MIRA
INFORM REPORT
|
Report Date : |
27.02.2013 |
IDENTIFICATION DETAILS
|
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Registered Office : |
Tower XIV, Cyber City, Magarpatta City Hadapsar, Pune – 411 013,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
12.12.1997 |
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Com. Reg. No.: |
11- 112441 |
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Capital
Investment / Paid-up Capital : |
Rs.3448.574 millions |
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CIN No.: [Company
Identification No.] |
U74220PN1997PTC112441 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEJ00773D |
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PAN No.: [Permanent Account No.] |
AAACJ4233B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
mainly engaged in the manufacturing and marketing of tractor and related products
(agriculture products) and providing IT and IT enabled services. |
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|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 53289000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established and reputed company having satisfactory
track record. Latest financials i.e. 2011-12 are missing with the Government Department.
From the previous year financials the company seems to be performing well. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal 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
|
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 BY
|
Name : |
Ms. Sheetal Rao |
|
Contact No.: |
91-20-66425013 |
|
Date : |
25.02.2013 |
LOCATIONS
|
Registered
Office : |
Tower XIV, Cyber City, Magarpatta City Hadapsar, Pune – 411 013,
Maharashtra, India |
|
Tel. No.: |
91-20-66425013/ 66425000/ 67264510 |
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Fax No.: |
91-20-66425001 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Factory 1: |
Parts Distn. Center, G.No.181 and 182, Off Pune Nagar Road, Sanas,
Pune, Maharashtra, India |
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Factory 2: |
166-167, Gate No. 271-291, At Post Sanawadi, Taluka – Shirur, Pune –
412 208, Maharashtra, India |
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|
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Area Sales
Office : |
44, Alankar Tower, 1st Floor, Sayaji Ganj, Vadodara – 390 005,
Gujarat, India |
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Tel No.: |
91-264-6444176/ 177 |
DIRECTORS
As on 13.07.2012
|
Name : |
Mr. Satish Bhimarao Nadiger |
|
Designation : |
Managing Director |
|
Address : |
No.601, Building A3, Aditya Shagun, NDA, Pashan Road, Bavadhan, Pune –
411 021, Maharashtra, India |
|
Date of
Birth/Age : |
13.01.1963 |
|
Date of
Appointment : |
30.08.2012 |
|
DIN No. : |
00633892 |
|
|
|
|
Name : |
Mr. Ravi Achyutha Menon |
|
Designation : |
Director |
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Address : |
606, Cosmos Building R, Magar, Patta City, Hadapsar, Pune – 411 028, Maharashtra,
India |
|
Date of
Birth/Age : |
15.07.1961 |
|
Date of
Appointment : |
13.07.2012 |
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DIN No. : |
05344407 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Prakash Jain |
|
Designation : |
Secretary |
|
Address : |
Flat No.602, Building D/1, Bramha Suncity, Vadgaon Sheri, Pune – 411
014, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1974 |
|
Date of Appointment : |
02.06.2012 |
|
PAN No. : |
ABMPJ8624L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
John Deere Asia (Singapore) Pte. Limited,
Singapore |
|
344857343 |
|
Deere and Company, US |
|
10 |
|
Total |
|
344857353 |
As on 13.07.2012
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is
mainly engaged in the manufacturing and marketing of tractor and related
products (agriculture products) and providing IT and IT enabled services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
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|
|
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Bankers: |
·
Industrial Investment Bank of India Limited, 19,
Netaji Subhas Road, Kolkata – 700 001, West Bengal, India · State Bank of India, S.B. Road Branch, Pune, Maharashtra, India |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, Dr. Annie Beasant Road, Opposite Shivsagar Industrial Estate,
Worli, Mumbai - 400018, Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Income-tax
PAN of auditor or auditor's firm : |
ASDFG1234H |
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Holding Company : |
John Deere Asia Singapore Pte. Limited |
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Ultimate Holding Company: |
Deere and Company |
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Fellow
Subsidiaries : |
·
John Deere Usine De Saran ·
JD Worldwide C & F ·
John Deere Investment Company ·
John Deere Brazil Limited ·
John Deere S.A.S. ·
John Deere Pty Limited ·
John Deere Tianjin Product Resear ·
John Deere Tianjin Company Limited ·
John Deere Brasil Ltda. ·
