MIRA
INFORM REPORT
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Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
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Name : |
TD POWER SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 27, 28 and 29, KIADB Industrial Area, Dabaspet, Nelamangala
Taluk, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.04.1999 |
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Com. Reg. No.: |
08-25071 |
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CIN No.: [Company Identification
No.] |
U31103KA1999PTC025071 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of A.C. Generators. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Registered Office / Head Office and Plant : |
Plot No. 27, 28 and 29, KIADB Industrial Area, Dobaspet, Nelamangala
Taluk, |
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Tel. No.: |
91-80-22995700 / 66337700 / 27734432 |
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Fax No.: |
91-80-7734439 / 22995718 |
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E-Mail : |
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Website : |
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Project Office : |
Mandoth RMJ Towers, No. 37, 1st Floor, 7th
Cross, Vasanth Nagar, Bangalore – 560052, Karnataka, India |
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Tel. No.: |
91-80-22017800 |
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Shinagawa – |
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Tel. No.: |
81-3-5783-5380 |
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Fax No.: |
81-3-5783-5381 |
DIRECTORS
As on 06.07.2009
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Name : |
Mr. Nikhil Kumar |
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Designation : |
Managing Director |
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Address : |
21, 17th Cross Malleswaram, |
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Date of Birth/Age : |
17.08.1967 |
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Date of Appointment : |
24.04.1999 |
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Name : |
Mr. Tadao Kuwa Shima |
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Designation : |
Whole Time Director |
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Address : |
G 12/1, |
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Date of Birth/Age : |
21.05.1947 |
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Date of Appointment : |
28.08.2006 |
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Name : |
Mr. Mohib N Khericha |
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Designation : |
Director |
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Address : |
711 – Mahakant, |
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Date of Birth/Age : |
04.08.1952 |
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Date of Appointment : |
22.02.2000 |
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Name : |
Mr. Hithoshi Matsuo |
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Designation : |
Managing Director |
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Address : |
5-1-20-306, Miniamidai, |
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Date of Birth/Age : |
04.02.2004 |
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Date of Appointment : |
31.01.2001 |
KEY EXECUTIVES
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Name : |
Mr. K.G. Prabhakarn |
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Designation : |
Company Secretary |
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Address : |
158/18, 32nd Cross XI Main Road, IV Block Jayanagar, |
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Date of Birth/Age : |
28.06.1956 |
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Date of Appointment : |
05.03.2004 |
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Name : |
Mr. Vinay Hegde |
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Designation : |
Senior Manager – Marketing |
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Contact No. : |
91-80-22995787 |
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Email : |
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Name : |
Mr. H.R. Ravishankar |
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Designation : |
Senior Manager – After Sales Services |
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Contact No. : |
91-80-22995829 |
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Email : |
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Name : |
Mr. R. Vasudev Murthy |
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Designation : |
Manager – Sourcing |
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Contact No. : |
91-80-22995787 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.07.2009
|
Names of Shareholders |
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No. of Shares |
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Nikhil Kumar |
|
1345908 |
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Hithoshi Matsuo |
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1267098 |
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Sofia M Khericha |
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694700 |
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Javed S Saiyed |
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363460 |
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Chatered Capital and Investment Limited, |
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378084 |
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Foziah Akil Contractor |
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444941 |
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Mohib N Kherich |
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303500 |
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Yukinobu Teshima |
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90281 |
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Fumio Yamada |
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56435 |
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Tadao Miyanishi |
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57169 |
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Toyo Denki Siezo KK Limited, |
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292090 |
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Sapphire Finman Service Private Limited |
|
1049901 |
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Total |
|
6343567 |
As on 06.07.2009
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
27.79 |
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Bodies corporate |
22.51 |
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Directors or relatives of Directors |
43.97 |
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Other top fifty shareholders |
5.73 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of A.C. Generators. |
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Products : |
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GENERAL INFORMATION
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Customers : |
As on 31.03.2009
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Bankers : |
Bank of |
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Facilities : |
Note:
I.
