MIRA INFORM REPORT
|
Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DURA AUTO SYSTEMS INDIA PRIVATE LIMITED |
|
|
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Registered
Office : |
Gat # 376 and 377/1, Satav Industrial Estate, Behind Recold,
Chakkan-Talegaon Road, Kharabwadi, Pune-412501, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
08.04.2008 |
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|
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|
Com. Reg. No.: |
11-180927 |
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Capital
Investment / Paid-up Capital : |
Rs. 434.927
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2008PTC180927 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automation Spare Parts. |
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|
No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 180000 |
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|
|
|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Dura Operative Corporation, USA. It is an
established company having moderate track record. There appears huge
accumulated loss in the during the current year. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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. Swati |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-40-44327999 |
|
Date : |
03.06.2013 |
|
|
|
|
Name : |
Mr. Sunil Tangwal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-8888809303 |
|
Date : |
03.06.2013 |
LOCATIONS
|
Registered Office : |
Gat # 376 and 377/1, Satav Industrial Estate, Behind Recold, Chakkan-Talegaon
Road, Kharabwadi, Pune-412501, Maharashtra, India |
|
Tel. No.: |
91-2135-669822 |
|
Mobile No.: |
91-8888809303 (Mr. Sunil Tangwal) |
|
Fax No.: |
91-2135-669899 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Plot 2 and 3, First Floor, Ektha Towers, Kondapur, Hyderabad-500084,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-44327999 |
|
Fax No.: |
91-40-44327998 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Satwinder Singh |
|
Designation : |
Director |
|
Address : |
F/703, Mayurdhwaj Apartments, 60 IP Extension, Parpargang, New
Delhi-110092, India |
|
Date of Appointment : |
28.09.2011 |
|
DIN No. : |
00164903 |
|
|
|
|
Name : |
Mario Henrique Picarra Buttino |
|
Designation : |
Director |
|
Address : |
AL JAU, 00161, AP, 111, Brazil |
|
Date of Appointment : |
04.07.2011 |
|
DIN No. : |
03542970 |
|
|
|
|
Name : |
Jeffrey Martin Stafeil |
|
Designation : |
Director |
|
Address : |
26602, Dundee Road, Huntington Woods, MI, 48070, United State of
America |
|
Date of Appointment : |
04.07.2011 |
|
DIN No. : |
03542972 |
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|
|
|
Name : |
James C Gregory |
|
Designation : |
Director |
|
Address : |
255, Guilford Road, Bloomfield Hills, MI, 48304, United State of
America |
|
Date of Appointment : |
16.12.2011 |
|
DIN No. : |
05113370 |
KEY EXECUTIVES
|
Name : |
Ms. Swati |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Sunil Tangwal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Dura Automotive Systems GmbH, Germany |
100 |
|
Dura Operating LLC, Auburn Hills, MI, USA |
68680568 |
|
TOTAL
|
68680668 |
AS ON 11.03.2013
|
Names of Allottees |
No. of Shares |
|
Dura Operating LLC, Auburn Hills, MI, USA |
12831442 |
|
TOTAL
|
12831442 |
AS ON 08.03.2013
|
Names of Allottees |
No. of Shares |
|
Dura Operating LLC, Auburn Hills, MI, USA |
1318820 |
|
TOTAL
|
1318820 |
AS ON 01.10.2012
|
Names of Allottees |
No. of Shares |
|
Dura Operating LLC, Auburn Hills, MI, USA |
15796407 |
|
TOTAL
|
15796407 |
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 of Automation Spare Parts. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Shifter Systems |
Numbers |
164250 |
-- |
|
Cables |
Numbers |
164250 |
-- |
|
Tyre Carriers |
Numbers |
164250 |
22124* |
NOTE: * The actual production of tyre carriers has commenced since 31 December
2010.
