MIRA
INFORM REPORT
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Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
TENNECO RC INDIA PRIVATE LIMITED (w.e.f. 16th March 2006) |
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Formerly known
as : |
HYDRAULICS LIMITED |
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Registered
Office : |
122, Sipcot Industrial Complex, Krishnagiri District, Hosur – 635126,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
05.08.1953 |
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Com. Reg. No.: |
18-010520 |
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CIN No.: [Company Identification
No.] |
U29130TZ1953PTC010520 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEH00172E |
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PAN No.: [Permanent Account No.] |
AAACH8303E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and sale of ride control products (shock absorbers and
struts) for two, three and four wheeler vehicles. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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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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
huge accumulated losses recorded by the company. However, 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
|
Registered Office : |
122, Sipcot Industrial Complex, Krishnagiri District, Hosur – 635126,
Tamilnadu |
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Tel. No.: |
91-4344-4400164 / 65 / 277395 |
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Fax No.: |
91-4344-276414 / 400150 |
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E-Mail : |
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Overseas Office : |
Japan 20-20 Hiradai,
Tsuzuki-ku, |
DIRECTORS
(AS ON 30.09.2009)
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Name : |
Mr. Abhijit Mukherjee |
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Designation : |
Director |
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Address : |
Kesseldallan, 58/0404, 3010, |
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Date of Birth/Age : |
14.01.1958 |
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Date of Appointment : |
30.09.2009 |
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Name : |
Mr. Hari Nair |
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Designation : |
Director |
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Address : |
Avenue Du Golf, 50, 1640, |
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Date of Birth/Age : |
01.01.1961 |
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Date of Appointment : |
30.09.2008 |
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Name : |
Mr. Horace Vincent Draa III |
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Designation : |
Director |
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Address : |
Avenue Du Bourgetlaan, 50 1130, |
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Date of Birth/Age : |
07.12.1956 |
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Date of Appointment : |
29.06.1999 |
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Name : |
Mr. Rajarshi Chakrabarti |
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Designation : |
Alternate Director |
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Address : |
1406, Dosti Carnation, 14th Floor, Wadala East, Mumbai –
400037, |
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Date of Birth/Age : |
04.11.1972 |
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Date of Appointment : |
30.11.2006 |
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Name : |
Mr. Michael John Charlton |
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Designation : |
Director |
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Address : |
8, Church House, |
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Date of Appointment : |
30.09.2009 |
KEY EXECUTIVES
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Name : |
Ms. Jayalakshmi Srinivasan |
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Designation : |
Secretary |
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Address : |
45 N, Shanthi Nagar, Third Cross, Hosur – 635109 |
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Date of Birth/Age : |
04.04.1965 |
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Date of Appointment : |
25.07.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009)
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Names of Shareholders |
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No. of Shares |
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Tenneco Mauritius Limited, |
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310679 |
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Tenneco Global Holdings Inc , |
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1 |
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Total |
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310680 |
(AS ON 30.09.2009)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and sale of ride control products (shock absorbers and
struts) for two, three and four wheeler vehicles. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribakti and Company Chartered Accountants |
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Address : |
42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai
– 400021, |
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Holding Company : |
Tenneco Mauritius Limited |
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Associates/Subsidiaries : |
Renowned Auto Products Manufacturers Limited, Hosur CIN No. : U35923TZ1977PLC010502 |
CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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319,750 |
Equity Share |
Rs. 1000/- each |
Rs. 319.750 Millions |
|
2,500 |
Preference Shares |
Rs. 100/- each |
Rs. 0.250 Million |
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Total |
|
Rs. 320.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
310,680 |
Equity Share |
Rs. 1000/-
each |
Rs. 310.680
Millions |
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AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
239,750 |
Equity Share |
Rs. 1000/- each |
Rs. 239.750 Millions |
|
2,500 |
Preference Shares |
Rs. 100/- each |
Rs. 0.250 Million |
|
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Total |
|
Rs. 240.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
232,980 |
Equity Share |
Rs. 1000/-
each |
Rs. 232.980
Millions |
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Note
- The entire issued and paid up capital is held up Tenneco Mauritius
Limited and Tenneco Global Holdings Inc. Limited 1440 shares were allotted
as fully paid up bonus shares by capitalization of Rs. 1.339 Millions from
General Reserve and Rs. 0.101 Millions from securities premium account 842
shares were allotted as fully paid up shares, for consideration other than
cash.
