MIRA
INFORM REPORT
|
Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ROCKWELL COLLINS ( |
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Registered
Office : |
Phase I and II, 7th Floor, Block - III,
Plot No 129 to 132, DLF Commercial Developer Limited, APHB Colony,
Gachibowli, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.11.2007 |
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Com. Reg. No.: |
01-056315 |
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Capital
Investment / Paid-up Capital : |
Rs.82.423 Millions |
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CIN No.: [Company Identification
No.] |
U72200TG2007PTC056315 |
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PAN No.: [Permanent Account No.] |
AADCR7773H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company provides business processing outsourcing services i.e.
back office software development support services to Rockwell Collins Inc. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
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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 an established company having satisfactory track. Company has performed well. Overall financial position of the company is
decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered 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.
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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
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 DENIEDBY
|
Name : |
Mr. Pawan |
|
Designation : |
Finance Department |
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Contact No.: |
91-40-40334033 |
|
Date : |
18.08.2014 |
LOCATIONS
|
Registered Office : |
Phase I and II, 7th Floor, Block - III,
Plot No 129 to 132, DLF Commercial Developer Limited, APHB
Colony, Gachibowli, Hyderabad – 500081,
Telangana, India |
|
Tel. No.: |
91-40-40334033 / 40334001 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 14.09.2013
|
Name : |
Mr. Swamy Mysore Krishna Rama Prasad |
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Designation : |
Director |
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|
Address : |
No. 91, 1st Block, Rajajinagar, Bengaluru – 560010,
Karnataka, India |
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Date of Birth/Age : |
14.01.1963 |
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PAN No.: |
ABCPR0345N |
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Date of Appointment : |
22.05.2008 |
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DIN No. : |
02201868 |
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Other Directorship :
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||||||||||||||||||||||||||||||||||||
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Name : |
Savyasachikittane Srinivas |
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Designation : |
Director |
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Address : |
478, 33rd Cross, 4th Block, Jayanagar, Bangalore
– 560011, Karnataka, India |
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Date of Birth/Age : |
08.07.1977 |
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Date of Appointment : |
27.02.2013 |
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DIN No. : |
06525882 |
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Name : |
Vaughn Michael Klopfenstein |
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Designation : |
Director |
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Address : |
105, 34th ST RE Cedar Rapids, 52403 |
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Date of Birth/Age : |
31.07.1962 |
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Date of Appointment : |
06.11.2013 |
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DIN No. : |
06727807 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Pawan |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Rockwell Collins Southeast Asia Pte Limited, Singapore |
|
8242152 |
|
Rockwell Collins Inc |
|
100 |
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|
|
|
|
Total |
|
8242252 |
AS ON 14.09.2013
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 |
%20ENTERPRISES%20PRIVATE%20LIMITED%20-%20281777%2027-Aug-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in providing research and development in
information technology development services and computer software development
services and providing information technology enabled services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
1-8-384 and 385,
3rd Floor, Gowra Grand, S.P. Road, Begumpet , Secunderabad
-500003, India |
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PAN No.: |
AACFD3771D |
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Ultimate Holding
Company : |
Rockwell Collins Inc. |
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Holding Company
: |
Rockwell Collins Southeast Asia Pte. Limited |
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Fellow Subsidiary
Company : |
·
Rockwell Collins ·
Australia Pty. Limited ·
Rockwell Collins India Private Limited
[U74900DL2010FTC209892] ·
Rockwell Collins France |
CAPITAL STRUCTURE
AS ON 14.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12100000 |
Equity Shares |
Rs.10/- each |
