MIRA INFORM REPORT
|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SPX FLOW TECHNOLOGY (INDIA) PRIVATE LIMITED (w.e.f. 23.03.2010) |
|
|
|
|
Formerly Known
As : |
JOHNSON PUMP (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 275, Odhav Road, Odhav, Ahmedabad 382415, Gujarat |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.12.2010 |
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|
|
|
Date of Incorporation
: |
02.04.1980 |
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|
|
|
Com. Reg. No.: |
04-050281 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.995 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900GJ1980PTC050281 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
AHMJ00355F |
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|
|
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PAN No.: [Permanent Account No.] |
AAACS7234B |
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|
Legal Form : |
Private Limited Liability Company
|
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|
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Line of Business
: |
Manufacturer and Importer of Industrial Pumps, Centrifugal Pumps etc. |
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|
|
|
No. of Employees
: |
110 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 1100000 |
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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 record. The
management have failed to file its latest financial with the government
department. As per previous year’s record, the company performance seems good.
Financially appears to be strong. Trade relations are reported to be fair.
Business is active. Payments are reported to be usually correct and as per
commitment. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office /Factory : |
Survey No. 275, Odhav Road, Odhav, Ahmedabad 382415, Gujarat,
India |
|
Tel. No.: |
91-79-22870311 |
|
Fax No.: |
91-79-22810593 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
AS ON 29.06.2011
|
Name : |
Mr. Gerwin Alex Roelof Schaafsma |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.10.1966 |
|
Date of Appointment : |
01.01.2009 |
|
DIN No.: |
02362832 |
|
|
|
|
Name : |
Mr. Patrick Joseph Oleary |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.06.1957 |
|
Date of Appointment : |
31.03.2009 |
|
DIN No.: |
02033062 |
|
|
|
|
Name : |
Mr. Gerard Bauke Santema |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.08.1969 |
|
Date of Appointment : |
08.04.2009 |
|
DIN No.: |
02464902 |
|
|
|
|
Name : |
Mrs. Jenny Ng Ee Ee |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.02.1963 |
|
Date of Appointment : |
22.07.2009 |
|
DIN No.: |
01222461 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
SPX
Flow Technology Sweden AB (formerly known as SPX Process Equipment AB),
Sweden |
|
499494 |
|
Johnson
Pump (Australia) Pty. Limited, as nominees of SPX Flow Technology Sweden AB,
Australia |
|
1 |
|
SPX
Flow Technology Norderstedt GmBH (formerly known as BRAN+LUEBBE GmbH) as
nominees of SPX Flow Technology Sweden AB, Deutschland |
|
1 |
|
Johnson
Pumps of America, Inc. as nominees of SPX Flow Technology Sweden AB, United
States |
|
1 |
|
SPX
Flow Technology Orebro AB (formerly known as SPX Johnson Pump Marine AB) as
nominees of SPX Flow Technology Sweden AB, Sweden |
|
1 |
|
SPX
Flow Technology Belgium (formerly known as SPX Process Equipment BE NV) as
nominees of SPX Flow Technology Sweden AB, Belgium |
|
1 |
|
SPX
Flow Technology Assert BV {formerly known as SPX Process Equipment NL BV) as nominees
of SPX Flow Technology Sweden AB, Netherlands |
|
1 |
|
Total
|
|
499500 |
AS ON 29.06.2011
|
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 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Industrial Pumps, Centrifugal Pumps etc. |
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Products : |
|
PRODUCTION STATUS
AS ON 31.12.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Power Driven Industrial and Process Pumps |
Qty. (in Nos.) |
15000 |
17971 |
GENERAL INFORMATION
|
No. of Employees : |
110 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions )
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Heritage, 3rd Floor, Nr. Gujarat Vidhyapith, Off Ashram
Road, Ahmedabad 380014, Gujarat, India |
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|
|
|
Holding Company : |
SPX Flow Technology Sweden AB (formerly known as SPX Process Equipment AB), Sweden |
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Parent Company : |
SPX Corporation, USA |
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Fellow Subsidiary : |
·
SPX Process
Equipment NL BV ·
SPX Process
Equipment BE NV ·
SPX Process Equipment
Pte Limited, Singapore ·
SPX Process
Equipment Pty Limited, Australia ·
SPX Flow Technology
Poland SP. Z.O.O. ·
SPX Shared
Services, Delvan A/P ·
SPX Process
Equipment Pte Limited, Korea ·
SPX Process
Equipment Limited, UK ·
SPX (Shanghai) Flow
Technology Company Limited ·
SPX Flow Technology
Hongkong Company Limited ·
SPX Flow Technology
Rosista GMBH ·
APV North America
Inc. ·
APV Manufacturing
(Shanghai) Company Limited ·
SPX Process Flow
Technology (Cops Vulcan) ·
SPX Corporation
China) Company Limited · SPX Flow Technology (Bran+Lueee GMBH) |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10 each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
