MIRA INFORM REPORT
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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ARAMEX INDIA PRIVATE LIMITED (w.e.f. 09.11.2000) |
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Formerly Known
As : |
ARAMEX COURIERS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
Plot No. A-60/61, MIDC Road No.1, Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.07.1996 |
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Com. Reg. No.: |
11-101311 |
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Capital
Investment / Paid-up Capital : |
Rs.470.000 Millions |
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CIN No.: [Company Identification
No.] |
U61100MH1996PTC101311 |
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PAN No.: [Permanent Account No.] |
AACCA6756A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is organised into three major operating segments - Express, Freight and Domestic.
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 699000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “Aramex International Logistics Private
Limited”. It is a well-established company having moderate track. The company has seen a deterioration in its financial profile marked
by consecutive losses resulting into accumulation of the same, which are
further mitigated by equity infusion from the promoters backed by zero
gearing supporting the liquidity position to certain extent during FYE13. Management has reported an increase in its revenue during the year
under review. The rating also take into consideration, the boom it the E-Commerce
industry, which is further expected to drive logistics market. However, trade relations seems to be fair. Business is active. Payment
terms are reported as slow but correct. In view of financial and managerial support from its parentage, the
company can be considered for business dealings with 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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-Cooperative
Contact No.: 91-11-39815800
LOCATIONS
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Registered Office : |
Plot No. A-60/61, MIDC Road No.1, Andheri (East),
Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-39419900 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Branch Office 1 : |
Located At :
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Branch Office 2: |
L-74, Road No 7, Mahipalpur, National Highway No 8, Extension-1, Delhi – 110037, India |
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Tel. No.: |
91-11-33003300 |
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Overseas Office : |
Located At:
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DIRECTORS
AS ON 30.09.2013
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Name : |
Othman Tarik Al Jeda |
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Designation : |
Director |
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Address : |
A 24, B-206, Singapore - 239192 |
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Date of Birth/Age : |
13.06.1970 |
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Date of Appointment : |
01.02.2009 |
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DIN No. : |
02527668 |
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Name : |
Emad Mohammad Shishtawi |
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Designation : |
Director |
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Address : |
P.O. Box 960915, Amman – 11196, Jordan |
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Date of Birth/Age : |
10.01.1958 |
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Date of Appointment : |
13.03.2004 |
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DIN No. : |
00394343 |
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Name : |
Biju Thomas |
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Designation : |
Additional director |
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Address : |
B-02, Sai Vaibhav, Plot No. 8 Sector No. 14, Vashi, Navi Mumbai –
400703, Maharashtra, India |
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Date of Birth/Age : |
30.05.1967 |
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Date of Appointment : |
14.11.2013 |
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DIN No. : |
06705788 |
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Name : |
Percy Baji Avari |
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Designation : |
Additional director |
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Address : |
1D/202, Raheja Nest Complex Chandivali Off Saki Vihar Road, Andheri
East, Mumbai -400072, Maharashtra, India
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Date of Birth/Age : |
16.09.1966 |
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Date of Appointment : |
03.02.2014 |
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DIN No. : |
02525961 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Suhas Sunderlalji Bohra |
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Designation : |
Secretary |
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Address : |
Gorai Road, Borivali (West), Mumbai – 400091, Maharashtra, India |
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Date of Birth/Age : |
28.10.1977 |
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Date of Appointment : |
21.01.2006 |
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PAN No.: |
AHOPB0728K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
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Names of Shareholders |
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No. of Shares |
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Aramex International Logistics Private Limited, Singapore |
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46999998 |
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Aramex Express LLC, UAE |
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2 |
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Total |
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47000000 |
AS ON 30.09.2013
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage of Holding |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is organised into three major operating segments - Express, Freight and Domestic.
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Export : |
Not Divulged |
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Import : |
Not Divulged |
GENERAL INFORMATION
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Supplier : |
Not Divulged |
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Customer : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
Indusind Bank Limited, Mulund Centre, 23, S.V. Road, Bandra (West), Mumbai - 400050,
Maharashtra, India |
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Banking
Relations : |
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Auditors : |
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Name : |
S. V. Ghatalia and Associates Chartered Accountants |
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Address : |
14 Floor, The Ruby 29, Senapati Bapat Marg |
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PAN No.: |
AACFS6921Q |
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Holding Company : |
Aramex International Logistics Private Limited |
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Fellow Subsidiary Company : |
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CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000,000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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47,000,000 |
Equity Shares |
Rs.10/- each |
Rs.470.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
470.000 |
436.510 |
240.000 |
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(b) Reserves &
Surplus |
