MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
INVOLUTE TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
Flat No. 28, Wing A-1, Building No. 3/B, New Ajanta Avenue, Paud Road,
Kothrud, Pune 411 029, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
09.06.1999 |
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Com. Reg. No.: |
25-13717 |
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CIN No.: [Company
Identification No.] |
U72200PN199PTC013717 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Transmission Gears. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a decade old company but has not filed any financials with
the Government Departments till date. The Management parted general details but
declined to part with financials. Trade relations are reported as fair. No
complaints have been heard. The company can be considered for small to mediocre business dealings.
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INFORMATION PARTED
BY (GENERAL DETAILS)
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Name : |
Mr. Vinod Garud |
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Designation : |
General Manager |
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Contact No.: |
91-9822322913 |
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Date : |
12.12.2008 |
LOCATIONS
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Registered Office : |
Flat No. 28, Wing A-1, Building No. 3/B, New Ajanta Avenue, Paud Road,
Kothrud, Pune 411 029, Maharashtra, India |
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Tel. No.: |
91-20-25381443 |
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Mobile No.: |
91-9822322913/ 9822031569 |
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Fax No.: |
91-20-25380973 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Gat # 20, 21, 21A, Plot # 170, Dhanore,
Alandi-Markal Road, Pune - 412 105, Maharashtra, India. |
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Tel. No.: |
91-2135-232422, 233175, 232054 |
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Factory 2 : |
Flat No. 28, Wing A-1, Building No. 3/B, New Ajanta Avenue, Paud Road,
Kothrud, Pune 411 029, Maharashtra, India |
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Tel. No.: |
91-20-25381443 |
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Fax No.: |
91-20-25380973 |
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E-Mail : |
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Area : |
20000 sq. ft. |
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Location : |
Owned |
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Branches : |
Flat # 3B, Suraj Park, Tejas Society, Dhanurkar
Colony, Kothrud, Pune – 411 029, Maharashtra, India Located 4 branches in Pune. |
DIRECTORS
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Name : |
Mr. Anil Vinayak Somalwar |
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Designation : |
Director |
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Address : |
Flat No. 28, Wing A-1, Building No. 3/B, New Ajanta Avenue, Paud Road,
Kothrud, Pune 411 029, Maharashtra, India |
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Date of Birth/Age : |
22.01.1958 |
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Date of Appointment : |
09.06.1999 |
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Name : |
Mr. Shreekant Dattatreya Joshi |
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Designation : |
Director |
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Address : |
“Avishkar”, 13, Sriniketan Society, Kothrud, Pune 411 029,
Maharashtra, India |
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Date of Appointment : |
09.06.1999 |
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Name : |
Mr. Anil Ganpatrao Kharwadkar |
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Designation : |
Director |
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Address : |
Flat No. 8, Dnynapuri Apartments, Dahanukar Colony, Kothrud, Pune 411
029, Maharashtra, India |
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Date of Appointment : |
10.06.1999 |
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Name : |
Mr. Subhash Ganesh Kulkarni |
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Designation : |
Director |
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Address : |
Mani Kanchan 26, mahatma Society, Behind Cummins (I), Kothrud, Pune
411 029, Maharashtra, India |
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Date of Appointment : |
01.09.2004 |
KEY EXECUTIVES
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Name : |
Mr. Vinayak Sadashiv Khanvalkar |
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Designation : |
Company Secretary |
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Address : |
759/ 44, Deccan Gymkhana, Pune 411 004, Maharashtra, India |
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Name : |
Mr. Vinod Garud |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Anil Vinayak Somalwar |
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10 |
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Mr. Shreekant Dattatreya Joshi |
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10 |
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Mansi Auto Parts Private Limited |
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25000 |
AS ON 30.09.2004
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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99.92 |
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Directors or relatives of directors |
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0.08 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Transmission Gears. |
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Products : |
Transmission Gears |
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Exports : |
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Products : |
Transmission Gears |
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Countries : |
USA, Europe, UK |
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Imports : |
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Products : |
Machines |
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Countries : |
Europe |
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Terms : |
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Selling : |
On Credit upto 30-60 days basis |
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Purchasing : |
On Credit upto 30-60 days basis |
GENERAL
INFORMATION
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Customers : |
OEM’s Some major clients includes:
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No. of Employees : |
Around 401. (In Office – 1, In Factory – 200, In Branches - 200) |
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Bankers : |
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Auditors : |
Not Available |
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Group Companies : |
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CAPITAL STRUCTURE
AS ON 30.09.2005
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- Each |
Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25020 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.502 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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700.000 |
Expected Sales (2008-09) : Rs. 700.000 millions.
