MIRA
INFORM REPORT
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
REHAU POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Holewadi, Khed-Pabal Road, Taluka Khed, Pune – 410505, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
30.01.1997 |
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Com. Reg. No.: |
11-133903 |
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Capital Investment
/ Paid-up Capital : |
Rs. 333.434 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999PN1997PTC133903 |
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|
|
PAN No.: [Permanent Account No.] |
AACCR3568H |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Polymer Products. |
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|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1500000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
appears a dip in the profitability of the company is the current year.
Reserves of the company also seems to be insufficient. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. 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.
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. Somnath Kagade |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-2135-304835 |
|
Date : |
27.02.2013 |
LOCATIONS
|
Registered Office / Factory : |
Holewadi, Khed-Pabal Road, Taluka Khed, Pune – 410505,
Maharashtra, India |
|
Tel. No.: |
91-2135-304835 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vijay Gendalal Jain |
|
Designation : |
Director |
|
Address : |
Rehau Pte Limited. 1 King George’s Avenue, #06-00 Rehau Building,
Singapore – 208557 |
|
Date of Birth/Age : |
28.03.1973 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03019900 |
|
|
|
|
Name : |
Mr. Tobias Emil Wild |
|
Designation : |
Director |
|
Address : |
Bollholzweg, 12 Allmendingen, Berne – 3112, Switzerland |
|
Date of Birth/Age : |
13.11.1954 |
|
Date of Appointment : |
23.12.2011 |
|
DIN No.: |
05209852 |
KEY EXECUTIVES
|
Name : |
Mr. Somnath Kagade |
|
Designation : |
Company Secretary |
|
Address : |
91/2, Ram Seeta, Near Bank of Maharashtra, Parvati, Pune – 411009,
Maharashtra, India |
|
Date of Birth/Age : |
05.09.1983 |
|
Date of Appointment : |
20.07.2011 |
|
Pan No.: |
BILPK8528D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Frankische Plastiks GMBH, Federal Republic of Germany |
|
33343350 |
|
Rehau Verwaltungszentrale AG, Switzerland |
|
10 |
|
Total |
|
33343360 |
As on 29.09.2012
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 : |
Manufacturer of Polymer Products. |
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Products : |
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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 / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Edge Bands |
Metric Tonnes |
1690# |
55,759,420 |
* As certified by the management and not verified by the auditors.
# Installed capacity is indicated in metric tonnes. The conversion ratio of machine output from metric tones to meters is dependent upon the dimensions of edge bands being produced.
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
HDFC Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Muttha Towers, 5th Floor. Suite No.8. Airport
Road. .Yerwada. Pune – 411006, Maharashtra, India |
|
PAN.: |
AAEFP3641G |
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Holding Company : |
Frankische Plastiks GmbH |
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Fellow Subsidiaries |
· Rehau GmbH · Industrias Rehau SA · PT Rehau Indonesia · Rehau AG and Company · Rehau Limited, Bangkok · Rehau Pte Limited · Rehau Polymers · (Suzhou) Company Limited · Rehau Pty Limited · Rehau Industria Ltda · Rehau Polymer Industrie GMBH · Rehau Polimeri Kimya · San/Turkey · Rehau Incorporated · Rehau Industries Inc. · Rehau Vertriebs AG · Rehau Verwaltungszentrale AG · Raumedic AG · Rehau Polymer Pty Limited · Rehau SA DE CV · Rehau Environmental Solut ·
Rehau Industries Sarl |
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|
·
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33343360 |
Equity Shares |
Rs.10/- each |
Rs.333.434
Millions |
|
|
|
|
|
Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Frankische Plastiks GmbH |
3,33,43,350 |
99.99% |
|
Rehau Verwaltungszentrale AG |
10 |
0.01% |
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 |
333.434 |
333.434 |
333.433 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
55.925 |
45.857 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(2.812) |
|
|
NETWORTH |
389.359 |
379.291 |
330.621 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
90.455 |
17.700 |
20.392 |
|
|
2] Unsecured Loans |
243.019 |
57.717 |
127.079 |
|
|
TOTAL BORROWING |
333.474 |
75.417 |
147.471 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
722.833 |
454.708 |
478.092 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
219.251 |
154.306 |
152.447 |
|
|
Capital work-in-progress |
87.271 |
5.543 |
6.520 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
6.906 |
14.400 |
3.264 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
185.024
|
133.799 |
71.690 |
|
|
Sundry Debtors |
211.260
|
176.057 |
134.805 |
|
|
Cash & Bank Balances |
22.324
|
22.189 |
66.507 |
|
|
Other Current Assets |
