MIRA
INFORM REPORT
|
Report Date : |
02.05.2011 |
Note:
Correct name of the company is “INDO AUTOTECH
LIMITED”.
IDENTIFICATION DETAILS
|
Name : |
INDO AUTOTECH LIMITED |
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Registered
Office : |
Plot No.334-338, Sector-24, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.09.2006 |
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Com. Reg. No.: |
05-036369 |
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CIN No.: [Company Identification
No.] |
U34300HR2006PLC036369 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Sheet Metal Components, Tubular Components, Fineblanked Components, Assemblies, Sub Assemblies. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1805000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an 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.
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.334-338, Sector-24, |
|
Tel. No.: |
91-129-4028209-13 |
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Fax No.: |
91-129-4028209-13/ 4028212 |
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E-Mail : |
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Website : |
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Overseas Office 1 : |
Goethestrasse 19, D-77855 |
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E-Mail : |
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Overseas Office 2 : |
Janderstr.8, D-68199 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Anand Kumar Jain |
|
Designation : |
Managing Director |
|
Address : |
H.No-672, Sector-14, |
|
Date of Appointment : |
15.09.2006 |
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DIN No.: |
00059290 |
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Name : |
Mr. Sajan Kumar Jain |
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Designation : |
Whole Time Director |
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Address : |
H.No-1443, Sector-14, |
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Date of Appointment : |
15.09.2006 |
|
DIN No.: |
00061401 |
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|
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Name : |
Mr. Satish Jain |
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Designation : |
Director |
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Address : |
H.No-1443, Sector-14, |
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Date of Appointment : |
15.09.2006 |
|
DIN No.: |
0011033 |
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|
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|
Name : |
Mr. Navdeep Chawla |
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Designation : |
Director |
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Address : |
H.No-216, Sector-15, |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
00286448 |
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Name : |
Mr. Sulekh Chand Jain |
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Designation : |
Director |
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Address : |
MD-25, Pitam Pura, |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
01599429 |
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Name : |
Mr. Narender Kumar Jain |
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Designation : |
Director |
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Address : |
Plot No-263, Sector-29,Ganga Apartment, Noida, |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
01682822 |
KEY EXECUTIVES
|
Name : |
Mr. Kapil Kumar Marwah |
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Designation : |
Secretary |
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Address : |
6/29, Single Storey, Ramesh Nagar, |
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Date of Birth/Age : |
12.09.1979 |
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Date of Ceasing : |
04.08.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sajan Kumar Jain |
|
8798510 |
|
Anand Kumar Jain |
|
2547990 |
|
Satish Jain |
|
170000 |
|
Trishla Jain |
|
5000 |
|
Babita Jain |
|
5000 |
|
Nisha Jain |
|
65000 |
|
Renu Jain |
|
105000 |
|
Sarvottam Pumps Limited, |
|
1797000 |
|
Divyam Knitwears Limited, |
|
91150 |
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Total |
|
13584650 |
As on 31.01.2011
|
Names of Allottee |
|
No. of Shares |
|
Sunit Infoways Private Limited, |
|
6000 |
|
Focus Industrial Resources Limited, |
|
15000 |
|
Manvi Trading Private Limited, |
|
9000 |
|
Sunit IT Solutions Private Limited, |
|
10000 |
|
Euphoria Capital Limited, |
|
10000 |
|
RLS Holiday Resorts Private Limited, |
|
9000 |
|
Mahalaxmi Realmart Private Limited, |
|
9000 |
|
Milap Automotive Private Limited, |
|
16000 |
|
Warsi Overseas Private Limited, |
|
11000 |
|
Ishaan Management Solution Private Limited, |
|
6000 |
|
Sharda India Private Limited, |
|
10000 |
|
SLR Marketing Private Limited, |
|
4000 |
|
Pawan Shut Holding Limited, |
|
6600 |
|
Rapchik Foods Private Limited, |
|
6000 |
|
Nipun Infotech Private Limited, |
|
10000 |
|
Lakshya Trexim Private Limited, |
|
4000 |
|
Elba Communication Limited, |
|
3000 |
|
Deo Jewellers Limited, |
|
3000 |
|
Divakar Infosolutions Private Limited, |
|
6000 |
|
Akshay Softech Private Limited, |
|
5000 |
|
Leo Sales Company Private Limited, |
|
6000 |
|
Aman Infocom Private Limited, |
|
4000 |
|
New Age Infrabuilders Private Limited, |
|
2000 |
|
Active Promotions and Enents Private Limited, |
|
5000 |
|
Yogya Infotech Private Limited, |
|
7000 |
|
Mahagun Sales and Trade Private Limited, |
|
5000 |
|
J.V. Trading Private Limited, |