Balance of Term Loan from Bank of Baroda as on
31.03.2009 secured by the first charge on Land, Building, specific plant and
machinery, furniture and office equipment, first charge on all current assets
of the company and personal guarantee of two directors Mr. Nikil Kumar and
Mr. Hitoshi Matsuo
II.
Balance of Working Capital from Bank of Baroda as
on 31.03.2009 secured by the first charge on Land, Building, specific plant
and machinery, furniture and office equipment, first charge on all current
assets of the company and personal guarantee of two directors Mr. Nikil Kumar
and Mr. Hitoshi Matsuo a)
A Temporary borrowing from Bank of Tokyo
Mitsubishi UFJ Limited, Tokyo secured by refund receivable on account of Expenditure
Tax from the Government of Japan b)
From Bank of Tokyo Mitsubishi UFJ Limited,
III.
From ICICI Bank / ABN Amro Bank – secured by
specific Motor Vehicles. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
B.K. Ramadhyani and Company Chartered Accountant |
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Address : |
4 – B, Chitrapura Bhavan, No. 68, 8th Main, 15th
Cross, Malleswaran, |
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Associates/Subsidiaries : |
DF Power Systems Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
6343567 |
Equity Shares |
Rs.10/- each |
Rs.63.436 Millions |
Note:
Equity
Share Capital includes 2000000 shares Rs.10 /- each allotted as fully paid up
by way bonus shares
(i)
On Capitalization of Reserve
to an extent of 1000000 Equity Shares on 05.07.2001.
(ii)
On Capitalization out of
Surplus in Profit and Loss Account to an extent of 1000000 Equity Shares on
16.12.2004.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
63.436 |
63.436 |
63.436 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1177.513 |
884.392 |
551.667 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1240.949 |
947.828 |
615.103 |
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LOAN FUNDS |
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1] Secured Loans |
682.193 |
287.163 |
222.402 |
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2] Unsecured Loans |
0.000 |
0.000 |
6.965 |
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TOTAL BORROWING |
682.193 |
287.163 |
229.367 |
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DEFERRED TAX LIABILITIES |
70.191 |
38.696 |
21.328 |
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TOTAL |
1993.333 |
1273.687 |
865.798 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1097.043 |
518.673 |
391.064 |
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Capital work-in-progress |
0.000 |
8.576 |
37.348 |
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INVESTMENT |
33.050 |
3.550 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
373.312
|
325.375 |
150.267 |
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Sundry Debtors |
1131.869
|
894.655 |
1303.741 |
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Cash & Bank Balances |
677.632
|
678.191 |
455.848 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
369.080
|
380.307 |
522.858 |
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Total
Current Assets |
2551.893
|
2278.528 |
2432.714 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
815.652
|
659.385 |
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Other Current Liabilities |
799.808
|
803.649 |
1627.774 |
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Provisions |
73.193
|
72.606 |
367.604 |
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Total
Current Liabilities |
1688.653
|
1535.640 |
1995.378 |
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Net Current Assets |
863.240
|
742.888 |
437.336 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1993.333 |
1273.687 |
865.798 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
4545.582 |
4787.125 |
5325.604 |
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Other Income |
52.111 |
71.400 |
43.045 |
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TOTAL (A) |
4597.693 |
4858.525 |
5368.649 |
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Less |
EXPENSES |
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TOTAL (B) |
4020.061 |
4203.630 |
4808.291 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
577.632 |
583.495 |
560.358 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.814 |
32.667 |
25.174 |
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PROFIT BEFORE
TAX (E-F) (G) |
521.818 |
550.828 |
535.184 |
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Less |
TAX (H) |
190.588 |
180.995 |
179.567 |
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PROFIT AFTER TAX
(G-H) (I) |
330.230 |
369.833 |
355.617 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
786.026 |
491.566 |
187.632 |
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Less |
APPROPRIATIONS |
|
|
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|
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|
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Transfer to General Reserve |
36.172 |
38.262 |
36.807 |
|
|
|
Provision for Dividends and Tax thereon |
37.108 |
37.108 |
14.876 |
|
|
BALANCE CARRIED
TO THE B/S |
1042.976 |
786.026 |
51.683 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
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Export Earnings |
310.726 |
445.168 |
87.522 |
|
|
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Other Earnings |
0.530 |
0.892 |
18.486 |
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TOTAL EARNINGS |
311.256 |
446.060 |
106.008 |
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IMPORTS |
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Raw Materials |
248.278 |
120.294 |
93.310 |
|
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Capital Goods |
325.700 |
0.073 |
0.000 |
|
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TOTAL IMPORTS |
573.978 |
120.367 |
93.310 |
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Earnings Per
Share (Rs.) |
40.50 |
46.42 |
56.22 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.18
|
7.61 |
6.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.48
|
11.51 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.30
|
19.69 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.58 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.25
|
2.29 |
3.62 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.48 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from Plot No. 27, 28 and 29, KIADB Industrial Area, Dobuspet, Nelamangala Taluk, Bangalore – 562 111, Karnataka, India to the present address w.e.f.18.02.2011.
