MIRA
INFORM REPORT
|
Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
DSM INDIA PRIVATE LIMITED (w.e.f.21.03.2011) |
|
|
|
|
Formerly Known
As : |
DSM ENGINEERING PLASTICS (INDIA) PRIVATE LIMITED |
|
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Registered
Office : |
Unit No.401, 402, 4th Floor, NSG IT Parg, Aundh,
Pune-411007, Maharashtra |
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|
Country : |
India |
|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.12.1998 |
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Com. Reg. No.: |
11-014523 |
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Capital Investment
/ Paid-up Capital : |
Rs. 243.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209PN1998PTC014523 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03160D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD7460J |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is in
the business of manufacturing and supplying engineering plastics granules for
automobiles and low voltage electrical applications. |
|
|
|
|
No. of Employees
: |
Not Available |
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 2400000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of DSM Engineering Plastics International BV,
Netherland. It is an established company having satisfactory track. The
company is progressing well. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 : |
Unit No.401, 402, 4th Floor, NSG IT Parg, Aundh, Pune-411007,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Rajiv Chopra |
|
Designation : |
Managing Director |
|
Address : |
A 701,
Som Vihar, New Delhi-110029, India |
|
Date of Birth/Age : |
22.08.1960 |
|
Date of Appointment : |
28.07.2009 |
|
DIN No.: |
02777537 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25209PN1998PTC014523 |
DSM
INDIA PRIVATE LIMITED |
Managing
director |
01-02-11 |
28-07-09 |
- |
Active |
NO |
|
2 |
U24231MH2003PTC139071 |
DSM
NUTRITIONAL PRODUCTS INDIA PRIVATE LIMITED |
Managing
director |
29-09-09 |
08-09-09 |
- |
Active |
NO |
|
3 |
U24231PB1999PLC023090 |
DSM ANTI
INFECTIVES INDIA LIMITED |
Additional
director |
16-11-09 |
16-11-09 |
02-05-11 |
Active |
NO |
|
4 |
U72300AP2011FTC074651 |
DSM
SHARED SERVICES INDIA PRIVATE LIMITED |
Director |
25-05-11 |
25-05-11 |
- |
Active |
NO |
|
5 |
U91120MH1965GAP013389 |
ORGANISATION
OF PHARMACEUTICAL PRODUCERS OF INDIA |
Director |
26-09-11 |
26-09-11 |
- |
Active |
NO |
|
Name : |
Mr. Lakshmanan Karuppiah Chettiar |
|
Designation : |
Director |
|
Address : |
Flat No
301 Silver Bill Nyati, Enclave Mohamadwadi Kondwa, Pune-411028, Maharashtra,
India |
|
Date of Birth/Age : |
28.12.1962 |
|
Date of Appointment : |
17.11.2009 |
|
DIN No.: |
02884927 |
|
|
|
|
Name : |
Mr. Sanjaykumar Rameshkumar Jain |
|
Designation : |
Director |
|
Address : |
Summer
Tower, 10th Flr., Bldg. No.1 , Seth Motisha Lane, Mumbai-400010, Maharashtra,
India |
|
Date of Birth/Age : |
11.02.1974 |
|
Date of Appointment : |
08.03.2011 |
|
DIN No.: |
03507764 |
|
|
|
|
Name : |
Mr. Ajay Ashok Patwardhan |
|
Designation : |
Director |
|
Address : |
D-26,
Oakwood Estate, Akashneem Marg, DLF Phase-II, Gurgaon-122002, Haryana, India |
|
Date of Birth/Age : |
17.08.1964 |
|
Date of Appointment : |
25.01.2011 |
|
DIN No.: |
03511656 |
|
|
|
|
Name : |
Mr. Yiding Yang |
|
Designation : |
Director |
|
Address : |
Plein
1992 55 C 6221 Jp Maastricht, Maastricht |
|
Date of Birth/Age : |
12.03.1974 |
|
Date of Appointment : |
08.03.2011 |
|
DIN No.: |
03535578 |
KEY EXECUTIVES
|
Name : |
Mr. Gopalakrishnan R |
|
Designation : |
Secretary |
|
Address : |
DSM,
9th Floor, Infinity Tower A, DLF Phase II, Gurgaon-122002, Haryana, India |
|
Date of Birth/Age : |
26.08.1983 |
|
Date of Appointment : |
28.09.2011 |
|
Pan No.: |
AKHPR8132K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
DSM Engineering Plastics BV, Netherland |
4 |
|
DSM Engineering Plastics International BV, Netherland |
