MIRA INFORM REPORT
|
Report No. : |
351051 |
|
Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIDDLEBY CELFROST INNOVATIONS PRIVATE LIMITED (w.e.f. 10.03.2014) |
|
|
|
|
Formerly Known
As : |
MIDDLEBY COMMERCIAL FOOD INNOVATIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. G-01 and G-02, Prestige Garnet, No. 36, Ulsoor Road, Yellappa
Chetty Layout, Bangalore-560042, Karnataka |
|
Tel. No.: |
91-11-28123567 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
03.10.2013 |
|
|
|
|
Com. Reg. No.: |
08-071268 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 6.022 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29248KA2013FTC071268 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM20976E |
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|
|
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PAN No.: [Permanent Account No.] |
AAICM8445J |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Trader of Commercial Refrigeration and Food Equipments and Parts and
Accessories thereof. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 722400 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
|
Comments : |
Subject is a relatively new company incorporated with the name of
‘’Middleby Commercial Food Innovations Private Limited’’ in the year 2013 and
later the name has been changed to ‘’Middleby Celfrost innovations Private
Limited’’ as on 10th March 2014. It is wholly owned subsidiary of ‘’Middleby Europe SL, Spain. The company had acquired the assets and liabilities of the
refrigeration business of Celfrost Innovations Private Limited as a going
concern on slump sale basis with effect from October 15, 2013 for a
consideration of Rs. 746.000 Million as per the directors report for the year
ended 31st March 204. The company has incurred losses from its first year of operations and
has taken huge external borrowings. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of limited track record of the commercial operations, the
company can be considered for business dealings 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
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 DECLINED BY
|
Name : |
Mr. Gagan |
|
Contact No.: |
91-11-28123567 |
|
Date : |
23.11.2015 |
LOCATIONS
|
Registered Office : |
Unit No. G-01 and G-02, Prestige Garnet, No. 36, Ulsoor Road, Yellappa
Chetty Layout, Bangalore-560042, Karnataka, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
|
|
|
Showroom : |
Unit Nos. SF-713, SF-714, SF-715, SF-716, 7th Floor, JMD
Megapolis, Sohna Road, Sector-48, Gurgaon-122018, Haryana, India |
|
|
|
|
Regional Office 1/ Corporate Office : |
3rd Floor, SLV House, Plot No. 14, Sector 44, Near Hotel Taj Vivanta, Institutional Area, Gurgaon - 122002, Haryana, India |
|
Tel. No.: |
91-124-4308430/ 2544555 |
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Fax No.: |
91-124-2544556 |
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E-Mail : |
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Regional Office 2 : |
EASTERN REGION 2nd Floor, 4B, Lansdown Lane, Near to Beltola Girls High School, Bhawanipore, Kolkata - 700026, West Bengal, India |
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Regional Office 3 : |
WESTERN REGION B-18, Kailash Industrial Complex, Hiranandani-Vikhroli Link Road, Vikhroli [West], Mumbai – 400079, Maharashtra, India |
|
Tel. No.: |
91-22-25175476 |
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Fax No.: |
91-22-25175477 |
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|
|
|
Regional Office 4 : |
SOUTHERN REGION No.88, 4th Floor, Brigade Chambers, Gandhi Bazar Road, Basavangudi, Bangalore – 560004, Karnataka, India |
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Sales Offices : |
Located at: ·
Punjab,
J&K, Himachal Pradesh ·
Haryana ·
Delhi NCR ·
Uttar Pradesh ·
Uttarakhand ·
Rajasthan ·
Gujarat ·
Madhya Pradesh ·
Mumbai ·
Maharashtra ·
Bihar, Jharkand ·
West Bengal,
North Eastern States ·
Andhra
Pradesh ·
Karnataka ·
Tamil Nadu ·
Kerala |
DIRECTORS
AS ON 30.12.2014
|
Name : |
Mr. Partha Biswas |
|
Designation : |
Director |
|
Address : |
2402, Highland Dr. Palatine, Illinois, 60067, United States of America |
|
Date of Birth/Age : |
06.05.1969 |
|
Date of Appointment : |
07.02.2014 |
|
DIN No.: |
06796743 |
|
|
|
|
Name : |
Mr. Martin McKay Lindsay |
|
Designation : |
Director |
|
Address : |
2560 N Haddow Ave, Arlington Heights, Illinois, 60004, United States of America |
|
Date of Birth/Age : |
29.06.1964 |
|
Date of Appointment : |
03.10.2013 |
|
DIN No.: |
06367510 |
|
|
|
|
Name : |
Mr. Timothy John FitzGerald |
|
Designation : |
Director |
|
Address : |
62 E Harbor Dr. Lake Zurich, Illinois, 60047, United States of America |
|
Date of Birth/Age : |
06.10.1969 |
|
Date of Appointment : |
03.10.2013 |
|
DIN No.: |
06368239 |
|
|
|
|
Name : |
Mr. Jai Prakash Aggarwal |
|
Designation : |
Director |
|
Address : |
A-305, Bhrigu Apartment, Plot No 4, Sector-9, Dwarka, New Delhi - 110077, India |
|
Date of Birth/Age : |
07.04.1977 |
|
Date of Appointment : |
21.10.2014 |
|
DIN No.: |
00842426 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.12.2014
|
Names of Shareholders |
|
No. of Shares |
|
Middleby Europe SL, Spain |
|
767370 |
|
Middleby Worldwide Inc., USA |
|
767 |
|
|
|
|
|
Total |
|
768137 |
AS ON 10.07.2015
|
Names of Allottees |
|
No. of Shares |
|
Middleby Europe SL, Spain |
|
388500 |
|
Middleby Worldwide Inc., USA |
|
388 |
|
|
|
|
|
Total |
|
388888 |
AS ON 30.12.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Commercial Refrigeration and Food Equipments and Parts and
Accessories thereof. |
