1. Summary Information
|
|
|
Country |
|
|
Company Name |
BREMBO BRAKE
INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Ferdinand C Allerkamp |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Satish Sekhri |
|
|
|
Registration # |
25-021321 |
|
Street Address |
Gat No. 307/7
And 8, Village Nanekarwadi, Taluka Rajgurnagar, Pune-410501, |
||
|
Established Date |
19.09.2005 |
SIC Code |
-- |
|
Telephone# |
91-213-5669602/ 5669601 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-213-5669606 |
Business Style 2 |
-- |
|
Homepage |
Not Available |
Product Name 1 |
Automotive And Industrial Technology |
|
# of employees |
Not Available |
Product Name 2 |
Consumer goods and building Technology products |
|
Paid up capital |
Rs.140,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign Holdings (100%) |
Banking |
Citi Bank N.A |
|
Public Limited Corp. |
NO |
Business Period |
7 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (47) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
Italy |
Brembo S.P.A |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
559,909,000 |
Current Liabilities |
331,443,000 |
|
Inventories |
118,756,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
395,380,000 |
Other Liabilities |
37,303,000 |
|
sDeferred Assets |
0,000 |
Total Liabilities |
368,746,000 |
|
Invest& other Assets |
15,270,000 |
Retained Earnings |
580,569,000 |
|
|
|
Net Worth |
720,569,000 |
|
Total Assets |
1,089,315,000 |
Total Liab. & Equity |
1,089,315,000 |
|
Total Assets (Previous Year) |
1,094,362,000 |
|
|
|
P/L Statement as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,730,980,000 |
Net Profit |
138,860,000 |
|
Sales(Previous yr) |
1,265,890,000 |
Net Profit(Prev.yr) |
90,540,000 |
MIRA
INFORM REPORT
|
Report Date : |
20.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
BREMBO BRAKE INDIA PRIVATE LIMITED (w.e.f.24.02.2009) |
|
|
|
|
Formerly Known
As : |
KBX MOTORBIKE PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
GAT No. 307/7 and 8, Village Nanekarwadi, Taluka Rajgurnagar,
Pune-410501, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
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|
|
|
Date of
Incorporation : |
19.09.2005 |
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|
|
|
Com. Reg. No.: |
25-021321 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.140.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN2005PTC021321 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer of Automotive and Industrial Technology, Consumer goods
and building Technology products |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2800000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
GAT No. 307/7 and 8, Village Nanekarwadi, Taluka Rajgurnagar,
Pune-410501, |
|
Tel. No.: |
91-213-5669602/ 5669601/6696251 |
|
Fax No.: |
91-213-5669606 |
|
E-Mail : |
DIRECTORS
As on 14.06.2011
|
Name : |
Mr. Paolo Magri |
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Designation : |
Managing Director |
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Address : |
VIA, Pascoli, 7, 24121, Bergamo-24121 |
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Date of Birth/Age : |
30.08.1953 |
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Date of Appointment : |
04.02.2006 |
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DIN No.: |
00213464 |
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Other
Directorship:
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Name : |
Mr. Shrikant Nilkanth Pangarkar |
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Designation : |
Whole Time Director |
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Address : |
S No.20/5, Golden Galaxy, Someshwar Wadi, Pune – 411045, |
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Date of Birth/Age : |
08.06.1948 |
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Date of Appointment : |
19.11.2008 |
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DIN No.: |
02439859 |
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Other
Directorship:
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Name : |
Mr. Umberto Simonelli Silva |
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Designation : |
Director |
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Address : |
VIA, Pascoli, 7, 24121, Bergamo-24121 |
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Date of Birth/Age : |
26.03.1962 |
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Date of Appointment : |
18.02.2009 |
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DIN No.: |
00213411 |
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Other
Directorship:
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|||||||||||||||||||||||||||
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Name : |
Mr. Sudhir Gajanan Nirantar |
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Designation : |
Additional director |
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Address : |
B 1 Garud Heritage Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
29.07.1961 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
03508413 |
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KEY EXECUTIVES
|
Name : |
Mr. Rajendra Jaysing Pardeshi |
|
Designation : |
Secretary |
|
Address : |
F-13/14, Lunawat Complex, Kothrud, Pune-411038, |
|
Date of Appointment : |
19.11.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Brembo,S.P.A, Italy |
|
13999999 |
|
Sudhir Gajanan Nirantar |
|
1 |
|
|
|
|
|
Total |
|
14000000 |
Equity Share Break up (Percentage of Total Equity)
As on 14.06.2011
|
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 of Automotive and Industrial Technology, Consumer goods
and building Technology products |
PRODUCTION STATUS (31.12.2009)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Two Wheeler Brakes |
Nos |
12.42 Lac |
1005279 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Citi Bank N.A, Citi Business Citigroup Centre, 2nd Floor,
Bandra Kurla Complex, Bandra East, Mumbai-400051, |
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|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lovelock and Lewes Chartered Accountant |
|
Address : |
Century Arcade, Flat Nos. 305 to 307, 243-244, B/2, Narangi Baug Road,
Off Boat Club Road, Pune-411001, Maharashtra, India |
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PAN.: |
AABFK8878L |
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|
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Holding Company : |
Brembo S.P.A, |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000
Millions |
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|
|
|
|
Note:
