MIRA
INFORM REPORT
|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
VOESTALPINE VAE VKN INDIA PRIVATE LIMITED (w.e.f.18.08.2012) |
|
|
|
|
Formerly Known
As : |
VAE
VKN INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
24/5, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
03.07.1997 |
|
|
|
|
Com. Reg. No.: |
55-088339 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 243.123 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910DL1997PTC088339 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV3943J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the Business of Manufacturing of CMS Crossing, Point and Crossing / Switches and Castings, S.G /CI Casting etc. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low reserves. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period with
an annualized return of 20 % ! Equities came in second with annualized return
of 15.5 % ! However, while these returns may seem mouthwatering, the fact is
that the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Sunil Goel |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-130-2381298 |
|
Date : |
07.08.2014 |
LOCATIONS
|
Registered Office : |
24/5, Sri Ram Road, Civil Lines, Delhi – 110054, India |
|
Tel. No.: |
91-130-2381298 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
No. 42, Mile Stone, G.T. Road, Bahalgarh, Joshi Chauhan Village,
Sonipat – 131021, Haryana, India |
DIRECTORS
As on: 29.07.2013
|
Name : |
Mr. Naresh Aggarwal |
|
Designation : |
Managing Director |
|
Address : |
24B, Alipur Road, Opposite Old Secretariat, Civil Lines, New Delhi – 110054, India |
|
Date of Birth/Age : |
13.01.1953 |
|
Date of Appointment : |
03.07.1997 |
|
PAN No.: |
AADPA1997R |
|
DIN No.: |
00002073 |
|
|
|
|
Name : |
Mr. Kewal Krishan Goel |
|
Designation : |
Director |
|
Address : |
G.T. Road, Batala, India |
|
Date of Birth/Age : |
20.06.1944 |
|
Date of Appointment : |
03.07.1997 |
|
DIN No.: |
00300211 |
|
|
|
|
Name : |
Mr. Vikas Aggarwal |
|
Designation : |
Director |
|
Address : |
6B, Raj Narain Marg, Civil Lines, New Delhi, India |
|
Date of Birth/Age : |
19.06.1971 |
|
Date of Appointment : |
01.07.2002 |
|
PAN No.: |
AAUPA6304R |
|
DIN No.: |
00008282 |
|
|
|
|
Name : |
Mr. Stefan Glanz |
|
Designation : |
Director |
|
Address : |
Wiesengassee 8, 8720 Apfelberg Austria |
|
Date of Birth/Age : |
04.10.1975 |
|
Date of Appointment : |
02.08.2004 |
|
PAN No.: |
AIMPG3871D |
|
DIN No.: |
00497542 |
|
|
|
|
Name : |
Mr. Johannes Rainer Oswald |
|
Designation : |
Director |
|
Address : |
Molbering 35A, 8740 Zeltweg, Austria |
|
Date of Birth/Age : |
12.01.1954 |
|
Date of Appointment : |
02.08.2004 |
|
DIN No.: |
00325106 |
|
|
|
|
Name : |
Mr. Urtsa Errazti |
|
Designation : |
Director |
|
Address : |
CGALMAKA 4, 12 LLODIO, ALAVA, Spain |
|
Date of Birth/Age : |
15.05.1954 |
|
Date of Appointment : |
02.08.2004 |
|
DIN No.: |
00325276 |
|
|
|
|
Name : |
Mr. Michael Deckan |
|
Designation : |
Director |
|
Address : |
32J, New Road, Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
29.08.1978 |
|
Date of Appointment : |
29.10.2009 |
|
PAN No.: |
AMEPD2472K |
|
DIN No.: |
01837449 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Goel |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
JEZ Sistemas Ferroviarios Srl, Spain |
|
1458770 |
|
Kewal Krishan Goel |
|
1237260 |
|
Manmohan Sarup Aggarwal |
|
3247804 |
|
Naresh Aggarwal |
|
3247804 |
|
Rakesh Aggarwal |
|
1364616 |
|
Digvijay Financial Services Private Limited, India |
|
1356800 |
|
VAE GmbH, Austria |
|
12399240 |
|
|
|
|
|
Total |
|
24312294 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.07.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
57.00 |
|
Directors or relatives of directors |
|
43.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Business of Manufacturing of CMS
Crossing, Point and Crossing / Switches and Castings, S.G /CI Casting etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.K. Gulati and Associates Chartered Accountants |
|
Address : |
