MIRA INFORM REPORT
|
Report No. : |
321145 |
|
Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
HEMPEL PAINTS
(INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No..801, 8th Floor, Vikas Center, C. Gidwani Road,
Chembur, Mumbai – 400074, Maharashtra |
|
Tel. No.: |
91-22-61392555 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
17.09.2009 |
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|
Com. Reg. No.: |
11-195861 |
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Capital
Investment / Paid-up Capital : |
Rs.690.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74990MH2009PTC195861 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH12380E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCH2681P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Paints |
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|
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|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
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 but Correct |
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|
Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. For the company has ended 2014, the company has reported above average
operational performance and achieved profit from its operation. However, rating remain constrained on account of company’s moderate
financial risk profile and negative reserves of the company which hampered
the net worth position of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. In view of weak net worth profile, 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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non co-operative
LOCATIONS
|
Registered Office : |
Unit No..801, 8th Floor, Vikas Center, C. Gidwani Road,
Chembur, Mumbai – 400074, Maharashtra, india |
|
Tel. No.: |
91-22-61392555 |
|
Fax No.: |
91-22-25204919 |
|
E-Mail : |
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|
|
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|
Factory : |
Plot no. F-8, F-9, F-10, MIDC, Sinnar (Malegaon) Industrial Area, Taluka
Sinner, District Nashik – 422103, Maharashtra, India |
DIRECTORS
As on : 03.09.2014
|
Name : |
Mr. Umesh Singh |
|
Designation : |
Director |
|
Address : |
Flat No. 802, Nahar Amrit Shaktl, Almanda Saki, Vihar Road, Chandivall
Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1962 |
|
Date of Appointment : |
15.07.2010 |
|
DIN No.: |
02510842 |
|
|
|
|
Name : |
Mr. Kim J. Andersen |
|
Designation : |
Director |
|
Address : |
Hempel A/S, Lundtoft EVEJ 150, Kongens, Lyngby 2800, Denmark |
|
Date of Birth/Age : |
26.11.1962 |
|
Date of Appointment : |
02.07.2010 |
|
DIN No.: |
02844744 |
|
|
|
|
Name : |
Mr. Aravind Rajan |
|
Designation : |
Director |
|
Address : |
Sreeshailam, Deepthi Nagar, Kanjikuzhy, Kottayam,- 686004, Kerala,
India |
|
Date of Birth/Age : |
12.01.1982 |
|
Date of Appointment : |
03.06.2014 |
|
DIN No.: |
06926241 |
|
|
|
|
Name : |
Mr. Pierre Y. Jullien |
|
Designation : |
Director |
|
Address : |
Alhambrave 3,2, 1826, Frederiksbergc, Denmark |
|
Date of Birth/Age : |
25.05.1950 |
|
Date of Appointment : |
02.07.2010 |
|
DIN No.: |
02925809 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 03.09.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Hempel (Singapore) PTE Limited (Singapore) |
68999999 |
100.00 |
|
Hempel A/S Denmark, Lyngby Denmark |
01 |
0.00 |
|
Total |
69000000 |
100.00 |
As on : 03.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
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 |
%20PRIVATE%20LIMITED-321145_MIRA%2007-May-2015_files/image008.gif)
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Paints |
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Products : |
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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 : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountant |
|
Address : |
2 5 2 Veer Savarkar Marg Shivaji Park Dadar Mumbai - 400028, Maharashtra, India |
|
PAN No.: |
AABFL5878L |
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|
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Holding Company: |
Hempel Singapore PTE Limited, Singapore |
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Ultimate Holding Company: |
Hempel A/S Denmark |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on : 03.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
69000000 |
Equity Shares |
Rs.10/- each |
Rs.690.000
Million |
|
|
|
|
|
As on : 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62000000 |
Equity Shares |
Rs.10/- each |
Rs.620.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000
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 |
400.000 |
200.000 |
200.000 |
|
(b) Reserves & Surplus |
(142.739) |
(182.189) |
(138.227) |
|
(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) |
257.261 |
17.811 |
61.773 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
1.893 |
1.595 |
1.425 |
|
Total
Non-current Liabilities (3) |
1.893 |
1.595 |
1.425 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
187.597 |
112.800 |
51.279 |
|
(b) Trade payables |
198.980 |
160.628 |
185.701 |
|
(c) Other current liabilities |
4.252 |
27.491 |
10.817 |
|
(d) Short-term provisions |
3.131 |
0.162 |
0.211 |
|
Total
Current Liabilities (4) |
393.960 |
301.081 |
248.008 |
|
|
|
|
|
|
TOTAL |
653.114 |
320.487 |
311.206 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
31.964 |
34.002 |
36.032 |
|
(ii) Intangible Assets |
0.042 |
0.062 |
0.082 |
|
(iii) Capital work-in-progress |
46.081 |
0.000 |
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 |
35.750 |
5.073 |
4.823 |
|
(e) Other Non-current assets |
17.091 |
12.897 |
0.060 |
|
Total
Non-Current Assets |
130.928 |
52.034 |
40.997 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
116.953 |
98.569 |
116.374 |
|
(c) Trade receivables |
248.543 |
147.554 |
138.182 |
|
(d) Cash and cash equivalents |
94.164 |
0.266 |
0.019 |
|
(e) Short-term loans and
advances |
39.370 |
21.910 |
15.629 |
|
(f) Other current assets |
23.156 |
0.154 |
0.005 |
|
Total
Current Assets |
522.185 |
268.453 |
270.209 |
|
|
|
|
|
|
TOTAL |
653.114 |
320.487 |
311.206 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
SALES |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
48.791 |
(43.962) |
(105.676) |
|
|
|
|
|
|
|
Less |
TAX |
9.341 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
39.450 |
(43.962) |
(105.676) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(182.189) |
(138.227) |
(32.551) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(142.739) |
(182.189) |
(138.227) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2.826 |
5.025 |
4.262 |
|
|
TOTAL
EARNINGS |
2.826 |
5.025 |
4.262 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.57 |
(0.64) |
(1.53) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.04 |
(13.72) |
(33.96) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
(2.47) |
(1.71) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.73 |
6.33 |
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
0.89 |
1.09 |
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 Millions) |
(Rs.
In Millions) |
|
Share Capital |
200.000 |
200.000 |
400.000 |
|
Reserves & Surplus |
(138.227) |
(182.189) |
(142.739) |
|
Net
worth |
61.773 |
17.811 |
257.261 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
51.279 |
112.800 |
187.597 |
|
Total
borrowings |
51.279 |
112.800 |
187.597 |
|
Debt/Equity
ratio |
0.830 |
6.333 |
0.729 |
%20PRIVATE%20LIMITED-321145_MIRA%2007-May-2015_files/image009.gif)
Current Maturity of Loan term Debt = NOT AVAILABLE
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 |
No |
|
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 |
No |
NOTE:
The registered address of the company has been shifted from Suite #2, 2nd
Floor, Pitruchaya Building, Sanghavi Estate, Govandi (East), Mumbai – 400088,
Maharashtra, India to the present address w.e.f. 03.07.2010
REVIEW OF OPERATIONS
During the year remove, the Company has made Profit of Rs.48.791 Million as against Rs.43.962 Million Loss in previous financial year. Directors are continuously looking for avenues for future growth of the Company in Industrial Paint market.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
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.63.51 |
|
|
1 |
Rs.95.95 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
|
32 |
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.