MIRA
INFORM REPORT
|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
NORMA GROUP PRODUCTS INDIA PRIVATE LIMITED |
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Registered
Office : |
S No. 662, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.07.2008 |
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Com. Reg. No.: |
11-132475 |
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Capital
Investment / Paid-up Capital : |
Rs.57.000 Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2008FTC132475 |
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PAN No.: [Permanent Account No.] |
AACCN8289P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Connecting and Retaining Products for
Auto and Non Auto Industries. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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 appear
huge accumulated losses recorded by the company. Profitability is under pressure.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered for business dealings on a secured 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
|
Name : |
Mr. Senthil Kumaran |
|
Designation : |
Finance Hade |
|
Contact No.: |
91-9545556005 |
|
Date : |
13.06.2012 |
LOCATIONS
|
Registered Office / Factory : |
S No. 662, Mumbai Pune Road, Talegaon Dabhade, Pune 410506,
Maharashtra, India |
|
Tel. No.: |
91-2114-660500 / 660508 / 660509 / 660507 / 308500 / 308506 |
|
Mobile No.: |
91-9545556005 (Mr. Senthil Kumaran) |
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Fax No.: |
91-2114-660516 / 308516 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bernd Kleinhens |
|
Designation : |
Director |
|
Address : |
Altenmittlauerstr Asse 19, Freigericht Ortsteil, Somborn, 63579, Germany |
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Date of Birth/Age : |
22.05.1967 |
|
Date of Appointment : |
22.07.2008 |
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DIN No.: |
02144619 |
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Name : |
Mr. Othmar Klaus Josef Belker |
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Designation : |
Director |
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Address : |
Albrecht Durer Strasse 12, Kleinwallstadt, 63839, Germany |
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Date of Birth/Age : |
25.11.1962 |
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Date of Appointment : |
22.07.2008 |
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DIN No.: |
02144684 |
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Name : |
Mr. Werner Manfred Deggim |
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Designation : |
Director |
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Address : |
Birkenweg 5, Waldkirch Ortsteil, Kollnau, 79183, , Germany |
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Date of Birth/Age : |
10.02.1953 |
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Date of Appointment : |
22.07.2008 |
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DIN No.: |
02144798 |
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Name : |
Mr. Sacheen Sharadrao Lathkar |
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Designation : |
Additional Director |
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Address : |
11/150, Parishram Park, Gorwa Nr. Iti, Baroda, 390016, Gujarat, India |
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Date of Birth/Age : |
05.06.1969 |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
03630417 |
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Name : |
Mr. Heiko Dagenbach |
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Designation : |
Additional Director |
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Address : |
65830, Kriftel 5A, Lessingstrabe, 6548314234, Germany |
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Date of Birth/Age : |
28.06.1973 |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
05108704 |
KEY EXECUTIVES
|
Name : |
Mr. Senthil Kumaran |
|
Designation : |
Finance Hade |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
DNL Verwaltungs GMBH, |
|
4560000 |
|
Norma Beteiligungs GmbH,
Germany |
|
8099972 |
|
Total |
|
12659972 |
As on 23.10.2011
|
Names of Allottee |
|
No. of Alloted |
|
Norma Beteiligungs GmbH,
Germany |
|
826560 |
|
Total |
|
826560 |
As on 30.12.2011
|
Names of Allottee |
|
No. of Alloted |
|
Norma Beteiligungs GmbH,
Germany |
|
17202800 |
|
Total |
|
17202800 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Connecting and Retaining Products for
Auto and Non Auto Industries. |
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Exports : |
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Products : |
Connecting and Retaining Products |
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Countries : |
·
Korea ·
Germany |
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Imports : |
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Products : |
Raw Material Finished Goods |
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Countries : |
·
Europe ·
US |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users · Mahendra and Mahendra |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· Axis Bank, Ground Floor, Pardeshi Building Chakan, Taluka Khed District Pune, Chakan - 410501, Maharashtra, India · Deutsche Bank, Pune, Maharashtra, India |
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Facilities : |
CC / TL Rs.10.000 Millions form Axis Bank Limited CC / TL Rs.40.000 Millions Form Deutsche Bank (Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandorkar and Limaye Chartered Accountants |
