MIRA INFORM REPORT
|
Report No. : |
343137 |
|
Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
VENUS CONTROLS AND SWITCHGEAR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ashoka House, 3A Hare St., 5th Floor, Room No.505, Kolkata-700001, West Bengal |
|
Tel. No.: |
91-33-40056101/05 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.07.1989 |
|
|
|
|
Com. Reg. No.: |
21-047170 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 65.818 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31200WB1989PTC047170 |
|
|
|
|
IEC No.: |
0289011418 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV0283C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of tailor made electric and
electronic switchgear assemblies. |
|
|
|
|
No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1989 engaged in manufacturing,
exporting and importing of tailor made electric and electronic switch gear
assemblies. As per registrar of companies, the date of balance sheet (i.e.
financial field) is shown as 31.03.2014 but the documents related to the
financials are not available from any source. Rating remain constrained on account of company’s working capital intensive
nature of operations marked by moderate financial risk profile along with
leverage liquidity position and intense competition due to fragmented nature
of industry. Trade relations are fair. Payment terms are reported to be slow but
correct. In view of aforesaid, the company can be considered for business
dealings with some caution. |
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
|
Rating Agency Name |
ICRA |
|
Rating |
Long term bank facilities B+ |
|
Rating Explanation |
Risk-prone-credit-quality and carries very high credit risk. |
|
Date |
04.05.2015 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Ms. Meetu Bansal |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-33-40056102 |
|
Date : |
05.10.2015 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Ashoka House, 3A Hare St., 5th Floor, Room No.505, Kolkata-700001, West Bengal, India |
|
Tel. No.: |
91-33-40056101/05 |
|
Mobile No.: |
91-9831005179 (Mr. Shyam) |
|
Fax No.: |
91-33-40056101 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No.26,27 and 9, Sector-37, Hero-Honda Chowk, Delhi-Jaipur
Highway, Pace City-I, Gurgaon-122001, Haryana, India |
|
Tel. No.: |
91-124-4266689/98 |
|
|
|
|
Branch Office : |
Located at : Bangalore Delhi Raipur |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Shyam Sundar Patodia |
|
Designation : |
Director |
|
Address : |
188/1/G Maniktalla Main Road, Kolkata-700 054, West Bengal, India |
|
Date of Birth/Age : |
21.04.1952 |
|
Date of Appointment : |
05.07.1989 |
|
DIN No.: |
00203989 |
|
|
|
|
Name : |
Mr. Vijay Kumar Patodia |
|
Designation : |
Director |
|
Address : |
188/1/G Maniktalla Main Road, Kolkata-700 054, West Bengal, India |
|
Date of Appointment : |
20.12.2006 |
|
DIN No.: |
00541714 |
KEY EXECUTIVES
|
Name : |
Ms. Meetu Bansal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Manju Patodia |
|
209510 |
|
Vijay Kumar Patodia |
|
286300 |
|
Shyam Sundar Patodia |
|
573250 |
|
Shyam Sundar Patodia (HUF) |
|
951500 |
|
Radha Kishan Patodia |
|
3010 |
|
Samir Commerce and Finance Limited, India |
|
2842000 |
|
Coramandal properties and Finance Private Limited |
|
332000 |
|
Panchwati Enclave Private Limited |
|
784000 |
|
Patodia Realestate and Builders Private Limited |
|
70000 |
|
Shree Yukti Ramji Maharaj Trust |
|
215000 |
|
Shree Sundar Dasji Maharaj Trust |
|
215000 |
|
|
|
|
|
Names of Preference
Shareholders |
|
|
|
Vijay Kumar Patodia |
|
6000 |
|
Shyam Sundar Patodia |
|
4000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
62.05 |
|
Directors or relatives of Directors |
37.95 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of tailor made electric and
electronic switchgear assemblies. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished goods |
|
Countries : |
·
Asian Countries ·
Australia |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Depend |
|
|
|
|
Purchasing : |
Depend |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
450 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Barkha and Associates Chartered Accountants |
|
Address : |
56, Metcalfe Street, 2nd Floor, Room No. 2C, Kolkata -700013, West Bengal, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AKWPA8777A |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates : |
· Snowbird Tieup Private Limited · Samvijay Power and Allied Industries Limited · Samir Commerce and Finance Private Limited · Prime Tradecom Private Limited · Patodia Real Estate and Builders Private Limited · Patodia Power and Infrastructure Private Limited · Panchwati Enclave Private Limited · Pagoda Vyapaar Private Limited · Overtone Dealcom Private Limited · Minimax Tieup Private Limited · Manvijay Residency Private Limited · Mandiv Properties Private Limited · Kalamunj Realtors Private Limited · Kalamunj Real Estate Private Limited · Kalamunj Niketan Private Limited · Kalamunj Housing Private Limited · Kalamunj Developers Private Limited · Kalamunj Construction Private Limited · Kalamunj Builders Private Limited · Glowing Builders Private Limited · Evergren Commotrade Private Limited · Coramondal Properties and Finance Private Limited · Breeze Vinimay Private Limited · Automate Electro Engineering Company Private Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,900,000 |
Equity Shares |
Rs.10/- each |
Rs. 69.000 Million |
|
10,000 |
Preference Shares |
Rs.100/- each |
Rs. 1.000
Million |
|
|
Total |
|
Rs. 70.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,481,840 |
Equity Shares |
Rs.10/- each |
Rs. 64.818
Million |
|
10,000 |
Preference Shares |
Rs.100/- each |
Rs. 1.000
Million |
|
|
Total |
|
Rs. 65.818 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
65.818 |
65.818 |
65.818 |
|
(b) Reserves & Surplus |
357.680 |
335.648 |
322.303 |
|
(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) |
423.498 |
401.466 |
388.121 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
727.110 |
623.042 |
129.995 |
|
(b) Deferred tax liabilities (Net) |
9.357 |
12.341 |
18.050 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
16.634 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
736.467 |
635.383 |
164.679 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
355.660 |
|
(b) Trade
payables |
711.629 |
595.346 |
370.407 |
|
(c) Other
current liabilities |
178.064 |
141.956 |
19.271 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
889.693 |
737.302 |
745.338 |
|
|
|
|
|
|
TOTAL |
2049.658 |
1774.151 |
1298.138 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
34.202 |
183.927 |
207.563 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.123 |
2.786 |
2.786 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
110.956 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
148.281 |
186.713 |
210.349 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
548.950 |
569.956 |
463.772 |
|
(c) Trade
receivables |
991.880 |
840.749 |
506.943 |
|
(d) Cash
and cash equivalents |
192.755 |
70.434 |
37.081 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
167.792 |
106.299 |
79.993 |
|
Total
Current Assets |
1901.377 |
1587.438 |
1087.789 |
|
|
|
|
|
|
TOTAL |
2049.658 |
1774.151 |
1298.138 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
34.756 |
25.024 |
29.603 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
12.724 |
11.679 |
11.213 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
22.032 |
13.345 |
18.390 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
82.238 |
68.893 |
50.503 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
104.270 |
82.238 |
68.893 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.39 |
2.05 |
2.83 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
(280.174) |
402.064 |
(290.467) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.70 |
1.41 |
2.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.06 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.72 |
1.55 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14 |
2.15 |
1.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
65.818 |
65.818 |
65.818 |
|
Reserves & Surplus |
322.303 |
335.648 |
357.680 |
|
Net
worth |
388.121 |
401.466 |
423.498 |
|
|
|
|
|
|
long-term borrowings |
129.995 |
623.042 |
727.110 |
|
Short term borrowings |
355.660 |
0.000 |
0.000 |
|
Total
borrowings |
485.655 |
623.042 |
727.110 |
|
Debt/Equity
ratio |
1.251 |
1.552 |
1.717 |
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Million) |
31.03.2012 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
215.728 |
208.950 |
|
Other loans and advances, others |
2.196 |
2.273 |
|
Loans repayable on demand from others |
41.054 |
9.320 |
|
Total |
258.978 |
220.543 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10528731 |
31/10/2014 |
2,900,000.00 |
RELIGARE FINVEST LIMITED |
D3, P3B,, District Centre, Saket, New Delhi, Delhi - 110017, INDIA |
C32009730 |
|
2 |
10528873 |
31/10/2014 |
2,500,000.00 |
RELIGARE FINVEST LIMITED |
D3, P3B,, District Centre, Saket, New Delhi, Delhi - 110017, INDIA |
C32088767 |
|
3 |
10504593 |
27/02/2014 |
40,000,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH, 4, INDIA EXCHANGE |
C04462875 |
|
4 |
10292125 |
23/05/2014 * |
640,000,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH, 4, INDIA EXCHANGE |
C05170816 |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Computer
- Vehicle
- Office equipment
- Plant and machinery
- 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 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.65.15 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.73.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.