MIRA INFORM REPORT
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Report No. : |
329805 |
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Report Date : |
30.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
PAYAL POLYPLAST PRIVATE LIMITED |
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Registered
Office : |
E-24, 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 : |
25.03.2008 |
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Com. Reg. No.: |
175847 |
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Capital
Investment / Paid-up Capital : |
Rs.30.100 Million |
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CIN No.: [Company Identification
No.] |
U25200DL2008PTC175847 |
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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
: |
Manufacturers of basic chemicals, derivatives, di-octyl phthalate, di-butyl phthalate, Plasticizes, PVC Compounds and Resins. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
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 280000 |
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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”. Polyplast was incorporated
on March 2008. It Manufactures primary plasticizers, such as di-octyl phthalate,
di-butyl phthalate at its facility in Daman. Subject is an established company having moderate track. During the year under review, the company reported declined in its
sale turnover and profitability from its operating activities compare to previous
year. Company have taken huge external borrowings result in threat to
liquidity position of the company. However, trade relations 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 Gupta |
|
Designation : |
Senior Manager – Finance |
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Contact No.: |
91-11-47112100 |
LOCATIONS
|
Registered Office / Head Office: |
E-24, Netaji Subhash Marg, Daryaganj, New Delhi - 110002, India |
|
Tel. No.: |
91-11-47112100 |
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Fax No.: |
Not Available |
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E-Mail : |
Sales & Marketing: sales@payalgroup.com Exports: exports@payalgroup.com Purchase: purchase@payalgroup.com Supply Chain & Management: scm@payalgroup.com |
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Website : |
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Factory 1 / Warehouse : |
C-7, SMA Industrial Area, G. T. Karnal Road, New Delhi – 110033, India |
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Tel. No.: |
91-11-27691643 |
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|
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Factory 2 : |
Plot No.87, 88, 102 and 103, Panchal Udyog Nagar, Bhimpore, Daman –
396210, Daman and Diu, India |
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Tel. No.: |
91-260-2221636 |
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Fax No.: |
91-260-2220637 |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Rajender Prasad Gupta |
|
Designation : |
Whole-time director |
|
Address : |
6/A, Shankaracharya Marg, Civil Lines, New Delhi – 110054, India |
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Date of Appointment : |
25.03.2008 |
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DIN No.: |
00137056 |
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|
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|
Name : |
Poonam Gupta |
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Designation : |
Director |
|
Address : |
6/A, Shankaracharya Marg, Civil Lines, New Delhi – 110054, India |
|
Date of Appointment : |
25.03.2008 |
|
DIN No.: |
00137169 |
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|
|
|
Name : |
Nikhil Gupta |
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Designation : |
Additional director |
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Address : |
6/A, Shankaracharya Marg, Civil Lines, New Delhi – 110054, India |
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Date of Appointment : |
07.01.2015 |
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DIN No.: |
02062242 |
KEY EXECUTIVES
|
Name : |
Mr. Ravindra Gupta |
|
Designation : |
Senior Manager – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Poonam Gupta |
|
1505000 |
|
Rajender Prasad Gupta |
|
1504980 |
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Subhash Chander Gupta (Trust) |
|
10 |
|
Vijay Gupta |
|
5 |
|
Manju Gupta |
|
5 |
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Total |
|
3010000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00% |
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of basic chemicals, derivatives, Plasticizes, PVC Compounds and Resins. |
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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 : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Ravik Aggarwal and Associates Chartered Accountants |
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Address : |
31-32, 1ST Floor, CSC, DDA Shopping Complex, New Delhi, India |
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PAN No.: |
AAKPA5649R |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associate: |
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CAPITAL STRUCTURE
AFTER 26.09.2014
Authorised Capital :
Rs.50.000 Million
Issued, Subscribed & Paid-up Capital : Rs.32.373 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,010,000 |
Equity Shares |
Rs.10/- each |
Rs.30.100 Million |
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
30.100 |
30.100 |
30.100 |
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(b) Reserves &
Surplus |
68.048 |
57.930 |
45.046 |
|
(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) |
98.148 |
88.030 |
75.146 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.051 |
3.194 |
15.000 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
1.937 |
2.118 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.106 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
1.157 |
5.131 |
17.118 |
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(4) Current Liabilities |
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(a) Short term borrowings |
561.280 |
761.481 |
715.213 |
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(b) Trade payables |
499.376 |
266.486 |
251.456 |
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(c) Other current
liabilities |
17.985 |
19.289 |
15.725 |
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(d) Short-term provisions |
3.381 |
10.122 |
4.589 |
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Total Current Liabilities
(4) |
1082.022 |
1057.378 |
986.983 |
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TOTAL |
1181.327 |
1150.539 |
1079.247 |
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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 |
112.929 |
89.269 |
78.606 |
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(ii) Intangible Assets |
0.162 |
0.023 |
0.025 |
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(iii) Capital
work-in-progress |
0.096 |
0.000 |
12.131 |
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(iv) Intangible assets
under development |
3.054 |
2.394 |
1.837 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
3.338 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.940 |
0.556 |
0.188 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
122.519 |
92.242 |
92.787 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
