MIRA
INFORM REPORT
|
Report Date : |
27.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
LINDE ENGINEERING INDIA PRIVATE LIMITED (w. e. f. 18.12.2007) |
|
|
|
|
Formerly Known
As : |
LINDE PROCESS TECHNOLOGIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
806 Meghdoot, 94 Nehru Place, New Delhi – 110019, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation
: |
11.11.1987 |
|
|
|
|
Com. Reg. No.: |
55-029740 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64203DL1987PTC029740 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture or setting of facilities for processing of glass and
liquids, waste water and sludge and of single protein and steam reforming or
partial oxidation of hydrocarbons |
|
|
|
|
No. of Employees
: |
Information Denied By Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 2000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a part of Linde Group, is a leading worldwide technology
partner for plant engineering and construction. It is a well established company having a good track record. The company
maintains strong financial profit over the medium term. The performance
capacity of the company is highest. The ratings also reflect the strong business and financial support
from holding company. Trade relations are reported to be fair. Business is
active. Payments are reported to be regular and as per commitment. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA : Long Term Rating |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial obligations. It carry very low credit risk |
|
Date |
October 2012 |
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
31-03-2012.
INFORMATION DENIED
Management Non Co-operative (91-265-3056789)
LOCATIONS
|
Registered Office : |
806 Meghdoot, 94 Nehru Place, New Delhi – 110019, India |
|
Tel. No.: |
91-11-26431054 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Head Office : |
Linde House, Opposite Vuda Office, Vip Road, Karelibaug, Vadodara - 390 018, Gujarat, India. |
|
Tel. No.: |
91-265-3056789 |
|
Fax No.: |
91-265-2335213 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Office : |
Located At : New Delhi K-101/G, Sheikh Sarai, Phase II, New Delhi – 110017, India Tel. No.: 91-11-29250270 Fax No.: 91-11-29254649 E-Mail : ashok.gaur@linde-le.com Mumbai 02, Lokesh Co-operative Housing Society, Plot No. 27, Sector 15, Koperkhairne, Navi Mumbai – 400709, Maharashtra, India Tel. No.: 91-22-27542699 E-Mail : sub.varadarajan@linde-le.com |
DIRECTORS
As on: 22.05.2012
|
Name : |
Mr. Chittranjan Dua |
|
Designation : |
Director |
|
Address : |
88, Sunder Nagar, New Delhi – 110003, India |
|
Date of Birth/Age : |
03.11.1951 |
|
Date of Appointment : |
11.11.1987 |
|
DIN No.: |
00036080 |
|
|
|
|
Name : |
Dr. Reinhart Vogel |
|
Designation : |
Managing director |
|
Address : |
Dresden, Gustavfreytag_str18, Dresden, 01277, Germany |
|
Date of Birth/Age : |
16.02.1961 |
|
Date of Appointment : |
04.11.2009 |
|
DIN No.: |
02883845 |
|
|
|
|
Name : |
Dr. Samir Serhan |
|
Designation : |
Director |
|
Address : |
AM Hochward 30, 82319 Straberg, 82319, Germany |
|
Date of Birth/Age : |
03.07.1961 |
|
Date of Appointment : |
13.05.2010 |
|
DIN No.: |
02885325 |
|
|
|
|
Name : |
Mr. Juergen Nowicki |
|
Designation : |
Additional director |
|
Address : |
Thalerweg 21, 82041, Oberhaching, Germany |
|
Date of Birth/Age : |
04.01.1964 |
|
Date of Appointment : |
22.05.2012 |
|
DIN No.: |
05312658 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 22.05.2012
|
Names of Shareholders |
|
No. of Shares |
|
Linde AG, Germany |
|
49980 |
|
Immobilien Commercium, Germany |
|
20 |
|
Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on: 22.05.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture or setting of facilities for processing of glass and
liquids, waste water and sludge and of single protein and steam reforming or
partial oxidation of hydrocarbons |
GENERAL INFORMATION
|
No. of Employees : |
Information Denied By Management |
|
|
|
|
Bankers : |
State Bank of
India, Alkapuri Branch, Baroda – 390007, Gujarat, India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
31, Nutan Bharat Society, Alkapuri, Baroda – 390007, Gujarat, India |
|
Tel. No.: |
91-265-2333776 |
|
Fax No.: |
91-265-2339729 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company : |
Linde AG |
|
|
|
|
Enterprises under common control (Fellow Subsidiaries) : |
·
Linde KCA Dresden GMBH ·
Sales-Linde GMBH ·
Linde Kryotechnik AG ·
BOC India Limited ·
Linde Process Plants Inc ·
Linde Engineering Middle East LLC |
CAPITAL STRUCTURE
As on: 22.05.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
516.682 |
493.952 |
413.927 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
521.682 |
498.952 |
418.927 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
521.682 |
498.952 |
418.927 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
86.016 |
71.315 |
80.012 |
|
|
Capital work-in-progress |
