MIRA
INFORM REPORT
|
Report No. : |
324559 |
|
Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOBELCO CONSTRUCTION EQUIPMENT INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-20, South Extension, Part-II, |
|
Tel. No.: |
91-120-4079900 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2014 |
|
|
|
|
Date of
Incorporation : |
22.11.2006 |
|
|
|
|
Com. Reg. No.: |
55-155770 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2000.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200DL2006PTC155770 |
|
|
|
|
IEC No.: |
0506084752 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELK08396D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK9469N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Trader and Exporter of Excavators. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. For the financial year ended 2014, the company has reported profit from
its operations and wiped off some its accumulated losses. Due to accumulated losses incurred over past, it hampered the net
worth profile of the company and it has reported leverage balance sheet
profile. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. In view of negative reserves, the company can be considered for
business dealing with some caution. |
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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Santosh Kumar |
|
Designation : |
Consultant |
|
Contact No.: |
91-9868723237 |
|
Date : |
27.05.2015 |
LOCATIONS
|
Registered Office : |
C-20, South Extension, Part-II, New Delhi - 110049, India |
|
Tel. No.: |
91-11-41882031 |
|
Fax No.: |
91-11-41882034 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned [Commercial] |
|
|
|
|
Corporate Office : |
H - 200, Sector - 63, Noida - 201 307, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4079900 / 98 |
|
Fax No.: |
91-120-4079999 |
|
|
|
|
Depot / Branch : |
5th Floor, Prince Tower, Nungambakkam, College
Road, Chennai – 600 006, Tamilnadu, India |
|
Tel. No.: |
91-44-43087873 |
|
Fax No.: |
91-44-43084493 |
|
|
|
|
Factory: |
Sathyavedu Mandal,Tada, District: Chittoor - 517588,
Andhra Pradesh, India |
DIRECTORS
As on 13.05.2014
|
Name : |
Mr. Vikram Sharma |
|
Designation : |
Managing director |
|
Address : |
B-41, Panchsheel Enclave, New Delhi, 110017, Delhi, INDIA |
|
Date of Appointment : |
28.11.2009 |
|
DIN No.: |
02836548 |
|
|
|
|
Name : |
Mr. Naotsugu Umeda |
|
Designation : |
Director |
|
Address : |
Radisson Blu Hotel No.2, Ethiraj Salai C-In-C Road Egmore,
Chennai, 600008, Tamil Nadu, India |
|
Date of Birth/Age : |
27.03.1970 |
|
Date of Appointment : |
13.05.2014 |
|
DIN No.: |
06862081 |
|
|
|
|
Name : |
Mr. Masataka Ashida |
|
Designation : |
Director |
|
Address : |
House No.7, Ground Floor, Vasant Marg,Vasant Vihar, Delhi, 110057, Delhi, India |
|
Date of Birth/Age : |
28.01.1967 |
|
Date of Appointment : |
13.05.2014 |
|
DIN No.: |
06862343 |
|
|
|
|
Name : |
Mr. Koji Nakagawa |
|
Designation : |
Additional Director |
|
Address : |
B-7/4 Second Floor, Vasant Vihar, Delhi, 110057, Delhi,
India |
|
Date of Appointment : |
24.04.2015 |
|
Voter ID No.: |
07167109 |
KEY EXECUTIVES
|
Name : |
Mrs. Shipra Gupta |
|
Designation : |
Secretary |
|
Address : |
E-69,Gf, Suncity, Sector 54, Gurgaon, 122001, Haryana,
India |
|
Date of Birth/Age : |
24.09.1979 |
|
Date of Appointment : |
09.09.2011 |
|
PAN No.: |
AKRPG4565H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.05.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Kobelco construction company limited, Japan |
190000000 |
95.00 |
|
Itochu Corporation, Japan |
10000000 |
5.00 |
|
|
|
|
|
Total |
200000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 13.05.2014
|
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 : |
Manufacturer, Trade and Exporter of Excavators. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
·
Burma ·
Myanmar |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Machinery |
||||
|
Countries : |
Japan |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C and Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
End Users
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Building No.-10, 8th Floor, Tower-B, DLF Cyber City, Phase-
I I , Gurgaon-122002 Haryana, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding
Company : |
·
Kobe Steel Limited, Japan |
|
|
|
|
Holding Company
: |
Kobelco Construction Machinery Company Limited, Japan |
|
|
|
|
Fellow Subsidiary Company : |
·
Kobelco International (S) Company PTE. Limited,
