MIRA
INFORM REPORT
|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
GIVAUDAN (INDIA) PRIVATE LIMITED (w.e.f. 06.07.2009) |
|
|
|
|
Formerly Known
As : |
VINAROM PRIVATE LIMITED (w.e.f. 11.03.1987) ROURE AROMA PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Plot No. 26, 2nd Cross Jigani Industrial Area, Anekal
Taluk, Jigani – 562106, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.08.1985 |
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|
|
|
Com. Reg. No.: |
08-007056 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 75.755 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24290KA1985PTC007056 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG00505B BLRV00133A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG6661N AAACV7454J |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Flavours and Fragrances. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 9600000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having fine track record. There
appears some dip in the profitability of the company during current year. However,
general financial position of the company is good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal 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 |
|
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 Office : |
Plot No. 26, 2nd Cross Jigani Industrial Area, Anekal
Taluk, Jigani – 562106, Karnataka, India |
|
Tel. No.: |
91-80-27826301 |
|
Fax No.: |
91-80-27825343 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Branch 1 : |
401, Akruti Centre Point, 4th Floor, MIDC – Central Road,
MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66625700 |
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|
|
|
Branch 2 / Factory : |
Plot No. 57/3 (2), 57/3 (3), Village Dunetha Daman – 396210, India |
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|
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|
Tel. No.: |
91-260-2261624 |
DIRECTORS
As on 25.09.2012
|
Name : |
Mr. Tansukhlal Jain |
|
Designation : |
Additional Director |
|
Address : |
4B/124B, Kalpataru Estate, Near Poonam NGR JVLR, Andheri (East), Mumbai-400093, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1967 |
|
Date of Appointment : |
31.07.2012 |
|
DIN No.: |
00190341 |
|
|
|
|
Name : |
Mr. Gururaj Karur |
|
Designation : |
Whole-time director |
|
Address : |
Le Chateau, Flat No. 52, TPS – III, 15th Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1965 |
|
Date of Appointment : |
26.09.2009 |
|
PAN No. : |
AAKPG2073R |
|
DIN No.: |
00316417 |
|
|
|
|
Name : |
Mr. Mohanrao Chandappa Suvarna |
|
Designation : |
Whole-time director |
|
Address : |
Flat 1801/1802/1803, Samartha Aangan, Building No. 23 W – A, Off Lind Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
22.06.1958 |
|
Date of Appointment : |
25.01.1999 |
|
PAN No. : |
ACDPS8469C |
|
DIN No.: |
00269671 |
|
|
|
|
Name : |
Mr. Ajit Kumar Pal |
|
Designation : |
Whole-time director |
|
Address : |
Flat No 7, 7th Floor, Sanghi Residency Situated at Final Plot No. 1215 of TPS IV, Mahim Division, Palki Guly, Off Cadell Road, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1957 |
|
Date of Appointment : |
26.09.2009 |
|
PAN No. : |
AARPP3827H |
|
DIN No.: |
00316419 |
KEY EXECUTIVES
|
Name : |
Mr. K Gururaj |
|
Designation : |
Secretary |
|
Address : |
No. 3, S.B.I Officers Colony, Basavehwaranagar, Bangalore – 560079,
Karnataka, India |
|
Date of Birth/Age : |
22.07.1967 |
|
Date of Appointment : |
11.06.2009 |
|
PAN No.: |
AAUPG9441P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2012
|
Names of Shareholders |
No. of Shares |
|
Givaudan SA, Switzerland |
7575509 |
|
Givaudan Suisse SA, Switzerland |
2 |
|
Total |
7575511 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2012
|
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 of Flavours and Fragrances. |
||||||
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|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
Not Available |
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|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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PAN.: |
AACFD4815A |
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|
|
|
Holding company : |
Givaudan SA, Switzerland |
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|
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|
Fellow Subsidiary
company: |
Givaudan Australia Pty Limited, Australia Givaudan Egypt SAE, Egypt Givaudan Flavours Corporation, United States Givaudan Fragrances (Shanghai) Limited, China Givaudan International SA, Switzerland Givaudan Nederland BV, Netherlands Givaudan Singapore Pte Limited, Singapore Givaudan South Africa (Pty) Limited, South Africa Givaudan Suisse SA, Switzerland PT Quest International Indonesia, Indonesia |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7575511 |
Equity Shares |
Rs.10/- each |
Rs.75.755
