MIRA
INFORM REPORT
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Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
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Name : |
PIAGGIO VEHICLES PRIVATE LIMITED |
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Formerly Known As : |
PIAGGIO GREAVES VEHICLES PRIVATE LIMITED |
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Registered Office : |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.02.1998 |
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Com. Reg. No.: |
11-113606 |
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Capital
Investment / Paid-up Capital : |
Rs.340.000
millions |
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CIN No.: [Company
Identification No.] |
U34102MH1998PTC113606 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Supplier of Vehicles, Automotive Components, Motor
Vehicles, Cars, Automotive Parts. |
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No. of Employees
: |
Information not divulged by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7398040 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Piaggio, Italy. It is an established company
having fine track. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION denied BY
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Name : |
Mr. Madhav Mahajan |
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Designation : |
Finance Manager |
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Date : |
29.07.2011 |
LOCATIONS
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Registered Office : |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, |
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Tel. No.: |
91-2112-243770 |
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Fax No.: |
91-2112-243772 |
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E-Mail : |
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Website : |
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Corporate Office : |
102, “ |
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Tel. No.: |
91-20-24013150 |
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Fax No.: |
91-20-24013157/26134972 |
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E-Mail : |
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Surajpur Office
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A-1, Site “B”, Surajpur Industrial Area, Dist. Gautam Budha Nagar,
Greater Noida – 201 306, |
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Regional Offices
: |
Located at:
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DIRECTORS
As On 29.09.2010
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Name : |
Mr. Ravi Chopra |
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Designation : |
Chairman cum Managing Director |
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Address : |
19.03.1943 |
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Date of Birth/Age : |
Flat No. A-101, Plot No. 46C, Palladium, |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Franco Fenoglio |
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Designation : |
Director |
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Address : |
Via Bussoleno 44, Rivaltadi, |
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Date of Birth/Age : |
31.03.1953 |
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Date of Appointment : |
24.06.2008 |
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DIN No. : |
02263806 |
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Name : |
Mr. Daniele Bandiera |
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Designation : |
Director |
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Address : |
Corso Kossuth 18, |
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Date of Birth/Age : |
02.08.1957 |
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Date of Appointment : |
01.12.2006 |
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Date of Cessation : |
05.11.2009 |
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DIN No. : |
01575425 |
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Name : |
Mr. Leonardo Antonio Caputo |
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Designation : |
Director |
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Address : |
Via Pio IV 72, Roma – 00165, |
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Date of Birth/Age : |
27.11.1970 |
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Date of Appointment : |
01.12.2006 |
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DIN No. : |
02190456 |
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Name : |
Mr. Michele Pallottini |
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Designation : |
Director |
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Address : |
Vialugi Rizzo 50, Roma – 00136 |
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Date of Birth/Age : |
04.10.1956 |
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Date of Appointment : |
01.12.2006 |
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DIN No. : |
01575078 |
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Name : |
Mr. Ravinder Singh Chopra |
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Designation : |
Managing Director |
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Date of Appointment : |
01.04.1998 |
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DIN No. : |
01680496 |
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Name : |
Mr. Gianclaudio Neri |
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Designation : |
Director |
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Address : |
Via Giacinta Pezzana 80, |
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Date of Birth/Age : |
17.09.1954 |
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Date of Appointment : |
10.05.2004 |
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Name : |
Maurzio Francesco Roman |
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Designation : |
Additional Director |
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Address : |
Noale Ve 30033 |
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Date of Birth/Age : |
28.01.1953 |
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Date of Appointment : |
26.12.2010 |
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DIN No. : |
03167312 |
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Name : |
Michele Roberto Colaninno |
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Designation : |
Additional Director |
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Address : |
Via Bertani, Mantova 3146100 |
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Date of Birth/Age : |
23.11.1976 |
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Date of Appointment : |
26.12.2010 |
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DIN No. : |
03142555 |
KEY EXECUTIVES
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Name : |
Mr. Ashok Dnyanoba Medankar |
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Designation : |
Company Secretary |
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Address : |
165/10, Mira Society, |
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Date of Birth/Age : |
29.11.1960 |
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Date of Appointment : |
22.07.2004 |
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Pan No.: |
ABAPM3785F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 29.09.2010
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Names of Shareholders |
No. of Shares |
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Piggio and CSPA – |
33999999 |
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1 |
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Total |
34000000 |
As On 29.09.2010
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Category |
Percentage |
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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 : |
Supplier of Vehicles, Automotive Components, Motor
Vehicles, Cars, Automotive Parts. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2010
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Particulars |
Installed
Capacity |
Actual
Production |
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Three Wheeled motor Vehicles |
216000 |
185730 |
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Four Wheeled Motor Vehicles |
53400 |
11054 |
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Petrol Engine |
100000 |
1242 |
Note:
- As per the prevailing industrial licencing policy, no industrial
licence is required.