Singapore ·
Kobelco Trading (Shanghai) Company Limited, China ·
Kobelco Cranes India Private Limited · Kobelco Plate Processing India Private Limited · Kobelco Logistics India Private Limited · Thai Escorp Limited, Thailand · Hangzhou Kobelco Construction Machinery Co, China |
CAPITAL STRUCTURE
As on 13.05.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000
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 |
2000.000 |
2000.000 |
2000.000 |
|
(b) Reserves & Surplus |
(784.779) |
(985.714) |
(562.840) |
|
(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) |
1215.221 |
1014.286 |
1437.160 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
30.075 |
0.000 |
0.000 |
|
(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 |
15.375 |
14.361 |
6.622 |
|
Total
Non-current Liabilities (3) |
45.450 |
14.361 |
6.622 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1001.448 |
980.148 |
170.055 |
|
(b) Trade payables |
2726.719 |
2495.326 |
2572.431 |
|
(c) Other current liabilities |
138.710 |
112.321 |
108.192 |
|
(d) Short-term provisions |
58.174 |
36.182 |
25.839 |
|
Total
Current Liabilities (4) |
3925.051 |
3623.977 |
2876.519 |
|
|
|
|
|
|
TOTAL |
5185.722 |
4652.624 |
4320.301 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
474.001 |
456.543 |
461.662 |
|
(ii) Intangible Assets |
55.846 |
68.872 |
65.799 |
|
(iii) Capital work-in-progress |
0.897 |
1.057 |
25.215 |
|
(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 |
82.375 |
35.192 |
29.303 |
|
(e) Other Non-current assets |
33.865 |
2.960 |
2.977 |
|
Total
Non-Current Assets |
646.984 |
564.624 |
584.956 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2341.015 |
1903.164 |
1577.329 |
|
(c) Trade receivables |
1465.805 |
1612.803 |
1773.449 |
|
(d) Cash and cash equivalents |
109.376 |
146.146 |
64.026 |
|
(e) Short-term loans and
advances |
608.793 |
425.373 |
314.098 |
|
(f) Other current assets |
13.749 |
0.514 |
6.443 |
|
Total
Current Assets |
4538.738 |
4088.000 |
3735.345 |
|
|
|
|
|
|
TOTAL |
5185.722 |
4652.624 |
4320.301 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
(A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
(B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.000 |
(345.440) |
0.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
77.433 |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
NA |
(422.873) |
NA |
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
0.000 |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
200.935 |
(422.873) |
(499.471) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
1638.826 |
771.472 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.00 |
(2.11) |
(2.50) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
14.863 |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00 |
-9.09 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
-0.42 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86 |
0.97 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.13 |
1.30 |
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 |
2000.000 |
2000.000 |
2000.000 |
|
Reserves & Surplus |
(562.840) |
(985.714) |
(784.779) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1437.160 |
1014.286 |
1215.221 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
30.075 |
|
Short term borrowings |
170.055 |
980.148 |
1001.448 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
14.863 |
|
Total
borrowings |
170.055 |
980.148 |
1046.386 |
|
Debt/Equity
ratio |
0.118 |
0.966 |
0.861 |
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 |
No |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 |
Yes |
|
26 |
Turnover of firm for last three years |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from Ground Floor, World Trade Tower Barakhamba Labe, New Delhi – 110001, India to the present address w.e.f. 01.12.2009
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loan from Banks |
30.075 |
0.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Rupee term loan from banks |
1001.448 |
980.148 |
|
|
|
|
|
Total |
1031.523 |
980.148 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY.
FIXED ASSET
·
Land
·
Buildings
·
Office building
·
Plant and equipment
·
Factory equipments
·
Vehicles
·
Office equipment
·
Computer equipments
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.63.61 |
|
|
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Information Gathered
by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.