MIRA
INFORM REPORT
|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
H-D MOTOR COMPANY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1105, Ashok Estate, 24, Barakhamba Road, New Delhi-110001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.07.2009 |
|
|
|
|
Com. Reg. No.: |
55-192109 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 278.846 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35990DL2009PTC192109 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Bikes and Accessories |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Harley Davidson Singapore Pte. Limited. It is an established company having a moderate track record. The company
has established brand image in the mind of consumer. Latest financials i.e.
2011-12 are missing from the government department from the available
financial of 2011. It seems that the company has started its operation from
the year 2011. The company has recorded huge accumulated losses. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings on a 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
1105, Ashok Estate, 24, Barakhamba Road, New Delhi-110001, India |
|
Tel. No.: |
91-124-4961600 |
|
Fax No.: |
91-124-4961647 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Located At ·
Gurgaon |
|
|
|
|
Plant : |
Bawal, Haryana, India |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Anoop Prakash |
|
Designation : |
Director |
|
Address : |
1221, Fidler Lane, Silver Spring, Maryland-20910, USA |
|
Date of Birth/Age : |
15.07.1973 |
|
Date of Appointment : |
12.08.2009 |
|
PAN No.: |
BDGPP8924C |
|
DIN No.: |
02715394 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U35990DL2009PTC192109 |
H-D
Motor Company India Private Limited |
Director |
22/12/2010 |
12/08/2009 |
Active |
NO |
|
Name : |
Mr. Rodney James Copes |
|
Designation : |
Director |
|
Address : |
10976, Bridge Street, Cedarburg-53012, USA |
|
Date of Birth/Age : |
05.03.1966 |
|
Date of Appointment : |
12.08.2009 |
|
Date of Cessation : |
30.11.2012 |
|
DIN No.: |
02715401 |
|
|
|
|
Name : |
Mr. Matthew Stephen Levatich |
|
Designation : |
Director |
|
Address : |
7729 N Links Way, Fox Point, Wisconsin-53217, USA |
|
Date of Birth/Age : |
07.01.1965 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
02721582 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U35990DL2009PTC192109 |
H-D
MOTOR COMPANY INDIA PRIVATE LIMITED |
Director |
22/12/2010 |
12/08/2009 |
Active |
NO |
|
Name : |
Mr. Bharat Anand |
|
Designation : |
Director |
|
Address : |
1, Jaipur Estate, Nizamuddin East, New Delhi-110013, India |
|
Date of Birth/Age : |
13.07.1976 |
|
Date of Appointment : |
21.10.2009 |
|
DIN No.: |
02806475 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U35990DL2009PTC192109 |
H-D
MOTOR COMPANY INDIA PRIVATE LIMITED |
Director |
22/12/2010 |
21/10/2009 |
- |
Active |
NO |
|
2 |
L40109TN2006PLC058818 |
DALMIA
BHARAT LIMITED |
Director |
26/08/2011 |
01/10/2010 |
18/08/2012 |
Active |
NO |
|
3 |
U51505AP2011PTC072758 |
THOMAS
AND BETTS INDIA PRIVATE LIMITED |
Director |
21/02/2011 |
21/02/2011 |
28/11/2011 |
Active |
NO |
|
4 |
U73100DL2010PTC207221 |
RESEARCH
NOW INDIA PRIVATE LIMITED |
Additional
director |
25/02/2011 |
25/02/2011 |
14/12/2011 |
Active |
NO |
|
5 |
L01132AS1977PLC001685 |
ASSAM
COMPANY INDIA LIMITED |
Director |
29/09/2011 |
12/08/2011 |
29/02/2012 |
Active |
NO |
|
6 |
U74140BR2011PTC017533 |
SIS
CASH SERVICES PRIVATE LIMITED |
Director |
10/02/2012 |
10/02/2012 |
- |
Active |
NO |
|
7 |
L17110GJ1948PLC000753 |
DIGJAM
LIMITED |
Director |
23/08/2012 |
27/04/2012 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
Ordinary Shares |
Class B Shares |
|
Harley-Davidson Asia Pacific Pte. Limited, Singapore |
2182159 |
86641788 |
|
H-D International Holding Company Inc., USA |
100 |
-- |
|
|
|
|
|
TOTAL
|
2182259 |
86641788 |
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 Bikes and Accessories |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Installed
Capacity# |
Actual
Production |
|
|
|
|
|
Motor Bikes |
20000 |
44 |
# as certified by the management
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S V Ghatalia and Associates Chartered Accountant |
|
Address : |
Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon-122002,
Haryana, India |
|
PAN No.: |
AACFS6921Q |
|
|
|
|
Holding Company : |
Harley–Davidson Asia
Pacific Pte Limited (Previously Known as Harley-Davidson Singapore Pte.
