|
Report Date : |
07.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
HILTI MANUFACTURING INDIA PRIVATE LIMITED (w.e.f. 20.05.2010) |
|
|
|
|
Formerly Known
As : |
BHUKHANVALA DIAMOND SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.10.2007 |
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|
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|
Com. Reg. No.: |
11-175039 |
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|
Capital
Investment / Paid-up Capital : |
Rs.246.388
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299MH2007PTC175039 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB17968G |
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|
|
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PAN No.: [Permanent Account No.] |
AADCB2566L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Seller of diamond cutting tools and core drills. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
appears huge accumulated losses recorded by the company. However, trade
relations are reported to be fair. Business is active. Payments are reported
to be slow. The company can be considered for business dealing on a secured 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 (30.09.2011) |
Current Rating (31.12.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-40883000 |
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Fax No.: |
91-22-40883030 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.07.2011
|
Name : |
Mr. Pankaj Gupta |
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Designation : |
Director |
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Address : |
C-103, Rosewood Apartments, Mayur Vihar, Phase I Extenson, |
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Date of Appointment : |
22.04.2010 |
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DIN No.: |
02611667 |
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Other Directorship :
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||||||||||||||||||||||||
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Name : |
Mr. Johannes Wilfried Huber |
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Designation : |
Director |
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Address : |
Kiefernweg 3A, Starberg, 82319, |
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Date of Appointment : |
29.01.2009 |
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DIN No.: |
02457589 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hilti Equipment Corporation, |
|
1 |
|
Hilti Far |
|
57511249 |
|
Total |
|
57511250 |
As on 29.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of diamond cutting tools and core drills. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011 - FOR 15 MONTHS)
|
Particulars |
Unit |
Installed
Capacity |
|
Diamond Tools |
(in nos.) |
3500000 |
|
Diamond Powder and Compound |
(in Kgs ) |
1000 |
1) Licensed Capacity has not been shown, as the industry has been
de-licensed.
2) Installed Capacity is as certified by the management and has been
accepted by the auditors without verification, being a technical matter.
|
Particulars |
Unit |
Actual
Production |
|
Diamond tools |
Nos. |
|
|
Segmented Saws |
|
192987 |
|
Segments |
|
658109 |
|
Turbo Blades |
|
1182284 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Citi Bank |
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Facilities : |
Notes: (A) Cash credit overdrawn facility (B) Cash credit overdrawn facility |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
T.R. Chadha and Company Chartered Accountants |
|
Address : |
B-30 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFT1655Q |
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Holding Company
: |
Hilti Far East Pte Limited, |
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Ultimate Holding
Company : |
Hilti Corporation, |
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Subsidiaries : |
v Peacock Diamond
Systems Inc., v Peacock Diamond
Systems B.V., |
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|
|
|
Fellow
Subsidiaries : |
v
Hilti India Private Limited v
Hilti Mexicana S.A. v
Hilti North |
CAPITAL STRUCTURE
As on 29.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
114675000 |
Equity Shares |
Rs.10/- each |
Rs.1146.750 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
57511250 |
Equity Shares |
Rs.10/- each |
Rs.575.113
millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
114675000 |
Equity Shares |
Rs.10/- each |
Rs.1146.750 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24638750 |
Equity Shares |
Rs.10/- each |
Rs.246.388
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (15 Months) |
31.12.2009 (12 Months) |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
246.388 |
246.388 |
251.424 |
|
|
2] Share Application Money Pending Allotment |
657.450 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.036 |
5.036 |
0.000 |
|
|
4] (Accumulated Losses) |
(447.532) |
(436.027) |
(414.322) |
|
|
NETWORTH |
461.342 |
(184.603) |
(162.898) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
470.973 |
1074.619 |
