MIRA
INFORM REPORT
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Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
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Name : |
DB POWER ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
Plot No. 120/37, Ramtekdi Industrial Area, Hadapsar, Pune-411013, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
27.02.1996 |
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Com. Reg. No.: |
25-097677 |
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Capital Investment
/ Paid-up Capital : |
Rs.25.000 Millions |
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CIN No.: [Company
Identification No.] |
U32107PN1996PTC097677 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03308E |
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PAN No.: [Permanent
Account No.] |
AAACD6336P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of UPS and Inverters |
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No. of Employees
: |
550 [Office + Factory] Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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 3760000 |
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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 a well established company having fine track. General
financial position is good. 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.
INFORMATION PARTED BY
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Name : |
Mr. Gopal Joglekar |
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Designation : |
Finance Developer / Controller |
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Contact No. : |
91-20-30469200 |
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Date : |
08.02.2012 |
LOCATIONS
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Registered
Office : |
Plot No. 120/37, Ramtekdi Industrial Area, Hadapsar, Pune-411013, |
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Tel. No.: |
91-20-26808050-60 |
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Fax No.: |
91-20-26808061 / 26808221 / 30469214 |
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E-Mail : |
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Website : |
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Branches : |
Located at :
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Factory 1 : |
115/2, Ramtekdi Industrial Area,
Hadapsar, Pune 411 013, |
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Tel. No.: |
91-20 26808000 - 10 |
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Fax No.: |
91-20 26808011 |
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E-Mail : |
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Factory 2 : |
B 28, MIDC Industrial Area,
Satara, 415 004, |
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Tel. No.: |
91-2162 - 244093 / 247093 |
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Fax No.: |
91-2162 - 247793 |
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E-Mail : |
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Factory 3 : |
119 - 120 / 37, Ramtekdi Industrial Area, Hadapsar, Pune - 411013, |
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Tel. No.: |
91-20 26808050 - 60 |
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Fax No.: |
91-20 26808011 |
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E-Mail : |
DIRECTORS
As on 09.08.2011
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Name : |
Mr. Pradeep Pimpley |
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Designation : |
Managing Director |
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Address : |
Flat No-6 Silver Key Co-OP Society, Lane No-2,37, Happy Colony,
Kothrud, Pune-411029, |
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Date of
Birth/Age : |
31.12.1959 |
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Date of
Appointment : |
20.07.2009 |
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02459350 |
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Name : |
Mr. Dilip V. Bhide |
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Designation : |
Director |
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Address : |
Ashwini Society, Pune – |
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Date of
Birth/Age : |
05.09.1947 |
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Date of
Appointment : |
20.07.2009 |
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DIN : |
01654973 |
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Name : |
Mr. Madhukar Krishna Marathe |
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Designation : |
Whole-time Director |
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Address : |
1,Shivaji Apartments, Chintamani Society, Karve Nagar, Pune-411052 |
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Date of
Birth/Age : |
01.07.1940 |
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Date of
Appointment : |
06.05.2002 |
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DIN : |
01655142 |
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Name : |
Mr. Lamberto Tassara |
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Designation : |
Director |
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Address : |
Via Pietro Nenni N 33,40024 Castel San Pietro Tarme, |
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Date of
Birth/Age : |
18.04.1949 |
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Date of
Appointment : |
16.06.2005 |
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Name : |
Mr. Paul James Unsworth |
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Designation : |
Director |
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Address : |
Plumb Tree Cottage, Lyth, |
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Date of
Birth/Age : |
27.04.1952 |
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Date of
Appointment : |
03.07.2008 |
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Name : |
Mr.Franco Costa |
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Designation : |
Director |
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Address : |
Castel San Pietro Terme Via Scania 631/B, Bologna-40024 |
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Date of
Birth/Age : |
18.12.1963 |
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Date of
Appointment : |
03.07.2008 |
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DIN : |
02253527 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.08.2011
