|
Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KRUGER VENTILATION INDUSTRIES ( |
|
|
|
|
Registered
Office : |
Prince Industrial Estate, Block B, Village Atagaon, Taluka Shahapur,
Thane - 421 304, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160726 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 14.683 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
u29190mh2006ptc160726 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
pnek07448a |
|
|
|
|
PAN No.: [Permanent Account No.] |
aacck8048a |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Industrial Fans and Blowers. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
a huge 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 on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
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.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
|
Contact No.: |
91-2527-200075 |
|
Date : |
23.11.2012 |
LOCATIONS
|
Registered Office/Factory : |
Prince Industrial Estate, Block B, Village Atagaon, Taluka Shahapur,
Thane – 421 304, |
|
Tel. No.: |
91-2527-200075 / 240170 / 008 /
2400275 / 246275 |
|
Fax No.: |
91-2527-240075 / 200075 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
No |
|
Tel. No.: |
65 6861 1577 |
|
Fax No.: |
65 6861 3577 |
|
|
|
|
Factory 2 : |
|
|
|
|
|
Branch Office : |
Located at |
|
|
|
|
Sales and Distribution Offices: |
Kruger
Ventilation Industries, Gulf Branch Tel :
971 4 8832017 Fax :
971 4 8832018 HONG
KONG
Tel: 84 66 3585200/01/02 |
|
|
|
|
Manufacturing and Assembly Facilities : |
BEIJING PHILIPPINES SHANGHAI WUHAN |
DIRECTORS
As on 09.08.2011
|
Name : |
Mr. Ching Fu Yang |
|
Designation : |
Director |
|
Address : |
11, |
|
Date of Birth/ Age: |
24.03.1942 |
|
Date of Appointment : |
24.03.2006 |
|
DIN No. : |
01447975 |
|
|
|
|
Name : |
Mr. Hong Cheng |
|
Designation : |
Director |
|
Address : |
Blk |
|
Date of Birth/Age : |
06.02.1963 |
|
Date of Appointment : |
27.09.2007 |
|
DIN No. : |
01488258 |
|
|
|
|
Name : |
Mr. Chew Juat Wang |
|
Designation : |
Director |
|
Address : |
10, Calan, Lempeng, # 51-01, |
|
Date of Birth/Age : |
04.10.1965 |
|
Date of Appointment : |
24.03.2006 |
|
DIN No. : |
01227186 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kruger Asia Holdings Pte Limited |
|
1468341 |
|
Ching Fu Yang |
|
1 |
|
Total |
|
1468342 |
Equity Share Break up (Percentage of Total Equity)
As on 09.08.2011
|
Category |
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 Industrial Fans and Blowers. |
|
|
|
|
Products : |
·
Centrifugal Fans (for HVAC) ·
Centrifugal Fans (for Industrial) ·
Axial Fans ·
In-line Fans ·
Domestic Fans ·
Roof Exhaust Fans ·
Mixed Flow Fans |
|
|
|
|
Services: |
·
Airports ·
Atomic Plants ·
Carparks ·
Clean Room ·
Chemical Processing Industry ·
Private Housing and Utilities ·
Shopping Complexes ·
Tunnel Ventilation ·
Underground Facilities ·
Warehousing and Manufacturing ·
Kitchens ·
Transport |
INSTALLED CAPACITY AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
|
|
|
|
|
Fans |
No. |
56000 |
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information Denied by management |
|
|
|
|
Bankers : |
Information Denied by management |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dayakar and Company Chartered Accountants |
|
Address : |
Unit No. 316, 3rd Floor, Mahavir Industrial Area, |
|
Tel. No.: |
91-22-66951002 |
|
Fax No.: |
91-22-66951003 |
|
E-Mail : |
|
|
PAN No.: |
APSPS3686M |
|
|
|
|
Holding company: |
Kruger Asia Holdings Pte Limited |
|
|
|
|
Subsidiary of
the same Parent Company: |
Kruger Ventilation Industries Pte Limited |
|
|
|
|
Entity over
which key management personnel hold
significant influence: |
Kruger M and E Industries India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1468342 |
Equity Shares |
Rs.10/- each |
Rs. 14.683 Millions |
|
|
|
|
|
As on 09.08.2011
Authorised Capital : Rs. 50.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 15.000 Millions
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 |
14.683 |
14.683 |
14.683 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
22.209 |
17.430 |
|
|
4] (Accumulated Losses) |
(63.585) |
0.000 |
(29.736) |
|
|
NETWORTH |
(48.902) |
36.892 |
2.377 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.667 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(46.235) |
36.892 |
2.377 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.846 |
41.812 |
42.129 |
|
|
Capital work-in-progress |
5.666 |
0.335 |
0.332 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
256.455
|
180.594
|
133.384
|
|
|
Sundry Debtors |
274.104
|
251.215
|
173.942
|
|
|
Cash & Bank Balances |
42.431
|
31.585
|
26.752
|
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
118.678
|
95.817
|
58.552
|
|
Total
Current Assets |
691.668
|
559.211
|
392.630
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
776.340
|
535.623
|
403.997
|
|
|
Current Liabilities |
2.367
|
6.513
|
9.882
|
|
|
Provisions |
13.399
|
24.020
|
20.525
|
|
Total
Current Liabilities |
792.106
|
566.156
|
434.404
|
|
|
Net Current Assets |
(100.438)
