|
Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA TECHNOLOGIES LIMITED (w.e.f.08.02.2001) |
|
|
|
|
Formerly Known
As : |
TATA TECHNOLOGIES ( |
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|
Registered
Office : |
Plot No. 25, |
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|
Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.08.1994 |
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|
Com. Reg. No.: |
11-013313 |
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Capital
Investment / Paid-up Capital : |
Rs.430.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200PN1994PLC013313 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET01082E / PNET03780A |
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PAN No.: [Permanent Account No.] |
AAACT3092N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing and Designing of Automotive Focused Engineering Goods. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 28330000 |
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|
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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 part of Tata Group. It is an established company having
fine track. Financial position of the company appears to be sound and
healthy. Trade relations are fair. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. The company can be considered as a promising business partner in
medium to long run. |
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) |
|
|
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
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
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: (AA +) |
|
Rating Explanation |
Strong degree of safety. It carry very low
credit risk. |
|
Date |
22.03.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: (A1+) |
|
Rating Explanation |
Very strong degree of safety. It carry very
lowest credit risk. |
|
Date |
22.03.2013 |
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
Management Non Co-Operative (91-20-66529090)
LOCATIONS
|
Registered Office : |
Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi,
Hinjawadi, Pune – 411127, Maharashtra, India |
|
Tel. No.: |
91-20-66529090 |
|
Fax No.: |
91-20-66529035 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on: 21.06.2013
|
Name : |
Mr. Ramadorai Subramanian |
|
Designation : |
Chairman |
|
Address : |
Flat No. 1, 1st Floor, Wyoming Little Gibbs Road, Malbar
Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1944 |
|
Qualification : |
Bachelors degree
in Physics, B.E. E and TC, M.S. Computer, Attended the Sloan School of Management's
highly acclaimed Senior Executive Development Progr |
|
Date of Appointment : |
08.03.2001 |
|
DIN No.: |
00000002 |
|
|
|
|
Name : |
Mr. Patrick Raymon Mcgoldrick |
|
Designation : |
Managing director |
|
Address : |
27, Balmoral Road, #04-27, Balmoral Tower, Singapore – 259808 |
|
Date of Birth/Age : |
08.09.1949 |
|
Qualification : |
M.S. Computer,
completed the Harvard Business School Advanced Management Program (AMP 109) |
|
Date of Appointment : |
29.03.1996 |
|
DIN No.: |
00407203 |
|
|
|
|
Name : |
Mr. Praveen Purushottam Kadle |
|
Designation : |
Director |
|
Address : |
224, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Date of Birth/Age : |
21.01.1957 |
|
Qualification : |
Honors Graduate
in Commerce & Accountancy, C.A., C.W.A., C.S. |
|
Date of Appointment : |
04.02.1997 |
|
DIN No.: |
00016814 |
|
|
|
|
Name : |
Mr. Gopalakrishnan Ramabadran |
|
Designation : |
Director |
|
Address : |
Baug E Abbas, Flat No. 101, Captain Prakash Pethe Marg, 21/A, Cuffe
Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1945 |
|
Qualification : |
B.Sc., B. Tech (Electronics) |
|
Date of Appointment : |
08.03.2001 |
|
DIN No.: |
00027858 |
|
|
|
|
Name : |
Mr. Chandrasekaran Ramakrishnan |
|
Designation : |
Director |
|
Address : |
322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
Date of Birth/Age : |
27.06.1955 |
|
Qualification : |
B.Com., C.A., C.W.A. |
|
Date of Appointment : |
08.03.2001 |
|
DIN No.: |
00020076 |
KEY EXECUTIVES
|
Name : |
Mr. Anubhav Kapoor |
|
Designation : |
Secretary |
|
Address : |
Flat No. C-102, Concord Proxima Baner, Pune – 411048, Maharashtra,
India |
|
Date of Birth/Age : |
21.08.1972 |
|
Date of Appointment : |
05.04.2006 |
|
PAN No.: |
ADPPK1000L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 21.06.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
15.81 |
|
Bodies corporate |
|
76.74 |
|
Directors or relatives of directors |
|
2.18 |
|
Other top fifty shareholders |
|
2.37 |
|
Other |
|
2.90 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Designing of Automotive Focused Engineering Goods. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
The Hong Kong and Shanghai Banking Corporation Limited, 520/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India |
|||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie, Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
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Parent Company : |
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Joint Venture : |
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Subsidiaries : |
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Indirect Subsidiaries : |
