MIRA
INFORM REPORT
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Report Date : |
09.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
FIONA INFOSYSTEMS LIMITED |
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Registered Office : |
Ground Floor, Office No. 1, Dunhill Apartments, 26, Waroda Road, Bandra (West), Mumbai - 400 050, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.08.1995 |
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Com. Reg. No.: |
11-91861 |
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CIN No.: [Company
Identification No.] |
L30007MH1995PLC091861 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF01518G |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Engaged in Software Distribution, Software Development,
Software Support |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Ground Floor, Office No. 1, Dunhill Apartments, 26, Waroda Road, Bandra (West), Mumbai - 400 050, Maharashtra, India |
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Tel. No.: |
91-22-26437117/26450592 |
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Fax No.: |
91-22-56959424 |
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E-Mail : |
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Website : |
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Area : |
500 Sq. ft. |
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Head Office : |
A-57, Giriraj Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai - 400 093, Maharashtra |
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Tel. No.: |
91-22-26874701/56959420 |
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Fax No.: |
91-22-56959424 |
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Mobile No.: |
91-9821061991 |
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E-Mail : |
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Branch 1 : |
New
Panvel 320,
Shubham Commercial Complex, Panvel Matheran Road, Opposite New Panvel Petrol
Pump, Sector – 11, New Panvel – 410206 |
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Tel. No.: |
91- 22 - 27459976 |
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Branch 2 : |
Bangalore Contact Person : Mr.Kaushik
Desai |
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Tel. No.: |
91-80-2556 5630/2556 5789 |
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E-Mail : |
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Branch 1 : |
Pune Contact Person : Mr.Shirish
Kadam 305, Decision Towers, 3 rd Floor,
Next To City Pride Multiplex, Pune – Satara Road , Bibwewadi, Pune – 411 037 |
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Tel. No.: |
020 – 24223418 |
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Telefax No.: |
020 – 24223417 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Omar Mohamad Munshi |
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Designation : |
Director |
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Address : |
Office No.1, Ground Floor, Dunhill Apartments, 26, Waroda Road, Bandra (West), Mumbai - 400 050, Maharashtra |
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Date of Birth/Age : |
07.08.1995 |
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Date of Appointment : |
15.04.1943 |
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Name : |
Mr. Arif A. Kadar Allana |
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Designation : |
Director |
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Address : |
903-A, Malkani Towers, Bandivili Hill Road, Jogeshwari (West), Mumbai - 400 102, Maharashtra |
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Date of Birth/Age : |
19.08.1956 |
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Date of Appointment : |
07.08.1995 |
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Name : |
Mr. Iqbal A. G. Chunawala |
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Designation : |
Director |
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Address : |
ESS Estate, 116, S. V. Road, Jogeshwari (West), Mumbai - 400 102, Maharashtra |
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Date of Birth/Age : |
09.04.1953 |
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Date of Appointment : |
07.08.1995 |
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Name : |
Mr. Narendra S. S. Shahani |
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Designation : |
Director |
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Address : |
Ocean View, 11th Floor, Union Park, Khar (West), Mumbai - 400 052, Maharashtra |
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Date of Birth/Age : |
30.12.1956 |
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Date of Appointment : |
21.08.1995 |
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Name : |
Mr. Abdul Aziz Halai |
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Designation : |
Director |
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Address : |
403, Abba Apartment, 'C' Wing, Jogeshwari (West), Mumbai - 400 102, Maharashtra |
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Date of Birth/Age : |
02.11.1942 |
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Date of Appointment : |
21.08.1995 |
KEY EXECUTIVES
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Name : |
Mr. Premal Nanavati |
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Designation : |
Regional Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Arif A. Allana |
1510 |
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Mrs. Halima A. Allana |
31020 |
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Mr. Iqbal A. Chunawala |
18510 |
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Mr. Aziz A. Halai |
20000 |
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Mrs. Naeem I. Chunawala |
2500 |
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Mrs. Salma I. Chundwala |
11500 |
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Mr. Husha H. Malkani |
2500 |
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Mr. Naim A. Halai |
6000 |
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Ms. Roopali N. Shahani |
6000 |
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Mr. Hiten P. Shah |
2400 |
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Mr. Hussain N. Malkani |
2500 |
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Mr. Narendra S. S. Sahani |
20010 |
