MIRA
INFORM REPORT
|
Report Date : |
03.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOWRI VENTURES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Street No.7, 3-6-539/A, Himayat Nagar, Hyderabad – 500 029, Andhra
Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.11.1998 |
|
|
|
|
Com. Reg. No.: |
01-030483 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.200.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201AP1998PTC030483 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG3256G |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of precision investment castings for automobiles,
aerospace for general engineering components. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
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 and delayed |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. There appears huge accumulated losses recorded by the company, which
has eroded the networth of the company. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and
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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social responsibility
in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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-cooperative
(Contact No.: 91-80-22048800)
LOCATIONS
|
Registered Office : |
Street No.7, 3-6-539/A, Himayat Nagar, Hyderabad – 500 029, Andhra Pradesh,
India |
|
Tel. No.: |
91-40-27633638/ 27640044 |
|
Fax No.: |
91-40-27640044 |
|
E-Mail : |
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|
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Corporate Office : |
# 45(P), KIADB Industrial Area, Hosakote, Bangalore – 562 114,
Karnataka, India |
|
Tel No. : |
91-80-22048800/ 27971533/ 623/ 717/ 718 |
|
Fax No. : |
91-80-27971624 |
|
Email : |
|
|
|
|
|
Factory : |
# 62B (Part-II), APIIC Industrial Park, Gajulamandyam Village,
Renigunta, Chittoor
District – 517 520, Andhra Pradesh, India |
|
Tel No. : |
91-877-2238340 |
|
Email : |
DIRECTORS
AS ON 31.05.2013
|
Name : |
Mr. Krishna Chivulkula |
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Designation : |
Director |
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Address : |
35, 1st Block, RMV, 2nd Stage, Bangalore – 560
054, Karnataka, India |
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Date of Birth/Age : |
27.01.1947 |
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Date of Appointment : |
11.11.1998 |
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DIN No.: |
01625119 |
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Other Directorship:
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Name : |
Mrs. Lalitha Sastry Chivukula |
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Designation : |
Director |
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Address : |
213-539/A, No.7, Lane-2, Himyatnagar, Hyderabad – 500 029, Andhra
Pradesh, India |
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Date of Birth/Age : |
01.07.1924 |
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Date of Appointment : |
11.11.1998 |
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DIN No.: |
02368453 |
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Other Directorship:
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Name : |
Mr. Krishna Chivukula Jr. |
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Designation : |
Director |
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Address : |
1, Derby LN SE, Washington DC, USA 200032222 |
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Date of Birth/Age : |
31.03.1972 |
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Date of Appointment : |
30.09.2010 |
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DIN No.: |
02483835 |
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Other Directorship:
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Name : |
Mr. Parasuraman Balasubramanian |
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Designation : |
Director |
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Address : |
3DC, 217, HRBR, 3rd Block, Kalyan Nagar, Bangalore – 560
043, Karnataka, India |
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Date of Birth/Age : |
14.05.1963 |
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Date of Appointment : |
30.09.2010 |
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DIN No.: |
02829480 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.05.2013
|
Names of Shareholders |
|
No. of Shares |
|
Indo-US MIM Tec Private Limited, India |
|
19999900 |
|
M. Shankar RK |
|
100 |
|
Total
|
|
20000000 |
Note:
Gowri Ventures Private Limited is the Wholly Owned
Subsidiary of Indo-US MIM Tec Private Limited and Indo-US MIM Tec Private
Limited holds 100% of the shares of Gowri Ventures Private Limited. Mr. M.
Shankar RK is holding 100 shares as nominee of Indo-US MIM Tec Private Limited
to comply the statutory requirement as to minimum number of members in a
Private Limited Company.
AS ON 31.05.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
99.00 |
|
Other
top fifty shareholders |
|
1.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of precision investment castings for automobiles,
aerospace for general engineering components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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|
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Bankers : |
·
State Bank of India, Overseas Branch, No.65, St.
