MIRA
INFORM REPORT
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
DEMAG CRANES AND COMPONENTS (INDIA) PRIVATE LIMITED (w.e.f December
2001) |
|
|
|
|
Formerly Known
As : |
MANNESMANN DEMATIC [ |
|
|
|
|
Registered
Office : |
Gat No.330, 332, 333, 334, Nanekarwadi, Chakan, Khed, Pune – 410501, Maharashtra |
|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.07.1997 |
|
|
|
|
Com. Reg. No.: |
11-109449 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.87.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299MH1997PTC109449 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03871A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM9351Q |
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|
|
|
Legal Form : |
Private limited liability company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Cranes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (23) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record.
Profitability of the company is under pressure. There appears some
accumulated losses recorded by the company. 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/ Head Office/ Factory : |
Gat No.330, 332, 333, 334, Nanekarwadi, Chakan, Khed, Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-614200 |
|
Fax No.: |
91-2135-614300 |
|
E-Mail : |
nilesh.jajodia@demagcranes.co.in
rajesh.kalyanasundaram@demagcranes.co.in
sachin.kulkarni@demagcranes.co.in
|
|
Website : |
|
|
|
|
|
Regional Offices: |
Located at: · Pune ·
· Chennai ·
· Kolkata · Vadodara |
|
|
|
|
Sales and Services
Offices: |
Located at: ·
·
|
|
|
|
|
Branches : |
Located at: ·
·
· Kolkata · Mumbai |
DIRECTORS
As on: 26.09.2012
|
Name : |
Mr. Suhas Gangadhar Baxi |
|
Designation : |
Managing Director |
|
Address : |
H5/503, |
|
Date of Birth/Age : |
30.11.1966 |
|
Qualification : |
B. E., M. B. A. |
|
Experience : |
24 years |
|
Date of Appointment : |
31.08.2006 |
|
DIN No.: |
00649689 |
|
|
|
|
Name : |
Mr. Klaus Peter Hoffmann |
|
Designation : |
Director |
|
Address : |
Thueriengerweg, 20, Schwerte, Germany-58239 |
|
Date of Birth/Age : |
29.04.1962 |
|
Date of Appointment : |
13.06.2008 |
|
DIN No.: |
02959898 |
KEY EXECUTIVES
|
Name : |
Ms. Vrushali Chinmay Oak |
|
Designation : |
Secretary |
|
Address : |
Flat No.4 A-1,Building Sukhwani Udyan Co-operative Housing Society,
Pimpari Chinchwad, Pune-411033, Maharashtra, India |
|
Date of Birth/Age : |
01.12.1982 |
|
Date of Appointment : |
28.11.2011 |
|
PAN No.: |
BOYPS4094F |
MAJOR SHAREHOLDERS
As on: 26.09.2012
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Demag Cranes and Components GmbH – |
869999 |
|
DCC Holdco 5 (FUNF) Gmbh – |
1 |
|
|
|
|
Total |
870000 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.09.2012
|
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 : |
Manufacturer and Exporter of Cranes. |
||||||||
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|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual Production |
|
EOT Process Cranes |
Nos. |
31 |
|
EOT Cranes |
Nos. |
333 |
|
JIB Cranes |
Nos. |
141 |
|
KBK Cranes |
Nos. |
513 |
|
Chain Hoist |
Nos. |
726 |
|
Drives / Motors |
Nos. |
424 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· ABN Amro Bank, 327, M. G. Road, Pune – 411001, Maharashtra, India · ICICI Bank, M.G. Road, Pune, Maharashtra, India. · Deutche Bank, M.G. Road, Pune, Maharashtra, India. |
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|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok
and Company Chartered Accountants |
|
Address : |
Engineering
Centre, 6th Floor, 9 Matthew Road, Opera House, Mumbai-400004,
Maharashtra, India |
|
PAN.: |
AAAFW4298E |
|
|
|
|
Ultimate Holding Company : |
· Demag Cranes AG Dusseldorf – Germany |
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|
|
|
Holding Company : |
· Demag Cranes and Components GmbH |
|
|
|
|
Fellow Subsidiaries : |
·
Donati Solievamenti Srl Italy ·
Gottwald Port Technologies – GmbH ·
Demag Cranes and Components – United Arab
Emirates ·
Demag Cranes and Components ZA – South Africa ·
Demag Cranes and Components Spa – Italy ·
Demag Cranes and Components – France ·
Demag Cranes and Components – Brazil ·
Demag Cranes and Components – Australia ·
Demag Cranes and Components – Shanghai ·
Kranservice Rheinberg GmbH · Terex Demag GmbH |
|
|
|
|
Key Management
Personnel : |
Demag Cranes and Components (India) Private Limited PAN No.: AADPB3312M |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
870000 |
Equity Shares |
Rs.100/- each |
Rs.87.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
870000 |
Equity Shares |
Rs.100/- each |
Rs.87.000 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 |
87.000 |
30.000 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
121.977 |
|
|
4] (Accumulated Losses) |
(240.832) |
(25.571) |
0.000 |
|
|
NETWORTH |
(153.832) |
4.429 |
151.977 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.0000 |
0.000 |
|
|
2] Unsecured Loans |
451.435 |
350.585 |
277.668 |
|
|
TOTAL BORROWING |
451.435 |
350.585 |