GENERAL INFORMATION
|
No. of Employees : |
100 [Approximately] |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountant |
|
Address : |
3rd Floor, Uptown Banjara Hills, Road No. 3, Banjara Hills,
Hyderabad-500034, Andhra Pradesh, India |
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Tel. No.: |
91-40-64528666 |
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Fax No.: |
91-40-23540224 |
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E-Mail : |
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Pan No. : |
AAAFW4298E |
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Ultimate Holding Company : |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AFTER 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs. 900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68680668 |
Equity Shares |
Rs.10/- each |
Rs. 686.807
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43492662 |
Equity Shares |
Rs.10/- each |
Rs. 434.927
Millions |
|
|
|
|
|
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs. 1400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98627337 |
Equity Shares |
Rs.10/- each |
Rs. 986.273
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
434.927 |
119.160 |
1.772 |
|
|
2] Share Application Money |
15.073 |
133.340 |
0.000 |
|
|
3] Reserves & Surplus |
(403.630) |
(157.023) |
0.622 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
46.370 |
95.477 |
2.394 |
|
|
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 |
0.000 |
0.000 |
0.220 |
|
|
|
|
|
|
|
|
TOTAL |
46.370 |
95.477 |
2.614 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
132.523 |
69.893 |
1.299 |
|
|
Capital work-in-progress |
16.970 |
40.524 |
4.528 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
114.789
|
81.214
|
0.000 |
|
|
Sundry Debtors |
40.657
|
55.773
|
0.721 |
|
|
Cash & Bank Balances |
57.909
|
30.008
|
1.732 |
|
|
Other Current Assets |
25.899
|
50.494
|
0.000 |
|
|
Loans & Advances |
118.400
|
56.531
|
4.084 |
|
Total
Current Assets |
357.654
|
274.020 |
6.537 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
181.530
|
230.292
|
4.677 |
|
|
Other Current Liabilities |
277.410
|
57.092
|
4.952 |
|
|
Provisions |
1.837
|
1.576
|
0.121 |
|
Total
Current Liabilities |
460.777
|
288.960 |
9.750 |
|
|
Net Current Assets |
(103.123)
|
(14.940)
|
(3.213) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
46.370 |
95.477 |
2.614 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
335.693 |
103.622 |
20.421 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
582.301 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
582.301 |
261.486 |
19.899 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(246.608) |
(157.864) |
0.522 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(0.220) |
0.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(246.608) |
(157.644) |
0.335 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Design Services |
0.000 |
32.297 |
20.421 |
|
|
|
Other Earnings |
1.397 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1.397 |
32.297 |
20.421 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
136.125 |
165.160 |
0.000 |
|
|
|
Capital Goods |
9.605 |
33.587 |
3.001 |
|
|
TOTAL IMPORTS |
145.730 |
198.747 |
3.001 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.67) |
(13.23) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(73.46)
|
(152.13) |
1.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(50.31)
|
(45.90) |
6.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(5.32)
|
(1.65) |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78
|
0.95 |
0.67 |
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 |
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 |
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 |
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
181.530
|
230.292
|
4.677 |
|
|
|
|
|
|
TOTAL |
181.530
|
230.292
|
4.677 |
NOTE
The registered office of the company has been shifted from
402/B, “Vikas”, 4th Floor, Top Floor, 11, N.G.N. Vaidya Road, (Bank
Street), Fort, Mumbai-400001, Maharashtra, India to the present address w.e.f. 28.02.2011.
COMPANY OVERVIEW
Subject was
incorporated as a private limited company in India in accordance with the
provisions of the Companies Act, 1956 on 8 April 2008 with the primary
objective of providing technology, back office processing, computer based
modelling, designing and testing services and products in the field of
automotive systems and related areas, and/or to develop procedures, methods,
and principles for, and engage in research relating thereto. Further during
2010-11, the Company has set up a manufacturing facility with the objective of
becoming an independent manufacturer of driver control systems and structural
body systems. The Company is the subsidiary of Dura Operating LLC, USA (holding
company) and ultimate subsidiary of Dura Automotive Systems, Inc., USA.
OPERATIONS
During the year,
the Company has registered a total income of Rs. 335.693 Millions as against
Rs. 103.622 Millions for the previous year registering an increase of Rs.
232.071 Millions. But the Company has incurred a Net Loss of Rs. 246.608
Millions as against a Loss of Rs. 157.644 Millions for the previous year.
FIXED ASSETS
- Computers
- Computer
software
- Furniture and
fittings
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 records 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. 56.57 |
|
|
1 |
Rs. 86.15 |
|
Euro |
1 |
Rs. 73.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.