MIRA
INFORM REPORT
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Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SANMINA-SCI INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. OZ-1, SIPCOT Hi-Tech SEZ, Oragadam, Sriperumbudur Taluk, Kancheepura
District, Oragadam-602 105, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.02.2002 |
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Com. Reg. No.: |
18-048391 |
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CIN No.: [Company
Identification No.] |
U30007TN2002PTC048391 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES16515C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a leading contract manufacturer serving the fastest-growing
segments of the global Electronics Manufacturing Services (EMS) market. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1894000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. Trade relations are reported
as fair. Business is active. Payments are reported to be Slow. The company can be considered for business dealings with some caution. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Plot No. OZ-1, SIPCOT Hi-Tech SEZ, Oragadam, Sriperumbudur Taluk,
Kancheepura District, Oragadam-602 105, |
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Tel. No.: |
91–44–5222 8888 |
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Fax No.: |
91–44–5222 8880 |
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E-Mail : |
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Website : |
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Locations: |
Design and JDM ·
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Ma'alot, ·
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PCB Fabrication ·
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Kuching, ·
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Backplanes ·
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Cables ·
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Enclosures ·
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Memory Modules ·
Rancho Optical
Solutions ·
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PCBA and System
Assembly ·
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Fountain, ·
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Ma'alot, ·
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Precision
Machining ·
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Ma'alot, ·
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Logistics/Post-Manufacturing
Repair and Warranty ·
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Ma'alot, ·
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New Product
Introduction ·
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Fountain, ·
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Ma'alot, ·
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DIRECTORS
As on 31.03.2010
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Name : |
Mr. Venkataraman Subramanian |
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Designation : |
Director |
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Address : |
Sai Krupa 15, Vallalar Steet, Nilamangai Nagar, Adambakkam, Chennai –
600088, Tamil |
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Date of Birth/Age : |
19.01.1963 |
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Date of Appointment : |
12.02.2009 |
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Name : |
Mr. Todd Blake Schull |
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Designation : |
Director |
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Address : |
7913, |
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Date of Birth/Age : |
29.07.1958 |
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Date of Appointment : |
02.04.2009 |
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Name : |
Mr. Vijay Gujilapudi |
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Designation : |
Director |
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Address : |
T2K Block, Land Marvel Apartments, 18th, Avenue, 86th
Street, Ashok Nagar, Chennai-600083, |
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Date of Birth/Age : |
20.03.1974 |
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Qualification : |
MBA (MIS) |
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Experience : |
10 years |
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Date of Appointment : |
04.01.2001 |
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Previous Employment : |
Sanmina – Sci
Corporation , |
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Name : |
Mr. Christopher Kaveh Sadeghian |
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Designation : |
Director |
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Address : |
285, |
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Date of Birth/Age : |
19.05.1966 |
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Date of Appointment : |
02.04.2009 |
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Name : |
Mr. Nagarajan Murali |
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Designation : |
Director - |
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Age : |
35 years |
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Qualification : |
BE, MBA |
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Experience : |
24 years |
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Date of Appointment : |
22.10.2007 |
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Previous Employment : |
GDA Technologies |
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Name : |
Mr. Vetrivel Rajupillai |
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Designation : |
Director, |
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Age : |
48 years |
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Qualification : |
B.E. (ECE) |
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Experience : |
24 Years |
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Date of Appointment : |
01.10.2009 |
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Previous Employment : |
Acsys Software |
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Name : |
Mr. Muthu Sivan |
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Designation : |
Operations – Director |
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Age : |
41 Years |
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Qualification : |
BE |
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Experience : |
17 years |
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Date of Appointment : |
01.06.2007 |
