MIRA INFORM REPORT

 

 

Report No. :

339971

Report Date :

05.09.2015

 

IDENTIFICATION DETAILS

 

Name :

FUJITEC INDIA PRIVATE LIMITED (w. e. f. 28.03.2007)

 

 

Formerly Known As :

FSP ELEVATORS PRIVATE LIMITED

 

 

Registered Office :

Plot No. 52, Eight Avenue, Domestic Tariff Area, Mahindra World City, Chengal- pattu, Kancheepuram-603002, Tamilnadu

Tel. No.:

91-44-47418800

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.05.2004

 

 

Com. Reg. No.:

18-068688

 

 

Capital Investment / Paid-up Capital :

Rs. 1023.200 Million

 

 

CIN No.:

[Company Identification No.]

U29150TN2004PTC068688

 

 

IEC No.:

0304023426

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACF8048A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Installation and Maintenance of Lifts and Escalators and also Exporter of Technical Drawings.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 2000000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Fujitec Singapore Corporation Limited”. It is engaged in the business of manufacturing, installation and maintenance of lifts and escalators and also exporter of technical drawings. It has a moderate track record.

 

The company has incurred huge accumulated losses which has decline the net worth position of the company during the year under a review.

 

Further, company has average liquidity profile and unfavorable gap between trade payables and receivables. However, there are no borrowings to the company.

 

Trade relations are reported as fair. Business is active. Payments terms are slow.

 

In view of huge losses incurred, the company can be considered for business dealings with some cautions.

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Pandurangan

Designation :

Finance Head

Contact No.:

91-44-47418800

Date :

04.09.2015

 

 

LOCATIONS

 

Registered Office / Factory :

Plot No. 52, Eight Avenue, Domestic Tariff Area, Mahindra World City, Chengal- pattu, Kancheepuram-603002, Tamilnadu, India

Tel. No.:

91-44-47418800

Fax No.:

91-44-47418899

E-Mail :

finance.ho@fujitecindia.com

Website :

http://www.fujitecindia.com

   Location:

Owned

       Locality  :

Commercial and Industrial

 

 

Branch Address:
  • Bangalore:

 

Address: No.20, 4th Floor, Lake View Manor, Narayan Reddy Colony, Annaswamy Mudaliar Road, Ulsoor, Near Tamil Sangam, Bangalore-560042, Karnataka,  India

Contact No: 91-80-42693901-04 / 42042093 /25215075

 

  • Mumbai:

 

Address: B-213, Western Edge II, Western Express Highway, Near Metro Mall, Borivali (East), Mumbai-400066, Maharashtra, India

Contact No: 91-22-28548246 / Fax: 91-22-28548248

 

  • Coimbatore:

 

Address: No.614, Subadrajans Tharini Orchid, Trichy Road, Coimbatore-641005, Tamilnadu, India

Contact No: 91-8754499743

 

  • NCR (Gurgaon):

 

Address: 1144B, 11th Floor, Spaze-i-Tech Park, Sohna Road, Gurgaon-122002, Haryana, India

Contact No:  91-124-4301410 / 4301411

 

  • Chennai:

 

Address: No.5, Cross Street, Sri Nagar Colony, Saidapet, Chennai-600015, Tamilnadu, India

Contact No: 91-44-43123659

 

  • Hyderabad:

 

Address: No.36, Flat No.202, Srinivas Residency, Sai Enclave 2nd Lane, Hubsiguda-500007, Hyderabad, India

Contact No: 91-8008277289

 

  • Pune:

Address: Office No.19, First Floor, Sangam Projects II and III, Near RTO, Ambedkar Road, Pune-411001, Maharashtra, India

Contact No: 91-20-30484355

 

  • Cochin:

Address: 3rd Floor, Darussalam Building, Behind Kandam Kulathi Ayurveda Hospital, Near YMCA, Chitoor Road, Ernakulam-682035, Cochin, India

