MIRA INFORM REPORT
|
Report No. : |
346427 |
|
Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BOSTIK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
124/1 and 2A, Kachanayakanahalli, Behind Bommasandra, Industrial Area,
Off Hosur Road, Jigani Hobli, Anekal Taluk, Bangalore – 562106, Karnataka |
|
Tel. No.: |
91-80-27833520 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
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Date of
Incorporation : |
10.09.2001 |
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|
|
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Com. Reg. No.: |
08-029520 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 102.560 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24241KA2001PTC029520 |
|
|
|
|
IEC No.: |
0700011757 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB01477A |
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|
|
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PAN No.: [Permanent Account No.] |
AABCB4627N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
and Trader of Industrial and Construction Adhesives. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2148200 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of Bostik Australia Pty Limited, Australia. It
is acquired by French specialty chemicals company “Ärkema” on Feb 02, 2015. Management has failed to file its financial record with government
department for the year ended 2014. For the financial year ended 2013, the company has healthy scale of
operations marked by top line growth of 16.5% along with profitability margin
of 1.95%. The company has decent financial base, adequate net worth position
along with favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are usually
correct and as per commitment. The company can be considered for business dealings 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.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-80-27833520)
LOCATIONS
|
Registered Office/ Factory 1 : |
124/1 and 2A, Kachanayakanahalli, Behind Bommasandra, Industrial Area,
Off Hosur Road, Jigani Hobli, Anekal Taluk, Bangalore – 562106, Karnataka,
India |
|
Tel. No.: |
91-80-27833520 |
|
Fax No.: |
91-80-27832405 |
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E-Mail : |
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|
Website : |
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|
|
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Factory 2 : |
Plot No. 770/2 and 770/3, Village Jhagadia GIDC, Ta. Jhagadia GIDC, Ta.
Jhagadia, District Bharuch, Gujarat, India |
DIRECTORS
AS ON 30.06.2014
|
Name : |
Mr. Mambakkam Vishwanathan Ganeshan |
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|
Designation : |
Managing director |
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|
Address : |
1264, 32nd G Cross, 28th Main, 4th T Block,
Jayanagar, Bangalore – 560041, Karnataka, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
22.09.1957 |
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|
Date of Appointment : |
01.01.2006 |
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|
DIN No.: |
01705135 |
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|
||||||||||||||||||||||||
|
Name : |
Mr. Zhaowen Sun |
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|
Designation : |
Director |
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|
Address : |
Room 403, No. 2 Lane 47, Gaoan Road, Shanghai, Xunhui 240347, China |
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|
Date of Birth/Age : |
20.11.1969 |
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|
Date of Appointment : |
23.09.2009 |
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DIN No.: |
02846550 |
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|
|
||||||||||||||||||||||||
|
Name : |
Mr. Laurent Peyronneau |
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|
Designation : |
Director |
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|
Address : |
4 Rue, Millandy 92360, Meudon LA Foret, France |
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Date of Birth/Age : |
02.07.1970 |
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|
Date of Appointment : |
23.04.2012 |
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DIN No.: |
05120136 |
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Other Directorship :
|
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|
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Name : |
Mr. Challa Gopala Krishna Murthy |
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|
Designation : |
Director |
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|
Address : |
02D – 052 Oakwood Estate, DLF City Phase 11, Gurgaon – 122022,
Haryana, India |
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|
Date of Birth/Age : |
15.08.1963 |
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|
Date of Appointment : |
18.04.2013 |
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DIN No.: |
06459735 |
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Other Directorship :
|
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|
||||||||||||||||||||||||
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Name : |
Mr. Patrick Chausserie Lapree |
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|
Designation : |
Director |
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|
Address : |
No. 279, BIS Route, DE L’EM Pereur 92500 Rueil, Malmaison, France |
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Date of Birth/Age : |
17.05.1952 |
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|
Date of Appointment : |
18.04.2013 |
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DIN No.: |
06627759 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
MV Ganeshan |
|
3 |
|
Bostik Australia Pty Limited, Australia |
|
10256000 |
|
Total |
|
10256003 |
AS ON 30.06.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Trader of Industrial and Construction Adhesives. |
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Products : |
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Brand Names : |
“Bostik” |
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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 : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
