MIRA INFORM REPORT
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Report No. : |
321921 |
|
Report Date : |
13.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
BASF CATALYSTS INDIA PRIVATE LIMITED (w.e.f. 21.03.2007) |
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Formerly Known
As : |
ENGELHARD
ENVIRONMENTAL SYSTEMS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
Vibgyor Towers, Unit
No.101, 1st Floor, G Block, C-62, Bandra - Kurla Complex, Mumbai –
400051, Maharashtra |
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Tel No.: |
91-22-66618000/ 66618137 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.05.1997 |
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Com. Reg. No.: |
11-199824
(New) 18-038189 (Old) |
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Capital
Investment / Paid-up Capital : |
Rs.91.771 Million |
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CIN No.: [Company Identification
No.] |
U27105MH1997PTC199824
(New) U27105TN1997PTC038189 (Old) |
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TIN No.: |
Not Available |
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IEC No.: |
0497016753 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEE02147F |
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PAN No.: [Permanent Account No.] |
AAACE2545B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing
Catalysts used in the Automobiles. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having a fine track record. Financial
position of the company seems to be decent. Trade relation
are reported to be fair. Business is active. Payment terms are reported to be
regular and as per commitments. The company can
be considered for business dealing 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.
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. Parthasarathy |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-44-27454466 |
|
Date : |
09.05.2015 |
LOCATIONS
|
Registered Office : |
Vibgyor Towers, Unit
No.101, 1st Floor, G Block, C-62, Bandra - Kurla Complex, Mumbai –
400051, Maharashtra, India |
|
Tel. No.: |
91-22-66618000/ 66618137 |
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Fax No.: |
91-22-67582753/ 67582752 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Ft. |
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Location : |
Owned |
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Corporate Office/ Factory : |
E-17 and 18, Industrial Estate, Maraimalainagar – 603209, Tamilnadu,
India |
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Tel. No.: |
91-44-27454466/ 4489 |
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Fax No.: |
91-44-27454490 |
DIRECTORS
As on 29.07.2014
|
Name : |
Mr. Balasubramanian Vaidyanathan |
|
Designation : |
Managing Director |
|
Address : |
C1, Sankalp, 22, Seethammal Road, Alwarpet, Chennai – 600018,
Tamilnadu, India |
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Date of Birth/Age : |
07.10.1956 |
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Qualification : |
B. Tech, PGDM |
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Date of Appointment : |
01.01.2003 |
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PAN No.: |
AACPV4038M |
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DIN No.: |
00263983 |
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Name : |
Ramachandran Raman |
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Designation : |
Director |
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Address : |
3A, 3rd Floor, Silver Sands, 73, Carter Road, Bandra
(West), Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
25.03.1958 |
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Date of Appointment : |
01.10.2013 |
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DIN No.: |
00200297 |
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Name : |
Mr. Pradeep Manjunath Chandan |
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Designation : |
Director |
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Address : |
504, Mars Vasant Galaxy, Bangur Nagar, Goregaon, Mumbai – 400090,
Maharashtra, India |
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Date of Birth/Age : |
22.02.1962 |
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Date of Appointment : |
28.07.2010 |
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DIN No.: |
00200067 |
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Name : |
Mr. Regunathan Iyengar Srinivasan |
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Designation : |
Director |
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Address : |
2002, 20th Floor, Glendale Hiranandani Gardens, D Mart
Lane, Powai, Mumbai – 400076, Maharashtra, India |
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Date of Birth/Age : |
22.05.1954 |
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Date of Appointment : |
28.07.2010 |
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DIN No.: |
01437534 |
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|
Name : |
Mr. Anup Kothari |
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Designation : |
Director |
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Address : |
Fraser Suites No.1, Lane 600, Central Yincheng Shanghai, China 200120 |
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Date of Birth/Age : |
08.01.1968 |
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Date of Appointment : |
28.09.2012 |
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DIN No.: |
06368931 |
KEY EXECUTIVES
|
Name : |
Parthasarathy Thirumalaiswamy |
|
Designation : |
Secretary |
|
Address : |
9, New Colony, 8th ST Adambakkam, Chennai – 600088,
Tamilnadu, India |
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Date of Birth/Age : |
21.03.1969 |
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Date of Appointment : |
18.08.2003 |
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PAN No.: |
AEAPP4884P |
MAJOR SHAREHOLDERS
As on 29.07.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
BASF Asia Pacific India Private Limited, India |
5506260 |
60.00 |
|
Nechemcat Corporation, Japan |
917710 |
10.00 |
|
Engelhard Asia Pacific LLC, USA |
2753130 |
30.00 |
|
Total |
9177100 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 29.07.2014
|
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 |
40.00 |
|
Bodies corporate |
60.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
Catalysts used in the Automobiles. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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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 / 90 Days) |
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Purchasing : |
Cash and Credit (30 / 60 / 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 : |
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Name : |
B.S.R.
