MIRA
INFORM REPORT
|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
KRISHNA MARUTI LIMITED |
|
|
|
|
Registered
Office : |
40 K. M. NH-8, Delhi-Jaipur Highway, Village Nursingpur, Gurgaon – 122001, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.06.1991 |
|
|
|
|
Com. Reg. No.: |
05-032012 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 42.410 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300HR1991PLC032012 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Exporting of car seats, covers and assemblies for
motor Vehicles and their engines |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Latest financials are not available. However, as per previous year financials,
it seems that the company is performing well. Trade relations are reported as
fair. Business is active. Payments terms are unknown in absence of latest
financials. The company considered normal for business dealings at ususal 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating: A |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
November, 2012 |
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 : |
40 K. M. NH-8, Delhi-Jaipur Highway, Village Nursingpur,
Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-124-4725017 |
|
Fax No.: |
91-124-4725001 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 18.08.2012
|
Name : |
Mr. Ashok Kapur |
|
Designation : |
Managing Director |
|
Address : |
B-5, Chirag Enclave, New Delhi – 110048, India |
|
Date of Birth/Age : |
24.06.1946 |
|
Qualification : |
B.ARCH |
|
Date of Appointment : |
25.06.1991 |
|
DIN No.: |
00003577 |
|
|
|
|
Name : |
Mr. Sunandan Kapur |
|
Designation : |
Managing Director |
|
Address : |
B-5, Chirag Enclave, New Delhi – 110048, India |
|
Date of Birth/Age : |
21.08.1974 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.04.2000 |
|
DIN No.: |
00003638 |
|
|
|
|
Name : |
Mr. Sanjay Mohan Labroo |
|
Designation : |
Director |
|
Address : |
Accacia Lane, Green Avenue, Krishangarh, Behind D-L, Vasant Kunj, New
Delhi – 110070, India |
|
Date of Birth/Age : |
05.10.1961 |
|
Qualification : |
MBA |
|
Date of Appointment : |
27.09.1996 |
|
DIN No.: |
00009629 |
|
|
|
|
Name : |
Mr. Parvesh Soni |
|
Designation : |
Director |
|
Date of Appointment : |
18.05.2012 |
|
DIN No.: |
00009994 |
|
|
|
|
Name : |
Mr. Chandra Kant Dave |
|
Designation : |
Director |
|
Address : |
F-15, Richmond Park, DLF Phase – IV, Gurgaon, India |
|
Date of Birth/Age : |
19.07.1950 |
|
Qualification : |
B.TECH |
|
Date of Appointment : |
22.02.2005 |
|
DIN No.: |
00148586 |
|
|
|
|
Name : |
Keiichi Asai |
|
Designation : |
Director |
|
Address : |
Room No. 533, Ashok Hotel, Diplomatic Enclave, Chanakyaouri, New Delhi
– 110021, India |
|
Date of Birth/Age : |
14.05.2008 |
|
Qualification : |
Degree in electronics |
|
Date of Appointment : |
14.05.2008 |
|
DIN No.: |
02034826 |
KEY EXECUTIVES
|
Name : |
Mr. Parshuram Baranwal |
|
Designation : |
Secretary |
|
Address : |
641, Sector – 10, Gurgaon, India |
|
Date of Birth/Age : |
16.11.2005 |
|
Date of Appointment : |
16.11.2005 |
|
PAN No.: |
AHSPB9676Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 18.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kapur |
|
1371849 |
|
Arti Kapur |
|
14000 |
|
Ashok Kapur (HUF) |
|
115150 |
|
Sharsh Finance and Investment Company Private Limited, India |
|
830000 |
|
Suzuki Motor Corporation, India |
|
1240000 |
|
Maruti Suzuki India Limited, India |
|
670000 |
|
Sunandan Kapur |
|
1 |
|
Total |
|
4241000 |
Equity Share Break up (Percentage of Total Equity)
As on: 18.08.2012
|
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 |
29.24 |
|
Bodies corporate |
35.36 |
|
Directors or relatives of Directors |
35.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of car seats, covers and assemblies for
motor Vehicles and their engines |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
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|
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Bankers : |
The Hongkong And Shanghai Banking Corporation Limited, Birla Towers, 25,Barakhamba Road,, New Delhi - 110001, India |
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||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Uberoi Sood and Kapoor Chartered Accountant |
|
Address : |
606,Vishal Bhawan, India |
|
PAN.: |
AAAFU1674L |
|
|
|
|
Memberships : |
|
|
|
|
|
Joint venture: |
· Maruti Suzuki India Limited · Suzuki Motor Corporation ·
Krishna Grupo Antolin Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs. 55.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4241000 |
Equity Shares |
Rs.10/- each |
Rs. 42.410
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 |
42.410 |
42.410 |
42.410 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
833.479 |
654.315 |
498.352 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
875.889 |
696.725 |
540.762 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
858.317 |
999.897 |
1123.556 |
|
|
2] Unsecured Loans |
0.000 |
30.000 |
430.999 |
|
|
TOTAL BORROWING |
858.317 |
1029.897 |
1554.555 |
|
|
DEFERRED TAX LIABILITIES |
51.447 |
54.465 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1785.653 |
1781.087 |
2095.317 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1190.729 |
1430.416 |
1298.896 |
|
|
Capital work-in-progress |
185.888 |
110.422 |
156.966 |
|
|
|
|
|
|
|
|
INVESTMENT |
34.199 |
96.732 |
45.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
54.419 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
262.030
|
240.233 |
275.632 |
|
|
Sundry Debtors |
731.221
|
616.952 |
492.154 |
|
|
Cash & Bank Balances |
38.579
|
34.985 |
179.971 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
644.038
|
811.384 |
1183.443 |
|
Total
Current Assets |
1675.868
|
1703.554 |
