MIRA
INFORM REPORT
|
Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
SOUTH ASIA TYRES LIMITED |
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Registered Office : |
Plot No. H-18,
MIDC Industrial Area, Waluj, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of Incorporation : |
15.12.1993 |
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Com. Reg. No.: |
11-075617 |
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Capital Investment / Paid-up Capital : |
Rs. 5237.300 Millions |
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|
|
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CIN No.: [Company Identification No.] |
U99999MH1993PTC075617 |
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|
|
TAN No.: (Tax Deduction &
Collection Account No.) |
NSKG01262C |
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|
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PAN No.: (Permanent Account No.) |
AABCG5544P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Seller of automobile tyres, tubes and flaps |
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|
No. of Employees : |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22520000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘The Goodyear Tire and Rubber Company’. It is
a well established company having a satisfactory track record. It operates on its own funds. There appears some dip in its
profitability during 2012 but it has achieved better growth in its sales
turnover. Trade relations are reported as fair. Business is active. Payment
terms are slow but correct. The company can be considered 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.
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 PARTED BY
|
Name : |
Ms. Monika Suri |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-240-6608102 |
|
Date : |
13.04.2013 |
LOCATIONS
|
Registered Office / Factory : |
Plot
No. H-18, MIDC Industrial Area,
Waluj, |
|
Tel No. : |
91-240-2564092 / 2554639 / 2554904 / 5 / 6 / 7 / 8 /
2554032 / 6608000 / 6608173 / 6608102 |
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Fax. No.: |
91-240-2554035 / 2554779 / 6608281 |
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E-Mail.: |
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Website : |
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|
Location : |
Owned |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Rajeev Anand |
|
Designation : |
Director |
|
Address : |
Plot No. 17, 1st Floor, Pocket – II, Jashola Vihar, |
|
Date of Birth/Age : |
23.05.1960 |
|
Date of Appointment : |
20.01.2009 |
|
DIN No.: |
02519876 |
|
|
|
|
Name : |
Mr. Marcelo Alcides Toscani |
|
Designation : |
Additional Director |
|
Address : |
28th Floor, K. Wah Centre, 1010, Huaihai [M], |
|
Date of Birth/Age : |
05.02.1958 |
|
Date of Appointment : |
23.08.2011 |
|
DIN No.: |
03587057 |
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|
|
|
Name : |
Mr. Mark Chandran Ravunni |
|
Designation : |
Director |
|
Address : |
Svelte Hotel Personal Suites, A-3, DI Strict Centre, Saket, New
Delhi-110017, India |
|
Date of Birth/Age : |
01.10.1967 |
|
Date of Appointment : |
16.07.2012 |
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DIN No.: |
00869491 |
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|
|
|
Name : |
Mr. Darren Mark Hayes Powell |
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Designation : |
Director |
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Address : |
200, Green Hills Villa Lane, 418, Jinxiu Road, East Pudong, New Area, Shanghai-200120,
China |
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Date of Birth/Age : |
02.03.1967 |
|
Date of Appointment : |
05321811 |
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DIN No.: |
05321811 |
KEY EXECUTIVES
|
Name : |
Mrs. Rakhi Gupta |
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Designation : |
Secretary |
|
Address : |
House No.5, Ward No.08, Sihi Gate Bazar, Ballabgarh, Faridabad-121004,
|
|
Date of Birth/Age : |
08.12.1985 |
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Date of Appointment : |
01.01.2010 |
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PAN No.: |
AQOPG3628G |
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|
|
|
Name : |
Ms. Monika Suri |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
The Goodyear Tire and Rubber Company ( |
512387250 |
|
Goodyear Orient Company Private Limited (Singapore) |
11340000 |
|
TOTAL
|
523727250 |
AS ON 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
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 and Seller of automobile tyres, tubes and flaps |
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Products : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Annual Installed Capacity |
Actual Production |
|
Automotive Tyres |
Nos |
3750000* |
3350151 |
|
Automotive Tubes # |
Nos |
- |
266142 |
|
Flaps # |
Nos |
- |
2980 |
NOTE
*
Licensed
Capacity is not applicable to the Company.
The normal capacity being a technical matter is certified by the
Production Manager and has been accepted by the auditors without verification.
# Tubes and flaps are on conversion basis from outside
sources.