|
(6.945)
|
(41.774)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.691 |
1.690 |
1.690 |
|
|
|
|
|
|
|
|
TOTAL |
(46.235) |
36.892 |
2.377 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (Consolidated) |
|
|
|
SALES |
|
|
|
|
|
Income |
715.650 |
|
|
|
Other Income |
|
|
|
|
TOTAL |
715.650 |
|
|
|
|
|
|
Less |
EXPENSES |
793.000 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(77.350) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.210 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(77.560) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.570 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(83.130) |
|
|
|
|
|
|
|
Less |
TAX |
(2.660) |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) |
(85.790) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(58.43) |
|
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
Sales Less Return |
831.581 |
674.506 |
|
|
|
Other Income |
42.629 |
12.596 |
|
|
|
TOTAL |
874.210 |
687.102 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Material Consumed |
648.758 |
499.859 |
|
|
|
Manufacturing Expenses |
83.333 |
92.878 |
|
|
|
Administrative Expenses |
45.091 |
72.786 |
|
|
|
Selling and Distribution Expenses |
49.538 |
42.876 |
|
|
|
TOTAL |
826.720 |
708.399 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
47.490 |
(21.297) |
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.908 |
8.139 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
41.582 |
(29.436) |
|
|
|
|
|
|
|
|
Less |
TAX |
7.067 |
0.300 |
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
34.515 |
(29.736) |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.50 |
(20.25) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (Consolidated) |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(11.99)
|
3.94
|
(4.33)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.00
|
(4.36)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.26)
|
6.92
|
(6.77)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.70
|
1.12
|
(12.38)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(16.20)
|
15.34
|
182.75
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
0.98
|
0.90
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor |
776.340
|
535.623
|
403.997
|
|
|
|
|
|
|
Total |
776.340
|
535.623
|
403.997
|
|
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 |
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 |
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 |
No |
|
24] |
Banking
facility details |
No |
|
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 |
No |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency
Rating, if available |
No |
CONSOLIDATE
FINANCIAL STATEMENTS
During the year
the turnover of the Company is Rs.715.650 millions. The company incurred operating losses. The Financial results for the year
under consideration are not comparable with
that of the previous year due to uncertain economic conditions, wide fluctuation in exchange rate, which has given a major
impact on the profitability of the company.
Efforts are being made to ensure for the future growth and profitability.
HIGHLIGHTS OF 2010-11
·
Total Sales increased by
3.24% to Rs. 715.650 millions during the year
·
Loss of Rs.85.790
millions was incurred during the year out of which Rs.42.03 was due to
unrealized foreign exchange losses
MANAGEMENT:
Chairman - Mr. José Palau Mallol
Mr. José Palau Mallol is the Chairman of Soler and Palau Ventilation
Group and the Chairman of Kruger Asia Holding Pte Limited.
Soler and Palau is a family owned company with a leading global position
as a supplier of energy efficient ventilation solutions for domestic,
commercial and public buildings as well as for the industrial markets.
Mr. José Palau Mallol represents the family second generation and has
been at the helmet of the Company since the early 90's.
Director - Mr. Hilario Tomé
Mr. Hilario Tomé is the Managing Director of Soler and Palau Ventilation
Group and a Director of Kruger Asia Holding Pte Ltd.
Managing Director - Mr. Yang Ching Fu
Mr Yang Ching Fu is the Managing Director of Kruger Asia Holding Pte
Limited He has 40 years of experience in air conditioning and refrigeration
industries and has been traveling widely in the Asia Pacific Region since 1976.
Mr Yang is also the Chairman of Air Movement and Control Association (AMCA)
Pacific Rim Region. In 1998, he established Kruger Ventilation Industries Pte
Limited to bring quality product to the Asia Pacific region. In 2007, the
company has achieved an annual turnover of 102 million USD.
CONTINGENT
LIABILITY
(Rs. in millions)
|
PARTICULARS |
31.03.2011 |
|
|
|
|
Jaykay Freighters Private Limited |
0.654 |
|
|
|
Remarks: Freight forwarder Case
FIXED ASSETS:
·
Computer
·
Generator
·
Land
·
ERP Software
·
Furniture
·
Office Equipment
·
Tools
·
Plant & Machinery
·
Air Conditioner
·
Inverter Battery
·
Motor Car
·
Racking System
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.16 |
|
|
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
12 |
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.