MIRA INFORM REPORT
|
Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PENTAIR TECHNICAL PRODUCTS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit-1, Factory-2, Sai Lakshmi Campus
Kannamangala, Whitefield to |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.05.2008 |
|
|
|
|
Com. Reg. No.: |
08-046581 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28110KA2008PTC046581 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Sales of Enclosures and Cabinets. |
|
|
|
|
No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Hoffman Schroff Pte Limited’. It is an
established company having a moderate track record. The net worth of the company is fully eroded by the huge accumulated
losses recorded by the company. There also appear heavy external borrowings.
The liquidity of the company is vulnerable. However, business is active. Payment terms are slow. The company can be considered for business dealings on a safe and
fully 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 / Factory : |
Unit-1, Factory-2, Sai Lakshmi Campus
Kannamangala, Whitefield to Hoskote Road, Bangalore – 560067, Karnataka,
India |
|
Tel. No.: |
91-80-67152000 |
|
Mobile No.: |
91-9902457000 (Mr. Harish) |
|
Fax No.: |
91-80-67152000 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
45000 Sq ft |
|
Location : |
Leased |
|
|
|
|
Branch Office : |
Located At · Mumbai · Delhi · Hyderabad ·
Chennai |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Maruthi Krishna Venkata Rao Gudivada |
|
Designation : |
Director |
|
Address : |
Flat C-2, Block A, Sundew Apts., Near Cine Vishant, Margao, Goa – 403601, India |
|
Date of Birth/Age : |
01.06.1977 |
|
Experience : |
15 Years |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
02032136 |
|
|
|
|
Name : |
Mr. Sandesh Kumar Saklani |
|
Designation : |
Director |
|
Address : |
White Wood-39, G. Floor, Malibu Town, Gurgaon – 122011, Haryana, India |
|
Date of Birth/Age : |
08.03.1971 |
|
Experience : |
20 Years |
|
Date of Appointment : |
06.09.2010 |
|
DIN No.: |
03299507 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Hoffmann Schroff Pte Limited, Singapore |
|
9999 |
|
Pentair Asia Pte Limited, Singapore |
|
01 |
|
Total |
|
10000 |
As on 29.09.2012
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 Sales of Enclosures and Cabinets. |
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
·
Switzerland ·
USA ·
Europe |
|
|
|
|
Terms : |
|
|
Selling : |
Local Sale : Upto 60 Days) |
|
|
|
|
Purchasing : |
Advance (Local Purchase : Upto 60 Days) |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Actual
Production |
|
|
|
|
Enclosures |
51063 |
GENERAL INFORMATION
|
Suppliers : |
·
Hoffman Enclosures (USA) ·
Hoffman Enclosures (Switzerland) ·
Shoff Gmbh (Germany) ·
E.K. Steel (Bangalore) ·
Ranka Steel (Bangalore) |
|
|
|
|
Customers : |
·
ABB Limited (Bangalore) ·
Bharath Electronics Limited (Bangalore) ·
Hindustan Aeronauric Limited (Bangalore) |
|
|
|
|
No. of Employees : |
35 (Approximately) |
|
|
|
|
Bankers : |
Bank of India, K.G. Road, Bangalore, Karnataka, India |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besent Road,
Opposite.Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
|
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Sister Concern : |
Pentair Industries Private Limited |
|
|
|
|
Holding Company : |
Hoffman Schroff Pte Ltd |
|
|
|
|
Ultimate Holding
Company |
Pentair Inc, USA |
|
|
|
|
Fellow Subsidiaries : |
· Pentair Water India Private Limited · Pentair Water Treatment Private Limited · Hoffman Enclosures Inc · Pentair Technical Products China · Pentair Electronic Packaging · Pentair Poland SP ZO · Pentair Technical Products USA · Pentair Technical Products, San Diego · Pentair Water Australia Pty. Limited · Mclean Thermal · Schroff GmbH ·
SAS France |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/-
each |
Rs.1.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 (12 Months) |
31.03.2011 (15 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1.000 |
1.000 |
|
(b) Reserves & Surplus |
|
(300.210) |
(206.745) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
1.981 |
1.196 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
434.456 |
383.956 |
|
(b) Trade payables |
|
39.115 |
25.897 |
|
(c) Other current liabilities |
|
45.110 |
35.282 |
|
(d) Short-term provisions |
|
0.152 |
0.087 |
|
TOTAL |
|
221.604 |
240.673 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
112.537 |
129.671 |
|
(ii) Intangible Assets |
|
0.093 |
0.225 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
7.259 |
7.199 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