139.169 |
0.000 |
0.000 |
|
|
|
0 |
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
43.167 |
31.167 |
37.367 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
40.090
|
26.309 |
8.029 |
|
|
Sundry Debtors |
655.229
|
649.469 |
203.959 |
|
|
Cash & Bank Balances |
615.142
|
146.571 |
400.771 |
|
|
Other Current Assets |
1.056
|
6.413 |
3.179 |
|
|
Loans & Advances |
314.797
|
240.087 |
137.880 |
|
Total
Current Assets |
1626.314
|
1068.849 |
753.818 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
724.518
|
220.270 |
164.510 |
|
|
Other Current Liabilities |
471.091
|
331.306 |
106.496 |
|
|
Provisions |
177.375
|
120.803 |
181.264 |
|
Total
Current Liabilities |
1372.984
|
672.379 |
452.270 |
|
|
Net Current Assets |
253.330
|
396.470 |
301.548 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
521.682 |
498.952 |
418.927 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2052.727 |
1719.546 |
|
|
|
|
Other Income |
93.265 |
130.681 |
|
|
|
|
TOTAL (A) |
2145.992 |
1850.227 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project Supplies and Expenses |
1053.984 |
977.069 |
|
|
|
|
Employee Remuneration and Benefits |
711.720 |
461.133 |
|
|
|
|
Operating and General Expenses |
283.862 |
158.585 |
|
|
|
|
(Increase)/Decrease in inventory |
(13.781) |
(18.281) |
|
|
|
|
TOTAL (B) |
2035.785 |
1578.506 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
110.207 |
271.721 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.558 |
3.926 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
104.649 |
267.795 |
89.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.644 |
27.943 |
24.460 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.005 |
239.852 |
65.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(10.030) |
74.420 |
(7.910) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
81.035 |
165.432 |
73.210 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
468.196 |
404.714 |
331.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
8.103 |
16.544 |
0.000 |
|
|
|
Dividend |
50.000 |
73.000 |
0.000 |
|
|
|
Tax on Dividend |
8.305 |
12.406 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
482.823 |
468.196 |
404.710 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Engineering Services - Export |
1027.681 |
278.517 |
388.559 |
|
|
|
Engineering Materials - Export |
83.429 |
374.837 |
0.000 |
|
|
|
Others |
7.065 |
8.728 |
0.000 |
|
|
TOTAL EARNINGS |
1118.175 |
662.082 |
388.559 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1621.00 |
3309.00 |
1464.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.77 |
8.94 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.46 |
13.95 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15 |
21.04 |
7.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.48 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.63 |
1.35 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.59 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors:
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditor |
|
|
|
|
Dues to Micro and Small Enterprises |
361.989
|
4.535 |
1.239 |
|
Others |
362.529
|
215.735 |
163.271 |
|
Total |
724.518
|
220.270 |
164.510 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
During the year, orders amounting to Rs. 2,064.590 Millions were completed as against Rs. 1,709.690 Millions for the previous year. Order booking for domestic projects has been comparatively better than last year. The Company has substantial orders of engineering outsourcing services for export and use outside India, primarily from Linde AG. The Company has enhanced its engineering capacity to almost double as compared to existing capacity to cope up with increase in the intake of its engineering and other services for export and use outside India. Further, company will increase engineering capacity by another 50% to cope up with additional anticipated business.
FUTURE OUTLOOK
The company is making every effort to secure further orders from Indian industry as well as overseas bodies for detail engineering, global procurement and project execution. The business prospects have started showing positive signs for growth in Indian as well as global industries and directors expressed keen interest to take necessary action to achieve the required growth of the company.
CONTINGENT LIABILITIES
|
Particular |
31.03.2010 |
31.03.2009 |
|
Guarantee given by bank on behalf of the
company for execution and performance of contracts |
860.264 |
677.471 |
FIXED ASSETS
· Computer Software
· Leasehold Improvement
· Office Equipments and Furniture
· Electrical Equipments and Installations
· Computer Hardware
· 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 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. 54.96 |
|
|
1 |
Rs. 88.68 |
|
Euro |
1 |
Rs. 72.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
63 |
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.