MIRA INFORM REPORT
|
Report No. : |
342568 |
|
Report Date : |
27.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUNDERMAX INDIA PRIVATE LIMITED (w.e.f. 07.01.2010) |
|
|
|
|
Formerly Known
As : |
MAX COMPACT INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
1st Floor, No. 13, 13th Cross, Wilson Garden,
Bangalore – 560027, Karnataka |
|
Tel. No.: |
91-80-41117004 / 46617000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.05.2007 |
|
|
|
|
Com. Reg. No.: |
08-059958 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.85.050 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36998KA2007PTC059958 |
|
|
|
|
IEC No.: |
0309001714 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRF02271D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM0632A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in trading and marketing of compact exteriors and compact interiors laminates and related accessories. |
|
|
|
|
No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 437000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated on 15th May, 2007. It is a
subsidiary of “Fundermax GmbH, Austria”. It has fine track record. Reserves of the company is low. However, management has reported a
significant improvement in its revenue base and profit during FY 2014.
Further, the rating also takes into consideration its decent financial risk
profile marked by decent networth, zero debt and fair liquidity. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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
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 PARTED BY
|
Name : |
Ms. Poonam Bhattad |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-80-46617000 |
|
Date : |
25.09.2015 |
LOCATIONS
|
Registered Office : |
1st Floor, No. 13, 13th Cross, Wilson Garden,
Bangalore – 560027, Karnataka, India |
|
Tel. No.: |
91-80-41117004 / 46617000 |
|
Fax No.: |
91-80-41127053 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Branch Office: |
C-7, Devendra Apartments (Back Side), 2nd Floor, Sahyog
Mandir Road, Ghantali, Thane – 400602, Maharashtra, India |
DIRECTORS
As on 22.09.2014
|
Name : |
Rene Haberl |
|
Designation : |
Director |
|
Address : |
10.-Oktober-Strabe 16, Kraig, 9311, Austria |
|
Date of Birth/Age : |
08.06.1972 |
|
Date of Appointment : |
29.08.2009 |
|
DIN No.: |
02684445 |
|
|
|
|
Name : |
Mr. Prashanth Reddy |
|
Designation : |
Managing Director |
|
Address : |
House No. 10, 9th 'H' Main, Sampangi Complex, Vijayanagar, Iind Stage, Bangalore - 560040, Karnataka, India |
|
Date of Birth/Age : |
09.08.1972 |
|
Date of Appointment : |
13.09.2012 |
|
DIN No.: |
02699501 |
|
|
|
|
Name : |
Mr. Johann Marchner |
|
Designation : |
Director |
|
Address : |
Breitstetter Strabe 75, Leopoldsdorf Im Marchfelde, 2285, Germany |
|
Date of Birth/Age : |
29.03.1967 |
|
Date of Appointment : |
22.09.2014 |
|
DIN No.: |
06814696 |
KEY EXECUTIVES
|
Name : |
Ms. Poonam Bhattad |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
As on 22.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Fundermax GmbH, Austria |
|
1004999 |
|
Rene Haberl |
|
1 |
|
Total |
|
1005000 |
As on 22.09.2014
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 : |
Subject is engaged in trading and marketing of compact exteriors and compact interiors laminates and related accessories. |
|
|
|
|
Products : |
High Pressure Laminates |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
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|
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|
Imports : |
|
|
Products : |
Laminates |
|
Countries : |
Austria |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30/60/90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
35 (Approximately) |
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Bankers : |
|
x
|
Auditors : |
|
|
Name : |
P. Chandrasekar Chartered Accountant |
|
Address : |
S-512, 514, Manipal Centre, 47,Dikenson Road, Bangalore – 560042, Karnataka, India |
|
PAN No.: |
AABFP1536H |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Fundermax GmbH, Austria |
CAPITAL STRUCTURE
As on 22.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
Issued & Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15005000 |
Equity Shares |
Rs.10/- each |
Rs.150.050
Million |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1005000 |
Equity Shares |
Rs.10/- each |
Rs.10.050
Million |
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8505000 |
Equity Shares |
