MIRA
INFORM REPORT
|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENERCON ( |
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Formerly Known As : |
WIND WORLD POWER LIMITED |
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Registered Office : |
Plot No. 33, |
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Country : |
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Financials (as on) : |
31.03.2007 (Unaudited) |
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Date of Incorporation : |
10.05.1993 |
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Com. Reg. No.: |
56-003236 (New) 071899 (Old) |
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Capital Investment / Paid-up Capital : |
Rs.72.000 millions |
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CIN No.: [Company
Identification No.] |
U31200DD2003PLC003236 / U74999MH1993PTC071899 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00726F/SRTE00116E |
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Legal Form : |
A Closely Held Public Limited Liability
Company |
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Line of Business : |
Manufacturer and
Exporter of Wind Turbines |
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No. of Employees : |
5348 (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 18000000 |
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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 a well
established and reputed company having satisfactory track. Directors are reported
as experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. However, the
company can be considered for business dealings with some caution in view of
non-availability of financials. |
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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 33, |
|
Tel. No.: |
91-260-2220624 / 2221219 / 2221220
/ 2220321 / 2220628 |
|
Fax No.: |
91-260-2221508 |
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E-Mail : |
admin@mumbai.enercon-india.com vijay.poddar@enercon.net
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|
Website: |
www.enerconindia.net
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|
Location : |
Leased |
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Corporate Office : |
Tower Plot No. A - 9, CTS No. 700, Veera Industrial Estate, Veera Desai
Road |
|
Tel No.: |
91-22-67607100 /
7200 |
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Fax No.: |
91-22-66990940 |
|
Email : |
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Factory : |
Plot No 610 / 611, Village Sadodar, Taluka : Jamjodapur, Dist
Jamnagar, Gujarat – 360520, |
|
Tel. No.: |
91-2898-262372 / 262545 /
262547 |
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Fax No.: |
91-2898-262374 |
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Branches/Marketing Office: |
Located At: · Pune · Chennai ·
·
·
· Ahmedabad · Jaipur ·
· Vadodara |
DIRECTORS
As on 30.09.2007
|
Name : |
Mr. Aloys Wobben |
|
Designation : |
Chairman |
|
Address: |
Dreekamp-5, 26605,
Indian Address |
|
Date of
Birth/Age : |
22.01.1952 |
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Date of
Appointment: |
24.02.1944 |
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|
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Name : |
Mr. Yogesh
Jogindernath Mehra |
|
Designation : |
Managing Director |
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Address: |
201, Hare Krishna, Presidency Society, |
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Date of
Birth/Age : |
01.12.1959 |
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Qualification |
B.Com |
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Date of
Appointment: |
10.05.1993 |
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|
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Name : |
Mr. Ajay
Jogindernath Mehra |
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Designation : |
Whole Time Director |
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Address: |
301, Hare Krishna, Presidency Society, |
|
Date of
Birth/Age : |
06.12.1955 |
|
Date of
Appointment: |
10.05.1993 |
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|
|
|
Name : |
Mr. Kettwing
Hans-Dieter |
|
Designation : |
Director |
|
Address: |
Dreekamp-5,
26605, Indian Address |
|
Date of
Birth/Age : |
23.11.1957 |
|
Date of
Appointment: |
11.03.2002 |
KEY EXECUTIVES
|
Name |
Mr. Manoranjan
Karmakar |
|
Designation |
Company Secretary |
|
Address: |
Flat No.1404, Raj
Manor, B Wing, |
|
Date of Birth |
29.04.1956 |
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Date of Appointment: |
12.09.1995 |
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|
Name |
Mr. Kedar Kulkarni |
|
Designation |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
|
Equity Shares |
|
|
Enercon |
4032000 |
|
Mehra J Sudarshan |
896000 |
|
Mehra J Ajay |
680000 |
|
Mehra Ajay Meenakshi |
432000 |
|
Mehra J Yogesh |