499500 |
Equity Shares |
Rs. 10 each |
Rs.4.995 millions |
|
|
|
|
|
Note:
Above 499500 equity shares are held by the holding
company viz, SPX Process Equipments AB, Sweden (formerly known as Johnson Pump
Industry AB, Sweden) and Its Nominees.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.995 |
4.995 |
4.995 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
266.133 |
220.723 |
177.052 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
271.128 |
225.718 |
182.047 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.867 |
16.576 |
17.224 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3.867 |
16.576 |
17.224 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
274.995 |
242.294 |
199.271 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
67.780 |
67.757 |
68.441 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
6.930 |
6.624 |
1.968 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
114.569
|
93.726 |
86.328 |
|
|
Sundry Debtors |
279.993
|
162.962 |
126.085 |
|
|
Cash & Bank Balances |
17.847
|
21.436 |
15.884 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
5.247
|
8.220 |
5.612 |
|
Total
Current Assets |
417.656
|
286.344 |
233.909 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
153.953
|
69.272 |
55.839 |
|
|
Other Current Liabilities |
44.988
|
27.807 |
37.963 |
|
|
Provisions |
18.430
|
21.352 |
11.245 |
|
Total
Current Liabilities |
217.371
|
118.431 |
105.047 |
|
|
Net Current Assets |
200.285
|
167.913 |
128.862 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
274.995 |
242.294 |
199.271 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Income |
604.395 |
446.360 |
478.742 |
|
|
|
TOTAL (A) |
604.395 |
446.360 |
478.742 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Selling and Distribution Expenses |
|
|
|
|
|
|
Office Expenses |
527.782 |
374.752 |
409.088 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
527.782 |
374.752 |
409.088 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
76.613 |
71.608 |
69.654 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
76.613 |
71.608 |
69.654 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.424 |
7.310 |
6.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
69.189 |
64.298 |
62.884 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.780 |
20.628 |
22.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
45.409 |
43.670 |
40.221 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
184.167 |
140.497 |
100.276 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
229.576 |
184.167 |
140.497 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
179.725 |
149.680 |
136.770 |
|
|
|
Other Earnings |
0.084 |
0.599 |
1.164 |
|
|
TOTAL EARNINGS |
179.809 |
150.279 |
137.934 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
39.730 |
27.826 |
1.978 |
|
|
|
Stores & Spares |
11.327 |
44.417 |
3.469 |
|
|
|
Capital Goods |
9.964 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
61.021 |
72.243 |
5.447 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
90.09 |
87.43 |
-- |
|
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%20PRIVATE%20LIMITED%20-%20204657%2021-Dec-2012_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20204657%2021-Dec-2012_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
7.51
|
9.78 |
8.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.44
|
14.40 |
13.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.25
|
18.15 |
20.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.28 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81
|
0.59 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
2.41 |
2.22 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
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 involved in |
-- |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
Registered office of the company has been shifted from “43 Dr. V B Gandhi Marg, Fort, Mumbai 400023, Maharashtra, India” to the present address w.e.f. 09.03.2007.
REVIEW OF OPERATIONS
The
sales turnover for the year ended on 31st December 2010 has been 604
MINR as against the previous year turnover of 446 MINR. During the year the
Company has performed well. Company's sales and services is increased 35 % and
profit after tax is increased by 7.6% as compared to the previous year.
FUTURE OUTLOOK
Local Markets
The
Company continues its efforts to advance in its existing pump families. With
improvement in economy in general and in pharmaceutical, mining and
infrastructure sectors in particular, the Company is expecting higher turnover
in the times to come.
Exports
The
patronage of the parent company in the exports of the components and assemblies
to world market is at an accelerated rate. The Company is getting regular
orders from them for supplies to their associates in various countries like
Netherlands Belgium, Sweden, Singapore and others.
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Electrical Installation
- Furniture and Fixtures
- Office Equipments
- Vehicles
- Computer Software
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 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 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.54.84 |
|
|
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
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.