Marks Road, Bangalore – 560 001, Karnataka, India ·
ING Vysya Bank Limited, 22, M.G. Road, Bangalore
– 560 001, Karnataka, India ·
Bank of Baroda |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P. Murali and Company Chartered Accountants |
|
Address : |
No.361, 1st Floor, 13th Main, RMV Extension,
Bangalore – 560 080, Karnataka, India |
|
Tel. No.: |
91-80-23613743 |
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Fax No.: |
91-80-23616209 |
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E-Mail : |
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|
Website : |
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PAN No.: |
AADFP2033K |
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|
Holding Company : |
Indo-US MIM Tec Private Limited, India (CIN No.:
U28110AP1996PTC023794) |
CAPITAL STRUCTURE
AS ON 31.05.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each
|
Rs.200.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
200.000 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
(204.987) |
(147.599) |
(96.733) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
57.584 |
57.584 |
|
Total
Shareholders’ Funds (1) + (2) |
(4.987) |
(89.915) |
(39.049) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
81.170 |
102.277 |
121.110 |
|
(b) Deferred tax liabilities (Net) |
14.899 |
10.718 |
7.962 |
|
(c) Other long
term liabilities |
167.960 |
187.820 |
0.436 |
|
(d) Long-term
provisions |
6.627 |
4.827 |
2.668 |
|
Total Non-current
Liabilities (3) |
270.656 |
305.642 |
132.176 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
26.875 |
15.656 |
129.709 |
|
(c)
Other current liabilities |
0.112 |
0.112 |
0.110 |
|
(d) Short-term
provisions |
8.584 |
3.363 |
7.135 |
|
Total Current
Liabilities (4) |
35.571 |
19.131 |
136.954 |
|
|
|
|
|
|
TOTAL |
301.240 |
234.858 |
230.081 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
207.166 |
167.655 |
170.538 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13.705 |
17.824 |
12.414 |
|
(e) Other Non-current
assets |
1.850 |
3.699 |
5.549 |
|
Total Non-Current
Assets |
222.721 |
189.178 |
188.501 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
32.108 |
17.859 |
12.445 |
|
(c)
Trade receivables |
34.644 |
14.415 |
13.848 |
|
(d) Cash
and cash equivalents |
11.767 |
13.406 |
15.287 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
78.519 |
45.680 |
41.580 |
|
|
|
|
|
|
TOTAL |
301.240 |
234.858 |
230.081 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
115.901 |
69.730 |
|
|
|
Other Income |
|
1.547 |
0.559 |
|
|
|
TOTAL (A) |
145.343 |
117.448 |
70.289 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
172.647 |
73.263 |
57.543 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
|
(1.403) |
(6.106) |
|
|
|
Employee benefits expenses |
|
31.935 |
26.834 |
|
|
|
Other operating expenses |
|
24.463 |
26.550 |
|
|
|
Administrative expenses |
|
9.376 |
8.092 |
|
|
|
Extraordinary Items |
|
1.849 |
1.850 |
|
|
|
TOTAL (B) |
172.647 |
139.483 |
114.763 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(27.304) |
(22.035) |
(44.474) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES
(D) |
14.548 |
17.209 |
16.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(41.852) |
(39.244) |
(60.679 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.356 |
8.865 |
8.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(53.208) |
(48.109) |
(69.131) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.180 |
2.757 |
4.749 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(57.388) |
(50.866) |
(73.880) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(147.599) |
(96.733) |
(22.853) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(204.987) |
(147.599) |
(96.733) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
56.464 |
50.144 |
9.133 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.87) |
(5087.00) |
(7388.00) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(39.48)
|
(43.31) |
(105.11) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(41.51) |
(99.14) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.66)
|
(20.48) |
(30.05) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
10.67
|
0.54 |
1.77 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(16.28)
|
(1.14) |
(3.10) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.21
|
2.39 |
0.30 |
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) 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 |
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 |
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 |
INDEX OF CHARGES:
|
S. No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10189057 |
17/02/2011
* |
102,500,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, NO.65, ST. MARKS ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B06534556 |
|
2 |
10186383 |
17/02/2011
* |
122,500,000.00 |
ING
VYSYA BANK LIMITED |
22,
M G ROAD, BANGALORE, BANGALORE, KARNATAKA - 560001, INDIA |
B07689706 |
* Date of charge modification
OPERATIONS AND OUTLOOK
During year, the
Company has registered an impressive growth of 23% in Sales. For the ensuing
year, we expect the growth trend will continue at a much faster speed than was
during FY 2013 and the Company by optimum utilization of its capacity and
resources will be able to trigger a new top as well as bottom line figure.
CAPITAL STRUCTURE:
During year, the
Company has increased its Authorised Share Capital to Rs.200.000 millions. The
Company also issued 19990000 equity shares fully paid up at Par to Indo US MIM
Tec Private Limited and thereby became its Subsidiary Company. The Authorised,
Issued and Paid up share capital of the Company as of the date of the Balance
Sheet now stood at Rs.200.000 millions consisting of 20000000 equity shares of
Rs.10/- each fully paid.
HOLDING - SUBSIDIARY RELATIONSHIP:
During the year
2012-13, the Company became the Wholly Owned Subsidiary (WOS) of Indo-US MIM
Tec Private Limited with effect from 29th January, 2013.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer Equipments
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.62.23 |
|
|
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.