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
INVOLUTE TECHNOLOGIES PRIVATE LIMITED |
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Presented By |
Cosmos
Co-Operative Bank Limited 269/270, Shaniwar
Peth, Pune 411 030, Maharashtra, India (at its Kothrud Branch) |
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1) Date and description of instrument creating the change |
Hypothecation of
tangible goods and movable property, date 22.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock,
receivables, debtors, Collateral
security of assets and properties as described in the schedule of the
agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
12% Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Cosmos
Co-Operative Bank Limited 269/270, Shaniwar
Peth, Pune 411 030, Maharashtra, India (at its Kothrud Branch) |
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6) Date and brief description of instrument modifying the charge |
N A |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N A |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U72200PN199PTC013717 |
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Name of the
company |
INVOLUTE TECHNOLOGIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Flat No. 28, Wing A-1, Building No. 3/B, New Ajanta Avenue, Paud Road,
Kothrud, Pune 411 029, Maharashtra, India |
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Type of charge |
Agreement of
hypothecation of vehicle |
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Particular of
charge holder |
Saraswat Co-Operative Bank Limited Karve Road Branch, Pune 411 001, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of vehicle dated 20.02.2008 |
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Date of
instrument Creating the charge |
20.02.2008 |
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Amount secured by
the charge |
Rs. 0.458 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 10.50% Terms of
Repayment : Term Loan to be repaid by 60 monthly installments of Rs. 0.010
million each Margin : 10% Extent and
Operation of the charge : Type of facility – Term Loan Others: As per
the terms and conditions of the agreement. |
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Short particulars
of the property charged |
The borrower/ s doth
do here by hypothecate to and in favour of the Bank vehicle Swift Maruti Car.
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Trade References:
- John Deere Private Limited, Pune, Maharashtra.
- Sam Trackter, Chennai, Tamilnadu.
WEBSITE DETAILS ATTACHED:
Company:
Involute Technologies - Engineering Excellence Through Innovation
The group started its activities in 1984 by supplying turned components to
Bajaj Auto, a leader in two and three wheeler manufacturer. Encouraged by its
success, Involute Technologies was started in 2000 to supply world class gears
and components. With its perfectionist attitude and missionary zeal, Involute
grew rapidly. The growing streak included infrastructure, equipment, know-how,
clientele and the team who made the company vision their mission.
Manasi Group of Companies Divisions
Involute Technologies Private Limited Gears & Shafts
Highlights
- Cutting edge
infrastructure spread over a massice 110,000 sq. meter area
- ERP system
for comprehensive and optimal management of the organization
- ISO 9001-2000
certification
- Stringent
quality assurance practices in tune with global norms
- High-End
CAD-CAM
- Timely
delivery
- Continuous
upgradation in all areas of function
Quality Policy
They at Involute Technologies Private Limited aim to manufacture precision Auto
and Industrial Transmission products to the satisfaction of our esteemed
customers.
They will continually improve process
capability, technology and quality management systems.
They will achieve business growth by upgradation of all associates/business
partners.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.71 |
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UK Pound |
1 |
Rs.72.85 |
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Euro |
1 |
Rs.64.70 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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