274.983 |
226.209 |
365.808 |
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(c) Trade receivables |
521.082 |
552.310 |
417.193 |
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(d) Cash and cash
equivalents |
88.066 |
68.748 |
68.567 |
|
(e) Short-term loans and
advances |
174.677 |
211.030 |
134.892 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1058.808 |
1058.297 |
986.460 |
|
|
|
|
|
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TOTAL |
1181.327 |
1150.539 |
1079.247 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
|
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Income |
2523.467 |
2959.354 |
2242.982 |
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Other Income |
34.594 |
14.362 |
9.721 |
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TOTAL |
2558.061 |
2973.716 |
2252.703 |
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Less |
EXPENSES |
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|
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TOTAL |
2490.788 |
2876.215 |
2172.915 |
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PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
67.273 |
97.501 |
79.788 |
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|
|
Less |
FINANCIAL EXPENSES |
71.452 |
67.329 |
60.646 |
|
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PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
(4.179) |
30.172 |
19.142 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
7.010 |
11.144 |
12.352 |
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PROFIT
/ (LOSS) BEFORE TAX, EXCEPTIONAL ITEMS |
(11.189) |
19.028 |
6.790 |
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Less/ Add |
EXCEPTIONAL
ITEMS |
(16.194) |
(0.125) |
(0.063) |
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|
PROFIT/ (LOSS) BEFORE TAX |
5.005 |
19.153 |
6.853 |
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Less |
TAX (I) |
(5.113) |
6.269 |
2.161 |
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PROFIT/ (LOSS) AFTER TAX
|
10.118 |
12.884 |
4.692 |
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EARNINGS IN FOREIGN
CURRENCY |
|
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|
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F.O.B. Value of Exports |
97.454 |
60.337 |
167.550 |
|
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TOTAL EARNINGS |
97.454 |
60.337 |
167.550 |
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IMPORTS |
|
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Raw Materials |
873.610 |
720.901 |
437.136 |
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TOTAL IMPORTS |
873.610 |
720.901 |
437.136 |
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|
Earnings / (Loss) Per
Share (Rs.) |
3.36 |
4.28 |
1.56 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
3.142 |
12.126 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
0.40 |
0.44 |
0.21 |
|
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Operating Profit Margin |
(%) |
2.67 |
3.29 |
3.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.43 |
1.67 |
0.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.22 |
0.09 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.72 |
8.69 |
9.72 |
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Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.00 |
1.00 |
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 |
30.100 |
30.100 |
30.100 |
|
Reserves & Surplus |
45.046 |
57.930 |
68.048 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
75.146 |
88.030 |
98.148 |
|
|
|
|
|
|
long-term borrowings |
15.000 |
3.194 |
0.051 |
|
Short term borrowings |
715.213 |
761.481 |
561.280 |
|
Total borrowings |
730.213 |
764.675 |
561.331 |
|
Debt/Equity ratio |
9.717 |
8.687 |
5.719 |
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 |
2242.982 |
2959.354 |
2523.467 |
|
|
|
31.938 |
(14.729) |
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 |
2242.982 |
2959.354 |
2523.467 |
|
Profit |
4.692 |
12.884 |
10.118 |
|
|
0.21% |
0.44% |
0.40% |
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 |
INDEX OF CHARGES
|
.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10173504 |
19/12/2014 * |
740,000,000.00 |
CANARA BANK |
DARYA GANJ,, NEW DELHI, DELHI - 110002, INDIA |
C40124497 |
* Date of charge modification
FINANCIAL RESULTS AND
OPERATIONS
The company continued to carry on the business of manufacturing and dealing of various Plasticizers and other related Polymer products.
During the year the company has successfully completed the expansion of the Plant as Unit II of the Company and started production of softener and other related products.
During the period the company had achieved and other revenue at Rs. 2523.500 Million as against Rs. 2959.400 Million achieved in the previous year. The turn over achieved by the company during the period was lower by around 17% as compared to previous year. The market of the Polymer and Plastizers products continued to be competitive during the year. Though 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 the competitive market the company was unable to control the market price of the finished product and could not pass the increase in cost of imports and cost of production which has resulted in a lower Gross margin and Net margin during the year. The continuous fall in rupee value as against US Dollar has also resulted in heavy pressures on the margins during the period. The profit before interest, depreciation, exceptional Items and taxation was at Rs. 67.200 Million as against Rs. 97.500 Million. After considering excess depreciation on fixed assets written back on account of change in method of providing depreciation from written down value method to straight line value method amounting to Rs. 21.800 Million and excess provision of Gratuity made in earlier year which is now based on Actuarial valuation as against management estimation up to the previous year amounting to Rs. 0.748 Million and Foreign exchange Fluctuation amounting to Rs. 5.794 Million, the profit after exceptional items and depreciation stood at Rs. 5.005 Million as against Rs. 19.153 Million in the previous year. The Company during the period had also recognized the benefit of Deferred Tax Assets as per accounting standard and Met Credit entitlement as per the provisions of the Income Tax Act. The Net surplus after making provisions for Current year taxation, Deferred Tax liabilities and Assets, and Met Credit entitlement stood at Rs. 10.117 Million as against Rs. 12.884 Million in the previous year.
FUTURE OUT LOOK
The directors hopeful that Plasticizer and other polymer products industry will grow as there is high degree of domestic consumption of these products in various applications, the rupee price against US dollar has witness the upward tread and more over stable in the current financial year.
The economy and industrial development has also witnessed faster recovery in the current financial year. The directors are confident that polymer and Plastizers industry will further grow with the increase of domestic consumption in various applications. The directors will be in advantageous positions to derive the full benefit from the growing domestic demand in the polymer industry. The directors are optimistic to achieve higher turnover and profitability in the current financial year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.92 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.70.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.