- Installed capacity is as certified by the management and has not
been verified by the auditors, as this is a technical matter.
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
·
State Bank of India, Corporate Accounts Group
Branch, Voltas House, 23, J. N. Heredia Marg, Mumbai – 400 001, ·
State Bank of India, Corporate Accounts, Group-
Central, 3rd Floor, State Bank Bhavan, Madame Cama Road, Nariman
Point, Mumbai-400021, Maharashtra, India ·
Calyon
Bank (Formerly Known As : Credit Agricole Indosuez) Ramon House, 169, Backbay Reclamation, Mumbai – 400 020. (Now shifted to Hoechst House, 11th Floor, Nariman Point,
Mumbai – 400 021).
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
706, B wing, 7th Floor, ICC Trade Tower, Senapati Bapat
Road, Pune – 411 016, Maharashtra, India |
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Pan No.: |
AACFD4815A |
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Holding Company
: |
Piaggio and |
CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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36000000 |
Equity Shares |
Rs.10/- each |
Rs.360.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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34000000 |
Equity Shares (Fully Paid up of which 33999999
Equity Shares are held by Piaggio and C.SpA, Italy, the holding
company and 1 equity shares held by Piaggio Vespa B.V. Netherlands) |
Rs.10/- each |
Rs.340.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
340.000 |
340.000 |
340.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1509.510 |
1015.860 |
528.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1849.510 |
1355.860 |
868.000 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
12.280 |
1.980 |
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2] Unsecured Loans |
85.250 |
203.490 |
85.140 |
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TOTAL BORROWING |
85.250 |
215.770 |
87.120 |
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DEFERRED TAX LIABILITIES |
210.500 |
129.440 |
145.960 |
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TOTAL |
2145.260 |
1701.070 |
1101.080 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2669.010 |
1876.320 |
1967.330 |
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Capital work-in-progress |
2599.980 |
1459.830 |
449.180 |
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INVESTMENT |
6.820 |
1281.270 |
1340.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
711.440
|
521.010
|
402.300
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Sundry Debtors |
271.710
|
293.370
|
428.690
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Cash & Bank Balances |
1024.060
|
93.780
|
153.390
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Other Current Assets |
102.430
|
80.580
|
72.890
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Loans & Advances |
1174.860
|
933.480
|
544.810
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Total
Current Assets |
3284.500
|
1922.220
|
1602.080
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2938.350 |
2755.290 |
2538.840 |
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Other Current Liabilities |
1350.370
|
629.110
|
499.590
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Provisions |
2126.330
|
1454.170
|
1219.080
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Total
Current Liabilities |
6415.050
|
4838.570
|
4257.510
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Net Current Assets |
(3130.550)
|
(2916.350)
|
(2655.430)
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2145.260 |
1701.070 |
1101.080 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
22742.490 |
18030.900 |
16475.400 |
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Other Income |
333.260 |
309.210 |
182.680 |
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TOTAL |
23075.750 |
18340.110 |
16658.080 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
16328.040 |
13645.490 |
12410.030 |
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Advertising Expenses |
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TOTAL |
16328.040 |
13645.490 |
12410.030 |
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PROFIT BEFORE
TAX |
4985.700 |
2802.010 |
1993.360 |
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Less |
TAX |
1711.510 |
961.690 |
706.200 |
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PROFIT AFTER TAX
|
3274.190 |
1840.320 |
1287.160 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB value of exports |
497.550 |
468.550 |
475.160 |
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Reimbursement if Expenses |
0.000 |
1.510 |
0.220 |
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TOTAL EARNINGS |
497.550 |
470.060 |
475.380 |
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IMPORTS |
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Raw Materials and Components |
219.460 |
119.770 |
92.040 |
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Capital Goods |
397.060 |
1.290 |
8.090 |
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TOTAL IMPORTS |
616.520 |
121.060 |
100.130 |
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Earnings Per