John Deere Enschede B.V. ·
Industrias John Deere Argentina S. ·
Maschinenfabrik Kemper ·
John Deere Commercial Products Inc ·
John Deere Ningbo ·
John Deere Tiantuo Co Limited ·
Motores John Deere S.A. De C.V. ·
Phoenix International ·
Industrias John Deere S.A.De C.V ·
John Deere Reman - Springfield ·
John Deere Thibodaux Inc. ·
John Deere Jiamusi Agricultural ·
John Deere S.A.S – Euro ·
John Deere Limited ·
Industrias John Deere Argentina S. ·
John Deere Pty Limited ·
John Deere Latin America S.A. ·
Industrias John Deere S.A.De C.V ·
John Deere Limited ·
John Deere Iberica Spain ·
John Deere S.A. ·
John Deere Italiana S.R.L ·
John Deere International Gmbh ·
John Deere Makinalari Limited Sirketi ·
John Deere Limited – Canada ·
John Deere Makinalari Limited Sti. ·
John Deere Information Systems ·
Deere Credit Services Inc. ·
John Deere WW Lawn and Grounds Care ·
John Deere Turf Care ·
Waratah Nz Limited ·
John Deere Shared Services Inc ·
John Deere Israel ·
John Deere Australia ·
John Deere Shared Services Inc ·
John Deere Israel ·
John Deere Australia |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
653641000 |
Equity Shares |
Rs.10/- each |
Rs.6536.410 millions |
|
|
|
|
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
344857353 |
Equity Shares |
Rs.10/- each |
Rs.3448.574 millions |
|
|
|
|
|
Notes:
All the above
Shares of Rs.10/- each are held by John Deere Asia (Singapore) Private Limited,
the Holding Company.
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 |
3448.574 |
3448.574 |
3448.574 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9873.569 |
1946.148 |
1622.031 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13322.143 |
5394.722 |
5070.605 |
|
|
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 |
94.951 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
13417.094 |
5394.722 |
5070.605 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
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|
|
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FIXED ASSETS [Net Block] |
3429.493 |
994.803 |
628.289 |
|
|
Capital work-in-progress |
930.756 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
4193.907 |
4117.660 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3283.605 |
0.000 |
0.000 |
|
|
Sundry Debtors |
6213.833 |
92.775 |
265.316 |
|
|
Cash & Bank Balances |
2555.594 |
41.265 |
76.005 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
2201.222 |
460.433 |
238.875 |
|
Total Current Assets |
14254.254 |
594.473 |
580.196 |
|
|
Less: CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4647.986 |
320.816 |
71.655 |
|
|
Other Current Liabilities |
0.000 |
0.000 |
130.727 |
|
|
Provisions |
549.423 |
67.645 |
53.158 |
|
Total Current Liabilities |
5197.409 |
388.461 |
255.540 |
|
|
Net Current Assets |
9056.845 |
206.012 |
324.656 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13417.094 |
5394.722 |
5070.605 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
2885.070 |
2511.584 |
|
|
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Other Income |
NA |
|
|
|
|
|
TOTAL |
NA |
2885.070 |
2511.584 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating
Expenses |
NA |
2381.115 |
2061.578 |
|
|
|
TOTAL |
NA |
2381.115 |
2061.578 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
503.955 |
450.006 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
196.419 |
179.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
307.536 |
270.356 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
(16.581) |
13.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
3569.987 |
324.117 |
257.347 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
840.361 |
516.244 |
258.897 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
840.361 |
516.244 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
2844.705 |
2482.355 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
47.441 |
145.334 |
|
|
TOTAL IMPORTS |
NA |
47.441 |
145.334 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.35 |
0.94 |
0.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
NA |
11.23 |
10.25 |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total
Assets} |
(%) |
NA |
19.35 |
22.37 |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
NA |
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity
Ratio (Total
Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
2.74 |
1.53 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Creditors due small micro enterprises |
0.606 |
0.169 |
0.000 |
|
- Creditors due others |
4647.380 |
320.647 |
71.655 |
|
Total |
4647.986 |
320.816 |
71.655 |
|
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 |
Yes |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two 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 |
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 |
Note:
The registered office of the company has been shifted from JHN Deere Technology Centre, Cyber City,
Magarpatta City, Hadapsar, Pune – 411 013, Maharashtra to present address
w.e.f. 01.04.2010.
