|
Report Date : |
16.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUBBERKING TYRES INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
as: |
ASHA RUBBERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
103/104, Nendhara Apartment, Near GNFC Infotowes, |
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.02.1988 |
|
|
|
|
Com. Reg. No.: |
010340 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25110GJ1988PTC010340 |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Butyl Rubber Inner Tubes and
Curing Air Bags and Curing Bladders. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 815760 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established company having satisfactory track. There
appears some dip in the sales turnover and profitability of the company
during the year 2011. Trade relations are reported as decent. 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 na 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 DICLINED BY
|
Name : |
Mr. Mahesh Shah |
|
Designation : |
Account Manager |
|
Contact No.: |
91-79-26855619 |
|
Date : |
13.07.2012 |
LOCATIONS
|
Registered Office : |
103/104, Nendhara Apartment, Near GNFC Infotowes, S G Road, Bokadev,
Ahmedabad – 380054, Gujarat, India |
|
Tel. No.: |
91-79-26855619 / 26850567 |
|
Fax No.: |
91-79-26853390 / 26751985 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Unit 1 : |
411/2, GIDC, Phase - ll, Vatva, Ahmedabad – 382445,
Gujarat, India |
|
|
|
|
Unit 2 : |
Plot No. 9 GIDC,
Viramgam -382150, Gujarat, India |
DIRECTORS
AS ON 01.09.2011
|
Name : |
Mr. Dineshchandra Ishwarlal Gawarwala |
|
Designation : |
Director |
|
Address : |
52-C, Goyal Park, Opp. Satellite Tower, Satellite Road, Nr. Premchandnagar, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
12.05.1942 |
|
Date of Appointment : |
08.02.1988 |
|
|
|
|
Name : |
Mr. Samirkumar Dineshchandra Gawarwala |
|
Designation : |
Director |
|
Address : |
52-C, Goyal Park, Opp. Satellite Tower, Satellite Road, Nr. Premchandnagar, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
28.04.1967 |
|
Date of Appointment : |
08.02.1988 |
|
|
|
|
Name : |
Mr. Niren Dineshchandra Gawarwala |
|
Designation : |
Director |
|
Address : |
52-C, Goyal Park, Opp. Satellite Tower, Satellite Road, Nr. Premchandnagar, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
01.02.1970 |
|
Date of Appointment : |
01.04.1992 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Shah |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 01.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Dineshchandra Ishwarlal Gawarwala |
|
142500 |
|
Niren Dineshchandra Gawarwala |
|
177000 |
|
Samir Dineshchandra Gawarwala |
|
177000 |
|
Bhagawati Rubber Product Industries , Ahmedabad |
|
129600 |
|
Asha Dineshchandra Gawarwala |
|
129300 |
|
Anar Samir Gawarwala |
|
51300 |
|
Anal Niren Gawarwala |
|
51300 |
|
Samir D. Gawarwala as a Guardian of Minor Devin S. Gawarwala |
|
51000 |
|
Niren D. Gawarwala as a Guardian of Minor Priyanshi N. Gawarwala |
|
51000 |
|
Total |
|
960000 |
AS ON 01.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Butyl Rubber Inner Tubes and
Curing Air Bags and Curing Bladders. |
PARTICULARS OF LICENSED CAPACITY:
|
Particulars |
31.03.2011 |
|
Inner
Tubes and Rubber Flaps for Tyres of Automobiles Vehicles |
No
Industrial License is required under Industrial (Development and Regulations)
Act, 1951. |
PARTICULARS OF INSTALLED CAPACITY:
|
Particulars |
31.03.2011 |
|
(As
certified by a Director, not verified by Auditor, being a technical matter) |
|
|
Inner
Tubes of Rubber for Tyres of Automobile vehicles (such as motor cars, buses,
lorries, tractors, 2-3 wheelers etc.) |
Nos.18,00,000 (on
the basis of three shifts, 300
working days per year) |
PARTICULARS OF PRODUCTION:
|
Particulars |
31.03.2011 |
|
Inner
Tubes for Heavy Duty and LCV Tyres |
Nos.
