MIRA
INFORM REPORT
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Report No. : |
305251 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DSM INDIA PRIVATE LIMITED [w.e.f.21.03.2011] |
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Formerly known
as : |
DSM ENGINEERING PLASTICS ( |
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Registered
Office : |
Unit No.401, 402, 4th Floor, NSG IT Park, Aundh, Pune -
411007, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
23.12.1998 |
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Com. Reg. No.: |
25-014523 |
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Capital
Investment / Paid-up Capital : |
Rs. 851.311
Millions |
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|
CIN No.: [Company Identification
No.] |
U25209PN1998PTC014523 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03160D |
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PAN No.: [Permanent Account No.] |
AAACD7460J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Engineering Plastics Granules
for Automobiles and Low Voltage Electrical Applications and also Selling of
Biogas-based electricity units generated for the Punjab Energy Development
Agency (PEDA). |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established Private limited company having satisfactory
track record. Trade relations are fair. Business is active. Payments terms are
reported to be usually correct. The company can be considered for 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.
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Keshav Parmar |
|
Designation : |
Finance Head |
|
Contact No.: |
91-20-66430800 |
|
Date : |
28.01.2015 |
LOCATIONS
|
Registered Office : |
Unit No.401, 402, 4th Floor, NSG IT Park, Aundh, Pune -
411007, |
|
Tel. No.: |
91-20-66430800 |
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Fax No.: |
91-20-66430825 |
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E-Mail : |
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Website : |
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Corporate Office : |
9th Floor, Tower A, |
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Tel. No.: |
91-124-4179900 |
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Fax No.: |
91-124-4179850 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Bharath
Ramraman Sesha |
|
Designation : |
Managing
Director |
|
Address : |
Apartment
No. 1004, Block B2, |
|
Date of Birth/Age : |
18.05.1972 |
|
Date of Appointment : |
20.11.2013 |
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PAN No.: |
BCJPS6038J |
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DIN No.: |
01983066 |
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|
|
|
Name : |
Mr. Lakshmanan Karuppiah Chettiar |
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Designation : |
Director |
|
Address : |
Flat No 301, Silver Bill Nyati Enclave, Mohamadwadi Kondwa,
Pune-411028, |
|
Date of Birth/Age : |
28.12.1962 |
|
Date of Appointment : |
20.09.2010 |
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PAN No.: |
ADDPC8934F |
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DIN No.: |
02884927 |
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|
Name : |
Mr. Sanjaykumar Rameshkumar Jain |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.02.1974 |
|
Date of Appointment : |
30.09.2011 |
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PAN No.: |
AAAPJ6239L |
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DIN No.: |
03507764 |
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|
|
|
Name : |
Timothy Matheus Gerardus Henricus Litjens |
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Designation : |
Director |
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Address : |
Maud Gosink, |
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Date of Birth/Age : |
07.04.1979 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
06385805 |
KEY EXECUTIVES
|
Name : |
Mr. Keshav Parmar |
|
Designation : |
Finance Head |
|
|
|
|
Name : |
Gopalakrishnan R |
|
Designation : |
Secretary |
|
Address : |
DSM, 9th Floor, |
|
Date of Birth/Age : |
26.08.1983 |
|
Date of Appointment : |
28.09.2011 |
|
PAN No.: |
AKHPR8132K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
DSM Engineering |
|
4 |
|
DSM Engineering Plastics |
|
85131071 |
|
|
|
|
|
Total |
|
85131075 |
As on 30.09.2014
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 Supplier of Engineering Plastics Granules
for Automobiles and Low Voltage Electrical Applications and also Selling of
Biogas-based electricity units generated for the Punjab Energy Development
Agency (PEDA). |
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Products/ Services : |
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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 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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|
Name : |
SR B C and Company LLP Chartered Accountants |
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Address : |
C 401, Fourth Floor, |
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PAN No.: |
ACHFS9117R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding company : |
Koninklijke DSM N.V. |
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Holding company : |
DSM Engineering |
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Fellow
Subsidiary company : |
·
DSM Engineering Plastics Asia DSM Engineering Plastics ( DSM Engineering DSM Dyneema B.V DSM Business Support B. V. DSM Sinochem Pharmaceuticals India Private Limited CIN No.: U24231PB1993PTC023090 DSM Japan Engineering Plastics KK, Japan DSM Composite Resins AG DSM ( DSM Engineering Plastics, Inc DSM Expert Center B.V. DSM Nutritional Products DSM Nutritional Products India Private Limited CIN No.: U24231MH2003PTC139071 Jinling DSM Resins Company Limited DSM Desotech Inc. DSM Food Specialties B.V DSM Sourcing B.V. DSM New Business Development B.V. DSM Resins B.V DSM Nutritional Products AG DSM Finance B.V. DSM Pharmaceutical Products DSM Shared Services India Private Limited, CIN No.: U72300TG2011FTC074651 DSM South DSM Ahead B.V. DSM Fine Chemicals Austria Nfg.
