MIRA
INFORM REPORT
|
Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
DSM INDIA PRIVATE LIMITED (w.e.f. 21.03.2011) |
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|
|
|
Formerly Known
As : |
DSM ENGINEERING PLASTICS ( |
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|
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Registered
Office : |
Unit No.401, 402, 4th Floor, NSG IT Park, Aundh, Pune – 411
007, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
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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 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03160D |
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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. |
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|
|
|
No. of Employees
: |
300 (Approximately) |
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 2476000 |
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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 subsidiary of DSM Engineering Plastics International BV, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Chandrakant Dhanawde |
|
Designation : |
Finance Department |
|
Contact No.: |
91-20-66430800 |
|
Date : |
24.01.2012 |
LOCATIONS
|
Registered Office : |
Unit No.401, 402, 4th Floor, NSG IT Park, Aundh, Pune – 411
007, |
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Tel. No.: |
91-20-66430800 |
|
Fax No.: |
91-20-66430825 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Located at: v
Pune, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rajiv Chopra |
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Designation : |
Managing Director |
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|
Address : |
A 701, Som Vihar, |
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Date of Birth/Age : |
22.08.1960 |
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Date of Appointment : |
28.07.2009 |
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DIN No.: |
02777537 |
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Other Directorship :
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Name : |
Mr. Lakshmanan Karuppiah Chettiar |
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Designation : |
Director |
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Address : |
Flat No.301, Silver Bill Nyati, Enclave Mohamadwadi Kondwa, Pune – 411
028, |
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Date of Birth/Age : |
28.12.1962 |
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Date of Appointment : |
17.11.2009 |
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DIN No.: |
02884927 |
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Other Directorship :
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Name : |
Mr. Sanjaykumar Rameshkumar Jain |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.02.1974 |
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Date of Appointment : |
08.03.2011 |
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DIN No.: |
03507764 |
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Other Directorship :
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Name : |
Mr. Ajay Ashok Patwardhan |
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Designation : |
Director |
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Address : |
D-26, Oakwood Estate, Akashneem Marg, DLF Phase-II, Gurgaon – 122 002,
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Date of Birth/Age : |
17.08.1964 |
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Date of Appointment : |
25.01.2011 |
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DIN No.: |
03511656 |
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Other Directorship :
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|
Name : |
Yiding Yang |
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Designation : |
Director |
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Address : |
Plein 1992 55 C 6221 JP |
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Date of Birth/Age : |
12.03.1974 |
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Date of Appointment : |
08.03.2011 |
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DIN No.: |
03535578 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Gopalakrishnan R. |
|
Designation : |
Secretary |
|
Address : |
DSM, 9th Floor, |
|
Date of Birth/Age : |
26.08.1983 |
|
Date of Appointment : |
28.09.2011 |
|
PAN No.: |
AKHPR8132K |
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|
|
|
Name : |
Mr. Chandrakant Dhanawde |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
DSM Engineering |
4 |
|
DSM Engineering |
24374996 |
|
Total |
24375000 |
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 : |
Subject is in the
business of manufacturing and supplying engineering plastics granules for
automobiles and low voltage electrical applications. |
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|
|
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Exports : |
|
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Products : |
Finished Goods |
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Countries : |
v
European Countries v
Asian Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
v
European Countries v
Asian Countries |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
As
at March 31, 2011 |
|
Licensed capacity |
20,000 MT |
|
Installed capacity |
20,000 MT |
|
Class of goods |
Engineering
plastics |
|
|
|
|
Product Qty (kgs.) |
Production Qty
(kgs.) |
|
Akulon |
46,727,899 |
|
Arnite |
45,639,142 |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
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Bankers : |
v
Citi Bank v
ABN Amro Bank |
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Facilities : |
Notes: (A) Loan from
DSM Engineering Plastics International BV-Foreign currency loan. (B) Loan from
DSM Engineering Plastics International BV-Foreign currency loan. (C) (Facilities are secured by a corporate Guarantee executed by |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
C-401, 4th Floor, |
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PAN No.: |
AAALFS0506L |
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Holding Company : |
