MIRA INFORM REPORT

 

 

Report No. :

342561

Report Date :

23.09.2015

 

IDENTIFICATION DETAILS

 

Name :

THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED (w.e.f. 15.03.2005)

 

 

Formerly Known As :

THYSSENKRUPP ECE ELEVATOR PRIVATE LIMITED

 

FREMONT NOVO SCIENCES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Plot No. 429, Functional Industrial Estate, Patparganj, Delhi - 110092

Tel. No.:

91-11-41770200

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.02.1999

 

 

Com. Reg. No.:

55-098162

 

 

Capital Investment / Paid-up Capital :

Rs.1301.620 Million

 

 

CIN No.:

[Company Identification No.]

U24239DL1999PTC098162

 

 

IEC No.:

0503004022

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCT6921F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of inter-alia designing, engineering, developing, marketing, installing, erecting, commissioning, maintaining, servicing, renovating, and operating all kinds of elevators and escalators and all their allied or ancillary equipment/components.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (58)

 

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 4500000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated on 1st February, 1999. It operates as a subsidiary of Tyssenkrupp Elevator AG, Germany. It is a well-established company having fine track record.

 

Reserves of the company is low. However, the company possesses a healthy financial profile marked by strong networth base, zero debt and fair liquidity.

 

Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitments.

 

In view of strong market position, the subject 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 DENIED

 

Management non co-operative (91-22-669092300 / 40429429 / 11-41770200)

 

LOCATIONS

 

Registered Office :

Plot No. 429, Functional Industrial Estate, Patparganj, Delhi – 110092, India

Tel. No.:

91-11-41770200

Fax No.:

91-11-41770300

E-Mail :

garima.agarwal@elevator-in-thyssenkrupp.com

tkehq@elevator-in-inthyssenkrupp.com

ashish.gupta@tkeap.com

Website :

www.elevator-in-thyssenkrupp.com

 

 

Head Office :

1007, Windfall, Sahar Plazfa, J.B. Nagar, Vardhan House, A-4, St No.3, MIDC, Andheri (East), Mumbai - 400093, Maharashtra, India

Tel. No.:

91-22-40429429

Fax No.:

91-22-40429430

E-Mail :

info@elevator-in-thyssenkrupp.com

 

 

Regional Offices :

Located At:

 

·         Mumbai

·         Kolkata

·         New Delhi

·         Chennai

·         Bangalore

·         Pune

·         Bangladesh

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Bharat Sunder Vishnani

Designation :

Managing Director

Address :

1/2 Juhu Vishal Society North South Road-5, Juhu Scheme, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

23.05.1963

Date of Appointment :

01.05.2014

DIN No.:

06610215

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

U29300TN2012PTC087354

Mitsubishi Elevator India Private Limited

Alternate director

16/12/2013

27/06/2013

31/03/2014

Active

NO

2

U74999TN2013PTC091872

ETA MELCO Techno Services Private Limited

Director

27/06/2013

27/06/2013

01/04/2014

Active

NO

3

U24239DL1999PTC098162

THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED

Managing director

01/05/2014

01/05/2014

-

Active

NO

 

 

Name :

Mr. Manish Mehan

Designation :

Director

Address :

12/33, Punjabi Bagh, New Delhi - 110026, India

Date of Birth/Age :

05.05.1979

Date of Appointment :

01.07.2013

DIN No.:

06636092

 

 

Name :

Mr. Peter James Walker

Designation :

Director

Address :

House No. C 3, Banyan Villas No. 9, Stanley Village Road, Na, Hong Kong

Date of Birth/Age :

09.11.1962

Date of Appointment :

25.05.2005

DIN No.:

00784360

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

U24239DL1999PTC098162

THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED

Director

25/05/2005

25/05/2005

-

Active

NO

2

U31909MH2010PTC200179

EROS ELEVATORS AND ESCALATORS PRIVATE LIMITED

Director

21/02/2012

23/01/2012

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Ashish Gupta

Designation :

Company Secretary

Address :

C-2/95, Ground Floor, Ashok Vihar, Phase - 2, Delhi - 110052, India

Date of Birth/Age :

21.01.1985

Date of Appointment :

14.08.2014

PAN No.:

AJRPG8126H

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Equity Shareholders

 

No. of Shares

Thyssenkrupp Elevator AG, Germany

114211999

Eleg Europasche Lift and Escalator GmbH,

1

Total

114212000

 

Names of Preference Shareholder

 

No. of Shares

Thyssenkrupp  Elevator AG, Germany

15950000

Total

15950000

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

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 :

Subject is engaged in the business of inter-alia designing, engineering, developing, marketing, installing, erecting, commissioning, maintaining, servicing, renovating, and operating all kinds of elevators and escalators and all their allied or ancillary equipment/components.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Supply, Erection, Commissioning

and Maintenance Of Elevators

99871300

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

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

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

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

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

Building No. 8 7th and 8th Floor, Tower B, DLF Cyber City, Gurgaon – 122002, Haryana, India

PAN No.:

AAHFP0187A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company :

Thyssenkrupp Elevator AG, Germany

 

 

Ultimate Holding company :

Thyssenkrupp AG, Germany

 

 

Associate :

Eros Elevators and Escalators Private Limited, India

 

 

Subsidiary Company :

Thyssenkrupp Elevator (BD) Private Limited, Bangladesh

 

 

