1. Summary Information
|
|
|
Country |
|
|
Company Name |
VOLKSWAGEN INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Jorg Johannes Muller |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Krishnaswamy K |
|
|
|
Registration # |
11-133117 |
|
Street Address |
E-1, MIDC Industrial Area Phase III, Village Nigoje Mhalunge,
Kharabwadi Chakan, Taluka Khed, Pune-410501, |
||
|
Established Date |
06.02.2007 |
SIC Code |
-- |
|
Telephone# |
91-2135-661070 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-2135-661047 |
Business Style 2 |
-- |
|
Homepage |
http://www.volkswagen.co.in |
Product Name 1 |
Four Wheelers |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.14,386,815,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings
100.00% |
Banking |
HSBC
Bank |
|
Public Limited Corp. |
No |
Business Period |
4 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Fellow Subsidiaries |
-- |
Skoda Auto India Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2009 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,994,547,000 |
Current Liabilities |
7,477,369,000 |
|
Inventories |
1,813,336,000 |
Long-term Liabilities |
17,444,266,000 |
|
Fixed Assets |
14,317,554,000 |
Other Liabilities |
16,099,000 |
|
Deferred Assets |
000 |
Total Liabilities |
24,937,734,000 |
|
Invest& other Assets |
11,364,533,000 |
Retained Earnings |
000 |
|
|
|
Net Worth |
9,552,236,000 |
|
Total Assets |
34,489,970,000 |
Total Liab. & Equity |
34,489,970,000 |
|
Total Assets (Previous Year) |
15,893,836,000 |
|
|
|
P/L Statement as of |
31.12.2009 |
(Unit: Indian Rs.) |
|
|
Sales |
2,443,110,000 |
Net Profit |
(3,658,030,000) |
|
Sales(Previous yr) |
000 |
Net Profit(Prev.yr) |
(1,013,330,000) |
MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
VOLKSWAGEN INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-1, MIDC Industrial Area Phase III, Village Nigoje Mhalunge,
Kharabwadi Chakan, Taluka Khed, Pune-410501, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
06.02.2007 |
|
|
|
|
Com. Reg. No.: |
11-133117 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14386.815
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102PN2007FTC133117 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV14433G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Four Wheelers. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Volkswagen Group. It is an established company
having satisfactory 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
Mr. Pankaj Gupta |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9823285698 |
LOCATIONS
|
Registered Office / Factory: |
E-1, MIDC Industrial Area Phase III, Village Nigoje Mhalunge,
Kharabwadi Chakan, Taluka Khed, Pune-410501, |
|
Tel. No.: |
91-2135-661070 / 661000 / 063 / 661058 / 661060 / 661179 |
|
Mobile No.: |
91-9823285698 (Mr. Pankaj) |
|
Fax No.: |
91-2135-661047 / 661044 |
|
E-Mail : |
|
|
Website : |
http://www.volkswagen.co.in |
|
Area : |
700 acers |
|
Location : |
Owned |
DIRECTORS
AS ON 17.05.2010
|
Name : |
Mr. Jorg Johannes Muller |
|
Designation : |
Managing Director |
|
Address : |
Hinterm Stadttor 10, |
|
Date of Birth/Age : |
13.04.1962 |
|
Date of Appointment : |
30.06.2008 |
|
|
|
|
Name : |
Mr. Krishnaswamy K |
|
Designation : |
Managing Director |
|
Address : |
Mathrushree, 723, 8th Main, Sarakki Ext. J P Nagar, 3rd Phase, |
|
Date of Birth/Age : |
28.05.1955 |
|
Date of Appointment : |
21.07.2008 |
|
|
|
|
Name : |
Mr. Wallapura John Chacko |
|
Designation : |
Whole Time Director |
|
Address : |
Alte Dorfstrabe 25, Waltingpfunz, 85137, |
|
Date of Birth/Age : |
26.03.1952 |
|
Date of Appointment : |
06.02.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Devendra Malegaonkar |
|
Designation : |
Secretary |
|
Address : |
Flat No. 6, Muktai Housing Society, Suncity Road, Saikwadi,
Wadgaonsheri, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
08.02.1980 |
|
Date of Appointment : |
13.12.2007 |
|
|
|
|
Name : |
Mr. Ritesh |
|
Designation : |
Account Department |
|
Tel. No.: |
91-2135-661000/ 063 |
|
Name : |
Mr. Pankaj Gupta |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.05.2010
|
Names of Equity Shareholders |
|
No. of Shares |
|
Volkswagen International |