Share (Rs.) |
96.30 |
54.13 |
37.86 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.18
|
10.03
|
7.73
|
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Net Profit Margin (PBT/Sales) |
(%) |
21.92
|
15.54
|
12.10
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Return on Total Assets (PBT/Total Assets} |
(%) |
83.74
|
73.77
|
56.23
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Return on Investment (ROI) (PBT/Networth) |
|
2.69
|
2.07
|
2.30
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Debt Equity Ratio (Total Liability/Networth) |
|
3.62
|
3.73
|
4.98
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Current Ratio (Current Asset/Current Liability) |
|
0.51
|
0.40
|
0.37
|
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject (‘the Company’) was incorporated on 17.02.1998, to manufacture diesel
run three wheeled motor vehicles as a joint venture between Piaggio and C. SpA,
THE DETAILS OF
SUNDRY CREDITORS:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
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|
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Total outstanding dues of micro enterprises and small enterprises * |
25.810 |
8.480 |
9.240 |
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Total outstanding dues of creditors other than micro enterprises and
small enterprises |
2938.350 |
2746.810 |
2529.600 |
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Total |
2964.160 |
2755.290 |
2538.840 |
* The information regarding Micro, Small
& Medium scale industrial undertakings has been determined to the extent
such parries have been identified on the basis of the information available
with the Company.
THE YEAR
IN RETROSPECT:
The year
2009-10 has been a momentous year for the Indian Automotive Industry, which
.witnessed a growth of approximately 25%.
The
Company's performance is also in line with the market registering, a volume
growth of 25%. The sales turnover (net of excise) grew by 30% whereas gross
sales turnover growth was at 26%, due to the impact of excise duty reduction as
part of the Government's incentive to revive the economy, post 2008 global
financial crisis.
OPERATIONS:
During the
year under review, the company sold 196,942 vehicles (185,796 - 3 wheelers and
11,146 - 4 wheelers) compared to 157,435 vehicles (148,350-3 wheelers and 9,085
- 4 wheelers) last year. Besides the volume growth, the company in pursuant of
operational excellence was able to deliver a remarkably improved financial
performance. The company registered a Profit before Tax of 23.4% compared to
17% previous year. The company maintained its leadership in the domestic 3
wheeler market, with 41% market share.
The
Company developed a new passenger 3 wheeler model 'Ape City' with diesel,
petrol and gas variants. This vehicle could offer a good opportunity in the
domestic as well as export market.
The
Company's engine manufacturing facility was partly commissioned during the
year, with start of commercial production of the "Leader'' Petrol Engines
in March 2010. The product has passed all the tests and evaluation parameters
and is being regularly supplied to the Parent Company.
EXPANSION:
The Diesel
Engine manufacturing facility is likely to be commissioned in the 3rd quarter of
2010-11 as the product is going through the final stage of testing and
validation.
Fixed Assets
·
Leasehold Land
·
Building
·
Plant and Equipments
·
Furniture and Fixtures
·
Vehicles
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U34102MH1998PTC113606 |
|
Name of the
company |
PIAGGIO VEHICLES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Credit Agricole and Corporate and Investment Bank - A-203, 2nd Floor, ICC
Trade Tower, Senapati Bapat Road, Pune – 411016, Maharashtra, India E-mail : jeroo.vazifdar@ca-cib.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
Deed of Hypothecation dated 30.12.2010 |
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Date of
instrument Creating the charge |
30.12.2010 |
|
Amount secured by
the charge |
Rs. 500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- OD - BLR (7%) + 7% p.a STL/BD/EBD/PC
- negotiated at time of drawdown sub.
to min Base Lending Rate LC/BG/BG-oneoff -
as agreed between paties at time of drawdown Penal int. - 11%
p.a. over the BLR Terms of
Repayment - Over Draft/ Commercial Advance/ Short Term Loan/ Export Finance/
FCNR (B) Loan : Max Tenor : 6 Months Letter of Credit/
Acceptance : 6 months Guarantees : 1
year Extent and
Operation of the charge - Pari passu hypothecation charge on Stock and Book
Debts. |
|
Short particulars
of the property charged |
1) Book Debts includes all present and future
book debts, outstanding, moneys receivables, claims, bills, contracts,
securities, investments, rights and assets. 2) Stocks / Goods includes all tangible
movable property such as products, stocks of goods such as raw materials,
goods in process, finished goods and other items of stock in trade. |
|
Date of last
modification prior to the present modification |
25.07.2008 |
|
Particulars of
the present modification |
BY THIS PRESENT
MODIFICATION the credit facility granted earlier is hereby extended from Rs.
