Summary Information
|
|
|
Country |
|
|
Company Name |
VESTAS WIND TECHNOLOGY INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Sean Michael Lance Sutton |
|
Status |
Good |
Principal Name 2 |
Mr. Soren Lomholt Husted |
|
|
|
Registration # |
18-036871 |
|
Street Address |
298, |
||
|
Established Date |
07.11.1996 |
SIC Code |
-- |
|
Telephone# |
91-44-24505100 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-24505101 |
Business Style 2 |
Distributor |
|
Homepage |
Product Name 1 |
Turbine Generators |
|
|
# of employees |
600 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 1,490,150,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings – 100% |
Banking |
IDBI Bank |
|
Public Limited Corp. |
No |
Business Period |
14 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A (58) |
|
Related Company |
|||
|
Relation |
Country |
Company Name |
|
|
Holding Company |
- |
Vestas Wind Systems AS |
- |
|
Note |
- |
||
2. Summary Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
9,387,730,000 |
Current Liabilities |
7,493,845,000 |
|
Inventories |
8,811,179,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
542,421,000 |
Other Liabilities |
3,602,444,000 |
|
Deferred Assets |
105,157,000 |
Total Liabilities |
11,096,289,000 |
|
Invest& other Assets |
962,000 |
Retained Earnings |
6,261,010,000 |
|
|
|
Net Worth |
7,751,160,000 |
|
Total Assets |
18,847,449,000 |
Total Liab. & Equity |
18,847,449,000 |
|
Total
Assets (Previous Year) |
21,478,888,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
17,981,000,000 |
Net Profit |
786,900,000 |
|
Sales(Previous yr) |
14,647,700,000 |
Net Profit(Prev.yr) |
1,094,600,000 |
MIRA
INFORM REPORT
|
Report Date : |
19.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
VESTAS WIND TECHNOLOGY INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
ASIAN WIND TURBINES PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
298, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
07.11.1996 |
|
|
|
|
Com. Reg. No.: |
18-036871 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1490.150 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40101TN1996PTC036871 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Distributors of wind Turbine Generators |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 31000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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/ Sales and Service units : |
298, |
|
Tel. No.: |
91-44-24505100 |
|
Fax No.: |
91-44-24505101 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
|
Block – A, 8th Floor, |
|
Tel. No.: |
91-44-66889000 |
|
Fax No.: |
91-44-66889001 |
|
|
|
|
Sales Offices : |
Located at :
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rengarajan Srinivasan |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. T1, Annapoorna Apartment, 3rd |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
03.02.2010 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00084011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship:
|
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sean Michael Lance Sutton |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Kleinweid 8, Cham, 6330, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.06.2009 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02583088 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Denis Kwang Kiat Koh |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Apartment, Block 117, Ang Mo Kio Avenue, 4 #3-441, Singapure – 560117 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.01.2010 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00685743 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Ceasing : |
11.11.2008 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Soren Lomholt Husted |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Voldbjergvej 25, Hee, 6950, Ringkobing, 6950, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
20.09.2006 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01685530 |
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KEY EXECUTIVES
|
Name : |
Mr. Subramanyam Palla |
|
Designation : |
Secretary |
|
Address : |
298, Vestas Wind Technology India Private Limited, |
|
Date of Appointment : |
21.07.2008 |
|
Pan No.: |
ALZPP6952A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
NEG Micon A/S ( |
|
149014999 |
|
Windpower Invest A/S ( |
|
1 |
|
Total |
|
149015000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributors of wind Turbine Generators |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
IDBI Bank, |
|||||||||
|
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|
|||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhaskaran and Ramesh Chartered Accountant |
|
Address : |
No.48 (Old No.150), |
|
Tel. No.: |
91-44-24338138-24326218/24335938 |
|
Mobile No.: |
91-44-24320897 |
|
PAN.: |
AAAFB6387K |
|
|
|
|
Holding Company : |
Vestas Wind Systems AS |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Share |
Rs.10/- each |
Rs.1500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
149015000 |
Equity Share |
Rs.10/- each |
Rs.1490.150
millions |
|
|
|
|
|
Notes: All the equity shares are held by Vestas
India Holding A/S,
