MIRA INFORM REPORT
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Report No. : |
326885 |
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Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
PAYAL PETROCHEM PRIVATE LIMITED |
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Registered
Office : |
E-24, 1st Floor, Netaji Subhash Marg, Daryaganj, New Delhi – 110002 |
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Tel. No.: |
91-11-47112100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.04.2010 |
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Com. Reg. No.: |
55-202156 |
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Capital
Investment / Paid-up Capital : |
Rs.40.100 Million |
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CIN No.: [Company Identification
No.] |
U24100DL2010PTC202156 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP17004B |
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PAN No.: [Permanent Account No.] |
AAFCP5296B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of various petro chemical products, mainly Chlorinated Paraffin and Plasticizers |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 440000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is group company of “Payal Group”. Petrochem was incorporated
on April 2010. The company manufactures primary and secondary plasticisers in
Dahej (Gujarat). Subject is established company and it is having moderate track record. During FY 2014, company have reported increase in its sales turnover
but it have incurred losses from its business operation over past two years. Rating is constrained company’s weak financial profile, market by high
gearing, weak debt protection metrics and exposure of fluctuation in raw
material prices. However trade relation are fair. Business seem to be active. Payments
are reported to be slow but correct. The company can be considered for business dealings 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating= B |
|
Rating Explanation |
Risk prone credit quality and carries very
high credit risk. |
|
Date |
May, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
May, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ravindra Garg |
|
Designation : |
Senior Manager Finance |
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Contact No.: |
91-11-47112100 |
|
Date : |
10.06.2015 |
LOCATIONS
|
Registered Office : |
E-24, 1st Floor, Netaji Subhash Marg, Daryaganj, New Delhi - 110002, India |
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Tel. No.: |
91-11-47112100 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Plant : |
402, Aaykshi Flats Akancha Nagar Dahej Pass Road Bharuch – 392095,
Gujarat, India |
DIRECTORS
AS ON 27.09.2014
|
Name : |
Mr. Rajender Prasad Gupta |
|
Designation : |
Director |
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Address : |
6/A, Shankaracharya Marg, Civil Lines, Delhi – 110054, India |
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Date of Birth/Age : |
06.11.1956 |
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Date of Appointment : |
29.04.2010 |
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DIN No.: |
00137056 |
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Name : |
Mr. Nikhil Gupta |
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Designation : |
Director |
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Address : |
6/A, Shankaracharya Marg, Civil Lines, Delhi – 110054, India |
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Date of Birth/Age : |
22.11.1981 |
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Date of Appointment : |
29.04.2010 |
|
DIN No.: |
02062242 |
KEY EXECUTIVES
|
Name : |
Mr. Ravindra Garg |
|
Designation : |
Senior Manager Finance |
MAJOR SHAREHOLDERS
AS ON 27.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Rajender Prasad Gupta |
2173800 |
54.21 |
|
Nikhil Gupta |
399700 |
9.97 |
|
Poonam Gupta |
1436500 |
35.82 |
|
|
|
|
|
Total |
4010000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of various petro chemical products, mainly
Chlorinated Paraffin and Plasticizers |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Ravi K Aggarwal and Associates Chartered Accountant |
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Address : |
31-32, 1st Floor, Dda Market, Rajdhani Enclave, Pitampura, New Delhi – 110034, India |
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PAN No.: |
AAKPA5649R |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates in which
Key Management Personnel and Relatives are Interested : |
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CAPITAL STRUCTURE
AS ON 27.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4010000 |
Equity Shares |
Rs.10/- each |
Rs.40.100 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
4010000 |
Equity Shares |
Rs.10/- each |
Rs.40.100 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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
40.100 |
40.100 |
11.670 |
|
(b) Reserves & Surplus |
113.200 |
128.042 |
46.280 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
2.750 |
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Total
Shareholders’ Funds (1) + (2) |
153.300 |
168.142 |
60.700 |
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
264.039 |
304.473 |
55.743 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
19.226 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.587 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
264.626 |
323.699 |
55.743 |
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(4)
Current Liabilities |
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(a) Short term
borrowings |
409.480 |
145.655 |
104.827 |
|
(b) Trade
payables |
292.175 |
319.693 |
0.000 |
|
(c) Other
current liabilities |
70.575 |
132.270 |
8.861 |
|
(d) Short-term
provisions |
2.468 |
1.851 |
0.437 |
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Total Current
Liabilities (4) |
774.698 |
599.469 |
114.125 |
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TOTAL |
1192.624 |
1091.310 |
230.568 |
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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 |
568.647 |
585.295 |
55.311 |
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(ii) Intangible
Assets |
8.188 |
8.578 |
0.000 |
|
(iii)
Capital work-in-progress |
47.923 |
9.662 |
131.869 |
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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) |
20.753 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
3.280 |
3.279 |
0.785 |
|
(e) Other
Non-current assets |
0.024 |
0.031 |
0.039 |
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Total Non-Current
Assets |
648.815 |
606.845 |
188.004 |
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(2) Current
assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
222.171 |
322.772 |
0.000 |
|
(c) Trade
receivables |
94.911 |
80.427 |
0.000 |
|
(d) Cash
and cash equivalents |
33.148 |
4.399 |
0.200 |
|
(e) Short-term
loans and advances |
193.579 |
76.867 |
