MIRA INFORM REPORT
|
Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI CONSTRUCTION EQUIPMENT INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-2, MIDC Chakan, Phase – II, Village - Khalumbre, Pune -
410501, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.06.2007 |
|
|
|
|
Com. Reg. No.: |
11-130553 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3118.463 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45400PN2007FTC130553 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05576E MUMH10638F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH8756Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the Manufacturing, Trading and
Servicing of a Wide Range of Excavators. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “HYUNDAI HEAVY INDUSTRIES COMPANY LIMITED”,
Korea. It is an established company having moderate track record. The rating reflects company’s moderate financial risk profile marked
by below average operational performance and huge accumulated losses incurred
by the company. However, the company receives good financial and managerial support
from its parent company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. In view of strong holding support, 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.
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 DECLINED
Management Non-cooperative. (Tel. No.: 91-2135-301700)
LOCATIONS
|
Registered / Head Office : |
Plot No. A-2, MIDC Chakan, Phase – II, Village - Khalumbre, Pune - 410501,
Maharashtra, India |
|
Tel. No.: |
91-2135-301700 |
|
Fax No.: |
91-2135-301711 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Office : |
Located at:
|
DIRECTORS
As on: 30.09.2013
|
Name : |
Ki Young Kong |
|
Designation : |
Managing director |
|
Address : |
Plot No. A-2, MIDC Chakan, Phase–II, Village Khalumbre, Pune-410501,
Maharashtra, India |
|
Date of Birth/Age : |
12.12.1962 |
|
Qualification : |
Bachelor of Commerce |
|
Experience : |
26 Years |
|
Date of Appointment : |
01.01.2012 |
|
PAN No.: |
AVJPK3849B |
|
DIN No.: |
05158355 |
|
|
|
|
Name : |
Bosun Choi |
|
Designation : |
Director |
|
Address : |
1 Gang Seon Maul 1902-705 98, Juyeop-Dong I Sanseo-Gu, Gyeonaggi-Do,
Goyang |
|
Date of Birth/Age : |
28.02.1966 |
|
Qualification : |
Business Administration |
|
Experience : |
24 Years |
|
Date of Appointment : |
17.06.2011 |
|
PAN No.: |
ARZPC2332F |
|
DIN No.: |
03553597 |
KEY EXECUTIVES
|
Name : |
Asawari Avinash Tilak |
|
Designation : |
Secretary |
|
Address : |
A-9, Ganga Lahari, Society Ganesh Nagar, Pune – 411052, Maharashtra,
India |
|
Date of Birth/Age : |
01.03.1985 |
|
Date of Appointment : |
01.10.2010 |
|
PAN No.: |
AFSPT4547E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Hyundai Heavy Industries Company Limited, Korea |
|
31184635 |
|
Ki Young Kong |
|
1 |
|
|
|
|
|
Total |
|
31184636 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
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 : |
Subject is engaged in the Manufacturing, Trading and
Servicing of a Wide Range of Excavators. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B B S R and Company Chartered Accountants |
|
Address : |
703, Godrej Castle Maine, Next to Ruby Hall Clinic, Bund
Garden Road, Pune-411001, Maharashtra, India |
|
PAN No.: |
AAKFB4397F |
|
|
|
|
Holding Company: |
|
|
|
|
|
Related Party: |
|
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.100/- each |
Rs. 3200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31184636 |
Equity Shares |
Rs.100/- each |
Rs. 3118.463
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3118.463 |
2584.363 |
2584.363 |
|
(b) Reserves & Surplus |
(2191.860) |
(2032.759) |
(1015.704) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
926.603 |
551.604 |
1568.659 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
0.000 |
0.000 |
158.444 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
37.739 |
|
(d)
long-term provisions |
52.939 |
35.395 |
0.000 |
|
Total
Non-current Liabilities (3) |
52.939 |
35.395 |
196.183 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3389.782 |
3582.661 |
1805.396 |
|
(b)
Trade payables |
3269.542 |
3600.674 |
3692.201 |
|
(c)
Other current liabilities |
59.405 |
333.562 |
330.953 |
|
(d)
Short-term provisions |
73.455 |
92.370 |
82.551 |
|
Total
Current Liabilities (4) |
6792.184 |
7609.267 |
5911.101 |
|
|
|
|
|
|
TOTAL |
7771.726 |
8196.266 |
7675.943 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2101.570 |
2234.890 |
2018.681 |
|
(ii)
Intangible Assets |
23.200 |
28.955 |
40.677 |
|
(iii)
Capital work-in-progress |
0.325 |
1.935 |
0.721 |
|
(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 |
905.589 |
748.312 |
423.889 |
|
(e)
Other Non-current assets |
27.525 |
27.525 |