Rs.10/- each |
Rs.85.050
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 |
85.050 |
85.050 |
85.050 |
|
(b) Reserves &
Surplus |
68.032 |
31.134 |
1.755 |
|
(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) |
153.082 |
116.184 |
86.805 |
|
|
|
|
|
|
(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 |
0.669 |
0.648 |
0.399 |
|
Total Non-current
Liabilities (3) |
0.669 |
0.648 |
0.399 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
56.387 |
25.477 |
57.455 |
|
(c) Other current
liabilities |
14.101 |
25.985 |
27.008 |
|
(d) Short-term provisions |
2.814 |
0.580 |
0.213 |
|
Total Current Liabilities
(4) |
73.302 |
52.042 |
84.676 |
|
|
|
|
|
|
TOTAL |
227.053 |
168.874 |
171.880 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4.985 |
4.849 |
4.341 |
|
(ii) Intangible Assets |
0.076 |
0.351 |
0.486 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
0.198 |
0.044 |
0.093 |
|
(d) Long-term Loan and Advances |
2.126 |
2.117 |
0.778 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
7.385 |
7.361 |
5.698 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
85.139 |
64.327 |
68.741 |
|
(c) Trade receivables |
23.689 |
2.443 |
0.007 |
|
(d) Cash and cash
equivalents |
89.379 |
80.539 |
58.578 |
|
(e) Short-term loans and
advances |
19.631 |
13.502 |
7.986 |
|
(f) Other current assets |
1.830 |
0.702 |
30.870 |
|
Total Current Assets |
219.668 |
161.513 |
166.182 |
|
|
|
|
|
|
TOTAL |
227.053 |
168.874 |
171.880 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL |
416.357 |
299.763 |
192.792 |
|
|
|
|
|
|
|
Less |
EXPENSES |
364.344 |
255.251 |
164.864 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
52.013 |
44.512 |
27.928 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.129 |
0.984 |
0.721 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
50.884 |
43.528 |
27.207 |
|
|
|
|
|
|
|
Less |
TAX |
13.987 |
14.148 |
10.776 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
36.897 |
29.380 |
16.431 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Purchase of
stock-in-trade |
239.368 |
165.198 |
129.939 |
|
|
TOTAL IMPORTS |
239.368 |
165.198 |
129.939 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.33 |
3.45 |
1.93 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1000.000 |
The above information has been parted by Ms. Poonam Bhattad (Accounts
Manager).
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) operating activities |
(16.716) |
(14.100) |
(10.563) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/ Total Income) |
(%) |
8.86 |
9.80 |
8.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.43 |
25.78 |
15.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.37 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.00 |
3.10 |
1.96 |
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 |
85.050 |
85.050 |
85.050 |
|
Reserves & Surplus |
1.755 |
31.134 |
68.032 |
|
Net worth |
86.805 |
116.184 |
153.082 |
|
|
|
|
|
|
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 |
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) |
|
Total Income |
192.792 |
299.763 |
416.357 |
|
|
|
55.485 |
38.895 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
192.792 |
299.763 |
416.357 |
|
Profit |
16.431 |
29.380 |
36.897 |
|
|
8.52% |
9.80% |
8.86% |
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 |
Yes |
|
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 four 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 |
Note:
Registered address has been shifted from the 503 - 504, 5th Floor, Brigade Towers, Brigade Road, Bangalore - 560025, Karnataka India to the present address.
CORPORATE INFORMATION
The Company was incorporated on May 15, 2007 as a majority owned subsidiary of Fundermax GmbH, Austria. Presently, the principal activities of the Company include trading and marketing of compact exteriors and compact interiors laminates and related accessories.
PERFORMANCE OF THE
COMPANY
During the year the company has shown gross revenues of Rs.416.357 Million indicating an increase by Rs.116.594 Million over the earlier fiscal. In terms of percentage it is more by 139%
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Land
- Furniture and Fixtures
- Vehicles
- Motor vehicles
- Office Equipment
- Computer Equipments
- Other 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.66.09 |
|
|
1 |
Rs.100.88 |
|
Euro |
1 |
Rs.73.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
54 |
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.