MIRA INFORM REPORT
|
Report No. : |
343676 |
|
Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
NETAPP INDIA PRIVATE LIMITED [w.e.f.06.11.2008] |
|
|
|
|
Formerly Known
As : |
NETWORK APPLIANCE SYSTEMS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Fairwinds Block, EGL Software Park, Off Intermidiate
Ring Road, Bangalore – 560071, Karnataka |
|
Tel. No.: |
91-80-41843000/ 41500251 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.08.2000 |
|
|
|
|
Com. Reg. No.: |
08-032301 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.106
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200KA2000PTC032301 |
|
|
|
|
IEC No.: |
0703004239 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRN00876B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCN4063A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Software Development Services. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated on 25th August, 2000. It is wholly
owned subsidiary of NetApp B.V. it has fine track record. The company possesses a healthy financial risk profile marked by healthy
networth base, ample liquidity and good profitability. Trade relations are fair. Business is active. Payment terms are
regular and as per commitment. In view of strong holdings, 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-80-41843000]
LOCATIONS
|
Registered Office : |
3rd Floor, Fairwinds Block, EGL Software Park, Off Intermidiate
Ring Road, Bangalore – 560071, Karnataka, India |
|
Tel. No.: |
91-80-41843000/ 41500251 |
|
Fax No.: |
91-80-41500251 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Offices : |
Located at: ·
New Delhi ·
Chennai ·
Hyderabad · Kolkata ·
Mumbai · Pune ·
Bangalore |
DIRECTORS
AS ON 25.09.2014
|
Name : |
Mr. Deepak Visweswaraiah |
|
Designation : |
Managing director |
|
Address : |
D-25, Manyata Residency, Inside Manyata Tech Park, Nagawara, Hebbal
Ring Road, Bangalore – 560045, Karnataka, India |
|
Date of Birth/Age : |
15.05.1962 |
|
Date of Appointment : |
19.06.2013 |
|
PAN No.: |
ADBPV0388G |
|
DIN No.: |
06610775 |
|
|
|
|
Name : |
Matthew Knowlton Fawcett |
|
Designation : |
Director |
|
Address : |
8 EL Sereno DR, San Carlos California 940704942, United States of
America |
|
Date of Birth/Age : |
12.10.1967 |
|
Date of Appointment : |
14.12.2010 |
|
DIN No.: |
02508192 |
|
|
|
|
Name : |
Peter Gerard Mac Ginley |
|
Designation : |
Director |
|
Address : |
100 KG Java Road, #04-03, Singapore 228867 |
|
Date of Birth/Age : |
28.08.1963 |
|
Date of Appointment : |
11.06.2009 |
|
DIN No.: |
02797303 |
|
|
|
|
Name : |
Mr. Jay Narendra Bhow |
|
Designation : |
Additional director |
|
Address : |
Palm Meadows Villa 348 Phase 2, Whitefield, Bangalore – 560066,
Karnataka, India |
|
Date of Birth/Age : |
16.05.1960 |
|
Date of Appointment : |
22.05.2014 |
|
DIN No.: |
02995970 |
|
|
|
|
Name : |
Nicholas Richard Noviello JR |
|
Designation : |
Director |
|
Address : |
158 Seminary Dr, Menlo Park, California 940253569, United States of
America |
|
Date of Birth/Age : |
12.01.1969 |
|
Date of Appointment : |
15.12.2011 |
|
DIN No.: |
05146213 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
NetApp Inc. USA |
|
10 |
|
NetApp BV, The Netherlands |
|
1010596 |
|
|
|
|
|
Total |
|
1010606 |
AS ON 25.09.2014
|
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 : |
Providing Software Development Services. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Ultimate Holding
company : |
NetApp Inc |
|
|
|
|
Holding company : |
NetApp BV |
|
|
|
|
Fellow Subsidiary
company : |
NetApp India Marketing and Services Private Limited [U72200KA2011PTC057531] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,010,606 |
Equity Shares |
Rs. 10/- each |
Rs. 10.106
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 |
10.106 |
10.106 |
10.106 |
|
(b) Reserves & Surplus |
4567.711 |
3982.211 |
3378.239 |
|
(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) |
4577.817 |
3992.317 |
3388.345 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
787.230 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
32.932 |
35.356 |
25.103 |
|
(d)
long-term provisions |
305.851 |
323.280 |
269.689 |
|
Total
Non-current Liabilities (3) |
1126.013 |