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Address : |
33/29, |
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PAN.: |
AABFC9951D |
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Parties where
control exists : |
· DNL 2. Verwaltungs GmbH · Taurus Flexibles Private Limited |
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Fellow subsidiaries
with whom the Company had transactions during the year : |
· Norma Germany Gmbh · Norma France S.A.S · Norma Pacific (Asia) PTE Limited · Norma Polska · Norma China Company Limited · Breeze Industrial Products · DNL Sweden AB · Norma Group Holding Gmbh · Norma UK Limited ·
Norma Sweden AB |
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Associates Company : |
Indo Australian Hose Manufacturing Private Limited CIN No. U23203JH2005PTC011381 |
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Holding Company: |
Norma Asia Pacific Holding Company Limited |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.550.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.360.192 Millions
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs.550.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
12659972 |
Equity Shares |
Rs.10/- each |
Rs.126.600
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
29408000 |
Equity Shares |
Rs.10/- each |
Rs.294.080 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5700000 |
Equity Shares |
Rs.10/- each |
Rs.57.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
57.000 |
57.000 |
27.000 |
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|
2] Share Application Money |
69.600 |
0.000 |
26.800 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(117.354) |
(33.059) |
(9.405) |
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|
NETWORTH |
9.246 |
23.941 |
44.395 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
23.138 |
26.877 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
23.138 |
26.877 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
32.384 |
50.818 |
44.395 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.523 |
30.040 |
10.385 |
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Capital work-in-progress |
6.930 |
24.646 |
19.897 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
38.040
|
27.025 |
4.935 |
|
|
Sundry Debtors |
27.305
|
27.920 |
5.966 |
|
|
Cash & Bank Balances |
1.449
|
0.484 |
7.092 |
|
|
Other Current Assets |
15.020
|
9.876 |
6.483 |
|
|
Loans & Advances |
4.937
|
1.830 |
0.457 |
|
Total
Current Assets |
86.751
|
67.135 |
24.933 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.347
|
9.132
|
12.919 |
|
|
Other Current Liabilities |
92.618
|
62.484 |
0.000 |
|
|
Provisions |
9.924
|
1.520 |
2.098 |
|
Total
Current Liabilities |
111.889
|
73.136 |
15.017 |
|
|
Net Current Assets |
(25.138)
|
(6.001) |
9.916 |
|
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|
MISCELLANEOUS EXPENSES |
0.069 |
2.133 |
4.197 |
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|
|
|
|
|
|
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TOTAL |
32.384 |
50.818 |
44.395 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
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|
Sales / Income |
|
50.217 |
5.378 |
|
|
|
Other Income |
|
7.941 |
0.012 |
|
|
|
TOTAL (A) |
97.254 |
58.158 |
5.390 |
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
44.784 |
5.074 |
|
|
|
Employees Remuneration |
|
12.986 |
2.718 |
|
|
|
Increase/(Decrease) in Finished Goods |
NA |
(0.500) |
0.000 |
|
|
|
Selling and Distribution Expenses |
|
2.521 |
0.104 |
|
|
|
Administrative Expenses |
|
17.461 |
6.291 |
|
|
|
TOTAL (B) |
NA |
77.252 |
14.187 |
|
|
|
|
|
|
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|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
(19.094) |
(8.797) |
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
0.653 |
0.005 |
|
|
|
|
|
|
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|
PROFIT
/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
(19.747) |
(8.802) |
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
3.905 |
0.460 |
|
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(84.296) |
(23.652) |
(9.262) |
|
|
|
|
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|
|
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|
Less |
TAX (H) |
0.000 |
0.000 |
0.143 |
|
|
|
|
|
|
|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(84.296) |
(23.652) |
(9.405) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(9.405) |
0.000 |
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
NA |
(33.057) |
(9.405) |
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
0.521 |
0.000 |
|
|
|
Commission Earnings |
|
7.575 |
0.000 |
|
|
TOTAL EARNINGS |
87.000 |
8.096 |
0.000 |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
44.786 |
6.620 |
|
|
|
Capital Goods |
NA |
16.266 |
13.992 |
|
|
TOTAL IMPORTS |
NA |
61.052 |
20.612 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.48) |
(4.55) |
(7.05) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
200.000 |
Expected Sales (2012-13) : Rs.350.000 Millions
The above information has been parted by Mr. Senthil Kumaran
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(86.68)
|
(40.67) |
(174.49) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(47.10) |
(172.22) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(61.41)
|
(24.34) |
(26.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(9.12)
|
(0.99) |
(0.21) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
14.60
|
4.18 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76
|
0.92 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
DETAILS
of SUNDRY CREDITORS
Rs.