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 |
75.755 |
75.755 |
75.755 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2318.730 |
2086.353 |
1788.493 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2394.485 |
2162.108 |
1864.248 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
349.978 |
67.317 |
82.641 |
|
|
TOTAL BORROWING |
349.978 |
67.317 |
82.641 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
12.351 |
|
|
|
|
|
|
|
|
TOTAL |
2744.463 |
2229.425 |
1959.240 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
689.246 |
497.589 |
423.051 |
|
|
Capital work-in-progress |
18.310 |
4.539 |
23.349 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
10.267 |
25.112 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1211.849
|
915.452
|
689.990 |
|
|
Sundry Debtors |
1688.568
|
1036.439
|
1264.255 |
|
|
Cash & Bank Balances |
27.305
|
219.330
|
67.276 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
796.715
|
602.124
|
464.604 |
|
Total
Current Assets |
3724.437
|
2773.345
|
2486.125 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1610.454
|
967.627
|
897.144 |
|
|
Other Current Liabilities |
66.186
|
64.733
|
32.958 |
|
|
Provisions |
21.157
|
38.800
|
43.183 |
|
Total
Current Liabilities |
1697.797
|
1071.160
|
973.285 |
|
|
Net Current Assets |
2026.640
|
1702.185
|
1512.840 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2744.463 |
2229.425 |
1959.240 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
4641.874 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
6160.594 |
5656.715 |
4641.874 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
5722.593 |
5037.539 |
4075.591 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
TOTAL |
5722.593 |
5037.539 |
4075.591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
438.001 |
619.176 |
566.283 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
86.947 |
130.268 |
108.585 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
351.054 |
488.908 |
457.698 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
118.677 |
169.037 |
143.930 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
232.377 |
319.871 |
313.768 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1732.407 |
1466.534 |
1212.742 |
|
|
|
|
|
|
|
|
|
|
TRANSFERRED
ON AMALGAMATION |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
31.377 |
|
|
|
Transfer to General Reserve |
0.000 |
31.987 |
6.515 |
|
|
|
Proposed Dividend |
0.000 |
18.939 |
18.939 |
|
|
|
Tax on Dividend |
0.000 |
3.072 |
3.145 |
|
|
BALANCE CARRIED
TO THE B/S |
1964.784 |
1732.407 |
1466.534 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
307.417 |
548.217 |
749.469 |
|
|
TOTAL EARNINGS |
307.417 |
548.217 |
749.469 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
1762.413 |
|
|
|
Capital Goods |
|
|
4.692 |
|
|
TOTAL IMPORTS |
NA |
NA |
1767.105 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.67 |
NA |
41.42 |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.77
|
8.64
|
6.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.95
|
14.95
|
15.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.23
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15
|
0.03
|
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
2.58
|
2.55 |
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 |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
The registered address of the company #1301-4, Prestige Meridian I, #
29, M G Road, Bangalore, Karnataka, India has been shifted to the present
address w.e.f. 23.12.2008
COMPANY BACKGROUND
Subject was incorporated on 5th August, 1985. The Company is engaged in the business of manufacturing flavours and fragrances based on the technology developed and provided by Givaudan SA, the holding company. The Company also undertakes to distribute flavours and fragrances products imported from its overseas group entities.
OPERATING PERFORMANCE
The company has achieved a sales growth of 8.9% over the previous year. However the Profit after tax as percentage of total income, decreased by 1.9% over previous year. Increase in raw material prices could only be partly offset by increase in prices of products in the second half of the year. Depreciation of the Indian Rupee against the US Dollar, of 14.3 % during the April 2011 – March 2012 period, pushed up Raw Material costs significantly. 95% of sales being to the domestic market denominated in Rupee, this has resulted in a significant erosion of gross margins.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Working capital loans from banks |
349.978 |
67.317 |
|
Total |
349.978 |
67.317 |
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Computer
v
Intangible
Assets
·
Goodwill
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.54.71 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
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 |
|
60 |
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.