MIRA
INFORM REPORT
|
Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOLDSEAL - SAARGUMMI INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gold Seal House, |
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|
Country : |
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Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
29.08.1997 |
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|
|
|
Com. Reg. No.: |
11 - 110354 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 31.883 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1997PTC110354 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG05321B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Parts and Accessories of Motor Vehicles. |
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|
|
|
No. of Employees
: |
800 (Approximately) |
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 226000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments 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.
INFORMATION PARTED BY
|
Name : |
Mr. K. Raghunathan |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-25663498 |
|
Date : |
21.06.2011 |
LOCATIONS
|
Registered Office : |
Gold Seal House, |
|
Tel. No.: |
91-22-25663498/ 67370303/ 67370336 |
|
Fax No.: |
91-22-67370304/ 67370303 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
2000 Sq. Ft |
|
Location : |
Rented |
|
|
|
|
Factory : |
Daulet Abad, |
|
Tel. No.: |
91-260-2220043/ 2221043/ 44 |
|
Fax No.: |
91-260-2221410 |
|
E-Mail : |
DIRECTORS
As on 21.09.2010
|
Name : |
Mr. Michael Ralph Lorig |
|
Designation : |
Director |
|
Address : |
Munchen, Guntherstr - 21, |
|
Date of Birth/Age : |
25.02.1968 |
|
Date of Appointment : |
03.12.2009 |
|
DIN No.: |
02845664 |
|
|
|
|
Name : |
Mr. Roland Dittmann |
|
Designation : |
Alternate Director |
|
Address : |
Josef Harnisch, Strasse 23, |
|
Date of Birth/Age : |
16.01.1962 |
|
Date of Appointment : |
02.02.2010 |
|
DIN No.: |
03080416 |
|
|
|
|
Name : |
Mr. Khursheed Cyrus Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerset House, Off. Warden Road,
Mumbai – 400026, |
|
Date of Birth/Age : |
21.03.1982 |
|
Date of Appointment : |
20.02.2004 |
|
DIN No.: |
00283874 |
|
|
|
|
Name : |
Mr. Urvaksh Cyrus Aga |
|
Designation : |
Alternate Director |
|
Address : |
51, Sommerset House, Off. Warden Road,
Mumbai – 400026, |
|
Date of Birth/Age : |
21.03.1980 |
|
Date of Appointment : |
29.03.2007 |
|
DIN No.: |
00283926 |
|
|
|
|
Name : |
Mr. Cyrus Hoshang Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerset House, Off. Warden Road, Mumbai
– 400026, |
|
Date of Birth/Age : |
24.11.1955 |
|
Date of Appointment : |
14.08.1997 |
|
DIN No.: |
00284019 |
|
|
|
|
Name : |
Mr. Pilloo Cyrus Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerset House, Off. Warden Road,
Mumbai – 400026, |
|
Date of Birth/Age : |
16.09.1955 |
|
Date of Appointment : |
14.08.1997 |
|
DIN No.: |
00284093 |
|
|
|
|
Name : |
Mr. Dieter Hermann Raschke |
|
Designation : |
Director |
|
Address : |
Olmuhlweg 15 B, Konigstein - 61462, |
|
Date of Birth/Age : |
06.08.1953 |
|
Date of Appointment : |
29.05.2006 |
|
DIN No.: |
01860255 |
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|
|
|
Name : |
Mr. Joerg Leiffels |
|
Designation : |
Alternate Director |
|
Address : |
|
|
Date of Birth/Age : |
25.01.1971 |
|
Date of Appointment : |
24.07.2008 |
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DIN No.: |
02574854 |
KEY EXECUTIVES
|
Name : |
Mr. K. Raghunathan |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Cyrus Houshang Aga |
|
9847 |
|
Pilloo Cyrus Aga |
|
10 |
|
Daulet Houshang Aga Cyrus Houshang Aga |
|
297430 |
|
Cyrus Houshang Aga Pilloo Cyrus Aga Urvaksh Cyrus Aga |
|
124990 |
|
Pilloo Cyrus Aga Cyrus Houshang Aga Khursheed Cyrus Aga |
|
113873 |
|
Urvaksh Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga |
|
44064 |
|
Khursheed Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga |
|
22032 |
|
Darius Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga |
|
44064 |
|
Cyrus Houshang Aga Pilloo Cyrus Aga |
|
247294 |
|
Pilloo Cyrus Aga Cyrus Houshang Aga |
|
144831 |
|
Pilloo Cyrus Aga Cyrus Houshang Aga Urvaksh Cyrus Aga |
|
124511 |
|
Pilloo Cyrus Aga Cyrus Houshang Aga Darius Cyrus Aga |
|
21185 |
|
Cyrus Houshang Aga Urvaksh Cyrus Aga Pilloo Cyrus Aga |
|
188295 |
|
Cyrus Houshang Aga Khursheed Cyrus Aga Pilloo Cyrus Aga |
|
188295 |
|
Cyrus Houshang Aga Darius Cyrus Aga Pilloo Cyrus Aga |
|
188295 |
|
Jal Edil Katrak Maharukh Edil Katrak |
|
48725 |
|
Edil Jal Katrak |
|
10591 |
|
Maharukh Edil Katrak Edil Jal Katrak |
|
12710 |
|
SaarGummi Technologies |
|
1357316 |
|
Total |
|
3188358 |
As on 21.09.2010
Equity Share Break up (Percentage of Total Equity)
|
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 |
42.57 |
|
Directors or relatives of Directors |
57.43 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Parts and Accessories of Motor Vehicles. |
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Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Extrusion |
Mtrs |
16200000 |
16200000 |
-- |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
800 (Approximately) |
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Bankers : |
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Facilities : |
* Includes a) loan taken from companies in which directors are interested Rs.
