MIRA INFORM REPORT
|
Report No. : |
327877 |
|
Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
RUBBERKING TYRES INDIA PRIVATE LIMITED [w.e.f.24.01.2010] |
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|
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Formerly Known
As : |
RUBBERKING TYERS INDIA PRIVATE LIMITED ASHA RUBBERS PRIVATE LIMITED |
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Registered
Office : |
103/104, Nendhara Apartment, Near GNFC Infotowes, S G Road, Bokadev,
Ahmedabad – 380054, Gujarat |
|
Tel. No.: |
91-79-26855619 / 26850567 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.02.1988 |
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|
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Com. Reg. No.: |
04-010340 |
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Capital
Investment / Paid-up Capital : |
Rs.19.200
Million |
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|
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CIN No.: [Company Identification
No.] |
U25110GJ1988PTC010340 |
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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.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Butyl Rubber Inner Tubes and
Curing Air Bags and Curing Bladders. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated during the year 1988.
It is engaged in the business of manufacturing and exporting of butyl rubber inner
tubes and curing air bags. It has a satisfactory track record. For the financial year 2014, the profitability ratio of the company
has decreased from 7.3% to 6.8% and also the top line growth has decline to
0.72%, this reflects a mere decrease in the value. This is due to the
slowdown in the domestic as well as international markets. However, rating also takes into consideration company’s improved
financial risk profile marked by above average networth base and favourable
gap between trade payables to its receivables. Trade relations are reported as fair. Business is active. Payment
terms are usually correct. In view of healthy financial profile, the company can be considered
normal for 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
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 DENIED BY
|
Name : |
Mr. Akhil Nagar |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-79-26855619 |
|
Date : |
17.06.2015 |
LOCATIONS
|
Registered/ Head Office : |
103/104, Nendhara Apartment, Near GNFC Infotowes, S G Road, Bokadev, Ahmedabad – 380 054, Gujarat, India |
|
Tel. No.: |
91-79-26855619 / 26850567 |
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Fax No.: |
91-79-26853390/ 26751985 |
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E-Mail : |
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Website : |
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Unit 1 : |
411/2, GIDC, Phase - ll, Vatva, Ahmedabad – 382 445, Gujarat, India |
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Unit 2 : |
Plot No. 9, GIDC, Viramgam -382150, Gujarat, India |
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USA Liaison Office :
|
Waterford Business Park, 5201 Blue Lagoon Drive, Suite 839, Miami, FL 33126 USA |
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Tel. No.: |
+1-305-753-7068 |
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E-Mail : |
DIRECTORS
AS ON 01.09.2014
|
Name : |
Mr. Dinesh Ishvarlal Gawarvala |
|
Designation : |
Director |
|
Address : |
7, Tanmay Apartment, Opposite Pandurang Soc - 3, Judges Bunglow Road, Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
12.05.1942 |
|
Date of Appointment : |
08.02.1988 |
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DIN No.: |
00984329 |
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|
|
|
Name : |
Mr. Samir Dinesh Gawarvala |
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Designation : |
Director |
|
Address : |
No. 6, Rudraksh Bunglows, B/H. Rajpath Club, Near Kishan Bunglows, Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
28.04.1967 |
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Qualification : |
B. Sc |
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Experience : |
25 Years |
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Date of Appointment : |
08.02.1988 |
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DIN No.: |
00985984 |
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|
|
|
Name : |
Mr. Niren Dinesh Gawarvala |
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Designation : |
Director |
|
Address : |
No. 7, Rudraksh Bunglows, B/H. Rajpath Club, Near Kishan Bunglows, Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
01.02.1970 |
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Qualification : |
A.M.I.E., M.S. [London] |
|
Experience : |
21 Years |
|
Date of Appointment : |
01.04.1992 |
|
DIN No.: |
00985931 |
KEY EXECUTIVES
|
Name : |
Mr. Akhil Nagar |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Kalpesh N. Shah and Company |
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Designation : |
Company Secretaries |
MAJOR SHAREHOLDERS
AS ON 01.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Dinesh Ishvarlal Gawarvala |
519000 |
27.03 |
|
Niren Dinesh Gawarvala |
375400 |
19.55 |
|
Samir Dinesh Gawarvala |
375400 |
19.55 |
|
Asha Dinesh Gawarvala |
257000 |
13.39 |
|
Anar Samir Gawarvala |
93400 |
4.86 |
|
Aanal Niren Gawarvala |
93800 |
4.89 |
|
Samir D. Gawarvala as a Guardian of Minor Devin S. Gawarvala |
103200 |
5.38 |
|
Niren D. Gawarvala as a Guardian of Minor Priyanshi N. Gawarvala |
102800 |
5.35 |
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|
|
|
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Total |
1920000 |
100.00 |
AS ON 01.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Butyl Rubber Inner Tubes and Curing Air
Bags and Curing Bladders. |
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Products / Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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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Facilities : |
NOTES: LONG TERM BORROWINGS: Details of
Security: ·
Deferred payment liability for purchase of
vehicle is secured by hypothecation of vehicle. Terms of
Repayment: The term loan and deferred payment liability are repayable in monthly
equated installments over five years. SHORT TERM BORROWINGS: Details of Securities: Borrowings taken
for working capital from bank are secured by first charge over the entire
current assets of the company, present and future and second charge on block
of assets of the company, present and future excluding vehicles and personal
guarantee of all director. |
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Auditors : |
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|
Name : |
Manubhai and Company Chartered Accountants |
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Address : |
2nd Floor, B Wing, Premium House, Near Gandhigram Railway Station,
Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26580956/ 26580966/ 26582484/ 26585064 |
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Fax No.: |
91-79-26583573 |
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E-Mail : |
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Website : |
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Income-tax
PAN of auditor or auditor's firm : |
AAFFM2086H |
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Subsidiaries : |
G8 International FZE |
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Enterprise over which key management personnel exercise significant
influence : |
Bhagawati Rubber Product Industries |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1,920,000 |
Equity Shares |
Rs.10/- each |
Rs.19.200 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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19.200 |
19.200 |
9.600 |
|
(b) Reserves & Surplus |
260.075 |
227.208 |
199.320 |
|
(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) |
279.275 |
246.408 |
208.920 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.516 |
2.966 |
11.469 |
|
(b) Deferred tax liabilities (Net) |
16.741 |
15.556 |
13.324 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
20.257 |
18.522 |
24.793 |
|
|
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(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
5.248 |
72.191 |
90.737 |
|
(b) Trade
payables |
60.696 |
44.255 |
32.205 |
|
(c) Other
current liabilities |
13.489 |
16.661 |
14.439 |
|
(d) Short-term
provisions |
26.814 |
28.362 |
9.266 |
|
Total Current
Liabilities (4) |
106.247 |
161.469 |
146.647 |
|
|
|
|
|
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TOTAL |
405.779 |
426.399 |
380.360 |
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II.
