MIRA INFORM REPORT
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Report No. : |
310750 |
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Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHEMCON SPECIALITY CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 355, Manjusar Kinpad Road, Village Manjusar, Taluka Savli,
Vadodara – 391775, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.12.1988 |
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Com. Reg. No.: |
04-011652 |
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Capital
Investment / Paid-up Capital : |
Rs.79.444 Million |
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CIN No.: [Company Identification
No.] |
U24231GJ1988PTC011652 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BRDG00790G |
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PAN No.: [Permanent Account No.] |
AAACG6722A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Intermediates, Silicones and Oilfield Chemicals (Completion Fluids). |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long Term Rating = BB+ |
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Rating Explanation |
Moderate risk of default regarding timely servicing of financial obligations |
|
Date |
January 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A4+ |
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Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
January 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
31-03-2014.
LOCATIONS
|
Registered Office/Factory : |
Plot No. 355, Manjusar Kinpad Road, Village Manjusar, Taluka Savli,
Vadodara – 391775, Gujarat, India |
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Tel. No.: |
91-265-2561195 91-2667-264103/ 04 / 05 |
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Fax No.: |
91-265-2563493 91-2667-264366 |
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E-Mail : |
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Website : |
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Marketing Office : |
D-34, Sardar Estate, Ajwa Road, Vadodara – 390 019, Gujarat, India |
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Tel. No.: |
91-265-2512088
/ 2511271 |
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Fax No.: |
91-265-2571550
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E-Mail : |
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Branch Offices : |
Located At:
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DIRECTORS
As on 30.09.2014
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Name : |
Mr. Kamal Prasad Rajendra Aggarwal |
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Designation : |
Whole Time Director |
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Address : |
B-30, Shivashray Housing Complex, Saiyad Vasna Road, Vadodara -
390015, Gujarat, India |
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Date of Birth/Age : |
27.12.1962 |
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Date of Appointment : |
19.01.2004 |
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DIN No.: |
00139199 |
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Other Directorship:
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Name : |
Mr. Naresh Goyal |
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Designation : |
Whole Time Director |
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Address : |
B-30, Shivashray Housing Complex, Saiyad Vasna Road, Vadodara -
390015, Gujarat, India |
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Date of Birth/Age : |
15.04.1958 |
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Date of Appointment : |
19.01.2004 |
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DIN No.: |
00139277 |
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Other Directorship:
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Name : |
Mr. Rajesh Chimanlal Gandhi |
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Designation : |
Whole Time Director |
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Address : |
G - 1, Dwarika Flat, Behind Surya Nagar Garba Ground, Waghodia Road,
Vadodara - 390019, Gujarat, India |
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Date of Birth/Age : |
12.04.1971 |
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Date of Appointment : |
27.09.2012 |
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DIN No.: |
03296784 |
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Other Directorship:
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Name : |
Mr. Himanshu Prafulchandra Purohit |
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Designation : |
Whole Time Director |
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Address : |
204, Suryadarshan Complex, Near Taksh Complex, Vasna Road, Vadodara -
390015, Gujarat, India |
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Date of Birth/Age : |
30.07.1973 |
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Date of Appointment : |
27.09.2012 |
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DIN No.: |
03296807 |
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Other Directorship:
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MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Naresh Goyal |
|
2936990 |
|
Kamal Prasad Rajendra Aggarwal |
|
2977770 |
|
Naresh Goyal (HUF) |
|
620480 |
|
Kamal Aggarwal (HUF) |
|
633200 |
|
Minal Aggarwal |
|
360000 |
|
Gyanchand Mangla |
|
8000 |
|
Subhrangana N. Goyal |
|
136000 |
|
Parul N. Goyal |
|
136000 |
|
Navdeep Goyal |
|
136000 |
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Total |
|
7944440 |
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 of Pharmaceutical intermediates, Silicones and Oilfield Chemicals (Completion Fluids). |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Shah Mehta and Bakshi Chartered Accountant |
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Address : |
2nd Floor, Prasanna House, Associated Society, |
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Tel. No.: |
91-265-2331060 / 2337727 / 2355435 / 2343227 |
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Fax No.: |
91-265-2354630 |
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E-Mail : |
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PAN No.: |
AABFJ1738M |
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Memberships : |
-- |
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Collaborators : |
-- |
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Other Parties which significantly
Influence/are influenced by the Company (either individually or with others) : |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7944440 |
Equity Shares |
Rs.10/- each |
Rs.79.444
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 |
79.444 |
79.444 |
79.444 |
|
(b) Reserves & Surplus |
107.041 |
95.418 |
64.826 |
|
(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) |
186.485 |
174.862 |
144.270 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
30.836 |
30.987 |
17.905 |
|
(b) Deferred tax liabilities (Net) |
25.897 |
14.822 |
10.664 |
|
(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) |
56.733 |
45.809 |
28.569 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
104.606 |
96.459 |
14.356 |
|
(b) Trade
payables |
89.598 |
43.000 |
22.049 |
|
(c) Other
current liabilities |
11.861 |
9.431 |
25.240 |
|
(d) Short-term
provisions |
1.148 |
1.425 |
2.385 |
|
Total Current
Liabilities (4) |
207.213 |
150.315 |
64.030 |
|
|
|
|
|
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TOTAL |
450.431 |
370.986 |
236.869 |
|
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II.
