MIRA INFORM REPORT

 

 

Report No. :

347736

Report Date :

31.10.2015

 

IDENTIFICATION DETAILS

 

Name :

TOTO INDIA INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

Unit No.101, First Floor, Kamla Executive Park, Off Andheri Kurla Road, MIDC Lane, Andheri (East), Mumbai – 400 059, Maharashtra

Tel. No.:

91-22-28325741

 

 

Country :

India

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

23.01.2011

 

 

Com. Reg. No.:

11-212662

 

 

Capital Investment / Paid-up Capital :

Rs.3500.000 Million

 

 

CIN No.:

[Company Identification No.]

U74120MH2011FTC212662

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT16561G

 

 

PAN No.:

[Permanent Account No.]

AADCT7270M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Importer of sanitary wares accessories and spares parts of the accessories for all kinds of sanitary ware.

 

 

No. of Employees :

300 (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 is a subsidiary of Toto Asia Oceania Pte. Limited, Singapore having moderate track.

 

It was incorporated in the year 2011 and is a trader and importer of sanitary ware accessories and spare parts of the accessories for all kinds of sanitary ware products.

 

For the financial year ended 2014, company has reported accumulated losses from its business operations.

 

Rating is also constrained on account of company’s moderate financial risk profile marked by negative reserves level and leveraged balance sheet profile of the company.

 

However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings with some caution.

 

Note: Under the director report financial data wrongly mentioned as Rs in lakhs but as per our analysis financial data should be Rs. In thousand. Correction on financial data reflected in the report.

 

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

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 PARTED BY (GENERAL DETAILS)

 

Name :

Ms. Nalini Gawade

Designation :

Senior Executive Account

Contact No.:

91-22-28325741

Date :

29.10.2015

 

 

LOCATIONS

 

Registered Office/ Head Office :

Unit No.101, First Floor, Kamla Executive Park, Off Andheri Kurla Road, MIDC Lane, Andheri (East), Mumbai – 400 059, Maharashtra, India

Tel. No.:

91-22-28325741/ 42 

Fax No.:

91-22-40223719

E-Mail :

nitin@toto.com

suresh@toto.com

Website:

http://www.toto.com

 

 

Factory :

Survey No.1540-P, Halol Industrial Area, Village-Chandrapura, Taluka Halol, Panchmahal, Near General Motors, Vadodara – 389 350, Gujarat, India

Tel. No.:

91-267-6661500

 

 

Branch Office :

909-909A, 9th Floor, E Block, International Trade Tower, Nehru Place, New Delhi – 110 019, India

Tel. No.:

91-11-46542421/ 122, 43177300

Fax No.:

91-11-46542430

 

 

Project Office :

303, C Tower, Shri Siddhivinayak Complex, Framaji Compound, Alkapur, Vadodara – 390 007, Gujarat, India

 

 

DIRECTORS

 

As on 18.06.2015

 

Name :

Mr. Tatsuhiko Yasaka

Designation :

Managing director

Address :

695 Kuranari oaza Yamagamachi, Kitsukicity Oitaprefecture, 8791305, Japan

Date of Birth/Age :

06.06.1968

Date of Appointment :

25.01.2011

DIN No.:

03273059

 

 

Name :

Mr. Hiroshi Tanie

Designation :

Director

Address :

31, Cairnhill Circle, # 16-01, Singapore, 229774, Singapore

Date of Birth/Age :

22.03.1965

Date of Appointment :

16.04.2012

DIN No.:

03567202

 

 

Name :

Mr. Satoshi Horiuchi

Designation :

Director

Address :

2-7-7-502, Katano Shin Hachi, Kokurakitaku, Kitakyushu, Japan

Date of Birth/Age :

04.10.1966

Date of Appointment :

30.04.2013

DIN No.:

06562152

 

 

Name :

Mr. Takuya Nakajima

Designation :

Director

Address :

9-10-21-106, Kitami, Setagaya-KU, Tokyo, NA, Japan

Date of Birth/Age :