27.525 |
|
Total
Non-Current Assets |
3058.209 |
3041.617 |
2511.493 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2574.462 |
3080.260 |
2915.686 |
|
(c)
Trade receivables |
2065.543 |
1818.947 |
2011.762 |
|
(d)
Cash and cash equivalents |
1.849 |
74.313 |
57.109 |
|
(e)
Short-term loans and advances |
71.258 |
143.900 |
123.140 |
|
(f)
Other current assets |
0.405 |
37.229 |
56.753 |
|
Total
Current Assets |
4713.517 |
5154.649 |
5164.450 |
|
|
|
|
|
|
TOTAL |
7771.726 |
8196.266 |
7675.943 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Income |
7936.090 |
8135.614 |
8077.115 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
274.457 |
(671.484) |
(183.319) |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
265.167 |
161.253 |
132.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(159.100) |
(1017.056) |
(472.425) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(159.100) |
(1017.056) |
(472.425) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2032.759) |
(1015.703) |
(543.278) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2191.859) |
(2032.759) |
(1015.703) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.10) |
(39.35) |
(18.28) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.00) |
(12.50) |
(5.85) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.05) |
(12.41) |
(6.16) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17) |
(1.84) |
(0.30) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.66 |
6.49 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69 |
0.68 |
0.87 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
2584.363 |
2584.363 |
3118.463 |
|
Reserves & Surplus |
(1015.704) |
(2032.759) |
(2191.860) |
|
Net worth |
1568.659 |
551.604 |
926.603 |
|
|
|
|
|
|
long-term borrowings |
158.444 |
0.000 |
0.000 |
|
Short term borrowings |
1805.396 |
3582.661 |
3389.782 |
|
Total borrowings |
1963.840 |
3582.661 |
3389.782 |
|
Debt/Equity ratio |
1.252 |
6.495 |
3.658 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Gross Income |
8077.115 |
8135.614 |
7936.090 |
|
|
|
0.724 |
(2.452) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Gross Income |
8077.115 |
8135.614 |
7936.090 |
|
Profit |
(472.425) |
(1017.056) |
(159.100) |
|
|
(5.85)% |
(12.50)% |
(2.00)% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT:
|
Particulars |
31.03.2014 [Rs. in millions] |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
195.062 |
231.006 |
|
|
|
|
|
|
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 |
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 |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
1708.042 |
2842.661 |
|
Loans repayable on demand from banks |
1681.740 |
740.000 |
|
|
|
|
|
Total |
3389.782 |
3582.661 |
PERFORMANCE OVERVIEW:
The year 2013-14 had been yet another eventful year for HCEIPL. Though the overall economic scenario had been dull for the Construction Equipment industry, HCEIPL performed fairly well with various odds. The current Indian economy and Construction Equipment industry per se went through tough time but even with these trying times; HCEIPL managed to not just stay afloat, but to truly thrive. They as an organization grew stronger and better with wider reach and network established to reach customers.
During the year, they had aimed at increasing their Service network to go closer to customer site and through their Dealership branch offices, they achieved the same. They are now present within the 100km radius of customer sites enabling easy serviceability and parts supply enabling machine uptime.
The year gone by also added products to their existing fleet in the 20T and 30T segment. They launched the R390LC-9 excavator for the Mining and Granite segment whereas, the R220LC-7MaGiQ, a specially designed excavator for Mining, Granite and Quarry application was offered to the industry. Both these machines will deliver as expected in the segment it has been positioned for and they are hopeful HCEIPL will achieve newer heights.
With the new government at the helm, they expect stability and decisions pertaining to projects will be sanctioned quickly. With that the market scenario is expected to change and they will be back on track with their focus on developing Indian infrastructure.
They will continue to demonstrate impressive growth in terms of business and volume, expand to newer and wider geographic locations, increase customer base and of course revenue.
Note: No Charges Exist for Company
FIXED ASSETS:
- Plant and
Machinery
- Office
Equipment
- Computer
- Furniture and
Fixtures
- Vehicles
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. 60.95 |
|
|
1 |
Rs. 99.32 |
|
Euro |
1 |
Rs. 78.97 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.