MIRA INFORM REPORT
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Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BERU DIESEL START SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
Plot No. A 13/2, Navlakh Umbre, Talegaon MIDC, Taluka Maval,
Pune-410507, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
15.07.1996 |
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Com. Reg. No.: |
11-101055 |
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Capital
Investment / Paid-up Capital : |
Rs.21.000
Millions |
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CIN No.: [Company Identification
No.] |
U29191PN1996PTC101055 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Glow Plug. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 812000 |
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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 a well established company having good track record. The
financial position of the company appears to be sound and healthy. Directors
are reported to be well experienced and knowledgeable businessmen. Trade relations are reported to be trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. Note: The financial
for the year December 2012 are not filed by the company till date. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 DECLINED BY
|
Name : |
Mr. Sumeet Kalantri |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-2114-306789/799 |
|
Date : |
23.04.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A 13/2, Navlakh Umbre, Talegaon MIDC, Taluka Maval,
Pune-410507, Maharashtra, India |
|
Tel. No.: |
91-2114-306789 / 799 |
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Fax No.: |
91-2114-306789 / 799 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 13.09.2012
|
Name : |
Charles Henry Polzin |
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Designation : |
Director |
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Address : |
21610, E, Valley Woo Ds, Beverly Hills, Michigan-48025, USA |
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Date of Birth/Age : |
09.06.1954 |
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Date of Appointment : |
09.07.2012 |
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Din No.: |
00254746 |
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Name : |
Brady Daniel Ericson |
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Designation : |
Director |
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Address : |
334, Boundary Tree, Pass Arden, North C, Arolina, Arden,
Carolina-28704, USA |
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Date of Birth/Age : |
10.01.1972 |
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Date of Appointment : |
02.09.2011 |
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Din No.: |
03048330 |
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|
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|
Name : |
Hrushit Jayant Dave |
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Designation : |
Director |
|
Address : |
Sindoor Plot No. 15, Sr. No. 81, Giriraj Society, Aundh, Pune-411007,
Maharashtra, India |
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Date of Birth/Age : |
28.03.1988 |
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Date of Appointment : |
09.07.2012 |
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Din No.: |
03105738 |
KEY EXECUTIVES
|
Name : |
Mr. Sumeet Kalantri |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Jayant Avinash Dave Joint With Pragna Jayant Dave |
|
931000 |
|
Pragna Jayant Dave |
|
140000 |
|
Beru AG, Germany |
|
1029000 |
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|
|
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TOTAL
|
|
2100000 |
AS ON 13.09.2012
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
|
Directors
or relatives of directors |
|
51.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Glow Plug. |
PRODUCTION STATUS [AS ON 31.12.2011]
|
Particulars |
Unit |
Actual
Production |
|
Glow Plug |
Nos. |
1339500 |
|
Flame Start
System |
|
|
|
Flame Glow Plug |
Nos. |
2108 |
|
Relay 24V |
Nos. |
6674 |
|
Solenoid Valve |
Nos. |
1898 |
|
Connecting Pipe |
Nos. |
150 |
|
Connecting Cable / Harness |
Nos. |
1319 |
|
Flame Glow Plug Controller |
Nos. |
1130 |
|
Temperature Sensor |
Nos. |
1966 |
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Grid Heater |
Nos. |
14097 |
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Glow Plug Timer |
Nos. |
14945 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V.S. Potdar and Company Chartered Accountants |
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Address : |
C-9, Beverly Estate, 852/2 and 6 Bhandarkar Institute Road,
Pune-411004, Maharashtra, India |
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Tel. No.: |
91-20-25678400/03 |
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Fax No.: |
91-20-25678405 |
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E-Mail : |
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PAN No: |
ABQPP0877P |
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Associates: |
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CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2100000 |
Equity Shares |
Rs.10/- each
|
Rs.21.000
Millions |
|
|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21.000 |
21.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
182.047 |
142.230 |