22.12.1966

Date of Appointment :

30.04.2013

DIN No.:

06552075

 

 

Name :

Mr. Toshikatsu Kondo

Designation :

Director

Address :

B-1301, Avalon, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

18.09.1971

Date of Appointment :

30.04.2013

DIN No.:

06562498

 

 

Name :

Mr. Soichi Abe

Designation :

Director

Address :

2-1-52-307, Shitoku Kokuraminami-ku, Kitakyushu, 8020983, Japan

Date of Birth/Age :

22.08.1961

Date of Appointment :

23.01.2011

DIN No.:

03257756

 

 

Name :

Mr. Akira Kamizawa

Designation :

Director

Address :

801, 3-3-5, Shimoochiai, Sninjyuku-ku, Tokyo, 1610033, Japan

Date of Appointment :

12.11.2014

DIN No.:

07012932

 

 

KEY EXECUTIVES

 

Name :

Ms. Nalini Gawade

Designation :

Senior Executive Account

 

 

Name :

Shankar Sundaresan Iyer

Designation :

Secretary

Address :

A-6/4, Amravan CHS, Flat No.35, LIC Colony, Borivali (West), Mumbai – 400 103, Maharashtra, India

Date of Appointment :

14.07.2014

PAN No.:

AAUPI6047F

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 18.06.2015

 

Names of Shareholders

 

No. of Shares

Percentage of Holding

TOTO Asia Oceania Pte. Limited, Singapore

244950000

69.99

TOTO Limited, Japan

50000

0.01

Mitsui and Co. Limited, Japan

105000000

30.00

Total

350000000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 18.06.2015

 

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

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of sanitary wares accessories and spares parts of the accessories for all kinds of sanitary ware.

 

 

Products :
  • Faucet Handles
  • Granite Bathtub
  • Led Bathroom Shower
  • Bottle Trap
  • Bathroom Wall Cabinets
  • Bathroom Glass Shelves

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Finished Goods

Countries :
  • Japan
  • Thailand

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers and Manufacturer

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

Bank Name

Bank of Tokyo-Mitsubishi UFJ

Branch

Nariman Point, Mumbai, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loans

31.12.2014

(Rs. in Million)

31.12.2013

(Rs. in Million)

LONG-TERM BORROWINGS

 

 

Foreign currency term loans from banks

1225.958

1029.727

Total

1225.958

1029.727

 

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Mumbai, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AACFD4815A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Ultimate Holding Company:

TOTO Limited, Japan

 

 

Holding Company :

TOTO Asia Oceania Pte. Limited, Singapore

 

 

Fellow Subsidiary Companies :

  • Beijing TOTO Co., Limited, Japan
  • Nanjing TOTO Co., Limited, Japan
  • P.T Surya TOTO Indonesia TBK, Indonesia
  • TOTO Mexico S.A. DE C.V., Mexico
  • TOTO (Beijing) Co., Limited, Japan
  • TOTO (China) Co., Limited, China
  • TOTO Dalian Co., Limited, Japan
  • TOTO East China Co., Limited, China
  • TOTO Europe GmbH, United Kingdom
  • TOTO (Guangzhou) Co., Limited, Japan
  • TOTO Malaysia SDN BHD, Malaysia
  • TOTO Manufacturing (Thailand) Co., Limited, Thailand
  • TOTO (Shanghai) Co., Limited, China
  • TOTO Vietnam Co. Limited, Vietnam
  • Voreto (Xiamen) Plumbing Technology Co. Limited, Japan
  • TOTO U.S.A. INC., United States

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

Mitsui and Co. Limited, Japan

 

 

CAPITAL STRUCTURE

 

As on 18.06.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

350000000

Equity Shares

Rs.10/- each

Rs.3500.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

350000000

Equity Shares

Rs.10/- each

Rs.3500.000 million

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.12.2014

31.12.2013

31.12.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

3500.000

3000.000

1400.000

(b) Reserves & Surplus

(447.789)

(225.428)

