MIRA INFORM REPORT

 

 

Report No. :

349124

Report Date :

14.11.2015

 

IDENTIFICATION DETAILS

 

Name :

ROHM AND HAAS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

1st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojsha Nagar, Vikhroli (West), Mumbai – 400079, Maharashtra

Tel. No.:

91-22-67328358

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

14.03.1995

 

 

Com. Reg. No.:

11-132718

 

 

Capital Investment / Paid-up Capital :

Rs.3259.073 Million

 

 

CIN No.:

[Company Identification No.]

U24231MH1995PTC132718

 

 

IEC No.:

0595044255

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR14396E

 

 

PAN No.:

[Permanent Account No.]

AAACR2855F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing, Trading and Marketing of 'Speciality Materials’.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 6800000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Rohm and Hass India Investment Aps Denmark”. It is an established company incorporated in the year 1995 having satisfactory track.

 

The company has shown significant growth in its turnover and has achieved a fair profitability during the year under a review.

 

The rating also takes into consideration company’s sound capital base along with comfortable liquidity position.

 

The company also receives strong operational and financial support from its holding company.

 

Moreover, this rating strength is partially offset by some accumulated losses incurred by the company.

 

Trade relations are reported as fair. Business is active. Payments are reported as slow but correct.

 

In view of long track record and strong holding support, the company can be considered normal for business dealings at usual trade terms and condition.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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 31-03-2015.

 

INFORMATION DENIED BY

 

Name :

Mr. Parikh

Designation :

Export Department

Contact No.:

91-22-27412476

Date :

10.11.2015

 

LOCATIONS

 

Registered Office :

1st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojsha Nagar, Vikhroli (West), Mumbai – 400079, Maharashtra, India

Tel. No.:

91-22-67328358

Mobile No.:

91-9819000295 (Mr. Zafer Ansari)

Fax No.:

91-22-67326069

E-mail:

rkarnan@dow.com

Website :

www.dow.com

Area:

Owned

 

 

Head Office / Factory 1 :

Unit I and II, 2nd Floor, Building 1, Solitaire Corporate Park, Chakala, Andheri -Kurla Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

 

 

Factory 2 :

Plot No. T-22/PT, MIDC Taloja Industrial Area, District Raigad – 410208, Maharashtra, India

Tel. No.:

91-22-27412476/ 79//15555

Fax No.:

91-22-27410564/ 67315569

 

 

Manufacturing Facilities :

Sriperumbadur, Tamilnadu, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Ragunathan Thangavel

Designation :

Director

Address :

Asvini Amrisa, 4th Blk, 3A, 77, Kalasat, Hamman St, Rampuram, Chennai - 600089, Tamilnadu, India

Date of Birth/Age :

15.05.1972

Date of Appointment :

08.08.2014

DIN No.:

06939240

 

 

Name :

Mr. Saju Joseph

Designation :

Director

Address :

May Folwer Flat 701, Hiranandani Medows V/V, Thane - 400607, Maharashtra, India

Date of Appointment :

02.12.2014

DIN No.:

07029356

 

 

KEY EXECUTIVES

 

Name :

Mr. Parikh

Designation :

Export Department

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

 

No. of Shares

Rohm and Haas India Investment APS, Denmark

 

325902323

Rohm and Haas Denmark APS, Denmark

 

5000

 

 

 

Total

 

325907323

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

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]

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Trading and Marketing of 'Speciality Materials’.

 

 

Products :

Item Code No. (ITC Code)

 

Product Description

39069090

Primal AC 261

39039090

Other polymers of styrene in Primary forms

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name :

Standard Chartered Bank Limited

Branch :

Dr. D. N. Road, Mumbai, Maharashtra , India

Person Name (With Designation) :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

·         Citi Bank N. A.

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400018, Maharashtra, India

PAN No. :

AACFD4815A

 

 

Memberships :

Not Divulged

 

 

Collaborators :

Not Divulged

 

 

Ultimate Holding Company :

·         The Dow Chemical Company, USA

 

 

Holding Company :

·         The Dow Chemical Company, USA

 

 

 Subsidiary :

 

·         Beijing Eastern Rohm and Haas Company Limited (BERHC)

·         Dow AgroSciences India Private Limited

·         Dow AgroSciences LLC

·         Dow Benelux B .V

·         Dow Chemical (China) Company Limited

·         Dow Chemical International Private Limited

·         Dow Chemical Korea Limited

·         Dow Chemical Pacific Limited

·         Dow Chemical Pacific(Singapore) Pte Limited

·         Dow Chemical Taiwan Limited

·         Dow Chemical Thailand Ltd

·         Dow Chemical (Zhangjiagang) Company Limited

·         Dow Europe GmbH

·         Dow Engineering Company

·         Dcomco, Inc.

·         Hampshire Chemical Corp

·         PT. Rohm and Haas Indonesia

·         Shanghai Eastern Rohm & Haas Co.,

·         Rohm and Haas (China) Holding Co. Limited

·         Rohm and Haas Australia Pty Limited

·         Rohm and Haas Chemical (Thailand) Limited

·         Rohm and Haas Chemicals LLC, USA

·         Rohm and Haas China Inc.