i) 14,000,000 shares of Rs.10 each (Previous year 14,000,000 shares of Rs.10 each) are held by the holding Company, Brembo S. P. A
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
140.000 |
140.000 |
140.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
580.569 |
441.710 |
351.174 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
720.569 |
581.710 |
491.174 |
|
|
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 |
4.608 |
10.505 |
14.378 |
|
|
|
|
|
|
|
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TOTAL |
725.177 |
592.215 |
505.551 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
395.380 |
363.961 |
394.711 |
|
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Capital work-in-progress |
15.270 |
4.206 |
2.524 |
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
Inventories |
118.756
|
104.621
|
90.924 |
|
|
Sundry Debtors |
269.744
|
195.339
|
163.615 |
|
|
Cash & Bank Balances |
235.388
|
158.525
|
3.947 |
|
|
Other Current Assets |
1.353
|
0.615
|
0.000 |
|
|
Loans & Advances |
53.424
|
267.095
|
246.062 |
|
Total
Current Assets |
678.665
|
726.195 |
504.548 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
331.443
|
472.989
|
376.647 |
|
|
Provisions |
32.695
|
29.158
|
19.585 |
|
Total
Current Liabilities |
364.138
|
502.147 |
396.232 |
|
|
Net Current Assets |
314.527
|
224.048
|
108.316 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
725.177 |
592.215 |
505.551 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1730.980 |
1265.890 |
1018.650 |
|
|
|
Other Income |
53.140 |
26.150 |
16.390 |
|
|
|
TOTAL (A) |
1784.120 |
1292.040 |
1035.040 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1506.210 |
108.496 |
877.120 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
277.910 |
207.080 |
157.920 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.410 |
69.270 |
57.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
207.500 |
137.810 |
100.190 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
68.640 |
47.270 |
36.92 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
138.860 |
90.540 |
63.270 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value |
50.300 |
56.348 |
120.616 |
|
|
TOTAL EARNINGS |
50.300 |
56.348 |
120.616 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
88.236 |
32.151 |
|
|
|
Stores & Spares |
NA |
2.206 |
1.125 |
|
|
|
Capital Goods |
NA |
12.501 |
70.084 |
|
|
TOTAL IMPORTS |
NA |
102.943 |
103.360 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.92 |
6.47 |
4.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
7.78
|
7.01 |
6.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.99
|
10.89 |
9.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.57
|
18.98 |
19.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.24 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.86
|
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
1.45
|
1.27 |
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 |
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 three 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 |
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18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
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 |
Note:
The Registered Office of the company has been shifted from
Operations
During the year, the Board of director focused on increase in capacity to meet demand in the market. The manufacturing capacity as increase from Rs.1.240 Millions sets to Rs.1.500 Millions sets. The company entered into Memorandum of Understanding with the owner of the present factory premises at Chakan to build additional factory premises of around 3500 sq meters to expand operation of the company. The construction work was started in June 2010 and is expected be completed by March 2011 .The company also shifted its operations at Manesar to a target teased premium 05 1254 sq. Meter which is much target than the earlier premises. The company manufactured Rs.1.400 Millions Brake systems in 2010 against Rs.1.000 Millions Brake systems made in, 2009 showing a growth of 40%.
Market Scenario
The overall two wheeler market was buoyant in 2010 and recorded a growth rate of 32%.The company has not been able to take full advantage of growth of ,the, two wheeler market Bus to production capacity constraints and inadequate supply of inputs from the vendors. The share of business With Bajaj Auto declined from 40% to 30% duo to the above Limitations resulting in decline of market share of the company from approx 60% to 56%.
Industrial Relations
The new settlement with the unionized workers was due in April, 2010. Bosch Chassis Systems kamgar Sanghatana (Workers Union) submitted Charter of Demand in February, 2010 .The negotiations continued aver a period of 12 months. The Board is glad to inform that the settlement with the workers' union has been reached and, Minutes of the Meeting Incorporating terms of Settlement have been signed on 13th February 2011. The, Agreement is expected to be signed by 31th March, 2011. The industrial relations in Chakan and Manesr plants continued to be cordial.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U34300PN2005PTC021321 |
|
Name of the
company |
KBX MOTORBIKE PRODUCTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
GAT No. 307/7
and 8, Village Nanekarwadi, Taluka Rajgurnagar, Pune-410501, |
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
Citi Bank N.A,
Citi Business Citigroup Centre, 2nd Floor, Bandra Kurla Complex,
Bandra East, Mumbai-400051, Email: roc@sdpa.in |
|
Nature of
description of the instrument creating or modifying the charge |
Goods Security
Agreement |
|
Date of
instrument Creating the charge |
23.07.2008 |
|
Amount secured by
the charge |
Rs.60.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per negotiated
Rates Terms of
Repayment Repayable on
Demand Margin As may be decided
by the bank from time to time Extent and
Operation of the charge First Exclusive
charge on whole of hypothecated assets |
|
Short particulars
of the property charged |
a) The whole of
movable assets, including plant and machinery, both present and future,
stocks of raw materials, goods in process of manufacture, semi-finished goods
and all finished and manufactured goods. b) Present and
future book debts, outstanding Monies, receivables, claims, bills,
investments, rights to or on moveable properties and moveable assets forming
part of current assets |
Fixed Assets:
·
Plant and Machinery
·
Furniture
·
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 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.56.41 |
|
|
1 |
Rs.88.44 |
|
Euro |
1 |
Rs.71.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.