MIRA INFORM REPORT
|
Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Reliance Centre 19, Walchan and Hirachand Marg, Ballard Estate,
Mumbai-400001, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
17.08.2000 |
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|
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Com. Reg. No.: |
11-128300 |
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Capital
Investment / Paid-up Capital : |
Rs. 1227.750 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U66603MH2000PLC128300 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing General Insurance Service. |
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|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (38) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 69000000 |
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|
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Reliance Group”. It is an established company having moderate track record. The company has recorded some accumulated losses. However, networth of
the company is strong. The company get strong financial support from its
group companies. Trade relations are reported as fair. Business is active. Payment
terms are slow but correct. In view of experience promoter the company can be considered for
business dealings with slight cautions. |
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative. (Tel. No.: 91-22-30479600 / 30327000)
LOCATIONS
|
Registered Office : |
Reliance Centre 19, Walchan and Hirachand Marg, Ballard Estate,
Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-30479600 / 30327000 |
|
Fax No.: |
91-22-30327377 |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on: 30.07.2012
|
Name : |
Mr. Satya Pal Talwar |
|
Designation : |
Director |
|
Address : |
163, 16th Floor, Beach Tower, P B Marg, Prabhadevi,
Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
14.06.1939 |
|
Qualification : |
B.A., LLB, CAIIB |
|
Date of Appointment : |
29.08.2005 |
|
DIN No.: |
00059681 |
|
|
|
|
Name : |
Mr. Debdatta Sengupta |
|
Designation : |
Director |
|
Address : |
Sector-B, Pocket-8, Flat No.6145, Vasant Kunj, New Delhi-110070, India |
|
Date of Birth/Age : |
20.06.1942 |
|
Date of Appointment : |
29.08.2005 |
|
DIN No.: |
00043289 |
|
|
|
|
Name : |
Mr. Rajendra Prabhakar Chitale |
|
Designation : |
Director |
|
Address : |
131B, Tanna Residency, Bay View 392, V.S. Marg, Prabhadevi,
Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1961 |
|
Date of Appointment : |
12.06.2006 |
|
DIN No.: |
00015986 |
|
|
|
|
Name : |
Mr. Soumen Ghosh |
|
Designation : |
Director |
|
Address : |
1501, Lodha Aria, 6/207, Tokersey Jiv Raj Road, Sewree, Mumbai-400015,
Maharashtra, India |
|
Date of Birth/Age : |
08.06.1959 |
|
Qualification : |
Chartered Accountant, ICWAI |
|
Date of Appointment : |
21.04.2008 |
|
DIN No.: |
01262099 |
|
|
|
|
Name : |
Mr. Rakesh Jain |
|
Designation : |
Whole-time director |
|
Address : |
B-701, Velentine, Apartment, Pimpli Pada, Malad (East), Mumbai-400097,
Maharashtra, India |
|
Date of Birth/Age : |
17.08.1970 |
|
Qualification : |
Chartered Accountant, ICWAI |
|
Date of Appointment : |
20.10.2011 |
|
DIN No.: |
03645324 |
|
|
|
|
Name : |
Mr. Haris Ansari |
|
Designation : |
Director |
|
Address : |
Flat No.503, Serin Nyati Enclave, Nyati Enclave, Nyati Couty,
Mohammadwadi, Pune-411028, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1939 |
|
Qualification : |
Post Graduate in Science |
|
Date of Appointment : |
08.05.2012 |
|
DIN No.: |
02155529 |
KEY EXECUTIVES
|
Name : |
Mr. Mohan Bhalchandra Khandekar |
|
Designation : |
Secretary |
|
Address : |
F503, Gokul Horizon, Thakur Village, Kandivali (East), Mumbai-400101,
Maharashtra, India |
|
Date of Birth/Age : |
02.05.1965 |
|
Date of Appointment : |
20.10.2005 |
|
PAN No.: |