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers |
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|
|
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No. of Employees : |
700 (Approximately) |
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Bankers : |
Tel No.:- 91-22-22661499 |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Building No.8, 7th Floor, Tower B, |
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PAN No.: |
AAEFP3641G |
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Holding Company : |
·
The Goodyear Tire and Rubber Company |
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|
Fellow Subsidiaries : |
·
Goodyear India Limited ·
Goodyear S.A., Luxembourg ·
Goodyear Philippines Inc ·
Goodyear Lux Mold ·
Goodyear (Thailand) Public Company Limited ·
PT Goodyear Indonesia Tbk ·
Goodyear Dalian Tire Rubber Company Limited ·
Goodyear International Corporation. ·
Goodyear Mktg. and Sales Sdn. Bhd. ·
Goodyear South Africa (PTY) Limited ·
Goodyear do Brasil Produtos de Borracha Ltda ·
Goodyear Taiwan Limited ·
Goodyear Dunlop Tires, France ·
Goodyear Singapore Tires ·
Goodyear Lastikleri TAS, Turkey ·
Nippon Giant Tire Kabushiki Kaisha ·
Goodyear Innovation Centre, Luxembourg |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
530000000 |
Equity Shares |
Rs.10/- each |
Rs. 5300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
523727250 |
Equity Shares |
Rs.10/- each |
Rs. 5237.300
Millions |
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|
|
|
|
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 |
5237.300 |
5237.300 |
5237.273 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
393.000 |
163.500 |
[288.490] |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5630.300 |
5400.800 |
4948.783 |
|
|
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 |
182.100 |
55.500 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5812.400 |
5456.300 |
4948.783 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4229.300 |
3621.600 |
3448.285 |
|
|
Capital work-in-progress |
232.500 |
338.800 |
308.767 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
647.000
|
686.400 |
347.676 |
|
|
Sundry Debtors |
773.400
|
515.900 |
588.159 |
|
|
Cash & Bank Balances |
508.500
|
556.400 |
404.375 |
|
|
Other Current Assets |
22.400
|
16.100 |
2.050 |
|
|
Loans & Advances |
803.900
|
863.000 |
502.695 |
|
Total
Current Assets |
2755.200
|
2637.800 |
1844.955 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1158.300
|
894.900 |
473.926 |
|
|
Other Current Liabilities |
127.000
|
144.900 |
97.543 |
|
|
Provisions |
119.300
|
102.100 |
81.755 |
|
Total
Current Liabilities |
1404.600
|
1141.900 |
653.224 |
|
|
Net Current Assets |
1350.600
|
1495.900 |
1191.731 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5812.400 |
5456.300 |
4948.783 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
7114.000 |
5345.000 |
4825.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
6361.000 |
4449.000 |
3778.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
753.000 |
896.000 |
1047.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.000 |
9.000 |
11.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
734.000 |
887.000 |
1036.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
445.000 |
396.000 |
374.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
289.000 |
491.000 |
662.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
126.000 |
56.000 |
[32.000] |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
163.000 |
435.000 |
694.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Other Earnings |
45.600 |
23.040 |
0.384 |
|
|
TOTAL EARNINGS |
45.600 |
23.040 |
0.384 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1999.600 |
1274.400 |
750.603 |
|
|
|
Stores & Spares |
37.600 |
36.500 |
37.976 |
|
|
|
Capital Goods |
497.200 |
351.000 |
459.164 |
|
|
TOTAL IMPORTS |
2534.400 |
1661.900 |
1247.743 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.31 |
0.83 |
1.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.29
|
8.14 |
14.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.14
|
7.84 |
12.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.09 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
2.31 |
2.82 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
1158.300
|
894.900 |
473.926 |
|
|
|
|
|
|
TOTAL |
1158.300
|
894.900 |
473.926 |
GENERAL INFORMATION
Subject is engaged
in a business of manufacturing/ sale of automobile tyres, tubes and flaps. The Company
has a manufacturing plant in Aurangabad, Maharashtra, India. The Company is a
Private Limited Company originally incorporated as public company on December
15, 1993."
OPERATIONS
During the year,
the net sales and other income increased from Rs.5874 Million in the previous
year to Rs. 7114 Million. The depreciation amounted to Rs.445 Million.
The company had
entered into an off take Agreement with Goodyear India Limited (GIL) effective
April 01, 2012 (New Agreement) in supersession of previous off take Agreement.
The Company had
also entered into the Services Agreement with the Parent Company, The Goodyear
Tire and Rubber Company, Akron, Ohio, USA (GTRC) effective April 1, 2012 in
supersession of all previous arrangements to avail services in the areas of
Information Technology, Procurement, Production, Supply Chain, Sales an
Marketing, Finance and General and Administration on continuous basis.
The Company
continued the job conversion of tubes / flaps / bladders from outside agencies
being low cost technology item to concentrate on Company’s core areas.
FINANCE AND
ACCOUNTS
During the year,
the Company has incurred a capital expenditure of Rs.1033 Million. The amount
of Rs 67 Million transferred to Capital Reserve in lieu of Package Scheme of Incentives
2007 (PSI 2007) and an amount of Rs 163 Million had been transferred to
Reserves.
FIXED ASSETS
·
Leasehold
Land
·
Buildings
·
Plant
and Machinery
·
Furniture
and Fittings
·
Vehicles
·
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. 54.44 |
|
|
1 |
Rs. 83.77 |
|
Euro |
1 |
Rs. 71.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.