|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GKN SINTER METALS PRIVATE LIMITED (w.e.f. 04.06.2009) |
|
|
|
|
Formerly Known
As : |
GKN SINTER METALS LIMITED |
|
|
|
|
Registered
Office : |
146, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.05.1960 |
|
|
|
|
Com. Reg. No.: |
11-018827 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.22.558 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130PN1960PLC018827 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM00089F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM4432H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
of Sintered Bearings and Parts. |
|
|
|
|
No. of Employees
: |
900 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of GKN Sinter Group. It is a well established and reputed company having a fine track record.
Financial position of the company is good. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
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
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.
LOCATIONS
|
Registered/ Administrative/ Factory/ Sales Office : |
146, Mumbai- Pune Road, Pimpri, Pune – 411018, Maharashtra, India |
|
Tel. No.: |
91-20-27426261/ 66145231 |
|
Fax No.: |
91-20-27426274 |
|
E-Mail : |
dilip.rathi@gknsintermetals.com
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
C-18, MIDC, Industrial Area, Ahmednagar – 414111, |
DIRECTORS
(AS ON 25.09.2012)
|
Name : |
Mr. Dayasagar Gurudittaram Mrig |
|
Designation : |
Director |
|
Address : |
B-2, Devlink Apartment, Link
Road, Chinchwad, Pune – 411033, Maharashtra, India |
|
Date of Birth/ Age: |
10.02.1949 |
|
Date of Appointment : |
11.05.2007 |
|
DIN No.: |
01754388 |
|
|
|
|
Name : |
Mr. Hemant Charudatta Nighojkar |
|
Designation : |
Managing director |
|
Address : |
Flat - Pl/303, Oxford Premium, Oxford
Village, Wanowrie, Pune – 411040, Maharashtra, India |
|
Date of Birth/ Age: |
15.08.1961 |
|
Date of Appointment : |
05.05.2008 |
|
DIN No.: |
02252423 |
|
|
|
|
Name : |
Peter Moelgg |
|
Designation : |
Director |
|
Address : |
Via Peinten, Brunico Bruneck-39031, Italy |
|
Date of Birth/Age : |
08.09.1959 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
02424929 |
|
|
|
|
Name : |
Mr. Richard William Wood |
|
Designation : |
Additional Director |
|
Address : |
Saxon House, Main Road, Moreton Paddox Moreton Morrel, Warwick CV359BT |
|
Date of Birth/ Age: |
28.02.1969 |
|
Date of Appointment : |
19.12.2012 |
|
DIN No.: |
06456692 |
KEY EXECUTIVES
|
Name : |
Mr. Viswanathan Pichumani Ramaswamy |
|
Designation : |
Company Secretary |
|
Address : |
F/40, Shriram Nagar, D.P. Road, Aundh, Pune - 411 007, Maharashtra,
India |
|
Date of Appointment : |
05.05.2008 |
|
PAN No.: |
AAHPR7135E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 25.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
GKN Sinter Metals Holdings Limited, England |
|
2255842 |
|
GKN Sinter Metals Holdings Limited, England
and GKN International Trading (Holdings) Limited |
|
1 |
|
GKN Sinter Metals Holdings Limited, England and
GKN United Kingdom PLC |
|
1 |
|
|
|
|
|
Total |
|
2255844 |
(AS ON 29.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Sintered Bearings and Parts. |
||||||||
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|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
900 (Approximately) |
|
|
|
|
Bankers : |
· HSBC Bank Pimpri Branch, Pune, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Suit No 8, Airport Road, Yerwada, Pune – 411006,
Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
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|
|
|
Ultimate Holding Company : |
· GKN Plc, UK |
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|
|
|
Holding Company : |
· GKN Sinter Metals Holdings Limited, UK |
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|
|
|
Fellow
Subsidiary: |
· GKN Holdings Plc, UK · A.P. Newall and Company, UK · Hoeganaes Corporation, USA · GKN Sinter Metals Engg., Redevormald, Germany · Hoeganaes Europe S.A., South Africa · GKN Sinter Metals AB, Sweden, UK · GKN Sinter Metals Gmbh Bonn, Germany · GKN Sinter Metals GmbH, Bad Bruckenau, Germany · GKN Sinter Metals Van Wert, USA · GKN Sinter Metals, Brazil · GKN Group Services Limited - Redditch (Great Britain) · GKN Sinter Metals, Emporium USA · GKN Driveline (India) Limited , India · GKN Driveline Japan Limited, Japan |
|
|
|
|
Other Related Parties : |
·
A.P. Newall and Company, United Kingdom ·
GKN Holdings Plc, United Kingdom |
CAPITAL STRUCTURE
(AS ON 25.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2255844 |
Equity Shares |
Rs.10/- each |
Rs.22.558 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
22.558 |
22.558 |
22.558 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1516.253 |
1245.035 |
993.025 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1538.811 |