ASSETS |
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|
|
|
(1)
Non-current assets |
|
|
|
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
195.259 |
136.386 |
112.138 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.750 |
11.506 |
0.000 |
|
(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 |
11.048 |
3.602 |
2.768 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
207.057 |
151.494 |
114.906 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
135.125 |
100.631 |
57.453 |
|
(c) Trade
receivables |
57.183 |
71.526 |
35.421 |
|
(d) Cash
and cash equivalents |
22.672 |
7.102 |
7.577 |
|
(e) Short-term
loans and advances |
19.116 |
25.745 |
12.452 |
|
(f) Other
current assets |
9.278 |
14.488 |
9.060 |
|
Total
Current Assets |
243.374 |
219.492 |
121.963 |
|
|
|
|
|
|
TOTAL |
450.431 |
370.986 |
236.869 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
526.919 |
511.630 |
326.154 |
|
|
|
|
Other Income |
1.217 |
0.557 |
0.348 |
|
|
|
|
TOTAL (A) |
528.136 |
512.187 |
326.502 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
TOTAL (B) |
463.310 |
461.563 |
291.148 |
|
|
|
|
|
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||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
64.826 |
50.624 |
35.354 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL EXPENSES (D) |
24.625 |
17.660 |
8.941 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
40.201 |
32.964 |
26.413 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
11.528 |
7.814 |
7.343 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
28.673 |
25.150 |
19.070 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
17.049 |
8.310 |
5.317 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
11.624 |
16.840 |
13.753 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
125.296 |
NA |
19.008 |
|
|
|
TOTAL EARNINGS |
125.296 |
NA |
19.008 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
CIF value of imports |
240.821 |
NA |
88.407 |
|
|
|
TOTAL IMPORTS |
240.821 |
NA |
88.407 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.46 |
NA |
NA |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.21 |
3.29 |
4.22 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.30 |
9.89 |
10.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.38 |
7.00 |
8.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.73 |
0.73 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.46 |
1.90 |
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 |
79.444 |
79.444 |
79.444 |
|
Reserves & Surplus |
64.826 |
95.418 |
107.042 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
144.270 |
174.862 |
186.486 |
|
|
|
|
|
|
Long Term borrowings |
17.905 |
30.987 |
30.834 |
|
Short Term borrowings |
14.356 |
96.459 |
104.606 |
|
Total
borrowings |
32.261 |
127.446 |
135.440 |
|
Debt/Equity
ratio |
0.224 |
0.729 |
0.726 |
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 |
326.154 |
511.630 |
526.919 |
|
|
|
56.868 |
2.988 |
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
|
326.154 |
511.630 |
526.919 |
|
Profit |
13.753 |
16.840 |
11.624 |
|
|
4.22% |
3.29% |
2.21% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from directors |
8.016 |
20.227 |
|
Loans and advances from others |
0.000 |
4.272 |
|
Total |
8.016 |
24.499 |
REVIEW:
The fiscal year 2013-14 witnessed a lower rate of growth in the economy. During the year, serious inflationary trends were continued to be felt at various price levels. The rupee also depreciated sharply which had an adverse impact across all sections of the economy. The interest rates also hardened.
Against the backdrop of the described scenario, the Company was able to keep its momentum of growth and achieved the total income of Rs.528.100 Million compared to Rs.512.100 Million in the previous year. The profit after depreciation and tax arrived at Rs.11.600 Million as against Rs.16.800 Million in the previous year. With its quality products and emphasis on developing and introducing new products in the market from time to time, the Directors are confident to sustain growth and achieve better results in the coming period
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10441565 |
12/07/2013 |
14,500,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B81454464 |
|
2 |
90110510 |
17/01/2014 * |
180,000,000.00 |
Indian Overseas Bank |
Mehta Pole, Near Mandvi, Vadodara, Gujarat - 390006, India |
B94883691 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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 |
|
44 |
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.