MIRA INFORM REPORT
|
Report No. : |
322838 |
|
Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
BLOOM ENERGY (INDIA) PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
ION AMERICA CHENNAI PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
North Block, 3rd Floor, Rajajinagar IT / BT Park, No.1,2,3
and 4, Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560044,
Karnataka |
|
Tel. No.: |
91-80-40434200 |
|
|
|
|
Country : |
India |
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|
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Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
13.09.2004 |
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|
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Com. Reg. No.: |
18-054207 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 9.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999KA2004PTC049952 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCI2936F |
|
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|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of power conditioning equipment and also in software
Development and I.T. enabled services. |
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No. of Employees
: |
202 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. The management has reported a good increase in its net profitability during
FY2014. The company has healthy financial risk profile marked by good net
worth, zero debt and strong liquidity position during year under review.
Available information indicates high financial responsibility of the company.
Overall financial position of the company is good. Trade relations reported to be fair. Business is active. Payments are
reported to be regular and as per commitments. Subject can be considered
normal 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.
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
|
Name : |
Mr. Vinod Shettigar |
|
Designation : |
Account Department |
|
Contact No.: |
91-80-40434200 |
|
Date : |
18.05.2015 |
LOCATIONS
|
Registered Office : |
North Block, 3rd Floor, Rajajinagar IT / BT Park, No.1,2,3 and
4, Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560044, Karnataka,
India |
|
Tel. No.: |
91-80-40434200 |
|
Fax No.: |
91-80-40434250 |
|
E-Mail : |
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|
Website : |
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Location : |
Rented |
|
|
|
|
Factory 1: |
19 A, Godrej and Boyce, B.S. Marg, Vikroli west, Mumbai – 400079,
Maharashtra, India |
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|
|
|
Factory 2: |
EHJP Unit 144- 145/17, 4th Main Road, Rajajinagar
Industrial town, Bangalore - 560044, Karnataka, India |
DIRECTORS
As on: 28.09.2013
|
Name : |
Mr. Shuvabrata Mandal |
|
Designation : |
Director |
|
Address : |
Mandal Villa, # No:2, |
|
Date of Birth/Age : |
23.01.1963 |
|
Date of Appointment : |
13.12.2004 |
|
DIN No.: |
00003496 |
|
|
|
|
Name : |
Mr. Ravinder Kumar Oswal |
|
Designation : |
Director |
|
Address : |
46657, |
|
Date of Birth/Age : |
27.09.1955 |
|
Date of Appointment : |
26.03.2005 |
|
DIN No.: |
01775743 |
|
|
|
|
Name : |
Mr. K R. Sridhar |
|
Designation : |
Director |
|
Address : |
18351, |
|
Date of Birth/Age : |
11.12.1960 |
|
Date of Appointment : |
13.09.2004 |
|
DIN No.: |
01831654 |
|
|
|
|
Name : |
Mr. William Harold Kurtz |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
11.04.1957 |
|
Date of Appointment : |
26.09.2008 |
|
DIN No.: |
02130344 |
|
|
|
|
Name : |
Mr. Swaminathan Ve N Kataraman |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
11.04.1957 |
|
Date of Appointment : |
21.07.2010 |
|
DIN No.: |
03298887 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Shettigar |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2013
|
Names of Shareholders |
No. of Shares |
|
Bloom Energy corporation |
899999 |
|
Shuva mandal |
01 |
|
Total |
900000 |
%20PRIVATE%20LIMITED%20-%20322838%2021-May-2015_files/image013.gif)
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of power conditioning equipment and also in software
Development and I.T. enabled services. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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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 : |
202 (Approximately) |
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Bankers : |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
32, |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAEFP5579P |
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|
|
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company
: |
Bloom Energy Corporation, |
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|
|
|
Fellow Subsidiaries company : |
Bloom Energy International (India) Private
Limited, India |
CAPITAL STRUCTURE
As on 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs.10/- each |
Rs. 9.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs.10/- each |
Rs. 9.000
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 |
9.000 |
9.000 |
9.000 |
|
(b) Reserves & Surplus |
506.576 |
436.019 |
375.840 |
|
(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) |
515.576 |
445.019 |
384.840 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
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 |