and Associates Chartered Accountants |
|
Address : |
BSR and Company No.10,
Mahtma Gandhi Road, Next to Ranjith Hotel, Nungambhakkam, Chennai – 600034,
Tamilnadu, India |
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PAN No.: |
AADFB6889R |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding
Company : |
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Ultimate Holding Company : |
BASF SE is the Ultimate holding company and holds control in the Company through its subsidiary companies:
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Associate : |
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Fellow subsidiaries
: |
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CAPITAL STRUCTURE
As on 29.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9177100 |
Equity Shares |
Rs.10/- each
|
Rs.91.771
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 |
91.771 |
91.771 |
91.771 |
|
(b) Reserves & Surplus |
2,596.191 |
2,132.620 |
1,714.152 |
|
(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) |
2,687.962 |
2,224.391 |
1,805.923 |
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(3)
Non-Current Liabilities |
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|
(a) long-term borrowings |
28.567 |
60.412 |
66.573 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
9.320 |
0.000 |
0.000 |
|
(d) long-term
provisions |
|
5.335 |
3.032 |
|
Total Non-current
Liabilities (3) |
37.887 |
65.747 |
69.605 |
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(4)
Current Liabilities |
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|
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|
(a) Short
term borrowings |
66.189 |
163.693 |
0.000 |
|
(b) Trade
payables |
1,449.412 |
1,555.418 |
1,685.213 |
|
(c) Other
current liabilities |
243.685 |
239.504 |
170.229 |
|
(d) Short-term
provisions |
2.228 |
2.100 |
10.340 |
|
Total Current
Liabilities (4) |
1,761.514 |
1,960.715 |
1,865.782 |
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TOTAL |
4,487.363 |
4,250.853 |
3,741.310 |
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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 |
979.991 |
815.584 |
317.712 |
|
(ii)
Intangible Assets |
4.523 |
6.167 |
0.000 |
|
(iii) Capital
work-in-progress |
288.653 |
1.008 |
37.697 |
|
(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) |
3.097 |
2.575 |
5.259 |
|
(d) Long-term Loan and Advances |
175.034 |
114.895 |
70.665 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.026 |
|
Total Non-Current
Assets |
1,451.298 |
940.229 |
431.359 |
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1,403.928 |
1,647.585 |
1,610.889 |
|
(c) Trade
receivables |
1,036.057 |
1,101.252 |
924.846 |
|
(d) Cash
and cash equivalents |
7.120 |
57.556 |
500.986 |
|
(e)
Short-term loans and advances |
578.822 |
494.002 |
261.427 |
|
(f) Other
current assets |
1.138 |
10.229 |
11.803 |
|
Total
Current Assets |
3,027.065 |
3,310.624 |
3,309.951 |
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|
|
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TOTAL |
4,478.363 |
4,250.853 |
3,741.310 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
7,712.286 |
7,223.910 |
6,911.958 |
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Less |
EXPENSES |
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||
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TOTAL (B) |
6,951.754 |
6,546.989 |
6,272.109 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
760.532 |
676.921 |
639.849 |
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Less |
FINANCIAL
EXPENSES (D) |
10.680 |
3.042 |
3.820 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
749.852 |
673.879 |
636.029 |
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Less |
DEPRECIATION/
AMORTISATION (F) |
58.933 |
46.028 |
35.908 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
690.919 |
627.851 |
600.121 |
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Less |
TAX (H) |
226.000 |
209.383 |
194.010 |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
464.919 |
418.468 |
406.111 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2,020.154 |
1,601.686 |
1,195.575 |
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BALANCE CARRIED
TO THE B/S |
2,485.073 |
2,020.154 |
1,601.686 |
||
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
2338.904 |
1774.370 |
1028.915 |
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TOTAL EARNINGS |
2338.904 |
1774.370 |
1028.915 |
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Earnings /
(Loss) Per Share (Rs.) |
50.66 |
45.60 |
44.25 |
||
Expected Sales (2014-2015): Rs.8000.000 Million
The above information has been parted by Mr. sParthasarathy
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.50 |
14.78 |
16.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.28 |
0.33 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.04 |
0.10 |
0.04 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.69 |
1.77 |
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 |
91.771 |
91.771 |
91.771 |
|
Reserves & Surplus |
1714.152 |
2132.620 |
2596.191 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1805.923 |
2224.391 |
2687.962 |
|
|
|
|
|
|
Long Term borrowings |
66.573 |
60.412 |
28.567 |
|
Short Term borrowings |
0.000 |
163.693 |
66.189 |
|
Total
borrowings |
66.573 |
224.105 |
94.756 |
|
Debt/Equity
ratio |
0.037 |
0.101 |
0.035 |
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 |
|
Total Income |
6,911.958 |
7,223.910 |
7,712.286 |
|
|
|
4.513 |
6.761 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
6,911.958 |
7,223.910 |
7,712.286 |
|
Profit |
406.111 |
418.468 |
464.919 |
|
|
5.88% |
5.79% |
6.03% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Million
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
31.844 |
6.162 |
0.000 |
|
Total |
31.844 |
6.162 |
0.000 |
|
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 |
Yes |
|
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 |
Yes |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
|
|
|
Interest free sales tax deferral loan * |
28.567 |
60.412 |
|
SHORT TERM BORROWINGS |
|
|
|
Overdrafts from banks |
66.189 |
163.693 |
|
Total |
94.756 |
224.105 |
Note:
* Under a scheme of Government of Tamil Nadu, the company has availed an interest free sales tax incentive towards establishment of manufacturing facility in a backward area. Repayment of Rs.10.663 Million of the loan has commenced from January 2010 (amounts repaid as at balance sheet date - Rs.10.663 Million) and the balance Rs.66.573 Million from November 2013 (amounts repaid as at balance sheet date – Rs.6.162 Million)
REVIEW OF
OPERATIONS
Domestic passenger vehicle sales declined for the second consecutive year in 2013-14 as a sluggish economy, high inflation and fuel costs slammed the brakes on what was one of the fastest growing markets in the world. Only Honda and Ford managed some growth. Hondas Amaze and new City gave it an 82% sales surge, taking it past Toyota and this has helped the company to show significant growth with this customer.
In spite of 60% decline in volumes of Tata Motors the company has to restrict the volume slide to 16% only in automotive segment and there is a growth of 8% in motor cycle sales owing to increased exports.
Significant progress has been made in the expansion project of the company and the commercial production from the new site is likely to start in 2015.
NO CHARGES EXITS
FOR THE COMPANY
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 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.64.20 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.