GmbH and CO KG |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85131075 |
Equity Shares |
Rs.10/- each |
Rs. 851.311
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
851.311 |
851.311 |
243.750 |
|
(b) Reserves & Surplus |
852.965 |
599.228 |
409.169 |
|
(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) |
1704.276 |
1450.539 |
652.919 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
223.409 |
188.163 |
841.707 |
|
(b) Deferred tax liabilities (Net) |
11.473 |
41.364 |
4.915 |
|
(c) Other long term liabilities |
19.604 |
27.052 |
22.494 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
254.486 |
256.579 |
869.116 |
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|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
440.149 |
76.664 |
234.104 |
|
(b) Trade payables |
602.070 |
710.755 |
362.368 |
|
(c) Other current
liabilities |
135.969 |
147.074 |
132.412 |
|
(d) Short-term provisions |
9.385 |
8.644 |
18.125 |
|
Total Current Liabilities (4) |
1187.573 |
943.137 |
747.009 |
|
|
|
|
|
|
TOTAL |
3146.335 |
2650.255 |
2269.044 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
709.506 |
762.469 |
788.254 |
|
(ii) Intangible Assets |
29.492 |
38.330 |
15.182 |
|
(iii) Capital
work-in-progress |
4.649 |
0.000 |
39.768 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
195.749 |
140.200 |
144.153 |
|
(e) Other Non-current assets |
38.225 |
17.089 |
15.455 |
|
Total Non-Current Assets |
977.621 |
958.088 |
1002.812 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
669.795 |
749.175 |
328.847 |
|
(c) Trade receivables |
858.686 |
644.610 |
607.877 |
|
(d) Cash and cash
equivalents |
443.530 |
164.527 |
33.620 |
|
(e) Short-term loans and
advances |
141.478 |
96.330 |
58.264 |
|
(f) Other current assets |
55.225 |
37.525 |
237.624 |
|
Total Current Assets |
2168.714 |
1692.167 |
1266.232 |
|
|
|
|
|
|
TOTAL |
3146.335 |
2650.255 |
2269.044 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
TOTAL INCOME |
4095.000 |
3632.000 |
3351.990 |
|
|
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
3640.000 |
3296.000 |
3156.810 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
455.000 |
336.000 |
195.180 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
22.000 |
64.000 |
120.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
433.000 |
272.000 |
74.620 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
84.000 |
83.000 |
80.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
349.000 |
189.000 |
(6.240) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
95.000 |
60.000 |
(40.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
254.000 |
129.000 |
33.860 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
538.170 |
409.170 |
375.310 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
792.170 |
538.170 |
409.170 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods at F.O.B value |
326.000 |
233.000 |
164.714 |
|
|
|
Services charges and commission |
235.000 |
236.000 |
152.652 |
|
|
|
Reimbursement of expenses |
268.000 |
192.000 |
144.945 |
|
|
TOTAL EARNINGS |
829.000 |
661.000 |
462.311 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1808.000 |
1850.000 |
1424.201 |
|
|
|
Components and Stores parts |
20.000 |
10.000 |
7.179 |
|
|
|
Capital Goods |
280.000 |
366.000 |
5.808 |
|
|
|
Finished goods |
0.000 |
5.000 |
390.767 |
|
|
TOTAL IMPORTS |
2108.000 |
2231.000 |
1437.188 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.52 |
0.40 |
1.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.11 |
7.13 |
(0.28) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.13 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.39 |
0.18 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83 |
1.79 |
1.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
243.750 |
851.311 |
851.311 |
|
Reserves & Surplus |
409.169 |
599.228 |
852.965 |
|
Net
worth |
652.919 |
1450.539 |
1704.276 |
|
|
|
|
|
|
long-term borrowings |
841.707 |
188.163 |
223.409 |
|
Short term borrowings |
234.104 |
76.664 |
440.149 |
|
Total
borrowings |
1075.811 |
264.827 |
663.558 |
|
Debt/Equity
ratio |
1.648 |
0.183 |
0.389 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3351.990 |
3632.000 |
4095.000 |
|
|
|
8.354 |
12.748 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3351.990 |
3632.000 |
4095.000 |
|
Profit |
33.860 |
129.000 |
254.000 |
|
|
1.01% |
3.55% |
6.20% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
|
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 |
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 |
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] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN 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 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted from ‘Ashirwad’,
110/12, Erandwane Prabhat Road, Lane No.14, Thorat Colony, Pune - 400004,
Maharashtra, India to the present address w.e.f.06.11.2008
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Other external commercial borrowings |
223.409 |
188.163 |
|
Short Term
Borrowing |
|
|
|
Working capital loans from banks |
20.740 |
76.664 |
|
Intercorporate borrowings |
419.409 |
0.000 |
|
Total |
663.558 |
264.827 |
INDEX OF CHARGES - NO CHARGES EXIST FOR COMPANY
CORPORATE INFORMATION
Subject is a private limited company domiciled in
FIXED ASSETS
· Land
Buildings
Plant
and Equipment
Other
plant and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
Leasehold
Improvements
Computer
Software
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.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.