MIRA INFORM REPORT
|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
VRV ASIA PACIFIC PRIVATE LIMITED (w.e.f. 26.05.2011) |
|
|
|
|
Formerly Known
As : |
VRV INDIA CRYOGENIC EQUIPMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
301, Akshaya Apartments, 8-3-841, Yellareddyguda, Hyderabad – 500073,
Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation
: |
02.08.2007 |
|
|
|
|
Com. Reg. No.: |
01-054966 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 326.188 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29200AP2007PTC054966 |
|
|
|
|
IEC No.: |
0909001031 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV06875B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV7045F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of cryogenic equipment for storage of liquefied gases. |
|
|
|
|
No. of Employees
: |
345 (Approximately) (In Office 70) (In Factory 275) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The networth of the company has been eroded due to continuous
accumulated loss incurred from its operation. There are huge external
borrowings recorded by the company. However, the company has recorded a decent proifit during 2012. Business is active. Payment are reported to be slow. The company can be considered for business dealings on a safe and
secured trade terms and condtions. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in investment
as well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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. Rajnikant Pandey |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-8623-304852 |
LOCATIONS
|
Registered Office : |
301, Akshaya Apartments, 8-3-841, Yellareddyguda, Hyderabad – 500073,
Andhra Pradesh, India |
|
Tel. No. : |
91-8623-304650 |
|
Fax No. : |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Sri City DTA, (near Tada) Siddam Agraharam Village,
Varadaiahpalem Taluk, Chittoor – 517541, Andhra Pradesh, India |
|
Tel. No. : |
91-8623-304700 / 304852 |
|
Fax No. : |
91-8623-304701 |
|
E-Mail : |
|
|
Area : |
28 Acres |
|
Location : |
Leased |
DIRECTORS
As on 30.06.2012
|
Name : |
Federico Spada |
|
Designation : |
Director |
|
Address : |
Via Mangnolle 9, Pinnetina, Appiano, Gentile, Como, 22070, Italy |
|
Date of Birth/Age : |
25.06.1964 |
|
Date of Appointment : |
02.08.2007 |
|
DIN No. : |
01549957 |
|
|
|
|
Name : |
Hussin Bin Mohd |
|
Designation : |
Director |
|
Address : |
2nd Floor, Door AH234, KBR Villa Apartments, 8th Main Road, Second Street, Anna Nagar Chennai – 600040, Tamilnadu, India |
|
Date of Birth/Age : |
24.09.1958 |
|
Qualification : |
BSc. Chemical Engineering University of Oklahoma, USA, |
|
Experience : |
24 Years |
|
Date of Appointment : |
30.06.2011 |
|
DIN No. : |
03325078 |
|
|
|
|
Name : |
Alessandro Spada |
|
Designation : |
Director |
|
Address : |
Largo Esterie 1, Monza, Milan, 20052, Italy |
|
Date of Birth/Age : |
31.08.1965 |
|
Date of Appointment : |
02.08.2007 |
|
DIN No. : |
01549922 |
|
|
|
|
Name : |
Fabio Luigi Villa |
|
Designation : |
Director |
|
Address : |
Via Burago 14 a, Virnercate, Italy 20059 |
|
Date of Birth/Age : |
15.05.1970 |
|
Date of Appointment : |
02.08.2007 |
|
DIN No. : |
01549867 |
KEY EXECUTIVES
|
Name : |
Mr. Rajnikant Pandey |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
VRV SPA, Italy |
|
32491000 |
|
VRV Services SRL, Italy |
|
127800 |
|
|
|
|
|
‘Total |
|
32618800 |
As on 30.06.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of cryogenic equipment for storage of liquefied gases. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Saudi Arabia · Indonesia · Pakistan |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit (30 days/ 60 days/ 90 days) |
|
|
|
|
Purchasing : |
L/C and Credit (30 days/ 60 days/ 90 days) |
GENERAL INFORMATION
|
Customers : |
End Users and Retailers |
|
|
|
|
No. of Employees : |
345 (Approximately) (In Office 70) (In Factory 275) |
|
|
|
|
Bankers : |
· HDFC Bank Limited · HDFC Bank Limited, Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Punjab National Bank, Andhra Pradesh, India |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
#8-2-293/82, A/1131A, Road No.36, Jubilee Hills, Hyderabad, Andhra Pradesh, India |
|
PAN No. : |
AAEFP5579P |
|
|
|
