1. Summary Information
|
|
|
Country |
|
|
Company Name |
SMR AUTOMOTIVE
SYSTEMS INDIA LIMITED |
Principal Name 1 |
Mr. Ashok Tandon |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Laksh Vaaman Sehgal |
|
|
|
Registration # |
|
|
Street Address |
2nd
Floor, F – 7, Block B – 1, Mohan Co – operation Industrial Estate, Mathura
Road, Delhi – 110044, India |
||
|
Established Date |
22.12.1995 |
SIC Code |
-- |
|
Telephone# |
91-11-40555940 |
Business Style 1 |
Manufacturer of mirrors |
|
Fax # |
Not Available |
Business Style 2 |
--- |
|
Homepage |
Not Available |
Product Name 1 |
--- |
|
# of employees |
Not Available |
Product Name 2 |
--- |
|
Paid up capital |
|
Product Name 3 |
|
|
Shareholders |
|
Banking |
Not Available |
|
Public Limited Corp. |
-- |
Business Period |
16 Years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Ba
(49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
560,462,000 |
Current Liabilities |
438,361,000 |
|
Inventories |
216,344,000 |
Long-term Liabilities |
176,897,000 |
|
Fixed Assets |
162,546,000 |
Other Liabilities |
---- |
|
Deferred Assets |
16,418,000 |
Total Liabilities |
615,258,000 |
|
Invest& other Assets |
11,873,000 |
Retained Earnings |
215,385,000 |
|
|
|
Net Worth |
352,385,000 |
|
Total Assets |
967,643,000 |
Total Liab. & Equity |
967,643,000 |
|
Total Assets (Previous Year) |
578,753,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
2305,042,000 |
Net Profit |
122,240,000 |
|
Sales(Previous yr) |
1086,287,000 |
Net Profit(Prev.yr) |
67,507,000 |
MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SMR AUTOMOTIVE SYSTEMS INDIA LIMITED (w.e.f 24.07.2009) |
|
|
|
|
Formerly Known
As : |
BRITAX MOTHERSIN PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, F – 7, Block B – 1, Mohan Co – operation
Industrial Estate, Mathura Road, Delhi – 110044 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.12.1995 |
|
|
|
|
Com. Reg. No.: |
55-074884 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 137.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PLC074884 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS25829G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS0021D |
|
|
|
|
Legal Form : |
A Closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer of mirrors for automobile sector and other automotive
components for automotive industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1409500 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. General
financial position of the company is good. Trade relations are reported as fair.
Business is active. Payment are reported to be usually correct 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 |
LOCATIONS
|
Registered Office : |
2nd Floor, F – 7, Block B – 1, Mohan Co – operation
Industrial Estate, Mathura Road, Delhi – 110044, India |
|
Tel. No.: |
91-11-40555940 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
Not Available |
|
|
|
|
Branches : |
|
DIRECTORS
AS ON 26.07.2010
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director |
|
Address : |
H1A 141 DLF westend heights,
Phase – V, |
|
Date of Birth/Age : |
20.02.1951 |
|
Date of Appointment : |
29.04.2009 |
|
|
|
|
Name : |
Mr. Laksh Vaaman Sehgal |
|
Designation : |
Director |
|
Address : |
B – 300 New Friends Colony, |
|
Date of Birth/Age : |
29.11.1982 |
|
Date of Appointment : |
29.04.2009 |
|
|
|
|
Name : |
Mr. Pankaj Kumar Mital |
|
Designation : |
Director |
|
Address : |
C – 9, Sector – 50, Noida, Uttar Pradesh – 201301, |
|
Date of Birth/Age : |
15.09.1966 |
|
Date of Appointment : |
25.01.2001 |
|
|
|
|
Name : |
Mr. Ramesh Dhar |
|
Designation : |
Director |
|
Address : |
J – 43, Sector – 41, Noida, Uttar Pradesh – 201303, |
|
Date of Birth/Age : |
19.04.1952 |
|
Date of Appointment : |
05.12.2006 |
|
|
|
|
Name : |
Mr. Akihiko Yamauchi |
|
Designation : |
Director |
|
Address : |
2-21-4 Okadai, |
|
Date of Birth/Age : |
28.06.1956 |
|
Date of Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Toshihiro Watanabe |
|
Designation : |
Director |
|
Address : |
B – 35, Ground Floor, Pamposh Enclave, |
|
Date of Birth/Age : |
27.07.1953 |
|
Date of Appointment : |
17.06.2008 |
|
|
|
|
Name : |
Mr. Nagarajan Ramanathan |
|
Designation : |
Director |
|
Address : |
2-Medha Apartments, Mayur Vihar, Phase – 1, |
|
Date of Birth/Age : |
03.02.1953 |
|
Date of Appointment : |
19.09.2002 |
|
|
|
|
Name : |
Mr. Brian Dale Freeborn |
|
Designation : |
Director |
|
Address : |
16 vales court Mc Laren Vales, |
|
Date of Birth/Age : |
13.10.1948 |
|
Date of Appointment : |
28.06.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Ashutosh Kumar Singh |
|
Designation : |
Secretary |
|
Address : |
B – 8, 238, Kendriya Vihar, Vellappanchvadi, Chennai – 600077, |
|
Date of Birth/Age : |
01.06.1968 |
|
Date of Appointment : |
28.12.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Motherson Sumi Systems Limited |
|
6712590 |
|
SMR AutomotiveTechnology Holdings Cyprus Ltd. (formerly known as
Samvardhana Motherson Visiocorp Solution ( |
|
6987000 |
|
Ms. Geeta Soni |
|
100 |
|
Mr. L. V. Sehgal |
|
100 |
|
Mr. Pankaj Mital |
|
100 |
|
Mr. Vivek Chaand Sehgal |
|
10 |
|
Mr. Ashok Tandon |
|
100 |
|
|
|
|
|
Total |
|
13700000 |
AS ON 26.07.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
51.00 |
|
Bodies corporate |
49.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of mirrors for automobile sector and other automotive
components for automotive industry. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Mirrors |
Nos |
--- |
12054189 |
6538854 |
|
Other automotive components |
Nos |
--- |
25181000 |
