1. Summary Information
|
|
|
Country |
|
|
Company Name |
GOODYEAR
SOUTH ASIA TYRES PRIVATE LIMITED |
Principal Name 1 |
Mr. Whatt Kahi Quek |
|
Status |
Moderate |
Principal Name 2 |
Mr. Hugo Oswald Dedekind |
|
|
|
Registration # |
075617 |
|
Street Address |
Plot
No. H-18, MIDC Industrial Area,
Waluj, |
||
|
Established Date |
15.12.1993 |
SIC Code |
-- |
|
Telephone# |
91-240-2564092
/ 2554639 / 2554904 / 5 / 6 / 7 / 8 / 2554032 / 6608000 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-240-2554035
/ 2554779 / 6608281 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Tyres |
|
|
# of employees |
700
(Approximately) |
Product Name 2 |
Rubbers |
|
Paid up capital |
Rs.5,237,273,000 /- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings
– 100.00% |
Banking |
State
Bank of |
|
Public Limited Corp. |
NO |
Business Period |
18 years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
|
Goodyear India Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,497,280,000 |
Current Liabilities |
653,223,000 |
|
Inventories |
347,675,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
3,448,284,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
653,223,000 |
|
Invest& other Assets |
308,767,000 |
Retained Earnings |
0 |
|
|
|
Net Worth |
4,948,783,000 |
|
Total Assets |
5,602,006,000 |
Total Liab. & Equity |
5,602,006,000 |
|
Total Assets (Previous Year) |
4,863,731,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
4,825,000,000 |
Net Profit |
662,000,000 |
|
Sales(Previous yr) |
3,913,000,000 |
Net Profit(Prev.yr) |
173,000,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
SOUTH ASIA TYRES LIMITED |
|
|
|
|
Registered Office : |
Plot No. H-18,
MIDC Industrial Area, Waluj, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.12.1993 |
|
|
|
|
Com. Reg. No.: |
075617 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.5237.273 millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U99999MH1993PTC075617 |
|
|
|
|
TAN No.: (Tax Deduction &
Collection Account No.) |
NSKG01262C |
|
|
|
|
PAN No.: (Permanent Account No.) |
AABCG5544P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
Manufacture of Tyres and Rubbers. |
|
|
|
|
No. of Employees : |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 19795132 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
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|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having moderate track. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fair. business is active.
Payments are reported to be slow but correct. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Monica Suri |
|
Designation : |
Finance Manager |
LOCATIONS
|
Registered Office / Factory: |
Plot
No. H-18, MIDC Industrial Area,
Waluj, |
|
Tel No. : |
91-240-2564092 / 2554639 / 2554904 / 5 / 6 / 7 / 8 /
2554032 / 6608000 |
|
Mobile No. : |
91-9923917779 (Ms. Monica Suri) |
|
Fax. No.: |
91-240-2554035 / 2554779 / 6608281 |
|
E-Mail.: |
shant.jain@goodyear.com |
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Whatt Kahi Quek |
|
Designation : |
Director |
|
Address : |
7, Sarkies Raod No.08-03, Singapore-258127, |
|
Date of Birth/Age : |
02.09.1966 |
|
Date of Appointment : |
27.04.2010 |
|
Date of Cessation : |
05.08.2010 |
|
|
|
|
Name : |
Mr. Hugo Oswald Dedekind |
|
Designation : |
Director |
|
Address: |
W – 48 A, Greater Kailash-II, New Delhi-110048, |
|
Date of Birth/Age : |
10.07.1951 |
|
Date of Appointment : |
27.10.2005 |
|
Date of Cessation : |
27.04.2010 |
|
|
|
|
Name : |
Mr. Harold Douglas Smith (Foreign) |
|
Designation : |
Director |
|
Address : |
1144, |
|
Date of Birth/Age : |
08.07.1947 |
|
Date of Appointment : |
27.05.2003 |
|
Date of Cessation : |
16.12.2009 |
|
|
|
|
Name : |
Ms. Jenny Hseau Jean Wang |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
28.11.1955 |
|
Date of Appointment : |
10.08.2008 |
|
|
|
|
Name : |
Mr. Rajeev Anand |
|
Designation : |
Director/ Chairman |
|
Address : |
B-74A, Kalkaji, |
|
Date of Birth/Age : |
23.05.1960 |
|
Date of Appointment : |
20.01.2009 |
|
|
|
|
Name : |
Mr. Tom Mackenzie |
|
Designation : |
Director |
|
Address : |