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Names of Shareholders |
No. of Shares |
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Chloride Supplies Limited, |
855505 |
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Chloride Group PLC, |
432500 |
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National Securities Depository Limited, |
1211995 |
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Total |
2500000 |
LIST OF BENEFICIARIES UNDER NSDL
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Name of Beneficial Owner |
No. of Shares |
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Dilip
V Bhide J/W Rekha D Bhide |
50000 |
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Chloride
Supplies Limited, |
1161995 |
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Total |
1211995 |
As on 09.08.2011
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Equity Share Brake Up Category |
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Percentage of
Holding |
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Foreign Holdings |
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98.00 |
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Directors or relatives of Directors |
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2.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturer of UPS and Inverters |
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Products : |
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Services : |
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Products : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
550 [Office + Factory] Approximately |
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Bankers : |
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Facilities : |
Fund Base – Rs. 50.000 millions [From HSBC Bank] Non Fund Base – Rs. 150.000 millions [From HSBC Bank]
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
706,B Wing, 7 The Floor, |
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PAN : |
AACFD4518A |
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Holding company : |
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Ultimate Holding
Company (w.e.f. 3rd Sept
2010) : |
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Associates : |
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CAPITAL STRUCTURE
As on 09.08.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs.25.000
Millions |
Out of the above :-
i) 2,017,500 shares are held by Chloride Supplies Limited
ii)
432,500 shares are held by Chloride Group
iii)
50,000 shares are held by Mr. D. V. Bhide and
family).The ultimate holding company is Emerson Electric Company Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
916.151 |
730.557 |
603.092 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
941.151 |
755.557 |
628.092 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
24.510 |
46.990 |
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2] Unsecured Loans |
4.252 |
5.532 |
6.251 |
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TOTAL BORROWING |
4.252 |
30.042 |
53.241 |
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DEFERRED TAX LIABILITIES |
1.636 |
4.130 |
3.258 |
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TOTAL |
947.039 |
789.729 |
684.591 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
175.255 |
174.280 |
169.561 |
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Capital work-in-progress |
0.032 |
0.000 |
1.890 |
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INVESTMENT |
107.175 |
167.169 |
0.927 |
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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 |
241.185 |
248.335 |
237.483 |
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Sundry Debtors |
591.646 |
542.702 |
513.668 |
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Cash & Bank Balances |
176.693 |
38.785 |
102.861 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
22.636 |
21.101 |
58.199 |
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Total Current Assets |
1032.160 |
850.923 |
912.211 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Sundry Creditors |
263.634 |
317.619 |
250.759 |
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Other Current Liabilities |
55.943 |
51.723 |
47.366 |
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Provisions |
48.006 |
33.301 |
101.873 |
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Total Current Liabilities |
367.583 |
402.643 |
399.998 |
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Net Current Assets |
664.577 |
448.280 |
512.213 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
947.039 |
789.729 |
684.591 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
1806.944 |
1473.561 |
1645.325 |
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Less |
EXPENSES [including Depreciation] |
1532.415 |
1283.725 |
1365.952 |
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PROFIT / [LOSS]
BEFORE TAX |
274.529 |
189.836 |
279.373 |
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Less |
TAX |
88.936 |
62.371 |
97.853 |
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PROFIT / [LOSS]
AFTER TAX |
185.593 |
127.465 |
181.520 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
160.300 |
32.835 |
NA |
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BALANCE CARRIED
TO THE B/S |
345.893 |
160.300 |
32.835 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of Export |
- |
25.327 |
13.611 |
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Commission Earnings |
- |
18.781 |
59.281 |
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Other Earnings |
- |
8.599 |
0.000 |
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Recovery of Expenses |
- |
0.000 |
1.437 |
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TOTAL EARNINGS |
NA |
52.707 |
74.329 |
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IMPORTS |
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Raw Materials |
- |
34.337 |
64.752 |
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Bought out components |
- |
55.740 |
112.587 |
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TOTAL IMPORTS |
NA |
90.077 |
177.339 |
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Earnings/[Loss]
Per Share (Rs.) |
74.24 |
51.00 |
71.92 |
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Expected Sales (2011-2012) : Rs.2000.000 millions
The above information has been parted by Mr. Gopal [Finance Controller].