3681225 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and company Chartered Accountant |
|
Address : |
Golf View Corporate Tower – B, Sector 42, |
|
Tel. No.: |
91-124-464-4000 |
|
Fax No.: |
91-124-464-4050 |
|
|
|
|
Associates/Subsidiaries : |
|
|
|
|
|
Ultimate Holding company |
|
|
|
|
|
Holding company |
|
|
|
|
|
Fellow Subsidiaries |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13700000 |
Equity Shares |
Rs.10/- each |
Rs. 137.000
Millions |
|
|
|
|
|
Note:
Of the above, during 6,987,000 equity shares have been acquired by SMR
Automotive Technology Holding Cyprus Limited (Holding Company),
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
137.000 |
137.000 |
137.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
215.385 |
93.145 |
25.637 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
352.385 |
230.145 |
162.367 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49.873 |
83.349 |
5.961 |
|
|
2] Unsecured Loans |
127.024 |
23.694 |
9.311 |
|
|
TOTAL BORROWING |
176.897 |
107.042 |
15.273 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
529.282 |
337.188 |
177.910 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
162.546 |
162.114 |
40.699 |
|
|
Capital work-in-progress |
11.873 |
9.167 |
35.593 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
16.418 |
6.328 |
7.985 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
216.344
|
110.225 |
76.319 |
|
|
Sundry Debtors |
274.617
|
120.521 |
105.965 |
|
|
Cash & Bank Balances |
122.330
|
21.822 |
21.652 |
|
|
Other Current Assets |
4.721
|
2.229 |
0.164 |
|
|
Loans & Advances |
158.794
|
114.369 |
46.949 |
|
Total
Current Assets |
776.806
|
369.166 |
251.049 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
400.246
|
198.503 |
152.387 |
|
|
Other Current Liabilities |
18.822
|
4.537 |
0.000 |
|
|
Provisions |
19.293
|
6.547 |
5.032 |
|
Total
Current Liabilities |
438.361
|
209.587 |
157.419 |
|
|
Net Current Assets |
338.445
|
159.579 |
93.631 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
529.282 |
337.188 |
337.188 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover (Gross) |
2397.137 |
1225.253 |
835.513 |
|
Less |
|
Excise Duty |
184.299 |
152.129 |
115.893 |
|
|
|
Turnover (Net) |
2212.838 |
1073.124 |
719.619 |
|
|
|
Other Income |
16.486 |
10.394 |
8.018 |
|
|
|
Increase in inventories |
75.717 |
2.769 |
8.951 |
|
|
|
TOTAL (A) |
2305.042 |
1086.287 |
736.589 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material consumed |
1394.879 |
683.855 |
435.822 |
|
|
|
Tooling/ traded goods parched |
233.131 |
80.363 |
67.317 |
|
|
|
Personal Expenses |
153.321 |
81.291 |
62.717 |
|
|
|
Operating and other expenses |
260.958 |
111.283 |
85.958 |
|
|
|
TOTAL (B) |
204.292 |
956.796 |
651.818 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
262.750 |
129.491 |
84.771 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.968 |
2.106 |
0.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
250.782 |
127.385 |
84.124 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
51.845 |
26.307 |
21.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
198.937 |
101.078 |
62.630 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
76.697 |
33.571 |
22.933 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
122.240 |
67.507 |
39.697 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
91.369 |
23.861 |
(15.835) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
213.609 |
91.369 |
23.861 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
133.946 |
47.897 |
47.024 |
|
|
TOTAL EARNINGS |
133.946 |
47.897 |
47.024 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
444.084 |
182.253 |
136.039 |
|
|
|
Capital Goods |
--- |
45.413 |
14.863 |
|
|
|
Traded Goods |
187.088 |
58.712 |
3.852 |
|
|
TOTAL IMPORTS |
631.172 |
286.378 |
154.754 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.92 |
4.93 |
2.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
5.30
|
6.21 |
5.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.63
|
9.30 |
8.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.60
|
27.38 |
16.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.43 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.24
|
0.91 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.76 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office address of the company
has been sifted from 43, Community Centre, New Friends Colony ,
OPERATIONAL PERFORMANCE:
The net revenue of the company during the year
is Rs. 2305.042 Millions as against Rs. 1086.287 in the previous year. The
profit before tax is Rs. 198.937 as against Rs 101.078 Millions previous year.
|
Corporate
identity number of the company |
U74899DL1995PLC074884 |
|
Name of the
company |
SMR AUTOMOTIVE
SYSTEMS INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor, F-7,
Block B-1, Mohan Cooperative
Industrial Estate |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI – 400013, |
|
Nature of instrument
creating charge |
Deed of Hyp dated
05-02-2011 |
|
Date of
instrument Creating the charge |
05.02.2011 |
|
Amount secured by
the charge |
100.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: 11%p.a. or as mutually agreed Terms of Repayment: As per attached Deed of Hyp or as
mutually agreed Margin: 25% on stocks and book debts or as mutually agreed. Extent and Operation of the charge: As per attached Deed of Hyp |
|
Short particulars
of the property charged |
First Pari Passu
charge on Stock in trade, materials, goods in process and finished goods and
other merchandise being moveable property & book debts (present and
future) |
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.