MIRA INFORM REPORT
|
Report No. : |
320575 |
|
Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
GALA PRECISION ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-59, Road No. 10, Wagle Industrial Estate, Thane-400604, Maharashtra |
|
Tel. No.: |
91-22-25821321 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.02.2009 |
|
|
|
|
Com. Reg. No.: |
11-190522 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 35.237 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29268MH2009PTC190522 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Manufacturers disc springs and provides mass finishing
solutions. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The rating takes into consideration its established market position and
promoters established track record in the disc spring and mass finishing
solution segments. Trade relation are fair. Business is active. Payment terms are
reported to be slow but correct. 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BB |
|
Rating Explanation |
Have inadequate credit quality and high credit risk. |
|
Date |
27.02.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
27.02.2015 |
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 (91-22-25821321)
LOCATIONS
|
Registered Office / Corporate Office Head office 1: |
A-59, Road No. 10, Wagle Industrial Estate, Thane-400604, Maharashtra,
India |
|
Tel. No.: |
91-22-25821321/25800252/41410404/25821232/25820252 |
|
Fax No.: |
91-22-25820771 |
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E-Mail : |
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|
Website: |
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Factory 1 : |
Plot No. 295, Village Vadavali at Post Met, Masurne Road,
Bhiwandi-Wada Highway, Taluka Wada, Thane-421312, Maharashtra, India |
|
Tel. No.: |
91-2526-220155 |
|
Fax No.: |
91-2526-220577 |
|
|
|
|
Factory 2 : |
No. 4 Workshop, 1669 Hu Hang Road, Fengxian District, Shanghai, China |
|
E-Mail : |
|
|
|
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|
Germany Branch Office : |
Niederlassung Deutschland, 1st Floor, Lyoner Strasse 14,
60528 Frankfurt am Main Germany |
|
Tel. No.: |
+49 69 66 55 41 58 (Ashish Thosar) |
|
Fax No.: |
+49 69 66 55 41 59 |
|
E-Mail : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Kirit Vishanji Gala |
|
Designation : |
Managing Director |
|
Address : |
161/162, Tarangan Complex, Shahid Mangal Pande Road, Thane-400606,
Maharashtra, India |
|
Date of Birth/Age : |
25.08.1962 |
|
Date of Appointment : |
01.06.2009 |
|
DIN No.: |
01540274 |
|
|
|
|
Name : |
Mrs. Taramati Vishanji Gala |
|
Designation : |
Director |
|
Address : |
161/162, Tarangan I, Shahid Mangal Pande Road, Thane-400606,
Maharashtra, India |
|
Date of Birth/Age : |
02.07.1944 |
|
Date of Appointment : |
23.02.2009 |
|
DIN No.: |
01540332 |
|
|
|
|
Name : |
Mr. Vishanji Harshi Gala |
|
Designation : |
Director |
|
Address : |
161/162, Tarangan Complex, Shahid Mangal Pande Road, Thane-400606,
Maharashtra, India |
|
Date of Birth/Age : |
28.11.1936 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
01540359 |
|
|
|
|
Name : |
Mr. Balkishan Shyamsunder Jalan |
|
Designation : |
Director |
|
Address : |
1304, 20A, NTPC Complex, Shankar Charya, Marg Powai, Mumbai-100076, Maharashtra,
India |
|
Date of Birth/Age : |
23.08.1970 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
02876873 |
|
|
|
|
Name : |
Mr. Satish Dayaldas Kotwani |
|
Designation : |
Director |
|
Address : |
C-5/502, Madhav Srishti, Kahdak Pada, Kalyan (West), Thane-421301,
Maharashtra, India |
|
Date of Birth/Age : |
17.07.1973 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03154231 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
94.54 |
|
Other top fifty shareholders |
5.46 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers disc springs and provides mass finishing
solutions. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
|
|
Name : |
M. M. Nissim and Company Chartered Accountants |
|
Address : |
Barodawala Mansion, B - Wing, 3rd Floor, 81, Dr. Annie Besant Road,
Worli, Mumbai – 400013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFM5103E |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary company: |
Gala
Precision Components (Shanghai) Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Million |
|
7000000 |
Preferences Shares |
Rs.10/- each |
Rs. 70.000 Million |
|
|
Total |
|
Rs. 180.000
Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2023716 |
Equity Shares |
Rs.10/- each |
Rs. 20.237 Million |
|
1500000 |
Preferences Shares |
Rs.10/- each |
Rs. 15.000 Million |
|
|
Total |
|
Rs. 35.237
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 |
35.237 |
35.237 |
35.237 |
|
(b) Reserves & Surplus |
244.875 |
220.753 |
217.590 |
|
(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) |
280.112 |
255.990 |
252.827 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
54.684 |
64.422 |
22.161 |
|
(b) Deferred tax liabilities
(Net) |
4.382 |
1.237 |
0.603 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
12.730 |
11.842 |
11.216 |
|
Total
Non-current Liabilities (3) |
71.796 |
77.501 |
33.980 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
140.088 |
155.684 |
194.620 |
|
(b) Trade payables |
46.724 |
37.398 |
45.684 |
|
(c) Other current liabilities |
33.949 |
41.860 |
29.868 |
|
(d) Short-term provisions |
1.516 |
3.004 |
5.169 |
|