832000 |
|
Mehra Yogesh Radhika |
304000 |
|
Mehra Ajay Sitakshi |
16000 |
|
Mehra Ajay Siddharth |
8000 |
|
Total |
7200000 |
As on 30.09.2007
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
56.00 |
|
Directors
or relatives of directors |
|
44.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Wind Turbines |
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|
|
|
Products : |
·
Wind Mills
Accessories and Parts ·
Rotor
Blade |
GENERAL INFORMATION
|
No. of Employees : |
5348 (Approximately) |
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Bankers : |
·
Oman
International Bank Sago; Raheja Centre, 2nd Floor, Fress Press; Nariman Point,
Mumbai – 400 021, ·
Axis
Bank Limited Trishul 3rd Floor, ·
Co-Operative Centrale Raiffelaen Boerenleen
Bank BA, ·
ICICI
Bank Limited Landmark ·
Corporation
Bank, Mumbai, ·
Bank
of ·
State
Bank of ·
Centurion
Bank, Mumbai, ·
Axis
Bank, Mumbai, ·
Credit
·
The
Vysya Bank Limited, Mumbai, ·
Union
Bank of ·
ABN
Amro Bank, Mumbai, ·
Canara
bank, Mumbai, |
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Facilities : |
Note 1. Secured Loans form banks and financial
institutions are secured against hypothecation of current assets, equitable mortgage
of land and building at Daman, hypothecation of Movable Fixed Assets of Unit
I, Unit II, Concrete Tower Facility, Pledged of Investments in Enercon Wind
Farms (India) Limited and personal guarantee form the Indian Directors. 2. Loan from Infrastructure Development
Finance Company Limited is secured by: ·
A
First charge by way of hypothecation/ mortgage over all the moveable and
immovable assets (including tangible
and intangible present and future) of the erstwhile GIWFL (Amalgamated
company), pertaining to Wind Farms. ·
A
First Chare by way of assignment of the right and interest of the erstwhile
GIWFL (Amalgamated Company), as the case may be, to and under all project
documents. ·
A
First charge by way of assignment of the right, title and interest of the
erstwhile GIWFL (Amalgamated Company) to and under all the government
permits, licenses, authorization, insurance contracts relating to project
assets. ·
An
Exclusive chare on all the receivables of the erstwhile GIWFL (Amalgamated Company). 3. The vehicle loans, Plant and Machinery
Loans and Office Equipments Loans under lease obligations are secured against
hypothecation of the respective assets.
Note ·
Unsecured
Loans From Foreign Financial Institutions are guaranteed by corporate guarantee
of Holding Company and the personal guarantee form the Indian Directors.
Unsecured Loans from Local Banks are guaranteed by the personal guarantee
from the Indian directors. ·
Long
Term Loan From State Bank of |
|
Banking
Relations : |
-- |
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|
|
|
Financial
Institutions : |
· Infrastructure Development Finance Company Limited ITC Centre, 3rd
Floor, 760, Anna Salai, Chennai-600002, ·
SREI Equipment Finance Private Limited 'Vishwakarma', 86C, |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
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Address : |
12, |
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PAN No.: |
AACFD4815A |
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|
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Holding Company : |
Enercon |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity shares |
Rs.10/- each |
Rs.90.000 Millions |
|
1500000 |
9% Non Convertible Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.240.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7200000 |
Equity shares (Out of the above, 4.032 millions, Equity
Shares of Rs.10/- each full paid up are held by Enercon GmbH – Holding
Company) |
Rs.10/- each |
Rs.72.000
Millions |
|
|
Total |
|
Rs.72.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 (Unaudited) |
31.03.2006 (Unaudited) |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
72.000 |
117.000 |
162.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4519.135 |
3750.109 |
2586.611 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4591.135 |
3867.109 |
2748.611 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5453.288 |
3283.564 |
2015.284 |
|
|
2] Unsecured Loans |
2851.413 |
569.024 |
1315.492 |
|
|
TOTAL BORROWING |
8304.701 |
3852.588 |
3330.776 |
|
|
DEFERRED TAX LIABILITIES |
500.014 |
385.014 |
208.280 |
|
|
|
|
|
|
|
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TOTAL |
13395.850 |
8104.711 |
6287.667 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
5105.044 |
2887.111 |
1200.538 |
|
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Capital work-in-progress |
845.537 |
698.843 |
89.163 |
|
|
|
|
|
|
|
|
Pending Allocation |
0.000 |
0.000 |
1.105 |
|
|
|
|
|
|
|
|
INVESTMENT |
2340.748 |
1178.294 |
1071.608 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5469.493
|
3438.058
|
3951.785 |
|
|
Sundry Debtors |
4116.311
|
3967.497
|
4085.839 |
|
|
Cash & Bank Balances |
2391.528
|
2097.460
|
261.249 |
|
|
