MIRA INFORM REPORT
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Report No. : |
327366 |
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Report Date : |
15.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT RESINS PRIVATE LIMITED (w.e.f. 16.03.2015) |
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Formerly Known
As : |
BHARAT RESINS LIMITED |
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Registered
Office : |
Plot No.168/43-44-45, Dabhel Industrial Co-operative Society Limited,
Dhabel, Daman and Diu – 396210, Dadra and Nagar Haveli |
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Tel. No.: |
91-260-2242275/ 3292814 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.03.1993 |
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Com. Reg. No.: |
56-001892 |
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Capital
Investment / Paid-up Capital : |
Rs.9.031
Million |
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CIN No.: [Company Identification
No.] |
U31200DD1993PTC001892 |
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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.] |
AAACB9709J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in manufacturing of chemicals, Alkyd Resins, Epoxy Resin, Ketonic Resins, Phenolic Resins and D G Varnish, and also engaged in manufacturing of Power from Wind Energy. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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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 well established company having fine track record. The company has possesses healthy operational risk profile marked by
sound profitability margins and adequate operational base of the company. Rating also takes into account of company’s adequate financial risk
profile along with zero debt balance sheet and comfortable debt protection
metrics of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of healthy operational base backed by adequate financial
profile, 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 |
|
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Santosh |
|
Designation : |
Key Executive |
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Contact No.: |
91-9377002080 |
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Date : |
13.06.2015 |
LOCATIONS
|
Registered Office/ Manufacturing Unit - I : |
Plot No.168/43-44-45, Dabhel Industrial Co-operative Society Limited,
Dhabel, Daman and Diu – 396 210, Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2242275/ 3292814 |
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Mobile No.: |
91-9377002080 (Mr. Santosh) |
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Fax No.: |
91-260-2242276 |
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E-Mail : |
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Area : |
1225 Sq. Meters |
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Location : |
Owned |
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Manufacturing Unit – II / Export of Unit [Unit - III]: |
Plot No. A/1, 284/4, G.I.D.C., Industrial Area, Umergaon – 396171,
Gujarat, India |
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Area : |
7000 Sq. Ft. |
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Location : |
Owned |
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Sales Office : |
D-101, Koteshwar Palace, Kole Dongari Lane No.4, Opposite Garware
House, Andheri (East), Mumbai – 400 069, Maharashtra, India |
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Tel. No.: |
91-22-26843527/ 26843463 |
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Fax No.: |
91-22-26820404 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Vinay Ladharam Joshi |
|
Designation : |
Managing Director |
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Address : |
1502, Tivoli Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400
076, Maharashtra, India |
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Date of Birth/Age : |
21.04.1947 |
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Qualification : |
MSC Organics |
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Date of Appointment : |
19.03.1993 (Re-appointment
w.e.f. 01.04.2009) |
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DIN No.: |
00043600 |
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|
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Name : |
Mr. Manish Prabhashanker Joshi |
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Designation : |
Director |
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Address : |
Bunglow 5, Sector 5, Khalhaar Bunglows, Shilaj, Ahmedabad – 380 058,
Gujarat, India |
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Date of Birth/Age : |
11.11.1956 |
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Qualification : |
B. Sc. , Diploma in Paints |
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Date of Appointment : |
19.03.2006 |
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DIN No.: |
00046020 |
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Name : |
Mr. Vinod Jesukhlal Kothari |
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Designation : |
Director |
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Address : |
5, Unique Park, Satellite Road, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
09.07.1934 |
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Qualification : |
UDCT - Paints Technology |
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Date of Appointment : |
19.03.1993 |
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DIN No.: |
00169308 |
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|
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Name : |
Mr. Vikram Harsukh Kothari |
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Designation : |
Director |
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Address : |
10, Mount Eminence, 11, Nawroji Gamadia Cross Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
29.10.1958 |
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Qualification : |
B. Tech - Chem. Engineering, M.S. - Chem. Engineering, M.S. -
Management |
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Date of Appointment : |
30.06.2009 |
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DIN No.: |
00601155 |
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Name : |
Mrs. Shantu Vinay Joshi |
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Designation : |
Director |
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Address : |
1502, Tivoli Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400
076, Maharashtra, India |
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Date of Birth/Age : |
11.11.1956 |
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Qualification : |
S.S.C. |
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Date of Appointment : |
30.06.2009 |
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DIN No.: |
02669178 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
33.22 |
|
Directors or relatives of Directors |
48.03 |
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Other top fifty shareholders |
18.75 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturing of chemicals, Alkyd Resins, Epoxy Resin, Ketonic Resins, Phenolic Resins and D G Varnish, and also engaged in manufacturing of Power from Wind Energy. |
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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 : |
Chemicals |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash / Advance Payment |
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Purchasing : |
