MIRA INFORM REPORT
|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BMW INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Tower B, 7th Floor Building No. 8, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.08.1997 |
|
|
|
|
Com. Reg. No.: |
55-037496 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1557.290 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35991HR1997PTC037496 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB10161E/ RTKB03796C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB7140C/ AABCB7140C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Company is engaged in the manufacturing, trading and marketing of
motor vehicles and related spare parts and accessories. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 20201000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘BMW Holdings BV, The Netherlands’. It is a
well established and reputed company having a good track record. There
appears some dip in the profits during 2012. However, financial performance
of the company appears to be good. Fundamentally company seems to be strong.
Trade relations are reported to be trustworthy. Business is active. Payments
are reported to be regular and as per commitments. The company has a strong
capital base and having strong promoter. The company can be considered good
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
Tower B, 7th Floor Building No. 8, |
|
Tel. No.: |
91-124-4566600 |
|
Fax No.: |
91-124-4566601 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 19.09.2012
|
Name : |
Mr. Rodney Alan Woods |
|
Designation : |
Whole-time director |
|
Address : |
2, Ceder Avenue, DLF Chattarpur Farms, Delhi – 110030, India |
|
Date of Birth/Age : |
21.03.1960 |
|
Date of Appointment : |
05.08.2011 |
|
DIN No. : |
02755735 |
|
|
|
|
Name : |
Mr. Jurgen Eder |
|
Designation : |
Whole-time director |
|
Address : |
5/ 119B, |
|
Date of Birth/Age : |
20.09.1971 |
|
Date of Appointment : |
05.08.2011 |
|
DIN No. : |
02839428 |
|
|
|
|
Name : |
Mr. Andreas Thomas Schaaf |
|
Designation : |
Managing director |
|
Address : |
A-28, 3rd Floor, West End Colony, |
|
Date of Birth/Age : |
08.09.1970 |
|
Date of Appointment : |
06.05.2010 |
|
DIN No. : |
03065005 |
|
|
|
|
Name : |
Mr. Hendrik Dietrich Eberhard Von Kuenheim |
|
Designation : |
Director |
|
Address : |
Dueppeler STR. 20A Munich D-81925, Germany |
|
Date of Birth/Age : |
24.05.1959 |
|
Date of Appointment : |
22.08.2012 |
|
DIN No. : |
05344974 |
KEY EXECUTIVES
|
Name : |
Ms. Priyanka Tyagi |
|
Designation : |
Secretary |
|
Address : |
Flat No. G 2, Plot No. 182, Sector - 6, Vaishali, |
|
Date of Birth/Age : |
30.06.1981 |
|
Date of Appointment : |
01.05.2011 |
|
PAN No. : |
AHLPT8056B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 19.09.2012
|
Names of Shareholders |
No. of Shares |
|
BMW AG, Germany |
3000 |
|
BMW Holding BV, Netherlands |
155726000 |
|
|
|
|
TOTAL
|
155729000 |
As on: 19.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
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 : |
Company is engaged in the manufacturing, trading and marketing of
motor vehicles and related spare parts and accessories. |
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Motor vehicles |
Nos |
** |
10,100 |
5,754# |
|
|
|
|
|
|
*As certified by the Management and relied upon by the auditors, being a
technical matter.
** The Company’s products are exempt from licensing requirements under
the New Industrial Policy.