42.364 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
543.809 |
484.465 |
42.564 |
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|
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TOTAL |
1192.624 |
1091.310 |
230.568 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
1721.687 |
76.580 |
-- |
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Other Income |
3.979 |
0.017 |
-- |
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TOTAL (A) |
1725.666 |
76.597 |
-- |
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Less |
EXPENSES |
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Operational Expenses |
1649.786 |
81.610 |
-- |
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Exceptional Expenses |
19.507 |
0.000 |
-- |
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TOTAL (B) |
1669.293 |
81.610 |
-- |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
56.373 |
(5.013) |
-- |
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Less |
FINANCIAL
EXPENSES (D) |
88.324 |
5.779 |
-- |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(31.951) |
(10.792) |
-- |
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Less |
DEPRECIATION/
AMORTISATION (F) |
22.870 |
1.940 |
-- |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(54.821) |
(12.732) |
-- |
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Less |
TAX (H) |
(39.979) |
19.226 |
-- |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(14.842) |
(31.958) |
-- |
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EARNINGS IN
FOREIGN CURRENCY ON FOB |
67.078 |
10.706 |
0.000 |
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IMPORTS |
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Raw Materials |
395.118 |
0.000 |
0.000 |
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Capital Goods |
0.044 |
3.707 |
11.188 |
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TOTAL IMPORTS |
395.162 |
3.707 |
11.188 |
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Earnings Per Share
(Rs.) |
3.70 |
-- |
-- |
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CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
40.435 |
40.212 |
0.000 |
|
Cash generated from operations |
(65.001) |
(40.907) |
(32.970) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
(0.86) |
(41.73) |
NA |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
3.27 |
(6.55) |
NA |
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Return on Total Assets (PBT/Total Assets) |
(%) |
(4.88) |
(1.18) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.36) |
(0.08) |
NA |
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Debt Equity Ratio (Total Debt /Networth) |
|
4.66 |
2.92 |
2.65 |
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Current Ratio (Current Asset/Current Liability) |
|
0.70 |
0.81 |
0.37 |
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 |
11.670 |
40.100 |
40.100 |
|
Reserves & Surplus |
46.280 |
128.042 |
113.200 |
|
Share Application money pending
allotment |
2.750 |
0.000 |
0.000 |
|
Net
worth |
60.700 |
168.142 |
153.300 |
|
|
|
|
|
|
long-term borrowings |
55.743 |
304.473 |
264.039 |
|
Short term borrowings |
104.827 |
145.655 |
409.480 |
|
Current Maturities of Long term debt |
0.000 |
40.212 |
40.435 |
|
Total
borrowings |
160.570 |
490.340 |
713.954 |
|
Debt/Equity
ratio |
2.645 |
2.916 |
4.657 |
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 |
0.000 |
76.580 |
1721.687 |
|
|
|
|
2,148.220 |
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
|
0.000 |
76.580 |
1721.687 |
|
Profit |
0.000 |
(31.958) |
(14.842) |
|
|
|
(41.73%) |
(0.86%) |
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 |
Yes |
|
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 |
FINANCIAL RESULTS AND OPERATIONS
The company has pleasure in reporting that the company is now successfully involved in the commercial productions of Plastizers Products at its Plant at Dahej (Gujarat). During the first full financial year the products manufactured by the company have been well received and accepted by the market. The company is now successfully manufacturing various chemical products and plasticizers namely Chlorinate Paraffin (CPW), DOP, DBP and other chemicals.
During the period the company had achieved a turnover of Rs.1721.687 Million and other revenue at Rs.3.979 Million as against turnover of Rs.76.580 Million achieved in the previous year after commencement of commercial productions. The market of the Polymer and Plastizers products continued to be competitive during the year. However the economy as a whole in the financial year 2013-14 has shown sign of recovery and improvement but it was short of expectation. In view of higher Interest and financial cost and depreciation cost in the initial year of establishment the company could not earn profit. Though there is profit before interest, depreciation, exceptional Items and taxation amounting to Rs.75.880 Million as against loss of Rs.5.013 Million but after charging interest, depreciation, exceptional Items there is net loss of Rs.54.821 Million as against Rs.12.732 Million in the last previous year. As per the applicable provisions and accounting standards the Company during the period had also recognized the benefit of Deferred Tax Assets as per accounting standard and Met Credit entitlement. The Net deficit after making provisions for Deferred Tax liabilities and Assets, and Met Credit entitlement stood at Rs.14.841 Million as against Rs 31.958 Million in the previous year.
FUTURE OUT LOOK
During the year due to higher initial overhead cost including financial cost and utilization of capacity below the optimum level the expected results could not be achieved. The directors are hopeful that with the proper utilization of the production capacity coupled with improvement in Plasticizer and other polymer products industry the turnover of the company will grow and expected profitability will be achieved in the current financial year. With the stability in rupee value against US dollar the cost of the imported input would also be stabilized. The directors will be in advantageous positions to derive the full benefit from the growing domestic demand in the Plastizers and polymer industry. Your directors are optimistic to achieve higher turnover and profitability in the current financial year.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Intercorporate borrowings |
83.302 |
73.315 |
|
Loans and advances from related parties |
39.648 |
52.357 |
|
Loans and advances from directors |
10.271 |
0.000 |
|
|
|
|
|
Total |
133.221 |
125.672 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10506532 |
12/06/2014 |
35,000,000.00 |
Andhra Bank |
M-35, Connaught Circus,, New Delhi - 110001, India |
C09633744 |
|
2 |
10332973 |
20/12/2013 * |
850,800,000.00 |
Canara Bank |
Darya Ganj, New Delhi - 110002, India |
B94001583 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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.63.89 |
|
|
1 |
Rs.98.90 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
30 |
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.