|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MORGARDSHAMMAR INDIA LIMITED |
|
|
|
|
Registered
Office : |
1400 Modi Tower, 98 Nehru
Place, New Delhi – 110019 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.02.1983 |
|
|
|
|
Com. Reg. No.: |
55-015250 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51109DL1983PLC015250 |
|
|
|
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Rolling Mill Guide Equipment including Roller
Guides, Friction Guides, Escapement Repeaters and Loopers for Wire Rods and
Bar Mills. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 177000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
management of the company has failed to file its financials with the
government department for the year 2012. As per previous year’s record, there appear huge external borrowings
recorded by the company and the profitability is low. However, business is active. Payment terms are unknown in absence of
latest financial. The company can be considered for business dealings with great
caution. |
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) |
|
|
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
|
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 : |
1400 Modi Tower, 98 Nehru
Place, New Delhi – 110019, India |
|
Tel. No.: |
91-11-26286641/ 66504555/ 42504555 |
|
Fax No.: |
91-11-26451659/ 26293277 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works : |
Behind Dayawati Modi Academy, Modipuram, Meerut – 250110, Uttar
Pradesh, India |
|
Tel. No.: |
91-121-2577789/ 2577891 |
|
Fax No.: |
91-121-2576818 |
DIRECTORS
AS ON 27.09.2011
|
Name : |
Mr. Umesh Kumar Modi |
|
Designation : |
Director |
|
Address : |
36, Amrita Shergill Marg, New Delhi – 110003, India |
|
Date of Birth/Age : |
06.03.1951 |
|
Date of Appointment : |
21.02.1983 |
|
DIN No.: |
00002757 |
|
|
|
|
Name : |
Mr. Brajeshwar Dayal Garg |
|
Designation : |
Whole-time director |
|
Address : |
26 NRI Complex, Mandakni, New Delhi – 110003, India |
|
Date of Birth/Age : |
11.05.1949 |
|
Date of Appointment : |
30.06.2012 |
|
DIN No.: |
00002792 |
|
|
|
|
Name : |
Mr. Abhishek Modi |
|
Designation : |
Director |
|
Address : |
36, Amrita Shergill Marg, New Delhi – 110003, India |
|
Date of Birth/Age : |
12.12.1975 |
|
Date of Appointment : |
05.09.1997 |
|
DIN No.: |
00002798 |
|
|
|
|
Name : |
Mrs. Kumkum Modi |
|
Designation : |
Director |
|
Address : |
36, Amrita Shergill Marg, New Delhi – 110003, India |
|
Date of Birth/Age : |
19.01.1951 |
|
Date of Appointment : |
29.09.1989 |
|
DIN No.: |
00522904 |
|
|
|
|
Name : |
Mr. Jayesh Modi |
|
Designation : |
Director |
|
Address : |
36, Amrita Shergill Marg, New Delhi – 110003, India |
|
Date of Birth/Age : |
14.11.1991 |
|
Date of Appointment : |
21.06.2010 |
|
DIN No.: |
02849637 |
|
|
|
|
Name : |
Mr. Om Prakash Modi |
|
Designation : |
Director |
|
Address : |
A-57, Sector-31, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
16.07.1929 |
|
Date of Appointment : |
14.03.1991 |
|
DIN No.: |
00009490 |
|
|
|
|
Name : |
Bindu Kumar Luthra |
|
Designation : |
Director |
|
Address : |
31/21, East Patel Nagar, 2nd Floor, New Delhi – 110008,
India |
|
Date of Birth/Age : |
19.12.1949 |
|
Date of Appointment : |
27.09.2011 |
|
DIN No.: |
00004154 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Umesh Kumar Modi |
|
750880 |
|
Kumkum Modi |
|
10100 |
|
Veena Modi |
|
20 |
|
OWN Investment India Limited, India |
|
20000 |
|
Longwell Investment Private Limited, India |
|
34000 |
|
Morgardshammar AB, Sweden |
|
80000 |
|
Your Investment India Limited, India |
|
20000 |
|
Indo Euro Investment Company Private Limited, India |
|
19980 |
|
Mcorp Global Private Limited, India |
|
15020 |
|
|
|
|
|
Total |
|
950000 |
AS ON 27.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
8.42 |
|
Bodies
corporate |
|
11.47 |
|
Directors
or relatives of directors |
|
80.11 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Rolling Mill Guide Equipment including
Roller Guides, Friction Guides, Escapement Repeaters and Loopers for Wire
Rods and Bar Mills. |
||||||||||||
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|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Rolling Mill Guide System Equipments and Spare Parts for Rolling Mills
|
Nos. |
170 |
120 |
214696 |
|
Welding Electrode* |
Kgs |
N.A. |
N.A. |
2534993 |
|
Mig Wire* |
Kgs |
N.A. |
N.A. |
1392707 |
Note;
* Increase in installed capacity as certified
by the management.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Ø The Shamrao
Vithal Co-operative Bank Limited, SVC Tower, Nehru Road, Vakola, Santacruz
(East), Mumbai - 400055, Maharashtra, India Ø Indusind Bank
Limited, Nehru Place Branch, Nehru Place, New Delhi – 110019, India |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
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Facilities : |
|
||||||||||||||||||||||||||||||
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rastogi Narain and Company Chartered Accountants |
|
Address : |
303, DDA HIG Multi Storey, Block – I, Rani Jhasi Complex, Desh Bandhu Road,
