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Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
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Name : |
FIAT GROUP AUTOMOBILES INDIA PRIVATE LIMITED (w.e.f. 26.07.2012) |
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Formerly Known
As : |
AKAT AUTOMOTIVE DISTRIBUTION COMPANY PRIVATE LIMITED |
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Registered
Office : |
Benefice Building, Mathuradas Mill Compound, 2nd Flr,Opp. Kamala Mills Compound, Lower Parel (West), Mumbai – 400013, Maharashtra |
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Country : |
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Date of
Incorporation : |
07.03.2012 |
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Com. Reg. No.: |
11-227795 |
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Capital
Investment / Paid-up Capital : |
Rs.112.100 Millions |
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CIN No.: [Company Identification
No.] |
U50102MH2012PTC227795 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company was incorporated in Mumbai, India, in March 2012 and will distribute FIAT® and Jeep vehicles in the country through an independent dealer network. The company is currently selling the FIAT® Linea and Punto models, which are manufactured by the Tata-FIAT® joint venture plant at Ranjangaon. |
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No. of Employees
: |
Around 100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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- |
NB |
New Business |
- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘FIAT Group Automobiles S.p.A, Italy’. It is
a new company and established itself gradually. The management of the company did not respond to our call. The financial detail could not be made available. However, the net
worth of the company appears to be good. Trade relations are reported as improving. Business is active. Payment
terms are unknown. The company can be considered for business dealings on a 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.
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 (91-22-39462600)
LOCATIONS
|
Registered Office : |
Benefice Building, Mathuradas Mill Compound, 2nd Flr,Opp. Kamala
Mills Compound, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-39462600 |
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Fax No.: |
91-22-39462609 |
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E-Mail : |
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Website : |
DIRECTORS
As on 23.02.2013
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Name : |
Mr. Anuraag Harshad Kothari |
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Designation : |
Director |
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Address : |
703, Brookfield Lokhandwala Complex, Andheri (West), Mumbai –
400053, Maharashtra, India |
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Date of Birth/Age : |
29.01.1974 |
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Date of Appointment : |
07.03.2012 |
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Date of Cessation : |
09.10.2012 |
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DIN No.: |
00167963 |
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Name : |
Mr. Amit Shrikant Tambe |
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Designation : |
Director |
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Address : |
Flat 25, Vaibhav Apartments, S K Bole Road, Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
06.05.1977 |
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Date of Appointment : |
07.03.2012 |
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Date of Cessation : |
09.10.2012 |
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DIN No.: |
01653743 |
Note: Management denied to give any information
about current director.
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.02.2012
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Names of Shareholders |
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No. of Shares |
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Amit Shrikant Tambe |
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9999 |
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Anuraag Harshad Kothari |
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1 |
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Total |
|
10000 |
As on 31.07.2012
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Names of Allottee |
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No. of Shares
Allotted |
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Fiat Group Automobiles SpA, Italy |
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4200000 |
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Total |
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4200000 |
As on 20.12.2012
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Names of Allottee |
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No. of Shares
Allotted |
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Fiat Group Automobiles SpA, Italy |
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7000000 |
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Total |
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7000000 |
BUSINESS DETAILS
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Line of Business : |
The company was incorporated in Mumbai, India, in March
2012 and will distribute FIAT® and Jeep vehicles in the country through
an independent dealer network. The company is currently selling the
FIAT® Linea and Punto models, which are manufactured by the Tata-FIAT® joint
venture plant at Ranjangaon. |
GENERAL INFORMATION
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No. of Employees : |
Around 100 (Approximately) |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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Holding Company : |
Fiat Group Automobiles SpA, Italy |
CAPITAL STRUCTURE
After 23.02.2012
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
11210000 |
Equity Shares |
Rs.10/- each |
Rs.112.100
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW COMPANY
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
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1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
No |
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10] |
Designation of contact person |
No |
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11] |
Turnover of firm for last three years |
No |
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12] |
Profitability for last three years |
No |
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13] |
Reasons for variation <> 20% |
---------------------- |
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14] |
Estimation for coming financial year |
No |
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15] |
Capital in the business |
Yes |
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16] |
Details of sister concerns |
Yes |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
No |
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20] |
Export / Import details (if applicable) |
No |
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21] |
Market information |
---------------------- |
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22] |
Litigations that the firm / promoter involved in |
---------------------- |
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23] |
Banking Details |
No |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
---------------------- |
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26] |
Buyer visit details |
---------------------- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if applicable |
No |
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29] |
Last accounts filed at ROC |
No |
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30] |
Major Shareholders, if available |
Yes |
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31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
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32] |
PAN of Proprietor/Partner/Director, if available |
No |
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33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
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34] |
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from
Trilegal, 14th Floor, One Indiabulls Centre, Tower One, Elphinstone Road,
Mumbai – 400013, Maharashtra, India to Corporate Park - II, 5th Floor, Sion -
Trombay Road, Mumbai – 400071, Maharashtra, India w.e.f. 07.06.2012
The registered office of the company has been again shifted
from Corporate Park - II, 5th Floor, Sion - Trombay Road, Mumbai – 400071,
Maharashtra, India to present address w.e.f. 20.12.2012
AS PER WEBSITE
PROFILE
Subject is a fully owned subsidiary of FIAT Group Automobiles S.p.A, Italy. The company was incorporated in Mumbai, India, in March 2012 and will distribute FIAT® and Jeep vehicles in the country through an independent dealer network. The company is currently selling the FIAT® Linea and Punto models, which are manufactured by the Tata-FIAT® joint venture plant at Ranjangaon. The company in India will have around 100 employees and plans to have 120 dealers by the end of 2013.
FIAT® was
founded
On 11 July 1899 at Palazzo Bricherasio, the company charter of Societŕ Anonima Fabbrica Italiana Automobili Torino was signed. Among the members of the Board of Directors, Giovanni Agnelli stood out in the group of investors and won recognition for his determination and strategic vision. In 1902 he became the Managing Director of the company.
PRESS RELEASE
FIAT OPENS ITS
TRAINING CENTRE IN PUNE
Posted on 18 Feb
2013
Fiat opened its first state-of-the-art training centre at Ranjangaon in Pune in an effort to train its personnel in meeting global standards in manufacturing and after sales service
Fiat Group Automobiles Private Limited India (FGAIPL) inaugurated its first state-of-the-art training centre at Ranjangaon, in Pune in order to replicate the group’s international standards in technical and soft skills training. The training centre is partnered with U-NETVERSITY, Fiat’s global training school which will conduct and oversee the entire program to train the employees.
The whole facility will have 3 classrooms with audio visual support and experts from Fiat, Italy and Chrysler USA to train the employees. The entire range of Fiat vehicles will be made available to the technicians for systems and support parts study, and more importantly for the employees to get an understanding of the design and development of Fiat vehicles.
The training programme will include a module of studying web-based and remote access learning tools and working on the latest diagnostic tools for enhanced understanding of the systems and processes of the company. Throwing some light on the real objective behind this programme Enrico Antanasio, Managing Director of FGAIPL said, “With this programme we hope to develop highly skilled and trained manpower that will cater to the automobile industry and serve our customers better by ensuring end to end process standardization and execution.”
With the aim of enabling employees with the most effective training, the program is designed to support the systems in Fiat and Chrysler such as those for warranty part supply. Experts from Fiat Power Train will conduct special sessions to provide knowledge and expertise to replicate the best practices in power train manufacturing processes.
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.54.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
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|
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|
Report Prepared
by : |
NTH |
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.