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Previous Employment : |
Toshiba TEC |
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Name : |
Mr. R S Venkataraman |
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Designation : |
Managing Director |
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Age : |
47 years |
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Qualification : |
B.Com |
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Experience : |
24 years |
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Date of Appointment : |
06.10.2003 |
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Previous Employment : |
Money Shoppe Network |
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Name : |
Mr. élan Chelian |
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Designation : |
Senior Manager – Engineering |
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Age : |
39 years |
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Qualification : |
BE |
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Experience : |
19 years |
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Date of Appointment : |
01.06.2007 |
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Previous Employment : |
ApC |
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Name : |
Mr. Ramesh Ramachandran |
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Designation : |
Senior Manager – Manufacturing |
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Age : |
38 years |
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Qualification : |
Diploma in Mechanical Engineering |
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Experience : |
21 years |
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Date of Appointment : |
01.06.2007 |
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Previous Employment : |
ApC |
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Name : |
Mr. Ajay Kumar Aurora |
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Designation : |
Senior Program Manager |
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Age : |
44 years |
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Qualification : |
BE |
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Experience : |
23 years |
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Date of Appointment : |
27.02.2008 |
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Previous Employment : |
Flextronics technologies
(I) Private Limited |
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Name : |
Mr. Sajith Raghavan |
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Designation : |
Senior Manager – materials |
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Age : |
42 years |
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Qualification : |
B.Tech |
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Experience : |
20 years |
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Date of Appointment : |
02.05.2008 |
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Previous Employment : |
Flextronics technologies
(I) Private Limited |
KEY EXECUTIVES
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Name : |
Mr. Jure Sola |
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Designation : |
Chairman and Chief Executive Officer |
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Name : |
Mr. David White |
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Designation : |
Executive Vice President and Chief Financial Officer |
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Name : |
Mr. Hari Pillai |
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Designation : |
President and General Manager (Sanmina – SCI Corporation) |
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Name : |
Mr. Dennis Yound |
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Designation : |
Executive Vice President (Worldwide Sales and Marketing) |
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Name : |
Mr. Michael Tyler |
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Designation : |
Executive Vice President (General Counsel and Corporate Secretary) |
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Name : |
Mr. Walt Hussey |
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Designation : |
President (Technology Components Group) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2009
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Names of Shareholders |
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No. of Shares |
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AET Holdings Limited, |
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490000 |
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Sanmina – SCI Systems Singapore Private Limited, |
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7546000 |
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Total |
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8036000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.06.2009
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Category |
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Percentage of
Holding |
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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 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a leading contract manufacturer serving the fastest-growing
segments of the global Electronics Manufacturing Services (EMS) market. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Printed Circuit Boards |
Qty |
626,180 |
Note:
The Company is not required to obtain a manufacturing License, hence details of licensed Capacity are not disclosed. Installed Capacity is not quantifiable for the nature of the business of the company.
GENERAL INFORMATION
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Bankers : |
Not Available |
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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 |
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Address : |
10, |
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Tel No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145899 |
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Holding Company : |
AET Holdings Limited, |
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Ultimate Parent Company: |
Sanmina-SCI Corporation, |
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Ultimate Holding Company: |
Sanmina – SCI Systems Singapore Pte Limited, |
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Fellow Subsidiaries : |
·
Sanmina – SCI UK Limited, ·
Sanmina- SCI Systems Holdings Inc, ·
Sanmina – SCI Systems (Kunshan) Company Limited ·
Sanmina – SCI Do Brazil Integration Limited ·