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Mr. S. L. Jain |
10 |
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Mrs. Naseema N. Malkani |
2500 |
BUSINESS DETAILS
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Line of Business : |
Engaged in Software Distribution, Software Development,
Software Support |
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Products : |
Software Products |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
v Kokan Mercantile Co-operative Bank Limited v Union Bank of India, Avanti, Plot No. 29-A, T.P.S IV, S.V.Road, Santacruz (West), Mumbai - 400 054, Maharashtra |
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Facilities : |
Secured Loans : Cash Credit from Bank : Rs.8.601 millions Unsecured Loans
: Inter Corporate Deposits : Rs.5.335 millions |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
H. V. Vora & Company Chartered Accountants |
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Address : |
209, Nain Kripa, 118/122, Kazi Sayed Street, Mumbai - 400 002, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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298000 |
Equity Shares |
Rs.10/- each |
Rs.2.980 millions |
|
2000 |
Preference Shares |
Rs.10/- each |
Rs.0.020 millions |
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Total |
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Rs.3.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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130370 |
Equity Shares |
Rs.10/- each |
Rs.1.304
millions |
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10 |
Preference Shares |
Rs.10/- each |
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Total |
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Rs.1.304 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.304 |
1.304 |
1.304 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.102 |
11.652 |
10.497 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.406 |
12.956 |
11.801 |
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LOAN FUNDS |
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1] Secured Loans |
2.135 |
8.601 |
5.694 |
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2] Unsecured Loans |
8.628 |
5.335 |
6.731 |
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TOTAL BORROWING |
10.763 |
13.936 |
12.425 |
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DEFERRED TAX LIABILITIES |
0.382 |
0.384 |
0.371 |
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TOTAL |
24.551 |
27.276 |
24.597 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.626 |
4.347 |
4.377 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.008 |
0.009 |
0.008 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.210
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10.911 |
9.973 |
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Sundry Debtors |
43.240
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45.288 |
5.566 |
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Cash & Bank Balances |
2.470
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4.345 |
3.406 |
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Other Current Assets |
0.020
|
0.019 |
33.121 |
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Loans & Advances |
1.242
|
1.156 |
1.805 |
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Total
Current Assets |
56.182
|
61.719 |
53.871 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.843
|
38.576 |
33.444 |
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Provisions |
0.422
|
0.223 |
0.220 |
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Total
Current Liabilities |
36.265
|
38.799 |
33.664 |
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Net Current Assets |
19.917
|
22.920 |
20.207 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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TOTAL |
24.551 |
27.276 |
24.597 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
|
349.653 |
326.008 |
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Other Income |
|
0.430 |
1.365 |
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Total Income |
|
350.083 |
327.373 |
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Profit/(Loss) Before Tax |
|
2.228 |
3.133 |
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Provision for Taxation |
|
0.850 |
1.127 |
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Profit/(Loss) After Tax |
|
1.378 |
2.006 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
0.000 |
10.076 |
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Other Earnings |
|
0.000 |
0.963 |
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Total Earnings |
|
0.000 |
11.039 |
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Expenditures : |
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Cost of Goods Sold |
|
333.077 |
310.429 |
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Administrative Expenses |
|
7.656 |
7.156 |
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Salaries, Wages, Bonus, etc. |
|
6.109 |
5.525 |
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Interest |
|
0.261 |
0.307 |
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Depreciation & Amortization |
|
0.753 |
0.822 |
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Total Expenditure |
|
347.856 |
324.239 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
|
0.39 |
0.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.64 |
0.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.37 |
5.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.17 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.51
|
4.07 |
3.90 |
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Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.59 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is incorporated with the main object to manufacture either for its' own use or for sale in India or for export outside India or import computer systems, computer peripherals and accessories computer consumables like floppy disks/diskettes, hard disks, ribbons, continuous and non-continuous stationery, etc and such other products or things which may be considered either as Integral part of and computer systems or as an optional attachment or supplement thereto and to run management training and to provide services in the field of information technology and to deal in software.