Operations:
The company has
achieved a total turnover of Rs.4545.582 millions for the year ended March 31,
2010. During the year, 281 generators of various ranges from 1.0 MW to 40.0 MW
of the value of Rs.2754.741 millions were manufactured adding to the turnover
of the company. The Gross Profit for the year under report is Rs.577.896
millions as against Rs.583.494 millions in the previous year and the net profit
is Rs.330.230 millions.
The turnover of
the company was lower by 5.37% and the net profit for the year was lower 5.27%.
This was due to the recessionary conditions witnessed by the Indian Economy and
the resultant slow down in investments by the corporates. Lower realizations
from contracts implemented, increase in cost of raw materials, stores and spare
parts; power and fuel and the operating costs contributed to lower turn over
and profits.
The company's order
book continues to be encouraging and stands at Rs.5046.914 millions as on March
31, 2010
Considering the
orders on hand and the overall improvement in the business environment, your
directors are confident of improved operating performance in the ongoing
financial year and accordingly, recommend a payment of dividends @ 50% p.a. on
pro rata basis for financial year ended March 31 2010.
CURRENT YEAR
The country
continues to face shortage in peak demand with almost all states in deficit in
load shedding continuing in many parts of the country. The continuing power
shortage scenario reflects a failure of the country to create optimum capacity
in last 3 - 5 years plans. About 25% of the capacity in the pipeline is said to
be through private developers.
The Indian economy
which was witnessing a slow down in all sectors has emerged from the
recessionary conditions and clawed back into the growth mode ably supported by
the manufacturing sector. The demand for plants for captive generation of power
in order to achieve sustainable power quality and cost reduction has resumed on
the back of an improved performance from sectors like Steel. Cemeni, Sugar etc.
The company has
completed the expansion project at unit II which comprises of new manufacturing
facilities of 7000 Sq. ft. with an investment of Rs.482.400 millions in plant
and machinery enhancing its manufacturing abilities.
The company has
successfully manufactured First Few Machines under Production Technology
Transfer Agreement from Sicme Motori and machines are awaiting certification by
M/s. Det
The company has a
comfortable order book for the manufacture of generators at its new plant. The
company has received orders for manufacture of High end rating generators.
Considering the
overall market scenario, the order book and the company's capability in meeting
with delivery schedules and barring unforeseen circumstances your directors are
hopeful of a good performance during the current year.
