MIRA
INFORM REPORT
|
Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VOLKSWAGEN INDIA PRIVATE LIMITED |
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|
|
|
Registered
Office : |
E-1, MIDC Industrial Area, Phase III, Village Nigoje Mhalunge,
Kharabwadi Chakan, Taluka Khed, Pune-410501, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation : |
06.02.2007 |
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Com. Reg. No.: |
11-133117 |
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Capital
Investment / Paid-up Capital : |
Rs.14386.815
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U70102PN2007FTC133117 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV14433G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Four Wheelers. |
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No. of Employees
: |
4000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23250000 |
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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 Volkswagen AG, In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions. Current year profit and loss account is not available. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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: |
E-1, MIDC Industrial Area, Phase III, Village Nigoje Mhalunge,
Kharabwadi Chakan, Taluka Khed, Pune-410501, |
|
Tel. No.: |
91-2135-661070 / 661000 / 063 / 661058 / 661060 / 661179 / 661024 |
|
Fax No.: |
91-2135-661047 / 661044 |
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E-Mail : |
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|
Website : |
http://www.volkswagen.co.in |
|
Area : |
700 acers |
|
Location : |
Owned |
DIRECTORS
AS ON 14.11.2011
|
Name : |
Mr. Wallapura John Chacko |
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|
Designation : |
Managing Director |
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Address : |
Alte Dorfstrabe 25, Waltingpfunz, 85137, |
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Date of Birth/Age : |
26.03.1952 |
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Date of Appointment : |
06.02.2007 |
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Passport No.: |
8000785527 |
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DIN No.: |
01251227 |
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Other Directorship: |
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Name : |
Mr. Piyush Kumar Upadhyay |
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Designation : |
Director |
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Address : |
C 25, Konark Splendour, Vadgaonsheri Kalyani Nagar Extension,
Pune-411014, |
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Date of Birth/Age : |
05.01.1973 |
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Date of Appointment : |
04.01.2011 |
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DIN No.: |
03486771 |
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Other Directorship: |
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Name : |
Mr. Holger Nestler |
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Designation : |
Director |
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Address : |
Hotel Oakwood Premier, Pune 81, |
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Date of Birth/Age : |
06.11.1970 |
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Date of Appointment : |
04.01.2011 |
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DIN No.: |
03486809 |
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Other Directorship: |
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Name : |
Mr. Jurgen Klopffer |
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Designation : |
Director |
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Address : |
Bungalow No.545, Sindh Housing Society, Aundh, Pune-411045, |
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Date of Birth/Age : |
05.07.1964 |
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Date of Appointment : |
04.01.2011 |
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DIN No.: |
03486952 |
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Other Directorship: |
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Name : |
Mr. Mahesh Subramanian Kodumudi |
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Designation : |
Director |
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Address : |
D-801, Waterfront, Kalyani Nagar, Pune-411006, |
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Date of Birth/Age : |
28.07.1965 |
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Date of Appointment : |
04.01.2011 |
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DIN No.: |
03491209 |
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Other Directorship: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.11.2011
|
Names of Shareholders |
No. of Shares |
|
Volkswagen International |
129619931 |
|
Volkswagen AG, Deutschland |
1 |
|
Volkswagen AG, Deutschland |
337337000 |
|
TOTAL
|
466956932 |
|
Names of Preference Shareholders |
No. of Shares |
|
Volkswagen AG, Deutschland |
971724552 |
|
TOTAL
|
971724552 |
AS ON 14.11.2011
|
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 : |
Manufacturer of Four Wheelers |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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|
|
|
|
|
Motor Car |
Nos. |
110000 |
648424113 |
Notes:
i) Installed capacity, as certified by the
management and accepted by the auditors without verification, being a technical
matter
ii) All capacities are set up after 25.07.1991
an no licenses are required in terms of notification No.477 (E) under the
industries (development and regulation) Act, 1951. A declaration to this effect
has been mentioned in the industrial entrepreneur’s memorandum files in this
regard.