- In accordance with the Company Law Board Order dated 7th
February 2002, the amount of Rs. 110.000 Millions was treated as share
application money. The subsequent order dated 9th December 2002
treated the amount as a loan. However, the then shareholders TML and BUS
had filed appeals against the Company Law Board Order, consequent to the
settlement researched between them during the year 2005-06, they withdraw
the appeals and the petition filed before the Company Law Board and High
Court. Hence the infused amount is treated as share application money as
in the previous year. the entire share application of Rs. 113.3257 million
of previous year has been converted in Share Capital by way of issued of
shares
- Tenneco
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
232.980 |
119.723 |
119.723 |
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2] Share Application Money |
77.700 |
113.257 |
113.257 |
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3] Reserves & Surplus |
10.453 |
10.108 |
9.860 |
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4] (Accumulated Losses) |
(668.771) |
(439.060) |
(352.752) |
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NETWORTH |
(347.638) |
(195.972) |
(109.912) |
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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 |
983.939 |
688.231 |
399.581 |
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TOTAL BORROWING |
983.939 |
688.231 |
399.581 |
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DEFERRED TAX LIABILITIES |
15.279 |
10.005 |
10.089 |
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|
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TOTAL |
651.580 |
502.264 |
299.758 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
279.843 |
86.775 |
50.556 |
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Capital work-in-progress |
8.131 |
45.770 |
5.703 |
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|
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INVESTMENT |
167.630 |
167.629 |
167.629 |
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DEFERREX TAX ASSETS |
5.545 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
50.053
|
42.606 |
42.487 |
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Sundry Debtors |
104.513
|
106.369 |
117.129 |
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Cash & Bank Balances |
5.111
|
24.253 |
14.748 |
|
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Other Current Assets |
0.009
|
0.071 |
1.461 |
|
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Loans & Advances |
193.325
|
148.080 |
14.068 |
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Total
Current Assets |
353.011
|
321.379 |
189.893 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
93.465
|
85.745 |
67.132 |
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Other Current Liabilities |
61.554
|
29.605 |
42.658 |
|
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Provisions |
7.561
|
3.939 |
4.266 |
|
Total
Current Liabilities |
162.580
|
119.289 |
114.056 |
|
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Net Current Assets |
190.431
|
202.090 |
75.837 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.033 |
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TOTAL |
651.580 |
502.264 |
299.758 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
278.290 |
243.118 |
237.708 |
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Other Income |
NA |
2.096 |
4.341 |
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|
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TOTAL (A) |
NA |
245.214 |
242.049 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
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|
Administrative Expenses |
|
|
|
|
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Advertising Expenses |
NA |
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|
|
|
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TOTAL (B) |
|
275.715 |
225.376 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(102.470) |
(30.501) |
16.673 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
109.250 |
44.556 |
31.056 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(211.720) |
(75.057) |
(14.383) |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.520 |
10.563 |
8.431 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(229.240) |
(85.620) |
(22.814) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.470 |
0.688 |
(0.573) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(229.710) |
(86.308) |
(22.241) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(439.060) |
(352.752) |
(330.511) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(668.770) |
(439.060) |
(352.752) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
(0.72) |
(0.19) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
--
|
(35.20) |
(9.19) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(82.37)
|
(35.22) |
(9.60) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(36.22)
|
(20.98) |
(9.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.66)
|
(0.44) |
(0.21) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(3.30)
|
(4.12) |
(4.67) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
2.69 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Tenneco RC India Private Limited (the company) was incorporated in
The company was a joint venture between Tenneco Mauritius Limited (51 %),
a wholly owned subsidiary of Tenneco Inc. USA (Tenneco) and Bangalore Union
Services Private Limited (49 %) till December 2005. as per the Settlement
Agreement reached between the shareholders during the year 2005-06, Tenneco
Mauritius Limited (TML) and Tenneco Global Holdings Inc. acquired the entire
share holding of BUS, Consequent to this 100 % acquisition, the name of the
company has been changed to Tenneco RC India Private Limited w.e.f. 16th
March 2006.
