MIRA INFORM REPORT
|
Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUCHS LUBRICANTS ( |
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Registered
Office : |
Sarjan Plaza, 2nd Floor, 100, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra |
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Country : |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
21.09.1994 |
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Com. Reg. No.: |
11-129240 |
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Capital Investment
/ Paid-up Capital : |
Rs.79.328
Millions |
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|
CIN No.: [Company Identification
No.] |
U99999MH1994FTC129240 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
engaged in Blending, Manufacturing and Trading of Lubricating Oils, Greases
and Specialities. |
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|
No. of Employees
: |
70 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1550000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of Fuchs Petrolub Ag, It is an established company having satisfactory track record. There
appears a growth in the sales turnover but some dip in the profitability of the
company during December 2012. However, trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit or CAD in April-June widened to 4.9 % of gross domestic product. High
imports of gold and oil led to a worsening of the trade deficit, resulting in
CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the
corresponding quarter of the previous financial year. The government aims to
bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Anjinkya Karnik |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-66661046 |
|
Date : |
31.10.2013 |
LOCATIONS
|
Registered Office : |
Sarjan Plaza, 2nd Floor, 100, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-66255900/66661046-48 |
|
Fax No.: |
91-22-66661049 |
|
E-Mail : |
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|
Website : |
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|
|
Factory : |
Plot No. N-69, MIDC Addl, Ambernath Industrial Area, Ambernath (East),
Thane-421506, |
|
Tel. No.: |
91-251-6482910 |
|
Fax No.: |
91-251-2621995 |
|
|
|
|
Regional Office : |
Located At:
|
DIRECTORS
AS ON 03.06.2013
|
Name : |
Hilloo Phiroze Kersi |
|
Designation : |
Managing Director |
|
Address : |
Forjett House, |
|
Date of Birth/Age : |
17.09.1957 |
|
Date of Appointment : |
01.08.2012 |
|
Din No.: |
00309968 |
|
|
|
|
Name : |
Nerlinger Andreas Eric |
|
Designation : |
Director |
|
Address : |
18, Emerald Hill Road, Singapore |
|
Date of Appointment : |
09.10.2012 |
|
Din No.: |
06391027 |
KEY EXECUTIVES
|
Name : |
Mr. Anjinkya Karnik |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 03.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Fuchs Finanz Service GmbH, Mannheim |
|
40 |
|
Fuchs Petrolub Ag, Germany |
|
7932760 |
|
|
|
|
|
TOTAL
|
|
7932800 |
AS ON 03.06.2013
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Blending, Manufacturing and Trading of Lubricating Oils, Greases
and Specialities. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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PRODUCTION STATUS [AS ON 31.12.2011]
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Lubricating Oils KL |
20000 |
20000 |
2815.91 |
NOTE: Installed capacity is as certified by the management and has not been
verified by auditors, as this is a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
70 [Approximately] |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor, Apollo Mills Compound, N.M.
Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India |
|
PAN No: |
AAAFB9852F |
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|
|
Holding Company : |
Fuchs Petrolub AG |
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Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22325000 |
Equity Shares |
Rs.10/- each |
Rs.223.250 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7932800 |
Equity Shares |
Rs.10/- each
|
Rs.79.328
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
79.328 |
79.328 |
|
(b) Reserves & Surplus |
|
310.638 |
303.639 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
389.966 |
382.967 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
18.685 |
12.942 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
3.765 |
3.183 |
|
Total
Non-current Liabilities (3) |
|
22.450 |
16.125 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
335.593 |
298.848 |
|
(b)
Trade payables |
|
120.374 |
97.317 |
|
(c)
Other current liabilities |
|
49.986 |
57.705 |
|
(d)
Short-term provisions |
|
1.233 |
4.106 |
|
Total
Current Liabilities (4) |
|
507.186 |
457.976 |
|
|
|
|
|
|
TOTAL |
|
919.602 |
857.068 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
454.714 |
419.332 |
|
(ii)
Intangible Assets |
|
27.065 |
39.314 |
|
(iii)
Capital work-in-progress |
|
0.467 |
5.615 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
0.010 |
0.010 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
13.164 |
15.326 |
|
(e)
Other Non-current assets |
|
0.074 |
0.417 |
|
Total
Non-Current Assets |
|
495.494 |
480.014 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
228.755 |
192.908 |
|
(c)
Trade receivables |
|
161.816 |
139.641 |
|
(d)
Cash and cash equivalents |
|
0.595 |
0.774 |
|
(e)
Short-term loans and advances |
|
32.724 |
43.027 |
|
(f)
Other current assets |
|
0.218 |
0.704 |
|
Total
Current Assets |
|
424.108 |
377.054 |
|
|
|
|
|
|
TOTAL |
|
919.602 |
857.068 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
79.328 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
275.722 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
355.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
249.118 |
|
|
TOTAL BORROWING |
|
|
249.118 |
|
|
DEFERRED TAX LIABILITIES |
|
|
5.282 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
609.450 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
461.227 |
|
|
Capital work-in-progress |
|
|
3.591 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.010 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
174.594 |
|
|
Sundry Debtors |
|
|
116.145 |
|
|
Cash & Bank Balances |
|
|
0.744 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
66.870 |
|
Total
Current Assets |
|
|
358.353 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
199.057 |
|
|
Other Current Liabilities |
|
|
9.850 |
|
|
Provisions |
|
|
4.824 |
|
Total
Current Liabilities |
|
|
213.731 |
|
|
Net Current Assets |
|
|
144.622 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
609.450 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
1017.158 |
935.419 |
733.848 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
694.784 |
631.135 |
482.961 |
|
|
|
Overhead |
242.167 |
204.143 |
156.179 |
|
|
|
TOTAL (B) |
936.951 |
835.278 |
639.140 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
80.207 |
100.141 |
94.708 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
32.753 |
28.661 |
2.797 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
47.453 |
71.480 |
91.911 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
31.528 |
28.740 |
7.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
15.925 |
42.740 |
84.122 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
NA |
14.823 |
19.291 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
NA |
27.917 |
64.831 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8.175 |
1.606 |
2.104 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
353.904 |
|
|
|
Capital Goods |
NA |
NA |
5.017 |
|
|
TOTAL IMPORTS |
NA |
NA |
358.921 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
NA |
3.52 |
8.17 |
|
%20PRIVATE%20LIMITED%20-%20241886%20_%20MIRA%2006-Nov-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
NA
|
2.98 |
8.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.73
|
5.03 |
10.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.11 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.86
|
0.78 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84
|
0.82 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
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 |
Yes |
|
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 |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10302631 |
28/06/2011 |
50,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA |
B18967257 |
COMPANY OVERVIEW:
Subject
incorporated on 21 September 1994 is a wholly owned subsidiary of Fuchs
Petrolub AG (‘the Holding Company’), a limited liability company in Germany.
The Company is engaged in blending, manufacturing and trading of lubricating
oils, greases and specialities.
FUTURE PLANS AND PROSPECTS:
During the year,
the Company has made significant investments in terms of sales expenditure
which will bear fruit in the future. The Company has also invested and also
formed a new OEM Division which will result significant yields in volume and
revenues in future. The Capital expenditure has also been done in the plant to
put an additional Blending Kettle and Storage tanks for which considerable
investments have been done. This has been followed up in 2013 by more equipment
being installed for production and sale for Shock Absorber Fluid in India.
FIXED ASSETS:
Intangible Assets
- Computer
Software
- Business
Rights and Non Compete Hit
Tangible Assets
- Leasehold
Land
- Leasehold
Land Improvement
- Buildings
- Factory
Buildings
- Computers
- Equipments
- Furniture and
Fittings
- Vehicles
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.61.77 |
|
|
1 |
Rs.98.65 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.