23.699 |
16.170 |
|
(c) Trade receivables |
|
56.353 |
47.209 |
|
(d) Cash and cash equivalents |
|
7.604 |
26.231 |
|
(e) Short-term loans and advances |
|
13.669 |
13.668 |
|
(f) Other current assets |
|
0.390 |
0.300 |
|
TOTAL |
|
221.604 |
240.673 |
|
SOURCES OF FUNDS |
|
|
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(71.295) |
|
|
NETWORTH |
|
|
(70.295) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
221.029 |
|
|
TOTAL BORROWING |
|
|
221.029 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
150.734 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
124.616 |
|
|
Capital work-in-progress |
|
|
1.913 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
19.746 |
|
|
Sundry Debtors |
|
|
21.158 |
|
|
Cash & Bank Balances |
|
|
5.679 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
19.738 |
|
Total
Current Assets |
|
|
66.321 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
40.006 |
|
|
Other Current Liabilities |
|
|
0.470 |
|
|
Provisions |
|
|
1.640 |
|
Total
Current Liabilities |
|
|
42.116 |
|
|
Net Current Assets |
|
|
24.205 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
150.734 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (12 Months) |
31.03.2011 (15 Months) |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
187.030 |
125.493 |
47.837 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
187.030 |
125.493 |
47.837 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
243.169 |
225.894 |
100.731 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
243.169 |
225.894 |
100.731 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(56.139) |
(100.401) |
(52.894) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.515 |
23.675 |
9.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(67.654) |
(124.076) |
(62.464) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.905 |
11.373 |
5.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(92.559) |
(135.449) |
(67.609) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(92.559) |
(135.449) |
(67.609) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
34.542 |
1.501 |
12.117 |
|
|
|
Sale of Services |
2.976 |
0.991 |
0.000 |
|
|
|
Sales Commission |
2.052 |
4.211 |
1.606 |
|
|
TOTAL EARNINGS |
39.570 |
6.703 |
13.723 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
57.917 |
28.303 |
28.232 |
|
|
|
Capital Goods |
15.820 |
1.275 |
13.565 |
|
|
TOTAL IMPORTS |
73.737 |
29.578 |
41.797 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(9346.49) |
(13544.98) |
(6756.96) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (12 Months) |
31.03.2011 (15 Months) |
31.12.2009 |
|
PAT / Total Income |
(%) |
(49.49)
|
(107.93) |
(141.33) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(41.77)
|
(56.28) |
(35.41) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.66 |
0.96 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.45)
|
(1.87) |
2.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.20
|
0.23 |
1.57 |
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 |
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 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from
No 110, 1st Floor, Mota Chambers, No 9 Millers Road Bangalore –
560052, Karnataka, India to present address w.e.f. 19.02.2009
CORPORATE INFORMATION
Subject was established in 2008 as a Subsidiary of Pentair Inc. The Company is engaged in the Manufacture and Sales of Enclosures and Cabinets. The Company has established a Manufacturing unit in Bangalore. The operations of sales is routed through direct sales and distributor sales as well. Further, Company also imports and does distribution of Imported Sub racks, Stainless Steel products. The company acts as an agent for its co -subsidiaries like Schroff GmBH and earns agency commission. The Company's corporate office is in Bengaluru and has home offices at Mumbai, Delhi, Hyderabad and Chennai.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2012 (12 Months) |
As on 31.03.2011 (15 Months) |
|||||||||||||||
|
Short Term Borrowings |
|
|
|||||||||||||||
|
Loan from Pentair Water India Private Limited |
434.456 |
383.956 |
|||||||||||||||
|
Total |
434.456 |
383.956 |
|||||||||||||||
|
Details of default
in repayment of interest in respect of above Loan is as under: Period of
default
|
|||||||||||||||||
FIXED ASSETS
· Plant and Machinery
· Office Equipment
· Furniture and Fixtures
· 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.59.70 |
|
|
1 |
Rs.92.22 |
|
Euro |
1 |
Rs.79.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
13 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.