MIRA INFORM REPORT
|
Report No. : |
316462 |
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Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
H-D MOTOR COMPANY INDIA PRIVATE LIMITED (w.e.f. 08.09.2009) |
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Formerly Known
As : |
WINDSOR MOTORCYCLE COMPANY PRIVATE LIMITED |
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Registered
Office : |
1105, Ashoka Estate, 24, Barakhamba Road, New Delhi - 110001 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.07.2009 |
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Com. Reg. No.: |
55-192109 |
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Capital
Investment / Paid-up Capital : |
Rs.2006.211 Million |
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CIN No.: [Company Identification
No.] |
U35990DL2009PTC192109 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACW8754A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing, Importing, Exporting and Selling of Bikes and
Accessories. |
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No. of Employees
: |
Above 100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3650000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Harley-Davidson, Inc.”. It is an established
company having satisfactory track. The company possesses an acceptable financial profile marked by timely
infusion of funds, maintaining an adequate capital bae along with a
comfortable capital structure with no leverage reported in the books. Moreover, the company has started its manufacturing of street
motorcycles in India during the year and has started exporting the sale to
Singapore, leading to witnessing a decent revenue base and has backed the
management to decrease the intensity of loss during FY 2014. Further, the management is planning to start sale of street
motorcycles in the Indian market during FY 2015-2016 which will definitely
help the company to soar at the next level. The ratings also take into consideration, a world recognized brand
name that is aggressively defended in the high end motorcycle market. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong parentage, the company can be considered 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Abhishek Agarwal |
|
Designation : |
Accounts Department |
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Contact No.: |
91-124-4961600 |
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Date : |
08.04.2015 |
LOCATIONS
|
Registered Office : |
1105, Ashoka Estate, 24, Barakhamba Road, New Delhi – 110001, India |
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Tel. No. : |
Not Available |
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Fax No. : |
Not Available |
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E-Mail : |
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Location : |
Rented |
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Plant : |
Bawal, Haryana, India |
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Corporate Office / Mailing Office / Head Office : |
Time Tower, Unit 1 and 2, MG Road, Gurgaon – 122001, Haryana, India |
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Tel. No. : |
91-124-4961600 / 4961647 /
48 |
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Fax No. : |
91-124-4961647 / 4961612 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Anoop Prakash |
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Designation : |
Director |
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Address : |
1221, Fidler Lane, Silver Spring Maryland 20910 USA |
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Date of Birth/Age : |
15.07.1973 |
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Qualification : |
B.A (Economics and Public Policy), MBA |
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Date of Appointment : |
22.12.2010 |
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DIN No. : |
02715394 |
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Other Directorship:
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Name : |
Mr. Matthew Stephen Levatich |
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Designation : |
Director |
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Address : |
7729 N. Links Way, Fox Point Wisconsin 53217 USA |
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Date of Birth/Age : |
07.01.1965 |
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Date of Appointment : |
22.12.2010 |
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DIN No.: |
02721582 |
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Other Directorship:
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Name : |
Mr. Bharat Anand |
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Designation : |
Director |
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Address : |
1, Jaipur Estate, Nizamuddin East, New Delhi – 110013, India |
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Date of Birth/Age : |
13.07.1976 |
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Date of Appointment : |
22.12.2010 |
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DIN No.: |
02806475 |
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Other Directorship:
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Name : |
Mr. Baljeet Singh Mokha |
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Designation : |
Whole Time Director |
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Address : |
D-1/28, Second Floor, South City – 2, Gurgaon, Haryana, India |
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Date of Birth/Age : |
16.09.1971 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
06983168 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Abhishek Agarwal |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders (Ordinary
Shares) |
|
No. of Shares |
|
Harley- Davidson Asia Pacific Pte. Limited, Singapore |
|
2182159 |
|
H-D International Holding Company Inc., USA |
|
100 |
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Total |
|
2182259 |
|
Names of Shareholders (Class
B Shares) |
|
No. of Shares |
|
