARI-Pusa, New Delhi - 110012, India |
|
Date of Birth/Age : |
28.05.1971 |
|
PAN No.: |
BHUPS3817H |
|
Date of Appointment : |
01.07.2008 |
|
|
|
|
Name : |
Mr. Bharat Kumar |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Mitsui Chemicals Inc.,Japan |
138600000 |
70.00 |
|
Prime Polymer Company Limited, Japan |
39600000 |
20.00 |
|
Toyota Tsusho Corporation, Japan |
9900000 |
5.00 |
|
Mitsui and Company Limited, Japan |
9900000 |
5.00 |
|
Total |
198000000 |
100.00 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
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 and Importer of Polypropylene
Composite. |
|
|
|
|
Products : |
Polypropylene Composite |
|
|
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|
Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Available |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Japan |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
S.R.Batliboi and Associates LLP Chartered Accountants |
|
Address : |
22 Camac Street, Block C, 3rd Floor |
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PAN No.: |
ACHFS9118A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
Mitsui Chemicals Inc. |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
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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 |
|
|
|
|
|
|
198,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1980.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
198,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1980.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1980.000 |
1980.000 |
1580.000 |
|
(b) Reserves &
Surplus |
(778.838) |
(719.099) |
(678.699) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1201.162 |
1260.901 |
901.301 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
195.917 |
288.533 |
432.525 |
|
(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 |
4.148 |
3.734 |
2.362 |
|
Total Non-current
Liabilities (3) |
200.065 |
292.267 |
434.887 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
393.279 |
300.737 |
429.931 |
|
(c) Other current
liabilities |
107.145 |
128.591 |
67.902 |
|
(d) Short-term provisions |
11.300 |
0.008 |
0.020 |
|
Total Current Liabilities
(4) |
511.724 |
429.336 |
497.853 |
|
|
|
|
|
|
TOTAL |
1912.951 |
1982.504 |
1834.041 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
721.167 |
808.730 |
895.475 |
|
(ii) Intangible Assets |
1.445 |
2.017 |
2.690 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
20.185 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
233.447 |
171.492 |
41.417 |
|
(e) Other Non-current
assets |
11.616 |
7.681 |
0.000 |
|
Total Non-Current Assets |
967.675 |
989.920 |
959.767 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
496.248 |
373.075 |
423.652 |
|
(c) Trade receivables |
305.063 |
233.855 |
176.638 |
|
(d) Cash and cash equivalents |
100.615 |
345.499 |
115.739 |
|
(e) Short-term loans and
advances |
8.573 |
27.502 |
158.061 |
|
(f) Other current assets |
34.777 |
12.653 |
0.184 |
|
Total Current Assets |
945.276 |
992.584 |
874.274 |
|
|
|
|
|
|
TOTAL |
1912.951 |
1982.504 |
1834.041 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL |
1962.579 |
1603.218 |
1287.161 |
|
|
|
|
|
|
|
Less |
EXPENSES |
1914.731 |
1524.777 |
1350.310 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
47.848 |
78.441 |
(63.149) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
5.494 |
12.834 |
16.366 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
42.354 |
65.607 |
(79.515) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
102.092 |
106.006 |
96.273 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(59.738) |
(40.399) |
(175.788) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(59.738) |
(40.399) |
(175.788) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(0.30) |
(0.20) |
-- |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
97.959 |
112.888 |
33.030 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(121.957) |
(11.964) |
(19.107) |
|
Net cash flows from (used in) operating activities |
(130.648) |
(24.501) |
(8.468) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
(3.04) |
(2.52) |
(13.66) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.12) |
(2.04) |
(9.69) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
(0.03) |
(0.20) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.32 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85 |
2.31 |
1.76 |
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 |
1580.000 |
1980.000 |
1980.000 |
|
Reserves & Surplus |
(678.699) |
(719.099) |
(778.838) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
901.301 |
1260.901 |
1201.162 |
|
|
|
|
|
|
long-term borrowings |
432.525 |
288.533 |
195.917 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of
Long Term Debt |
33.030 |
112.888 |
97.959 |
|
Total borrowings |
465.555 |
401.421 |
293.876 |
|
Debt/Equity ratio |
0.517 |
0.318 |
0.245 |
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) |
|
Total Income |
1287.161 |
1603.218 |
1962.579 |
|
|
|
24.555 |
22.415 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
1287.161 |
1603.218 |
1962.579 |
|
Profit/Loss |
(175.788) |
(40.399) |
(59.738) |
|
|
(13.66%) |
(2.52%) |
(3.04%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE
As claimed by Mr. Bharat Kumar (Senior
Accountant) that the registered office of the company has been shifted from
Flat No. 301, 3rd Floor, Southern Park Building, D-2, Saket District Centre,
Saket, New Delhi – 110017, India to the present address.
Index of charges : No
Charges Exist for Company
BUSINESS
ACI has arrived in the 7th year of its Incorporation. This year ACI is undergoing 5 th year of its commercial production started from the mid of June, 2009. The total turnover and other income have increased to Rs. 1962.579 Million from Rs. 1603.218 Million in the previous year ended on March 31, 2013. of this Rs. 27.316 Million have been received as other income. The Profit before financial costs, depreciation and tax in the year is amounted to Rs. 47.848 Million as against Rs. 78.441 Million in the previous year. The net loss after tax in this year is Rs. 59.738 Million as against Rs. 40.399 Million in the previous year. ACI has already started operation in good pace and hence is the turnover. It has also taken initiatives, started minimizing its expenses to overcome losses to reach the break even within the estimated future.
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Office equipment
- 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,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.00 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
1 |
|
--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 |
|
28 |
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.