Total
Current Liabilities (4) |
222.277 |
237.946 |
275.341 |
|
|
|
|
|
|
TOTAL |
574.185 |
571.437 |
572.148 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
162.169 |
150.446 |
148.492 |
|
(ii) Intangible Assets |
10.585 |
14.497 |
11.216 |
|
(iii) Capital work-in-progress |
1.398 |
18.428 |
4.803 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
100.838 |
101.928 |
103.017 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.324 |
9.941 |
11.139 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
285.314 |
295.240 |
278.667 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
171.007 |
140.591 |
150.529 |
|
(c) Trade receivables |
86.826 |
110.271 |
117.464 |
|
(d) Cash and cash equivalents |
2.900 |
3.517 |
2.979 |
|
(e) Short-term loans and
advances |
28.102 |
21.570 |
22.366 |
|
(f) Other current assets |
0.036 |
0.248 |
0.143 |
|
Total
Current Assets |
288.871 |
276.197 |
293.481 |
|
|
|
|
|
|
TOTAL |
574.185 |
571.437 |
572.148 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
471.904 |
415.776 |
551.946 |
|
|
Other operating Income |
16.038 |
14.504 |
13.708 |
|
|
Other Income |
8.493 |
3.534 |
5.075 |
|
|
TOTAL |
496.435 |
433.814 |
570.729 |
|
|
|
|
|
|
|
Less |
EXPENSES |
476.189 |
430.016 |
548.996 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
20.246 |
3.798 |
21.733 |
|
|
|
|
|
|
|
Less |
TAX |
5.542 |
0.634 |
4.051 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
14.704 |
3.164 |
17.682 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
24.657 |
80.353 |
|
|
Capital Goods |
NA |
0.000 |
0.161 |
|
|
TOTAL
IMPORTS |
NA |
24.657 |
80.514 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
|
0.90 |
10.17 |
|
|
Diluted |
0.90 |
5.94 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.12 |
0.76 |
3.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29 |
0.84 |
4.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.01 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.70 |
0.86 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.16 |
1.07 |
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 |
35.237 |
35.237 |
35.237 |
|
Reserves & Surplus |
217.590 |
220.753 |
244.875 |
|
Net
worth |
252.827 |
255.990 |
280.112 |
|
|
|
|
|
|
long-term borrowings |
22.161 |
64.422 |
54.684 |
|
Short term borrowings |
194.620 |
155.684 |
140.088 |
|
Total
borrowings |
216.781 |
220.106 |
194.772 |
|
Debt/Equity
ratio |
0.857 |
0.860 |
0.695 |
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) |
|
Sales |
551.946 |
415.776 |
471.904 |
|
|
|
-24.671 |
13.500 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
551.946 |
415.776 |
471.904 |
|
Profit |
17.682 |
3.164 |
14.704 |
|
|
3.20% |
0.76% |
3.12% |
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 |
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 |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
COMPANY OVERVIEW:
The
Company was incorporated in 2009. The Company purchased disc spring and mass finishing
solution business from Gala Precision Technology Private Limited under Business
Transfer Agreement dated 26 May 2009 with effect from 1 June 2009. The Company
has its production unit at Wadain Thane District, Maharashtra.
OPERATIONS:
India
Operations : (April 2013 to March 2014)
During
the year 2013-14, the company has achieved gross turnover of Rs 513.804
Million. This above turnover excludes Inter-Unit Sale. There is no impact on
profit and loss as the Inter-unit sale took place at Cost and accordingly
matching cost was excluded from expenses side. During this period we have
achieved Exports Sales of Rs 294.375 Million.
During
the current year the Export Sales have decreased as compared to the previous
year from Rs 223.546 Million to Rs 294.375 Million i.e decline by 31.68%. The
increase is attributors to new OEM customers being added and new products being
sold to distributors. Apart from that many productivity improvement and cost
reduction projects were successfully implemented.
China
Operations:-
The 100% WOS in china which was earlier part of Gala Precision
Technology private Limited and the same has been taken over by us as a part of
BTA and applications to RBI under Automatic route is made and is under process.
The 100% WOS in China has achieved a gross turnover of Rs.88.881 Million (RMB
8.797 Million) during the
financial year ended on 31st December 2013 as compared to the previous year of
Rs 55.164 Million (RMB 6.371 Million) registering a
increasing of 38.08% in RMB. The above sales consist of only DS product.
Business
Development:
The
company is expected to add new distributors and continue selling new products
to distributors during the year 2014-15 to achieve higher growth apart from
utilizing the capacity to the maximum.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10165862 |
18/05/2012 * |
253,200,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
118-121, SWASTIK CHAMBERS,, SI |
B41794140 |
* Date of charge modification
FIXED ASSETS:
- Development
Cost
- Bore Well
- Freehold Land
- Leasehold
Land
- Factory
Building
- Plant and
Machinery
- Electrical
Installation
- Computers
- Vehicles
- Office
Equipments
- Dies and
Moulds
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.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
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 |
|
46 |
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.