MIRA INFORM REPORT
|
Report No. : |
356697 |
|
Report Date : |
28.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DORMA INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
DORMA DOOR CONTROLS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
14, Pattuallous Road, Chennai - 600002, Tamilnadu |
|
Tel. No.: |
91-44-28585097 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.06.1998 |
|
|
|
|
Com. Reg. No.: |
18-040720 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1091.987 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93090TN1998PTC040720 |
|
|
|
|
IEC No.: |
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|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHED02166D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD3980D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in manufacturing including assembling of automatic door operators and accessories. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a wholly owned subsidiary of “Dorma Vertrieb International GmbH,
Germany. It was incorporated in the year 1998 and has satisfactory track. Management of the company has failed to file financials for the year
2015 with the government department. The ratings takes into consideration sound financial risk profile of
the company marked by minimal debt level and decent net worth base in FY14.
However, the company has reported marginal decrease in its sales turnover but
has maintained decent profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong parent support along with decent financial
condition, the company can be considered for business dealings with 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Rajan Santhanam |
|
Designation : |
Account manager |
|
Contact No.: |
91-44-42227015 |
|
Date : |
24.12.2015 |
LOCATIONS
|
Registered Office/ Head Office : |
14, Pattuallous Road, Chennai - 600002, Tamilnadu, India |
|
Tel. No.: |
91-44-28585097/ 28559192/ 4 |
|
Fax No.: |
91-44-28585096/ 42227017 |
|
E-Mail : |
|
|
Website : |
|
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|
|
|
Regional
Office : |
H3-H6, Paragon Centre, Near TV Centre, Pandurang Budhkar Marg, Worli, Lower Parel, Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-30488803 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Narayanan Krishnan |
|
Designation : |
Director |
|
Address : |
Plot No: 402, Door No: 11 / 3, 13th East Street, Kamaraj Nagar, Thiruvanmiyur, Chennai - 600041, Tamilnadu, India |
|
Date of Birth/Age : |
05.06.1959 |
|
Date of Appointment : |
22.05.2001 |
|
PAN No.: |
ABAPK4623Q |
|
DIN No.: |
00134872 |
|
Name : |
Mr. Valliyeraichal Ramakrishnan Ramesh |
|
Designation : |
Managing Director |
|
Address : |
No: 6, I Main Road, Kotturpuram, Chennai - 600085, Tamilnadu, India |
|
Date of Birth/Age : |
08.12.1953 |
|
Date of Appointment : |
10.02.2010 |
|
PAN No.: |
ABBPR2405G |
|
DIN No.: |
00135041 |
|
Name : |
Mr. Christoph Jacob |
|
Designation : |
Director |
|
Address : |
Ludwig - Duerr - Strabe 14, 63263 Neu - Isenburg, Isenburg - 63263, Germany |
|
Date of Birth/Age : |
28.06.1962 |
|
Date of Appointment : |
14.03.2003 |
|
DIN No.: |
02303176 |
|
Name : |
Mr. Jorg Rudolf Henke |
|
Designation : |
Director |
|
Address : |
Voskuhlstrase 4A, 44797 Bochum, Bochum - 44797, Germany |
|
Date of Birth/Age : |
23.10.1958 |
|
Date of Appointment : |
14.03.2003 |
|
DIN No.: |
02303228 |
KEY EXECUTIVES
|
Name : |
Mrs. Rukmani Jaganathan |
|
Designation : |
Secretary |
|
Address : |
Sri Vidya No 76, Chitrakulam North Street, Mylapore, Chennai - 600004, Tamilnadu, India |
|
Date of Birth/Age : |
10.11.1962 |
|
PAN No.: |
AKXPR4667B |
|
Date of Appointment : |
01.07.2004 |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
EQUITY SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Dorma Vertrieb International GmbH, Breckerfelder STR 42-48, D58256,
Ennepetal, Germany |
|
103819726 |
|
Dorma GmbH+co KG |
|
1 |
|
Total |
|
103819727 |
PREFERENCE SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Dorma Vertrieb International GmbH, Breckerfelder STR 42-48, D58256,
Ennepetal, Germany |
|
5379000 |
|
Total |
|
5379000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
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 : |
Subject is engaged in manufacturing including assembling of automatic door operators and accessories. (Registered
Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
BSR and Company, LLP Chartered Accountants |
|
Address : |
10, Mahatma Gandhi Road, Nungambakkam, Chennai -
600034, Tamilnadu, India |
|
Tel. No.: |
91-44-39145000 |
|
Fax No.: |
91-44-39145999 |
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PAN No. of
Auditors Firm: |
AAIFB7357B |
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|
|
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Ultimate holding
company: |
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|
Owned
Subsidiary company: |
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Fellow