|
Name : |
Parmeshwara and Company Chartered Accountants |
|
Address : |
Andhra Pradesh, India |
|
|
|
|
Name : |
Hari and Parameswaran Chartered Accountants |
|
Address : |
Flat EG, Jains Eiffel Garden, New No. 169A9, Old No. 89 and 90, Arcot Road, Vadapalani, Chennai – 600026, Tamilnadu, India |
|
Tel. No.: |
91-44-23721902 |
|
E-mail: |
|
|
|
|
|
Holding
Company : |
VRV S.p.A, Italy |
|
|
|
|
Fellow Subsidiary Company : |
· FEMA SRL, Italy · Cryo Diffusion S.A.S, Italy · VRV Services S.R.L., Italy |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32618800 |
Equity Shares |
Rs.10/- each |
Rs.326.188 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
326.188 |
326.188 |
234.568 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(332.658) |
(340.200) |
(166.125) |
|
|
NETWORTH |
(6.470) |
(14.012) |
68.443 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1024.091 |
953.480 |
172.154 |
|
|
2] Unsecured Loans |
459.017 |
421.344 |
691.866 |
|
|
TOTAL BORROWING |
1483.108 |
1374.824 |
864.020 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1476.638 |
1360.812 |
932.463 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
982.009 |
965.711 |
580.138 |
|
|
Capital work-in-progress |
49.392 |
28.207 |
174.286 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.762 |
2.964 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
546.352
|
421.694
|
237.258 |
|
|
Sundry Debtors |
193.726
|
217.097
|
42.074 |
|
|
Cash & Bank Balances |
29.754
|
7.410
|
15.820 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
87.598
|
83.890
|
58.491 |
|
Total
Current Assets |
857.430
|
730.091
|
353.643 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
127.348 |
|
|
Other Current Liabilities |
|
|
47.183 |
|
|
Provisions |
2.049
|
1.536
|
1.073 |
|
Total
Current Liabilities |
431.955
|
366.161
|
175.604 |
|
|
Net Current Assets |
425.475
|
363.930
|
178.039 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1476.638 |
1360.812 |
932.463 |
|
%2008-Oct-2013_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
733.307 |
497.929 |
139.764 |
|
|
|
Other Income |
0.108 |
0.018 |
3.053 |
|
|
|
TOTAL (A) |
733.415 |
497.947 |
142.817 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods |
334.484 |
413.286 |
|
|
|
|
Employee Cost |
87.892 |
79.652 |
|
|
|
|
Other Expenses |
125.416 |
87.944 |
|
|
|
|
TOTAL (B) |
547.792 |
580.882 |
290.746
(Including Financial and depreciation
expenses) |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
185.623 |
(82.935) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
68.593 |
65.538 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
117.030 |
(148.473) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.288 |
25.602 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
75.742 |
(174.075) |
(147.929) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
75.742 |
(174.075) |
(147.929) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
351.684 |
196.958 |
NA |
|
|
TOTAL EARNINGS |
351.684 |
196.958 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
88.122 |
82.403 |
|
|
|
|
Spares |
37.766 |
19.329 |
|
|
|
TOTAL IMPORTS |
125.888 |
101.732 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.32 |
NA |
NA |
|
%2008-Oct-2013_files/image002.gif){kind=small}
%2008-Oct-2013_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.33 |
(34.96) |
(103.58) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.33 |
(34.96) |
(105.84) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.12 |
(10.27) |
(15.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(11.71) |
12.42 |
(2.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(229.23) |
(98.12) |
12.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98 |
1.99 |
2.01 |
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 |
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] |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10209865 |
09/03/2010 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
A82186354 |
FIXED ASSETS
· Land
· Building
· Plant Machinery
· Office Equipments
· Furniture Fixtures
·
Motor 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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
15 |
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.