11.574 |
8.860 |
12.715 |
|
Total Non-current
Liabilities (3) |
11.574 |
8.860 |
12.715 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
94.669 |
153.092 |
130.730 |
|
(c) Other
current liabilities |
10.395 |
14.069 |
4.532 |
|
(d) Short-term
provisions |
1.117 |
19.642 |
8.081 |
|
Total Current
Liabilities (4) |
106.181 |
186.803 |
143.343 |
|
|
|
|
|
|
TOTAL |
633.331 |
640.682 |
540.898 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
73.801 |
108.230 |
85.533 |
|
(ii)
Intangible Assets |
1.622 |
2.489 |
2.143 |
|
(iii)
Capital work-in-progress |
0.502 |
3.353 |
6.073 |
|
(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) |
43.482 |
37.377 |
34.444 |
|
(d) Long-term Loan and Advances |
44.074 |
46.665 |
45.097 |
|
(e) Other Non-current
assets |
9.652 |
4.891 |
3.450 |
|
Total Non-Current
Assets |
173.133 |
203.005 |
176.740 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
112.764 |
94.177 |
73.653 |
|
(c) Trade
receivables |
206.796 |
248.072 |
182.855 |
|
(d) Cash
and cash equivalents |
56.172 |
12.848 |
32.403 |
|
(e)
Short-term loans and advances |
74.466 |
81.174 |
73.590 |
|
(f) Other
current assets |
10.000 |
1.406 |
1.657 |
|
Total
Current Assets |
460.198 |
437.677 |
364.158 |
|
|
|
|
|
|
TOTAL |
633.331 |
640.682 |
540.898 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
REVENUE |
1191.100 |
1254.500 |
1082.700 |
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
151.300 |
144.500 |
214.100 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
62.200 |
64.200 |
125.100 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
104.400 |
97.600 |
89.800 |
|
|
|
|
|
|
|
Less |
TAX |
33.900 |
37.400 |
25.500 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
70.500 |
60.200 |
64.300 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
355.900 |
295.700 |
231.400 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
426.400 |
355.900 |
295.700 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.83 |
6.69 |
7.14 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1200.000 |
The above information has been parted by Mr. Vinod Shettigar (Account
Department)
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 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
5.92 |
4.80 |
5.94 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.70 |
11.52 |
19.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.71 |
16.27 |
17.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.22 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.33 |
2.34 |
2.54 |
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 |
9.000 |
9.000 |
9.000 |
|
Reserves & Surplus |
375.840 |
436.019 |
506.576 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
384.840 |
445.019 |
515.576 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
%20PRIVATE%20LIMITED%20-%20322838%2021-May-2015_files/image015.gif)
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 |
1082.700 |
1254.500 |
1191.100 |
|
|
|
15.868 |
(5.054) |
%20PRIVATE%20LIMITED%20-%20322838%2021-May-2015_files/image017.gif)
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 |
1082.700 |
1254.500 |
1191.100 |
|
Profit |
64.300 |
60.200 |
70.500 |
|
|
5.94% |
4.80% |
5.92% |
%20PRIVATE%20LIMITED%20-%20322838%2021-May-2015_files/image019.gif)
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 |
No |
|
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 |
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 |
NOTE:
The registered office of the company has been shifted from No. 302, Anna
Salai, Teynampet, Chennai – 600006, Tamilnadu, India to present address
North Block, 3rd Floor, Rajajinagar IT / BT Park, No.1,2,3 and 4,
Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560044, Karnataka,
India w.e.f. 01.04.2009
BUSINESS OVERVIEW:
The Company had a very successful year, with growth in revenues and profits. The revenue was Rs.1191.100 Million and profit after tax was Rs. 70.500 Million. There has been significant growth in terms of Profit after tax as compared to the previous year although there is a marginal reduction in the turnover of the company (Previous year revenue Rs.1254.500 Million and profit after tax Rs. 60.200 Million).
OPERATIONS:
Due to significant measures taken to augment revenue and effect cost conversation, the Directors are pleased to state that all overall operations of the company during the year under review was satisfactory.
FUTURE OUTLOOK:
The Board of Directors are confident that in the ensuring years of its operations, the company will ramp up its operation very significantly thereby registering good growth in revenue and profits.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10561893 |
17/11/2014 |
4,000,000.00 |
Citi Bank N.A. |
Canberra, 3rd Floor,, UB City, 24, Vittal Mally R |
C50263664 |
FIXED ASSETS
- Plant and
Machinery.
- Computers.
- Furniture and
Fixture.
- Office
Equipment.
- 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 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. 63.70 |
|
|
1 |
Rs. 98.91 |
|
Euro |
1 |
Rs. 70.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DDD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
56 |
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
unfavorable 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.