(225.442) |
(195.366) |
(179.888) |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
244.558 |
241.144 |
60.112 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
22.708 |
0.000 |
0.000 |
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(d) long-term provisions |
12.679 |
10.994 |
7.188 |
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Total Non-current
Liabilities (3) |
35.387 |
10.994 |
7.188 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
255.954 |
134.558 |
331.591 |
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(c) Other current
liabilities |
262.432 |
239.739 |
120.707 |
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(d) Short-term provisions |
8.860 |
8.365 |
7.934 |
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Total Current Liabilities
(4) |
527.246 |
382.662 |
460.232 |
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TOTAL |
807.191 |
634.800 |
527.532 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
111.212 |
94.206 |
59.802 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(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 |
56.580 |
51.218 |
37.069 |
|
(e) Other Non-current
assets |
4.557 |
5.518 |
3.548 |
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Total Non-Current Assets |
172.349 |
150.942 |
100.419 |
|
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
11.698 |
9.797 |
6.734 |
|
(c) Trade receivables |
368.759 |
326.946 |
308.213 |
|
(d) Cash and cash
equivalents |
199.734 |
113.627 |
77.833 |
|
(e) Short-term loans and
advances |
53.472 |
32.883 |
33.794 |
|
(f) Other current assets |
1.179 |
0.605 |
0.539 |
|
Total Current Assets |
634.842 |
483.858 |
427.113 |
|
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TOTAL |
807.191 |
634.800 |
527.532 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
|
1484.517 |
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Other Income |
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TOTAL |
1978.679 |
1484.517 |
1143.235 |
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Less |
EXPENSES |
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TOTAL |
1978.555 |
1481.420 |
1158.213 |
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PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
0.124 |
3.097 |
(14.978) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
30.200 |
18.574 |
12.817 |
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|
PROFIT/ (LOSS) BEFORE TAX |
(30.076) |
(15.477) |
(27.795) |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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|
PROFIT/ (LOSS) AFTER TAX
|
(30.076) |
(15.477) |
(27.795) |
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Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(195.365) |
(179.888) |
(152.093) |
|
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Balance Carried to the
B/S |
(225.441) |
(195.365) |
(179.888) |
|
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|
Earnings / (Loss) Per
Share (Rs.) |
(0.67) |
(0.42) |
(1.16) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.52) |
(1.04) |
(2.43) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.73) |
(2.44) |
(5.27) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
(0.06) |
(0.46) |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.26 |
0.93 |
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 |
240.000 |
436.510 |
470.000 |
|
Reserves & Surplus |
(179.888) |
(195.366) |
(225.442) |
|
Net worth |
60.112 |
241.144 |
244.558 |
|
|
|
|
|
|
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) |
|
Sales
|
1143.235 |
1484.517 |
1978.679 |
|
|
|
29.852 |
33.288 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1143.235 |
1484.517 |
1978.679 |
|
Profit |
(27.795) |
(15.477) |
(30.076) |
|
|
(2.43%) |
(1.04%) |
(1.52%) |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
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 |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||||
|
Bench:-
Bombay |
||||||||
|
Lodging No:- |
FAST/21873/2010 |
Failing Date:- |
24.08.2010 |
Reg. No.:- |
FA/1403/2011 |
Reg. Date:- |
02.07.2011 |
|
|
Petitioner:- |
THE REGIONAL DIRECTORS EMPLOYEES |
Respondent:- |
ARAMEX INDIA PRIVATE LIMITED |
|||||
|
Petn.Adv:- |
SHRI H.V. MEHTA (0) |
Resp.Adv.: |
KUMTHEKAR FOR RESP (VP FILED IN) |
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District:- |
MUMBAI |
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Bench:- |
SINGLE |
Category: |
--- |
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Status:- |
Admitted(Ready) |
Stage:- |
FOR ADMISSION –
FRESH |
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|
Last Date:- |
02.09.2011 |
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|
Last Coram:- |
HON’BLE SHRI JUSTICE A.S. OKA |
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|
Act:- |
Employees State Insurance Act, 1948 |
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VIEW INDEX OF CHARGES
: NO CHARGES EXIST FOR COMPANY
BUSINESS SEGMENT
For management reporting purposes, the Company is organised into three major operating segments - Express, Freight and Domestic. These segments are the basis on which the Company reports its primary segment information. The above segments have been identified taking into account the organization structure as well as the differing risks and returns of these segments.
Express - consists of small packages (generally ranging in weight between 0.1 kg to 50kg) with time sensitive delivery requirements outside India for local customers.
Freight - Freight shipments generally consists of weight in excess of 50kg on average and include air, land and ocean transport.
Domestic – Delivery services within the country, third party logistics comprising of storage services and inward and out handling of materials locally.
BUSINESS REVIEW
It gives us pleasure to present this report with continued progress in the company’s operational and financial performance. During the year the company has managed to achieve the growth of around 33%in overall incomeamidst downsizing and business slowdown. Over a period of years the Company has been successful in maintaining consistency in revenue growth mainly on account of focused strategy in promoting key products and targeting potential markets.
However due to rising cost pressures the company managed to earn a modest gross profit of Rs. 12.900 Millions as against the gross profit of Rs. 309.700 Millions last year. The steep fall in the gross profit margin was mainly due to rise in operational costs.
The Company shall renew its focus on profit yielding products and markets.Further the Company management has been implementing various measures under the Boards directions to significantly boost the overall income and profit margin. The Directors believe that the efforts taken by the Company management should start yielding results in the near future.
The Company is continuously upgrading its product offerings in logistics segment which it feels would start yielding monetary benefits in due course. The cost control measures continue to receive the attention of the Board from time to time and various measures in this regard has been taken to optimize the cost structure without affecting the operational performance. The Company shall continue expansion in untapped markets having huge business potential by opening business centres and regional offices. Though the Company has huge losses in books, the Board believes that the Company will turn around and start making profit on net basis in the ensuing financial years. The Board continues to rely on the combined efforts of entire ARAMEX group and expect to a much better 2014 calendar year.
The Company is geared up to successfully face the challenges before the business in view of the volatile global environment.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
36 |
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.