MIRA INFORM REPORT
|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
Tommy Hilfiger Arvind Fashion PRIVATE LIMITED
(w.e.f.
06.01.2012) |
|
|
|
|
Formerly Known
As : |
ARVIND MURJANI BRANDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
The |
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|
|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.09.2003 |
|
|
|
|
Com. Reg. No.: |
04-046421 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 229.240 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101GJ2003PTC046421 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA3768J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is engaged in marketing and wholesale trading activity of
Tommy Hilfiger brand apparels, accessories and other products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Not Available |
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|
|
|
Comments : |
Subject is a well-established company having a fine track record. The rating reflects company’s established track record of business operations
supported by decent brand name, fair profitability levels and healthy
financial risk profile of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal for business dealings at
usual trade terms and conditions. |
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “A (SO)” |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
12.08.2014 |
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 (91-79-22203030)
LOCATIONS
|
Registered Office : |
The Arvind Mills Premisesnaroda Road, Ahmedabad – 380025,
Gujarat |
|
Tel. No.: |
91-79-22203030 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Shailesh Shyamsundar Chaturvedi |
|
Designation : |
Director |
|
Address : |
807 Olympus 3 prestige Acropolis Hosur, Bangalore, India |
|
Date of Birth/Age : |
05.06.1968 |
|
Date of Appointment : |
14.11.2009 |
|
PAN No.: |
AAIPC4561G |
|
DIN No.: |
03023079 |
|
|
|
|
Name : |
Mr. Michiel Rubenkamp Alfons |
|
Designation : |
Director |
|
Address : |
Stommeerweg 78, 1431EZ, aaalsmeer, Netherlands – 1431 |
|
Date of Birth/Age : |
18.03.1968 |
|
Date of Appointment : |
06.12.2012 |
|
DIN No.: |
06477590 |
|
|
|
|
Name : |
Mr. Ludovicus Rudolf Onnink |
|
Designation : |
Director |
|
Address : |
Z Schalwykerwg 44 J H Haarlem 2034 |
|
Date of Birth/Age : |
11.04.1961 |
|
Date of Appointment : |
07.09.2011 |
|
DIN No.: |
03600427 |
|
|
|
|
Name : |
Mr. Kattur Eswaran Venkatachalapathy |
|
Designation : |
Director |
|
Address : |
Flat No553/554 5th Floor, 5th Block Ranka
Heights 314/9 7th Cross 4th Main Domlur
Layout Bangalore – 560071, Karnataka, India |
|
Date of Birth/Age : |
29.10.1962 |
|
Date of Appointment : |
21.12.2011 |
|
DIN No.: |
00968667 |
|
|
|
|
Name : |
Mr. Jagdish Gajanand Dalal |
|
Designation : |
Director |
|
Address : |
5B, Malay Society, opposite Hunel Flats Manak Bagh, Ambawadi – 380015,
Gujarat, India |
|
Date of Birth/Age : |
04.06.1961 |
|
Date of Appointment : |
12.01.2004 |
|
DIN No.: |
00009785 |
KEY EXECUTIVES
|
Name : |
Ms. Lipi Jha |
|
Designation : |
Secretary |
|
Address : |
G 01 Laa Paradise Apartment Hal 3rd Stage Bangalore,
Karnataka, Idnia |
|
Date of Birth/Age : |
16.07.1978 |
|
Date of Appointment : |
19.03.2012 |
|
PN No.: |
AHJPJ0214D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Arvind Limited, India |
|
11461839 |
|
Tommy Hilfiger Europe B. B., Netherlands |
|
2063131 |
|
Tommy Hilfiger B.V, Netherlands |
|
9398708 |
|
|
|
|
|
Total |
|
22923678 |
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] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in marketing and wholesale trading activity of
Tommy Hilfiger brand apparels, accessories and other products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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|
Bankers : |
· State Bank Of India, Industrial Finance Branch, Residency Plaza, Residency Road,, Bangalore - 560025, Karnataka, India · The Lakshmi Vilas Bank Limited, Jayanagar Branch, No.460/2, 8th B Main Road, 4th Block Jayanagar, Bangalore - 560011, Karnataka, India · The Lakshmi Vilas Bank Limited,No.153, Old Madras Road, Halasuru, Bangalore - 560008, Karnataka, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
12th and 13th Floor, UB City, Canberra Block,
No. 24, VittalMallya Road, Bengaluru
-560 001, Karnataka, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Related Party: |
·