Sanmina – SCI Corporation (M) SDN BHD ·
Sanmina – SCI WMI, ·
Sanmina – SCI Circuits ( ·
Sanmina – SCI Hungary EM Limited ·
Sanmina – SCI Systems De Mexico SA De CV ·
Sanmina – SCI Systems TEL, AVIV ·
Sanmina – SCI ·
Sanmina-SCI Technology India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000000 |
Equity Shares |
Rs. 10./- each |
Rs.550.000 millions |
|
73183257 |
Shares Pending
Allotment (Previous Period : NIL) Equity Shares of Rs. 10/- each to be issued/allotted
as fully paid up to the shareholders of sanmina-SCi technology
India Private Limited pursuant to the scheme of arrangement |
Rs. 10/- each |
Rs.731.832 millions |
|
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Total
|
Rs.1281.832
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
51046000 |
Equity Shares |
Rs. 10./- each |
Rs.510.460
Millions |
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Notes:
- Of the above, 50,556,000 (Previous Period: 10,000) equity shares are
held by Sanmina – SCI Systems Singapore Private Limited and 490,000
(Previous Period: 490,000) equity shares are held by AET Holding limited
- During the current period, the company had issued 50,546,000 equity
shares of Rs.10 each at par with Board of Directors approval dated May 22,
2009, December 8, 2009 and January 12, 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 15 Months |
31.12.2008 15 Months |
30.09.2007 12 Months |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
510.460 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.925 |
71.983 |
37.926 |
|
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4] (Accumulated Losses) |
(55.999) |
0.000 |
0.000 |
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NETWORTH |
473.386 |
76.983 |
42.926 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
36.301 |
38.272 |
31.388 |
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TOTAL BORROWING |
36.301 |
38.272 |
31.388 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Pending allotment pursuant to the demerger order |
731.832 |
0.000 |
0.000 |
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TOTAL |
1241.519 |
115.255 |
74.314 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
621.479 |
8.200 |
11.853 |
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Capital work-in-progress |
27.986 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
1.895 |
0.693 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1483.179
|
0.000
|
0.000 |
|
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Sundry Debtors |
1015.004
|
47.602
|
39.013 |
|
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Cash & Bank Balances |
224.190
|
56.655
|
4.530 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
26.728
|
14.562
|
30.204 |
|
Total
Current Assets |
2749.101
|
118.819
|
73.747 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2114.557
|
6.059
|
7.902 |
|
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Other Current Liabilities |
15.214
|
2.025
|
0.196 |
|
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Provisions |
27.276
|
5.575
|
3.881 |
|
Total
Current Liabilities |
2157.047
|
13.659
|
11.979 |
|
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Net Current Assets |
592.054
|
105.160
|
61.768 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1241.519 |
115.255 |
74.314 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 15 Months |
31.12.2008 15 Months |
30.09.2007 12 Months |
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SALES |
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|
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|
|
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Sales |
6233.800 |
0.000 |
0.000 |
|
|
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Income from Services |
234.117 |
223.681 |
144.870 |
|
|
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Other Income |
101.112 |
0.000 |
3.532 |
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|
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TOTAL (A) |
6569.029 |
223.681 |
148.402 |
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Less |
EXPENSES |
|
|
|
|
|
|
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Material Costs |
5425.953 |
0.000 |
0.000 |
|
|
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Employee Costs |
354.501 |
142.831 |
88.483 |
|
|
|
Operating, Administrative and other Expenses |
607.380 |
38.681 |
26.093 |
|
|
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TOTAL (B) |
6387.834 |
181.512 |
114.576 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
181.195 |
42.169 |
33.826 |
|
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|
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|
|
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Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
7.045 |
0.811 |
0.682 |
|
|
|
|
|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
174.150 |
41.358 |
33.144 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
162.079 |
6.724 |
4.581 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12.071 |
34.634 |
28.563 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.451 |
0.576 |
1.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
10.620 |
34.057 |
27.069 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
71.983 |
37.926 |
10.857 |
|
|
|
|
|
|
|
|
|
Add |
Adjustment arising
on vesting of manufacturing undertaking. |
(138.602) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(55.999) |
71.983 |
37.926 |
|
|
|
|
|
|
|
|
|
|
Export Value |
6452.708 |
223.680 |
Not
Available |
|
|
|
|
|
|
|
|
|
|
Import Value |
6767.359 |
----- |
Not
Available |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings Per Share (Rs.) |
0.07 |
68.11 |
54.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 15 Months |
31.12.2008 15 Months |
30.09.2007 12 Months |
|
PAT / Total Income |
(%) |
0.16
|
15.23
|
18.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.19
|
15.48
|
19.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.36
|
27.27
|
33.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.45
|
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.63
|
0.67
|
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
8.70
|
6.16 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address
The Registered office of the company has been shifted from Door No. Old A-6,
New: A-51, Plot No. 90, II Avenue, Annanagar, Chennai-600102, Tamilnadu, India
to present address w.e.f. 01.12.2009
Background:
Subject was incorporated on February 1, 2002. the company is engaged in
the business of providing information technology support and back office
support services to Sanmina-SCI Corporation, the ultimate holding company.
