|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
VICTOR GASKETS INDIA LIMITED |
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Registered
Office : |
152/223, At Village Mahalunge, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.07.2001 |
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Com. Reg. No.: |
25-018092 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.334 Millions |
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CIN No.: [Company Identification
No.] |
U29117PN2001PLC018092 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04020C |
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PAN No.: [Permanent Account No.] |
AABCV2847C |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturers
and Suppliers of Gasket. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 570000 |
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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 well established and reputed company having satisfactory
track records. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED
Management Non-Cooperative (91-2135-677300)
LOCATIONS
|
Registered Office : |
152/223, At Village Mahalunge, |
|
Tel. No.: |
91-2135-677300/ 301 |
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Fax No.: |
91-2135-677328 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 20.07.2011
|
Name : |
Mr. Sunil Prem Nath Kaul |
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Designation : |
Director |
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Address : |
H. No. 8, Atul Excellency, S No. 207/2, Kaspate Vasti Wakad, Pune –
411027, Maharashtra, India |
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Date of Birth/Age : |
13.08.1959 |
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Date of Appointment : |
27.07.2010 |
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DIN No.: |
00110549 |
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Name : |
Mr. Satish K. Sekhri |
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Designation : |
Director |
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Address : |
R-6, Sacred |
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Date of Birth/Age : |
28.03.1950 |
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Date of Appointment : |
27.07.2010 |
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DIN No.: |
00211478 |
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Name : |
Mr. Mahendra Kumar Goyal |
|
Designation : |
Director |
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Address : |
H. No. 8, Anfilco Housing Colony, Dundahera, Gurgaon, Haryana –
122016, |
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Date of Birth/Age : |
01.11.1969 |
|
Date of Appointment : |
27.07.2010 |
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DIN No.: |
02605616 |
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Name : |
Mr. Shankar Srikantiah Muguru |
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Designation : |
Additional director |
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Address : |
Sec No 27A/119, F No 1, Lalit Residency, Pcntda,Nigdi, Pune – 411044, |
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Date of Birth/Age : |
27.09.1959 |
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Date of Appointment : |
31.01.2012 |
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DIN No.: |
02306859 |
KEY EXECUTIVES
|
Name : |
Govinda K. Patil |
|
Designation : |
Practising Company Secretary |
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Address : |
B-2/1, Kailash Housing Society, Shastrinagar, Kothrud, Pune – 411038, |
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Qualification : |
M. Com, AICWA, ACS |
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Email ID : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Major shareholders details not available
AS ON 20.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
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Public financial companies |
|
0.01 |
|
Mutual funds |
|
0.01 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.15 |
|
Bodies
corporate |
|
87.96 |
|
Directors
or relatives of directors |
|
|
|
Other
top fifty shareholders |
|
2.22 |
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Others |
|
9.65 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Suppliers of Gasket. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity Nos.* |
Installed
Capacity Nos.** |
Actual
Production Nos. |
|
Gaskets |
Nos. |
-- |
43723500 |
32935223 |
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* Licensing requirements for automotive parts
have been dispensed w.e.f. July 25, 1991.
