MIRA
INFORM REPORT
|
Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
AISIN AUTOMOTIVE HARYANA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.7, 8 and 9, Sector 30B, IMT Rohtak, Rohtak – 124027, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.12.2011 |
|
|
|
|
Com. Reg. No.: |
05-044651 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2610.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300HR2011FTC044651 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCA1851E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Dealing in all kinds of Automotive Components. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10281000 |
|
|
|
|
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 a moderate track record. There seems some accumulated loss recorded by the company during 2013.
However, trade relations are improving. Business is active. Payment
terms are reported to be slow. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 DECLINED BY
|
Name : |
Mr. Ramneek Vikas |
|
Designation : |
Manager |
|
Contact No.: |
91-8527992144 |
|
Date : |
21.05.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.7, 8 and 9, Sector 30B, IMT Rohtak, Rohtak – 124027, Haryana,
India |
|
Tel. No.: |
91-124-4408650 |
|
Mobile No.: |
91-8527992144 [Mr. Ramneek Vikas] |
|
Fax No.: |
91-124-4408673 |
|
E-Mail : |
DIRECTORS
AS ON 28.06.2013
|
Name : |
Makoto Saito |
||||||||||||||||||||||||||||||||
|
Designation : |
Managing director |
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|
Address : |
1-35-7, Tsuijicho, Kariya, Aichi, 4480857, Japan |
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Date of Birth/Age : |
20.06.1960 |
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Date of Appointment : |
28.12.2011 |
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DIN No.: |
05136037 |
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Other Directorship :
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||||||||||||||||||||||||||||||||
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Name : |
Hirotoshi Ito |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
Nishi Machi Nishi 1-1, Chiryu City, Aichi-Ken, 472-0023 Japan |
||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
28.03.1961 |
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Date of Appointment : |
27.09.2012 |
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DIN No.: |
05329608 |
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Other Directorship :
|
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||||||||||||||||||||||||||||||||
|
Name : |
Hitoshi Okabe
|
||||||||||||||||||||||||||||||||
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Designation : |
Director |
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|
Address : |
1-8-8-, Saiwai-Cho, Kariya, Aichi, Japan 4480025 |
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Date of Birth/Age : |
03.01.1955 |
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|
Date of Appointment : |
28.06.2013 |
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DIN No.: |
06550694 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Bhagwati Prasad |
|
Designation : |
Secretary |
|
Address : |
H. No.229, Sector 12A, Gurgaon – 122 001, Haryana, India |
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Date of Birth/Age : |
22.11.1975 |
|
Date of Appointment : |
25.08.2012 |
|
PAN No.: |
AIDPG9118N |
|
|
|
|
Name : |
Mr. Ramneek Vikas |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.06.2013
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Aisin Seiki Co., Limited, Japan |
|
165885000 |
|
Aisin Aisa Pacific Co., Limited, Thailand |
|
1065000 |
|
Toyota Tsusho Corporation, Japan |
|
13050000 |
|
|
|
|
|
Total |
|
180000000 |
AS ON 28.06.2013
|
Names of Shareholder (1% Fully Compulsorily Convertible Cumulative
Preference Shares) |
|
No. of Shares |
|
Aisin Seiki Co., Limited, Japan |
|
81000000 |
|
|
|
|
|
Total |
|
81000000 |
AS ON 28.06.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Dealing in all kinds of Automotive Components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Sucheta Bhawan,
11A, Vishnu Digambar Marg, New Delhi – 110002, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFP3698A |
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Holding Company : |
Aisin Seiki Co., Limited, Japan |
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Fellow Subsidiaries : |
·
Aisin Asia Pacific Co., Limited, Thailand ·
Aisin Automotive Karnataka Private Limited, India
(CIN No.: U34300KA2011FTC061803) ·
Aisin NTTF Private Limited, India (CIN No.:
U28111KA1999PTC025020) ·
Advics North India Private Limited, India (CIN
No.: U34100HR2012FTC046839) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
181000000 |
Equity Shares |
Rs.10/- each |
Rs. 1810.000 Millions |
|
81000000 |
Preference Shares |
Rs.10/- each |
Rs. 810.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2620.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs. 1800.000
Millions |
|
81000000 |
Preference Shares |
Rs.10/- each |