986.065 |
|
|
TOTAL BORROWING |
470.973 |
1074.619 |
986.065 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
932.315 |
890.016 |
823.167 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
381.619 |
477.748 |
499.764 |
|
|
Capital work-in-progress |
4.422 |
5.910 |
2.497 |
|
|
|
|
|
|
|
|
INVESTMENT |
114.414 |
1.230 |
1.205 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
298.584
|
412.621 |
311.213 |
|
|
Sundry Debtors |
184.333
|
90.044 |
153.054 |
|
|
Cash & Bank Balances |
16.664
|
2.901 |
16.491 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
74.487
|
44.801 |
49.036 |
|
Total
Current Assets |
574.068
|
550.367 |
529.794 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
87.353
|
121.175 |
178.831 |
|
|
Other Current Liabilities |
48.601
|
18.760 |
23.967 |
|
|
Provisions |
6.254
|
5.304 |
7.295 |
|
Total
Current Liabilities |
142.208
|
145.239 |
210.093 |
|
|
Net Current Assets |
431.860
|
405.128 |
319.701 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
932.315 |
890.016 |
823.167 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (15 Months) |
31.12.2009 (12 Months) |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1059.900 |
519.845 |
507.004 |
|
|
|
Service Charges |
NA |
18.496 |
0.000 |
|
|
|
Other Income |
NA |
58.813 |
10.520 |
|
|
|
TOTAL (A) |
NA |
597.154 |
517.524 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
NA |
204.796 |
330.431 |
|
|
|
Other Manufacturing Expenses |
NA |
105.154 |
78.592 |
|
|
|
Employee Costs |
NA |
106.217 |
80.256 |
|
|
|
Administrative and Selling Expenses |
NA |
61.984 |
82.081 |
|
|
|
Provision for doubtful debts |
8.940 |
18.360 |
84.411 |
|
|
|
Write off Fixed Assets |
20.552 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
NA |
496.511 |
655.771 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
103.544 |
100.643 |
(138.247) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
45.369 |
59.839 |
221.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
58.175 |
40.804 |
(360.164) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.666 |
62.199 |
53.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(11.491) |
(21.395) |
(413.172) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.014 |
0.310 |
1.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(11.505) |
(21.705) |
(414.322) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(436.027) |
(414.322) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(447.532) |
(436.027) |
(414.322) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
997.067 |
476.388 |
425.217 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.47) |
(0.88) |
(18.59) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (15 Months) |
31.12.2009 (12 Months) |
31.12.2008 |
|
PAT / Total Income |
(%) |
NA
|
(3.63)
|
(80.06)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.08)
|
(4.12)
|
(81.49)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.20)
|
(2.08)
|
(40.13)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.12
|
2.54
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
(6.61) |
(7.34) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.04
|
3.79 |
2.52 |
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 |
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 |
Yes |
|
30) Major
Shareholders, if available |
Yes |
BACKGROUND:
The Company was
incorporated on 16th October, 2007 as a private limited Company and
is a subsidiary of Hilty Far East Pte Limited,
Hitherto, the
company was following Calender Year as it’s accounting year. During the year
the company has changed it’s accounting year from calendar year to 01.01.2010
to 31.03.2011. Accordingly these financial statements are being prepared for a
period of fifteen months from 01.01.2010 to 31.03.2011.
PERFORMANCE:
The sales of the Company for the period from January 1, 2010 to March 31,
2011 was 1059.900 millions up by 535.900 millions and Loss after tax amounted
to Rs.11.500 millions as against for the year ended December 31, 2009 at
Rs.524.000 millions and Loss after tax amounted to Rs.21.700 millions
respectively. Though the turnover has increased substantially the same is not
reflected in profits of the company due to increase in raw material prices and
increase in fixed cost. The Company is continuously thriving to improve the
productivity with introduction of the better processes through research and
development.
INCREASE IN
AUTHORISED SHARE CAPITAL:
The Company has increased its Authorised Share
Capital vide special resolution with the consent of its members from Rs.296.750
millions to Rs.1146.750 millions with effect from February 19, 2010.
SUBSIDIARY OF THE
COMPANY:
The Company has
two subsidiary Company, viz. Peacock Diamond Systems Inc., (Formerly known as
Bhukhanvala Diamond Systems Inc.),
FIXED ASSETS:
v
v
v
Residential Building
v
v
Plant and Machinery
v
Office Equipments
v
Computer Equipments
v
Other Equipments
v
Furniture and Fixtures
v
Motor 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 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.55.42 |
|
|
1 |
Rs.86.04 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.