774901 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
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Bankers : |
·
Bank of Baroda, Gandhi Road Branch, Ahmedabad -
380001,Gujarat, India ·
Punjab National Bank, International Banking Branch,Neelkamal Complex, Opp. Sales India
, Ashram Road, Ahmedabad - 380009, Gujarat, India |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Manubhai and Company Chartered Accountant |
|
Address : |
2nd Floor, B Wing, Premium House, Nr. Gandhigram Rly. Station,
Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel No.: |
91-79-26580956/26580966/26582484/26585064 |
|
Fax No.: |
91-79-26582673 |
|
Email: |
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|
Website: |
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|
|
|
|
Subsidiaries : |
G8 International Fze |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
960000 |
Equity Shares |
Rs.10/- each |
Rs.9.600
Millions |
|
|
|
|
|
Of the above
3,20,000 Equity Shares of Rs. 10/- each fully paid were issued as bonus shares in
F.Y.. 2008-09 by capitalisation of surplus in 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 |
9.600 |
9.600 |
9.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
194.340 |
157.523 |
78.413 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
203.940 |
167.123 |
88.013 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
115.031 |
123.121 |
117.761 |
|
|
2] Unsecured Loans |
0.000 |
2.331 |
10.502 |
|
|
TOTAL BORROWING |
115.031 |
125.452 |
128.263 |
|
|
DEFERRED TAX LIABILITIES |
13.056 |
11.221 |
7.946 |
|
|
DEFERRED PAYMENT CREDIT |
0.683 |
1.487 |
0.928 |
|
|
|
|
|
|
|
|
TOTAL |
332.710 |
305.283 |
225.150 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
145.965 |
137.796 |
79.023 |
|
|
Capital work-in-progress |
0.463 |
1.553 |
8.546 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.991 |
1.991 |
1.991 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
109.593
|
119.340 |
62.812 |
|
|
Sundry Debtors |
90.734
|
78.445 |
106.456 |
|
|
Cash & Bank Balances |
3.974
|
3.613 |
1.712 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
38.811
|
36.932 |
27.743 |
|
Total
Current Assets |
243.112
|
238.330 |
198.723 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.041
|
27.263 |
32.972 |
|
|
Other Current Liabilities |
32.883
|
41.334 |
26.780 |
|
|
Provisions |
4.897
|
5.790 |
3.381 |
|
Total
Current Liabilities |
58.821
|
74.387 |
63.133 |
|
|
Net Current Assets |
184.291
|
163.943 |
135.590 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
332.710 |
305.283 |
225.150 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
453.715 |
722.234 |
528.255 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
375.314 |
582.438 |
453.339 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
78.401 |
139.796 |
74.916 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
78.401 |
139.796 |
74.916 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
13.434 |
11.311 |
6.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
64.967 |
128.485 |
68.347 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
22.562 |
43.759 |
24.173 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
42.405 |
84.726 |
44.174 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
197.573 |
93.213 |
118.417 |
|
|
TOTAL EARNINGS |
197.573 |
93.213 |
118.417 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
67.935 |
215.499 |
96.186 |
|
|
TOTAL IMPORTS |
67.935 |
215.499 |
96.186 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
44.17 |
88.26 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.35
|
11.73 |
8.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.70
|
34.16 |
24.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.77 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
1.19 |
2.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.13
|
3.20 |
3.15 |
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 |
Yes |
|
10)
Designation of contact person |
Yes |
|
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 |
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
For Goods -
Due to MSMED |
0.000 |
0.000 |
0.000 |
|
For Goods -
Others |
21.041
|
27.263 |
32.972 |
OPERATIONS:
During
the year, there has been a major decrease in the top line and bottom line
figures of the company. The total income has decreased from Rs. 722.234
Millions in 2009-10 to Rs. 453.714 Millions in 2010-11, which reflects a decrease
of 37%. The Profit before Tax decreased from Rs. 128.485 Millions in 2009-10 to
Rs. 64.966 Millions in 2010-11.There has been a dual impact of the overall
Indian market being sluggish due to sky rocketing price of inputs impacting the
demand and secondly one of customer has changed their purchase pattern and
started getting the job work of Tubes instead of outright buying from them. The
impact of this in prorate outright sales value is Rs. 140.000 Millions Approx.
and Balance is due to bad market conditions. Management is taking all the
effective steps for cost control at all the levels of the business enterprise
and expects to provide a better performance in the coming years.
FORM 8:
|
Corporate identity number of the company |
U25110GJ1988PTC010340 |
|
Name of the company |
RUBBERKING TYRES INDIA PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
103
104 Nendhara Appt. Bodakdev, Ahmedabad 380015, Gujarat, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Immovable Property Floating Charge |
|
Particular of charge holder |
Punjab National Bank |
|
Nature of instrument creating charge |
Punjab National Bank Letter Dated
23.01.2012 For Closure Of Limit Of Rs. 33.700 Millions. |
|
Date of instrument Creating the charge |
23.01.2012 |
|
Amount secured by the charge |
Rs.186.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Extent and Operation of the charge The Charge Is Operational To The Extent Of
Rs. 186.000 Millions Plus Interests, Charges Costs, Expenses Etc. Over The
Movable And Immovable Properties Of The Company To Secure The Overall Credit
Limit Of Rs. 186.000 Millions Granted By The Bank To The Company. |
|
Short particulars of the property charged |
Hypothecation of stocks, raw materials,
finished goods, present and future book debts, receivables and movable plant
and machinery situated at Borrower's premises and godown at 9 and 10, GIDC,
Viramgam, Dist. Ahmedabad and at Village Irana, Taluka Kadi, Dist. Mehsana.
All that piece or Parcels of
Leasehold land situate lying and being at GIDC Industrial Estate, Viramgam
District Ahmedabad bearing Plot No.9 consisting of Survey No.93 of Mouje
Hansalpur of Taluka Viramgam
in the Registration District Ahmedabad and Sub-District of Viramgam
admeasuring 4950.00 sq. mts. or thereabouts together with buildings
thereon. All that piece or Parcels of
Property being Leasehold Plot No.10, admeasuring 4050 sq. mts. in the
Viramgam Industrial Estate of Gujarat Industrial Development Corporation,
Situated on the land being at Village
Hansalpur, Taluka Viramgam, Registration District Ahmedabad and Sub-District
Viramgam, together with present/future contruction thereon. |
|
Date of instrument modifying the charge |
19/03/2010 |
|
Particulars of the present modification |
Company has repaid loan amount of Rs.
33.700 Millions against FCTL Account No. 404200UQ00000044 and the said Loan
Account has been closed. Now the overall credit limit stands reduced from Rs.
219.700 Millions to Rs. 186.000 Millions. |
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.55.66 |
|
|
1 |
Rs.85.89 |
|
Euro |
1 |
Rs.67.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.