** Installed Capacity has been accepted by the
auditors without verification, this being a technical matter.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B K Khare and Company Chartered Accountants |
|
Address : |
706/708 Sharda Chamber, New Marine Line, Mumbai – 400020, |
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Tel. No.: |
91-22-22000607/ 7318/ 6360/ 66315835/ 36 |
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Fax No.: |
91-22-22003476 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFB0265E |
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Holding Company : |
Asia Investments Private Limited CIN No.:
U65993MH1966PTC206200 |
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Associates/Subsidiaries
: |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Share |
Re. 1/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8334142 |
Equity Share |
Re. 1/- each |
Rs. 8.334
Millions |
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|
|
|
|
Note:
The above shares are issued for consideration other than cash pursuant to the Scheme of Arrangement for Demerger of Gaskets division of Perfect Circle Victor Limited. Out of these 72,58,352 equity shares of Rs. 1 each fully paid up are held by Asia Investments Private Limited, the holding company
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 |
8.334 |
8.334 |
8.334 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
134.877 |
136.789 |
125.768 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
143.211 |
145.123 |
134.102 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
61.423 |
42.808 |
35.187 |
|
|
2] Unsecured Loans |
89.321 |
89.423 |
89.423 |
|
|
TOTAL BORROWING |
150.744 |
132.231 |
124.610 |
|
|
DEFERRED TAX LIABILITIES |
4.407 |
6.909 |
9.889 |
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|
|
|
|
|
|
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TOTAL |
298.362 |
284.263 |
268.601 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
108.859 |
106.289 |
116.418 |
|
|
Capital work-in-progress |
1.907 |
1.618 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
84.054
|
54.747 |
54.747 |
|
|
Sundry Debtors |
89.943
|
63.559 |
63.559 |
|
|
Cash & Bank Balances |
12.609
|
10.820 |
10.820 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
147.730
|
139.295 |
111.309 |
|
Total
Current Assets |
334.336
|
298.364 |
240.435 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
53.222
|
64.303 |
49.044 |
|
|
Other Current Liabilities |
48.333
|
45.603 |
28.099 |
|
|
Provisions |
45.185
|
12.102 |
11.109 |
|
Total
Current Liabilities |
146.740
|
122.008 |
88.252 |
|
|
Net Current Assets |
187.596
|
176.356 |
152.183 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
298.362 |
284.263 |
268.601 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
555.958 |
454.688 |
338.700 |
|
|
|
Other Income |
43.571 |
31.158 |
21.282 |
|
|
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TOTAL (A) |
599.529 |
485.846 |
359.982 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
325.977 |
262.918 |
193.342 |
|
|
|
Personal Expenses |
66.355 |
58.175 |
59.180 |
|
|
|
Other Expenditure |
118.073 |
106.707 |
83.471 |
|
|
|
TOTAL (B) |
510.405 |
427.800 |
335.993 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
89.124 |
58.046 |
23.989 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.400 |
2.014 |
3.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
84.724 |
56.032 |
20.626 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.552 |
24.240 |
15.503 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
68.172 |
31.792 |
5.123 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.621 |
11.021 |
2.467 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
46.551 |
20.771 |
2.656 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.656 |
34.975 |
38.439 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.989 |
3.340 |
0.270 |
|
|
|
Interim Dividend |
8.334 |
4.167 |
0.000 |
|
|
|
Tax on Interim Dividend |
1.384 |
0.708 |
0.000 |
|
|
|
Proposed Dividend-Equity |
33.337 |
4.167 |
5.000 |
|
|
|
Tax on Proposed Dividend |
5.408 |
0.708 |
0.850 |
|
|
BALANCE CARRIED
TO THE B/S |
33.755 |
42.656 |
34.975 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
37.991 |
30.512 |
25.406 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
126.146 |
90.510 |
56.632 |
|
|
|
Machinery/ Spares |
0.054 |
0.369 |
0.051 |
|
|
TOTAL IMPORTS |
126.200 |
90.879 |
56.683 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.59 |
2.49 |
0.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.76
|
4.28 |
0.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.26
|
6.99 |
1.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.38
|
7.86 |
1.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.22 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.08
|
1.75 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
2.45 |
2.72 |
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. Constitution 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 |
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 |
Yes |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
No |
SUNDRY CREDITORS:
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors : |
|
|
|
|
- Total Outstanding dues of Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
|
- Total Outstanding dues of Creditors other than Micro and Small Enterprises |
53.222 |
64.303 |
49.044 |
|
Total |
53.222 |
64.303 |
49.044 |
PERFORMANCE AND
OPERATIONS
The Company registered sales turnover during the year was Rs 616.700 Million as compared to Rs 496.200 Million in the previous year, which represents a increase of 24.3%. Profit before Depreciation, Interest and Taxation was Rs 89.200 Million as compared to Rs 58.000 Million in the previous year, which represents an increase of 54%. This was mainly because of increase in sales, reduction in overheads and finance costs. Profit before Tax was Rs 68.200 Million as compared to Rs 31.800 Million last year, which represents an increase of 115%. Profit after Tax was Rs 45.500 Million as compared to Rs 20.800 Million last year, which represents an increase of 119%.