41.415 Millions (Previous Year Rs. 41.005 Millions); Maximum loan outstanding
during the year Rs. 51.149 (Previous Year Rs. 41.005 Millions) b) loan from Directors Rs. 31.510 Millions (Previous Year Rs. 21.580
Millions); Maximum outstanding during the year is Rs. 37.845 Millions
(Previous Year Rs. 21.663 Millions) c) Loan From Directors relative Rs. 3.672 Millions (Previous Year Rs.
6.277 Millions) (Previous Year Rs. 6.277 Millions) |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Financial Institution : |
Volkswagen India Private Limited, E-1, MIDC Industrial Area, Phase
III, Village Nigoje Mhalunge Kharabwdi Chakan, Tal Khed, Pune – 410501,
Maharasahtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloittr Haskin and Sells Chartered Accountant |
|
Address : |
Heritage, 3rd Floor, Near |
|
Tel. No.: |
91-79-27582542/ 27582543 |
|
Fax No.: |
91-79-27582551 |
|
PAN.: |
AABFD7919A |
CAPITAL STRUCTURE
As on 21.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3200000 |
Equity Shares |
Rs.10/- each |
Rs. 32.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3188358 |
Equity Shares |
Rs.10/- each |
Rs. 31.883 Millions |
Note:
Out of these 1538838 equity shares were issued
during the year 2003-04 for consideration other than cash to shareholders of Gold
Seal Engineering Products Private Limited for acquisition of Permaseel Division
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 |
31.883 |
31.883 |
31.883 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24.795 |
21.046 |
20.097 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
56.678 |
52.929 |
51.980 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
6.877 |
|
|
2] Unsecured Loans |
77.792 |
71.028 |
34.542 |
|
|
TOTAL BORROWING |
77.792 |
71.028 |
41.419 |
|
|
DEFERRED TAX LIABILITIES |
8.866 |
8.812 |
8.687 |
|
|
|
|
|
|
|
|
TOTAL |
143.336 |
132.769 |
102.086 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
71.999 |
64.127 |
63.578 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.635
|
15.140 |
15.354 |
|
|
Sundry Debtors |
72.698
|
63.679 |
31.283 |
|
|
Cash & Bank Balances |
1.818
|
0.960 |
1.715 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
20.523
|
16.322 |
12.003 |
|
Total
Current Assets |
117.674
|
96.101 |
60.355 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
40.083
|
19.326 |
9.989 |
|
|
Other Current Liabilities |
0.931
|
0.854 |
1.867 |
|
|
Provisions |
5.323
|
7.279 |
9.991 |
|
Total
Current Liabilities |
46.337
|
27.459 |
21.847 |
|
|
Net Current Assets |
71.337
|
68.642 |
38.508 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
143.336 |
132.769 |
102.086 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
232.631 |
|
|
|
Other Income |
|
|
4.159 |
|
|
|
TOTAL (A) |
344.886 |
276.221 |
236.790 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
|
16.784 |
|
|
|
Employees remuneration |
|
|
15.067 |
|
|
|
Selling Expenses |
|
|
10.301 |
|
|
|
Administrative Expenses |
|
|
18.986 |
|
|
|
Raw Material Consumed |
|
|
140.835 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
(4.405) |
|
|
|
TOTAL (B) |
313.784 |
254.805 |
197.568 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) © |
(Including
Financial Expenses) |
(Including
Financial Expenses) |
39.222 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
3.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.102 |
21.416 |
35.237 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.408 |
5.875 |
5.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
24.694 |
15.541 |
29.667 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
NA |
NA |
11.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
NA |
NA |
18.247 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.808 |
12.870 |
5.405 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.580 |
1.010 |
1.830 |
|
|
|
Dividend (Inclusive of Dividend Tax) |
11.191 |
8.952 |
4.476 |
|
|
|
Final Dividend @12% Dividend (Inclusive of Dividend Tax) |
0.000 |
0.000 |
4.476 |
|
|
BALANCE CARRIED
TO THE B/S |
14.977 |
12.808 |
12.870 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Export |
20.891 |
38.783 |
39.046 |
|
|
TOTAL EARNINGS |
20.891 |
38.783 |
39.046 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9.532 |
1.263 |
1.904 |
|
|
|
Stores & Spares |
7.226 |
0.355 |
0.309 |
|
|
TOTAL IMPORTS |
16.758 |
1.618 |
2.213 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.75 |
3.11 |
5.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
--
|
-- |
7.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
-- |
12.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.02
|
9.70 |
23.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.29 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.19
|
1.86 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.54
|
3.50 |
2.76 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors:
|
Particulars |
As on 31.03.2010 (Rs. in Millions) |
As on 31.03.2009 (Rs. in Millions) |
As on 31.03.2008 (Rs. in Millions) |
|
Due to Micro and Small Enterprises |
32.111 |
17.793 |
0.000 |
|
Others |
7.972 |
1.533 |
9.989 |
|
Total |
40.083 |
19.326 |
9.989 |
Contingent
Liability not provided for in respect of:
- Claims
against the company not acknowledge as debts:
- Excise duty/
Service Tax Matters Rs. 1.738 Millions (Previous Year Nil)
- Guarantee given
to Electricity board is Rs. 2.000 Millions (Previous Year Rs. 1.000
Million)
- Estimated
amount of contracts remaining to be executed on capital account and not
provided for Rs. Nil (Previous Year Rs. Nil)
Fixed Assets:
- Building
- Plant and Machinery
- Computers
- Furniture and Fittings
- Office Equipment
- Motor Car
- Dies and Moulds
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.44.82 |
|
|
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
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 |
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 |
NO |
|
--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.