MIRA INFORM REPORT
|
Report No. : |
314265 |
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Report Date : |
26.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
AHLSTROM FIBERCOMPOSITES INDIA PRIVATE LIMITED |
|
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|
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Registered
Office : |
105, 106 and 107, Prakashdeep Building, 7 Tolstoy Marg, New Delhi -
110001 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.03.2008 |
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Com. Reg. No.: |
04-082596 |
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Capital Investment
/ Paid-up Capital : |
Rs. 3500.000 Million |
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CIN No.: [Company Identification
No.] |
U74120GJ2008FTC082596 |
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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.] |
AAGCA9137M |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Papers and Fiber Composites for Industrial
Applications. |
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|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s weak financial risk
profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments terms
are reported to be slow. 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.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Manoj Chhada |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-9978765670 |
|
Date : |
24.03.2015 |
LOCATIONS
|
Registered Office : |
105, 106 and 107, Prakashdeep Building, 7 Tolstoy Marg, New Delhi –
110001, India |
|
Tel. No. : |
91-11-43594926 / 23766340 |
|
Mobile No.: |
91-9978765670 (Mr. Manoj Chhada) |
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Fax No. : |
91-11-23753680 / 23753681 |
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E-Mail : |
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Website : |
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Factory : |
Survey No. 141, Plot No. 7, Mundra SEZ and Textile and Apparel Park, Mudra,
Gujarat, India |
|
Tel No.: |
91-2838-6191007 |
DIRECTORS
AS ON 22.09.2014
|
Name : |
Mr. Nataraj Gosavi |
|
Designation : |
Additional Director |
|
Address : |
#F-311, Brigade Petunia, 17th Cross, 2nd A Main, Off K R Road, BSK 2nd Stage, New Suki Ds, Bengaluru - 560097 Karnataka |
|
Date of Birth/Age : |
05.04.1967 |
|
Date of Appointment : |
22.09.2014 |
|
DIN No. : |
06910448 |
|
|
|
|
Name : |
Mr. Roberto Alessandro Boggio |
|
Designation : |
Additional Director |
|
Address : |
104-2903 Park Tower, Yongsan-Don, Yongsan-Gu, Seoul Korea 104 |
|
Date of Birth/Age : |
15.07.1967 |
|
Date of Appointment : |
22.09.2014 |
|
DIN No. : |
06825058 |
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|
|
|
Name : |
Mr. Stefano Zenga |
|
Designation : |
Additional director |
|
Address : |
Vai Goito 4 Torino 10125 |
|
Date of Birth/Age : |
15.07.1984 |
|
Date of Appointment : |
22.09.2014 |
|
DIN No. : |
06932990 |
KEY EXECUTIVES
|
Name : |
Mrs. Neelam Damji Shah |
|
Designation : |
Secretary |
|
Address : |
Plot No. 183, R/o Nakoda Enterprises, 6, Industrial Area, Behind Rishi
Shipping Gandhidham – 370201, Gujarat, India |
|
Date of Birth/Age : |
04.11.1967 |
|
Date of Appointment : |
14.08.2012 |
|
PAN No.: |
BBLPS7546E |
|
|
|
|
Name : |
Mr. Manoj Chhada |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ahlstrom Corporation, Finland |
|
349999999 |
|
William Arthur
Casey |
|
1 |
|
Total |
|
350000000 |
As on 22.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Papers and Fiber Composites for Industrial
Applications. |
|
|
|
|
Products : |
Papers and Fiber Composites for Industrial Applications |
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit (30, 60 and 90 days) |
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Purchasing : |
Cash and Credit (30, 60 and 90 days) |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar Mumbai - 400028, Maharashtra, India |
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PAN
No. : |
AAEFP3641G |
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|
|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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Holding Company : |
Ahlstrom Corporation, Finland |
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Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on 22.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
360000000 |
Equity Shares |
Rs.10/- each |
Rs.3600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Million |
|
|
|
|
|
After 22.09.2014
Authorised Capital : Rs. 4050.000 Million
Issued, Subscribed & Paid-up Capital : 4010.000
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 |
3500.000 |
2500.000 |
1500.000 |
|
(b) Reserves &
Surplus |
(1650.169) |
(1224.474) |
(729.250) |
|
(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) |
1849.831 |
1275.526 |
770.750 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
350.000 |
621.428 |
664.286 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
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) |
350.000 |
621.428 |
664.286 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
200.000 |
894.621 |
|
(b) Trade payables |
159.278 |
98.674 |
134.782 |
|
(c) Other current
liabilities |
303.569 |
458.990 |
478.567 |
|
(d) Short-term provisions |
0.362 |
0.291 |
0.493 |
|
Total Current Liabilities
(4) |
463.209 |
757.955 |
1508.463 |
|
|
|
|
|