No. 18, 8th Floor, Street The Emerland, 2888, Hunan Road,
Shanghai-201315, Sanghai |
|
Date of Birth/Age : |
20.05.1965 |
|
Date of Appointment : |
01.02.2010 |
|
|
|
|
Name : |
Mr. Jean Philippe Lecerf |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
26.04.1966 |
|
Date of Appointment : |
05.08.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Monica Suri |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Shant Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
A-587, Sector XIX, Noida-201301, |
|
Date of Birth/Age : |
24.01.1951 |
|
Date of Appointment : |
01.02.2009 |
|
|
|
|
Name : |
Mrs. Rakhi Gupta |
|
Designation : |
secretary |
|
Address : |
House No.5, Ward No.08, Sihi Gate Bazar, Ballabgarh, Faridabad-121004,
|
|
Date of Birth/Age : |
08.12.1985 |
|
Date of Appointment : |
01.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
The Goodyear Tire and Rubber Company ( |
512387250 |
|
Goodyear Orient Company Private Limited ( |
11340000 |
|
|
|
|
Total |
523727250 |
As on
30.09.2010
|
Category |
Percentage |
|
|
|
|
Foreign holdings (Foreign institutional
investor(s), Foreign companies (s), Foreign Financial institution(s), Non – resident
Indian(s) or Overseas corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Tyres and Rubbers. |
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|
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Products : |
|
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Terms : |
|
||||||||
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Selling : |
Depend |
||||||||
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|
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Purchasing : |
Depend |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Annual Installed
Capacity |
Production 2010 Quantity
Nos. |
Production 2009 Quantity
Nos. |
|
Automotive Tyres |
Nos |
3750000* |
2635869 |
2078595 |
|
Automotive Tubes # |
Nos |
- |
325984 |
422671 |
|
Flaps # |
Nos |
- |
17350 |
18475 |
NOTE
*
Licensed
Capacity is not applicable to the Company.
The normal capacity being a technical matter is certified by the
Production Manager and has been accepted by the auditors without verification.
# Tubes and flaps are on conversion basis from outside
sources.
GENERAL INFORMATION
|
No. of Employees : |
700 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Financial Institution : |
The Industrial Credit and Investment Corporation of India Limited, 163, Backbay Reclamation, Mumbai – 400020, Maharashtra, India |
|
|
|
|
Auditors : |
Price Waterhouse – Partner – Harinderjit Singh Chartered Accountants |
|
Address: |
Building No.8, 7th Floor, Tower B, |
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|
|
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Subsidiaries : |
|
|
|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
530000000 |
Equity Shares |
Rs.10/- each |
Rs.5300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
523727250 |
Equity Shares |
Rs.10/- each |
Rs.5237.273 millions |
NOTE :
512387250 (Previous
year 512387250) shares are held by The Goodyear Tire and Rubber Company, Akron,
Ohio, USA, the Holding Company and 11340000 (Previous year 11340000) shares are
held by its subsidiary company, Goodyear Orient Company (Private) Limited,
Singapore.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
5237.273 |
5237.273 |
5237.273 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated loss) |
(288.490) |
(982.453) |
(1137.451) |
|
NETWORTH
|
4948.783 |
4254.820 |
4099.822 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORRWOING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Diminution in Value of Fixed assets |
0.000 |
15.931 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
4948.783 |
4270.751 |
4099.822 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3448.284 |
3267.396 |
2934.484 |
|
|
Capital work-in-progress |
308.767 |
310.809 |
432.668 |
|
|
|
|
|
|
|
|
INVESTMENTS |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
347.675 |
250.254 |
325.476 |
|
|
Sundry Debtors |
588.159 |
593.908 |
561.123 |
|
|
Cash & Bank Balances |
404.375 |
152.161 |
252.582 |
|
|
Other Current Assets |
2.050 |
3.909 |