|
129619931 |
|
Volkswagen AG |
|
1 |
|
Volkswagen AG |
|
337337000 |
|
|
|
|
|
Total |
|
466956932 |
AS ON 17.05.2010
|
Names of Preference Shareholders |
|
No. of Shares |
|
Volkswagen AG |
|
971724552 |
|
|
|
|
|
Total |
|
971724552 |
(AS ON 18.05.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Four Wheelers |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Parts |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Credit |
||||
|
|
|
||||
|
Purchasing : |
Credit |
PRODUCTION STATUS AS ON 31.03.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Motor Car |
Nos. |
110000 |
4113 |
NOTE
i) Installed capacity, as certified by the
management and accepted by the auditors without verification, being a technical
matter
ii) All capacities are set up after July
25,1991 an no licenses are required in terms of notification No.477 (E) under
the industries (development and regulation) Act, 1951. A declaration to this
effect has been mentioned in the industrial entrepreneur’s memorandum files in
this regard.
GENERAL INFORMATION
|
No. of Employees : |
1500 (Approximately) |
|
|
|
|
Bankers : |
·
HSBC Bank, Near ·
Deutche Bank, Mumbai, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Water House Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, |
|
|
|
|
Volkswagen AG, Porsche Automobile Holding SE (part of the year) |
|
|
|
|
|
Fellow Subsidiaries: |
·
Skoda Auto India Private Limited ·
Volkswagen Group Sales India Private Limited ·
Volkswsagen of South Africa Private Limited ·
Audi AG ·
Autoeuropa Automoveis Lda ·
Audi Brussels S.A ·
IAV India Private Limited ·
Skoda Auto A.S ·
Volkswagen do Brasil Industria ·
Vokswagen ·
Vokswagen ·
Volkswgen Coaching ·
Volkswagen Notorsport GmbH ·
Vokswagen Marketing ·
Volkswsgen International Finance N.V |
CAPITAL STRUCTURE
AS ON 18.05.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
466956932 |
Equity Share |
Rs.10/- Each |
Rs.4669.569 Millions |
|
971724552 |
Preference Shares |
Rs.10/- each |
Rs.9717.246 Millions |
|
|
Total |
|
Rs.14386.815
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
466956932 |
Equity Share |
Rs.10/- Each |
Rs.4669.569
millions |
|
971724552 |
Preference Shares |
Rs.10/- Each |
Rs.9717.246
Millions |
|
|
Total |
|
Rs.14386.815 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14386.815 |
14386.815 |
10679.815 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(4834.579) |
(1020.944) |
(7.610) |
|
|
NETWORTH |
9552.236 |
13365.871 |
10672.205 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
17444.266 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
17444.266 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26996.502 |
13365.871 |
10672.205 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14317.554 |
1001.804 |
824.375 |
|
|
Capital work-in-progress |
11364.533 |
11285.647 |
2009.324 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1813.336
|
63.547 |
0.000 |
|
|
Sundry Debtors |
812.332
|
0.000 |
9.464 |
|
|
Cash & Bank Balances |
2351.267
|
1409.529 |
8707.144 |
|
|
Other Current Assets |
288.765
|
31.029 |
95.728 |
|
|
Loans & Advances |
3542.183
|
2102.280 |
117.954 |
|
Total
Current Assets |
8807.883
|
3606.385 |
8930.290 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2092.146 |
1048.296 |
|
|
Other Current Liabilities |
7477.369
|
109.694 |
38.142 |
|
|
Provisions |
16.099
|
326.125 |
5.346 |
|
Total
Current Liabilities |
7493.468
|
2527.965 |
1091.784 |
|
|
Net Current Assets |
1314.415
|
1078.420 |
7838.506 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26996.502 |
13365.871 |
10672.205 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2443.110 |
0.000 |
0.000 |
|
|
|
Other Income |
1218.490 |
957.710 |
26.009 |
|
|
|
TOTAL |
3661.600 |
957.710 |
26.009 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Cost |
|
1610.890 |
12.830 |
|
|
|
Administrative and Other Expenses |
|
|
20.130 |
|
|
|
TOTAL |
5370.110 |
1610.890 |
32.960 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1708.510) |
(653.180) |
(6.951) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1941.020 |
41.970 |
0.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(3649.530) |
(695.150) |
(7.240) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.500 |
