MIRA
INFORM REPORT
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Report Date : |
31.12.2008 |
IDENTIFICATION DETAILS
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Name : |
SUMITOMO MITSUI CONSTRUCTION COMPANY LIMITED |
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Registered Office : |
Vasundhara Ground Floor, Space
No.4, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.11.2004 |
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FCRN : |
F02430 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AAICS5564N |
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PAN No.: [Permanent
Account No.] |
CALS13707B |
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Legal Form : |
Project Office of a Foreign Company |
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Line of Business : |
Provision of General Construction, Civil Engineering,
Architecture and Industrial Plant Installation Services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Project Office |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a project office of Sumitomo construction, It can be considered good for normal business dealings under guarantee
of its parent company. |
LOCATIONS
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Registered Office : |
Vasundhara Ground Floor, Space
No.4, 2/7 Sarat Bose Road, Kolkata – 700019,
West Bengal, India |
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Mobile No.: |
91-9873098777 |
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Corporate
Office : |
B-62, Local Shopping Complex,
Madangir, New |
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Mobile No.: |
91-9873098777 |
DIRECTORS
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Name : |
Mr. Eiichi
Takizawa |
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Designation : |
Director |
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Address : |
2-24-10, Honkomagome, Bunkyo-ku, |
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Name : |
Mr. Hitoshi
Tomoyasu |
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Designation : |
Director |
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Address : |
4-17-14, Honcho Nakanoku, |
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Name : |
Mr. Yoji Shimazu |
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Designation : |
Director |
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Address : |
1-1009, 2-536-1, Hazamacho, Funabashi-shi, |
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Name : |
Mr. Toshikazu Ueno |
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Designation : |
Director |
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Address : |
725, Kawashima-cho, Hotogaya-ku, Kanagawa |
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Name : |
Mr. Keisaku
Arafune |
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Designation : |
Director |
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Address : |
4-31-5-902, Honcho Nakano-Ku, |
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Name : |
Mr. Hiroyuki
Miyata |
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Designation : |
Director |
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Address : |
5-23-9, Daita Setagaya-ku, |
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Name : |
Mr. Yasuhiko Saito |
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Designation : |
Director |
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Address : |
1-6-14, Sounan Sagamihara-shi, Kanagawa |
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Name : |
Mr. Toru Koike |
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Designation : |
Director |
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Address : |
1-22-2 Yagumodai Chofushi |
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Name : |
Mr. Takashi Sato |
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Designation : |
Director |
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Address : |
1-17-29-5, Shimokiyoto Kiyose-shi, |
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Name : |
Mr. Masahiro Oyama |
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Designation : |
Director |
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Address : |
2-15-1, Hizirigaoka Tamashi, |
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Name : |
Mr. Toshiaki Nishihara |
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Designation : |
Director |
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Address : |
2-4-7, Tamabi Asou-ku Kawasaki-shi, |
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Name : |
Mr. Seinosuke Sawa |
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Designation : |
Director |
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Address : |
654-23, Endo Fujisawa-shi Kanagawa |
BUSINESS DETAILS
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Line of Business : |
Provision of General Construction, Civil Engineering,
Architecture and Industrial Plant Installation Services. |
GENERAL INFORMATION
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No. of Employees : |
4621 |
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Bankers : |
Standard Chartered Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Mayur Batra and Company Chartered Accountant |
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Address : |
7, |
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Tel No.: |
91-11-23311123/ 23716275/ 23324101 |
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Fax No.: |
91-11-23311098 |
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Email : |
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Website : |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Head Office Account |
31.03.2007 (Rs. In Millions) |
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Opening Balance |
539.029 |
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Debit and Credit during the year |
22.719 |
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Profit Transferred from Profit and Loss |
(0.053) |
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Total |
561.695 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Head Office Accountant |
561.695 |
539.029 |
54.196 |
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TOTAL
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561.695 |
539.029 |
54.196 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net
Block]
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1.453 |
1.795 |
1.959 |
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CURRENT ASSETS, LOANS
& ADVANCES
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Contract Work in
Process
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0.000 |
0.000 |
58.256 |
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Cash & Bank
Balances
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1.041 |
14.077 |
0.628 |
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Other Current Assets
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0.000 |
0.000 |
0.000 |
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Loans & Advances
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594.815 |
598.290 |
245.343 |
Total Current
Assets
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595.856
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612.367
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304.227 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
and Provision
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35.614 |
75.133 |
251.990 |
Total Current
Liabilities
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35.614 |
75.133 |
251.990 |
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Net Current Assets
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560.242 |
537.234 |
52.237 |
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MISCELLANEOUS
EXPENSES
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0.000 |
0.000 |
0.000 |
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TOTAL
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561.695 |
539.029 |
54.196 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Contract Revenue |
0.000 |
560.664 |
0.000 |
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Other Income |
0.000 |
0.143 |
0.005 |
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Total Income |
0.000 |
560.807 |
0.005 |
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Profit/(Loss) Before Tax |
0.000 |
44.193 |
0.005 |
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Provision for Taxation |
0.053 |
32.657 |
0.002 |
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Profit/(Loss) After Tax |
(0.053) |
11.536 |
0.003 |
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Expenditures : |
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Opening Construction work in Progress |
0.000 |
58.256 |
0.000 |
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Construction Expenses |
5.896 |
375.889 |
37.519 |
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Establishment Expenses |
0.082 |
30.150 |
1.250 |
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Traveling and Conveyance |
0.409 |
0.878 |
0.681 |
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Administrative and Other Expenses |
1.096 |
46.490 |
18.547 |
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Depreciation |
0.342 |
4.951 |
0.259 |
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Closing Construction work in Progress |
(7.825) |
0.000 |
(58.256) |
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Total
Expenditure |
0.000 |
516.614 |
0.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
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(%) |
0.00
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2.06
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0.60 |
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Net Profit Margin
(PBT/Sales)
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(%) |
0.00
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7.88
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0.00 |
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Return on Total Assets
(PBT/Total Assets}
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(%) |
0.00
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7.40
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0.00 |
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Return on Investment (ROI)
(PBT/Networth)
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0.00
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0.08
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0.00 |
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Debt Equity Ratio
(Total Liability/Networth)
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0.06
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0.14
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4.65 |
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Current Ratio
(Current Asset/Current Liability)
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16.73
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8.15
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1.21 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
- Temporary Structures
- Computer Systems
- Plant and Machinery and Equipment
- Furniture and Fixture
WEBSITE DETAILS:
BUSINESS DESCRIPTION
Subject is
the Group's principal activity is the provision of general construction, civil
engineering, architecture and industrial plant installation services. The
Group's operations are carried out through the following divisions:
Construction division deals with general construction, civil engineering,
architecture and industrial plant installation. Other division deals with
finance services and golf course operation.
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 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.48.50 |
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1 |
Rs.70.02 |
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Euro |
1 |
Rs.67.95 |
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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