|
4000 |
|
M.Y Trading Overseas Private Limited, |
|
4000 |
|
CSR Marketing Private Limited, |
|
4000 |
|
Total |
|
199600 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
13.90 |
|
Directors
or relatives of directors |
|
86.10 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Sheet Metal Components, Tubular Components, Fineblanked Components, Assemblies, Sub Assemblies. |
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GENERAL INFORMATION
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Customers : |
v
Honda v
Recaro v
Yamaha v
JCB v
Maruti v
FCC RICO v
New v
IFB v
Makino v
Trelleborg Automotive v
Numerics |
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Bankers : |
v
ICICI Bank Limited, v
State
Bank of v
United
Bank of v HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sudhir Choudhary and Associates Chartered Accountants |
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Address : |
205, Om |
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Tel. No.: |
91-129-4004429/ 4038429 |
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Fax No.: |
91-129-4004428 |
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E-Mail : |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13784250 |
Equity Shares |
Rs.10/- each |
Rs.137.843
millions |
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|
|
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13584650 |
Equity Shares |
Rs.10/- each |
Rs.135.847
millions |
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|
|
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|
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 |
135.847 |
125.377 |
116.965 |
|
|
2] Share Application Money |
2.000 |
5.532 |
2.494 |
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3] Reserves & Surplus |
313.442 |
168.105 |
55.614 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
451.289 |
299.014 |
175.073 |
|
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LOAN FUNDS |
|
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1] Secured Loans |
374.560 |
303.697 |
207.879 |
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2] Unsecured Loans |
12.508 |
0.000 |
3.611 |
|
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TOTAL BORROWING |
387.068 |
303.697 |
211.490 |
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DEFERRED TAX LIABILITIES |
39.051 |
22.455 |
4.902 |
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|
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TOTAL |
877.408 |
625.166 |
391.465 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
714.643 |
492.367 |
328.547 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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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 |
141.153
|
67.006 |
35.318 |
|
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Sundry Debtors |
225.069
|
144.494 |
124.375 |
|
|
Cash & Bank Balances |
11.397
|
24.328 |
7.498 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
77.347
|
73.769 |
63.376 |
|
Total
Current Assets |
454.966
|
309.597 |
230.567 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
267.369
|
152.703 |
179.209 |
|
|
Other Current Liabilities |
11.597
|
22.991 |
7.217 |
|
|
Provisions |
14.073
|
2.165 |
5.990 |
|
Total
Current Liabilities |
293.039
|
177.859 |
192.416 |
|
|
Net Current Assets |
161.927
|
131.738 |
38.151 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.338 |
0.561 |
24.267 |
|
|
|
|
|
|
|
|
TOTAL |
877.408 |
625.166 |
391.465 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1536.959 |
1085.450 |
677.499 |
|
|
|
Other Income |
3.346 |
5.842 |
3.823 |
|
|
|
TOTAL (A) |
1540.305 |
1091.292 |
681.322 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in the stock of finished goods and scrap |
(17.863) |
(0.777) |
(4.251) |
|
|
|
Manufacturing, Administration and Other Expenses |
1417.676 |
993.329 |
636.430 |
|
|
|
Preliminary Expenses W/off |
0.147 |
0.147 |
0.147 |
|
|
|
Deferred Expenses W/off |
0.076 |
0.076 |
0.079 |
|
|
|
TOTAL (B) |
1400.036 |
992.775 |
632.405 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
140.269 |
98.517 |
48.917 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
34.117 |
25.918 |
11.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
106.152 |
72.599 |
37.567 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.094 |
15.839 |
7.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
81.058 |
56.760 |
30.042 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
31.466 |
19.973 |
28.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
49.592 |
36.787 |
1.622 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
39.916 |
1.614 |
(0.008) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
89.509 |
38.401 |
1.614 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.65 |
2.93 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.22
|
3.37 |
0.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.27
|
5.23 |
4.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.93
|
7.08 |
5.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.51
|
1.61 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.74 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL REVIEW:
For the year, the
Net income of the company stood at Rs.1536.959 millions as against the previous
years’ Net income of Rs.1085.450 millions. Profits before Interest, Financial
Expenses, Depreciation and Tax (PBIDT) for the Current Year are Rs.140.268
millions while in the previous year it was Rs.98.515 millions. Profit after Tax
(PAT) in the previous year was Rs.36.787 millions while in the year it stood at
Rs.49.592 millions.