AAFPK1139F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Capital Limited, India |
|
116898651 |
|
Reliance Capital Limited, India jointly with Mr. Hasit Shukla |
|
1 |
|
Reliance Capital Limited, India jointly with Mr. Hari Nair |
|
1 |
|
Reliance Capital Limited, India jointly with Mr. Venkat Rao Ponnada |
|
1 |
|
Reliance Capital Limited, India jointly with Mr. Surendra Pipara |
|
1 |
|
Reliance Capital Limited, India jointly with Mr. Ramesh Shenoy |
|
1 |
|
Reliance General Insurance Employees Benefit Trust, India |
|
4294672 |
|
|
|
|
|
Total |
|
121193328 |
List of Allottee as on 30.09.2012
|
Names of Allottee |
|
No. of Shares |
|
Reliance Capital Limited, India |
|
1581630 |
|
Total |
|
1581630 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.07.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
96.46 |
|
Other |
|
3.54 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing General Insurance Service. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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|
|
|
Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors 1: |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
B2, 402B, Marathon Innova, Off. Ganpatrao Kadam Marg, Lower Parel,
Mumbai - 400013, Maharashtra, India |
|
PAN No.: |
AASFS9578D |
|
|
|
|
Auditors 2: |
|
|
Name : |
Pathak H. D. and Associates Chartered Accountants |
|
Address : |
814-815, Tulsiani Chambers, 212, Nariman Point, Mumbai - 400021,
Maharashtra, India |
|
PAN No.: |
AAAFP1031C |
CAPITAL STRUCTURE
As on: 30.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122774958 |
Equity Shares |
Rs.10/- each |
Rs. 1227.750 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Sources of funds |
|
|
|
|
Share Capital |
1227.750 |
1211.933 |
1166.729 |
|
Reserves and Surplus |
16242.881 |
14708.698 |
10323.902 |
|
Fair Value Change Account |
(53.002) |
(75.646) |
2.857 |
|
Borrowings |
-- |
-- |
- |
|
Total |
17417.629 |
15844.985 |
11493.488 |
|
|
|
|
|
|
Application of
funds |
|
|
|
|
Investments |
32524.961 |
27021.327 |
21371.830 |
|
Loans |
299.424 |
300.627 |
300.627 |
|
Fixed Assets |
250.407 |
251.205 |
302.230 |
|
Deferred Tax |
372.735 |
372.735 |
388.735 |
|
Current Assets |
|
|
|
|
Cash and Bank Balances |
545.763 |
621.031 |
672.196 |
|
Advances and Other Assets |
9475.344 |
2182.970 |
2380.723 |
|
Sub-Total (A) |
10021.127 |
2804.001 |
3052.919 |
|
Sundry Creditor |
|
|
|
|
Other Current Liabilities |
27795.034 |
17549.673 |
13444.095 |
|
Provisions |
7890.617 |
6062.171 |
5753.699 |
|
Sub-Total (B) |
35685.651 |
23611.844 |
19197.794 |
|
Net Current Assets
(C = A - B) |
(25664.524) |
(20807.843) |
(16144.875) |
|
Miscellaneous Expenditure (to the extent not written off or adjusted |
-- |
-- |
- |
|
Debit Balance in Profit & Loss Account |
9634.626 |
8706.934 |
5274.941 |
|
Total |
17417.629 |
15844.985 |
11493.488 |
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Operating Profit /
(Loss) transferred from Revenue Account |
|
|
|
|
a. Fire Insurance |
230.007 |
57.986 |
155.868 |
|
b. Marine Insurance |
(63.275) |
(2.705) |
22.158 |
|
c. Miscellaneous Insurance |
(1608.933) |
(3900.095) |
(3704.584) |
|
|
(1442.201) |
(3844.814) |
(3526.558) |
|
Income from
Investments |
|
|
|
|
Interest, Dividend & Rent - Gross |
731.028 |
554.475 |
481.902 |
|
Profit on sale/redemption of investments |
103.283 |
76.840 |
138.176 |
|
Less: Loss on sale/redemption of investment |
(34.083) |
(3.136) |
(87.462) |
|
|
800.228 |
628.179 |
532.616 |
|
Other Income |
|
|
|
|
Profit on sale of fixed assets |
(10.031) |
(6.070) |
1.213 |
|
Miscellaneous Income |
38.751 |
25.462 |
40.012 |
|
|
28.720 |
19.392 |
41.225 |
|
TOTAL (A) |
(613.253) |
(3197.243) |
(2952.717) |
|
Provisions (Other
than Taxation) |
|
|
|
|
(a) For diminution in the value of investment |
-- |
-- |