318.180 |
0.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
(3658.030) |
(1013.330) |
(7.610) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export |
271.269 |
0.000 |
NA |
|
|
|
Technical Service Income |
254.021 |
47.843 |
NA |
|
|
TOTAL EARNINGS |
525.290 |
47.843 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
2638.370 |
98.422 |
NA |
|
|
|
Capital Goods |
7691.512 |
5302.291 |
NA |
|
|
TOTAL IMPORTS |
10329.882 |
5400.713 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.83 |
4.31 |
0.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(99.90) |
(105.81) |
(29.26) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(149.38) |
(0.00) |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.78) |
(15.09) |
(0.07) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.38) |
(0.05) |
(0.00) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.61 |
0.19 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.43 |
8.18 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered Office
of the company has been shifted from 110-111/10,
TRADE REFERENCES
- Minda
Industries, Pune, Chakan
- Tata Siscosa
- Posh
FIXED ASSETS
- Computers
- Office
Equipments
- Electrical
Fittings
- Furniture and
Fixtures
- Vehicles
- Plant and machinery
As Per Website Details:
With its
headquarters in Pune, Maharashtra (
Volkswagen Group
India is a part of Volkswagen AG, which is globally represented by 9 brands-
Audi, Bentley, Bugatti, Lamborghini, Scania, Seat, Skoda, Volkswagen Commercial
Vehicles (Volkswagen Nutzfahrzeuge) and Volkswagen Passenger Cars. The product
range extends from low-consumption small cars to luxury class vehicles and
trucks. The Group operates 60 production plants around the world. In total more
than 370,000 employees produce more than 26,600 vehicles or are involved in
vehicle-related services each working day.
The highest
volume brand of the Group is Volkswagen.
From December 12,
2009 the new Pune plant has started rolling-out the hatchback version of the
Volkswagen Polo.The made-in-India Polo was presented to the general public for
the very first time at the Auto Expo 2010. The launch of this premium hatchback
in March, brought access to one of the Indian passenger car segments with the
highest-volume unit sales.
Skoda entered the Indian market in 2001. Its plant in
Audi offers high-end models of interest to Indian customers. With the A8 and
the Q7, the A6, the A4 and not forgetting the R8, the TT and the recently
introduced Q5, Audi offers top-quality, technically brilliant cars with an
exclusive flair in the relevant luxury segments. Audi’s positioning as a
leading manufacturer of such high-class vehicles, both assembled in
Recognizing the importance of an extensive dealer network towards scripting a
long-term success story, the brands of the Volkswagen Group are setting up
dealerships spanning the entire country with Volkswagen, Skoda and Audi having in
total around 120 dealerships across the country today. They are not only laying
the foundation for a substantial increase in sales but also doing the
groundwork for offering a first-class all-round service, taking customer
satisfaction to the highest level. Keeping this in mind they launched their
first Group Logistics Service facility recently that would help make their
dealer network become more efficient and smoothen the entire process of
service. In the period between January 2009 and December 2009, the three brands
of the Volkswagen Group have together sold around 19,000 vehicles in
A crucial element of the Volkswagen’s strategy is to establish a long-term
presence in
The new plant was inaugurated by The Honourable Governor of Maharashtra, His
Excellency Shri. S. C. Jamir, and Prof. Dr. Jochem Heizmann, Member of the
Board of Management of Volkswagen Aktiengesellschaft with responsibility for
‘Group Production’ end of March 2009 and has begun building the Skoda Fabia
compact car in May 2009. The launch of Polo, the hatchback car, is a visible
testimony to Volkswagen’s vision of “Mobility - Made in
In recognition of its efforts in
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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.