Harley- Davidson Asia Pacific Pte. Limited, Singapore |
|
298438811 |
|
Total |
|
298438811 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Importing, Exporting and Selling of Bikes
and Accessories. |
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Products : |
Bikes and Accessories |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Bikes |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Above 100 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Address : |
Golf View Corporate, Tower - B, Sector -42, Sector Road, Gurgaon - 122002, Haryana, India |
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PAN No.: |
ACHFS9180N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
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Ultimate Holding
Company : |
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Fellow Subsidiary
Company : |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Ordinary Shares |
Rs.10/- each |
Rs.25.000 Million |
|
207500000 |
Class B Shares |
Rs.10/- each |
Rs.2075.000 Million |
|
|
Total |
|
Rs.2100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2182259 |
Ordinary Shares |
Rs.10/- each |
Rs.21.823 Million |
|
198438811 |
Class B Shares |
Rs.10/- each |
Rs.1984.388 Million |
|
|
Total |
|
Rs.2006.211
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
2,006.211 |
1,081.675 |
888.240 |
|
(b) Reserves & Surplus |
(729.856) |
(694.330) |
(559.929) |
|
(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) |
1,276.355 |
387.345 |
328.311 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
14.336 |
11.321 |
8.000 |
|
(d) long-term
provisions |
5.222 |
4.511 |
3.386 |
|
Total Non-current
Liabilities (3) |
19.558 |
15.832 |
11.386 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
840.331 |
805.347 |
409.939 |
|
(c) Other
current liabilities |
117.187 |
35.522 |
8.711 |
|
(d) Short-term
provisions |
2.355 |
0.021 |
0.013 |
|
Total Current
Liabilities (4) |
959.873 |
840.890 |
418.663 |
|
|
|
|
|
|
TOTAL |
2,255.786 |
1,244.067 |
758.360 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
941.691 |
156.117 |
115.072 |
|
(ii) Intangible
Assets |
0.314 |
0.195 |
0.584 |
|
(iii)
Capital work-in-progress |
1.725 |
373.474 |
52.657 |
|
(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 |
26.169 |
225.559 |
179.453 |
|
(e) Other
Non-current assets |
15.360 |
12.253 |
0.000 |
|
Total Non-Current
Assets |
985.259 |
767.598 |
347.766 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
184.363 |
|
(b)
Inventories |
456.527 |
207.391 |
124.901 |
|
(c) Trade
receivables |
305.261 |
80.450 |
9.431 |
|
(d) Cash
and cash equivalents |
158.458 |
35.000 |
7.991 |
|
(e) Short-term
loans and advances |
348.294 |
152.820 |
83.756 |
|
(f) Other
current assets |
1.987 |
0.808 |
0.152 |
|
Total
Current Assets |
1,270.527 |
476.469 |
410.594 |
|
|
|
|
|
|
TOTAL |
2,255.786 |
1,244.067 |
758.360 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
|
933.002 |
|
|
|
|
|
Other Income |
|
73.748 |
|
|
|
|
|
TOTAL (A) |
2,127.538 |
1,006.750 |
625.140 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
TOTAL (B) |
2,087.961 |
1,099.999 |
835.040 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.577 |
(93.249) |
(209.900) |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
0.771 |
0.647 |
0.710 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
38.806 |
(93.896) |
(210.610) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
74.332 |
40.504 |
33.650 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(35.526) |
(134.400) |
(244.260) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(35.526) |
(134.400) |
(244.260) |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Capital Goods |
95.653 |
141.057 |
9.943 |
|
|
|
|
Raw Materials |
669.356 |
342.465 |
277.793 |
|
|
|
|
Motor bikes |
110.815 |
60.38 |
63.463 |
|
|
|
|
Parts accessories and merchandize products |
4.001 |
88.130 |
67.558 |
|
|
|
|
Others |
13.710 |
4.348 |
6.380 |
|
|
|
TOTAL IMPORTS |
893.535 |
636.380 |
425.137 |
||
|
|
|
|
|
|
||
|
|
Earnings / (Loss)
Per Share (Rs.) |
0.18 |
NA |
NA |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA |
(14.41) |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
NA |
(9.99) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.58) |
(15.44) |
(34.61) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
(0.35) |
(0.74) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
0.57 |
0.98 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
888.240 |
1081.675 |
2006.211 |
|
Reserves & Surplus |
(559.929) |
(694.330) |
(729.856) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
328.311 |
387.345 |
1276.355 |
|
|
|
|
|
|
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 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
625.140 |
1,006.750 |
2,127.538 |
|
|
|
61.044 |
111.327 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
625.140 |
1,006.750 |
2,127.538 |
|
Profit |
(244.260) |
(134.400) |
(35.526) |
|
|
(39.07%) |
(13.35%) |
(1.67%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
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 |
CORPORATE
INFORMATION
The Company was incorporated on July 10, 2009 for manufacturing and selling of bikes and accessories in India. The registered office of the Company is situated in New Delhi, the head office is in Gurgaon, Haryana and the assembly plant is situated in Bawal, Haryana.
OPERATIONS OF
THE COMPANY
The Company Revenue have grown significantly (111%) during the financial year and losses after depreciation of the Company have reduced by 74 %. The company has started manufacturing of Street motorcycles in India during the year and has started exporting the same to Singapore. The majority of the components for Street motorcycles are being sourced from India and the company has also started exporting components to the US. The company is planning to start sale of Street motorcycles in the India market from the next financial year. This has helped the company in achieving the growth and reducing the losses
NO CHARGES EXIST
FOR THE COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.33 |
|
|
1 |
Rs.92.53 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.