358.636 |
294.792 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
551.492 |
410.251 |
353.160 |
|
(c)
Other current liabilities |
243.312 |
618.315 |
690.216 |
|
(d)
Short-term provisions |
56.367 |
201.395 |
55.696 |
|
Total
Current Liabilities (4) |
851.171 |
1229.961 |
1099.072 |
|
|
|
|
|
|
TOTAL |
6555.001 |
5580.914 |
4782.209 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2199.637 |
2383.536 |
2422.556 |
|
(ii)
Intangible Assets |
4.285 |
6.090 |
5.540 |
|
(iii)
Capital work-in-progress |
341.218 |
100.563 |
27.763 |
|
(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) |
297.119 |
226.347 |
137.725 |
|
(d) Long-term Loan
and Advances |
603.560 |
496.358 |
472.189 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
21.037 |
|
Total
Non-Current Assets |
3445.819 |
3212.894 |
3086.810 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
705.174 |
639.139 |
0.000 |
|
(d)
Cash and cash equivalents |
1359.344 |
900.681 |
660.602 |
|
(e)
Short-term loans and advances |
81.009 |
66.923 |
185.100 |
|
(f)
Other current assets |
963.655 |
761.277 |
849.697 |
|
Total
Current Assets |
3109.182 |
2368.020 |
1695.399 |
|
|
|
|
|
|
TOTAL |
6555.001 |
5580.914 |
4782.209 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
6948.424 |
6789.564 |
5610.480 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
6054.663 |
5891.221 |
4843.924 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
893.761 |
898.343 |
766.556 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
308.262 |
294.371 |
247.994 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
585.499 |
603.972 |
518.562 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2586.142 |
1982.170 |
1576.664 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
113.056 |
|
|
BALANCE CARRIED
TO THE B/S |
3171.641 |
2586.142 |
1982.170 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6891.455 |
6743.600 |
5582.257 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
579.35 |
597.63 |
513.12 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
853.046 |
1034.910 |
1397.584 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.11 |
17.10 |
16.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.23 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.17 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.65 |
1.93 |
1.54 |
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
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
10.106 |
10.106 |
10.106 |
|
Reserves & Surplus |
3378.239 |
3982.211 |
4567.711 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3388.345 |
3992.317 |
4577.817 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
787.230 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
787.230 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.172 |
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 |
5610.480 |
6789.564 |
6948.424 |
|
|
|
21.016 |
2.340 |
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 |
5610.480 |
6789.564 |
6948.424 |
|
Profit |
518.562 |
603.972 |
585.499 |
|
|
9.24% |
8.90% |
8.43% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
No |
|
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 |
787.230 |
0.000 |
|
|
|
|
|
Total |
787.230 |
0.000 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from No.15/6 2nd
Floor, Primrose Road, Bangalore - 560025, Karnataka, India to the present
address w.e.f.01.06.2006.
GENERAL INFORMATION
NetApp India Private Limited was incorporated on August 25, 2000. The company is engaged in providing research and development service to its ultimate holding company, NetApp Inc. USA, on a cost plus basis.
OPERATIONS:
The Company is in the business of providing specialized computer software and hardware equipment.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Other plant and equipment
·
Furniture and fixtures
·
Office equipment
·
Computer equipments
·
Other equipments
·
Leasehold improvements
·
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. 65.29 |
|
|
1 |
Rs. 99.31 |
|
Euro |
1 |
Rs. 73.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
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 |
|
66 |
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.