Form 8:
|
Corporate identity
number of the company |
U31103KA1999PTC025071
|
|
Name of the
company |
TD POWER SYSTEMS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot # 27 28 and
29, KIADB Industrial Area, Dobuspet, Nelamangala Taluk, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
90192621 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Bank of |
|
Nature of
instrument creating charge |
a) Supplemental Composite
Agreement of Hypothecation of Goods, Book debts, Movable machinery and
Vehicles. b) Supplemental
Memorandum of Entry (Both the above
pertain to the same charge) |
|
Date of
instrument Creating the charge |
10.09.2009 |
|
Amount secured by
the charge |
Rs.2196.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest TL III - 1.25%
below BPLR i.e. @ 10.75% p.a. at
present with monthly rests TL IV - 0.5% below
BPLR i.e. @ 11.50% p.a. at present with monthly rests Terms of
Repayment TL III -
Repayable in 71 months (w.e.f. Oct 2006) as detailed in sanction terms TL IV - Repayable
in 7 years including moratorium period of 7 months from date of first disbursement.
Monthly installments of Rs.1.558 Millions from May 2008 plus interest TL V - Repayable
in 7 years including moratorium period of 9 months from date of first
disbursement. 75 months of Rs.4.000 Millions each plus interest BG/LC period - 12
months CC - Running
accounts repayable on demand Margin TL III - 22.70% TL IV - 53.61% TL V - 51.52% CC/BD - 25% BG - 5% (For
disputed claim guarantees -100%) ILC - 5% for raw
materials 25% for capital goods Extent and
Operation of the charge The Charge shall operate
to the extent of the entire loan amount plus interest, commission, expenses,
costs, and other charges thereon. contd. from 13
(a) TL V (Fresh) :
1.50% below BPLR i.e @ 10.50% p.a at present with monthly rests CC : 2% below
BPLR i.e @ 10.00% p.a at present with monthly rests BD: 1% below BPLR
i.e @ 11.00% p.a at present with monthly rests Others The said amount
of Rs. 2196.200 Millions. comprises TL
III of Rs.51.600 Millions; TL IV of Rs. 99.600 Millions; TL V (Fresh) of Rs.
30.000 Millions ( Sub limit: LC (sight) of Rs.30.000 Millions for Plant and
Machinery for the expansion project); CC cum BD of rs.30.000 Millions; (Sub
limits of CBD of Rs.50.000 Millions; CC (Stock/ book debts) of Rs. 300.000
Millions; PC cum FBP of Rs.25.000 Millions); Inland/ Foreign BG of
Rs.1080.000 Millions; Inland/Import LC (DP/DA 90 days) of Rs.350.000 Millions
(sub limit one time for capital goods of Rs.100.000 Millions); BG of
Rs.15.000 Millions. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation by
way of first charge on present and
future movable fixed assets and current assets like stocks, raw materials,
semi finished and finished goods, book debts, receivables, outstanding
monies, bills, rights, stores, components, furniture and fittings; other
movables, plant and machinery and other assets of the company. Additional
Security of imm properties 1). Industrial plot bearing No. 27, 28 and 29,
situate at Dobaspet Industrial Area, Yedehally, Nelamangala Tq, Bangalore
Rural Dist, Under S.No parts of 106, 107, 108 in Dobaspet measuring 18,207
Sq. mtrs (2). Industrial land bearing
plot no. 30A, Part-I in Sy nos. 105 and 106 in Dobaspet Industrial Area,
Yedehally, Nelamangala Tq, Bangalore
Rural Dist measuring 7,097 Sq mtrs. (3) Immovable properties situate in
Sy.No.55, Sy.No.56/2, Sy.No.57, Sy.No.58, Sy.No.59/2 all situate in Yedehalli
village, Somapura Hobli, Nelamangala
Taluk. measuring 15.13 acres |
|
Date of last
modification |
17/10/2008 |
|
Particulars of
the property charged |
By the above, the
charge on the movables comprising stocks, plant, machineries, book debts and
other movables and the immovable properties situate at Yedehalli village,
Nelamangala Tq. fully described at Sl.No.15 shall cover the present modified
amount aggregating Rs 2196.200 Millions. (All other terms
and conditions remain unchanged) |
Fixed Assets:
- Buildings
- Plant and
Machinery
- Office
Equipments
- Furniture and
Fixtures
- Computers
- Communication
Equipments
- Motor
Vehicles
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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.