GENERAL INFORMATION
|
No. of Employees : |
4000 (Approximately) |
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Bankers : |
·
HSBC Bank, Near ·
Deutsche Bank, Mumbai, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Water House Chartered Accountants |
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Address : |
Suite No.8, 5th Floor, |
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Pan No.: |
AAEFP3614G |
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Holding Company : |
Volkswagen AG, |
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Fellow Subsidiaries : |
Volkswagen Group Sales India Private Limited CIN No.: U50401MH2007FTC168439 |
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Others : |
·
Skoda Auto A.S. ·
Volkswagen Coaching, ·
Volkswagen Do Brasil Industria De Veeiculous
Automoters Limited ·
Volkswagen Of South Africa Pty. Limited ·
Volkswagen Navarra S.A. ·
Autoeuropa Automotive Limited ·
Audi Ag ·
Volkswagen ·
Volkswagen De Mexico S.A. De C.V. ·
Shanghai Volkswagen Automotive Company Limited ·
Volkswagen Group Of America, Inc ·
Volkswagen Sachsen GmbH ·
Volkswagen Zubehor GmbH ·
Volkswagen International Finance N.V. Iav GmbH ·
Volkswagen Motorsport GmbH ·
Volkswagen Logistics GmbH ·
Porsche Consulting GmbH ·
Volkswagen Goa ·
Volswagen Bildungsinstitut GmbH ·
Audi Brussels SA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
466956932 |
Equity Shares |
Rs.10/- each |
Rs. 4669.569 Millions |
|
971724552 |
Non-Cumulative, Non-Convertible, Redeemable Preference Shares |
Rs.10/- each |
Rs. 9717.246 Millions |
|
|
Total |
|
Rs. 14386.815
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
466956932 |
Equity Shares |
Rs.10/- each |
Rs. 4669.569 Millions |
|
971724552 |
Non-Cumulative, Non-Convertible, Redeemable Preference Shares |
Rs.10/- each |
Rs. 9717.246 Millions |
|
|
Total |
|
Rs. 14386.815
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (15th Months) |
31.12.2009 (12th
Months) |
31.12.2008 (9th Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14386.815 |
14386.815 |
14386.815 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1860.307 |
(155.605) |
0.000 |
|
|
4] (Accumulated Losses) |
(10433.139) |
(4678.973) |
(1020.944) |
|
|
NETWORTH |
5813.983 |
9552.237 |
13365.871 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
33003.596 |
17444.266 |
0.000 |
|
|
TOTAL BORROWING |
33003.596 |
17444.266 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38817.579 |
26996.503 |
13365.871 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25551.924 |
14317.555 |
1001.804 |
|
|
Capital work-in-progress |
3983.070 |
11364.533 |
11285.647 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6041.994
|
1813.336
|
63.547 |
|
|
Sundry Debtors |
2938.967
|
812.332
|
0.000 |
|
|
Cash & Bank Balances |
3738.260
|
2351.267
|
1409.529 |
|
|
Other Current Assets |
4700.384
|
288.765
|
31.029 |
|
|
Loans & Advances |
5971.732
|
3542.183
|
1797.948 |
|
Total
Current Assets |
23391.337
|
8807.883 |
3302.053 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13252.529
|
6264.552
|
|
|
|
Other Current Liabilities |
680.381
|
1212.817
|
2201.840 |
|
|
Provisions |
175.842
|
16.099
|
21.793 |
|
Total
Current Liabilities |
14108.752
|
7493.468 |
2223.633 |
|
|
Net Current Assets |
9282.585
|
1314.415
|
1078.420 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38817.579 |
26996.503 |
13365.871 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (15th Months) |
31.12.2009 (12th
Months) |
31.12.2008 (9th Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2443.110 |
0.000 |
|
|
|
Other Income |
|
1218.490 |
957.710 |
|
|
|
TOTAL |
NA |
3661.600 |
957.710 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
NA |
|
|
|
|
|
TOTAL |
|
5370.110 |
1610.890 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(1708.510) |
(653.180) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1941.020 |
41.970 |
|
|
|
|
NA |
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(3649.530) |
(695.150) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
8.500 |
318.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
(3658.030) |
(1013.330) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(1020.940) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(4678.970) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export |
NA |
271.269 |
0.000 |
|
|
|
Technical Service Income |
NA |
254.021 |
47.843 |
|
|
TOTAL EARNINGS |
NA |
525.290 |
47.843 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
NA |
2638.370 |
98.422 |
|
|
|
Capital Goods |
NA |
7691.512 |
5302.291 |
|
|
TOTAL IMPORTS |
NA |
10329.882 |
5400.713 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
(7.83) |
(4.31) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (15th Months) |
31.12.2009 (12th
Months) |
31.12.2008 (9th Months) |
|
PAT / Total Income |
(%) |
NA
|
(99.90) |
(105.81) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(149.38) |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(15.78) |
(16.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.38) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.10
|
2.61 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.18 |
1.48 |
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 |
Yes |
|
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 |
Yes |
|
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if
available |
No |
NOTE
Registered Office
of the company has been shifted from 110-111/10,
MARKET / BUSINESS OVERVIEW
Subject epitomizes
the true essence of Indian spirit meets German excellence
The made-in-India
Polo was presented to the general public for the very first time at the Auto Expo
2010 followed by the market launch throughout
Subject celebrated
the roll-out of its 10,000th car from its plant in Chakan, Pune on June 3,
2010.
