MIRA
INFORM REPORT
|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
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Branch Office : |
5th Floor, 52/60, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.01.1983 |
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Capital
Investment / Paid-up Capital : |
Rs.44991.660 Millions |
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FCRN : |
F00947 |
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Legal Form : |
Foreign Registered Bank. |
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Line of Business : |
Banking Activities |
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No. of Employees : |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed bank having fine track
record. Fundamentals are strong and healthy. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The bank 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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Certificates of deposit programme: A1+ |
|
Rating Explanation |
Having very strong degree of safety. |
|
Date |
April 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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (91-22-226055555)
LOCATIONS
|
Registered Office : |
Located at Hong Kong |
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Branch Office / (Main Branch): |
5th Floor, 52/60, Mahatma Gandhi Road, Mumbai - 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22685555/ 40891300 |
|
Fax No.: |
91-22-22658309 |
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E-Mail : |
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Website : |
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HSBC Group Head Office : |
HSBC Holding PLC, 8, |
|
Tel. No.: |
+ 44-20-79918888 |
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Corporate Banking : |
Mumbai Telephone : 91-22-22681091 Kolkata Telephone : 91-33-22542063 Telephone : 91-12-44182100 Chennai Telephone : 91-44-43912005 Telephone : 91-80-25002002 Hyderabad Telephone : 91-40-66162233 |
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Financial Institutional Group : |
Mumbai Telephone : 91-22-22681017 Telephone : 91-11-41592290 Chennai Telephone : 91-44-4391-2016 |
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Global Market : |
Mumbai Telephone : 91 22 40854235 Toll -free : 1800 229876 |
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HSBC Securities Services : |
Mumbai Telephone : 91-22-40357563 |
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Located at: ·
Andheri ·
Bandra ·
Borivli ·
Chembur ·
Juhu Vile Parle ·
Lokhandwala ·
Pedder road ·
Powai ·
Thane ·
Ahmedabad ·
Pune ·
Shivaji Nagar ·
Vadodara ·
·
Nagpur ·
Surat ·
Nasik |
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Located at: ·
Kokkata (Main Branch) ·
Gariahat ·
·
Ultadanga ·
·
New Alipore ·
Shakespeare Sarani ·
·
Raipur ·
Guwahati |
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Located at: ·
·
Basans Lok ·
Greater Kailash I ·
South Extension ·
Gurgaon ·
·
Noida ·
Jaipur ·
·
Punjabi Bagh ·
·
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Located at: ·
Chennai (Main Branch) ·
Adyar ·
·
·
·
·
·
·
·
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MANAGEMENT
|
Name : |
Mr. Naina Lal Kidwai |
|
Designation : |
Country Head India, Director HSBC Asia-Pacific |
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Name : |
Mr. Stuart P Milne |
|
Designation : |
Chief Executive Officer |
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|
Name : |
Mr. Devesh Mathur |
|
Designation : |
Chief Operating Officer |
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|
Name : |
Mr. Richard Collie |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Stephen O’Leary |
|
Designation : |
Chief Risk Officer |
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|
Name : |
Mr. Sunil Sanghai |
|
Designation : |
Managing Director and Head of Global Banking |
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|
Name : |
Mr. Hitendra Dave |
|
Designation : |
Managing Director and Head of Global Markets |
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|
Name : |
Mr. Sandeep Uppal |
|
Designation : |
Head of Commercial Banking |
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|
Name : |
Ms. Gannesh Bharadhwaj |
|
Designation : |
Head of Retail Banking and Wealth Management |
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|
Name : |
Mr. Shantanu Ambedkar |
|
Designation : |
Managing Director and Head of Private Bank |
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|
Name : |
Mrs. Minari Shah |
|
Designation : |
Head of Group Communications |
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|
Name : |
Mr. Ravi Menon |
|
Designation : |
Head of Corporate Strategy and Planning |
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Name : |
Mrs. Vikram Tandon |
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Designation : |
Head of Human Resources |
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Name : |
Mr. Tarun Balram |
|
Designation : |
Managing Director and Head of Client Management |
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|
Name : |
Mr. Abadaan Viccaji |
|
Designation : |
Head of Compliance |
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|
|
Name : |
Mr. Jasmine Batliwalla |
|
Designation : |
General Counsel |
BUSINESS DETAILS
|
Line of Business : |
Banking Activities |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Reserve Bank of |
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Facilities : |
(Rs.
in Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Parent Company : |
The Hongkong and Shanghai Banking Corporation Limited, Hongkong |
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Subsidiary : |
HSBC Agency (India) Private Limited |
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|
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|
Fellow Subsidiaries : |
·
HSBC
Bank plc ·
Hang
Seng Bank Limited ·
HSBC
Bank Brasil S.A –
BancoMultiplo ·
HSBC
Global Resourcing (UK) Limited ·
HSBC
Private Equity Management (Mauritius) Limited (Liaison office) ·
HSBC
Bank of Middle East ·
HSBC
Bank Canada ·
HSBC
Private Banking Holdings (Suisse) SA ·
HSBC
Republic Bank (UK) Limited ·
HSBC
Bank Malaysia Berhad ·
HSBC
Trinkaus and Burkhardt AG ·
British
Arab Commercial Bank Limited ·
HSBC
Bank Mauritius Limited, ·
HSBC
Bank Australia Limited ·
HSBC
Bank Argentina S.A. ·
HSBC
Bank Egypt S.A.E. ·
SB
HSBC Bank Kazakhistan JSC ·
HSBC
Bank International Limited ·
HSBC
France ·
HSBC
Bank USA, N.A ·
HSBC
Bank Canada ·
HSBC
Bank Argentina ·
Saudi
British Bank ·
HSBC
Bank (China) Company Limited ·
HSBC
Private Bank (UK) Limited ·
HSBC
Iris Investment (Mauritius) Limited ·
HSBC
Software Development (Guangdong) Limited ·
HSBC
Bank Oman SAOG ·
HSBC
Bank A.S. Turkey ·
HSBC
Bank Polska S.A. ·
HSBC
Securities and Capital Markets (India) Private Limited ·
HSBC
Asset Management (India) Private Limited ·
HSBC
Professional Services (India) Private Limited ·
HSBC
Electronic Data Processing India Private Limited ·
HSBC
Software Development (India) Private Limited ·
HSBC
Global Shared services (India) Private Limited ·
HSBC
InvestDirect (India) Limited ·
HSBC
InvestDirect Securities (India) Limited ·
Investsmart
Financial Services Limited ·
HSBC
InvestDirect Distribution Services (India) Limited ·
IL
and FS Investsmart Asia Pacific Private Limited ·
HSBC
InvestDirect Academy for Insurance and Finance (India) Limited ·
Investsmart
Insurance Agency Private Limited ·
Canara
HSBC Oriental Insurance Company Limited |
CAPITAL STRUCTURE
CAPITAL ACCOUNT
As on 31.03.2013
|
Particulars |
Rs. In Millions |
|
I. Amount of deposit kept with the Reserve
Bank of |
24703.216 |
|
II. Capital |
|
|
Opening Balance |
44991.660 |
|
Total |
44991.660 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Capital |
44991.660 |
44991.660 |
44991.660 |
|
Reserve and Surplus |
106966.131 |
104545.247 |
91883.062 |
|
Deposits |
568660.021 |
614233.213 |
541067.115 |
|
Borrowings |
177107.947 |
104774.729 |
50263.098 |
|
Other Liabilities and Provisions |
163978.711 |
223697.929 |
183279.813 |
|
TOTAL |
1061704.470 |
1092242.778 |
911484.748 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and Bank Balances with
Reserve Bank of |
49636.709 |
39295.649 |
48578.316 |
|
Balances with Banks and money at call and short notice |
41854.007 |
76178.823 |
33543.694 |
|
Investments |
451787.009 |
403238.487 |
372790.845 |
|
Advances |
357087.012 |
355122.822 |
274006.211 |
|
Fixed Assets |
8981.388 |
8420.477 |
8744.309 |
|
Other Assets |
152358.345 |
209986.520 |
173821.373 |
|
TOTAL |
1061704.470 |
1092242.778 |
911484.748 |
|
|
|
|
|
|
Contingent Liabilities |
9721507.151 |
10096856.027 |
9913198.080 |
|
Bills for collection |
142147.333 |
128621.115 |
93972.841 |
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
INCOME |
|
|
|
|
Interest earned |
70331.775 |
61962.603 |
51949.586 |
|
Other Income |
12242.203 |
22007.660 |
17886.488 |
|
TOTAL |
82573.978 |
83970.263 |
69836.074 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interest expended |
30006.312 |
24505.025 |