Integrated Business Solutions is the division of the company which is engaged in Software Distribution, Software Development, Software Support. The company's major principles are Microsoft, Oracle, Adobe, Novell, Macromedia, Computer Associates, Veritas, Citrix, Network Associates, Corel, Symantec, Red Hat India, Winzip, IBM, SCO, Lotus, Seagate, Rational, etc.
Generic Name of Principal Product / Service of the company are as under :
v Software Packages/Products
The company is in trade terms with :
v Abort Labs Limited
v ABN Amro Bank
v Airline Financial Services Limited
v Aptech Internet Limited
v Atlas Copco (India) Limited
v Bank of Baroda
v Bank of India
v Bennet Coleman & Company
v Birla Global Financial Limited
v BPL Mobile Communication Limited
v BSES Limited
v Central Bank of India
v CIPLA Limited
v FAG Bearing (India) Limited
v Grasim Industries Limited
v HCC Infotech Limited
v HPCL
v ICICI Bank Limited
v IDBI Bank Limited
v Life Insurance Corporation of India
v Mahindra & Mahindra
v Lupin Lab Limited
v Marico Industries Limited
v New India Associated Company
v Oil and Natural Gas Corporation Limited
v Ogilvy & Mather Limited
v Oriented Bank of Commerce
v Orange
v Philips India
v Tata Engineering and Locomotive Company Limited
v State Bank of India
We visited the office of the company where following observations were carried on:
v Name Board could be sighted and the visibility of the Name Board is high.
v The company's office is easy to locate.
v Subject is located on 1st Floor of the building.
v Items such as Telephones, Fax Machine, Computers and Air Conditioner could be seen at the company's office.
The company's fixed assets of important value include computer, furniture and fixture, electric fittings, office equipments, cycle, motor car, office premises, air conditioner and electric fittings.
Website Details :
Management
Arif Allana
Managing Director & CEO
Mr Arif Allana is a promoter and Founder of Fiona .The
Company was incorporated in 1995 with vision" To become Preferred
solutions Partner Worldwide, by delivering Superior IT solutions on every
possible device, with Reputation for Quality, Reliability and Excellence in
Service". Arif, was leading a large co-operative bank in India before
venturing in to IT business in 1995. Banker by profession, he has been growing
the company Organically with internal funds, and in last 9 years made Fiona a
USD 10 Million company, with offices across the country. With over 25 years of
experience Arif has been a driving force behind Fiona’s success. To support his
vision for true Global IT Solution Provider Arif has now set his eyes on
International market. With over 5000 customers and 2000 channel partner in
India now Company is planning to expand it’s operations in Asia Pacific, Gulf
& Europe in this financial year.
Iqbal Chunawala
Director-Finance
Mr. Chunawala, heads Fiona’s Finance operations. Chunawalla
has over 31 years experience in Finance, Taxation, and Banking.
He has worked in many well-known companies like Citibank ( Diners club ), Sikri
and Grover before starting his own Taxation, Finance and Investment consultancy
company.
Mr. Chunawala is on the Director Board of Fiona and also
heads Finance and Accounts function in Fiona. Mr. Chunawala is also on Director
Board of several companies in India and member of various industries
association
Prittam Kalasskar
VP Operation
Prittam Kalasskar a Management Graduate with over 17 years of experience in IT
industry is Vice President Operations and is responsible for the Sales and
Support function at Fiona.
Prittam brings to Fiona a rich experience in building sales across India,
Middle East and Africa. His core strength is developing sales and support both
in Channels and in Corporate Accounts. He has been responsible for start up
operations and building business for companies like CMS Computers, Thakrals,
ACI Infocom Limited among others. Before joining Fiona he was heading Sales
& Operations at "Compuage Infocom Limited" as General Manager.
