MIRA INFORM REPORT
|
Report No. : |
328934 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANAM ENGINEERS LIMITED (w.e.f.02.02.2007) |
|
|
|
|
Formerly Known
As : |
PANAM ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
203, Jaisingh Business Center, Parsiwada, Sahar Road, Andheri (East), Mumbai - 400099, Maharashtra |
|
Tel. No.: |
91-22-28315555/ 28315557/ 28315558 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-147195 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.120 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120MH2004PLC147195 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP21219C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP3015C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Engineering Goods. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. It was incorporated in 2004. Subject is engaged in manufacturing of
precision TUBE FITTINGS and INSTRUMENTATION VALVES. The company has reported 66.01% increase in sales during FY 2014. Rating also takes into consideration, huge external borrowing taken by
the company, which acts as threat to liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. Subject can be considered for business dealing 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 |
|
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
|
Name : |
Mr. Jagdish Prajapati |
|
Designation : |
Director |
|
Contact No.: |
91-9892179529 |
|
Date : |
24.06.2014 |
LOCATIONS
|
Registered Office : |
203,
Jaisingh Business Center, Parsiwada, Sahar Road, Andheri (East), Mumbai - 400099,
Maharashtra, India |
|
Tel. No.: |
91-22-28315555/ 28315557/ 28315558 |
|
Mobile No.: |
91-9892179529 (Mr. Jagdish) |
|
Fax No.: |
91-22-28315574 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
R – 628, TTC Industrial Area, MIDC Rabale, Thane Belapur Road, Navi
Mumbai – 400705, Maharashtra, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Jagdish Bhikhabhai Prajapati |
|
Designation : |
Managing director |
|
Address : |
311 B, Urmila Cooperative Housing Limited, 3rd Floor,
Koldongri Road, Sahar Road, Andheri (East), Mumbai - 400099,
Maharashtra, India |
|
Date of Birth/Age : |
02.05.1975 |
|
Date of Appointment : |
29.06.2004 |
|
DIN No.: |
00430674 |
|
|
|
|
Name : |
Mr. Bhikhabhai Hirabhai Prajapati |
|
Designation : |
Additional director |
|
Address : |
301, Shashwat Building, Near Parle Tilak Vidalya, Subhash Road, Vile
Parle (East), Mumbai – 400069, Maharashtra, India |
|
Date of Birth/Age : |
09.06.1947 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06426181 |
|
|
|
|
Name : |
Ms. Jaya Jagdish Prajapati |
|
Designation : |
Director |
|
Address : |
311 B, Urmila Cooperative Housing Limited, 3rd Floor, Koldongri
Road, Sahar Road, Andheri (East), Mumbai - 400099, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1978 |
|
Date of Appointment : |
29.06.2004 |
|
DIN No.: |
00430682 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Jagdish B Prajapati |
|
235520 |
|
]aya Jagdish Prajapati |
|
235520 |
|
Bhikhabhai H. Prajapati |
|
10240 |
|
Narmada B. Prajapati |
|
5120 |
|
Mukesh B. Prajapati |
|
5120 |
|
Taraben M. Prajapati |
|
5120 |
|
Nayna Ketan Prajapati |
|
5120 |
|
Ketan Prajapati |
|
5120 |
|
Vipul Shah |
|
5120 |
|
Total |
|
512000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Engineering Goods. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30, 60, 90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30, 60, 90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEMS
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No. of Employees : |
50 (Approximately) |
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Bankers : |
|
||||||||||||||||||||||
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||||||||||||||||||||||
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Facilities : |
(Rs.
In Million)
Note: Security
Details: Term Loan from Bank of India is secured by hypothecation of stock,
Book Debts, Plant and Machinery, Margin of Bank Guarantee and Equitable
mortgage of Factory Land and Building at Prantij (Rate of Interest @12.6%
p.a.) Guaranteed by Directors. Terms of Repayment: Term loan repayable in 72 equal installment of Rs. 20.83 lakh starting
from 12 months after the first disbursement interest is to be served
separately as and when applied (Bank has sanctioned till 31.03.2014. Balance
to be disbursed in FY2014-2015 and repayment installment will start from
second half of FY 2014-2015 hence current portion of long term borrowing i.e.
