MIRA INFORM REPORT
|
Report No. : |
333657 |
|
Report Date : |
27.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUCY ELECTRIC INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
R.S. No. 26-30, Village Noorpura, Post Baska, Beside Polycab, Halol -
Baroda Toll Road, Halol, Panchmahal-389350, Gujarat |
|
Tel. No.: |
91-2676-304900 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
05.10.2007 |
|
|
|
|
Com. Reg. No.: |
04-065443 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 170.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31900GJ2007PTC065443 |
|
|
|
|
IEC No.: |
0308036751 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL3883C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Medium and High Voltage Switchgears. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Lucy Electric India Private Limited formed on 5th October
2007, is a subsidiary of “W. LUCY AND CO. LIMITED’’, UNITED KINGDOM. It is
established company having satisfactory track record. During FY-2014, the company have reported minimal decline in its sales
turnover and profitability. However, the rating on Lucy Electric India Private Limited reflects
the strong financial and managerial support from its holding company, healthy
financial risk profile and capital structure, comfortable gearing backed by its
debt to equity at 0.49 times. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of decent financials base backed by strong support from its
holding company, the company can be considered for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Rahul |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-2676-304900 |
|
Date : |
25.07.2015 |
LOCATIONS
|
Registered Office/ Factory : |
R.S. No. 26-30, Village Noorpura, Post Baska, Beside Polycab, Halol -
Baroda Toll Road, Halol, Panchmahal-389350, India |
|
Tel. No.: |
91-2676-304900 |
|
Fax No.: |
91-2676-304804 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales Office: |
F-10, MIDC, Ambad, Nashik-422010, Maharashtra, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Henry Thomas Derwent Clark |
|
Designation : |
Director |
|
Address : |
120 Kings Road West, Swanage, BH191HS, , United Kingdom |
|
Date of Birth/Age : |
22.07.1962 |
|
Date of Appointment : |
05.10.2007 |
|
DIN No.: |
00269015 |
|
|
|
|
Name : |
Mr. John Adrian Griffiths |
|
Designation : |
Director |
|
Address : |
Flat 8 Fettlers House, Eagle Works, Walton Well Road ,
Oxford, OX2 6GE, United Kingdom, NA, , United Kingdom |
|
Date of Birth/Age : |
12.04.1962 |
|
Date of Appointment : |
04.07.2014 |
|
DIN No.: |
06916647 |
|
|
|
|
Name : |
Mr. Phillip Christopher Williams |
|
Designation : |
Director |
|
Address : |
Villa No. 36, Carmen Village,Victory heights, Dubai Sports
City, Dubai, NA, United Arab Emirates |
|
Date of Birth/Age : |
02.05.1964 |
|
Date of Appointment : |
19.12.2011 |
|
DIN No.: |
05168475 |
|
|
|
|
Name : |
Mr. Vishnupratap Rampratap Tiwari |
|
Designation : |
Director |
|
Address : |
Flat -2703,, 393/Emirates Hill First, Post Box-17709,
Dubai, 283203, United Arab Emirates |
|
Date of Birth/Age : |
31.01.1969 |
|
Date of Appointment : |
31.07.2012 |
|
DIN No.: |
06362201 |
KEY EXECUTIVES
|
Name : |
Mr. Deepkumar Vinitchandra Agrawal |
|
Designation : |
Secretary |
|
Address : |
Kalyan Nagar Society, Karelibaug, Vadodara-390018,
Gujarat, India |
|
Date of Birth/Age : |
09.12.1913 |
|
Date of Appointment : |
09.12.2013 |
|
PAN No.: |
AMZPA0065C |
|
|
|
|
Name : |
Mr. Rahul |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
W. Lucy and Co Limited, United Kingdom |
16999999 |
|
Lucy Electric (EMS) Limited, United Kingdom |
1 |
|
Total |
17000000 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Medium and High Voltage Switchgears. |
|
|
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|
Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
|
Countries : |
UAE |
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Imports : |
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|
Products : |
Raw Material |
|
Countries : |
UK |
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Terms : |
|
|
Selling : |
Cash, L/C and Credit (30 days, 60 days and 90 days) |
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Purchasing : |
Cash, L/C and Credit (30 days, 60 days and 90 days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Walker,
Chandiok and Company Chartered Accountants |
|
Address : |
16th Floor, Tower- I I,
Indiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai, Maharashtra,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFW4298E |
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|
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Memberships : |
-- |
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Collaborators : |
-- |
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|
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Holding Company : |
W.
