MIRA INFORM REPORT
|
Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
DIXON ASIA PACIFIC PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
MINING SUPPLIES AUSTRALIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. R 151 to 153, T T C Industrial
Area, Rabale, Navi Mumbai, Thane
- 400701, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.02.2007 |
|
|
|
|
Com. Reg. No.: |
11-167797 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 67.339 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2007FTC167797 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD16126F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD5446L |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
The company is engages in the manufacture
and distribution of hose, pipe, valve, and fitting products. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 70000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Profitability of the company is under pressure. There are accumulated
losses recorded by the company. However, trade relation are fair. Business is active. Payment terms
are slow. The company can be considered for business dealings 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DENIED
Management Non-Cooperative
Contact No.: 91-22-27641152
LOCATIONS
|
Registered Office : |
Plot No. R 151 to 153, T T C Industrial
Area, Rabale, Navi Mumbai, Thane
- 400701, Maharashtra, India |
|
Tel. No.: |
91-22- 27641152 /
27641153 |
|
Fax No.: |
91-22- 29271153 |
|
E-Mail : |
|
|
Website : |
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|
Corporate Office : |
11, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-40931555 / 26862226 |
|
Fax No.: |
91-22-26854748 |
|
E-Mail : |
|
|
Area : |
700 Sq.ft. |
|
Location : |
Leased |
|
|
|
|
Ware house : |
Chamunda Complex, Thane – Bhiwandi Road, Thane – 421302, Maharashtra, India |
|
Area : |
10000Sq.ft. |
|
Location : |
Leased |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. James Francis Canalichio |
|
Designation : |
Director |
|
Address : |
713, Green Winged Trail, Wyoming - 19934 , US |
|
Date of Appointment : |
13.02.2007 |
|
DIN No. : |
01649592 |
|
|
|
|
Name : |
Mr. Louis Salvadore Farina |
|
Designation : |
Director |
|
Address : |
Bethany Beach, P.O. Box No. 184 Delaware - 19930 |
|
Date of Appointment : |
13.02.2007 |
|
DIN No. : |
01723781 |
|
|
|
|
Name : |
Mr. Simon Peter Tape |
|
Designation : |
Additional Director |
|
Address : |
24 Swanwick ST Henley Beach, SA 5022 |
|
Date of Appointment : |
02.05.2008 |
|
DIN No. : |
02133765 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
James Francis Canalichio |
|
1 |
|
Dixon Valve and Coupling Company Inc, USA |
|
6625391 |
|
|
|
|
|
Total |
|
6625392 |
Date of Allottee : 21.01.2013
|
Names of Allottee |
|
No. of Shares |
|
|
|
|
|
Dixon Valve and Coupling Company, USA |
|
108553 |
|
|
|
|
|
Total |
|
108553 |
Date of Allottee : 11.11.2013
|
Names of Allottee |
|
No. of Shares |
|
|
|
|
|
Dixon Valve and Coupling Company, USA |
|
147975 |
|
|
|
|
|
Total |
|
147975 |
AS ON 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
|
|
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engages in the manufacture
and distribution of hose, pipe, valve, and fitting products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
Engineering Centre, 6th Floor, 9th Methew Road,
Opera House, Mumbai- 400004, Maharashtra, India |
|
PAN No.: |
AAAFW4298E |
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|
|
|
Holding Company
: |
Dixon Valve and Coupling Company Inc |
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|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8250000 |
Equity Shares |
Rs.10/- each |
Rs.82.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6881920 |
Equity Shares |
Rs.10/- each |
Rs. 68.819 Millions |
|
|
|
|
|
AS OM 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8250000 |
Equity Shares |
Rs.10/- each |
Rs.82.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6733945 |
Equity Shares |
Rs.10/- each |
Rs.67.339 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 |
67.339 |
58.924 |
58.924 |
|
(b) Reserves & Surplus |
(50.443) |
(40.827) |
(36.955) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
7.329 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
16.896 |
25.426 |
21.969 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.066 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.000 |
0.000 |
0.066 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1.406 |
0.993 |
0.707 |
|
(c) Other current liabilities |
4.168 |
2.281 |
1.610 |
|
(d) Short-term provisions |
0.302 |
0.053 |
0.150 |
|
Total
Current Liabilities (4) |
5.876 |
3.327 |
2.467 |
|
|
|
|
|
|
TOTAL |
22.772 |
28.753 |
24.502 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.985 |
1.648 |
0.422 |
|
(ii) Intangible Assets |
0.091 |
0.025 |
0.022 |
|
(iii) Capital work-in-progress |
0.788 |
0.225 |
0.000 |
|
(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 |
0.457 |
0.931 |
1.074 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2.321 |
2.829 |
1.518 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
10.711 |
17.228 |
13.210 |
|
(c) Trade receivables |
2.460 |
2.513 |
2.391 |
|
(d) Cash and cash equivalents |
5.799 |
5.297 |
6.884 |
|
(e) Short-term loans and
advances |
1.481 |
0.886 |
0.499 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
20.451 |
25.924 |
22.984 |
|
|
|
|
|
|
TOTAL |
22.772 |
28.753 |
24.502 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue From operations |
|
17.295 |
19.948 |
|
|
Other Income |
|
0.024 |
0.012 |
|
|
TOTAL
|
19.568 |
17.319 |
19.960 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
38.953 [Including
Depreciation] |
21.257 [Including
Depreciation] |
37.915 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(17.955) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
|
0.234 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(19.385) |
(3.938) |
(18.189) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
(0.066) |
0.319 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(19.385) |
(3.872) |
(18.508) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(0.29) |
(0.07) |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
(99.06) |
(22.36) |
(92.73) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(99.06) |
(22.77) |
(91.18) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(88.18) |
(13.80) |
(74.23) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.14) |
(0.15) |
(0.82) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.48 |
7.79 |
9.32 |
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 |
58.924 |
58.924 |
67.339 |
|
Reserves & Surplus |
(36.955) |
(40.827) |
(50.443) |
|
Share Application money pending allotment |
0.000 |
7.329 |
0.000 |
|
Net
worth |
21.969 |
25.426 |
16.896 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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) |
|
Revenue From operations |
19.948 |
17.295 |
19.568 |
|
|
|
(13.300) |
13.143 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue From operations |
19.948 |
17.295 |
19.568 |
|
Profit After Tax |
(18.508) |
(3.872) |
(19.385) |
|
|
(92.78%) |
(22.39%) |
(99.06%) |
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 |
Yes |
|
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 |
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 |
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 |
No |
NOTE :
- The registered office of the company has been shifted from 90 and 93 Virvani Industrial Estate, Western Express Highway, Goregaon (East), Mumbai – 400063, India to the present address w.e.f. 01.02.2013.
- No Charges Exist for
Company.
PERFORMANCE
The Company
recorded Revenue of Rs 19.568 Millions for the period. A loss after tax of Rs.
19.385 Millions was recorded.
In the Previous
year the Company recorded Revenue of Rs 17.319 Millions for the period. A loss
after tax of Rs. 3.872 Millions was recorded.
FIXED ASSETS
- Air
Conditioner
- Furniture and
Fixture
- Commercial
Premises
- Computer
Machine
- Electric
Fitting
- Transformer
and Generator
- Motor Car
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.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.