MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TUPPERWARE INDIA PRIVATE LIMITED |
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Registered
Office : |
204-206, Tolstoy House, 15 Tolstoy Marg, New Delhi-110001 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.05.1996 |
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Com. Reg. No.: |
55-078605 |
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Capital
Investment / Paid-up Capital : |
Rs.436.497
Millions |
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|
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CIN No.: [Company Identification
No.] |
U25209DL1996PTC078605 |
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PAN No.: [Permanent Account No.] |
AAACT3770D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Food Storage and Serving Containers. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 5300000 |
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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. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 |
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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 : |
204-206, Tolstoy House, 15 Tolstoy Marg, New Delhi-110001, India |
|
Tel. No.: |
91-124-4937200 |
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Fax No.: |
Not Available |
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E-Mail : |
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|
Factory : |
Plot No. 11 and 12, Central Hope Town, Twin Industrial Area, Selaqui €’’ 2 Dehradun, Uttarakhand, India |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Punit Narula |
|
Designation : |
Director |
|
Address : |
B 16, Sector 22, Gautam Budh Nagar-201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
08.05.1972 |
|
Date of Appointment : |
28.01.2010 |
|
DIN No.: |
02932970 |
|
|
|
|
Name : |
Ms. Asha Gupta |
|
Designation : |
Managing Director |
|
Address : |
D-13, Lajpat Nagar – III, New Delhi-110024, |
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Date of Birth/Age : |
28.10.1971 |
|
Qualification : |
MBA (Marketing) |
|
Date of Appointment : |
03.11.2004 |
|
DIN No.: |
00204367 |
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|
|
|
Name : |
Mr. Taylor James Ross |
|
Designation : |
Director |
|
Address : |
8043, Glitter Court, Orlando, Florida-32836 |
|
Date of Birth/Age : |
25.10.1960 |
|
Date of Appointment : |
26.02.2002 |
|
DIN No.: |
00431088 |
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|
|
|
Name : |
Mr. Christian Einar Skroeder |
|
Designation : |
Director |
|
Address : |
3 Route De Lousanne 1096 Cully, |
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Date of Birth/Age : |
21.08.1948 |
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Date of Appointment : |
30.09.2003 |
|
DIN No.: |
01458720 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Tupperware Asia Pacific Holdings Private Limited, |
43199730 |
|
Tupperware Home Parties Inc, |
450000 |
|
Total |
43649730 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
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 Plastic Food Storage and Serving Containers. |
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Products : |
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PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
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|
|
|
|
|
Food Containers, Cook Ware and Kitchen Aids |
MT |
11300.00 |
1189.82 |
* Capacities are
expressed in terms of output based on standard norms and are as certified by
the management and accepted by the auditors being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
Building 8, 7th Floor and 8th Floor, Tower B, |
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PAN.: |
AAEFP1428R |
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Ultimate Holding Company: |
·
Tupperware Brands Corporation (US) |
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Holding Company : |
·
Tupperware Asia Pacific Holdings Private Limited,
Mauritius |
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Fellow Subsidiaries : |
·
Tupperware Home Parties Corporation (US) ·
Tupperware International Holdings BV
(Netherlands) ·
Tupperware International Holdings Corp. (US) ·
Dart Industries Inc (US) ·
Dart Manufacturing India Private Limited (India) ·
Tupperware China Company Limited (China) ·
Tupperware Products S.A. (Switzerland) ·
Japan Tupperware Company Limited (Japan) ·
Tupperware Australia Pty Limited (Malaysia) ·
Premiere Korea Limited (Korea) ·
Tupperware France SA (France) ·
Tupperware Southern Africa (Pty) Limited (South
Africa) ·
Tupperware Belgium NV (Belgium) ·
Tupperware Cmc (Italy) ·
Tupperware Brazil ·
Tupperware Deutschland GmbH (Germany) ·
Tupperware Products Inc, US (Switzerland Branch) ·
Tupperware Italia S.P.A (Italy) ·
Tupperware Brands Malaysia Sdn Bhd (Malaysia) ·
PT Tupperware Indonesia (Indonesia) ·
Tupperware Brands Philippines ·
Tupperware Deutschland GmbH (Austria) |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43649730 |
Equity Shares |
Rs.10/- each |
Rs.436.497
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 |
436.497 |
436.497 |
450.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
900.624 |
669.550 |
441.179 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1337.121 |
1106.047 |
891.179 |
|
|
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 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1337.121 |
1106.047 |
891.179 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
393.912 |
388.586 |
262.065 |
|
|
Capital work-in-progress |
68.601 |
20.438 |
46.703 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
28.501 |
17.901 |
21.084 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
503.249
|
209.217 |
139.636
|
|
|
Sundry Debtors |
167.668
|
116.590 |
66.547
|
|
|
Cash & Bank Balances |