Fellow Subsidiary Company :
  • Thyssenkrupp Escalator Company (China) Limited, China
  • Thyssenkrupp Elevator (Shanghai) Company Limited, China
  • Thyssen Elevators Company Limited, China
  • Thyssenkrupp Aufzugswerke Gmbh, Germany
  • Thyssenkrupp Elevator Australia Pty Limited, Australia
  • Thyssenkrupp Industrial Solutions (India) Private Limited, India
  • Thyssenkrupp Norte Sa Spain , Spain
  • Thyssenkrupp Elevator Manufacturing Spain, Spain
  • Thyssenkrupp Elevator (Korea) Limited, Korea
  • Thyssenkrupp Aceess Limited, United Kingdom
  • Thyssen Elevators UK Limited, United Kindom
  • Thyssenkrupp Elevator (U.A.E) L.L.C, UAE
  • Thyssenkrupp IT Services, Germany
  • Thyssenkrupp Airport Systems, Spain
  • Thyssenkrupp Industries India Private Limited, India

 

 

Others :

Thyssenkrupp Elevator Corp. USA

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

137003600

Equity Shares

Rs.10/- each

Rs.1370.036 Million

15950000

Preference Shares

Rs.10/- each

Rs.159.500 Million

 

Total

 

Rs. 1529.536 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

114212000

Equity Shares

Rs.10/- each

Rs.1142.120 Million

15950000

Preference Shares

Rs.10/- each

Rs.159.500 Million

 

Total

 

Rs.1301.620 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

1301.620

881.620

881.620

(b) Reserves & Surplus

291.030

163.290

39.020

(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)

1592.650

1044.910

920.640

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

175.550

124.690

86.410

Total Non-current Liabilities (3)

175.550

124.690

86.410

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

230.000

251.200

(b) Trade payables

446.640

468.710

466.750

(c) Other current liabilities

1886.080

1707.890

1039.430

(d) Short-term provisions

53.950

54.690

79.920

Total Current Liabilities (4)

2386.670

2461.290

1837.300

 

 

 

 

TOTAL

4154.870

3630.890

2844.350

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

540.000

150.590

214.710

(ii) Intangible Assets

32.660

35.990

68.260

(iii) Capital work-in-progress

62.320

4.100

27.080

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

214.800

214.800

214.800

(c) Deferred tax assets (net)

226.460

173.490

176.880

(d)  Long-term Loan and Advances

244.140

138.730

117.680

(e) Other Non-current assets

30.600

14.370

8.650

Total Non-Current Assets

1350.980

732.070

828.060

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

796.240

669.290

628.250

(c) Trade receivables

1229.560

1401.890

995.470

(d) Cash and cash equivalents

336.300

353.350

80.280

(e) Short-term loans and advances

113.760

171.860

141.340

(f) Other current assets

328.030

302.430

170.950

Total Current Assets

2803.890

2898.820

2016.290

 

 

 

 

TOTAL

4154.870

3630.890

2844.350

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

NA

3780.470

2582.922

 

Other Income

 NA

52.530

 NA

 

TOTAL

4691.000

3833.000

NA

 

 

 

 

 

Less

EXPENSES

4433.000

3532.000

 NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

258.000

301.000

196.725

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

53.000

58.000

52.505

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

205.000

243.000

144.220

 

 

 

 

 

Less

TAX

77.000

120.000

76.300

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

128.000

123.000

67.920

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.12

1.07

0.59

 

 

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 flows from (used in) operations

408.950

523.510

158.780

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.61

7.50

5.95

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.23

0.16

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.22

0.27

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.17

1.18

1.10

 

 

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

881.620

881.620

1301.620

Reserves & Surplus

39.020

163.290

291.030

Net worth

920.640

1044.910

1592.650

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

251.200

230.000

0.000

Total borrowings

251.200

230.000

0.000

Debt/Equity ratio

0.273

0.220

0.000

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

3833.000

4691.000

 

22.385

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

3833.000

4691.000

Profit

123.000

128.000

 

3.21%

2.73%

 

 

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

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)

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

 

Note:

Registered address has been shifted from the Plot No. 330, Functional Industrial Estate, Patparganj, Delhi – 110092, India to the present address w.e.f. 21.12.2009.

 

 

REVIEW OF OPERATIONS

 

The Company is engaged in the business of inter-alia designing, engineering, developing, marketing, installing, erecting, commissioning, maintaining, servicing, renovating, and operating all kinds of elevators and escalators and all their allied or ancillary equipment/components.

 

During the financial year, the Company has achieved total revenue of Rs.4691.000 Million as compared to Rs.3833.000 Million in the previous year, thereby registering a growth of about 22% on year-on-year basis.

 

 

FUTURE OUTLOOK

 

The Company is looking for more avenues for constant growth and expansion of the Company. Along with further strengthening its position in India, the Company is also expanding its operations in neighboring countries like Bhutan, Nepal and Bangladesh. Furthermore, the Company is also considering to establish its own manufacturing base in India.

 

Dividend and Transfer to Reserves.

 

The Directors do not recommend payment of any dividend and accordingly, no amount has been transferred to Reserves during the current period.

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

0.000

230.000

Total

0.000

230.000

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Plant and Equipment
  • Furniture and Fixtures
  • Vehicles
  • Motor Vehicles
  • Office Equipment
  • Computer Equipments

 

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.65.75

UK Pound

1

Rs.102.16

Euro

1

Rs.74.37

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY 

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

9

--RESERVES

1~10

2

--CREDIT LINES

1~10

6

--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

 

58

 

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.