MIRA
INFORM REPORT
|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
OWENS-CORNING (INDIA) PRIVATE LIMITED (w.e.f. 12.05.2011) |
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Formerly Known
as : |
OWENS-CORNING (INDIA) LIMITED |
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Registered
Office : |
7th Floor, Alpha Building, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
05.07.1995 |
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Com. Reg. No.: |
11-124707 |
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Capital Investment
/ Paid-up Capital : |
Rs.1308.130 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U73100MH1995PTC124707 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO01785A |
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PAN No.: [Permanent Account No.] |
AAACO1739M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Trading of Glass Fiber Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15900000 |
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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 subsidiary of “Owens Corning Inc., USA” It is a well established company having a satisfactory track record. There
appears some dip in the sales turnover and profits during 2012. However, the
financial position is sound and healthy.
Trade relations are reported to be decent. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
7th Floor, Alpha Building, Hiranandani Gardens, Powai,
Mumbai-400076, Maharashtra, India |
|
Tel. No.: |
91-22-66681700 |
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Fax No.: |
91-22-66681701 |
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E-Mail : |
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Corporate Office : |
301-310, A Wing, Bonanza, Sahar Plaza Complex, M. V. Road, Andheri
(East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-28398250 |
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Fax No.: |
91-22-28398251 |
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Factory 1 : |
Plot No. T 28, MIDC, Phase 2, Taloja, District Raigad-410208,
Maharashtra, India |
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Tel. No.: |
91-22-39219100 / 27402108 |
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Fax No.: |
91-22-39219101 |
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Branch Office : |
Located At: · New Delhi ·
Mumbai |
DIRECTORS
AS ON 14.09.2012
|
Name : |
Mr. Shivanand Narsing Gulvady |
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Designation : |
Alternate director |
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Date of Appointment : |
08.06.2011 |
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Din No.: |
02321203 |
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Other Directorship:
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||||||||||||||||||||||||
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Name : |
Marcio Anacleto Sandri |
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Designation : |
Director |
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Date of Appointment : |
17.01.2012 |
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Din No.: |
05172008 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
IPM Inc. Delaware |
|
78487796 |
|
OC NL Invest Cooperatief U. A. |
|
52325196 |
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OC NL Invest Cooperatief U. A jointly with Satish Kulkarni |
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1 |
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OC NL Invest Cooperatief U. A jointly with Phani Kumar |
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1 |
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OC NL Invest Cooperatief U. A, Jointly with Mr. Edward Neunuebel |
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1 |
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OC NL Invest Cooperatief U. A, Jointly with Ms. Claire Dagommer |
|
1 |
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OC NL Invest Cooperatief U. A, Jointly with Ms. Magali Leroux |
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1 |
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TOTAL
|
|
130812997 |
AS ON 14.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Glass Fiber Products. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Glass Fiber Products |
|
|
|
|
Reinforcements@ |
Tonnes |
51010 |
50049 |
|
Technical Fabrics |
Tonnes |
10800 |
9351 |
NOTES:
* As Certified by the Management.
@ The actual production of reinforcements includes captive consumption
of 5,733 Tonnes (Previous Year - 8,419 Tonnes) for Technical Fabrics.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Standard Chartered Bank, Standard Chartered Grindlays Bank, New Delhi, India · Centurion Bank of Punjab Limited, Durga Niwas M G Road, Panaji, Goa 403 001, India · Export Import Bank of India, Centre One Building, 21st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005, Maharashtra, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, (West), Mumbai-400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
252, Veer Savarakar Marg, Opposite Shivaji Park, Dadar (West), Mumbai
- 400028, Maharashtra, India |
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PAN No: |
AAEFP3641G |
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Holding Company
: |
IPM Inc. Delaware, USA |
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Ultimate Holding
Company: |
Owens Corning Inc., USA |
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Fellow Subsidiaries : |
·
Owe N S Corning Composite Materials LLC ·
Owens Corning Korea ·
OWE N S ·
Corning Australia Pty Limited ·
Owens Corning Fiberglas Espana S L ·
OCV Mexico S DE RL DE CV ·
European Owens Corning Fiberglas SA ·
OCV Reinforcements (Beijing) Company Limited ·
OCV Reinforcements Hangzhou Company Limited ·
OCV Composites (China) Company Limited ·
OCV Fabrics (Changzhou) Company Limited ·
OCV Chambery France ·
Owens Corning Industries (India) Private Limited
[U26102AP1998FTC030183] ·
Owens Corning, Hong Kong ·
Owens Corning Japan Limited ·
Owe Ns Corning Veil UK Limited ·
Owens Corning Fiberglas France ·
OCV Czech S.R.O. ·
OCV Reinforcements Alcala Spain S L ·
OCV Chambery International ·
Owe Ns Corning Singapore Pte Limited ·
OC NL Invest Cooperatief UA ·
Owe Ns Corning Veil Netherlands B V ·
Owens Corning Enterprise (India) Private Limited