0.000
|
0.000 |
15.796 |
|
|
Loans & Advances |
143.484
|
106.651 |
88.197 |
|
Total
Current Assets |
562.092
|
438.696 |
376.995 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
121.274
|
107.314 |
49.827 |
|
|
Other Current Liabilities |
24.150
|
20.700 |
7.228 |
|
|
Provisions |
7.263
|
30.223 |
4.079 |
|
Total
Current Liabilities |
152.687
|
158.237 |
61.134 |
|
|
Net Current Assets |
409.405
|
280.459 |
315.861 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
722.833 |
454.708 |
478.092 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
768.670 |
596.851 |
426.409 |
|
|
|
Other Income |
29.434 |
24.547 |
53.448 |
|
|
|
TOTAL (A) |
798.104 |
621.398 |
479.857 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
721.574 |
502.440 |
364.052 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
721.574 |
502.440 |
364.052 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
76.530 |
118.958 |
115.805 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.519 |
1.729 |
3.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
61.011 |
117.229 |
112.225 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.450 |
39.695 |
45.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
17.561 |
77.534 |
66.957 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.493 |
28.865 |
3.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
10.068 |
48.669 |
63.822 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.857 |
(2.812) |
(66.634) |
|
|
|
|
|
|
|
|
|
|
|
Tax on Dividend |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
55.925 |
45.857 |
(2.812) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
1.829 |
1.499 |
|
|
|
Sale of assets |
15.843 |
0.000 |
29.145 |
|
|
|
Sale of Sample |
|
0.075 |
0.051 |
|
|
|
Commission |
|
8.514 |
9.410 |
|
|
TOTAL EARNINGS |
15.843 |
10.418 |
40.105 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Fixed Assets (including Intangibles) |
NA |
23.477 |
19.748 |
|
|
|
Traded Goods |
NA |
95.611 |
51.262 |
|
|
|
Raw Material |
NA |
103.330 |
68.944 |
|
|
|
Spare |
NA |
3.748 |
2.133 |
|
|
|
Samples |
NA |
1.600 |
0.713 |
|
|
|
Others |
NA |
0.005 |
0.184 |
|
|
TOTAL IMPORTS |
NA |
227.771 |
142.984 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.30 |
1.46 |
1.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.26
|
7.83 |
13.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.28
|
12.99 |
15.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.25
|
13.07 |
12.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.20 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86
|
0.20 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.68
|
2.77 |
6.17 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Creditors due others |
121.274
|
107.314 |
49.827 |
|
Total |
121.274
|
107.314 |
49.827 |
|
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 |
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 |
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 |
BACKGROUND
Subject was incorporated in India on January 30, 1997 as a subsidiary of Frankische Plastiks, GmbH, Germany to manufacture, distribute and market polymer products and provide technical, sales and other services in respect of such products.
The Company is engaged in the manufacturing and selling a reputed brand of Edge Bands for the furniture industry and gaskets/rigid profiles for the refrigeration industry at Rajgurunagar, near Pune, Maharashtra, India. The Company commenced commercial production of Edge Bands on August 7, 2001.
The Company also operates as an indenting agent in India for overseas group companies.
FINANCIAL RESULTS:
The Company has achieved a turnover of Rs.768.670 Millions as compared to Rs.598.851 Millions in the previous year of operations. The company has achieved a net profit of Rs.9.548 Millions
The increase in Turnover is mainly due to the strong growth in Furniture business, where the company remained to dominate the market. Your company had continued to grow in other product groups like Gasket, window profiles and Pipe Aerators as well.
Despite the higher turnover, there has been a significant increase in operating cost, leading to a lower profit as compared to the previous year. Higher cost of Raw materials coupled with unfavorable exchange fluctuations were responsible the decline in the Net Profit.
Note:
The registered office of the company has been shifted from
IInd Floor, 88, Furniture Market, Kirti Nagar, New Delhi – 110015, India to present
address w.e.f.10.04.2009
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Claims against the Company not acknowledged as debts |
|
|
|
Custom Dues |
64.005 |
63.189 |
|
Value Added Tax Dues |
-- |
21.529 |
|
Estimated liability on account of non-collection of C Forms |
56.439 |
39.495 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Short-term
borrowings |
|
|
|
Unsecured borrowings |
243.019 |
57.717 |
|
Total |
243.019 |
57.717 |
FIXED ASSETS
· Factory building
· Furniture and fixtures
· Motor vehicles
· Computer equipments
· Other equipments
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] 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
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
|
29 |
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.