Rs. 12.498 Million is shown separately under other current liability) |
|
Auditors : |
|
|
Name : |
R. D Patel and Associates Chartered Accountants |
|
Address : |
Sukh Sagar, Corporate Housing Society Limited, 1st Floor,
Akurli Cross Lane No. 1, Kandivali (East), Mumbai – 400 101, Maharashtra,
India |
|
Tel. No.: |
91-22-s2884 0014 |
|
Mobile No.: |
91-9820462858 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABPP4844J |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
512000 |
Equity Shares |
Rs.10/- each |
Rs.5.120
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 |
5.120 |
0.500 |
0.500 |
|
(b) Reserves &
Surplus |
48.625 |
5.212 |
3.631 |
|
(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) |
53.745 |
5.712 |
4.131 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
188.112 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
14.531 |
0.967 |
0.000 |
|
(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) |
202.643 |
0.967 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.519 |
23.270 |
0.000 |
|
(b) Trade payables |
20.008 |
9.146 |
11.517 |
|
(c) Other current
liabilities |
25.815 |
15.001 |
6.982 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
46.342 |
47.417 |
18.499 |
|
|
|
|
|
|
TOTAL |
302.730 |
54.096 |
22.630 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
245.448 |
46.582 |
1.965 |
|
(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 |
4.424 |
0.907 |
(0.112) |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
249.872 |
47.489 |
1.853 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
4.806 |
3.377 |
9.081 |
|
(d) Cash and cash
equivalents |
24.564 |
2.318 |
8.885 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
23.488 |
0.912 |
2.811 |
|
Total Current Assets |
52.858 |
6.607 |
20.777 |
|
|
|
|
|
|
TOTAL |
302.730 |
54.096 |
22.630 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
47.109 |
28.826 |
22.284 |
|
|
Other Income |
1.932 |
0.714 |
0.208 |
|
|
TOTAL |
49.041 |
29.540 |
22.492 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
58.079 |
21.061 |
16.830 |
|
|
Closing Stock |
(18.221) |
0.000 |
0.000 |
|
|
Other expenses |
6.446 |
6.157 |
3.424 |
|
|
TOTAL |
46.304 |
27.218 |
20.254 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2.737 |
2.322 |
2.238 |
|
|
|
|
|
|
|
Less |
TAX |
0.905 |
0.741 |
0.690 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
1.832 |
1.581 |
1.548 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
43.636 |
23.220 |
15.086 |
|
|
TOTAL EARNINGS |
43.636 |
23.220 |
15.086 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
8.00 |
32.00 |
31.00 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
100.000 |
|
|
|
|
|
The above information has been parted by Mr. Jagdish Prajapati
(Director).
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 (PAT / Sales) |
(%) |
3.89 |
5.48 |
6.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.78 |
30.90 |
10.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.41 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.51 |
4.07 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
0.14 |
1.12 |
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 |
0.500 |
0.500 |
5.120 |
|
Reserves & Surplus |
3.631 |
5.212 |
48.625 |
|
Net worth |
4.131 |
5.712 |
53.745 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
188.112 |
|
Short term borrowings |
0.000 |
23.270 |
0.519 |
|
Total borrowings |
0.000 |
23.270 |
188.631 |
|
Debt/Equity ratio |
0.000 |
4.074 |
3.510 |
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 |
22.284 |
28.826 |
47.109 |
|
|
|
29.357 |
63.425 |
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 |
22.284 |
28.826 |
47.109 |
|
Profit |
1.548 |
1.581 |
1.832 |
|
|
6.95% |
5.48% |
3.89% |
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 |
No |
|
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 four 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 |
COMPANY INFORMATION:
The subject was incorporated on 29.06.2004 as
private limited company with name as PANAM ENGINEERS PRIVATE LIMITED. It was
converted into limited company vide ROC approval dated 02.02.2007. The company
was into trading of Engineering Goods, now having manufacturing unit at Gujarat
for manufacturing of Engineering Goods.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWING |
|
|
|
Loans from Related Parties |
106.296 |
0.000 |
|
SHORT TERM BORROWING |
|
|
|
Loan repayable on demand from related parties |
0.500 |
23.270 |
|
Total |
106.796 |
23.270 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10460712 |
24/10/2013 * |
187,500,000.00 |
BANK OF INDIA |
MAHALAXMI
BRANCH, 8A, BHULABHAI DESAI ROAD,, NEAR |
B89945919 |
* Date of charge modification
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
|
UK Pound |
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.