Aura Securities Private Limited · Arvind Limited · Tommy Hilfiger Europe BV · Tommy Hilfiger B.V. · Arvind Lifestyle Brands Limited · Tommy Hilfiger USA Inc · GVM International Limited · Tommy Hilfiger Global Sourcing · Tommy Hilfiger (HK) Limited · Tommy Hilfiger Licensing LLC |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22923678 |
Equity Shares |
Rs.10/- each |
Rs. 229.240
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
229.240 |
179.590 |
177.000 |
|
(b) Reserves & Surplus |
425.280 |
53.590 |
(12.440) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
151.530 |
15.280 |
|
Total
Shareholders’ Funds (1) + (2) |
654.520 |
384.710 |
179.840 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
20.220 |
16.010 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
20.220 |
16.010 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
218.940 |
328.090 |
201.760 |
|
(b) Trade payables |
271.800 |
138.180 |
77.270 |
|
(c) Other current liabilities |
74.890 |
241.960 |
5.050 |
|
(d) Short-term provisions |
6.210 |
4.500 |
4.210 |
|
Total
Current Liabilities (4) |
571.840 |
712.730 |
288.290 |
|
|
|
|
|
|
TOTAL |
1,246.580 |
1,113.450 |
468.130 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
85.710 |
50.070 |
29.310 |
|
(ii) Intangible Assets |
349.590 |
363.690 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.090 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
109.200 |
88.340 |
45.050 |
|
(e) Other Non-current assets |
5.100 |
5.870 |
5.700 |
|
Total
Non-Current Assets |
549.600 |
508.060 |
80.060 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
483.910 |
410.530 |
214.920 |
|
(c) Trade receivables |
153.580 |
134.320 |
137.540 |
|
(d) Cash and cash equivalents |
6.350 |
3.790 |
3.050 |
|
(e) Short-term loans and
advances |
50.410 |
39.110 |
31.780 |
|
(f) Other current assets |
2.730 |
17.640 |
0.780 |
|
Total
Current Assets |
696.980 |
605.390 |
388.070 |
|
|
|
|
|
|
TOTAL |
1,246.580 |
1,113.450 |
468.130 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1,889.770 |
1,378.300 |
805.120 |
|
|
Other Income |
5.730 |
11.270 |
2.420 |
|
|
TOTAL
(A) |
1,895.500 |
1,389.570 |
807.540 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
(B) |
1,734.850 |
1,263.130 |
710.990 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
160.650 |
126.440 |
96.550 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.330 |
28.030 |
21.280 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
120.320 |
98.410 |
75.270 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
40.250 |
22.230 |
7.920 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
80.070 |
76.180 |
67.350 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
19.720 |
22.530 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
60.350 |
53.650 |
67.350 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.63 |
2.35 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.18 |
3.86 |
8.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.23 |
5.52 |
8.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.42 |
6.84 |
14.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.20 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.33 |
0.85 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
0.85 |
1.35 |
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 |
177.000 |
179.590 |
229.240 |
|
Reserves & Surplus |
(12.440) |
53.590 |
425.280 |
|
Net
worth |
164.560 |
233.180 |
654.520 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
201.760 |
328.090 |
218.940 |
|
Total
borrowings |
201.760 |
328.090 |
218.940 |
|
Debt/Equity
ratio |
1.226 |
1.407 |
0.335 |
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 |
805.120 |
1,378.300 |
1,889.770 |
|
|
|
71.192 |
37.109 |
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 |
805.120 |
1,378.300 |
1,889.770 |
|
Profit |
67.350 |
53.650 |
60.350 |
|
|
8.37% |
3.89% |
3.19% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
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 |
Yes |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90361326 |
09/10/2012 * |
510,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA, RESID |
B60811882 |
* Date of charge modification
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.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/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 |
|
52 |
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.