MIRA
INFORM REPORT
|
Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
HAIER APPLIANCES ( |
|
|
|
|
Registered
Office : |
B-1/A-14, Mohan Co-operative Industrial Estate, |
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|
Country : |
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|
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|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
24.02.2003 |
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|
|
Com. Reg. No.: |
55 – 119101 |
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|
Capital
Investment/ Paid-up Capital: |
Rs.1035.141 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140DL2003PTC119101 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH03845C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of various products
of home appliances which mainly includes - refrigerators, color television
(including LCD's and LED's), washing machine, air conditioners, water heater
and dishwasher. |
|
|
|
|
No. of
Employees: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 891000 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
Comments : |
Subject is a part of Haier Group It is an established company having moderate track. The company has not
filed its latest financial with the government department. From the available
financial it has been seen that there appears some accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ 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 / Head Office : |
B-1/A-14, Mohan Co-operative Industrial Estate, |
|
Tel. No.: |
91-11-39496000 / 30674000 |
|
Fax No.: |
91-11-26971562 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
2000 Sq. ft |
|
Location : |
Rented |
|
|
|
|
Factory : |
Rajangaon MIDC, Pune |
|
Location : |
Owned |
DIRECTORS
AS ON 06.06.2011
|
Name : |
Tan Lixia |
|
Designation : |
Director |
|
Address : |
No.71, Tuandao 1 Road, Shinan District, |
|
Date of Birth/Age : |
20.09.1970 |
|
Date of Appointment : |
15.07.2003 |
|
DIN No.: |
00279245 |
|
|
|
|
Name : |
Zhou Yunjie |
|
Designation : |
Director |
|
Address : |
No.50, Yanan 1 Road, Shbei District, |
|
Date of Birth/Age : |
24.11.1966 |
|
Date of Appointment : |
09.07.2004 |
|
DIN No.: |
00279578 |
|
|
|
|
Name : |
Liang Haishan |
|
Designation : |
Director |
|
Address : |
Room No.502, Unit No.3, No.47, |
|
Date of Birth/Age : |
10.01.1966 |
|
Date of Appointment : |
24.08.2009 |
|
DIN No.: |
03020938 |
|
|
|
|
Name : |
Eric Anthony Braganza |
|
Designation : |
Director |
|
Address : |
502, Silver Ark, 62 convent Ave, Santacruz (West), Mumbai-400054, |
|
Date of Birth/Age : |
14.02.1956 |
|
Date of Appointment : |
30.01.2010 |
|
DIN No.: |
03024973 |
|
|
|
|
Name : |
Song Yujun |
|
Designation : |
Managing Director |
|
Address : |
Room No.602, Unit No.3, No.59, |
|
Date of Birth/Age : |
22.09.1966 |
|
Date of Appointment : |
15.04.2011 |
|
DIN No.: |
03562256 |
KEY EXECUTIVES
|
Name : |
Mr. Somesh Agrawal |
|
Designation : |
Secretary |
|
Address : |
A-87, PKT-III, Sector-82, Gautam Buddh Nagar, Noida-201010, |
|
Date of Birth/Age : |
24.04.1978 |
|
Date of Appointment : |
07.07.2009 |
|
PAN No.: |
AGBPA4836H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.06.2011
|
Names of Shareholders |
No. of Shares |
|
Haier Electrical Appliances Corporation Limited, |
103513135 |
|
Haier Europe |
1000 |
|
|
|
|
Total |
103514135 |
Equity Share Break up (Percentage of Total Equity)
AS ON 06.06.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Trader of various products
of home appliances which mainly includes - refrigerators, color television
(including LCD's and LED's), washing machine, air conditioners, water heater
and dishwasher. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
Standard Chartered Bank, Credit Risk Control, Narain Manzil, |
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Facilities : |
Note: 1.
Due within one year Rs.479.778
millions (Previous year Rs.30.000 millions) 2.
Working Capital loan and Buyers Credit are
secured by way of hypothecation of stock, book debts, other movables and
comfort letter from the parent company. |
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|
|
Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountant |
|
Address : |
Golf View, Corporate Tower B, Sector-42, |
|
Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Pan No.: |
AALFS0506L |
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Ultimate Holding Company : |
Haier Group Corporation, |
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|
|
|
Holding Company of Haier Electrical Appliances Corporation
Limited, |
Qingdao Haier investment
and Development Company Limited, |
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|
|
|
Holding Company, Haier Appliances ( |
Haier Electrical
Appliances Corporation Limited, |
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|
|
|
Fellow Subsidiary: |
·
Pegasus
Telecom ( ·
Haier
America Refrigerators Company ·
Haier
Electrical Appliances ( ·
Haier
·
Qingdao
Haier Joint Stock Company Limited ·
Qingdao
Haier Refrigerator Company Limited ·
HAH
(HK) Company Limited ·
Zhangqiu
Haier Electromotor Company, Limited. ·
·
Haier
Medical and Laboratory Products Company Limited, ·
Haier
RUS Trading Company LLC |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs. 1050.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103514135 |
Equity Shares |
Rs.10/- each |
Rs. 1035.141
Millions |
|
|
|
|
|
Note: Out of the above 103514135 equity shares of
Rs. 10/- each are held by Haier Electrical Appliances Corporation Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1035.141 |
45.260 |
45.260 |
|
|
2] Share Application Money |
0.000 |
989.881 |
752.282 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(812.511) |
(1118.358) |
(889.833) |
|
|
NETWORTH |
222.630 |
(83.217) |
(92.291) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
479.778 |
30.000 |
298.079 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
479.778 |
30.000 |
298.079 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
702.408 |
(53.217) |
205.788 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
418.529 |
430.127 |
523.515 |
|
|
Capital work-in-progress |
178.967 |
0.345 |
2.916 |
|
|
Intangible Assets |
7.827 |