48.983 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
203.047 |
163.230 |
63.983 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
53.974 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
53.974 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
3.668 |
1.244 |
1.283 |
|
|
|
|
|
|
|
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TOTAL |
260.689 |
164.474 |
65.266 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
201.907 |
13.212 |
15.751 |
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|
Capital work-in-progress |
0.000 |
64.474 |
13.591 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
11.884 |
11.211 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
41.311
|
16.607 |
13.716 |
|
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Sundry Debtors |
75.101
|
51.349 |
49.516 |
|
|
Cash & Bank Balances |
34.341
|
56.908 |
9.526 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
26.369
|
25.644 |
11.643 |
|
Total
Current Assets |
177.122
|
150.508 |
84.401 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
87.869
|
51.534 |
46.532 |
|
|
Other Current Liabilities |
3.358
|
1.940 |
0.015 |
|
|
Provisions |
27.113
|
22.130 |
13.141 |
|
Total
Current Liabilities |
118.340
|
75.604 |
59.688 |
|
|
Net Current Assets |
58.782
|
74.904 |
24.713 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
260.689 |
164.474 |
65.266 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
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SALES |
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|
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Income |
|
|
|
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|
Other Income |
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|
|
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TOTAL |
291.218 |
219.028 |
143.777 |
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|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
214.025 |
157.069 |
123.192 |
|
|
|
|
|
|
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
77.193 |
61.959 |
20.585 |
|
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
18.099 |
2.395 |
2.660 |
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|
PROFIT / (LOSS)
BEFORE TAX |
59.094 |
59.564 |
17.925 |
|
|
|
|
|
|
|
|
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Less |
TAX |
19.131 |
20.317 |
8.935 |
|
|
|
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|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
39.963 |
39.247 |
8.990 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
0.147 |
0.000 |
0.003 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
68.671 |
29.424 |
20.437 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
108.487 |
68.671 |
29.424 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
19.03 |
18.69 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
13.72
|
17.92 |
6.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.59
|
36.38 |
17.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.36 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.99 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
(Rs. In Millions)
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
Sundry Creditors |
87.869
|
51.534 |
46.532 |
|
|
|
|
|
|
Total |
87.869
|
51.534 |
46.532 |
|
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 |
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 office of the company has been shifted from 46/2/1B, Kaka Halwai Industrial Estate, Pune Satara Road, Pune-411009, Maharashtra, India to the present address w.e.f. 01.01.2012.
UNSECURED LOAN
[Rs.
in Millions]
|
Particular |
As
on 31.12.2011 |
As
on 31.12.2010 |
|
Other Loan From
Shareholders |
|
|
|
External Commercial Borrowings [Repayable within one year Rs. Nil and Previous Year Rs. Nil.] |
53.974 |
0.000 |
|
TOTAL
|
53.974 |
0.000 |
FIXED ASSETS:
- Leasehold
Land
- Factory
Building
- Office
Building
- Plant and
Machinery
- Generator Set
- Vehicles
- Office
Equipments
- Computer
Hardware
- Furniture and
Fixtures
- Elevator
- Temporary
Shed
AS PER WEBSITE DETAILS
Press Release
BORGWARNER BERU
SYSTEMS PRODUCES THREE MILLIONTH PRESSURE SENSOR GLOW PLUG (PSG) FOR DIESEL
ENGINES
BorgWarner’s Award-winning Pressure Sensor Glow Plugs Help Optimize Combustion, Improve Cold Starts and Reduce Emissions.
Auburn Hills, January 22, 2013 – BorgWarner BERU Systems has delivered more than three million pressure sensor glow plugs (PSGs) to diesel automakers around the world. By optimizing the combustion process, BorgWarner’s PSGs help improve engine performance, and reduce emissions where they start – in the combustion chamber. The first and only manufacturer to produce a PSG in series production, BorgWarner supplies numerous automakers including Audi, Isuzu, Opel and VW. PSG technology debuted in 2008 on the VW Jetta in the US and has been launched on several other diesel engine platforms since then. BorgWarner expects demand to increase substantially over the coming years and plans to produce its ten millionth pressure sensor glow plug by 2016.
“BorgWarner’s award-winning pressure sensor glow plug technology demonstrates how optimizing the combustion process can not only improve performance but reduce emissions,” said Brady Ericson, President and General Manager, BorgWarner BERU Systems. “With stringent new emissions standards on the horizon, we expect demand to grow significantly among global original equipment automakers.”