270.000 millions to Rs. 500.000 millions by creating pari passu hypothecation
charge over the Stock and Book Debts for Rs. 500.000 millions. |
AS PER WEBSITE DETAILS
PROFILE:
Subject, the pioneer of
3-wheeler goods transportation in
Subject is a 100% subsidiary of Piaggio and C. s.p.a. of
With an aggregate market share of 41% in the 3w industry and 56% in the
3w cargo segment in 2009, PVPL has firmly established its position as an
undisputed leader in the 3w domestic market. This impressive growth trajectory
would not be possible without PVPL’s advanced R and D center, modern
manufacturing unit and stellar network. In the past 10 years, over 1
million Indian transporters have trusted apé for total dependability,
reliability and profitability. Today, over 300,000 tonnes of cargo is
transported daily across the country on the apé.
Piaggio
Piaggio
Honoured as “The Commercial Vehicle Manufacturer of the Year 2008” by NDTV Profit and Car and Bike India, and awarded the “LCV Truck of the Year” 2010 (payload 1 tonne and above category) by Apollo – CV for apé truk plus, PVPL continues its inspired journey to engineer and produce world class vehicles that ensure a better livelihood and quality of life for millions across India.
News:
Piaggio Vehicles to launch `quadri-cycle' next year
PIAGGIO
Vehicles Private Limited plans to launch its "quadri-cycle" for the
cargo market in the second half of 2005. Currently, extensive tests of the
vehicle are underway.
It
has got the design for the quadri-cycle - a four-wheeler goods and passenger
carrier - from its Italian parent and has got ready a prototype that has been
modified for Indian conditions, according to Mr Ravi Chopra, Managing Director,
Piaggio Vehicles Private Ltd. In an informal chat with Business Line here
on Monday, Mr Chopra hoped that issues over classifying a quadri-cycle would
get sorted out soon.
The
automobile industry in the country is divided on the safety norms that will
have to be incorporated, in case the quadri-cycle is used for moving people.
Some in the industry want the gross vehicle weight to be higher than 600 kg,
while some others feel that 600 kg - the internationally followed limit - is
adequate.
Mr
Chopra was confident that these and other issues that are being currently
debated by the industry would be sorted out shortly. Piaggio would launch the
cargo carrier quadri-cycle next year, once the tests are completed.
This
1.5-tonne vehicle with a payload of 800 kg to one tonne, would be manufactured
at Piaggio Vehicles' plant in Baramati,
Mr
Chopra was here to launch the 1.3-tonne three-wheeler cargo carrier from
Piaggio. The company has a one-tonne three-wheeler in the market and the
1.3-tonne vehicle will help it offer a wider choice to customers in what Mr
Chopra believes is a growing market. All the company's three-wheeler carriers
are sold under `Ape' brand name.
In
his reasoning, for every multi-axle vehicle that is sold for inter-city cargo
movement, at least eight to 10 smaller cargo carriers of the capacity that
Piaggio produces would be required, he told a press conference to launch the
1.3-tonne cargo carrier.
He
said that Piaggio would have a capacity of one lakh units in place before the
end of 2004 and 1.36 lakh units before the end of next year.
From
a "few thousand vehicles" exported last year, Piaggio Vehicles hopes
to increase exports to 20 per cent of total sales in the next couple of years.
Its turnover is expected to grow from Rs 4500 millions in 2003 to Rs 6000
millions this year and the target is to increase it to Rs 10000 millions by the
end of 2005. Its profit before tax was "12 per cent to 13 per cent."
Mr
Chopra said the Italian parent is also keen to make its Indian subsidiary a
worldwide manufacturing hub for three-wheeler products. Piaggio Vehicles had
seeded the market in 18 countries and hoped to begin exports to these countries
shortly.
The
markets include Africa, Latin America, South East Asia and
The
Italian company will also source components like plastic parts and sheet metal
components for its global products.
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.44.15 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.