18591.228 |
|
Operating Expenses |
24646.490 |
24182.963 |
21909.495 |
|
Provision and contingencies |
13564.035 |
15405.573 |
14059.416 |
|
TOTAL |
68216.837 |
64093.561 |
54560.139 |
|
|
|
|
|
|
Net profit for the year |
19357.141 |
19876.702 |
15275.935 |
|
Profit brought forward |
20884.318 |
18616.495 |
15468.006 |
|
TOTAL |
40241.459 |
38493.197 |
30743.941 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Less: |
|
|
|
|
Transfer to statutory reserve |
4839.285 |
4969.176 |
3818.984 |
|
Transfer to investments reserve |
1234.154 |
704.987 |
297.636 |
|
Transfer to specific reserve |
141.968 |
237.204 |
213.348 |
|
Transfer to remittable surplus retained in India for capital to risk-weighted
assets ratio (CRAR) requirements |
3308.000 |
3790.834 |
7797.478 |
|
Profit remitted to Head Office |
17576.318 |
7670.528 |
-- |
|
Transfer to capital reserve – surplus on sale of immovable properties |
-- |
236.150 |
-- |
|
Balance carried over to balance sheet |
13141.734 |
20884.318 |
18616.495 |
|
TOTAL |
40241.459 |
38493.197 |
30743.941 |
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 |
44991.66 |
44991.66 |
44991.66 |
|
Reserves & Surplus |
91883.062 |
104545.247 |
106966.131 |
|
Net
worth |
136874.722 |
149536.907 |
151957.791 |
|
|
|
|
|
|
Borrowings |
50263.098 |
104774.729 |
177107.947 |
|
Total
borrowings |
50263.098 |
104774.729 |
177107.947 |
|
Debt/Equity
ratio |
0.367 |
0.701 |
1.166 |
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 |
69836.074 |
83970.263 |
82573.978 |
|
|
|
20.239 |
(1.663) |
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 |
69836.074 |
83970.263 |
82573.978 |
|
Net profit |
15275.935 |
19876.702 |
19357.141 |
|
|
21.87% |
23.67% |
23.44% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – 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 |
No |
|
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 |
No |
|
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 |
BACKGROUND
The
financial statements for the year ended 31 March 2013 comprise the accounts of the
India Branches of The Hongkong and Shanghai Banking Corporation Limited (‘the Bank’), which is incorporated and
registered in Hong Kong Special Administrative Region (‘SAR’). The Bank’s ultimate holding company is
HSBC Holdings plc, which is incorporated in the United Kingdom.
CONTINGENT
LIABILITIES:
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
I. Claims against the bank not acknowledged as debts (including tax
matters) |
3917.873 |
3340.173 |
|
II. Liability for partly paid investment |
0.500 |
0.500 |
|
III. Liability on account of outstanding forward exchange and
derivative contracts |
|
|
|
i) Forward contracts |
3006225.667 |
4067384.917 |
|
ii) Currency Options |
255999.531 |
425479.567 |
|
iii) Derivative Contracts |
6076654.709 |
5253539.874 |
|
Total
(III) |
9338879.907 |
9746404.358 |
|
IV. Guarantees given on behalf of constituents |
|
|
|
i) In |
213399.769 |
143510.299 |
|
ii) Outside |
28026.376 |
19956.830 |
|
Total
(IV) |
241426.145 |
163467.129 |
|
|
|
|
|
V. Acceptances, endorsements and other obligations |
76325.172 |
137797.372 |
|
VI. Bills rediscounted |
-- |
0.001 |
|
VII. Other items for which the bank is contingently liable |
60957.554 |
45846.494 |
|
TOTAL
(I+II+III+IV+V+VI+VII) |
9721507.151 |
10096856.027 |
FIXED ASSETS
· Premises
· Furniture and Fixtures
· Leasehold improvements
· Computers / Softwares
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.60.14 |
|
|
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
80 |
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.