Increased competition and demand for price reduction on the
part of the OE customers resulted in the Company not getting compensated fully
for increase in raw material costs. However, the Company was able to work on
negotiations on volume based purchases to improve the margins. Launch of a new
range of products in the Aftermarket having graphite composites gave increased
contribution.
COLLABORATORS
The Company has a technical license agreement with Hamamatsu
Gasket Corporation of
CONTINGENT
LIABILITIES: (AS ON 31.03.2011)
1. Bank Guarantees : Rs. 0.125 Millions
2. Services Tax : Rs. 0.801 Millions
3. Sales Tax Claims against which company has preferred an appeal : Rs. 3.422 Millions
4. Corporate Guarantee extended in favour of Tata Capital Limited, on behalf of Asia Investment Private Limited – Holding Company, Rs. 665.700 Millions. So far, company has made inter corporate deposits and extended Corporate Guarantees aggregating to Rs. 781.190 Millions which exceeds approval received from shareholders up to Rs. 400.000 Millions in previous Annual General Meeting. Excess amount beyond such limit is subject to approval of shareholders in the ensuring annual general meeting.
It is also proposed to obtain approval of members for investing surplus funds/ making unter corporate loans/ providing securities up to Rs. 1600.000 Millions in the ensuing AGM.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29117PN2001PLC018092 |
|
Name of the
company |
VICTOR GASKETS
INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
152/223, At
Village Mahalunge, |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Movable Property Others (Stocks) |
|
Particular of
charge holder |
The Hongkong
Shanghai Banking Corporation Limited, Email ID: pareshmehta@hsbc.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 15th February
2011` for charge on book debts and
movable property for an amount of
Rs.400.000 Millions |
|
Date of instrument
Creating the charge |
15.02.2011 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Commission and
Interest as may be mutually agreed. Terms of Repayment Facilities shall
be payable on demand as advised by HSBC, in its sanction letter number PUN 102372 Dated 07.01.2011 and as amended from time to time Margin Cash Margin- As
may be agreed between HSBC and Company from time to time Extent and Operation of the charge Continuing
Security. Charge to continue till facilities are being utilised by the
Company. |
|
Short particulars
of the property charged |
1. Plant and
Machinery and Stores and Spares located at Company's premises at Chakan, Pune and other locations. 2. Stock- Raw
Materials, Stock In Process and Finished Goods belonging to Company and lying
at Company's premises and elsewhere. 3. Book Debts and
receivables belonging to the Company |
FIXED ASSETS
Tangible Assets
Intangible Assets
AS PER WEB DETAILS
PROFILE
Subject ranks
among the best-known names in
The Company has absorbed technical know how from Hamamatsu
Corporation,
The manufacturing operations of Victor Gaskets India commenced in 1962 in Mumbai. In 1972, the facility was relocated to Nashik and in 1998 to Chakan, near Pune. Today the facility caters to the requirements of its OE customers on JIT/ kanban basis.
In 2001, with the implementation of the Scheme of
Arrangement for demerger, the Gasket business of the erstwhile Perfect Circle
Victor Limited was transferred to the new Company - Victor Gaskets India
Limited.
COLLABORATOR
Technology on Non-asbestos Materials has been absorbed and
the company’s plans to exit asbestos are being implemented. With a sales
turnover exceeding US $ 9.5 billion and headquartered in
As a result of its R and D capability, Victor Gaskets India has been making indigenous products available to its customers to help substitute their imports and reduce costs.
Its Product Validation Centre helps Victor Gaskets India in the testing of materials as well as faster verification and validation of product designs. The Company also conducts extensive tests and checks its products for potential failures to ensure greater reliability of the gaskets.
The Company has developed several Cylinder Head Gaskets constructions for new vehicles, using advanced processes like MLG, localized and area screen printed epoxy/silicone deposits and heat absorbent release coatings.
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. 55.85 |
|
|
1 |
Rs. 86.88 |
|
Euro |
1 |
Rs. 69.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.