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Fellow subsidiaries : |
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Associates of
Parent Company: |
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CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
700000 |
Preference Shares |
Rs.10/- each |
Rs.7.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.607.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43024138 |
Equity Shares |
Rs.10/- each |
Rs.430.241 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
430.200 |
429.700 |
373.200 |
|
(b) Reserves & Surplus |
6652.800 |
5885.600 |
4035.500 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
7083.000 |
6315.300 |
4408.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1.700 |
6.200 |
8.400 |
|
(b) Deferred tax liabilities (Net) |
45.600 |
37.500 |
0.000 |
|
(c) Other long term liabilities |
3.700 |
3.500 |
9.300 |
|
(d) long-term provisions |
85.500 |
70.800 |
61.700 |
|
Total Non-current Liabilities
(3) |
136.500 |
118.000 |
79.400 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
542.800 |
559.600 |
484.500 |
|
(b) Trade payables |
1264.600 |
919.100 |
790.200 |
|
(c) Other current liabilities |
76.700 |
87.000 |
69.200 |
|
(d) Short-term provisions |
811.400 |
357.200 |
227.600 |
|
Total Current
Liabilities (4) |
2695.500 |
1922.900 |
1571.500 |
|
|
|
|
|
|
TOTAL |
9915.000 |
8356.200 |
6059.600 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
598.500 |
610.100 |
463.000 |
|
(ii) Intangible Assets |
361.200 |
332.600 |
242.800 |
|
(iii) Capital work-in-progress |
136.700 |
15.400 |
13.200 |
|
(iv) Intangible assets under development |
32.900 |
34.900 |
0.000 |
|
(b) Non-current Investments |
2464.800 |
2662.300 |
2232.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
21.800 |
|
(d) Long-term Loan and Advances |
43.600 |
44.700 |
10.100 |
|
(e) Other Non-current assets |
133.400 |
160.500 |
237.900 |
|
Total Non-Current
Assets |
3771.100 |
3860.500 |
3221.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2624.600 |
1470.700 |
960.900 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
1245.900 |
913.100 |
622.200 |
|
(d) Cash and cash equivalents |
190.700 |
1149.600 |
1108.800 |
|
(e) Short-term loans and advances |
1988.400 |
500.800 |
71.400 |
|
(f) Other current assets |
94.300 |
461.500 |
75.200 |
|
Total Current
Assets |
6143.900 |
4495.700 |
2838.500 |
|
|
|
|
|
|
TOTAL |
9915.000 |
8356.200 |
6059.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7747.000 |
6440.000 |
4931.600 |
|
|
|
Other Income |
433.300 |
242.500 |
115.800 |
|
|
|
TOTAL (A) |
8180.300 |
6682.500 |
5047.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
830.200 |
647.000 |
564.100 |
|
|
|
Employee benefit expense |
3451.800 |
2987.500 |
2220.200 |
|
|
|
Other expenses |
991.500 |
1056.200 |
827.500 |
|
|
|
TOTAL (B) |
5273.500 |
4690.700 |
3611.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2906.800 |
1991.800 |
1435.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.200 |
15.400 |
16.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2890.600 |
1976.400 |
1418.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
270.200 |
211.600 |
147.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2620.400 |
1764.800 |
1271.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
608.200 |
457.700 |
300.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2012.200 |
1307.100 |
970.500 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1667.300 |
1286.200 |
936.600 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Divided |
386.900 |
380.300 |
260.900 |
|
|
|
Proposed Final Dividend |
688.400 |
296.000 |
186.400 |
|
|
|
Tax on Interim/Proposed Dividend |
174.500 |
109.700 |
73.500 |
|
|
|
General Reserve |
210.000 |
140.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2219.800 |
1667.300 |
1286.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2259.800 |
1798.600 |
1109.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
46.77 |
30.91 |
26.04 |
|
|
|
Diluted |
46.76 |
30.86 |
25.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
24.60 |
19.56 |
19.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
33.82 |
27.40 |
25.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.99 |
31.27 |
33.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.28 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.09 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28 |
2.34 |
1.81 |
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 |
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 |
Yes |
BUSINESS OUTLOOK
The Company is highly focused on delivery of value to its customers, marketing and sales and as such, it is seeing improved order bookings. The Company expects improved growth in revenue, EBITDA and profit after tax in the coming years. Please refer the section on Management Discussion and Analysis for more information.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Term loans from banks |
542.800 |
559.600 |
|
|
|
|
|
Total |
542.800 |
559.600 |
Note: No Charges Exist for Company
FIXED ASSETS
Tangible Assets
Intangible Assets
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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH/ VRN/ KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
66 |
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.