Cash / Advance Payment |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Deepak J. Shukla and Associates Chartered Accountants |
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Address : |
16, Morar Niwas, Near Auto Commerce House, Nana Chowk, Mumbai – 400
007, |
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PAN No: |
AADFD8764D |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
7,000,000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
903,100 |
Equity Shares |
Rs.10/- each |
Rs.9.031 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 |
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(a) Share Capital |
9.031 |
9.031 |
9.031 |
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(b) Reserves & Surplus |
346.264 |
296.036 |
272.359 |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds (1) + (2) |
355.295 |
305.067 |
281.390 |
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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) |
12.595 |
22.361 |
7.300 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
12.595 |
22.361 |
7.300 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
2.500 |
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(b) Trade
payables |
140.312 |
84.414 |
145.155 |
|
(c) Other
current liabilities |
1.292 |
5.976 |
4.373 |
|
(d) Short-term
provisions |
4.489 |
2.167 |
1.080 |
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Total Current
Liabilities (4) |
146.093 |
92.557 |
153.108 |
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TOTAL |
513.983 |
419.985 |
441.798 |
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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 |
102.971 |
131.697 |
171.222 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
16.022 |
0.474 |
0.000 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.001 |
0.001 |
0.001 |
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(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
118.994 |
132.172 |
171.223 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
95.203 |
71.016 |
68.813 |
|
(c) Trade
receivables |
210.914 |
181.192 |
139.066 |
|
(d) Cash
and cash equivalents |
47.050 |
1.814 |
15.774 |
|
(e)
Short-term loans and advances |
39.305 |
32.162 |
45.763 |
|
(f) Other
current assets |
2.517 |
1.629 |
1.159 |
|
Total
Current Assets |
394.989 |
287.813 |
270.575 |
|
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|
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TOTAL |
513.983 |
419.985 |
441.798 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
|
|
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Income |
936.810 |
981.594 |
942.058 |
|
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Other Income |
3.411 |
5.406 |
9.638 |
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TOTAL (A) |
940.221 |
987.000 |
951.696 |
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Less |
EXPENSES |
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|
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Cost of materials consumed |
771.076 |
781.103 |
793.969 |
|
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Purchases of stock-in-trade |
12.203 |
16.656 |
42.888 |
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Employee benefit expense |
20.598 |
20.045 |
17.801 |
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Other expenses |
45.717 |
56.167 |
41.997 |
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Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
0.137 |
4.122 |
(16.749) |
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|
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TOTAL (B) |
849.731 |
878.093 |
879.906 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
90.490 |
108.907 |
71.790 |
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Less |
FINANCIAL
EXPENSES (D) |
1.501 |
3.317 |
2.083 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
88.989 |
105.590 |
69.707 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.367 |
43.677 |
10.334 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
56.622 |
61.913 |
59.373 |
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Less |
TAX (H) |
6.394 |
27.740 |
19.466 |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
50.228 |
34.173 |
39.907 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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|
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Export Earnings |
304.208 |
326.963 |
315.142 |
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TOTAL EARNINGS |
304.208 |
326.963 |
315.142 |
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IMPORTS |
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Raw Materials |
548.867 |
560.214 |
588.488 |
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TOTAL IMPORTS |
548.867 |
560.214 |
588.488 |
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Earnings /
(Loss) Per Share (Rs.) |
55.62 |
37.84 |
44.19 |
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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 |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
5.36 |
3.48 |
4.24 |
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Operating Profit Margin |
(%) |
9.66 |
11.09 |
7.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.37 |
14.76 |
13.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.20 |
0.21 |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.01 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.70 |
3.11 |
1.77 |
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 |
9.031 |
9.031 |
9.031 |
|
Reserves & Surplus |
272.359 |
296.036 |
346.264 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
281.390 |
305.067 |
355.295 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
2.500 |
0.000 |
0.000 |
|
Total borrowings |
2.500 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.009 |
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 |
942.058 |
981.594 |
936.810 |
|
|
|
4.197 |
(4.562) |
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 |
942.058 |
981.594 |
936.810 |
|
Profit |
39.907 |
34.173 |
50.228 |
|
|
4.24% |
3.48% |
5.36% |
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 |
Yes |
|
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10357392 |
17/05/2012 |
40,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B40229106 |
|
2 |
10148092 |
28/11/2012 * |
70,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B64702541 |
* Date of charge modification
BUSINESS PLANS AND WORKING:
During the financial year the sales of the Company is Rs.1021.494 Million as compared to last year’s figure of Rs. 1074.093 Million. The Company has earned profit of Rs. 50.230 Million after providing for depreciation and Taxes.
GENERAL INFORMATION
ABOUT COMPANY
The company is pioneer and one of India’s leading Synthetic Resin manufacture catering to a wide range of industries today such as Adhesives, Coatings, Printing Inks, Insulating Varnishes, Wire Enamels, Lamination, cosmetics and Textiles. BRL commenced its operations in 1995 for manufacturing Alkyd Resins, Epoxy Resin, Ketonic Resins, Phenolic Resins and D G Varnish some of which are import substitutes. BRL’s manufacturing facilities are located at Daman and GIDC, Umbergaon in Gujarat. The Company is also engaged in manufacturing of Power from Wind Energy.
FIXED ASSETS:
- Land and Freehold
- Factory Building
- Plant and machinery
- Electric Installation
- Furniture and Fixtures
- Computers and Printers
- Office Equipments
- Fire Extinguishers
- Eicher 10.90 / TATA
- Vehicles
- City Office
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.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.