With his national and international experience in Business Development and
Operations his role is to
expand Fiona's Operations in India and abroad.
Husain Dewaswala
AGM : Enterprise Solution Group
Husain is a Commerce graduate with diploma in software
engineering Having over 10 years experience in IT Industry. As Head of Infrastructure
Services Group his responsibilities Includes looking after services business
nationally and be a Profit Centre Head, identify and develop new services
business opportunities, Project Management with extensive involvement managing
client relationships at all levels.
Husain has worked with several companies in various
capacities involving various technologies. He is an IBM / Microsoft Certified
professional. His core area of Specialization includes Line of Business
Application, Client Server Computing, Network Planning and Design, Cross
platform migrations etc.
Husain has provided consulting service to various State
Governments on Infrastructure design, implementation methodologies on LAN / WAN
Communications involving Messaging, workflow, securities Solutions etc.
News
and Events
Fiona wins “ The Star Promising New Artist” Award at IBM
India Channel Partner Summit, Paris , November 2005
Fiona wins “ Best Large Account VAR – WEST” Award at CA India
Channel Partner Summit, Malaysia, January 2006
Fiona Participates in Linux Asia 2005 ( Feb 2005 )
Fiona participated in Linux Asia 2005 with Corazio India at Delhi from 9th
February to 11th February 2005.More then 1000 visitors attended this event and
visited Corazio- Fiona stall at the exhibition ground.
Corazio.Inc-Sun Microsystems, Ingram Micro & Fiona
conducts seminars on Collaboration ( Feb2005 ).
Fiona in association with Corazio, Sun Microsystems and
Ingram Micro conducted seminars on 23rd February 2005 at Bangalore and 24th
February 2005 at Mumbai, on getting ROI from Corazio Enterprise Collaboration
solutions.
Corazio.Inc-Sun Microsystems, Ingram Micro & Fiona
conducts seminars on Collaboration ( Nov 2004 ).
Fiona in association with Corazio & Sun Microsystems
conducted seminar on 24th November 2004 at Pune, on getting ROI from Corazio
Enterprise Collaboration solutions
Fiona & Adobe Roadshow In Mumbai
Fiona in conjunction with adobe had hosted an event on 26 th
of October at Lotus suites to aimed at business professional to make them aware
on the power of Acrobat 6.0.
This event provided audience with in sight on the various
process that can be in co-operated by utilizing acrobat which isnormally is used
the purpose of converting document into a portal document format (pdf).
The evening was well attended by the key personnel from the
IT / ITES industry. The opening address was made by Mr .Vikas Deshmukh
(National Sales Manager Fiona) and the audience was guided on a product tour by
Mr. Rajesh Patil (Adobe).
Ramco,
Fiona JV to promote enterprize solution
Friday
, October 8 ,2004 ,Economic Times.
Chennai-based Ramco Systems on Thursday said it has formed a
strategic alliance with enterprise software reseller Fiona Infosystems to
promote its enterprise solution among small and medium companies.
The company also plans to establish 25 similar channel
partnerships by 2005, Ramco Systems said in a statement here.
Fiona Infosystems, as per the agreement, will leverage its
nationwide network to promote Ramco e-applications suite to various industry
segments including process manufacturing.
"They will continue to look for sustainable
partnerships to tap into the vast potential of the SMB segment. Their tie-up
with Fiona Infosystems demonstrates their commitment to expand partnership
network in this growing segment by delivering scaleable enterprise solutions to
clients," said R Shankar, country manager and head (India, Middle East and
Africa), Ramco Systems.
Ramco e-Applications comprises over 35 core business
applications that can be combined with industry-specific add-ons to deliver
customer specific solutions, he said.
"To meet the demands of SMB segment, Ramco plans to
establish 25 channel partnerships by 2005. This will provide customers a single
window for an end-to-end offering that includes software, hardware,
implementation and support services," Shankar said.
