1. Summary Information
|
|
|
Country |
|
|
Company Name |
CHEVROLET SALES
INDIA PRIVATE LIMITED |
Principal Name 1 |
MR. SUMIT SAWHNEY |
|
Status |
GOOD |
Principal Name 2 |
MR. XIAODONG CHEN |
|
|
|
Registration # |
04-054265 |
|
Street Address |
BLOCK B, CHANDRAPURA INDUSTRIAL ESTATE, HALOL – 389 351, |
||
|
Established Date |
20.06.2008 |
SIC Code |
-- |
|
Telephone# |
91-2676-221000 |
Business Style 1 |
PURCHASER |
|
Fax # |
91-2676-220666 |
Business Style 2 |
SELLER |
|
Homepage |
Product Name 1 |
MOTOR VEHICLES |
|
|
# of employees |
NOT AVAILABLE |
Product Name 2 |
SPARE PARTS |
|
Paid up capital |
RS.266,962,460/- |
Product Name 3 |
-- |
|
Shareholders |
FOREIGN HOLDINGS-100% |
Banking |
NOT AVAILABLE |
|
Public Limited Corp. |
NO |
Business Period |
4 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
FELLOW SUBSIDIARIES |
|
GENERAL MOTORS
OVERSEAS DISTRIBUTION CORPORATION |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,610,400,000
|
Current Liabilities |
4,361,200,000
|
|
Inventories |
1,545,200,000
|
Long-term Liabilities |
0,000 |
|
Fixed Assets |
212,800,000 |
Other Liabilities |
528,600,000
|
|
Deferred Assets |
7,800,000 |
Total Liabilities |
4,889,800,000 |
|
Invest& other Assets |
82,800,000 |
Retained Earnings |
302,200,000 |
|
|
|
Net Worth |
569,200,000 |
|
Total Assets |
5,459,000,000 |
Total Liab. & Equity |
5,459,000,000 |
|
Total Assets (Previous Year) |
3,409,300,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
49,965,400,000 |
Net Profit |
203,600,000 |
|
Sales(Previous yr) |
35,006,800,000 |
Net Profit(Prev.yr) |
102,700,000 |
|
Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHEVROLET SALES INDIA PRIVATE LIMITED (w.e.f. 31.03.2009) |
|
|
|
|
Formerly Known
As : |
GENERAL MOTORS ( |
|
|
|
|
Registered
Office : |
Block B, Chandrapura Industrial Estate, Halol – 389 351, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.06.2008 |
|
|
|
|
Com. Reg. No.: |
04-054265 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.267.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102GJ2008PTC054265 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCG2067M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Purchaser and Seller of Motor Vehicles and Spare Parts
("Automobiles"). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2277000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established and reputed company having fine track.
Financial position of the company appears to be good. 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 : |
Block B, Chandrapura Industrial Estate, Halol – 389 351, |
|
Tel. No.: |
91-2676-221000 |
|
Fax No.: |
91-2676-220666 |
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E-Mail : |
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Website : |
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Corporate Office : |
1st Floor, Plot No.15, Sector - 32, Gurgaon – 122 001, |
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Tel. No.: |
91-124-3080000/ 4213333 |
|
Fax No.: |
91-124-4213334 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sumit Sawhney |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
37, |
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Date of Birth/Age : |
06.03.1971 |
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Qualification : |
B. Sc (Rohilkhand Uni) / MARE (Rohilkhand Uni) / MBA (IMS, |
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Date of Appointment : |
14.09.2011 |
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DIN No.: |
02318359 |
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Other Directorship :
|
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|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Xiaodong Chen |
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|
Designation : |
Director |
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Address : |
515B, Aralias Golf Course Links, Gurgaon – 122 001, |
||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
21.04.1977 |
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Date of Appointment : |
02.02.2011 |
||||||||||||||||||||||||||||||||
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DIN No.: |
03420344 |
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Other Directorship :
|
|||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Dulani |
|
Designation : |
Secretary |
|
Address : |
House No.69, Sector 41, Gurgaon – 122 001, |
|
Date of Birth/Age : |
06.10.1969 |
|
Date of Appointment : |
25.05.2009 |
|
PAN No.: |
ACIPD6183B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
SAIC General Motors Investment Limited, |
|
26696244 |
|
SAIC Motor HK Investment Limited, |
|
1 |
|
General Motors (Hong Kong) Company Limited, |
|
1 |
|
Total |
|
26696246 |
As on 30.09.2011
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Purchaser and Seller of Motor Vehicles and Spare Parts
("Automobiles"). |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower-B, DLF Cyber City Complex,
DLF City Phase-II, Gurgaon - 122 002, Haryana, India. |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN No. : |
AABFD2095B |
|
|
|
|
Ultimate Holding
Company : |
v
General Motors Company (upto January 31, 2010) |
|
|
|
|
Holding Company
: |
v
General Motors Asia Pacific Holdings LLC (GMAPHLLC)
(upto January 31, 2010) v
SAIC General Motors Investment Limited (HKJV)
(with effect from February 1, 2010) |
|
|
|
|
Ultimate Joint
Venturer (Shareholders of HKJV) (with effect from February 1, 2010) : |
v
General Motors Company v
Shanghai Automotive Industry Corporation (SAIC) |
|
|
|
|
Fellow subsidiaries/ associates of General Motors
Company and Shanghai Automotive Industry Corporation (SAIC), where
transactions exists : |
v General Motors
Overseas Distribution Corporation ( v General Motors
Technical Centre India Private Limited, v General Motors
Overseas Corporation ( v
General Motors South Africa, v GM Korea
Company, v General Motors
Overseas Distribution Corporation( v General Motors
