MIRA
INFORM REPORT
|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAG ELECTRONICS (INDIA) PRIVATE LIMITED (w.e.f. 27.01.2011) |
|
|
|
|
Formerly Known
As : |
HUECO LIGHTRONIC (INDIA) PRIVATE LIMITED |
|
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|
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Registered
Office : |
S. No. 19, Yewlewadi, Kondhwa Road, Pune – 411048, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.02.2006 |
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Com. Reg. No.: |
11-021987 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U32109PN2006PTC021987 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05488A |
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PAN No.: [Permanent Account No.] |
AABCH6565P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electronics Blast. |
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No. of Employees
: |
170 (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 290000 |
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|
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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 company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment terms
are usually correct and as per commitment. 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.
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 |
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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.
INFORMATION PARTED BY
|
Name : |
Mr. Bala Subramanyam |
|
Designation : |
Finance head |
|
Contact No.: |
91-20-30450707 |
|
Date : |
27.12.2012 |
LOCATIONS
|
Registered Office/ Factory : |
S. No. 19 Yewlewadi, |
|
Tel. No.: |
91-20-30450700/ 20450900 |
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Fax No.: |
91-20-26707102/ 20450600 |
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E-Mail : |
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|
Website : |
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|
Area : |
26000 Sq. Ft. |
|
Location : |
Owned |
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|
Branches : |
Located at
|
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Otto Julius Heinrich Ludwig Meyer |
|
Designation : |
Director |
|
Address : |
Zur Barlage, 28, Stemwede – 32351, |
|
Date of Birth/Age : |
12.04.1953 |
|
Date of Appointment : |
10.02.2006 |
|
DIN No.: |
01720275 |
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|
|
|
Name : |
Mr. Thomas Josef Gerhard Patzelt |
|
Designation : |
Director |
|
Address : |
Moencherderweg, 9, Langenfeld – 40764, |
|
Date of Birth/Age : |
01.01.1962 |
|
Date of Appointment : |
24.09.2010 |
|
DIN No.: |
02837861 |
|
|
|
|
Name : |
Mr. Wilfried Blome Schakel |
|
Designation : |
Director |
|
Address : |
Quetzer Heide, 32, Petershagen – 32469, |
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Date of Birth/Age : |
31.12.1959 |
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Date of Appointment : |
30.11.2012 |
|
DIN No.: |
02899920 |
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|
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|
Name : |
Mr. Bindingnavile Seshadri Praveen |
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Designation : |
Director |
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Address : |
Flat No. 804, A Building, Tain Square Fatima Nagar, Pune – 411013,
Maharashtra, India |
|
Date of Birth/Age : |
13.01.1957 |
|
Date of Appointment : |
30.11.2012 |
|
DIN No.: |
03017823 |
KEY EXECUTIVES
|
Name : |
Mr. Bala Subramanyam |
|
Designation : |
Finance head |
|
|
|
|
Name : |
MSN Associates |
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Designation : |
Company Secretaries |
|
Address : |
6A, Anandmayee Apartments. Near Ashwamedh Hall, Off Karve Read. Erandawane, Pune – 411004, Maharashtra, India |
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Tel. No.: |
91-20-25464368/ 25455401 |
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E-mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Trilx Finance B. V, |
|
756 |
|
Trilux International Holdings B. V, |
|
2244 |
|
|
|
|
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Total |
|
3000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronics Blast. |
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Exports : |
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Products : |
Electronics Blast |
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Countries : |
Europe |
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Imports : |
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Products : |
·
Raw Material |
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Countries : |
·
China ·
Germany |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on: 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Electronic Ballast and Mini – Power |
Nos. |
2000000 |
2000000 |
1719395 |
Notes:
- Installed capacities being a technical matter, are accepted by the
auditors as certified by the management.
- Production quantity includes goods manufactured out of material
received on free of cost basis.
- Above details are as certified by the management and relied upon by
the auditors.
GENERAL INFORMATION
|
Suppliers : |
Intelligent Components Technology Zhuhai Limited |
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
170 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India ·
HDFC Bank Limited, Bund Garden Branch, Pune, Maharashtra, India Tel.
No.: 91-20-66028585/ 66402945 |
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Facilities : |
Overdraft Rs.60.000 Millions (From HDFC
Bank Limited) (Rs.