As at 31st March 2002, the accumulated losses would have
exceeded the net worth if no further capital had been infused. The company
received share application money of Rs. 110 million in February 2002, from one
of the shareholders, namely, Tenneco Mauritius Limited to cure the negative net
worth situation. Due to disagreement between the then shareholders – TML and
Bangalore Union Services Private Limited (BUS), the issue of converting the
share application money into share capital was taken up before the Company Law
Board. As per the terms of the Settlement Agreement, both the then Shareholders
– TML and BUS have withdrawn all petitions and cases against each other pending
before the Company Law Board and Madras High Court.
As the Settlement Agreement, the Company transferred the Alandur
Property (the operations wherein were suspended since December 2000) valued at
Rs. 80 million to Bangalore Union Services Private Limited who in turn
transferred their entire shareholding in favour of TML. As provided in the
agreement, against the Rs. 80 Millions receivable, the Company has to retire
equivalent amount due to various Tenneco entities. As the management is
contemplating merger of the company and its subsidiary the debit balance of Rs.
80 Millions included in Sundry debtors and Rs 80 million due to various
entities would be adjusted in due course.
The company continues to incur operating losses in the year ended 31st
march 2009, the accumulated loss at the end of the year was Rs. 668.771
Millions.
The company has made an investment of Rs. 167.63 million in the equity
shares of the subsidiary company, Renowned Auto Products Manufacturer Limited
(RAP). This represents 98.5 % of interest. The subsidiary company has been
discharged from the purview of Board for Industrial and Financial
Reconstruction vide letter dated 6th August 2007.
FINANCIAL RESULTS
In spite o marginal increase in the turnover of the Company by about 14
% the Company has made a loss of Rs. 229.71 million. This is mainly due to
increase in raw material prices and in interest cost.
The company added fixed assets for Rs.172.95 million, mostly on account
of setting up a new Plant at Bawal and upgrading of PMC facility at
INDIAN MARKET
CONDITIONS
Indian Automobile industry witnessed a growth of about 3.32 percent in
April-March 2009 when compared to April - March 2008.
Domestic Sales
The cumulative growth of the Passenger Vehicles segment during April
-Match 2009 was 6.75 percent over previous Year. Passenger Cars grew by 9.62
percent, Utility Vehicles was down by 9.03 percent and Multi Purpose Vehicles
were up by 5.79 percent in FY 2008-09. For the Passenger Vehicle segment
expected Growth is 17 % in 2009-1 0 and 94% 2014-15 with respect to Year 2007-08
Vehicle production.
Passenger Car
Segment:
Maruti Suzuki :
- New car plant
Started their Production manufacturing 250,000 cars per annum, Now their
production capacity has become 800,000 cars/annum.
- 10 new
Component JVs to support new Diesel Engine Plant.
Hyundai :
- Increased
their capacity to 600,000 cars per annum. They introduced their Global
Launch Car 110 and 120 last year.
Nissan :
- Ashok Leyland
and Nissan Motor Company Limited, signed a binding Master Co-operation
Agreement (MCA) for the formation of three joint venture companies
supporting the Light Commercial Vehicle (LCV) business at an investment of
USD 500mn. Investment got slightly delayed by one year due to Global
Economic down trend.