·         Rohm and Haas China Holding Company

·         Rohm and Haas Company, USA

·         Rohm and Haas Electronic Materials, LLC

·         Rohm and Haas Europe Services ApS, Deutsche

·         Rohm and Haas Europe Trading ApS - Succursale France

·         Rohm and Haas Europe Trading ApS-Belgium Branch

·         Rohm and Haas European Trading ApS, Copenhagen

·         Rohm and Haas Foshan Specialty Materials Co., Limited

·         Rohm and Haas International Trading (Shanghai) Co. Limited

·         Rohm and Haas Korea Co., Limited

·         Rohm and Haas Mexico, S. de R.L,.de C.V.

·         Rohm and Haas New Zealand Limited

·         Rohm and Haas Philipines Inc.

·         Rohm and Haas Quimica Ltda.

·         Rohm and Haas Shanghai Chemical Industry Co. Limited

·         Rohm and Haas Singapore (Pte.) Limited

·         Rohm and Haas South Africa (PTY) Limited

·         Rohm and Haas Taiwan, Inc.

·         Rohm and Haas Texas Incorporated

·         Rohm and Haas Trading ApS UK Branch

·         Rohm and Haas Vietnam Co. Limited

·         UCAR Emulsion Systems FZE

·         Union Carbide Corporation

 

·          

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

330000000

Equity Shares

Rs.10/- each

Rs.3300.000 Million

55000000

Preferences Shares

Rs.10/- each

Rs.550.000 Million

 

 

 

 

 

Total

 

Rs.3850.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

325907323

Equity Shares

Rs.10/- each

Rs.3259.073 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

3259.073

3259.073

3259.073

(b) Reserves & Surplus

(884.144)

(1031.190)

(1232.888)

(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)

2374.929

2227.883

2026.185

 

 

 

 

(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

11.287

11.947

13.521

Total Non-current Liabilities (3)

11.287

11.947

13.521

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1350.000

1329.025

2156.644

(b) Trade payables

3154.367

2671.580

1905.208

(c) Other current liabilities

118.238

112.508

160.092

(d) Short-term provisions

23.766

25.070

10.704

Total Current Liabilities (4)

4646.371

4138.183

4232.648

 

 

 

 

TOTAL

7032.587

6378.013

6272.354

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

923.883

1054.971

1193.824

(ii) Intangible Assets

0.721

1.273

1.825

(iii) Capital work-in-progress

36.086

43.040

49.886

(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

101.313

59.159

36.320

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1062.003

1158.443

1281.855

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1968.283

1989.133

1697.453

(c) Trade receivables

3107.980

2360.472

2490.177

(d) Cash and cash equivalents

213.170

84.070

37.107

(e) Short-term loans and advances

656.885

749.654

710.857

(f) Other current assets

24.266

36.241

54.905

Total Current Assets

5970.584

5219.570

4990.499

 

 

 

 

TOTAL

7032.587

6378.013

6272.354

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

11176.500

8782.800

7707.500

 

 

Other Income

40.500

5.800

136.900

 

 

TOTAL                                              (A)

11217.000

8788.600

7844.400

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                              (B)

10735.700

8200.600

7718.300

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

481.300

588.000

126.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

161.000

203.100

152.800

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

320.300

384.900

-26.700

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

173.200

183.200

187.200

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

147.100

201.700

(213.900)

 

 

 

 

 

Less

TAX                                                                  (H)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

147.100

201.700

(213.900)

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.45

--

--

 

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

291.682

1153.786

(991.476)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

PAT / Sales

(%)

1.32

2.30

-2.78

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

4.31

6.69

1.64

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

2.10

3.18

-3.44

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.06

0.09

-0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.57

0.60

1.06

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.28

1.26

1.18

 

 

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

3259.073

3259.073

3259.073

Reserves & Surplus

(1232.888)

(1031.190)

(884.144)

Net worth

2026.185

2227.883

2374.929

long-term borrowings

0.000

0.000

0.000

Short term borrowings

2156.644

1329.025

1350.000

Total borrowings

2156.644

1329.025

1350.000

Debt/Equity ratio

1.064

0.597

0.568

 

 

 

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

7707.500

8782.800

11176.500

 

 

13.951

27.254

 

 

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

7707.500

8782.800

11176.500

Profit

-213.900

201.700

147.100

 

-2.78%

2.30%

1.32%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: The registered office of the company has been shifted from Corporate Park, Unit No. 1, V. N. Purav Marg, Chembur, Mumbai - 400093, Maharashtra, India to the present address w.e.f. 02.05.2012

 

 

FINANCIAL PERFORMANCE:

 

The continued it’s excellent in sales performance this year also. The sales at Rs. 12100.000 million have risen about 26% as compared to Rs. 9600.000 million in previous year. However, profit after tax for the year at 147.100 million considerably decreased by 27% as compared to Rs. 201.700 million in the previous year.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Short Term Borrowings

 

 

Working capital loans from banks

0.000

79.025

Loans repayable on demand from banks

0.000

400.000

Loans and advances from related parties

1350.000

850.000

 

 

 

Total

1350.000

1329.025

 

 

NO CHARGES EXIST FOR COMPANY

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Factory Building

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Motor Vehicles

·         Office Equipment

·         Computer Equipments

·         Other Equipments

·         Leasehold Improvements

·         Computer Software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.14

UK Pound

1

Rs.100.55

Euro

1

Rs.71.26

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

3

--CREDIT LINES

1~10

5

--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

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.