24374996 |
|
Total |
24375000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
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 : |
Subject is in
the business of manufacturing and supplying engineering plastics granules for
automobiles and low voltage electrical applications. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
|
|
|
|
|
Engineering Plastics |
MT |
20000 |
20000 |
|
Particulars |
Unit |
Actual
Production |
|
Akulon |
Kgs. |
46727899 |
|
Arnite |
Kgs. |
8139453 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S R Batliboi and Company Chartered Accountant |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada, Near Don
Bosco School, Pune-411006, Maharashtra, India |
|
Pan No.: |
AAALFS0506L |
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|
|
|
Holding Company : |
·
DSM Engineering Plastics International BV,
Netherlands |
|
|
|
|
Fellow Subsidiaries : |
·
DSM Engineering Plastics Asia Pacific ·
DSM Engineering Plastics (Jiangsu) Company
Limited ·
DSM Engineering Plastics BV ·
DSM NV Concern ·
DSM Dyneema BV ·
DSM Business Support B. V. ·
DSM Anti- Infectives India Private Limited ·
DSM (China) Limited ·
DSM IT BV ·
DSM Japan Engineering Plastics KK ·
DSM Composite Resins AG ·
DSM Engineering Plastics, Inc ·
DSM Engineering Plastics Korea ·
DSM Engineering Plastics Taiwan ·
DSM Expert Center B.V. |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24375000 |
Equity Shares |
Rs.10/- each |
Rs. 243.750
Millions |
|
|
|
|
|
Notes:
Of the above:
i)
24,374,995 (Previous year 24,374,995) Equity shares
of Rs 10 each fully paid are held by the Holding Company DSM EP International ,
the Netherlands and 5 (Previous year 5) equity shares are held by DSM
Engineering Plastics BV
ii)
11,375,000 (Previous year 11,375,0000) Equity
shares of Rs 10 each are alloted as fully paid up bonus shares by utilization
of profit and loss account
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 |
243.750 |
243.750 |
243.750 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
375.312 |
261.892 |
150.423 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
619.062 |
505.642 |
394.173 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
868.535 |
838.921 |
1050.360 |
|
|
TOTAL BORROWING |
868.535 |
838.921 |
1050.360 |
|
|
DEFERRED TAX LIABILITIES |
34.943 |
23.842 |
12.489 |
|
|
|
|
|
|
|
|
TOTAL |
1522.540 |
1368.405 |
1457.022 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
878.711 |
899.287 |
953.107 |
|
|
Capital work-in-progress |
8.596 |
17.286 |
13.372 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
345.449
|
250.603 |
208.515 |
|
|
Sundry Debtors |
506.811
|
465.166 |
266.673 |
|
|
Cash & Bank Balances |
18.485
|
1.325 |
1.402 |
|
|
Other Current Assets |
23.267
|
(1.528) |
83.896 |
|
|
Loans & Advances |
168.597
|
151.990 |
153.022 |
|
Total
Current Assets |
1062.609
|
867.556 |
713.508 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
293.485
|
297.631 |
177.527 |
|
|
Other Current Liabilities |
116.307
|
102.907 |
38.804 |
|
|
Provisions |
17.584
|
15.186 |
6.634 |
|
Total
Current Liabilities |
427.376
|
415.724 |
222.965 |
|
|
Net Current Assets |
635.233
|
451.832 |
490.543 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1522.540 |
1368.405 |
1457.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
2833.290 |
2174.730 |
1409.230 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
2501.740 |
1864.560 |
1351.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
331.550 |
310.170 |
57.250 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
64.000 |
58.370 |
43.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
267.550 |
251.800 |
13.670 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.290 |
71.910 |
27.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
189.260 |
179.890 |
(13.430) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
75.840 |
68.420 |
18.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