277.668 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
297.603 |
355.014 |
429.645 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
377.613 |
254.293 |
136.938 |
|
|
Capital work-in-progress |
1.440 |
1.669 |
24.162 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
45.084 |
40.598 |
23.429 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
449.235
|
448.385 |
368.780
|
|
|
Sundry Debtors |
944.254
|
661.716 |
521.392
|
|
|
Cash & Bank Balances |
42.588
|
80.721 |
128.847
|
|
|
Other Current Assets |
18.639
|
26.582 |
0.000
|
|
|
Loans & Advances |
277.801
|
238.841 |
247.870
|
|
Total
Current Assets |
1732.517
|
1456.245 |
1266.889 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1636.392
|
1202.199 |
298.134 |
|
|
Other Current Liabilities |
160.727
|
146.455 |
687.171
|
|
|
Provisions |
61.932
|
49.137 |
36.468
|
|
Total
Current Liabilities |
1859.051
|
1397.791 |
1021.773 |
|
|
Net Current Assets |
(126.534)
|
58.454 |
245.116 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
297.603 |
355.014 |
429.645 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2248.271 |
1872.812 |
1122.965 |
|
|
|
Other Income |
74.904 |
68.165 |
93.035 |
|
|
|
Income from Services Rendered |
0.000 |
0.000 |
102.294 |
|
|
|
TOTAL (A) |
2323.175 |
1940.977 |
1318.294 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
2439.619 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
2439.619 |
2032.121 |
1380.315 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(116.444) |
(91.144) |
(Including
Financial Expenses) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
59.975 |
41.442 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(176.419) |
(132.586) |
(62.021) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.328 |
32.131 |
23.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(219.747) |
(164.717) |
(85.532) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(4.486) |
(17.169) |
(19.746) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(215.262) |
(147.548) |
(65.786) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(25.571) |
121.977 |
187.763 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(240.832) |
(25.571) |
121.977 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
19.205 |
0.518 |
|
|
TOTAL EARNINGS |
NA |
19.205 |
0.518 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials, Components and Spares |
NA |
752.659 |
559.371 |
|
|
|
Capital Goods |
|
2.809 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
755.468 |
559.371 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(276.81) |
(491.83) |
(219.29) |
|
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%20PRIVATE%20LIMITED%20-%20212043%2001-Mar-2013_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20212043%2001-Mar-2013_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(9.27)
|
(7.60) |
(4.99) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.77)
|
(8.80) |
(7.62) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.41)
|
(9.63) |
(5.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.43)
|
(37.19) |
(0.56) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(2.93)
|
79.16 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
1.04 |
1.24 |
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 |
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 |
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 |
OPERATIONS:
In 2011-12, the company strengthened the manufacturing and supply chain for production of Process Cranes. The focused sales approach of Process Cranes in key sectors like steel helped the growth of the product line. The investments in the Automobile sector boosted the growth of products like KBK and Chain hoists. The company has set up the infrastructure and processes for further growth in the Crane Components segment.
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowing |
|
|
|
Other external commercial borrowings |
294.617 |
209.011 |
|
Short Term
Borrowing |
|
|
|
Term loans |
44.698 |
50.000 |
|
Working capital loans from banks |
112.120 |
91.574 |
|
Total |
451.435 |
350.585 |
Note:
Terms of repayment of
long-term loans and other long-term loans
External commercial borrowing (ECB) has been availed from
Demag Cranes and Components GmbH. The Company has taken an ECB of Euro
3,300,000 during previous year 2010-11 which carries interest rate of Libor
plus 100 basis points, payable in different tranches starting from March 2013
to September 2014. During the current year 2011-12, the Company has availed an
additional tranche of Euro 1,700,000 at an interest rate of Libor plus 225
basis points, payable in different tranches starting from January 2015 to June
2016.
FIXED ASSETS:
·
Leasehold improvements
·
Plant and machinery
·
Furniture’s and fixtures
·
Computer
·
Office equipment
·
Vehicles
·
Computer software
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.53.77 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
|
23 |
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.