Performance:
- Demerger :
In February 2009, the board of directors
approved a scheme of arrangement (demerger) (‘the scheme’) between Sanmina – SCI Technology India
Private Limited (‘Demerger Company’) and the company (‘resulting Company’)
under section 391 and 394 of the companies Act, 1956 for transfer and vesting
the manufacturing undertaking (demerged undertaking) of the demerged company in
the resulting company. In April 2010, the company filed a petition for
approvals of the scheme with the honourable High Court of Jurisdiction at
The court approved the scheme with its order
dated July 26, 2010 with the appointed date as April 1, 2008. The scheme will
be effective from the date on which the certified true copy of the scheme is
filed with the Registrar of the Companies. The certified true copy of the
scheme was filed with the Registrar of companies on August 25, 2010 and
accordingly the effective date is August 25, 2010.
- Slum
The Board of Directors of the company in its
meeting held on November 13, 2009 had passed a resolution to sell the
Information Technology support and Back Office Support services (BPO) business
to Sanmina – SCI Technology India Private Limited, a group company effective
March 01, 2010. Pursuant to this resolution, the company had transferred fixed
assets having a net book value of Rs.2.747 Millions, current assets amounting
to Rs.2.058 Millions and employee related liabilities amounting to Rs.4.805
Millions to Sanmina – SCI Technology India private Limited. The net sale
consideration received with respect to the aforesaid sale amounts to Rs.Nil.
Financial year :
The Company has present the financials for a period of fifteen months
(i.e. from January 01, 2009 to March 31, 2010) and during the year, the company
has made a Profit of Rs. 10.600 millions as against a profit of Rs. 34.000
millions in the previous year.
Contingent Liabilities and Commitments
|
Particulars |
31.12.2008 Rs.
In Millions |
|
Bank Guarantees |
0.100 |
Commitments:
Future minimum lease payment under non cancelable operating leases for
each of the following period:
(i)
not later than one year : Rs. 13.615 Millions
(ii)
Later than one year : Rs. Nil
Fixed Assets:
·
Computer and Peripherals
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Leasehold Improvements
Website details:
Profile
Subject is a electronics contract manufacturer serving the fastest-growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, subject provides end-to-end manufacturing solutions, delivering unsurpassed quality and support to OEMs primarily in the communications, defense and aerospace, industrial and medical instrumentation, multimedia and consumer, computer and server, and automotive technology sectors. Sanmina-SCI has facilities strategically located in key regions throughout the world.
Since they began in 1980, subject has adhered to a “customer centric”
philosophy that puts the customer first and delivers what each defines as
value. Today Sanmina-SCI provides complete end-to-end manufacturing services to
companies of all sizes, geographic locations and end markets.
Company Information
Headquartered in
- Total
manufacturing solution
- World-class
manufacturing facilities in 19 countries and five continents
- Product
design and engineering resources
- Advanced
supply chain management
- Expertise in
select end markets
- New Product
Introduction (NPI) and preproduction
- Logistics and
post-manufacturing repair/warranty
- Quality,
flexibility and responsiveness
- Common IT
platform
- Customer-focused
organization
Sanmina-SCI
Philosophy
Outsourcing is becoming increasingly necessary for Original Equipment
Manufacturers (OEMs) in their quest to boost return on capital and focus on
core competencies such as product development, marketing and branding. As a
result, the
Their customer-focused
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 records 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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
27 |
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.