476.183
|
523.958 |
468.269
|
|
|
Other Current Assets |
26.883
|
11.868 |
0.000
|
|
|
Loans & Advances |
304.293
|
227.185 |
154.746
|
|
Total
Current Assets |
1478.276
|
1088.818 |
829.198 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
497.111
|
320.805 |
220.262
|
|
|
Other Current Liabilities |
84.595
|
52.581 |
22.720
|
|
|
Provisions |
50.463
|
36.310 |
24.889
|
|
Total
Current Liabilities |
632.169
|
409.696 |
267.871 |
|
|
Net Current Assets |
846.107
|
679.122 |
561.327 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1337.121 |
1106.047 |
891.179 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
NA |
2205.951 |
1379.211 |
|
|
|
Other Income |
|
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
1604.713 |
1025.621 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
[Including Depreciation] |
[Including Depreciation] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1055.474 |
613.846 |
367.852 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
174.401 |
176.183 |
123.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
881.073 |
437.663 |
244.524 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
656.048 |
441.178 |
196.654 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
559.272 |
0.000 |
441.178 |
|
|
|
Dividend Distribution Tax |
90.728 |
0.000 |
|
|
|
|
Transferred to Capital Redemption Reserve |
0.000 |
13.503 |
|
|
|
|
Utilised for Buyback of shares |
0.000 |
209.292 |
|
|
|
|
Transferred to General Reserve |
88.107 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
799.014 |
656.048 |
441.178 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
72.902 |
NA |
22.234 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
5.347 |
|
|
|
Stores & Spares |
NA |
NA |
1.404 |
|
|
|
Capital Goods |
NA |
NA |
72.582 |
|
|
|
Finished goods |
NA |
NA |
39.948 |
|
|
TOTAL IMPORTS |
NA |
NA |
119.281 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.19 |
9.81 |
5.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
27.83
|
26.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
47.06
|
41.37
|
33.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.79
|
0.55
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.34
|
2.63
|
3.10 |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Business Operations
The Company has been in a growth phase since 2008 and the trend continued into 2011-12 as the Company recorded a 60% growth in sales during the financial year ended March 31, 2012. The outlook for the coming year is highly optimistic and the company expects to touch a retail sales turnover of around Rs. 1,000 crores by December 2013. Growth in Sales Force · Over the last few years, the Company has focused extensively on leadership development among the sales force with emphasis being on development of Managers, Group Managers and Executive Managers. · Strategic initiatives such as the Group Manager program which were launched in January 2010 added a new compensation level in the existing value chain and have contributed significantly to the manager count growth which has leaped from 3057 in March 2011 to 4444 in March 2012. · 2011 also saw the appointment of 10 new Distributors, which included 8 Executive Managers being promoted as
Distributors and 82 new Executive Managers. Training and Development · Leadership development was complemented by intensive training as monthly workshops aimed at training, recognition and development of Executive Managers were organized. · Manager Universities focusing on the evaluation and training of managers and highlighting areas of improvement were held across regions. These were aimed at keeping consultants active by training them on the basic skills of conducting parties, demonstrating products, selling and recruiting and was part of a bigger strategy called ‘Cycle of Success’. · Chain of Confidence (COC) has been a key factor in the company’s success since its launch in 2009. It has allowed the sales force to transcend from merely selling kits and earning a 25% markup to building life changing dreams. · In 2011-12, COC events aimed at empowering and educating women and tapping their dreams, were held across region on a quarterly basis. These events were more structured and interactive resulting in a growth in recruiting and superior retention. The COC movement helped the sales force count cross the 192242 mark. Market Presence · 2011-12 also witnessed an integrated approach towards brand and access campaigns which helped create more awareness for Tupperware products. · The Company followed 360 degree approach and ran Integrated campaigns which included a mix of TV, Print and radio advertisements and kiosks across various malls, Restaurants etc. The Company continued with Movie endorsements and the Times NIE school program – “Go Green” also continued from the previous year. · All these activities helped generate interest and awareness among the consumers and supplemented the actions on the ground. · The Company launched its new range of premium products “Ultimo” during the year. Ultimo consists of high end Stainless Steel Cookware and Food Choppers. Manufacturing Operations · The Company has purchased in its plant facility at Dehradun a Blow Moulding machine which is primarily used in the production of water bottle. This will help the Company to meet the increasing demand of water bottle in the coming summer season. · Also added to the plant operations are 4 injection moulding machines to meet the growing sales demand. · Also for the year, the Company has filed an application for the Green category license and the same has been successfully accepted.
FIXED ASSETS:
·
·
Building
·
Furniture and Fittings
·
Office Equipments
·
Computers
·
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.54.40 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
|
TOTAL |
|
65 |
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.