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 : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Maruthi Infotech Centre, 11-12 /1, Inner Ring Road, Koramangala, Bangalore, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Holding Company: |
Bostik Australia Pty Limited, Australia |
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|
|
|
Ultimate Holding
Company |
Total S.A., France |
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|
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Parties under
common control with whom transactions have taken place during the year : |
· Bostik Findley (Malaysia) SDN BHD · Bostik Findley China Company Limited · Bostik New Zealand Limited · Bostik Limited, UK · Bostik Findley Hong Kong Company Limited · Bostik Inc., USA · Bostik Philippines Inc. · Bostik Singapore Pte Limited · Bostik S.A., France · Bostik GmbH, Germany · PT Bostik Indonesia · Bostik B.V., Netherlands · Bostik S.A., Spain · Bostik AB., Sweden · Bostik Vietnam Company Limited · Bostik (Shanghai) Management Company Limited · Bostik Nitta Company Limited, Japan |
CAPITAL STRUCTURE
AS ON 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs. 10/- each |
Rs.160.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10256003 |
Equity Shares |
Rs. 10/- each |
Rs.102.560
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
102.560 |
102.560 |
102.560 |
|
(b) Reserves & Surplus |
649.314 |
602.364 |
517.100 |
|
(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) |
751.874 |
704.924 |
619.660 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
2.326 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.000 |
0.000 |
2.326 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
546.402 |
269.058 |
249.167 |
|
(b)
Trade payables |
439.356 |
293.639 |
285.431 |
|
(c)
Other current liabilities |
220.268 |
112.871 |
102.858 |
|
(d)
Short-term provisions |
68.131 |
61.312 |
34.587 |
|
Total
Current Liabilities (4) |
1274.157 |
736.880 |
672.043 |
|
|
|
|
|
|
TOTAL |
2026.031 |
1441.804 |
1294.029 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
326.312 |
319.710 |
329.291 |
|
(ii)
Intangible Assets |
83.627 |
14.906 |
19.200 |
|
(iii)
Capital work-in-progress |
38.335 |
22.870 |
6.794 |
|
(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) |
2.357 |
1.248 |
0.000 |
|
(d) Long-term Loan
and Advances |
49.903 |
45.971 |
43.730 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
500.534 |
404.705 |
399.015 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
636.858 |
417.321 |
305.144 |
|
(c)
Trade receivables |
706.503 |
534.933 |
471.062 |
|
(d)
Cash and cash equivalents |
59.209 |
12.777 |
31.343 |
|
(e)
Short-term loans and advances |
122.927 |
72.068 |
87.465 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1525.497 |
1037.099 |
895.014 |
|
|
|
|
|
|
TOTAL |
2026.031 |
1441.804 |
1294.029 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
2406.155 |
2065.062 |
1707.520 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2342.192 |
1952.657 |
1641.979 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
63.963 |
112.405 |
65.541 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.012 |
27.141 |
26.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
46.951 |
85.264 |
39.145 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.58 |
8.31 |
3.82 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
(99.762) |
34.815 |
147.725 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.22 |
7.93 |
5.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.16 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.73 |
0.38 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.41 |
1.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
102.560 |
102.560 |
102.560 |
|
Reserves & Surplus |
517.100 |
602.364 |
649.314 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
619.660 |
704.924 |
751.874 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
249.167 |
269.058 |
546.402 |
|
Total
borrowings |
249.167 |
269.058 |
546.402 |
|
Debt/Equity
ratio |
0.402 |
0.382 |
0.727 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
1707.520 |
2065.062 |
2406.155 |
|
|
|
20.939 |
16.517 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
1707.520 |
2065.062 |
2406.155 |
|
Profit |
39.145 |
85.264 |
46.951 |
|
|
2.29% |
4.13% |
1.95% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
No |
|
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 |
No |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
546.402 |
269.058 |
|
|
|
|
|
Total |
546.402 |
269.058 |
BACKGROUND
Bostik India Private
Limited (?the Company?) was incorporated on 8 October 1999 as a private limited
company under the Companies Act, 1956. The Company is a subsidiary of Bostik
Australia Pty. Limited, Australia (?the holding company?). The ultimate holding
company is Total SA, Paris (France). The Company is engaged in manufacturing
and trading of industrial and construction adhesives.
OPERATIONS:
The Company achieved an impressive growth of 16.5% in turnover. A net sale for the year was at Indian Rupees 2,406.160 Million (Rs. 2065.060 Million for the year 2012). Profit before tax at Indian Rupees 63.960 Million compared to Rupees 112.410 Million for the year 2012.
FUTURE OUTLOOK:
To grow about 11% in Revenue. In FW we want to maintain market leadership. In FLA to be No.2 in market share. To be No. 1 2 in NW and HMPSA. Commission PSA plant in Bangalore by end Q1 2015. Commission Gujrat plant by Q1 2016. Establish presence of C and C with the support of GSM (Technology and Branding). Attempts are being made to improve product range and consistency with Competitive pricing and increased dealer networks. The Company is also Exploring new ares to add to business in various parts of India and Bangladesh. Apart from Global key accounts, develop business with local Nonwoven customers and support their initial operation stage for long term association. In C and C business Orient retail sales and sales of all manufactured goods at Bangalore to South OF India ; major thrust on project sales to be focused on all India basis and reorganise Sales team for execution.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· Other Equipments
Intangible Assets
· Goodwill
· 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,
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. 65.15 |
|
|
1 |
Rs. 100.54 |
|
Euro |
1 |
Rs. 73.97 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
IND |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.