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Report No. : |
315313 |
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Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
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Name : |
SONGWON SPECIALITY CHEMICALS- INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 26 And 26b, GIDC Industrial Estate, Panoli Anklehwar-394116
Gujarat |
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Country : |
India |
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Financials (as
on) : |
Not Applicable |
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Date of
Incorporation : |
18.03.2014 |
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Com. Reg. No.: |
04-079190 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.466 millions |
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CIN No.: [Company Identification
No.] |
U24100GJ2014FTC079190 |
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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
: |
Manufacturing, importing, exporting, buying, selling, labelling, re-labelling,
marketing, trading and distributing agents of and dealers in all kind of
chemicals. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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- |
NB |
New Business |
- |
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Status : |
New business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an Indian subsidiary of a foreign company and belongs to reputed
“SONGWON GROUP”. It is a new business establishing itself gradually by acquiring
specialty chemical business along with all related assets and liabilities by
way of a slump sale for which the statutory procedures where completed as on
August 2014. Mr. Tejas Kotadia, chief financial officer confirmed the above and
claimed that the management has started its commercial operations from
September 2014. Moreover, the acquisition includes sequent’s polymer stabilizer business
and production site in panoli, Gujarat; together with the local research and
development team. Trade relations are improving. Business is active. Payment term are
unknown. In view of nascency of its Indian operations and lack of any financial
evidence, the company can be considered for business dealings on a safe and
secured 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 |
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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 |
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 DENIED
Management non-cooperative (Tel No.: 91-2646-272554)
LOCATIONS
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Registered Office : |
Plot No. 26 And 26b, GIDC Industrial Estate, Panoli Anklehwar-394116
Gujarat, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 17.04.2014
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Name : |
Mr. Hans Peter Rudolf Wuest |
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Designation : |
Director |
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Address : |
Andisch-Strasse 5 8706 Feldmeilen, Switzerland 8706 |
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Date of Birth/Age : |
12.02.1961 |
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Date of Appointment : |
18.03.2014 |
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DIN No.: |
02930948 |
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Name : |
Mr. Dieter Ernst Morath |
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Designation : |
Director |
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Address : |
C/O Farm, Butti, Bannhaldenstrasse 38 In, Frauenfeld 8500 |
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Date of Birth/Age : |
12.06.1951 |
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Date of Appointment : |
18.03.2014 |
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DIN No.: |
03580363 |
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Name : |
Nilesh rameshchandra Mehta |
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Designation : |
Director |
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Date of Appointment : |
04.04.2014 |
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Name : |
Gicomo Sergio sasselli |
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Designation : |
Director |
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Date of Appointment : |
05.07.2014 |
KEY EXECUTIVES
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Name : |
Mr. Tejas Kotodia |
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Designation : |
Chief finance officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.04.2014
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Names of Shareholders |
No. of Shares |
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Songwon International AG |
9999 |
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Songwon Hddings AG |
1 |
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Total
|
10000 |
As on 17.04.2014
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Names of Allottees |
No. of Shares |
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Sougwon International AG |
540650 |
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Total
|
540650 |
As on 30.07.2014
|
Names of Allottees |
No. of Shares |
|
Sougwon International AG |
1996000 |
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Total
|
1996000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, importing, exporting, buying, selling, labelling,
re-labelling, marketing, trading and distributing agents of and dealers in all
kind of chemicals. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Auditors : |
Not Divulged |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8500000 |
Equity Shares |
Rs.10/- each |
Rs.85.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2546650 |
Equity Shares |
Rs.10/- each |
Rs. 25.466
millions |
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FINANCIAL DATA
[all figures are
in Rupees Million]
NEW BUSINESS
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
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1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
No |
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10] |
Designation of contact person |
No |
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11] |
Turnover of firm for last three years |
No |
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12] |
Profitability for last three years |
No |
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13] |
Reasons for variation <> 20% |
-------- |
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14] |
Estimation for coming financial year |
No |
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15] |
Capital in the business |
Yes |
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16] |
Details of sister concerns |
No |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
No |
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20] |
Export / Import details (if applicable) |
No |
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21] |
Market information |
------- |
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22] |
Litigations that the firm / promoter involved in |
------- |
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23] |
Banking Details |
No |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
------- |
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26] |
Buyer visit details |
------- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if applicable |
No |
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29] |
Last accounts filed at ROC |
No |
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30] |
Major Shareholders, if available |
Yes |
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31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
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32] |
PAN of Proprietor/Partner/Director, if available |
No |
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33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
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34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
PRESS RELEASE
SONGWON SUCCESSFULLY COMPLETES SEQUENT SPECIALTY CHEMICALS BUSINESS ACQUISITION
AND CONTINUES EXPANSION STRATEGY
Ulsan, Korea - August 6, 2014 - Songwon Industrial Group's acquisition of SeQuent's Specialty Chemicals business, which includes the polymer stabilizer business, the production site in Panoli and the local R&D division, has been successfully completed according to plan.
Another milestone in the company’s global strategy, the
acquisition places Songwon in a stronger position to better meet the needs of
their current and future customers in India.
“We are committed to helping our customers in India successfully grow their
businesses and our goal is to be a leader in servicing this market,” said
Giacomo Sasselli, EVP Manufacturing and Engineering. “This region is one of the
fastest growing polymer markets in the world and has great potential for the
future. We will be able to expand Songwon’s offering to customers globally with
strategic products such as the phosphite stabilizer, SONGNOX® PQ and other
specialty chemicals. Leveraging the state-of-the-art facility, the knowledge of
Songwon group and the local R&D team’s extensive experience and high level
of competence, we will focus on the development of new products and solutions
that give our customers globally, and especially in India, a competitive advantage.”
The Panoli site is large and offers room for Songwon to expand its production
base and its product offering. Commenting Nilesh Metha, Managing Director
Songwon Specialty Chemicals India: “Songwon has always been dedicated to
manufacturing innovative products that fit customers’ unique needs, and to
providing excellent service and support. Having a stronger position in India
means that we can offer the customized support our customers expect combined
with all the advantages of an experienced, leading global supplier.”
“We are excited and proud to become part of the Songwon global family”, said
Ashish Pandey, General Manager of the Panoli site. “Our workforce in Panoli is
well equipped and ready to take the challenge to further grow the site and to
live up to Songwon’s stringent level of quality and safety standards”.
About Songwon
Industrial Company Limited
Songwon Industrial Co., Ltd. is the 2nd largest manufacturer
of polymer stabilizers in the world with an almost 50 year history of
breakthrough solutions. A leader in the development and production of additives
and specialty chemicals, Songwon provides added-value products and innovative
solutions to the plastics industry.
The company’s extensive product portfolio includes polymer stabilizers, alkylphenols
and alkylcresols, PVC stabilizers, plasticizers, tin intermediates, SAP,
flocculants and polyurethane.
With headquarters in Ulsan, Korea, the Songwon Industrial Group comprises 17
companies including 2 joint ventures and 1 representative office, located in 9
different countries on 3 continents. The company has 8 manufacturing
facilities, 3 of which are located in Korea, Germany, China, USA, India as well
as a manufacturing JV plant in China. Songwon also has a worldwide network
sales and customer service offices, logistics hubs and stocking distributors.
SONGNOX is a registered trade mark of Songwon Industrial Company Limited.
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. 62.61 |
|
|
1 |
Rs. 92.95 |
|
Euro |
1 |
Rs. 68.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
JYO |
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 |
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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 |
|
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.