subsidiaries: |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1050.000 Million |
|
12,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 120.000 Million |
|
117,000,000 |
|
|
Rs. 1170.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103,819,727 |
Equity Shares |
Rs.10/- each |
Rs. 1038.197 Million |
|
5,379,000 |
Preference Shares |
Rs.10/- each |
Rs. 53.790 Million |
|
109,198,727 |
|
|
Rs. 1091.987 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1,091.987 |
1,091.987 |
1,091.987 |
|
(b) Reserves & Surplus |
224.222 |
203.638 |
175.687 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1,316.209 |
1,295.625 |
1,267.674 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.159 |
0.713 |
2.420 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
7.795 |
4.598 |
4.627 |
|
Total Non-current
Liabilities (3) |
7.954 |
5.311 |
7.047 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
431.921 |
356.631 |
399.191 |
|
(c) Other
current liabilities |
127.973 |
161.491 |
113.252 |
|
(d) Short-term
provisions |
81.822 |
79.162 |
80.499 |
|
Total Current
Liabilities (4) |
641.716 |
597.284 |
592.942 |
|
|
|
|
|
|
TOTAL |
1,965.879 |
1,898.220 |
1,867.663 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
120.207 |
31.587 |
58.683 |
|
(ii)
Intangible Assets |
86.066 |
121.182 |
107.022 |
|
(iii)
Capital work-in-progress |
0.227 |
0.927 |
79.479 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
53.412 |
38.403 |
49.566 |
|
(d) Long-term Loan and Advances |
150.519 |
118.167 |
96.893 |
|
(e) Other
Non-current assets |
48.906 |
46.216 |
39.643 |
|
Total Non-Current
Assets |
459.337 |
356.482 |
431.286 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
399.966 |
258.474 |
140.920 |
|
(b)
Inventories |
326.410 |
419.862 |
488.152 |
|
(c) Trade
receivables |
551.748 |
652.638 |
657.409 |
|
(d) Cash
and cash equivalents |
137.922 |
125.658 |
89.269 |
|
(e)
Short-term loans and advances |
89.415 |
83.631 |
59.945 |
|
(f) Other
current assets |
1.081 |
1.475 |
0.682 |
|
Total
Current Assets |
1,506.542 |
1,541.738 |
1,436.377 |
|
|
|
|
|
|
TOTAL |
1,965.879 |
1,898.220 |
1,867.663 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2390.641 |
2429.493 |
2290.306 |
|
|
Other Income |
44.819 |
19.006 |
7.985 |
|
|
TOTAL SALES |
2435.460 |
2448.499 |
2298.291 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES (Including Depreciation
expenses) |
2289.781 |
2295.409 |
2136.892 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
145.679 |
153.090 |
161.399 |
|
|
|
|
|
|
|
Less |
TAX |
48.441 |
48.991 |
55.878 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
97.238 |
104.099 |
105.521 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
167.314 |
236.514 |
24.928 |
|
|
|
|
|
|
|
|
EARNINGS / (LOSS) PER
SHARE (RS.) |
0.89 |
0.95 |
0.97 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
391.131 |
273.668 |
300.665 |
|
Net cash flows from (used in) operating activities |
320.867 |
209.206 |
185.774 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.07 |
4.28 |
4.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.09 |
6.30 |
7.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.62 |
8.24 |
9.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.12 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.35 |
2.58 |
2.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
1091.987 |
1091.987 |
1091.987 |
|
Reserves & Surplus |
175.687 |
203.638 |
224.222 |
|
Net
worth |
1267.674 |
1295.625 |
1316.209 |
|
|
|
|
|
|
long-term borrowings |
2.420 |
0.713 |
0.159 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
2.420 |
0.713 |
0.159 |
|
Debt/Equity
ratio |
0.002 |
0.001 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
2290.306 |
2429.493 |
2390.641 |
|
|
|
6.077 |
(1.599) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
2290.306 |
2429.493 |
2390.641 |
|
Profit |
105.521 |
104.099 |
97.238 |
|
|
4.61% |
4.28% |
4.07% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW:
Subject was incorporated in India on 8 May 1997 as DORMA Door Controls India Private Limited and is a wholly owned subsidiary of DORMA Vertrieb International GmbH, Germany ('DORMA Germany'). The Company is engaged in manufacturing including assembling of automatic door operators and accessories and had approvals to undertake test marketing up to 15 September 2002 and thereafter, to carry on wholesale trading of automatic doors and automatic door operators and accessories in India The Company also earns commission against orders it has secured on direct import basis to Indian customers.
INDEX OF CHARGES: NO CHARGES EXISTS FOR THE COMPANY
FIXED ASSETS
- Land and Building
- Furniture’s and Fixtures
- Office Equipment
- Computer
- 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. 66.20 |
|
|
1 |
Rs. 98.30 |
|
Euro |
1 |
Rs. 72.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
46 |
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.