AMALGAMATION
In terms of the
Scheme of Amalgamation 'the Scheme' sanctioned by the Hon’ble High Court of
Jurisdiction at Mumbai vide its Order dated 27th November 2009 John
Deere Equipment Private Limited JDEPL a wholly owned subsidiary of the Company
has been amalgamated with the Company with effect from the appointed date viz.
1st April 2010.
In accordance with
the said Scheme and the aforesaid order the following effect has been given in
the accounts of the Company for the year:
a. The assets
other than fixed assets and liabilities of JDEPL have been considered at their
respective book values on a going concern basis with effect from the appointed
date.
Fixed assets i.e.
gross block accumulated depreciation and the net block of the Company and JDEPL
have been restated in accordance with the corresponding values reported to the
Company’s Ultimate Holding Company which has been certified by a Chartered
Accountant. The difference aggregating to Rs.167.811 millions arising between
the restated values and corresponding book values have been adjusted in the
General Reserve.
Accordingly
the values of assets and liabilities transferred are as follows:
|
Sr. No. |
Assets and Liabilities |
Amount (Rs. in millions) |
|
1 |
Fixed assets Net
block |
2610.330 |
|
|
|
|
|
2 |
Inventories |
2232.259 |
|
|
|
|
|
3 |
Sundry debtors |
3656.727 |
|
|
|
|
|
4 |
Cash and bank
balances |
1951.239 |
|
|
|
|
|
5 |
Loans and
advances |
1270.749 |
|
|
|
|
|
6 |
Current
liabilities |
2722.350 |
|
|
|
|
|
7 |
Provisions |
195.942 |
|
|
|
|
|
8 |
Deferred tax liability |
181.805 |
b. The difference
aggregating to Rs.4525.244 millions between the book value of investments in
JDEPL appearing in the books of the Company and the Share Capital and balance in
Profit and Loss account of JDEPL has been adjusted in the General Reserve.
c. With effect
from the appointed date the rate of depreciation on the fixed assets of the
amalgamated entity is computed on the basis of the rate as applied by the
Company’s Ultimate Holding Company or as prescribed under the Companies Act
1956 whichever is higher.
d.
With effect from the appointed date subject to c above the amalgamated entity
follows the accounting policies of the Company.
e. Since JDEPL was
a wholly owned subsidiary of the Company no consideration has been paid by the
Company.
f.
The authorised share capital of the Company has been enhanced to Rs.6536.410
millions divided into 653641000 equity shares of Rs 10/- each.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in Millions) |
|
(i) Demand notices received from various Government Agencies are as under: The Company has filed appeals in the below mentioned matters before Appellate authorities and is hopeful of succeeding in the same |
|
|
Customs |
|
|
a) Import of second hand tractor in EOU |
1.291* |
|
b) Re-import of returnable racks |
0.910 |
|
Excise |
|
|
a) Penalty under Central Excise Rules 25&26 |
1.477 |
|
b) MRP based valuation and Excise Duty rate for removal of parts from EOU to PDC |
24.303 |
|
Service Tax |
|
|
a) Service tax on Royalty under the category of Consulting Engineer |
9.731 |
|
b) Service Tax Credit disallowed on some Input Services |
10.863 |
|
Value Added Tax |
|
|
a) Entry Tax at Hosur |
1.331 |
|
b) Interest on delay payment |
0.141 |
|
Income Tax |
|
|
Income Tax Department is in appeal |
98.317 |
|
(ii) Bank Guarantees outstanding |
693.877 |
* Amount has been paid
under protest
FIXED ASSETS:
Tangible Assets
·
Furniture and
Fixtures
·
Office Equipment
·
Computers
·
Building
·
Leasehold
Improvements
·
Motor Cars
·
Plant and Machinery
Intangible Assets
·
Software and
Licenses
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.54.06 |
|
|
1 |
Rs.82.15 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.