1267.593 |
1015.583 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
220.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
220.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1538.811 |
1267.593 |
1235.583 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
708.928 |
660.157 |
640.711 |
|
|
Capital work-in-progress |
118.729 |
15.323 |
54.621 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
14.439 |
8.606 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
437.414
|
421.602
|
382.089 |
|
|
Sundry Debtors |
555.208
|
482.664
|
406.003 |
|
|
Cash & Bank Balances |
257.773
|
135.115
|
153.503 |
|
|
Other Current Assets |
1.037
|
0.031
|
0.463 |
|
|
Loans & Advances |
295.927
|
253.663
|
222.541 |
|
Total
Current Assets |
1547.359
|
1293.075
|
1164.599 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
661.635
|
536.505
|
514.076 |
|
|
Other Current Liabilities |
68.862
|
74.349
|
10.290 |
|
|
Provisions |
120.147
|
98.714
|
99.982 |
|
Total
Current Liabilities |
850.644
|
709.568
|
624.348 |
|
|
Net Current Assets |
696.715
|
583.507
|
540.251 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1538.811 |
1267.593 |
1235.583 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3800.900 |
3301.600 |
2413.600 |
|
|
|
Other Income |
NA |
43.400 |
25.300 |
|
|
|
TOTAL |
NA |
3345.000 |
2438.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
2812.000 |
2137.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
533.000 |
301.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
14.100 |
31.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
518.900 |
270.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
164.900 |
109.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
PRIOR PERIOD EXPENSES AND TAX |
NA |
354.000 |
160.900 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
EXPENSES |
NA |
0.000 |
18.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
405.400 |
354.000 |
142.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX
|
134.200 |
102.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
271.200 |
252.000 |
142.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
NA |
195.942 |
|
|
|
Contribution received from foreign customers towards development of
tools (on receipt basis) |
NA |
NA |
0.000 |
|
|
TOTAL EARNINGS |
NA |
NA |
195.942 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
133.480 |
|
|
|
Stores & Spares |
NA |
NA |
35.931 |
|
|
|
Capital Goods |
NA |
NA |
28.819 |
|
|
TOTAL IMPORTS |
NA |
NA |
198.230 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
120.22 |
111.71 |
63.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
7.53
|
5.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.67
|
10.72
|
5.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.97
|
18.12
|
7.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.28
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.82
|
1.87 |
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 |
No |
|
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 |
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 |
Yes |
|
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 |
Yes |
|
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 |
CONTINGENT
LIABILITY
i) Excise duty
claims against the Company not acknowledged as debts amounts to Rs. 38.294
Millions [Previous year Rs. 21.416 Millions],
excluding penalties, if any, relating to penalty proceedings, since the
precedence indicate that the probability of levy is remote. The timing and the
amount of cash flows will be determined only on settlement of the respective
cases.
ii) The Company
regularly purchases EPCG licenses to avail customs duty benefits, the
obligation is to export eight times of duty saved. The full export obligation
for the open licenses as at March 31, 2011 was Rs. 260.737 Millions (previous
year Rs. 252.939 Millions). Contingent liability to the extent the obligation
has not been met as at March 31, 2011 was Rs. 3.706 Millions (previous year Rs.
89.077 Millions). The open export obligation as at March 31, 2011 has been
completed subsequent to the year-end.
b) The Company
discounts the receivables (bills discounting) with its bankers. As at March 31,
2011, the value of bills so discounted and subsequently settled by the
customers on the due date amounts to Rs. 19.058 Millions [Previous year Rs. 18.836 Millions].
FIXED ASSETS:
·
Tangible Assets
v Land
v Building
v Roadways
v Plant and
Machinery
v Electrical
Installations
v Computers and
Laptops
v Laboratory
Equipment
v Furniture and
Fixtures
v Motor Vehicles
·
Intangible Assets
v Computer Software
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 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.54.65 |
|
|
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.70.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.