(231.479)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

700.000

Total Shareholders’ Funds (1) + (2)

3052.211

2774.572

1868.521

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1225.958

1029.727

1111.623

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

2.699

1.617

0.545

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

1228.657

1031.344

1112.168

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

125.242

102.377

98.640

(c) Other current liabilities

133.851

239.457

50.283

(d) Short-term provisions

0.559

0.171

0.033

Total Current Liabilities (4)

259.652

342.005

148.956

 

 

 

 

TOTAL

4540.520

4147.921

3129.645

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3734.655

478.980

295.085

(ii) Intangible Assets

3.483

2.136

0.492

(iii) Capital work-in-progress

1.203

2478.649

1630.719

(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

0.000

0.000

0.000

(e) Other Non-current assets

145.581

268.776

317.609

Total Non-Current Assets

3884.922

3228.541

2243.905

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

219.935

118.505

82.586

(c) Trade receivables

7.126

8.711

14.698

(d) Cash and cash equivalents

399.116

779.712

779.080

(e) Short-term loans and advances

22.337

6.783

9.153

(f) Other current assets

7.084

5.669

0.223

Total Current Assets

655.598

919.380

885.740

 

 

 

 

TOTAL

4540.520

4147.921

3129.645

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2014

31.12.2013

31.12.2012

 

SALES

 

 

 

 

 

Income

565.053

434.056

296.571

 

 

Other Income

211.331

159.111

75.429

 

 

TOTAL                                    

776.384

593.167

372.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

998.745

587.115

485.310

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

(222.361)

6.052

(113.310)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

(222.361)

6.052

(113.310)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(225.427)

(231.479)

(118.169)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(447.788)

(225.427)

(231.479)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

18.510

18.281

14.597

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(0.64)

0.02

(0.81)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2014

31.12.2013

31.12.2012

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) operations

(383.857)

(41.569)

(55.397)

Net cash flow from operating activity

(448.999)

(122.802)

(197.254)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2014

31.12.2013

31.12.2012

Net Profit Margin

(PAT / Sales)

(%)

(39.35)

1.39

(38.21)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(4.90)

0.36

(7.56)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.07)

0.00

(0.06)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.40

0.37

0.59

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.52

2.69

5.95

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

1400.000

3000.000

3500.000

Reserves & Surplus

(231.479)

(225.428)

(447.789)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

700.000

0.000

0.000

Net worth

1868.521

2774.572

3052.211

 

 

 

 

long-term borrowings

1111.623

1029.727

1225.958

Short term borrowings

0.000

0.000

0.000

Current Maturities of Long-Term Debts

0.000

0.000

0.000

Total borrowings

1111.623

1029.727

1225.958

Debt/Equity ratio

0.595

0.371

0.402

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

296.571

434.056

565.053

 

 

46.358

30.180

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

296.571

434.056

565.053

Profit/ (Loss)

(113.310)

6.052

(222.361)

 

(38.21%)

1.39%

(39.35%)

 

 

 

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

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

 

NOTE: Registered office of the company has been shifted from Office No. 506, 5th Floor, ASCOT Centre Sahar Road, Sahar, Andheri (East), Mumbai – 400099, Maharashtra, India to the present address w.e.f.23.01.2013

 

 

BUSINESS PLAN AND FUTURE BUSINESS PROJECTION OF THE COMPANY

 

During the fourth year of operations, the Company has achieved turnover of Rs.565.053 Million against the turnover of Rs.434.056 Million during the last year and the Company is very much optimistic about its future growth since it has commenced the commercial production at its Factory in Halol, Gujarat.

 

 

INDEX OF CHARGES

 

No Charges Exist for Company.

 

 

FIXED ASSETS

 

Tangible Assets

·         Land

·         Buildings

·         Plant and Equipments

·         Furniture and Fixtures

·         Vehicles

·         Computer Equipments

·         Office 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, India Prisons Service, Interpol, etc.

 

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.65.22

UK Pound

1

Rs.99.93

Euro

1

Rs.71.66

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.