In Millions
|
Particulars |
31.03.2011
|
31.03.2010
|
31.03.2009 |
|
Creditors due others |
9.347
|
9.132
|
12.919 |
|
Total |
9.347
|
9.132
|
12.919 |
TRADE REFERENCES
· Mahendra and Mahendra
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29299PN2008FTC132475 |
|
Name of the
company |
NORMA GROUP PRODUCTS INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
S No. 662, Mumbai Pune Road, Talegaon Dabhade, Pune 410506,
Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10184824 |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Others (Stock , Plant and Machineries) |
|
Particular of
charge holder |
Axis Bank, Ground Floor, Pardeshi Building, Chakan Taluka Khed,
District Pune, Chakan 410501,
Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation (CCD-21) executed on 06.11.2009 to create a single and
exclusive charge against all the Present and Future Current Assets including
the stock and book debts, Plant and Machineries of the borrower company
including the New Machineries to be purchased through the credit facilities
extended by the Bank to the Borrower Company and the un-ecumbered Plant and
Machineries of the Company. |
|
Date of
instrument Creating the charge |
06.11.2009 |
|
Amount secured by
the charge |
Rs.14.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For CC and Term
Loan: 1.75% below BPLR, (presently the BPLR is 14.75% p.a.) i.e.13.00%
p.a. payable at monthly intervals. Terms of Repayment CC: On Demand.
The tenor would be of 12 months from the date of sanction. For The Term Loan
the Tenor would be of 29 months including Moratorium of 3 months. The
Repayment is to be carried out in 26 equal monthly installments of Rs.0.154
Million. Margin For Stock in all
its elements:25% Book debts:25% , for Term Loan :19.60% Extent and Operation of the charge Axis Bank Limited
will have single and exclusive charge on all the present and future current
assets, plant and machineries and including the assets that would come into
existence through the credit facilities extended by the Bank. All other Terms
and Conditions as per sanction letter No. PSC/SW/519/2009-10 dated
31/10/2009. Others The Company by
virtue of Board Resolution dated 15.09.2009 duly given the assents to all the
Terms and conditions as appeared in the Sanction Letter No.
PSC/SW/519/2009-10 dated 31.10.2009 and all other relevant covenants duly
acknowledged by the Directors on behalf of the Company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the Stock
,Book debts, all sorts of plant and machineries and record maintained and
kept at Registered Office and at the Works of the company: S.No.662 Talegaon
Dabhade Old Mumbai Pune Road,Pune-410506 |
|
Particulars of
the present modification |
By this present
modification the existing limit of Cash credit Rs.1.500 Millions has been
raised to Rs.10.200 Millions and charge noted for New Term loan of Rs.4.000 Millions |
FIXED ASSETS:
- Software
- Plant and
Machinery
- Moulds and
Patterns
- Computers and
Laptops
- Office
Equipments
- Electrical
Installations
- Furniture and
Fixtures
- 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.56.05 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
14 |
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.