# including 30 cars ([previous year 25 car) produced and capitalised for
own use.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered
Accountants |
|
Address : |
Building No. 10, 8th Floor, Tower - B, |
|
Tel. No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
PAN No. : |
AADFB6889R |
|
|
|
|
Holding Company : |
BMW Holdings B.V, |
|
|
|
|
Ultimate Holding
Company: |
BMW AG, |
|
|
|
|
Fellow
Subsidiaries: |
·
BMW Asia Technology ·
BMW ·
PT BMW ·
BMW Manufacturing (TH.) Company Limited, ·
BMW ( ·
BMW M GMBH ·
·
BMW Asia Pte Limited ·
BMW India Financials Services Private Limited,
·
BMW AG Niederlassung, ·
BMW ( ·
BMW Group, ·
BMW Korea Company Limited, ·
BMW |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000000 |
Equity Shares |
Rs.10/- each |
Rs.1600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
155729000 |
Equity Shares |
Rs.10/- each |
Rs.1557.290 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1557.290 |
1557.290 |
|
(b) Reserves & Surplus |
|
3493.063 |
2689.536 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
5050.353 |
4246.826 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1018.012 |
316.900 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
5.684 |
3.012 |
|
(d) long-term
provisions |
|
208.734 |
198.839 |
|
Total Non-current
Liabilities (3) |
|
1232.430 |
518.750 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
6515.708 |
0.000 |
|
(b) Trade payables |
|
6522.570 |
5314.999 |
|
(c) Other current
liabilities |
|
9828.987 |
3880.539 |
|
(d) Short-term
provisions |
|
147.270 |
349.072 |
|
Total Current
Liabilities (4) |
|
23014.535 |
9544.610 |
|
|
|
|
|
|
TOTAL |
|
29297.318 |
14310.186 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1898.578 |
1023.351 |
|
(ii) Intangible Assets |
|
12.678 |
9.922 |
|
(iii) Capital
work-in-progress |
|
256.123 |
51.283 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
47.832 |
62.293 |
|
(d) Long-term Loan and Advances |
|
587.647 |
324.895 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
2802.858 |
1471.744 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
11117.832 |
3865.856 |
|
(c) Trade receivables |
|
4750.812 |
4014.219 |
|
(d) Cash and cash
equivalents |
|
82.935 |
672.072 |
|
(e) Short-term loans
and advances |
|
944.855 |
796.117 |
|
(f) Other current
assets |
|
9598.026 |
3490.178 |
|
Total Current Assets |
|
26494.460 |
12838.442 |
|
|
|
|
|
|
TOTAL |
|
29297.318 |
14310.186 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1557.290 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1034.345 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2591.635 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
1042.360 |
|
|
TOTAL BORROWING |
|
|
1042.360 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3633.995 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
949.343 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
17.154 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2297.977 |
|
|
Sundry Debtors |
|
|
1853.726 |
|
|
Cash & Bank Balances |
|
|
185.774 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
3153.915 |
|
Total
Current Assets |
|
|
7491.392 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1744.148 |
|
|
Other Current Liabilities |
|
|
2159.840 |
|
|
Provisions |
|
|
919.906 |
|
Total
Current Liabilities |
|
|
4823.894 |
|
|
Net Current Assets |
|
|
2667.498 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3633.995 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
23493.651 |
19672.580 |
12701.238 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
22215.395 |
16843.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1278.256 |
2828.694 |
(Including
Depreciation) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
176.639 |
152.532 |
12509.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1101.617 |
2676.162 |
191.602 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
298.091 |
1020.971 |
82.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
803.526 |
1655.191 |
109.195 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Reimbursement of expenses |
120.852 |
101.068 |
116.785 |
|
|
|
Commission |
12.350 |
5.296 |
9.415 |
|
|
TOTAL EARNINGS |
133.202 |
106.364 |
126.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Consumables |
17016.176 |
8449.314 |
3562.908 |
|
|
|
Traded Vehicles |
2336.435 |
2625.740 |
2688.999 |
|
|
|
Spares Parts |
902.096 |
671.973 |
359.206 |
|
|
|
Capital Goods |
262.110 |
63.799 |
0.926 |
|
|
TOTAL IMPORTS |
20516.817 |
11810.826 |
6612.039 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.16 |
10.63 |
0.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.42
|
8.41 |
0.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.88
|
19.29 |
2.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.63 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.49
|
0.07 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.34 |
1.55 |
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 three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
No |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
Note: The
registered office of the company has been shifted from Shivam House, 14 F,
Connaught Place, New Delhi – 110 001, India to the present address w.e.f.
14.04.2007.
|
Unsecured Loan |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Other external commercial borrowings |
1018.012 |
316.900 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Term loan from bank |
6515.708 |
0.000 |
|
|
|
|
|
Total |
7533.720 |
316.900 |
COMPANY OVERVIEW:
Subject was
incorporated on 26 August 1997 as a private limited company. The Company is a
subsidiary of BMW Holdings B. V, Netherlands. The ultimate holding company is BMW
AG, Germany. The Company is engaged in the manufacturing, trading and marketing
of motor vehicles and related spare parts and accessories.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Claims/ demands
against the Company not acknowledged As debts for: |
|
|
|
Customs Duty |
92.435 |
92.435 |
|
Service tax |
65.884 |
52.285 |
|
National Calamity Contingent Duty |
176.184 |
0.000 |
|
Total |
334.503 |
144.720 |
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.60.34 |
|
|
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.