In Millions)
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|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kalyaniwala and Mistry Chartered Accountants |
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Address : |
3rd Floor, Pro-1, |
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Tel. No.: |
91-20-25671514/ 25671113 |
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Fax No.: |
91-20-25676427 |
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PAN.: |
AAASK1142M |
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Holding Company : |
·
Hueco Lightronic NI Limited ·
Trilux International Holdings B. V |
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Associates : |
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CAPITAL STRUCTURE
As on: 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.1000/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000 |
Equity Shares |
Rs.1000/-
each |
Rs.3.000
Millions |
|
|
|
|
|
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.1000/- each |
Rs.1.000 Million |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.1000/-
each |
Rs.1.000
Million |
|
|
|
|
|
Note:
(Of the above, 744 Equity Shares are held by Trilux International Holding B.V. the Holding Company. 256 Equity Shares are held by Trilux Finance B.V. subsidiaries of Trilux GmbH and Company KG.)
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 |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
23.457 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
49.407 |
19.661 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(2.091) |
|
|
NETWORTH |
73.864 |
20.661 |
(1.091) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
1.096 |
|
|
2] Unsecured Loans |
10.153 |
34.130 |
36.052 |
|
|
TOTAL BORROWING |
10.153 |
34.130 |
37.148 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84.017 |
54.791 |
36.057 |
|
|
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
50.808 |
31.343 |
34.744 |
|
|
Capital work-in-progress |
0.020 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
3.342 |
3.871 |
1.169 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
115.091
|
75.748
|
17.051 |
|
|
Sundry Debtors |
67.228
|
55.737
|
12.149 |
|
|
Cash & Bank Balances |
13.174
|
9.460
|
4.488 |
|
|
Other Current Assets |
0.013
|
0.252
|
0.286 |
|
|
Loans & Advances |
38.078
|
21.055
|
13.929 |
|
Total
Current Assets |
233.584
|
162.252
|
47.903 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
61.309 |
49.455 |
8.126 |
|
|
Other Current Liabilities |
127.159
|
86.004
|
36.012 |
|
|
Provisions |
15.269
|
7.216
|
3.621 |
|
Total
Current Liabilities |
203.737
|
142.675
|
47.759 |
|
|
Net Current Assets |
29.847
|
19.577
|
0.144 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84.017 |
54.791 |
36.057 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
494.902 |
225.390 |
383.122 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
13.747 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
NA |
4.332 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
9.415 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.548 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
29.747 |
21.752 |
8.867 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
49.407 |
19.661 |
(2.091) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Manufacturing Income |
463.594 |
217.225 |
85.084 |
|
|
|
Research and Development Fees |
10.858 |
8.107 |
9.445 |
|
|
TOTAL EARNINGS |
474.452 |
225.332 |
94.529 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Spares and Consumables |
309.333 |
149.419 |
0.000 |
|
|
|
Capital Goods |
34.369 |
1.338 |
0.000 |
|
|
TOTAL IMPORTS |
343.702 |
150.757 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27697.19 |
21751.76 |
8867.06 |
|
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%20PRIVATE%20LIMITED%20-%20205913%2004-Jan-2013_files/image002.gif){kind=small}
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
480.000 |
|
|
|
|
|
Expected Sales (2012-2013): Rs.500.000 Millions
The above information has been parted by Mr. Bala Subramanyam
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
2.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
11.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
(8.63) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.90
|
8.56
|
(77.82) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.14
|
1.00 |
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
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 |
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 |
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 |
OPERATIONAL REVIEW
The Company has changed its name from Hueco Lightronic (India) Private Limited to BAG electronics (India) Private Limited.
There is a commercial understanding with BAG electronics GMBH for using trade name of "BAG" for electronic business in India
The company is a subsidiary of Trilux International Holding; B. V. Pursuant to the recent changes in the Hueco group worldwide; Trilux International Holding BV has become the ultimate holding Company of the company. The previous holding company was Hueco Lightronic N I Limited, Northern Ireland.
The company operates in the field of manufacture of electronic ballasts for lighting system on behalf of the holding company or its assigned associates or vendor.
The Company also conducts research in lightronic components for which services are billed to the group company.
The Company has commenced new division for carrying out trading activity. The trading unit operated from Jan 2011. The activities mainly consist of trading in electronic ballasts are sold to the local domestic customers.
The auditor's remarks are self explanatory. Due to restructuring of the company and changes in Holding companies the same has remained to be regularized. Board is taking steps to regularize the matter.
During the current financial year the company repaid the External Commercial Borrowings from the previous parent company Hueco Lightronic N I Limited and borrowed a fresh ECB from Trilux Finance B.V. after complying with necessary legal requirements.
CONTINGENT LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Guarantee given
by the Bank on behalf of the company |
1.735 |
1.735 |
TRADE REFERENCE
·
Intelligent Components Technology Zhuhai
Limited
FIXED ASSETS:
- Leasehold Improvements
- Plant and Machinery
- Test Equipments
- Vehicles
- Office Equipments
- Furniture
- Computer
- Moulds and Dies
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.54.83 |
|
|
1 |
Rs.89.23 |
|
Euro |
1 |
Rs.72.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.