KEY RATIOS
|
PARTICULARS |
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31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total
Income |
% |
10.27 |
8.65 |
11.03 |
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Return on Total
Assets (PBT/Total
Assets} |
% |
22.74 |
18.52 |
25.82 |
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Return on
Investment (ROI) (PBT/Networth) |
|
0.29 |
0.25 |
0.44 |
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Debt Equity
Ratio (Total
Liability/Networth) |
|
0.39 |
0.57 |
0.72 |
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Current Ratio (Current
Asset/Current Liability) |
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2.81 |
2.11 |
2.28 |
LOCAL AGENCY FURTHER INFORMATION
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Check List by Info Agents |
Available in Report [Yes/No] |
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Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Construction of the firm |
Yes |
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Premises details |
Yes |
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Type of Business |
Yes |
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Line of Business |
Yes |
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Promoters background |
- |
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No. of Employees |
Yes |
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Name of Person Contacted |
Yes |
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Designation of contact
person |
Yes |
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Turnover of firm for last
two years |
Yes |
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Profitability for last
three years |
No |
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Reasons for variation
<> 20% |
- |
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Estimation for coming
financial year |
Yes |
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Capital the business |
Yes |
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Details of sister
concerns |
Yes |
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Major Suppliers |
No |
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Major Customers |
No |
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Payment Terms |
Yes |
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Export / Import Details [If
Applicable] |
Yes |
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Market Information |
- |
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Litigations that the firm
/ promoter involved in |
- |
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Banking Details |
Yes |
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Banking Facility Details |
Yes |
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Conduct of the banking
account |
- |
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Buyer visit details |
- |
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Financials, if provided |
No |
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Incorporation details, if
applicable |
- |
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Last accounts filed at
ROC |
- |
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Major Shareholders, if
applicable |
- |
Sundry Creditors
Details :
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
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-Due to Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
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-Due to Other |
263.634 |
317.619 |
250.759 |
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Total |
263.634 |
317.619 |
250.759 |
FINANCIAL RESULTS AND
OPERATIONS:-
The positive business trend started after recessionary
trends of 2009-10. The market analyst endorsed positive movement for 2010 - 11.
A significant inflow of enquiries has been seen, since February 2010 onwards,
which has resulted into a strong order book for the month of April and May
2010, which is contrary with the general order book trends. Traditionally,
April and May has seen dip in enquiry and order flow. The enthusiasm generated
at the beginning of the year, continued more or less throughout 10-11. Both IT
and ITES segments and Industrial segments grew with definite positivity. This
is despite of the fact, that Telecom and
In Year 2009 - 10, the IBM remained as top customers for them, with significant business both in Product Sales as well as AMC contracts. This is the fifth consecutive year, where IBM has trusted DB as a preferred vendor for all internal projects. Significant breakthrough has been achieved by bagging a prestigious order of Mangalore Refinery (MRPL) for Green Field Project. The successful execution of this project has paved a way for DB Power as a strong vendor competing with international brands like Chloride and Gutor.
The overall business for the company has grown by 23% against the performance of 2009-10. The product sales grew by 22% and 27% with reference to 2009-10 and grew by 7% and 17% more than the budget for 2010-11.
The Operating Profit improved from 13% to 15% and the PAT improved from 9-10%. Thanks to the Sales Team, who paid significant role in executing the right strategy to improve upon product margins.
The increase in profitability is the result of increase in business in Solar Inverters, Active Harmonic Filters, Static Transfer Switches. The total contribution of these businesses together is close to 12% with reference to 6-7% in 2009-10. The significant business from OTIS which is close to 5%, which is almost double for the current year, has helped in maintaining strong product sales growth. On the Services front, the Service team has done excellent job. The Service revenue has grown significantly above budget by around 17%. The service margins improvement which is close to 40% has helped Company to maintain and improve Operating Profit level despite of several challenges which company has faced.
As all may be aware that on 3rd of September 2010, Emerson
Electric, US have acquired Chloride Group PLC. DB then became a Group Company
of
In last three years, DB as a Company has experienced two successive acquisitions. The first by Chloride and then by Emerson. It has to undergo through the procedural changes which is a part and parcel of any acquisition process to align itself to the new management and new management’s business philosophy. The loss of talented human resource, loss of business on account of competition creating confusion with customer / market was evident. Retention of talented human resource, by maintaining business continuity was the toughest challenge, which DB Team has successfully met it. Despite these challenges the Business Growth continued successfully.
Their efforts in the field of Renewable Energy (Solar Power Plants) is now bearing sweet fruits. The business contribution of Solar Business has significantly grown to 5% from 2% with effect to 2009-10. They have successfully executed big orders for our prestigious customer Tata BP Solar and Sun Technics. DB is now getting recognized as an important player in Renewable Energy Field with contemporary technology matching international standards. DB has great opportunity to increase its business significantly in this field in years to come, since now DB is now a part of Emerson Group which is a strong International Brand.