Contact No: 91-484-2370871

 

 

DIRECTORS

 

AS ON: 30.09.2014

 

Name :

Mr. Mohan Kumar Panicker

Designation :

Managing Director

Address :

‘Highlands’, 1, Ormes Road, 4th Cross, Kilpauk, Chennai-600010, Tamil Nadu, India

Date of Birth/Age :

20.09.1952

Date of Appointment :

02.10.2007

DIN No.:

02002812

 

 

Name :

Mr. Sugumaran Narayana Pillai

Designation :

Director

Address :

Block-41, Bedok, Reservoir Road, #13-67, Singapore-410641

Date of Birth/Age :

20.01.1948

Date of Appointment :

26.05.2004

DIN No.:

00408752

 

 

Name :

Mr. Rahim Shakir Ahmed

Designation :

Additional Director

Address :

Plot No. 1080, Officers Colony, Anna Nagar, West Extn., Chennai-600101, Tamil Nadu, India

Date of Birth/Age :

18.06.1972

Date of Appointment :

01.10.2014

DIN No.:

06916591

Other Directorship:

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U29150TN2004PTC068688

Fujitec India Private Limited

Whole-time director

01/10/2014

04/07/2014

-

Active

NO

 

 

Name :

Masahiro Tagawa

Designation :

Whole-time director

Address :

373-58, Yamazura Ryuo-Cho, Gamo-Gun, Shiga-5202564, Japan

Date of Appointment :

01/01/2015

DIN No.:

07057588

 

 

KEY EXECUTIVES

 

Name :

Balu Sridhar

Designation :

Company Secretary

 

 

Name :

Mr. Pandurangan

Designation :

Finance Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Fujitec Singapore Corporation Limited, Singapore

61392000

60.00

Fujitec Company Limited, Japan

40928000

40.00

 

 

 

Total

102320000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Installation and Maintenance of Lifts and Escalators and also Exporter of Technical Drawings.

 

 

Products :

Product Description

ITC Code

List of a kind used in buildings

84281011

 

 

Brand Names :

“KYUTO”

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Malaysia
  • Singapore
  • Thailand
  • Indonesia
  • Sri Lanka

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Malaysia
  • Singapore
  • Japan

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

 

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 :

Retailers and End Users

 

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 :

Banker Name

HDFC Bank

Branch Address

Valasaravakkam Branch, Chennai-600087, Tamilnadu, India

Person Name (With Designation)

Not Divulged

Contact Number

91-44-24868603

Name of Account Holder

Not Divulged

Account Number

00242320000662

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 :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee Term Loan from Bank

0.000

0.741

 

 

 

Total

0.000

0.741

 

Auditors :

 

Name :

Varma and Varma

Chartered Accountants

Address :

105, “Streela Terrace”, First Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu, India

Tel. No.:

91-44-24452239

Fax No.:

91-44-24454234

E-Mail :

chennai@varmaandvarma.com

PAN No.:

AAABFV9555E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

Fujitec Singapore Corporation Limited

 

 

Related Party:
  • Fujitec Company Limited (Japan)
  • Fujitec (Malaysia) Sdn Bhd
  • Fujitec Thailand
  • Fujitec Shangai Sourcing Center Company Limited
  • Shanghai Huasheng Elevator Company Limited
  • Fujitec Trading Company Limited

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120000000

Equity Shares

Rs.10/- each

Rs. 1200.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

102320000

Equity Shares

Rs.10/- each

Rs. 1023.200 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

1023.200

1023.200

243.200

(b) Reserves & Surplus

(333.677)

(191.125)

(106.577)

(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)

689.523

832.075

136.623

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.741

394.945

(b) Deferred tax liabilities (Net)

0.000

0.000

2.527

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

8.918

5.392

1.390

Total Non-current Liabilities (3)

8.918

6.133

398.862

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

251.606

161.766

35.686

(c) Other current liabilities

221.686

96.386

59.371

(d) Short-term provisions

27.598

10.296

21.434

Total Current Liabilities (4)