do v General Motors
Powertrain ( v Adam Opel GmbH, v Adam Opel
Aktiengesellschaft v
General Motors India Private Limited, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26696246 |
Equity Shares |
Rs.10/- each |
Rs.267.000
Millions |
|
|
|
|
|
Notes:
The Company is a
subsidiary of SAIC General Motors Investment Limited ("HKJV") 2- HKJV
holds 2,66,96,244 equity shares of Rs.10 each. Both General Motors (
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
267.000 |
267.000 |
267.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
302.200 |
98.600 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(4.100) |
|
|
NETWORTH |
569.200 |
365.600 |
262.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
569.200 |
365.600 |
262.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
212.800 |
206.800 |
186.800 |
|
|
Capital work-in-progress |
82.800 |
5.800 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
7.800 |
13.100 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1545.200
|
1316.500 |
413.400 |
|
|
Sundry Debtors |
490.000
|
141.900 |
0.000 |
|
|
Cash & Bank Balances |
489.400
|
389.400 |
267.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2631.000
|
1335.800 |
135.400 |
|
Total
Current Assets |
5155.600
|
3183.600 |
815.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3693.000
|
2251.100 |
739.700 |
|
|
Other Current Liabilities |
668.200
|
515.300 |
0.000 |
|
|
Provisions |
528.600
|
277.300 |
0.000 |
|
Total
Current Liabilities |
4889.800
|
3043.700 |
739.700 |
|
|
Net Current Assets |
265.800
|
139.900 |
76.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
569.200 |
365.600 |
262.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from sale of products |
49965.400 |
35006.800 |
0.000 |
|
|
|
Other Income |
NA |
356.700 |
0.000 |
|
|
|
TOTAL (A) |
NA |
35363.500 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other Expenses |
NA |
35190.700 |
4.100 |
|
|
|
TOTAL (B) |
NA |
35190.700 |
4.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
172.800 |
(4.100) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
1.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
170.900 |
(4.100) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
13.100 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
NA |
157.800 |
(4.100) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
55.100 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
203.600 |
102.700 |
(4.100) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(4.100) |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
98.600 |
(4.100) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Reimbursement of Expenses |
NA |
8.200 |
0.000 |
|
|
|
FOB value of Goods Exported |
NA |
0.100 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
8.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Vehicles |
1337.400 |
858.500 |
0.000 |
|
|
|
Parts and Accessories |
800.400 |
853.200 |
0.000 |
|
|
TOTAL IMPORTS |
2137.800 |
1711.700 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
7.63 |
3.85 |
(20.78) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA |
0.29 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
0.45 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
4.65 |
(0.41) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.44 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.59
|
8.54 |
2.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.05 |
1.10 |
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 |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
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 involved in |
-- |
|
23) Banking
Details |
No |
|
24) Banking
facility details |
No |
|
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 |
Yes |
|
30) Major
Shareholders, if available |
Yes |
BACKGROUND:
General Motors India Private Limited (“GM India”), a subsidiary of
General Motors Company which manufactures and sells Chevrolet product in
The new company, Chevrolet Sales India Private Limited became
operational w.e.f. 1st April 2009. With GM’s operations in
Chevrolet Sales India Private Limited is expected to result in significant
cost efficiencies, and also involved the transfer of some employees who are
currently engaged in sales, marketing and distribution activities to the new
company.
REVIEW OF OPERATIONS:
The most
significant developments that had taken place in the financial year 2010-2011
is the rolling out of the Smartech Engine from the Talegaon plant, the rapid
expansion of the dealership network, conducting country-wide free service camps
for Chevrolet vehicles at their dealerships, successful launches of Beat LPG
and Cruze new edition with black interiors, setting new vision of customer
ownership experience and introduction of social media activities. In addition,
the joint venture tie up with SAIC has also started moving forward in full
swing with Halol Plant starting expansion activities to increase the capacity
from 85,000 units to 110,000 units per annum to roll out the LCVs from the
plant going forward. The JV with SAIC is a great achievement as the tie up will
help create a number of new avenues to grow CSIPL’s business. The tie up will
provide CSIPL access to light commercial vehicles and other vehicles from SAIC
and SGMW’s stable. The JV will bring in lot of value additions and competitive
options to customers.
During the year
the company’s turnover was Rs.49965.400 millions against Rs.35006.800 millions
for the financial year ended 31st March, 2011 and Profit after Tax
for the year stood at Rs.203.600 millions.
SHARE CAPITAL:
As on March 31, 2011, Company’s Authorised Capital was Rs.300.000 millions
and Paid up Capital was Rs.267.000 millions.
FIXED ASSETS:
v
Leasehold Improvements
v
Buildings – Non Factory
v
Plant and Machinery
v
Computers
v
Furniture and Fixtures
v
Vehicles
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.52.00 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
50 |
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.