Tata Motors :
- The earlier
plan of setting up a New Plant to manufacture Rs.0.100 Million car in West
Bengal with an investment of US $ 240 million was suspended and New Plant
at Sanad in
- Target of
200,000 units capacity per annum. Start of Production expected by end 2010
and they are already looking at the small segment
General Motors :
- Additional Capacity
to manufacture 150,000 cars p.a from their Green Field Plant at Pune
started producing M200 Spark car from 43 2008 onwards and they are
planning to launch M300 Global Mini Car in 44 2009 from their Pune Plant.
Mahindra &
Mahindra:
- Constructing
their new commercial Vehicle plant in Pune with capacity of 100,000
Vehicles per year. First Vehicle to roll out in Q4, 2009.
Nissan-Renault :
Due to Economic Down trend Renault postpone their 50:50 JV, to make
400,000 cars a year with an investment of over US $ 1 billion.
Now only Nissan is investing as per their Plan to start their A Segment
Compact Car from May 2010. New capacity would be around 250,000 Cars per Annum.
VW:
Investing 400 million Euro in a new plant in Pune. Operations are to start
in Dec 2009 having Plant Capacity of 100K cars per Annum.
Honda
:
Investing US $ 250 million in a new plant in
Rajasthan with capacity of 60,000 car per year.
First car to roll out in 2009.
FIAT:
Restarted their RanjanGoan, Pune Plant having
the Plant Capacity of 100 K cars per Annum.
Ford
:
Plans to invest US$ 500 million including the expansion of Ford
Commercial
Vehicle Segment:
The Commercial Vehicles segment has been heavily affected and very
serious Down Trend. In Medium & Heavy Commercial Vehicles it was (33.16)
percent and Light Commercial Vehicles it was (7.10) compared to Previous Year.
2 and 3 Wheeler
Segment:
Two Wheelers had a marginal Growth of 2.60
percent and Three Wheelers sales dropped by 4.13 percent during April 08- March
09 compared to the corresponding period previous year.
Exports
Automobile Exports registered a substantial growth of 23.61 percent
during April- March 2009 over the same period during the previous year.
FUTURE
PROSPECTS
Maruti
Suzuki
The Company has been awarded the Development and supply for Maruti YV4
(RITZ) project and they worked very closely with Maruti Suzuki. Now Tenneco has
been awarded for YP8 project too. They are also getting RFQ continuously from
Maruti.
Tata
Motors
Successful launch of lndica
Volvo
Trucks
They are interested to work with Tenneco
Ford
After successful support for B517 project, they started getting all the new RFQ's from
Ford
The
SUBSIDIARY
RENOWNED AUTO
PRODUCTS MFRS. LIMITED
During the year 31st March 2009, the sales of Renowned Auto Products
Mfrs. Limited (RAP) were at Rs.1068.8 million compared to Rs.842.6 million for
the year ended 31St March 2008. The loss for the year
2008-09 is Rs.108.15 million as compared to loss of Rs.8.26 million for the
year ended 31st March
2008.The total accumulated loss as on 31st March 2009 is Rs.241.01 million. The
Company has incurred a loss for the year under review mainly on account of
increase in Raw material prices.
The Company, Tenneco RC India Private Limited is presently holding 98.5%
of the Equity Share Capital of RAP. As members are aware, in August 2001, RAP
was de-listed from the Madras Stock Exchange Limited
MERGER
/ AMALGAMATION
Subsidiary Company
Renowned Auto Products Mfrs Ltd has filed a scheme of arrangement with the
shareholders of the Company with the High Court of Judicature, Chennai for
reduction of capital. Subsequently, it is proposed to file an application with
the High Court for the merger of all Indian Tenneco entities.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fittings
- Vehicles
- Computers
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.45.53 |
|
|
1 |
Rs.72.77 |
|
Euro |
1 |
Rs.62.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.