DSM Engineering |
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Fellow Subsidiaries : |
v
DSM Engineering Plastics v
DSM Engineering Plastics ( v
DSM Engineering v DSM NV Concern v
v DSM Business Support B. V. v DSM Anti- Infectives India Private Limited v
DSM ( v
v DSM Japan Engineering Plastics KK v DSM Composite Resins AG v DSM Engineering Plastics, Inc v
DSM Engineering Plastics v
DSM Engineering Plastics v 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
Equity shares of Rs.10 each fully paid are held by the Holding Company DSM EP
International, the
ii) 11,375,000
Equity shares of Rs.10 each are allotted 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 |
|
|
DEFERRED 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 |
23.268
|
(1.528) |
83.896 |
|
|
Loans & Advances |
168.597
|
151.990 |
153.022 |
|
Total
Current Assets |
1062.610
|
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 |
17.585
|
15.186 |
6.634 |
|
Total
Current Liabilities |
427.377
|
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 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
2501.740 |
1864.550 |
1351.980 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
331.550 |
310.180 |
57.250 |
|
|
|
|
|
|
|
|
|
|
INTEREST (D) |
64.000 |
58.370 |
43.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
267.550 |
251.800 |
13.670 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
78.290 |
71.910 |
27.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
189.260 |
179.890 |
(13.420) |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
76.590 |
68.950 |
18.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
113.420 |
111.470 |
(32.000) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
261.900 |
150.420 |
231.180 |
|
|
|
|
|
|
|
|
|
|
- Utilization
for issue of Bonus Shares |
0.000 |
0.000 |
(48.750) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
375.310 |
261.900 |
150.430 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods at F.O.B value |
147.542 |
82.913 |
21.704 |
|
|
|
Services charges and commission (Gross) |
0.638 |
3.437 |
4.960 |
|
|
|
Reimbursement of expenses* (*including mark up) |
26.213 |
18.376 |
15.513 |
|
|
TOTAL EARNINGS |
174.393 |
104.726 |
42.177 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1309.030 |
884.496 |
608.995 |
|
|
|
Capital Goods |
20.824 |
0.000 |
13.942 |
|
|
|
Finished Goods |
245.675 |
203.491 |
114.754 |
|
|
|
Repairs and Maintenance – Plant and Machinery |
1.639 |
9.829 |
0.000 |
|
|
TOTAL IMPORTS |
1577.168 |
1097.816 |
737.691 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
4.65 |
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
|
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 |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
No |
|
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 |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
No |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Creditors due small micro enterprises |
6.727 |
10.404 |
0.837 |
|
- Creditors due others |
286.758 |
287.227 |
176.690 |
|
Total |
293.485 |
297.631 |
177.527 |
Note:
Registered office of the company has been shifted from ‘Ashirwad’,
110/12, Erandwane Prabhat Road, Lane No.14, Thorat Colony, Pune – 400 004, 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 21st
March 2011, the name of the company was change from DSM Engineering Plastics (
FINANCIAL RESULTS:
DSM's strong
financial results for 2010 - 2011 reflect the company's focus on innovation and
its customers across the globe as well as cost and cash management supported by
an improving economic climate. Year ending 31st March 2010 was a year of
development and taking steps towards the diversification of the Company. The
Engineering Plastics business continued to be the prime business of the Company
contributing its profitability. The company will continue its customer focus as
well as its strategic commitment to innovation. The company’s unique
combination of activities together with its healthy financial situation puts
the company in a good position to advantage of opportunities that will arise
from current economic climate.
The company
continues to maintain its market share in Engineering Plastics both in Automobile
and E and E segment. Their products are used in a variety of end-use markets,
each of which comes with its own particular dynamics. This includes the
automotive, electrical and electronics industry. They are constantly developing
new applications, such as new materials for Automotive and electronic
components through the means of replacing reinforced plastics for steel.
SUSTAINABILITY:
DSM believes
sustainability will be a key differentiator and value driver over the coming
decades. As part of its new strategy, DSM in motion: driving focused growth,
DSM has formulated the ambition to go to the next level in sustainability: from
responsibility to a business driver.
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
FUTURE VISION:
The Emerging
Business Areas (EBAs) create growth platforms that are based on the strengths
and synergies of DSM’s positions in the industry. By making a fast, strong and
effective response to the changing economic conditions (by focusing on costs,
cash and working capital and reducing net debt) whilst at the same time
’staying the course’ (by continuing to concentrate on customers, innovation and
DSM’s core value: sustainability) DSM has emerged from the economic downturn as
a stronger company, as can be seen from its results.
The Company has
plans of settings up an innovation centre in
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
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particular |
31.03.2011 (Rs.
in millions) |
|
CST demand notice under Gujarat VAT for the year 2004 – 05 and 2005 – 06
pending in appeal not acknowledged as debt |
1.768 |
|
Income tax liability for transfer pricing for FY 06-07 |
15.883 |
|
|
0.830 |
|
|
|
FIXED ASSETS
v Plant and Machinery
v Office Equipments
v EDP Equipments
v Furniture and Fixtures
v Leasehold Improvements
– Furnishing and Fixtures
v
v
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.49.97 |
|
|
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.09 |
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.