95.975 |
|
|
Loans & Advances |
502.696 |
285.294 |
167.282 |
|
Total
Current Assets |
1844.955 |
1285.526 |
1402.438 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
550.383 |
505.379 |
576.308 |
|
|
Other Current Liabilities |
21.086 |
15.507 |
31.168 |
|
|
Provisions
|
81.754 |
72.094 |
62.292 |
Total Current Liabilities
|
653.223 |
592.980 |
669.768 |
|
|
Net Current Assets |
1191.732 |
692.546 |
732.670 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
4948.783 |
4270.751 |
4099.822 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
4825.000 |
3913.000 |
3653.500 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
4825.000 |
3913.000 |
3653.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing Expenses |
|
|
|
|
|
|
Employees Remuneration |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
3778.000 |
3396.000 |
2807.400 |
|
|
|
Selling and Distribution Expenses |
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
3778.000 |
3396.000 |
2807.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1047.000 |
517.000 |
846.100 |
|
|
|
|
11.000 |
8.000 |
10.800 |
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1036.000 |
509.000 |
835.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
374.000 |
336.000 |
295.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
662.000 |
173.000 |
539.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
16.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
662.000 |
173.000 |
523.300 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
662.000 |
173.000 |
523.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.000 |
NA |
|
|
|
Commission Earnings |
0.000 |
0.000 |
NA |
|
|
|
Other Earnings |
0.384 |
6.128 |
NA |
|
|
TOTAL EARNINGS |
0.384 |
6.128 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
750.603 |
809.223 |
214.734 |
|
|
|
Stores & Spares |
37.976 |
28.206 |
495.540 |
|
|
|
Capital Goods |
459.164 |
209.816 |
11.471 |
|
|
TOTAL IMPORTS |
1247.743 |
1047.245 |
721.745 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.33 |
0.30 |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
6000.000 |
|
|
|
|
|
The above information has been parted by Ms. Monica Suri
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
PAT / Total Income
|
(%)
|
13.72 |
4.42 |
14.32 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
12.51 |
3.80 |
12.45 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.13 |
0.04 |
0.13 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.13 |
0.14 |
0.16 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.82 |
2.17 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year,
the net sales and other income increased from Rs. 3913.000 Million in the
previous year to Rs. 4825.000 Million. The committed and untiring contribution
of associates at all levels coupled with strong leadership had been the key
factor for the above performance of the Company under the unprecedented global
meltdown faced since second half of year 2008. All round efforts were continued
towards enhancing product quality & productivity, cutting cost and
improving efficiency in all the areas of operations.
The Company was
encouraged with its new launches like Duraplus and Ducaro Himiler’s performance
which had been well accepted in both the segments i.e. Replacement and Original
Equipment Manufacturers (OEMs). The Company also continued its thrust on
environmental matters by giving priority to environmental friendly substances.
The Company had
renewed the Service Agreement with the Parent Company, effective April 1, 2010
to avail their services in the areas of Information Technology, Procurement,
Production, Supply Chain, Sales and Marketing, Finance and General and
Administration on continuous basis.
FINANCE AND ACCOUNTS
During the year,
the Company had incurred a capital expenditure of Rs. 781 Million.
Fixed Assets
- Buildings
- Plant and Machinery
- Furniture and Fittings
- Vehicles
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.50 |
|
|
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
--- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
30 |
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.