BorgWarner’s PSG combines a highly efficient glow plug to improve diesel engine cold starts with an integrated pressure sensor to improve engine efficiency. The sensor measures the rapidly changing in-cylinder pressure in the combustion chamber and continuously reports it to the engine control unit. By establishing closed-loop control of engine pressure, the PSG allows the engine controller to constantly regulate fuel injection quantity and timing in order to optimize the combustion process. Built with a robust steel heating rod and a piezo-resistive sensor, BorgWarner’s PSG helps enhance engine efficiency for maximum performance, reliable starts in cold temperatures, improved fuel economy, lower NOx emissions and optimum torque control.
BorgWarner's PSG technology has received several awards, including a 2009 Automotive News PACE Award, the 2008 Eureka Lillehammer Award and the 2006 Automechanika Innovation Award.
BORGWARNER BERU
SYSTEMS DEVELOPS NEW DUAL-COIL IGNITION SYSTEM
BorgWarner’s New Dual-Coil Technology Improves Combustion Stability for a Leaner Burn and Increased Exhaust Gas Recirculation
Ludwigsburg, November 20, 2012 – BorgWarner BERU Systems is developing a new dual-coil ignition system which significantly improves the combustion process and helps reduce emissions. Similar to a plug top ignition coil, BorgWarner’s latest technology consists of two ignition coils inside a single housing, connected directly to the spark plug in each cylinder. Currently under testing and development with several OEMs around the world, the new ignition system significantly reduces ignition delays, allows more accurate ignition timing at different engine speeds and loads, and offers the flexibility of single- or multi-spark modes.
“BorgWarner’s new dual-coil ignition system is a game-changing technology in the development of the ideal combustion process,” said Brady Ericson, President and General Manager, BorgWarner BERU Systems. “This new technology allows the ignition system to adapt to the continuously changing conditions inside the combustion chamber, helping to achieve a leaner burn and enabling increased exhaust gas recirculation (EGR) for improved performance and lower emissions.”
Compared with conventional ignition coils, BorgWarner’s new dual coil ignition technology provides a significantly shorter ignition delay and better combustion stability over the whole engine speed range, particularly during part-load and idle conditions. Integrated electronics manage the charging and discharging of the coils as well as setting variable ignition energy. For example, the system can deliver a single extended spark or multiple sparks in succession. In addition, the new dual-coil ignition technology provides broad flexibility for transient ignition settings in cases where load or speed changes rapidly, even with high amounts of internal EGR. To meet market requirements, BorgWarner intends to offer the new ignition technology in 12-volt or 40- to 50-volt versions.
BORGWARNER REACHES
AGREEMENT WITH FEDERAL-MOGUL ON AFTERMARKET DISTRIBUTION
BorgWarner BERU Systems announces an agreement which makes Federal-Mogul Corporation the exclusive global distributor of its BERU aftermarket products. The agreement will be effective on January 1, 2013. Completion of the transaction is subject to regulatory approvals.
Ludwigsburg, November 5, 2012 – Over the next few months, the companies will work to integrate the existing BERU Systems aftermarket distribution networks within Federal-Mogul. The end result is expected to provide a broader product offering to the aftermarket and a more global distribution network. Products covered in the agreement include gasoline ignition components, sensors, glow plugs and diesel cold start systems. These products will continue to be manufactured by BorgWarner BERU Systems to the same original equipment quality levels and sold under the well known BERU brand. This agreement does not impact BorgWarner BERU Systems continued direct support of customers in the original equipment assembly and service markets.
GERMAN CO BERU SETS
UP AUTO PARTS PLANT AT TALEGAON
Pune, July 26,
2011
Beru Diesel Start Systems Private Limited has invested Rs.300.000 Millions in a new greenfield facility at Talegaon to manufacture cold starting systems such as glow plugs, grid heaters, glow plug controllers, electronic parts and allied system components for the auto industry.
The 51:49 joint venture between the Pune-based Jayant Group and BorgWarner Beru of Germany will also use the facility to bring the Beru product range in ignition technologies, automotive electronics and sensor technologies as well as ignition products for the heat industry.
Beru has had a manufacturing footprint in India since 1996 with a plant for glow plugs in Pune which has been merged with the new plant.
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.54.22 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.