Arif Allana, CEO and MD of Fiona Infosystems, said the
company's customers will benefit from the tie-up through quicker deployment at
optimal cost
Banking
On Software
Tuesday
,August 20 ,2002 , DQchannelsindia
Mumbai-Based Arif Allana was a banker for a long time before
he started banking on software for his success! A calculated and focused
approach has brought rich dividends to Fiona, Arif's organisation that sells
software from every major vendor.
That was the time when real estate prices were moving
southwards & revenues from software racing northwards. A long distance director
in Menon Co-opeartive Bank with interests in contruction, Mumbai-based Arif
Allana sensed then that if he had to make a success out of business, he had to
enter software. Enter software he did by doing a project on oracle for New
India Assurance. Oracle saw the potential in Arif and appointed him as the
third Oracle Authorised Partner in the country in 1995.
With this began Arif's successful journey in software which has made him
favourite of almost all major software vendors.
"During the past ten years, I have not broken a single
relationship," says a proud Arif whose skills at building rapport with
vendors as well as customers has stood him in good stead. The crowning glory
came this May when Fiona was presented with the Best National Channel Patner
Award by Microsoft at summit held in Goa.
To remain close to his customers, Arif has established
offices in Ahmedabad, Pune, Bangalore, Delhi & Bhopal and has plans to
reach out other metros as well. He has established a country-wide channel
network as well which includes 3,000 patners who do regular business with
Fiona.
Arif attributes his success to a right product mix. Says he,
"Besides maintaning judicious mix of products, taking care of obsolescence
is a key element that has contributed to the success in this business".
Fiona offers a varied mix of products from all the major software vendors
including Oracle, Microsoft, Network Associates, Adobe, Macromedia, Symantec
& Veritas.
Mr. Arif Allana receiving "Best Large Account VAR –
WEST” Award at CA India Channel Partner Summit, Malaysia, January 2006
Mr. Arif Allana receiving Regional Channel Partner Award for
the year 2001 from Mr. Rajiv Kaul, Managing Director of Microsoft India Private
Limited. at Microsoft Summit 2001
Mr. Arif Allana receiving National Reseller Award fr the
year 2002 from Mr. Rajiv Kaul, Managing Director of Microsoft India Private
Limited. at Microsoft Summit 2002.
Oracle Software India Limited. for the Third year in
succession has given us an award for Best National Reseller
Mr. Arif Allana receiving Microsoft Open Rally Champion
Award for the year 2002 from Mr. Ananth Lazarus, Group Manager SMB of Microsoft
India Private Limited. at Microsoft Summit 2002
Clients
Banking
and Finance
v Reserve
Bank Of India (RBI).
v Union
Bank Of India.
v IDBI
Limited
v Allahabad
Bank
v Oriental
Bank of Commerce
v Ernst
& Young Private Limited.
v Indusland
Bank Limited.
v UTI
Securities
v Cosmos
Bank
Clients
:
v Banking
and Finance
v Education
v Insurance
v Government
and PSU
v Manufacturing
v Media
v Pharmaceuticals/
Health Care
v Power
v SW
Development/ IT
v Tele-Communication
Educational
v Mumbai
Unversity
v Pune
University.
v St.
Xaviers College
v IIM,
Ahmedabad.
v Symbiosis
Institute of Management Studies.
v Delhi
Public School
v Maharaja
Sayaji Rao University, Baroda.
v Mumbai
Edutional Trust
v Ruparel
College
v Edutech
Dimensions Private Limited.
Insurance
v Life
Insurance Corporation of India Limited.
v New
India Assurance Company Limited.
v Oriental
Insurance Limited.
v TATA
AIG
v SBI
Life Insurance
v ICICI
Prudential
v HDFC
Standard Life Insurance
Media
v Bennett
Coleman & Co. Limited (Times Of India).
v Mid-day
Multimedia Limited.
v Zee
Network
v SET
India Limited. (SONY)
v UTV SW
Communications Limited.
v Ambience
Darcy Advertising Private Limited.
v Contract
Advertising (India) Limited.
v Ogilvy
And Mather Limited.
v Saachi
& Saachi Limited.
v IDG
Media Private Limited.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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.44.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.03 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|