Limited) |
|
|
|
|
Fellow Subsidiaries : |
Harley-Davidson
Motor Company, Inc. |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
|
47500000 |
Class B Fully Paid Shares |
Rs.10/- each |
Rs. 475.000 Millions |
|
|
TOTAL |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2182259 |
Equity Shares |
Rs.10/- each |
Rs. 21.823
Millions |
|
25702332 |
Class B Fully Paid Shares |
Rs.10/- each |
Rs. 257.023 Millions |
|
|
TOTAL |
|
Rs. 278.846 Millions |
NOTES
Of the above : -
2,182,159 Equity shares of Rs.10/- each held by Harley-Davidson Asia Pacific
Pte Limited- 100 Equity shares of Rs. 10/- each held by H-D International
Holding Company, Inc. - 25,702,332 Class B equity shares of Rs.10/- each held
by Harley-Davidson Asia Pacific Pte Limited (Harley-Davidson Asia Pacific Pte
Limited was previously known as Harley-Davidson Singapore Pte Limited)
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2182259 |
Equity Shares |
Rs.10/- each |
Rs. 21.822
Millions |
|
86641788 |
Class B Fully Paid Shares |
Rs.10/- each |
Rs. 866.418 Millions |
|
|
TOTAL |
|
Rs. 888.240 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
278.846 |
152.847 |
|
|
2] Share Application Money |
|
395.185 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(315.670) |
(113.963) |
|
|
NETWORTH |
|
358.361 |
38.884 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
358.361 |
38.884 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
129.778 |
17.293 |
|
|
Capital work-in-progress |
|
53.623 |
8.439 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
251.467 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
69.310 |
0.000 |
|
|
Sundry Debtors |
|
4.583 |
0.000 |
|
|
Cash & Bank Balances |
|
5.802 |
52.696 |
|
|
Other Current Assets |
|
0.076 |
0.035 |
|
|
Loans & Advances |
|
72.070 |
13.083 |
|
Total
Current Assets |
|
151.841 |
65.814 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
211.642 |
39.713 |
|
|
Other Current Liabilities |
|
15.298 |
12.203 |
|
|
Provisions |
|
1.408 |
0.746 |
|
Total
Current Liabilities |
|
228.348 |
52.662 |
|
|
Net Current Assets |
|
(76.507) |
13.152 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
358.361 |
38.884 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.776 |
|
|
|
TOTAL |
|
439.425 |
0.776 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
641.131 |
114.739 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
641.131 |
114.739 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
(201.706) |
(113.963) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
(201.706) |
(113.963) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(201.706) |
(113.963) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
42.968 |
0.000 |
|
|
|
Motor Bikes |
|
149.588 |
0.000 |
|
|
|
Capital Goods |
|
20.611 |
8.604 |
|
|
|
PAM Products |
|
34.652 |
0.000 |
|
|
|
Others |
|
5.103 |
0.000 |
|
|
TOTAL IMPORTS |
|
252.922 |
8.604 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(7.23) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(45.90) |
(14685.95) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(71.62) |
(137.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.56 |
2.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.64 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.66 |
1.25 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
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 |
PERFORMANCE REVIEW
The Company and
the Financial Accounts for the year ended as on 31st March, 2011.
During the year, the total income of the Company was Rs. 439.425 Millions (Previous
Year 0.776 Million) and after providing for expenses of Rs. 641.131 Millions
(Previous year 114.739 Millions), the Company suffered a net loss of Rs.
201.706 Millions (Previous Year 113.963 Millions), the same has been carried
over to the Balance Sheet. In view of the losses, the company has not made any
provision for Income Tax for the period.
FIXED ASSETS
·
Computer
·
Office Equipments
·
Vehicles
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. 54.38 |
|
|
1 |
Rs. 88.75 |
|
Euro |
1 |
Rs. 72.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
TOTAL |
|
30 |
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.