Other Current Assets |
42.362
|
26.835
|
7.301 |
|
|
Loans & Advances |
4007.577
|
2183.166
|
1350.682 |
|
Total
Current Assets |
16027.271
|
11713.016
|
9656.856 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2414.126 |
1300.108 |
5373.948 |
|
|
Other Current Liabilities |
7897.847
|
6911.184
|
|
|
|
Provisions |
610.777
|
161.261
|
357.655 |
|
Total
Current Liabilities |
10922.750
|
8372.553
|
5731.603 |
|
|
Net Current Assets |
5104.521
|
3340.463
|
3925.253 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13395.850 |
8104.711 |
6287.667 |
|
%20LIMITED%20-%20176930%2018-Apr-2012_files/image001.gif){kind=small}
PROFIT &
LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2007 (Unaudited) |
31.03.2006 (Unaudited) |
31.03.2005 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
21457.490 |
16726.763 |
8831.890 |
|
|
|
Other Income |
1084.541 |
150.946 |
72.098 |
|
|
|
TOTAL (A) |
22542.031 |
16877.709 |
8903.988 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
16834.365 |
12801.055 |
0.000 |
|
|
|
Manufacturing and Other Expenses |
3611.004 |
2067.835 |
1461.222 |
|
|
|
Consumption of Raw material and Bought out components |
0.000 |
0.000 |
7933.113 |
|
|
|
Increase / Decrease in Finished Goods |
0.000 |
0.000 |
(1590.162) |
|
|
|
TOTAL (B) |
20445.369 |
14868.89 |
7804.173 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2096.662 |
2008.819 |
1099.815 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
801.827 |
439.600 |
269.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1294.835 |
1569.219 |
829.955 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
333.013 |
150.891 |
80.731 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
961.822 |
1418.328 |
749.224 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
189.239 |
233.739 |
174.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
772.583 |
1184.589 |
575.024 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2353.147 |
1149.524 |
587.397 |
|
|
|
|
|
|
|
|
|
Add |
ADJUSTMENT OF PROFIT/LOSS
OF AMALGAMATING COMPANIES (NET) |
0.000 |
27.116 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Preference Dividend |
3.040 |
7.088 |
11.138 |
|
|
|
Corporate Dividend Tax on Proposed
Preference Dividend |
0.517 |
0.994 |
1.759 |
|
|
BALANCE CARRIED
TO THE B/S |
3122.173 |
2353.147 |
1149.524 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
63.50 |
163.40 |
78.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 (Unaudited) |
31.03.2006 (Unaudited) |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.43
|
7.02 |
6.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.48
|
8.48 |
8.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.55
|
9.71 |
6.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.37 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.19
|
3.16 |
3.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.40 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
Yes |
change of address:
The address of the Registered Office of company has been shifted from Kolsite House, Plot No. 31, Shah Industrial
Estate, Veera Desai Road, Andheri (West), Mumbai - 400 053, Maharashtra, India to the Present
address w.e.f. 22.05.2003
Note
As confirmed Mr. Yogesh Mehra is one of the directors for Vish Wind and
has membership with Indian Wind Turbine Association.
But he is in no way connected to the following companies:-
- Trinity
Electro Mechanicals Private Limited
- Wind
Polyplast Private Limited
- Wind River
Farms Private Limited
- Wind Turbine
Systems Private Limited
- Wind Farm
Hire Purchase and Leasing Private Limited
Form 8
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U31200DD2003PLC003236 |
|
Name of the company |
ENERCON ( |
|
Address of the registered office or of the principal place of business in |
Plot No. 33, |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
SREI Equipment Finance Private Limited 'Vishwakarma', 86C, CIN No.: U70101WB2006PTC109898 E-Mail : sanjay_chaurasia@srei.com |
|
Nature of description of the instrument creating or modifying the
charge |
S. Deed of Hypothecation.(LBF156) |
|
Date of instrument Creating the charge |
28.08.2011 |
|
Amount secured by the charge |
Rs.12.329 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest 10.75% per annum. Terms of repayment Amount repayable in 35 monthly installments of Rs.0.412 million each. Margin Rs.1.372 millions Extent and operation of the charge As per deed of hypothecation. |
|
Short particulars of the property charged |
5 No. Transit Mixer Apollo TM Model ATM-6 with |
Fixed Assets
Owned Assets
·
Free
·
Building
·
Plant and Machinery
·
Wind Energy Converter
·
Sub Station
·
Furniture, Fixture and Office Equipments
·
Vehicles
Leased Assets
·
Plant and Machinery
·
Vehicles
·
Office Equipments
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.51.63 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
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 |
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.