NEW PLANS AND
STRATEGIES:
Emerson and DB post acquisition has emerged as a strong
brand both in the field of UPSs as well as Power Electronics in general. The total
market share of DB and ENPI shall be close to 40% in enterprise market segment,
which is much ahead of its nearest competitor Schneider which holds around
18-20% of the market share. ENPI and DB are the strategic fit company, together
it has much strength. DB in future will be able to offer much broader spectrum
of product and services to its esteemed combined customer segment in years to
come. DB and ENPI will soon emerge as a strong force on the business horizon of
Contingent Liabilities
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Bank guarantees |
105.404 |
114.576 |
|
Claims against the Company not acknowledged as debts |
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|
-Excise duty |
2.999 |
0.000 |
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-Income tax |
1.061 |
1.061 |
|
- Sales Tax Matters |
2.628 |
0.000 |
|
Pending C Form liability |
8.567 |
10.549 |
|
Other disputed matters |
2.023 |
2.023 |
FORM 8
|
This form is for |
Modification of
charge |
|
Corporate
identity number of the company |
U32107PN1996PTC097677 |
|
Charge
Identification OD Number |
90086133 |
|
Name of the
company |
DB Power
Electronics Private Limited |
|
Address of the registered
office or of the principal place of
business in |
Plot No-120/37,
Ramtekadi Industrial Area, Hadapsar, Pune-411013, |
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Type of charge |
Immovable
property Book debts Movable Property
(not being pledge) |
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Particular of
charge holder |
Corporation Bank,
Industrial Finance Branch 14, Email : cb502@corpbank.co.in |
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Nature of description
of the instrument creating or modifying the charge |
Memorandum of
Deposit of title deeds AND first Supplemental Common deed of Hypothecation of
movable/assets/book debts. |
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Date of
instrument Creating the charge |
19.08.2008 |
|
Amount secured by
the charge |
Rs.267.400
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash
Credit-12.50% (COBAR-0.50% At present subject to revision from time to time Term Loan-12.50% (COBAR-0.50%
At present subject to revision from time to time Demand Loan -
12.50% (COBAR-0.50% At present subject to revision from time to time Bank guarantee /
LC-Commission as per bank norms Terms of
Repayment: Cash credit
Running account repayable on demand subject to annual review renewal Term Loan:
Original terms within 32 Months in 30 Equal Installments of Rs.0.200 Million
with initial RPH of 2months from the date of first disbursement Demand Loan: In 24
Equal Monthly installments of RS.0.625 Million without any repayment holiday Bank guarantee/
LC :Tenor not exceeding 36 Months Margin: Cash Credit Stock
25% Book debts 30% Term Loan:31.04% Demand
Loan:35.62% of cost of scheme Bank Guarantee
:15% (Cash Margin) Extent and
Operation of the charge: Cash Credit:
First charge by Hypothecation of movables, stocks and book debts Equitable
mortgage on properties to secure total credit limits of Rs.267.400 Millions
besides Interest, Cost and other charges. Others: Total Credit
limits of Rs..267.400 Million consist of Cash Credit-Rs
120.000 Millions Inland/Import
LC/BG – Rs.130.000 Millions Term Loan-
Rs.2.400 Million Demand
Loan-Rs.15.000 Millions |
|
Short particulars
of the property charged |
Cash Credit:
First charge by Hypothecation of movables, stocks and book debts. Equitable
mortgage on properties to secure total credit limits of Rs.267.400 Millions
besides interest, Cost and other charges. |
|
Date of latest modification prior to the present modification |
14.06.2007 |
|
Particulars of the present modification |
By present
modification, Credit facilities enhanced from Rs. 216.400 millions to Rs.
267.400 millions by sanction of additional credit limits of Rs. 51.000
millions secured against Hypothecation of movables, stocks, book debts and
EMG of properties |
Trade References :
- ABB
Fixed
assets
- Land (Leasehold)
- Land (Freehold)
- Buildings
- Plant and Machinery
- R and D Plant and Machinery
- Office Equipment
- Computers
- Vehicles
- Furniture and Fixtures
- Electrical Fittings
- Electrical Installations
- Temporary Shed
- 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.49.31 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.