[U26102MH2003FTC143522] ·
OCV Italia SRL Besana ·
OCV Thailand Company Limited ·
Owe Ns Corning Britinvest Limited ·
Owens-Corning (India) ·
Owens-Corning (India) Private Limited
[U73100MH1995PTC124707] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
2500000 |
Preferences Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
TOTAL |
|
Rs.2250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130812997 |
Equity Shares |
Rs.10/- each
|
Rs.1308.130
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1308.130 |
1308.130 |
1308.130 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2668.700 |
2164.700 |
1549.972 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3976.830 |
3472.830 |
2858.102 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.200 |
244.700 |
455.772 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1.200 |
244.700 |
455.772 |
|
|
DEFERRED TAX LIABILITIES |
504.500 |
533.200 |
513.947 |
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|
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|
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TOTAL |
4482.530 |
4250.730 |
3827.821 |
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APPLICATION OF FUNDS |
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|
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|
|
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FIXED ASSETS [Net Block] |
3174.900 |
3267.600 |
3135.382 |
|
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Capital work-in-progress |
96.900 |
210.000 |
49.097 |
|
|
|
|
|
|
|
|
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 |
786.700
|
535.100 |
450.025
|
|
|
Sundry Debtors |
632.800
|
649.400 |
642.513
|
|
|
Cash & Bank Balances |
184.600
|
266.600 |
8.018
|
|
|
Other Current Assets |
1.300
|
2.400 |
0.931
|
|
|
Loans & Advances |
194.500
|
188.500 |
146.645
|
|
Total
Current Assets |
1799.900
|
1642.000 |
1248.132 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
280.670
|
475.970 |
482.186
|
|
|
Other Current Liabilities |
110.700
|
327.900 |
52.636
|
|
|
Provisions |
197.800
|
65.000 |
69.968
|
|
Total
Current Liabilities |
589.170
|
868.870 |
604.790
|
|
|
Net Current Assets |
1210.730
|
773.130 |
643.342
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4482.530 |
4250.730 |
3827.821 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3893.900 |
3879.799 |
3156.378 |
|
|
|
Commission (Tax deducted at source Rs.5.859 Millions (Previous Year Rs.8.250
Millions)) |
NA |
54.345 |
50.417 |
|
|
|
Other Income |
NA |
86.169 |
133.719 |
|
|
|
TOTAL (A) |
NA |
4020.313 |
3340.514 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
833.315 |
628.084 |
|
|
|
Cost of Traded Goods Sold |
|
263.447 |
60.667 |
|
|
|
Manufacturing Expenses |
NA |
1112.754 |
991.489 |
|
|
|
Employee Cost |
|
310.463 |
293.654 |
|
|
|
Administrative and other expenses |
|
447.361 |
360.020 |
|
|
|
(Increase)/ Decrease in Stock |
|
(96.664) |
(18.420) |
|
|
|
TOTAL (B) |
NA |
2870.676 |
2315.494 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1086.800 |
1149.637 |
1025.020 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.300 |
11.973 |
32.067 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1067.500 |
1137.664 |
992.953 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
323.000 |
298.615 |
293.921 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
744.500 |
839.049 |
699.032 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
240.500 |
224.367 |
368.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
504.000 |
614.681 |
330.755 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1319.300 |
704.656 |
373.901 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1823.300 |
1319.337 |
704.656 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of Goods calculated on F.O.B basis |
679.300 |
917.400 |
896.546 |
|
|
|
|
0.000 |
0.000 |
13.658 |
|
|
|
Commission Earnings |
14.900 |
1.200 |
0.000 |
|
|
|
Scrap Sales |
7.200 |
19.700 |
10.888 |
|
|
TOTAL EARNINGS |
701.400 |
938.300 |
921.092 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
381.800 |
383.663 |
181.259 |
|
|
|
Stores and Spares |
37.500 |
58.567 |
40.354 |
|
|
|
Traded Goods |
111.100 |
202.638 |
106.970 |
|
|
|
Capital Goods (including Capital work-in-progress) |
77.000 |
53.146 |
63.170 |
|
|
TOTAL IMPORTS |
607.400 |
698.014 |
391.753 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.85 |
4.70 |
2.53 |
|
%20PRIVATE%20LIMITED%20-%20224045%2001-Jun-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
15.29
|
9.90
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.12
|
21.63
|
22.15
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.97
|
17.14
|
15.95
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.24
|
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.07
|
0.15
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
2.02
|
2.06
|
LOCAL AGENCY FURTHER INFORMATION
|
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 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 |
|
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 |
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered address of the company Mahindra Towers, Ground Floor,
Road No. 13, Worli, Mumbai – 400018, Maharashtra, India has been shifted to
present address w.e.f. 25.03.2009.
BACKGROUND:
Owens Corning
(India) Limited (‘the Company’) was incorporated in India on July 5, 1995. The
Company is involved in the manufacture of glass fiber for use in composites.
The Company was converted into a private limited company effective May 12, 2011
and accordingly, the name of company has been changed to Owens-Corning (India)
Private Limited.
OPERATIONS REVIEW:
The Company
continues to be a player of glass fiber market in India. The Company recorded
sales of 48,933 MT out of own manufactured products of both Glass
Reinforcements and Engineered Solutions during the year ended March 31, 2012,
as against 51,288 MT in the previous year.
The manufacturing
facility continues to pursue various cost saving measures including sourcing,
Waste reduction, energy efficiency and productivity improvement initiatives.
The company has been successfully been certified in the Surveillance Audit for
the ISO Systems for ISO 9001-2008 version along with 14001 and 18001.
FIXED ASSETS:
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computers
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.56.50 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.