500.890

268.448

116.491

 

 

 

 

TOTAL

1199.331

1106.656

651.976

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

419.621

426.169

429.717

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

2.980

1.194

8.644

(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

13.657

7.647

2.948

Total Non-Current Assets

436.258

435.010

441.309

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

278.473

374.334

55.347

(c) Trade receivables

207.697

55.453

41.137

(d) Cash and cash equivalents

204.769

191.356

67.049

(e) Short-term loans and advances

67.472

45.891

46.036

(f) Other current assets

4.662

4.612

1.098

Total Current Assets

763.073

671.646

210.667

 

 

 

 

TOTAL

1199.331

1106.656

651.976

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

SALES

 

 

 

Income

792.281

201.130

140.980

Other Income

15.196

8.241

12.573

TOTAL

807.477

209.371

153.553

 

 

 

 

EXPENSES

 NA

NA 

NA 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 NA

NA 

NA 

 

 

 

 

TAX

 NA

NA 

NA 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(142.552)

(84.576)

(135.847)

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

F.O.B. Value of Exports

44.431

NA

NA

TOTAL EARNINGS

44.431

NA

NA

 

 

 

 

IMPORTS

 

 

 

Components and Stores parts

232.624

NA

NA

TOTAL IMPORTS

232.624

NA

NA

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(1.39)

(0.83)

(5.59)

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover

 

 

500.000

 

 

 

Due to Market Fluctuation

 

 

Expected Sales (2015-2016): Rs. 500.000 Million

 

 

The above information has been parted by Mr. Pandurangan (Finance Head)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.741

0.664

12.666

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

NA

NA

NA

Net cash flow from operating activities

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(17.99)

(42.05)

(96.36)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

NA

NA

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

NA

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

2.98

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.52

2.50

1.81

 

 

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

243.200

1023.200

1023.200

Reserves & Surplus

(106.577)

(191.125)

(333.677)

Net worth

136.623

832.075

689.523

 

 

 

 

long-term borrowings

394.945

0.741

0.000

Short term borrowings

0.000

0.000

0.000

Current maturities of long-term debts

12.666

0.664

0.741

Total borrowings

407.611

1.405

0.741

Debt/Equity ratio

2.983

0.002

0.001

 

 

 

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

140.980

201.130

792.281

 

 

42.666

293.915

 

 

 

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

140.980

201.130

792.281

Profit

(135.847)

(84.576)

(142.552)

 

(96.36%)

(42.05%)

(17.99%)

 

 

 

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 four years

Yes

27

Reasons for variation <> 20%

Yes

28

Estimation for coming financial year

Yes

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 No.25-D/4, New Colony Main Road, Virugambakkam Chennai-600092, Tamilnadu, India to the present address w. e. f. 01.11.2010

 

 

OPERATIONS:

 

During the year the company has done a fairly good business of equipment sales, installation and maintenance of lifts as well as export of technical drawings. The income from operations of the Company for the financial year 2013-14 was Rs. 792.281 Million. The other income during the year was Rs.15.196 Million (Previous year corresponding figures were Rs. 201.130 Million and Rs.8.241 Million). During the year the Company suffered a net loss (after tax) of Rs.142.552 Million (Loss for the previous year was Rs.84.576 Million). The green field project set up by the company is facing challenges. The Board is confident of successfully overcoming it. However in view thereof, the Board reasonably expects to attain break-even only in the financial year 2016-17. So, in the current year also the Company financials is likely to incur loss.

 

 

INDEX OF CHARGES:

 

No Charges Exist for the Company

 

 

CONTINGENT LIABILITIES:

 (Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Bank Guarantees

174.211

92.903

 

 

 

FIXED ASSETS:

 

 

 

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 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. 66.40

UK Pound

1

  Rs. 101.19

Euro

1

Rs. 73.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

THR

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--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

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

 

26

 

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.