Subject rolled-out
the mid-size sedan, the Volkswagen Vento on August 3, 2010. On February 15,
2011, the 50,000th car was rolled out of the Chakan plant of which was
Volkswagen Vento.
WEBSITE DETAILS
NEWS
Court Directs Lodging of FIR Against Volkswagen's MD
A court here has directed
Metropolitan Magistrate Rajinder Singh passed the orders for lodging FIR on a
plea alleging that car dealers were levying charges like those for 'handling'
in violation of law.
The complainant said that Central Motor Vehicle Rules and an August 2007
notification of Transport Department Delhi prohibits motor vehicle dealers from
levying such charges.
"Looking at the scale and gravity of the allegation, it is deemed fit to
direct the SHO concerned to register an FIR and investigate this matter.
Accordingly, the SHO concerned is directed to register an FIR in accordance
with law under the relevant sections," the judge said.
The complaint filed by advocate Rajiv Ranjan Raj alleged levying of illegal charges
by car dealers and sought lodging of FIR for cheating, criminal conspiracy,
criminal breach of trust and for offences under Prevention of Corruption Act.
He made car dealer Bhasin Motors, its four directors, MD of Volkswagen India
Private Limited and a Motor Licensing Officer of Delhi Transport Department as
party in the case.
Raj said Delhi Government's August 13, 2007 notification prohibited car dealers
from charging anything in the name of service/miscellaneous charges from the
purchasers.
He said Bhasin Motors charged him Rs 0.004 million as handling and number plate
charges apart from VAT March last year.
The dealer and officials of transport department are involved in a "mass
scale fraud being played upon innocent purchasers by such unscrupulous
dealers," Raj told the court.
Raj said "dealers are required to give an undertaking that they will not
charge any other charges/fee like handling charges/service charges."
He said the transport officials "never cross check" if dealers are
adhering to the rules or not and added that the concerned official "has
grossly failed to take any action to check this malpractice, obviously for
illegal gratification".
"The Motor Licensing Officers abet dealers to collect illegal charges,
inter-alia, from me by wilfully and deliberately not scrutinising the invoice
raised and issued by the dealer, thereby the corrupt Motor Licensing Officers
get their share of the booty.
"A white collar crime is being committed day in and day out and ill-gotten
gains are shared amongst senior officials of Transport Department and the
manufacturer," he alleged.
He added that "the car manufacturer is also aware of the fact that their
authorised dealers are charging handling Charges/ loading and unloading
charges/ logistic charges etc from their customers and their culpability in
unfair trade practice/cheating the general public is writ large also get its
share from the dealers hence no action is taken by them".
"The key officials of the manufacturer namely President, MD and Chief Representative
India, Volkswagen India Private Limited, apart from others in connivance with
officials of the Bhasin Motors and the Motor Licensing officer has committed
the offence punishable under the Indian penal Code," Raj said.
The Delhi High Court had also on January 4 asked the car dealers' association
to file its reply on a PIL on same issue.
The PIL had alleged that car dealers are levying several illegal charges and
sought a CBI inquiry into the nexus between officials and car dealers.
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] 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. 56.02 |
|
|
1 |
Rs. 86.89 |
|
Euro |
1 |
Rs. 67.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
44 |
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.