MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
OMR BAGLA AUTOMOTIVE SYSTEMS INDIA LIMITED [w.e.f. 19.12.2007] |
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Formerly Known
As : |
ASSOCIATED BRAKES LIMITED |
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Registered
Office : |
Plot No. B-7, MIDC Chakan, Village Mahalunge, Taluka – Khed, Pune –
410501, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.08.2006 |
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Com. Reg. No.: |
11-128851 |
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Capital
Investment / Paid-up Capital : |
Rs.55.350 Millions |
|
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|
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CIN No.: [Company Identification
No.] |
U31904PN2006PLC128851 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA08575A |
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PAN No.: [Permanent Account No.] |
AAFCA8402N |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Company engaged in the manufacturing of
aluminium die casting, high pressure casting for engine transmission parts of
truck, car, two wheelers and three wheelers. |
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No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B [29] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1830000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. B-7, MIDC Chakan, Village Mahalunge, Taluka – Khed, Pune –
410501, |
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Tel. No.: |
91-2431-329457 |
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Mobile No.: |
91-2431-329458 |
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E-Mail : |
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Website : |
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Factory : |
Gut No. 217, Village Chitegaon, |
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Tel. No.: |
91-2431-251789 |
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Fax No.: |
91-2431-251789 |
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E-Mail : |
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Area : |
10 Acre |
|
Location : |
Owned |
DIRECTORS
As on 20.09.2010
|
Name : |
Mr. Rishi Kumar Bagla |
|
Designation : |
Managing Director |
|
Address : |
Gut No.40, Golwadi, |
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Date of Birth/Age : |
02.08.1959 |
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Date of Appointment : |
04.08.2006 |
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DIN : |
00002020 |
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Directorship in other companies : |
CIN No.: U31909PN1985PLC037539 Name of the company: Aurangabad Electricals Limited Designation: Joint Managing Director CIN No.: U34300MH1991PTC061007 Name of the company: Aurangabad Motor Manufacturers Private Limited Designation: Director CIN No.: U31200MH1999PTC130298 Name of the company: BG LI-IN Electricals Private Limited Designation: Director CIN No.: U31909MH2005PTC151679 Name of the company: BG-DAE-LIN Electronics Private Limited Designation: Director CIN No.: U67110PN1993PTC074896 Name of the company: Waluj Investments and Trading Company Private
Limited Designation: Director CIN No.: U34300PN2003PTC017753 Name of the company: Aurangabad Wheels and Rims Private Limited Designation: Director CIN No.: U34300HR2006PTC036013 Name of the company: Haryana Auto Comp Private Limited Designation: Director CIN No.: U21098MH1991PTC060509 Name of the company: Deccan Carbon Products Private Limited Designation: Director CIN No.: U51395MH2004PTC146495 Name of the company: Manshi Electronics Private Limited Designation: Director CIN No.: U32100MH2004PTC144083 Name of the company: Gran Electronics Private Limited Designation: Director |
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Partnership held in partnership firm : |
Address: Gut No.65, Village Chitegaon, Taluka Paithan, |
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Name : |
Mr. Muneesh Chawla |
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Designation : |
Director |
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Address : |
A – 702, |
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Date of Birth/Age : |
05.01.1967 |
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Date of Appointment : |
04.08.2006 |
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DIN : |
00069360 |
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Directorship in other companies : |
CIN No.: U31909PN1985PLC037539 Name of the company: Aurangabad Electricals Limited Designation: Director |
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Name : |
Mr. Marco Bonometti |
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Designation : |
Managing Director |
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Address : |
Via Nino Bixio No.8, Rezzato, |
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Date of Birth/Age : |
06.09.1954 |
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Date of Appointment : |
17.11.2007 |
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DIN : |
01914783 |
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Name : |
Mr. Francesco Bonometti |
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Designation : |
Director |
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Address : |
Via Gaetano, Donizetti No.6, Rezzato, |
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Date of Birth/Age : |
26.02.1956 |
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Date of Appointment : |
17.11.2007 |
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DIN : |