- |
|
(b) For doubtful debts |
(305.106) |
(170.506) |
- |
|
(c) Others (Refer schedule 17 note 19) |
-- |
-- |
(140.400) |
|
Provision related to control account |
|
58.824 |
-- |
|
Risk reserve |
|
(100.000) |
-- |
|
Standard Assets |
(1.203) |
-- |
-- |
|
|
(306.309) |
(211.682) |
(140.400) |
|
Other Expenses |
|
|
|
|
Expenses other than those related to Insurance Business |
(8.130) |
(7.068) |
(4.476) |
|
Exchange Gain / (loss) |
-- |
-- |
-- |
|
TOTAL (B) |
(314.439) |
(218.750) |
(144.876) |
|
Profit / (Loss)
Before Tax |
(927.692) |
(3415.993) |
(3097.593) |
|
Provision for
Taxation |
|
|
|
|
Current Tax |
-- |
-- |
- |
|
Deferred Tax (Refer schedule 17 note 12) |
-- |
(16.000) |
(21.000) |
|
Fringe Benefit Tax |
-- |
-- |
- |
|
Income Tax earlier year tax |
-- |
-- |
2.576 |
|
Net Profit /(Loss)
After Tax |
(927.692) |
(3431.993) |
(3116.017) |
|
Appropriations: |
|
|
|
|
(a) Interim dividends paid during the year |
-- |
-- |
-- |
|
(b) Proposed final dividend |
-- |
-- |
-- |
|
(c) Dividend Distribution Tax |
-- |
-- |
-- |
|
(d) Transfer to any reserve or other accounts (to be specified): |
-- |
-- |
-- |
|
Profit / (Loss)
After appropriations |
(927.692) |
(3431.993) |
(3116.017) |
|
Balance of Profit /
Loss brought forward from last year |
(8706.934) |
(5274.941) |
(2158.924) |
|
Balance carried
forward to Balance Sheet |
(9634.626) |
(8706.934) |
(5274.941) |
|
Significant Accounting Policies and Notes to Financial |
|
|
|
|
Statements (Refer Schedule 16 & 17). |
|
|
|
|
Basic & Diluted
Earning Per Share |
(7.61) |
(29.24) |
(26.80) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
CHARGES
Levy of Penalty under
Section 102 of the lnsurance Act, 1938 for - Not Meeting the Obligatory Target
by Your Company in respect of Declined Risk Pool for the Year 2012-13
The Authority vide its order no. IRDA/NL/ORD/MPL/277/12/2011 dated 23rd December 2011 has prescribed the obligations in terms of minimum premium to be underwritten in respect of standalone commercial vehicle motor third party insurance.
The Authority then vide its letter dated 23rd November 2012 had informed you that your company's shortfall in meeting obligations (based on the half-yearly figures) is being viewed seriously by the Authority. At the same time, it cautioned on not fulfilling the obligations and advised to ensure that the obligations are fulfilled by the end of next quarter, i.e. 3rd quarter of 2012-13.
Based on the figures provided by the pool administrator, it is now observed that your company has not fulfilled the mandatory obligations in respect of declined risk pool for the year 2012-13, and the extent of shortfall is very high (more than 25 % of the obligations).
In view of the above, the Authority in exercise of powers vested in it under Section 102 of the lnsurance Act, 1938 imposes a penalty of Rs. 5,00,000/- (Rupees Five Lacs only) on M/s Cholamandalam MS General lnsurance Company Limited.
Your company is directed to remit the penalty of Rs. 5,00,000/- within a period of fifteen days from the receipt of this order through a cross demand draft drawn in favor of "lnsurance Regulatory and Development Authority" and payable at Hyderabad. The draft may be sent to Shri Randip Singh Jagpal, HOD (Non-Life), lnsurance Regulatory and Development Authority, 03rd Floor, 'Parishrama' Bhawan, Basheer Bagh, Hyderabad - 500 004
Note: No Charges Exist for Company
FIXED ASSETS
- Furniture and Fittings
- Leasehold Improvements
- Information Technology Equipment
- Intangible Asset (Computer Software)
- Vehicles
- Office Equipment
- Plant and Machinery
- Capital WIP
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. 60.00 |
|
|
1 |
Rs. 102.05 |
|
Euro |
1 |
Rs. 81.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
38 |
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.