304 , B.D Chambers, 10/54 Desh Bandhu Gupta Road,
Karol Bagh, New Delhi -110005, India |
|
PAN No.: |
AAHFR1484J |
|
|
|
|
Related Parties : |
· VAE GmbH Austria · JEZ Sistemas Ferroviarios S.L. Spain. · VAE Nortrak Limited · VAE Nortrack North America INC · VAE Eisenbahsystem GmbH · Voestalpine Group - IT GmhH · Voestalpine AG Ling · Voestalpine Schienen GmbH · Vaman Vasuti Berendezesek Kft. · Rahee Track Technology Private Limited · Rahee Industries Limited · Sunstar Overseas Limited · Accustamp (Private) Limited · Maa Sarda Rail Nirman (Private) Limited · Digvijay Steel Industries (Regd.) · Digvijay Steels Private Limited · Star Track Fasteners Private Limited · Digvijay Systems and Services Private Limited · Vedkiran Steel Industries (Private) Limited · Digvijay Financial Services (Private) L Limited · Ashi Limited · VAE Sofia ·
VAE Railway Systems Private Limited |
CAPITAL STRUCTURE
As on: 29.07.2013
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 |
|
|
|
|
|
|
24312301 |
Equity Shares |
Rs.10/- each |
Rs. 243.123
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
243.123 |
243.123 |
243.123 |
|
(b) Reserves & Surplus |
116.515 |
65.469 |
38.147 |
|
(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) |
359.638 |
308.592 |
281.270 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.153 |
1.017 |
13.962 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
125.849 |
89.527 |
77.226 |
|
(d) long-term provisions |
6.727 |
5.600 |
4.947 |
|
Total Non-current
Liabilities (3) |
132.729 |
96.144 |
96.135 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
169.321 |
105.102 |
78.370 |
|
(b)
Trade payables |
0.000 |
0.000 |
0.000 |
|
(c)
Other current liabilities |
36.517 |
43.098 |
24.991 |
|
(d) Short-term
provisions |
15.242 |
8.493 |
24.702 |
|
Total Current
Liabilities (4) |
221.080 |
156.693 |
128.063 |
|
|
|
|
|
|
TOTAL |
713.447 |
561.429 |
505.468 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
167.726 |
174.183 |
151.304 |
|
(ii)
Intangible Assets |
0.350 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
26.178 |
4.730 |
11.271 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
6.447 |
6.584 |
5.434 |
|
(d) Long-term Loan and Advances |
15.873 |
19.646 |
6.883 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
216.574 |
205.143 |
174.892 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
275.050 |
152.143 |
179.737 |
|
(c)
Trade receivables |
186.179 |
170.472 |
121.738 |
|
(d) Cash
and cash equivalents |
0.999 |
5.371 |
1.591 |
|
(e)
Short-term loans and advances |
32.249 |
25.548 |
25.496 |
|
(f)
Other current assets |
2.396 |
2.752 |
2.014 |
|
Total
Current Assets |
496.873 |
356.286 |
330.576 |
|
|
|
|
|
|
TOTAL |
713.447 |
561.429 |
505.468 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
Turnover |
744.926 |
737.184 |
687.161 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) |
51.045 |
27.323 |
67.785 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.47 |
0.34 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.25 |
2.27 |
2.58 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
243.123 |
243.123 |
243.123 |
|
Reserves & Surplus |
38.147 |
65.469 |
116.515 |
|
Net worth |
281.270 |
308.592 |
359.638 |
|
|
|
|
|
|
long-term borrowings |
13.962 |
1.017 |
0.153 |
|
Short term borrowings |
78.370 |
105.102 |
169.321 |
|
Total borrowings |
92.332 |
106.119 |
169.474 |
|
Debt/Equity ratio |
0.328 |
0.344 |
0.471 |
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 |
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 |
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 |
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 8/2- A/3, Jamna Road, Civil Lines,
Delhi – 110054, India to the present address w.e.f. 07.02.2008
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10489641 |
09/05/2014 * |
645,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C04609467 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
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. 61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.