01814784 |
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Name : |
Mr. Stefano Allocchio |
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Designation : |
Director |
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Address : |
Via Giovanni, Bertacchi No.1, Rezzato, |
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Date of Birth/Age : |
24.03.1961 |
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Date of Appointment : |
17.11.2007 |
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DIN : |
01914787 |
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Name : |
Ms. Mamta Bagla |
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Designation : |
Director Appointed in Casual Vacancy |
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Address : |
Gut No.40, Golwadi, Paithan Road, Opposite St. John High School,
Aurangabad – 431005, Maharashtra, India |
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Date of Birth/Age : |
12.07.1963 |
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Date of Appointment : |
26.07.2009 |
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DIN : |
00002031 |
KEY EXECUTIVES
|
Name : |
Mr. Aniket Ashokrao Kulkarni |
|
Designation : |
Secretary |
|
Address : |
C/o SD Gole, Shalaka, Plot No.30, Behind Tandoor Hotel, Bansilal
Nagar, |
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Date of Birth/Age : |
08.06.1982 |
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Date of Appointment : |
10.08.2009 |
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PAN : |
AQTPK6869J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Aurangabad Electricals Limited, |
|
2767440 |
|
OMR Holding |
|
2767500 |
|
Aurangabad Electricals Limited Jointly with Raj Narayan Bagla |
|
10 |
|
Aurangabad Electricals Limited Jointly with Rishi Kumar Bagla |
|
10 |
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Aurangabad Electricals Limited Jointly with Mamta Bagla |
|
10 |
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Aurangabad Electricals Limited Jointly with Neha Bagla |
|
10 |
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Aurangabad Electricals Limited Jointly with Devanshi Bagla |
|
10 |
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Aurangabad Electricals Limited Jointly with Anil |
|
10 |
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Total |
|
5535000 |
As on 20.09.2010
|
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 |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company engaged in the manufacturing of
aluminium die casting, high pressure casting for engine transmission parts of
truck, car, two wheelers and three wheelers. |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Actual
Production |
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Aluminum Die Casting Products |
Nos. |
1,725,959 |
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||
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Installed
Capacity |
MT |
12 MT/Day** |
* As per the
Industrial Policy Notification No. S.O./477(E) dated July 25, 1991 issued by the
Government of India, Ministry of Industry, Department of Industrial
Development, the manufacture of products of the Company are exempt from
industrial licensing.
** As
certified by the management and have not been verified by the auditors, being a
technical matter.
GENERAL INFORMATION
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No. of Employees : |
200 [Approximately] |
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Bankers : |
The Saraswat Co-Operative Bank Limited, Gajanan Maharaj Mandir Branch,
Garkheda, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Water House and Company Chartered Accountants |
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Address : |
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Ventures in respect of which the reporting enterprise is a joint
venture : |
Address: Plot No. B – 7, MIDC Chakan, Village Mahalunge, Taluka Khed,
Pune – 410 501, Tel. No.:91-2431-251482 Fax No.: 91-2431-251488
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,000,000 |
Equity Shares |
Rs.10/-each |
Rs.70.000 millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,535,000 |
Equity Shares |
Rs.10/-each |
Rs.55.350 millions |
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(Of the above, 2767500 shares each are held by
Aurangabad Electricals Limited and OMR Holding
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
55.350 |
55.350 |
55.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
440.300 |
440.300 |
440.300 |
|
|
4] (Accumulated Losses) |
[36.593] |
[30.729] |
[24.191] |
|
|
NETWORTH |
459.057 |
464.921 |
471.459 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
273.806 |
168.584 |
96.390 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
273.806 |
168.584 |
96.390 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
732.863 |
633.505 |
567.849 |
|
|
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|
|
|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
666.979 |
643.011 |
479.289 |
|
|
Capital work-in-progress |
0.451 |
122.324 |
11.818 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.026 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
108.072
|
87.740 |
61.698 |
|
|
Sundry Debtors |
88.510
|
137.762 |
92.871 |
|
|
Cash & Bank Balances |
6.089
|
16.822 |
31.838 |
|
|
Other Current Assets |
0.422
|
1.488 |
0.059 |
|
|
Loans & Advances |
48.773
|
51.898 |
40.316 |
|
Total
Current Assets |
251.866
|
295.710 |
226.782 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
164.232
|
388.547 |
122.642 |
|
|
Other Current Liabilities |
18.320 |