Lucy and Co. Limited, UK |
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|
|
|
Fellow Subsidiary Company: |
·
Lucy Switchgear UK Limited ·
Lucy Switchgear F.Z.E ·
Lucy Switchgear (EMS) Limited ·
Lucy Zodion Limited ·
Lucy Middle East FZE ·
Lucy Electric South Africa (Pty) Limited ·
CG Lucy Switchgear Limited ·
Lucy Asian Pacific SDN BHD |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs. 10/- each |
Rs. 170.000
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 |
170.000 |
170.000 |
170.000 |
|
(b) Reserves & Surplus |
136.834 |
106.153 |
46.023 |
|
(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) |
306.834 |
276.153 |
216.023 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
156.259 |
141.412 |
133.007 |
|
(b) Deferred tax liabilities (Net) |
6.743 |
5.413 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
2.099 |
1.502 |
2.034 |
|
Total
Non-current Liabilities (3) |
165.101 |
148.327 |
135.041 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
118.434 |
99.054 |
115.918 |
|
(c)
Other current liabilities |
10.429 |
12.578 |
16.491 |
|
(d)
Short-term provisions |
0.089 |
0.064 |
0.086 |
|
Total
Current Liabilities (4) |
128.952 |
111.696 |
132.495 |
|
|
|
|
|
|
TOTAL |
600.887 |
536.176 |
483.559 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
196.928 |
199.136 |
184.425 |
|
(ii)
Intangible Assets |
3.535 |
2.576 |
3.816 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.983 |
|
(iv) Intangible assets under development |
0.000 |
2.833 |
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 |
25.828 |
4.798 |
0.498 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
226.291 |
209.343 |
189.722 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
94.156 |
109.602 |
92.260 |
|
(c)
Trade receivables |
103.337 |
118.672 |
139.146 |
|
(d)
Cash and cash equivalents |
167.629 |
64.444 |
34.265 |
|
(e)
Short-term loans and advances |
6.299 |
34.115 |
28.166 |
|
(f)
Other current assets |
3.175 |
0.000 |
0.000 |
|
Total
Current Assets |
374.596 |
326.833 |
293.837 |
|
|
|
|
|
|
TOTAL |
600.887 |
536.176 |
483.559 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
553.762 |
556.163 |
403.065 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
513.751 |
478.620 |
435.673 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
40.011 |
77.543 |
(32.608) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.330 |
17.413 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
30.681 |
60.130 |
(32.608) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.
B Value of Export |
532.689 |
537.347 |
399.703 |
|
|
TOTAL EARNINGS |
532.689 |
537.347 |
399.703 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF
Value of import |
67.295 |
49.518 |
55.419 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.80 |
3.54 |
(1.92) |
|
Expected Sales (2014-2015): Rs. 560.000 Million
The above information has been parted by Mr. Rahul (Accounts Executive)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
129.719 |
83.069 |
(88.215) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.66 |
14.54 |
(6.76) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.28 |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51 |
0.51 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90 |
2.93 |
2.22 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
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 |
170.000 |
170.000 |
170.000 |
|
Reserves & Surplus |
46.023 |
106.153 |
136.834 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
216.023 |
276.153 |
306.834 |
|
|
|
|
|
|
Long-term borrowings |
133.007 |
141.412 |
156.259 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
133.007 |
141.412 |
156.259 |
|
Debt/Equity
ratio |
0.616 |
0.512 |
0.509 |
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 |
403.065 |
556.163 |
553.762 |
|
|
|
37.983 |
(0.432) |
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 |
403.065 |
556.163 |
553.762 |
|
Profit/ (Loss) |
(32.608) |
60.130 |
30.681 |
|
|
(8.09%) |
10.81% |
5.54% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES NO CHARGES
EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans from others |
156.259 |
141.412 |
|
|
|
|
|
Total |
156.259 |
141.412 |
REVIEW OF OPERATIONS:
Sales and other income of
the Company of FY 2013 - 14 has fallen slightly to INR Rs. 553.762 Million as
compared to the previous year of INR Rs. 556.163 Million.
During
the year, Profit after Tax (PAT) of the Company falls down to INR Rs. 30.681
Million compared to INR Rs. 60.130 Million of FY 2012-13.
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 301/302,
Sarathi Complex, 3rd Floor, Opposite Nutan Bharat Society, Alkapuri,
Vadodara-390007, Gujarat, India to the present address w.e.f 29.09.2011
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Factory Equipments
·
Office equipment
·
Furniture and Fixtures
·
Vehicles
·
Computer Equipments
·
Other Equipments
Intangible
Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.89 |
|
|
1 |
Rs. 99.10 |
|
Euro |
1 |
Rs. 70.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
43 |
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.