4.946 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
789.464
|
412.266
|
365.282 |
|
|
Sundry Debtors |
493.887
|
389.534
|
280.642 |
|
|
Cash & Bank Balances |
239.590
|
52.002
|
87.264 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
433.137
|
334.402
|
383.914 |
|
Total
Current Assets |
1956.078
|
1188.204 |
1117.102 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1120.062
|
944.604
|
671.071 |
|
|
Other Current Liabilities |
646.561
|
657.787
|
727.519 |
|
|
Provisions |
92.370
|
74.448
|
39.155 |
|
Total
Current Liabilities |
1858.993
|
1676.839 |
1437.745 |
|
|
Net Current Assets |
97.085
|
(488.635)
|
(320.643) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
702.408 |
(53.217) |
205.788 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5006.586 |
2805.871 |
2594.112 |
|
|
|
Other Income |
366.409 |
265.542 |
627.172 |
|
|
|
TOTAL (A) |
5372.995 |
3071.413 |
3221.284 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Trading Goods |
2510.094 |
1096.111 |
1086.077 |
|
|
|
Raw Material Consumed |
1588.619 |
1229.965 |
897.222 |
|
|
|
Personal Expenses |
359.002 |
280.622 |
247.126 |
|
|
|
Operating and Other Expenses |
751.581 |
514.640 |
651.476 |
|
|
|
(Increased) / Decreased in Inventories |
(254.542) |
(22.289) |
213.658 |
|
|
|
TOTAL (B) |
4954.754 |
3099.049 |
3095.559 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
418.241 |
(27.636) |
125.725 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.300 |
100.347 |
77.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
365.941 |
(127.983) |
48.264 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.094 |
99.502 |
90.398 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE TAX (E-F)
(G) |
305.847 |
(227.485) |
(42.134) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.039 |
4.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
305.847 |
(228.524) |
(46.534) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1118.356) |
(889.832) |
(843.298) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(812.509) |
(1118.356) |
(889.832) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
564.902 |
259.460 |
|
|
|
Revenue Grant from Group company |
|
274.324 |
268.286 |
|
|
|
Capital Grant from Group company |
|
0.000 |
62.485 |
|
|
TOTAL EARNINGS |
566.810 |
839.226 |
590.231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
|
77.298 |
59.252 |
|
|
|
Trading Goods |
NA |
393.350 |
315.880 |
|
|
|
Capital Goods |
|
3.801 |
38.986 |
|
|
TOTAL IMPORTS |
NA |
474.449 |
414.118 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.00 |
(50.49) |
(10.28) |
|
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%20PRIVATE%20LIMITED%20-%20198844%202%20REVISED%20REPORT%2002-Nov-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
5.75 |
7.41 |
1.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.11 |
8.11 |
1.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.84 |
(14.01) |
(2.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.37 |
(2.73) |
(0.45) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.94 |
(20.51) |
(18.810 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
0.71 |
0.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
OPERATIONS
REVIEW
The Top line of the Company
for the year was Rs.5176.394 Millions
for the year as against Rs.2896.340
Millions for the top line of immediately preceding audited period. The net
profit (before tax) for the year was Rs.305.847 Millions as against net loss
(before Tax) of Rs.227.485 Millions for the previous audited period.
Considering the envisaged
implementation and improvements in systems and procedures, management is
hopeful that this will lead to improved efficiency in business thereby leading
to increased growth of the company.
Further, the Company plans
to reinforce its product offerings across categories and consolidate its market
position.
NATURE
OF OPERATIONS
Hater Appliances (
FORM 8
|
Corporate
identity number of the company |
U74140DL2003PTC119101 |
|
Name of the
company |
HAIER APPLIANCES
( |
|
Address of the
registered office or of the principal place of business in |
B-1/A-14, Mohan Co-operative Industrial Estate, Email :info@haierindia.com |
|
This form is for |
Modification of
charge |
|
Charge identification (ID) number of the charge to be
modified |
10022264 |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Standard Chartered
Bank, Credit Risk Control, Narain Manzil, E-Mail: Ashima.Tandon@sc.com |
|
Nature of
instrument creating charge |
Supplemental
Hypothecation Agreement of Stocks / Book Debts Supplemental
Hypothecation Agreement of machinery |
|
Date of
instrument Creating the charge |
09.05.2011 |
|
Amount secured by
the charge |
Rs. 933.400
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per facility
advise letter dated 18.04.2011 to be amended from time to time Terms of repayment As per facility
advise letter dated 18.04.2011 to be amended from time to time Margin As per facility
advise letter dated 18.04.2011 to be amended from time to time Extent and operation of the charge First Pari Passu
Charge Over Current Assets First Charge Over
Fixed Assets |
|
Short particulars
of the property charged (Including location of the property) |
All present and
future stocks consisting of raw materials, work in progress, finished goods
stores etc, and all present and future book debts |
|
Date of
instrument modifying the charge |
04.03.2009 |
|
Particulars of
the present modification |
Bank’s first pari
passu charge over all present and future current assets and first
hypothecation charge over plant and machinery, machinery spares, tools and
accessories etc. stored or to be stored at the company’s godowns or premises
or wherever else the same may be already registered for Rs. 488.400 millions
shall stand enhanced to Rs. 933.400 millions. |
CONTINGENT LIABILITIES:
|
Particulars |
31.12.2010 (Rs. In
Millions) |
|
Claims against the company not acknowledge
as debts |
0.000 |
|
Income tax matters |
405.544 |
FIXED ASSETS:
- Machinery
- Tools and Dies
- Computers
- Furniture and Fixtures
- 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.53.78 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
TOTAL |
|
29 |
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.