Rs. 810.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2610.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2610.000 |
710.000 |
|
(b) Reserves & Surplus |
|
(39.689) |
(6.072) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2570.311 |
703.928 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
290.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
0.086 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
290.086 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
59.611 |
7.198 |
|
(c)
Other current liabilities |
|
98.834 |
0.207 |
|
(d) Short-term
provisions |
|
0.110 |
0.597 |
|
Total Current
Liabilities (4) |
|
158.555 |
8.002 |
|
|
|
|
|
|
TOTAL |
|
3018.952 |
711.930 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
588.883 |
546.967 |
|
(ii)
Intangible Assets |
|
0.679 |
0.000 |
|
(iii)
Capital work-in-progress |
|
794.347 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
79.529 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1463.438 |
546.967 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
5.690 |
0.000 |
|
(c)
Trade receivables |
|
26.676 |
0.000 |
|
(d) Cash
and cash equivalents |
|
1487.690 |
163.236 |
|
(e)
Short-term loans and advances |
|
18.850 |
1.650 |
|
(f) Other
current assets |
|
16.608 |
0.077 |
|
Total
Current Assets |
|
1555.514 |
164.963 |
|
|
|
|
|
|
TOTAL |
|
3018.952 |
711.930 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
NA |
NA |
|
|
|
Other Income |
|
NA |
NA |
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(33.617) |
(5.271) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(33.617) |
(6.072) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
|
2.814 |
0.000 |
|
|
|
Service Income |
|
49.390 |
0.000 |
|
|
TOTAL EARNINGS |
|
52.204 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(0.25) |
(0.57) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(1.51) |
(0.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.01) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.61 |
20.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
710.000 |
2610.000 |
|
Reserves & Surplus |
(6.072) |
(39.689) |
|
Net
worth |
703.928 |
2570.311 |
|
|
|
|
|
long-term borrowings |
0.000 |
290.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
290.000 |
|
Debt/Equity
ratio |
0.000 |
0.113 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
12) Profitability for last two 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 |
No |
|
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
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from others [External commercial borrowing from the holding company Rs.290.000
millions (Previous Year: Rs. Nil)] |
290.000 |
0.000 |
|
|
|
|
|
Total |
290.000 |
0.000 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted from Plot No.97, 3rd Floor, Sector-44, Gurgaon – 122002, Haryana to the present address w.e.f. 02.09.2013.
GENERAL INFORMATION:
Subject was
incorporated on December 22, 2011 with the object to carry on business of
manufacturing including trading, design, production, processing, fabrication,
assembling, repairing, alteration, buying, importing, marketing, exporting,
engineering, selling of Automotive components including engines, body, drive
train, brake, chases related products and otherwise dealing in all kinds of
automotive components of all type of automobiles. The Company is a subsidiary
of Aisin Seiki Co., Limited Japan.
OPERATION:
Company has
incorporated on 22nd December 2011, since there were no
manufacturing activities during the financial year ended on 31-03-13.
As per the recent
progress of the manufacturing project will be start in financial year 2013-14
During the Year
Company has got allotment of land from Haryana State Industrial and
Infrastructure Development Corporation Limited after the allotted the land the
Construction work of the Company factory building has been started from
September 2012 and it may be the completed by end of the September 2013.
Further the
company has registered under several commercial laws i.e. Excise Duty, Service
Tax, and Sales Tax.
The resources of
the long term fund the company has entered the agreement with Aisin Seiki Co.,
Limited Japan for ECB Loan (External Commercial Borrowing) Rs.290.000 millions
and got approval from the Reserve Bank of India under automatic route for said
ECB Loan that loan had used for payment for construction of factory building.
REVIEW OF OPERATIONS AND FUTURE PROSPECTS:
Being the initial
stage of the company, during the financial year the company was fully involved
into the process of setting up of its operations to put the base for the future
performance of the company. The outlook remains encouraging and it is expected
that positive trend will continue in furthering the growth of the company.
FIXED ASSETS:
Tangible Assets:
·
Land
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
Intangible Assets:
·
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 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. 58.77 |
|
|
1 |
Rs. 99.02 |
|
Euro |
1 |
Rs. 80.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.