113.420 |
111.470 |
(32.000) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
261.900 |
150.430 |
231.180 |
|
|
|
|
|
|
|
|
|
Less |
Utilization for
issue of Bonus Shares |
0.000 |
0.000 |
(48.750) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
375.320 |
261.900 |
150.430 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
147.542 |
82.913 |
21.704 |
|
|
|
Commission Earnings |
0.638 |
3.437 |
4.960 |
|
|
|
Reimbursement of Expenses |
26.213 |
18.377 |
15.513 |
|
|
TOTAL EARNINGS |
174.393 |
104.727 |
42.177 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1309.030 |
884.496 |
608.995 |
|
|
|
Repairs and Maintenance – Plant and Machinery |
1.639 |
9.829 |
0.000 |
|
|
|
Capital Goods |
20.824 |
0.000 |
13.942 |
|
|
|
Finished Goods |
245.675 |
203.491 |
114.754 |
|
|
TOTAL IMPORTS |
1577.168 |
1097.816 |
737.691 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
4.57 |
(1.31) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.00
|
5.13 |
(2.27) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.75
|
10.18 |
(0.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.36 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
2.53 |
3.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.49
|
2.09 |
3.20 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Registered office
of the company has been shifted from ‘Ashirwad’, 110/12, Erandwane Prabhat
Road, Lane No.14, Thorat Colony, Pune-400004, Maharashtra, India
w.e.f.06.11.2008.
NATURE OF OPERATIONS
Subject is in the
business of manufacturing and supplying engineering plastics granules for
automobiles and low voltage electrical applications.
On 21stMarch 2011,
the name of the company was change from DSM Engineering Plastics (India)
Private Limited to DSM India Private Limited, with the approval from government
authorities.
NEW GROWTH STRATEGY
The Company has
set up a Regional Governance Model and Organization consistent with the
Corporate Strategic Dialogue that is aligned with the Business Groups,
Corporate Staff Departments, Shared Services and DSM Expert Centre strategies
and at the same time meets the needs of the regional operating businesses. The
Regional Governance organization that facilitates regional growth (organic and
through acquisition), talent development and deployment and a “One DSM” brand
and identity. To achieve this objective it was proposed to restructure the
legal organization within India to have minimum number of legal entities. Thus
the process of restructuring initiated, whereby DSM Engineering Plastics
(India) Private Limited has been renamed as DSM India Private Limited and its
objects have been amended to include business of composite resins, chemicals,
performance materials, vitamins along with its existing objects.
OPERATIONAL EXCELLENCE
Operational
excellence continues to be an important area in the pursuit of sustainable
value creation. DSM enjoys a strong track record in establishing efficiency
enhancements which clearly represent step changes in performance and add to the
bottom line. The implementation of SAP and whole of Corporate Compliances last
year has been a significant and successful achievement in this regard.
The Company’s
Engineering Plastics division and the Automotive Research Association of India
announced their alliance to synergize their strengths in supporting the
automotive industry in India. This alliance will provide sustainable solutions
for the automotive industry through the shared knowledge of both companies in
understanding industry requirements and their interaction with applications and
materials.
FIXED ASSETS
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Leasehold Land
·
Furniture and Fixtures
·
Factory Building
·
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. 50.66 |
|
|
1 |
Rs. 77.72 |
|
Euro |
1 |
Rs. 64.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|
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.