Paharganj, New Delhi – 110055, India |
|
Tel. No.: |
91-11-23557512-13/ 23557517 |
|
Fax No.: |
91-11-23557512 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFR7044M |
|
|
|
|
Other parties with whom the company has entered into transaction
during the year : |
Ø Modi Line Travel
Services Private Limited Ø Bihar Sponge
Iron Limited Ø Win Medicare
Private Limited Ø MG Mobile India
Private Limited Ø HM Tubes and
Containers Private Limited Ø Technicast
Engineering Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950,000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.500 |
9.500 |
9.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34.857 |
34.629 |
34.362 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
44.357 |
44.129 |
43.862 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
76.409 |
66.269 |
75.882 |
|
|
2] Unsecured Loans |
60.857 |
41.062 |
32.274 |
|
|
TOTAL BORROWING |
137.266 |
107.331 |
108.156 |
|
|
DEFERRED TAX LIABILITIES |
1.764 |
1.529 |
1.658 |
|
|
|
|
|
|
|
|
TOTAL |
183.387 |
152.989 |
153.676 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
85.156 |
85.469 |
65.449 |
|
|
Capital work-in-progress |
8.072 |
0.070 |
10.894 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.500 |
0.500 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
139.193
|
117.685 |
105.021 |
|
|
Sundry Debtors |
51.250
|
51.027 |
47.280 |
|
|
Cash & Bank Balances |
9.083
|
6.401 |
7.233 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
15.731
|
15.123 |
18.103 |
|
Total
Current Assets |
215.257
|
190.236 |
177.637 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
96.140
|
96.689 |
82.939 |
|
|
Other Current Liabilities |
23.710
|
23.047 |
14.043 |
|
|
Provisions |
5.748
|
3.550 |
3.822 |
|
Total
Current Liabilities |
125.598
|
123.286 |
100.804 |
|
|
Net Current Assets |
89.659
|
66.950 |
76.833 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
183.387 |
152.989 |
153.676 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
366.008 |
312.260 |
257.996 |
|
|
|
Commission received |
4.000 |
4.333 |
2.193 |
|
|
|
Other Income |
5.656 |
2.293 |
2.153 |
|
|
|
TOTAL (A) |
375.664 |
318.886 |
262.342 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials, Manufacturing and Others |
255.953 |
218.972 |
160.085 |
|
|
|
Excise duty on Increase/ (Decrease) of stocks |
0.930 |
0.711 |
2.209 |
|
|
|
Personnel Expenses |
53.264 |
43.786 |
37.342 |
|
|
|
Administrative, Selling and Distribution |
41.344 |
39.255 |
31.833 |
|
|
|
Extraordinary items |
0.000 |
(8.548) |
0.000 |
|
|
|
TOTAL (B) |
351.491 |
294.176 |
231.469 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.173 |
24.710 |
30.873 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.861 |
19.929 |
17.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.312 |
4.781 |
13.543 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.744 |
4.672 |
8.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.568 |
0.109 |
5.095 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.340 |
(0.158) |
2.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.228 |
0.267 |
2.645 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
4.475 |
6.427 |
10.699 |
|
|
|
Commission received |
0.000 |
4.333 |
2.193 |
|
|
TOTAL EARNINGS |
4.475 |
10.760 |
12.892 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.24 |
0.28 |
2.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.06
|
0.08 |
1.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.16
|
0.03 |
1.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.19
|
0.04 |
2.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.09
|
2.43 |
2.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.54 |
1.76 |
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 |
No |
|
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
Other Loans |
|
|
|
From Banks |
3.033 |
3.603 |
|
From Others |
44.626 |
29.371 |
|
Inter Corporate Deposit |
13.198 |
8.088 |
|
Total |
60.857 |
41.062 |
OPERATIONS:
The company has achieved a total income including other income of Rs.
375.663 Millions during the year as against Rs. 318.885 Millions during the
previous year. The net profit has been Rs. 0.228 Million for the year against
Rs. 0.266 Million in the previous year. The launch of new product (welding
electrodes) is just three and also among retail customers. Efforts are being
made to explore and develop new market and increase velume in the existing
market.
The management has pleasure in announcing that the production capacity
of CO2 Mig and SS Mig wire has been increased by 2520 MT and 300 MT per annum
respectively. The sales during the period 2011-12 are expected to be around Rs.
650.000 Millions. The future of the company is promising.
CONTINGENT LIABILITIES:
Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. 16.500 Millions.
FIXED ASSETS:
Ø Land
Ø Buildings
Ø Plant and
Machinery
Ø Computers
Ø Furniture and
Fixtures
Ø Office Equipments
Ø Vehicles
Ø EOP 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. 54.29 |
|
|
1 |
Rs. 81.94 |
|
Euro |
1 |
Rs. 70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.