ASSETS |
|
|
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|
(1)
Non-current assets |
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
165.334 |
145.441 |
138.786 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.028 |
1.531 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.991 |
1.991 |
1.991 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.117 |
4.287 |
4.184 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
171.470 |
153.250 |
144.961 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.138 |
0.000 |
|
(b)
Inventories |
98.509 |
121.180 |
81.356 |
|
(c) Trade
receivables |
82.023 |
112.447 |
111.804 |
|
(d) Cash
and cash equivalents |
25.914 |
11.590 |
7.139 |
|
(e)
Short-term loans and advances |
16.675 |
19.892 |
19.882 |
|
(f) Other
current assets |
11.188 |
7.902 |
15.218 |
|
Total
Current Assets |
234.309 |
273.149 |
235.399 |
|
|
|
|
|
|
TOTAL |
405.779 |
426.399 |
380.360 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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|
|
Income |
809.736 |
815.621 |
563.712 |
|
|
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Other Income |
|
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|
|
|
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TOTAL |
809.736 |
815.621 |
563.712 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
711.118 |
713.469 |
533.325 |
|
|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
98.618 |
102.152 |
30.387 |
|
|
|
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|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
17.694 |
15.544 |
14.380 |
|
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|
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|
|
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|
PROFIT BEFORE
TAX |
80.924 |
86.608 |
16.007 |
|
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|
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|
|
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|
Less |
TAX |
25.593 |
26.657 |
5.449 |
|
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|
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|
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|
PROFIT AFTER TAX |
55.331 |
59.951 |
10.558 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
168.423 |
235.436 |
182.804 |
|
|
|
Dividend |
1.205 |
11.066 |
0.000 |
|
|
TOTAL EARNINGS |
169.628 |
246.502 |
182.804 |
|
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IMPORTS |
|
|
|
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|
|
|
Raw Materials |
225.203 |
247.183 |
92.509 |
|
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|
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|
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|
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|
Earnings Per
Share (Rs.) |
28.82 |
31.22 |
11.00 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
1.532 |
3.917 |
7.309 |
|
Cash generated from operations |
170.206 |
86.519 |
30.103 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.83 |
7.35 |
1.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.04 |
20.48 |
4.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.35 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.04 |
0.32 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.21 |
1.69 |
1.61 |
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 |
9.600 |
19.200 |
19.200 |
|
Reserves & Surplus |
199.320 |
227.208 |
260.075 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
208.920 |
246.408 |
279.275 |
|
|
|
|
|
|
long-term borrowings |
11.469 |
2.966 |
3.516 |
|
Short term borrowings |
90.737 |
72.191 |
5.248 |
|
Current Maturities of
Long Term Debt |
7.309 |
3.917 |
1.532 |
|
Total borrowings |
109.515 |
79.074 |
10.296 |
|
Debt/Equity ratio |
0.524 |
0.321 |
0.037 |
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 |
563.712 |
815.621 |
809.736 |
|
|
|
44.688 |
-0.722 |
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 |
563.712 |
815.621 |
809.736 |
|
Profit |
10.558 |
59.951 |
55.331 |
|
|
1.87% |
7.35% |
6.83% |
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) |
No |
|
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 |
OPERATIONS
During the year, the total income has decreased from Rs.815.621 Million
in 2012-13 to Rs.809.736 Million in 2013-14 i.e. by just Rs.5.885 Million,
which reflects a mere decrease of 0.73% approximately. The profit before tax
decreased from Rs.86.608 Million in 2012-13 to Rs.80.924 Million in 2013-14.
This is due to receipt of higher amount of Rs 8.261 Million as Dividend (from
their wholly owned subsidiary – G8 International FZE at Dubai) in FY 2012-13
compared to FY 2013-14. Despite the slowdown in domestic as well as
international market, the company has shown consistent performance due to the
effective steps taken to control the cost at all the levels of the business
enterprise. Management expects to provide a better performance in the coming
years.
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10024655 |
04/10/2013 * |
143,500,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, GROUND FLOOR,, NEELKAMAL |
B86040425 |
* Date of charge modification
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Equipments
·
Electrical Installation
·
Furniture and Fixture
·
Vehicles
·
Computers
·
Office Equipments
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.64.11 |
|
|
1 |
Rs.100.31 |
|
Euro |
1 |
Rs.72.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
TRS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.