|
TOTAL |
2663.040 |
2654.909 |
2943.499 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1934.560 |
2172.105 |
1972.151 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
2.428 |
0.000 |
420.404 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3.882 |
3.882 |
3.882 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
23.191 |
23.125 |
40.877 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1964.061 |
2199.112 |
2437.314 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
233.486 |
200.615 |
223.507 |
|
(c) Trade receivables |
186.805 |
143.304 |
158.748 |
|
(d) Cash and cash
equivalents |
256.073 |
69.458 |
49.355 |
|
(e) Short-term loans and
advances |
22.615 |
42.420 |
74.575 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
698.979 |
455.797 |
506.185 |
|
|
|
|
|
|
TOTAL |
2663.040 |
2654.909 |
2943.499 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
935.140 |
1059.890 |
1623.660 |
|
|
Other Income |
19.070 |
8.090 |
8.600 |
|
|
TOTAL (A) |
954.210 |
1067.980 |
1632.260 |
|
|
|
|
||
|
Less |
TOTAL EXPENSES (B) |
973.120 |
1076.690 |
1472.410 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
(18.910) |
(8.710) |
159.850 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
136.320 |
214.690 |
196.060 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
(155.230) |
(223.400) |
(36.210) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
270.460 |
271.830 |
292.530 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(425.690) |
(495.230) |
(328.740) |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
(425.690) |
(495.230) |
(328.740) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD (J) |
(1224.480) |
(729.250) |
(400.510) |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J) |
(1650.170) |
(1224.480) |
(729.250) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
704.700 |
874.880 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(1.22) |
(1.41) |
(0.94) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(45.52) |
(46.72) |
(20.25) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(2.02) |
(0.82) |
9.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.02) |
(18.68) |
(13.05) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.23) |
(0.39) |
(0.43) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19 |
0.64 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
0.60 |
0.34 |
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 |
1500.000 |
2500.000 |
3500.000 |
|
Reserves & Surplus |
(729.250) |
(1224.474) |
(1650.169) |
|
Net worth |
770.750 |
1275.526 |
1849.831 |
|
|
|
|
|
|
long-term borrowings |
664.286 |
621.428 |
350.000 |
|
Short term borrowings |
894.621 |
200.000 |
0.000 |
|
Total borrowings |
1558.907 |
821.428 |
350.000 |
|
Debt/Equity ratio |
2.023 |
0.644 |
0.189 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1623.660 |
1059.890 |
935.140 |
|
|
|
(34.722) |
(11.770) |
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 |
1623.660 |
1059.890 |
935.140 |
|
Profit |
(328.740) |
(495.230) |
(425.690) |
|
|
(20.25%) |
(46.72%) |
(45.52%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
Current maturities of long-term debt |
271.429 |
442.857 |
442.857 |
|
Total |
271.429
|
442.857 |
442.857 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
No |
Note :
The Registered office of the company has been shifted 105, 106 and 107,
Prakashdeep Building, 7 Tolstoy Marg, New Delhi – 110001, India to the present
address
Operations
There was good increase in Coated (AR/AS) products sales during the year w i.e. F.Y. 2013-14 compared to last year, and gains were made in expanding the Customer base of such Value Added products. However, due to sluggishness in world economy, overall revenue was down compared to previous year. This lower Sales and Production led to lower capacity utilization during the year.
The Management is in the process of improving the market for Value Added Products constantly and expects better price realization for these products. In current year, volumes of AR/AS and other products are well near the plan level. Further, Management is addressing the issue to capture higher share in Coated and SMS products by significant internal trial activity for large customers like Cardinal and simultaneously grow SMS business with other Key Accounts.
With this all side push, Volumes in current periods have already shown improvement compared to the period last year. The Management feels confident that there will be a marked improvement in Mundra Operations.
With that plan and confidence, Ahlstrom Corporation has further invested Rs. 1000 Million in January, 2014.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
350.000 |
621.428 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign currency term loans from others |
0.000 |
200.000 |
|
Total |
350.000 |
821.428 |
VIEW INDEX OF CHARGES: No Charges Exist for Company
CONTINGENT
LIABILITIES:
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.
FIXED ASSETS
- Land
- Buildings
- Office building
- Factory building
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Other 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. 62.34 |
|
|
1 |
Rs. 92.65 |
|
Euro |
1 |
Rs. 68.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--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 |
NO |
|
--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 |
|
|
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.