Rs.121.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8242252 |
Equity Shares |
Rs.10/- each |
Rs.82.425 Millions |
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|
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|
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 |
82.423 |
82.423 |
82.423 |
|
(b) Reserves & Surplus |
366.324 |
226.322 |
109.264 |
|
(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) |
448.747 |
308.745 |
191.687 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
270.999 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.559 |
0.229 |
0.000 |
|
(c) Other long term
liabilities |
7.049 |
30.251 |
55.466 |
|
(d) long-term provisions |
22.330 |
12.087 |
23.798 |
|
Total
Non-current Liabilities (3) |
300.937 |
42.567 |
79.264 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
116.903 |
125.828 |
64.762 |
|
(c) Other current liabilities |
65.873 |
75.372 |
31.600 |
|
(d) Short-term provisions |
17.753 |
9.782 |
6.092 |
|
Total
Current Liabilities (4) |
200.529 |
210.982 |
102.454 |
|
|
|
|
|
|
TOTAL |
950.213 |
562.294 |
373.405 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
405.164 |
216.757 |
180.095 |
|
(ii) Intangible Assets |
4.429 |
3.993 |
4.889 |
|
(iii) Capital work-in-progress |
12.565 |
2.698 |
1.333 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
106.598 |
103.054 |
39.157 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
528.756 |
326.502 |
225.474 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
196.694 |
131.322 |
62.945 |
|
(d) Cash and cash equivalents |
175.267 |
57.997 |
56.259 |
|
(e) Short-term loans and
advances |
17.216 |
14.988 |
5.851 |
|
(f) Other current assets |
32.280 |
31.485 |
22.876 |
|
Total
Current Assets |
421.457 |
235.792 |
147.931 |
|
|
|
|
|
|
TOTAL |
950.213 |
562.294 |
373.405 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
|
|
509.533 |
|
|
Other Income |
|
|
|
|
|
TOTAL
|
1,181.368 |
774.486 |
509.533 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
1,041.036 |
657.199 |
439.419 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
140.332 |
117.287 |
70.114 |
|
|
|
|
|
|
|
Less |
TAX |
0.330 |
0.229 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
140.002 |
117.058 |
70.114 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
16.99 |
14.20 |
8.51 |
%20ENTERPRISES%20PRIVATE%20LIMITED%20-%20281777%2027-Aug-2014_files/image003.gif){kind=small}
%20ENTERPRISES%20PRIVATE%20LIMITED%20-%20281777%2027-Aug-2014_files/image004.gif){kind=small}
%20ENTERPRISES%20PRIVATE%20LIMITED%20-%20281777%2027-Aug-2014_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.85 |
15.11 |
13.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.88 |
15.14 |
13.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.97 |
20.96 |
18.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.38 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.60 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10 |
1.12 |
1.44 |
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 |
82.423 |
82.423 |
82.423 |
|
Reserves & Surplus |
109.264 |
226.322 |
366.324 |
|
Net
worth |
191.687 |
308.745 |
448.747 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
270.999 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
270.999 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.604 |
%20ENTERPRISES%20PRIVATE%20LIMITED%20-%20281777%2027-Aug-2014_files/image007.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
509.533 |
774.486 |
1,181.368 |
|
|
|
51.999 |
52.536 |
%20ENTERPRISES%20PRIVATE%20LIMITED%20-%20281777%2027-Aug-2014_files/image009.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
509.533 |
774.486 |
1,181.368 |
|
Profit/(Loss) After Tax |
70.114 |
117.058 |
140.002 |
|
|
13.76% |
15.11% |
11.85% |
%20ENTERPRISES%20PRIVATE%20LIMITED%20-%20281777%2027-Aug-2014_files/image011.gif)
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
INDEX OF CHARGES :
NO CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and
advances from others [Loan from Rockwell
Collins Southeast Asia Pte. Limited (Holding Company)] |
270.999 |
0.000 |
|
|
|
|
|
Total |
270.999 |
0.000 |
FINANCIAL RESULTS AND OPERATIONS:
The financial
results of the Company for the year 2012-2013 are as follows:- (Amount in Millions)
Particulars 2012-2013 Rs.2011-2012 Rs Total Income 1181.368, 774.486 Total
Expenditure 1041.036, 657.199 Profit before tax 140.332, 117.287 Provision for
current tax including deferred Tax 0.330, 0.229 Profit after tax 140.002,
117.058 Earnings per share (Rs.)16.99, 14.20.
PERFORMANCE:
The performance of
the company has improved significantly. The Company has earned the net profit
of Rs.140.002 Millions when compared to the profits of the previous year amounting
to Rs.117.058 Millions resulting in the overall increase in net profits by 20%.
Further, the revenue of the Company has increased by 53% when compared to the
revenue of previous financial year due to increase in headcount cost by 35%
compared to last year and increase in inflation cost by 18%.
FIXED ASSETS
·
Plant and Equipment
·
Furniture and Fixtures
·
Office Equipment
·
Leasehold Land
·
Computer Software
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.60.50 |
|
|
1 |
Rs.100.33 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|
47 |
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.