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 |
1490.150 |
1490.150 |
500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6261.010 |
5474.140 |
4379.543 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7751.160 |
6964.290 |
4879.543 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
11.071 |
|
|
2] Unsecured Loans |
0.000 |
650.000 |
810.300 |
|
|
TOTAL BORROWING |
0.000 |
650.000 |
821.371 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
19.435 |
123.841 |
|
|
|
|
|
|
|
|
TOTAL |
7751.160 |
7633.725 |
5824.755 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
542.421 |
589.713 |
513.723 |
|
|
Capital work-in-progress |
0.000 |
0.739 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.962 |
0.962 |
0.962 |
|
|
DEFERREX TAX ASSETS |
105.157 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8811.179
|
11956.656
|
6821.798 |
|
|
Sundry Debtors |
3122.954
|
2881.959
|
1760.156 |
|
|
Cash & Bank Balances |
1745.251
|
387.723
|
1167.664 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
4519.525
|
5661.136
|
4330.215 |
|
Total
Current Assets |
18198.909
|
20887.474 |
14079.833 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3700.575
|
4500.715
|
1758.726 |
|
|
Other Current Liabilities |
3793.270
|
6324.276
|
5062.373 |
|
|
Provisions |
3602.444
|
3020.172
|
1948.664 |
|
Total
Current Liabilities |
11096.289
|
13845.163 |
8769.763 |
|
|
Net Current Assets |
7102.620
|
7042.311
|
5310.070 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7751.160 |
7633.725 |
5824.755 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17981.000 |
15647.700 |
9757.900 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
17981.000 |
15647.700 |
9757.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
16711.600 |
13771.600 |
7860.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1269.400 |
1876.100 |
1897.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.000 |
77.400 |
77.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1181.400 |
1798.700 |
1820.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
89.200 |
82.400 |
381.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1092.200 |
1716.300 |
1438.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
305.300 |
621.700 |
697.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
786.900 |
1094.600 |
740.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6278.212 |
3944.229 |
2.856 |
|
|
|
Export – Surveillance charges |
3.045 |
3.595 |
1.929 |
|
|
|
IT Export Services |
87.256 |
13.489 |
45.853 |
|
|
|
Exports and Others |
134.120 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
6502.633 |
3961.313 |
50.638 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spares |
2425.655 |
6020.532 |
4129.778 |
|
|
TOTAL IMPORTS |
2425.655 |
6020.532 |
4129.778 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.28 |
7.37 |
5.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.38
|
7.00
|
7.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.83
|
7.99
|
9.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.25
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.43
|
2.08
|
1.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.51
|
1.61 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
PERFORMANCE
During the year the company achieved 14.91% growth in terms of revenue
generation. 1 The total income for the financial year 2009-10 rose to Rs. 17981.000
Millions compared with previous year of Rs. 15647.700 millions. The decrease in
net profit before tax (Rs. 1092.200 millions when compared with previous year:
Rs. 1716.300 millions) was mainly due to pricing strategy adopted to address
IPP sector as well as due to increase in input costs.
In terms of liquidity, the company continues to generate cash from
operations and has been able to manage working capital requirements and had
cash equivalents of Rs. 1745.300 millions as on March 31, 2010.
FUTURE OUTLOOK:
Government policy and increasing energy demand have lead to increased
investor interest in the wind industry in
Higher tariffs along with GBI and renewable purchase obligations has
lead to increased International and Local independent power producers entering
the market. Obligated entities under the RPO mechanism are expected to
undertake significant investments in the coming year.
During the year the company secured a 99 MW order from CLP. This
project, which is being executed in Theni, Tamilnadu, is one of largest single
Wind farm in the country. The recent policy initiatives and changing customer
profiles from private investors to independent power producers has lead to an
increase in project sizes over the past year, with some projects crossing the
25 megawatt threshold. Order sizes are expected to increase with the shift in
the market from being driven by private investors to independent power
producers.
FIXED ASSETS:
- Plant and Machinery
- Furniture and Fixtures
- Electrical fittings
- Office Equipments
- Computers
- Patterns
- Vehicles
- Land – Factory
- Building – Administration
- Building – Factory
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.50.72 |
|
|
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.68.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.