36.204 |
26.814 |
|
|
Provisions |
3.906
|
2.815 |
0.584 |
|
Total
Current Liabilities |
186.458
|
427.566 |
150.040 |
|
|
Net Current Assets |
65.408
|
[131.856] |
76.742 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
732.863 |
633.505 |
567.849 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
527.667 |
523.713 |
95.280 |
|
|
|
Other Income |
19.158 |
24.167 |
5.488 |
|
|
|
TOTAL (A) |
546.825 |
547.880 |
100.768 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
311.260 |
338.735 |
73.385 |
|
|
|
Personnel Expenses |
52.089 |
60.218 |
16.298 |
|
|
|
Operating and Other Expenses |
66.461 |
81.875 |
21.949 |
|
|
|
TOTAL (B) |
429.810 |
480.828 |
111.632 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
117.015 |
67.052 |
[10.864] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.674 |
17.984 |
3.462 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
84.341 |
49.068 |
[14.326] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
90.205 |
55.131 |
9.797 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
[5.864] |
[6.063] |
[24.123] |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.475 |
0.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
[5.864] |
[6.538] |
[24.191] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[30.729] |
[24.191] |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
[36.593] |
[30.729] |
[24.191] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
171.209 |
85.902 |
4.233 |
|
|
TOTAL EARNINGS |
171.209 |
85.902 |
4.233 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
77.762 |
27.198 |
0.000 |
|
|
|
Tools, dies, consumables & Spares |
16.274 |
59.855 |
0.000 |
|
|
|
Capital Goods |
0.000 |
262.105 |
40.224 |
|
|
|
Advance for Capital Goods |
0.000 |
0.000 |
5.525 |
|
|
TOTAL IMPORTS |
94.036 |
349.158 |
45.749 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[1.06] |
[1.18] |
[9.69] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[1.07]
|
[1.19] |
[24.01] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[1.11]
|
[1.16] |
[25.32] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[0.64]
|
[0.64] |
[3.42] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.01]
|
[0.01] |
[0.05] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.00
|
1.28 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
0.69 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
Financial Highlights :
During the
financial year ended March 31, 2010, Gross turnover amounted to Rs. 559.772
millions as against Rs. 545.880 millions during the previous year, registering
marginal growth. However, improvement in operational efficiencies enabled the
Company to record higher EBIDTA of Rs. 114.288 millions as against Rs. 65.298
millions, an increase of 75% over the previous year. Looking to the increasing
demand, your company is also undertaking expansion in capacities and
operational margins would further improve in financial year 2010-11.
Business
Excellence And Improvement Initiatives
The Company
has adopted Total Productivity Maintenance, TPM System to further growth and
bring about operational excellence through TPM way. It is also pursuing
improvements through Environmental Management System (EMS) such OHSAS etc. The
Company has committed efforts and resources towards improving efficiencies and
service levels in its operations.
Nature of
Operations :
OMR Bagla Automotive Systems India Limited
(the Company) is primarily engaged in the manufacturing of aluminium die
casting, high pressure casting for engine transmission parts of truck, car, two
wheelers and three wheelers.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U31904PN2006PLC128851 |
|
Name of the
company |
OMR BAGLA
AUTOMOTIVE SYSTEMS INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No B -7,
Midc Chakan, Village Mahalunge, Tal. - Khed Pune – 410501, |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10135337 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Saraswat Co-Operative Bank Limited, Gajanan Maharaj Mandir Branch,
Garkheda, |
|
Nature of
instrument creating charge |
1. Supplementary equitable mortgage for
Rs.15.000 millions 2. Recording letter evidencing deposit of
title deeds (equitable mortgage) for Rs.10.000 millions (as collateral
security) 3. Undertaking to continue existing mortgage
charge of immovable property for proposed facilities All constituting
a single charge |
|
Date of
instrument Creating the charge |
25.08.2009 |
|
Amount secured by
the charge |
Rs.15.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- As may be applicable for different facilities from time to time. Terms of
Repayment - As may be applicable for different facilities from time to time. Margin - As may
be applicable for different facilities from time to time. Extent and
Operation of the charge - Till the facilities are repaid in full along with
interest as applicable. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable
mortgage of company's land and building at Gut No.217, Village Chitegaon,
Tq.Paithan, Land area 9 acres
and 15 gunthas (i.e. 3 hector and 75 R) total built up area 10081 sq.mtrs. |
|
Particulars of the
present modification |
1) Amount secured
by the charge stands reduced from Rs.115.000 millions to Rs.15.000 millions 2) Term loan of
Rs.15.000 millions repayable within 54 months from the date of disbursement with
a moratorium of 18 months (35 monthly instalments of Rs.0.417 million each
and last instalment of Rs.0.405 million). |
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Computer Equipments
- Office Equipments
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.44.93 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.