2131.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1056.180
|
1313.773 |
979.319 |
|
|
Other Current Liabilities |
157.933
|
131.812 |
200.086 |
|
|
Provisions |
86.918
|
114.452 |
411.959 |
|
Total
Current Liabilities |
1301.031
|
1560.037 |
1591.364 |
|
|
Net Current Assets |
374.837
|
143.517 |
539.836 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1785.653 |
1781.087 |
2095.317 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9673.688 |
8692.636 |
7250.040 |
|
|
|
Other Income |
112.289 |
345.284 |
51.519 |
|
|
|
TOTAL (A) |
9785.977 |
9037.920 |
7301.559 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing service costs |
8564.655 |
|
|
|
|
|
Employee related expenses |
387.425 |
287.143 |
|
|
|
|
Research development expenditure |
9.667 |
16.053 |
7216.682 |
|
|
|
Administrative selling other expenses |
265.589 |
195.544 |
|
|
|
|
Prior Period Items |
0.000 |
(1.211) |
|
|
|
|
TOTAL (B) |
9227.336 |
8223.153 |
7216.682 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
558.641 |
814.767 |
84.877 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.044 |
146.085 |
80.349 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
479.597 |
668.682 |
4.528 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
279.251 |
349.554 |
241.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
200.346 |
319.128 |
(236.808) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.182 |
163.165 |
80.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
179.164 |
155.963 |
(156.031) |
|
|
|
|
|
|
|
|
|
|
Income tax relating to earlier year |
0.000 |
0.000 |
3.792 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
573.416 |
417.453 |
577.276 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
752.580 |
573.416 |
417.453 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
42.25 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.83
|
1.73 |
(2.14) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.07
|
3.67 |
(3.27) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.99
|
10.18 |
(6.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.46 |
(0.44) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.98
|
1.48 |
2.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.09 |
1.34 |
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 |
Yes |
OPERATIONS
The Company achieved an impressive growth of 13% and clocked highest ever gross turnover of Rs.10811.495 Millions as against Rs.9558.024 Millions in previous year. Earnings before interest, depreciation, and tax (EBIDTA) stood at Rs.558.642 Millions against Rs.811.139 Millions in the previous year. The Profit Before Tax (PBT) during the current year is Rs.200.346 Millions as against a profit of Rs.317.917 Millions in the previous year. The primary reason of variance in profitability is attributable to the Mark to Market income on Forward Contract. There was a gain of Rs. 264.762 Millions in the previous year as compared to marginal gain of Rs.13.956 Millions in the current year.
PERFORMANCE OF THE
COMPANY
India’s automobile sector is once again on the roll as the sales figures from the car companies indicate strong domestic demand despite spiraling fuel costs and head line inflation. The stock movements of the leading automobile companies too reflect that the uptrend has returned for the investors.
The Indian Automotive Industry after de-licensing in July 1991 has grown at a spectacular rate on an average of 17% for last few years. The industry has attained a turnover of USD 35.8 billion, (Rs.1650000.000 Millions) and an investment of USD 10.9 billion. The Government has taken a number of initiatives to boost the auto industry and to improve exports. This includes setting up of the state-of-the-art automotive testing, homologation and research infrastructure through National Automotive Testing and R & D Infrastructure Project (NATRIP) at seven sites across India.
The industry has provided direct and indirect employment to 13.1 million people. Automobile industry is currently contributing about 5% of the total GDP of India. India’s current GDP is about USD 650 billion and is expected to grow to USD 1,390 billion by 2016.
The Company took every possible step to survive and for handsome growth in the sector and came out with reasonable profit with the help of its effective planning and strategies.
During the year, the Company sold 750,400 no. of Car Seat sets as compared to 607,589 sets last year. The Company also supplied seat sets to Bus/Railways/ICML/Cinema and sold 8466 seat sets as compared to 12500 seats Sets last year. The Door Trims sold during the year were 34, 26,574 nos. as against 50, 43,377 in last year. The sales turnover reached the figure of Rs.10811.495 Millions as against Rs.9558.024 Millions last year.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Disputed Central Excise demands: |
22.976 |
35.692 |
|
Disputed Service Tax demands |
0.228 |
1.446 |
|
Disputed Customs Duty Dem |
8.153 |
11.583 |
|
Guarantee executed in favour of Deputy Commissioner Custom |
2.300 |
0.046 |
|
Guarantee executed in favour of Director Town & Country Planning, Haryana |
0.529 |
NIL |
|
Surety Bond executed in favour of Dy. Commissioner of Customs, JCH Nhava Sheva for |
0.190 |
0.190 |
|
Against EPCG liability of |
13.642 |
12.390 |
|
Import LC outstanding for raw material |
5.418 |
0.093 |
|
Local LC outstanding for raw material |
3.606 |
NIL |
|
Import LC outstanding for capital items |
106.370 |
NIL |
|
Local LC outstanding for capital items |
12.325 |
NIL |
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Working capital loans banks |
0.000 |
30.000 |
|
Total |
0.000 |
30.000 |
|
|
|
|
FIXED ASSETS
· Factory building
· Motor vehicles
· Land
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. 53.95 |
|
|
1 |
Rs. 83.81 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.