FORM 8:
|
Corporate identity
number of the company |
U34300HR2006PLC036369 |
|
Name of the
company |
INDO AUTOTECH LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.334-338, Sector-24, E-Mail: rpclahli@yahoo.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (Entire
current assets and fixed assets) |
|
Particular of
charge holder |
ICICI Bank Limited, E-Mail: vandana@brmco.com |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation and mortgage declaration |
|
Date of
instrument Creating the charge |
07/04/2011 |
|
Amount secured by
the charge |
Rs.120.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash credit: sum
of I-Base and spread p.a. WCDL: sum of
I-Base and spread p.a. Bank Guarantee:
Commission - 0.70% p.a. Handling Fees - 0.30% p.a. Commission on LC:
1% p.a. Buyers credit: As
quoted by IBG Terms of
Repayment: On demand / due
dates Margin: Cash credit and
WCDL: Uniform margin of 25% against all components of inventory and book
debts (cover period for book debts 90 days) Guarantees covering
disputed liabilities - 100% Financial
guarantees - 15% Performance
guarantees - 15% Letter of credit:
10% Buyers credit:
Nil Extent and
Operation of the charge: First charge on
the following ranking pari-passu between ICICI Bank 1. Current assets
2. Movable fixed
assets other than assets financed by other banks and FIs. 3. All moveable
assets of the company financed by the ECB Facility. 4. Equitable
Mortgage on plot no. 316, 334, 335, 336, 338, Sector 24, Others: The above is to
secure Cash Credit Rs.50.000 millions, WCDL-Negotiated Line (As a sub limit
of cash credit) Rs.50.000 millions, Letters of Credit (LC) Rs.60.000
millions, Bank guarantee Rs.10.000 millions and Buyers credit (As a sub limit
of Letters of Credit) Rs.60.000 millions |
|
Short particulars
of the property charged |
First charge on the
current assets ranking pari-passu between ICICI Bank Limited, First charge on
the movable fixed assets ranking paripassu between ICICI Bank Limited, India,
IBG Hong Kong, United bank of India and HDFC Bank Limited other than assets
financed by other banks and FIs First charge on
all moveable assets of the company financed by the ECB Facility ranking
pari-passu between ICICI Bank First charge by
way of equitable mortgage on plot no. 316, 334, 335, 336, 338, Sector 24, |
FIXED ASSETS:
v
Air Compressor
v
Air Conditioner
v
Building
v
Computer
v
Card Punching Machine
v
Crane
v
Diesel Genset
v
Effluent Treatment
v
EPABX
v
Escalator
v
Fire Equipment
v
Office Equipment
v
Plant and Machinery
v
Printer
v
Software
v
Tools and Dies
v
Vehicles
v
Structure Trolley
v
Scanner
v
Jigs and Fixture
v
Electrical Installation
v
Vehicles
WEBSITE DETAILS:
Commitment to quality and sense of innovation is deep rooted in the company. The company has the most impressive track record in meeting stringent quality requirements and is committed to make available products of the best quality standards at the most competitive prices. The company is certified ISO/TS 16949:2002, ISO 14001:2004 and OHSAS 18001:1999 by DNV.
By exceeding their customer requirements Indo has become a valued supplier of major Sheet Metal Components, Tubular components and assemblies and Sub assemblies to leading OEM’s in the Indian as well as global automotive Industry.
Their Engineering, Production and Quality Assurance departments coordinate to guarantee and maintain the highest quality levels. Process controls assure quality from prototype through production.
Production Facilities
Indo has a modern plant having covered area of 3,10,000 sq. ft. and latest world class manufacturing and testing facilities. Their team approach with their customers ensures a smooth transition from the development stages into the manufacture of the product. Their engineering staff reviews customer requirements, part design and anticipated order volumes and then suggests the most cost effective way to manufacture the part.
They offer a complete and highly skilled in-house tool design equipped with
state of art CAD/CAM facilities, CMM’s and CNC machines. Their press shop has
the most productive and advanced presses which assure high accuracies and tool
life.
The presses range from 10-400 tons and provide the capacity to handle any job.
The company also specializes in fine blanked components from simple to the very
complex.
The company also offers a range of secondary operations to meet diverse
customers needs such as all types of welding, CNC Pipe bending, powder coating,
specialized heat treatment etc. which are carried in-house. Outsourcing other
operations further enhances their capability.
Their engineering, production and quality control departments coordinate to
guarantee and maintain the highest quality levels. Process controls assure
quality from prototype through production.
Design and
Development
They have a complete a highly skilled and qualified Design and development Team equipped with state of art CAD/CAM facilities, CMM’s and CNC machines.
The design team ensures precise drawing output with software’s like CAD/CAM
Solid Works, then the development team looks after the component from this
stage until the component is sent to the customers.
Their engineering, production and quality control departments coordinate to
guarantee and maintain the highest quality levels. Process controls assure
quality from prototype through production.
Awards
Indo Autotech Limited has won numerous awards for its best performance by its customers like Honda, Yamaha and Hongo.Indo Autotech Limited has also won awards for implementing best HR practices and making contribution to Environment improvements by Indian Government.
The below picture shows the Chairman of the company receiving award from the chief minister of Haryana for being rated as the second best factory in the state of Haryana for its HR practices and working conditions.
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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
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 |
|
47 |
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.