|
|
|
|
Brand Names : |
· Anets · Blodgett · Bras · Britannia · Cook Tek · Celfrost · CTX · Holman · Houno · IMC · Jade · Lincat · Lang · Pitco · Viking, etc. |
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Agencies Held : |
-- |
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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
|
Suppliers : |
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Customers : |
· Pinkberry · Yogurberry · Meridien · Trident · Costa |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Golf View, Corporate Tower-B, Sector-42, Sector Road, Gurgaon-122002,
Haryana, India |
|
Tel. No.: |
91-124-4644000 |
|
Fax No.: |
91-124-4644050 |
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Income-tax
PAN of auditor or auditor's firm : |
ACHFS9180N |
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|
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Middleby Europe SL, Spain |
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Ultimate Holding Company : |
Middleby Worldwide Inc., USA |
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|
Fellow Subsidiary Companies : |
· Middleby Europe SL Spain · Middleby Worldwide Inc · CS Blodgett Corporation · Britannia Kitchen Ventilation · Carter Hoffmann LLC · Cooktek Induction System LLC · Imperial Machine Company · Lincat Limited · Middleby Marshall Inc · Middleby Phillippines Corporation · Nieco Corporation · Middleby Marshall Holdings LLC · TurbocheF Technologies Inc · Star Manufacturing International Inc · Pitco Frialator Inc |
CAPITAL STRUCTURE
AFTER 30.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,157,025 |
Equity Shares |
Rs. 10/- each |
Rs. 11.570 Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
602,212 |
Equity Shares |
Rs. 10/- each |
Rs. 6.022
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
6.022 |
|
(b) Reserves & Surplus |
|
|
193.849 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
|
53.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
252.871 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
450.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c)
Other long term liabilities |
|
|
43.833 |
|
(d)
long-term provisions |
|
|
7.917 |
|
Total
Non-current Liabilities (3) |
|
|
501.750 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
57.343 |
|
(b)
Trade payables |
|
|
321.768 |
|
(c)
Other current liabilities |
|
|
74.786 |
|
(d)
Short-term provisions |
|
|
33.229 |
|
Total
Current Liabilities (4) |
|
|
487.126 |
|
|
|
|
|
|
TOTAL |
|
|
1241.747 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
8.208 |
|
(ii)
Intangible Assets |
|
|
585.161 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan
and Advances |
|
|
4.028 |
|
(e)
Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
597.397 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
388.691 |
|
(c)
Trade receivables |
|
|
217.594 |
|
(d)
Cash and cash equivalents |
|
|
7.824 |
|
(e)
Short-term loans and advances |
|
|
30.241 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
644.350 |
|
|
|
|
|
|
TOTAL |
|
|
1241.747 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
|
|
541.372 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
526.663 |
|
|
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
14.709 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
60.706 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
(45.997) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
(45.997) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Miscellaneous Income |
|
|
7.850 |
|
|
|
Commission Income |
|
|
4.978 |
|
|
TOTAL EARNINGS |
|
|
12.828 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
|
|
546.891 |
|
|
TOTAL IMPORTS |
|
|
546.891 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(76.38) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
31.03.2014 |
|
Current Maturities |
|
|
21.667 |
|
|
|
|
|
|
Cash Generated from Operations |
|
|
NA |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
|
|
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(3.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.32 |
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 |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
|
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
450.000 |
|
Debentures |
|
|
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Overdraft facility from Bank |
|
57.343 |
|
|
|
|
|
Total |
|
507.343 |
CORPORATE
INFORMATION:
Subject is a private company incorporated in India under the provisions
of the Companies Act, 1956. The Company is a subsidiary of Middleby Europe SL.
The company is primarily engaged in business of trading of commercial
refrigeration and food equipments and parts and accessories thereof.
The Company had acquired the refrigeration business of Celfrost
Innovations Private Limited on October 15, 2013.
OPERATIONS:
The turnover of the Company for the financial year ended March 31, 2014 is
Rs. 526.134 Million.
The company has incurred losses of Rs. 45.997 Million during the
financial year. This is mainly due to the depreciation and amortization expense
of intangible assets arising of acquisition of Celfrost Innovations Private
Limited Company has made a profit of Rs. 14.709 Million before depreciation and
amortization expense.
FIXED ASSETS:
Tangible Assets
·
Furniture and Fittings
·
Vehicles
·
Office Equipment
·
Computer 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. 66.35 |
|
|
1 |
Rs. 100.66 |
|
Euro |
1 |
Rs. 70.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
28 |
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.