MIRA
INFORM REPORT
|
Report Date : |
01.04.2011 |
Note : Given address could not be confirmed
IDENTIFICATION DETAILS
|
Name : |
MANIPAL UNIVERSAL LEARNING PRIVATE LIMITED |
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Formerly Known
As : |
MANIPAL INFOCOM INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.10.2001 |
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Com. Reg. No.: |
08-29678 |
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CIN No.: [Company Identification
No.] |
U74140KA2001PTC029678 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM02815B |
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PAN No.: [Permanent Account No.] |
AACCM6313P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Educational Services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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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 63000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a education service providers from Initially, 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management non Cooperative
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-80-40789100 |
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Fax No.: |
91-80-40789434 |
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E-Mail : |
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Mohandas Pai T V |
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Designation : |
Director |
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Address : |
521, The Embassy, |
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Date of Birth/Age : |
05.11.1958 |
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Date of Appointment : |
28.01.2009 |
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Name : |
Mr. Eknath Atmaram Kshirsagar |
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Designation : |
Director |
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Address : |
19, Tarangini, |
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Date of Birth/Age : |
10.09.1941 |
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Date of Appointment : |
12.03.2005 |
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Name : |
Mr. Ramdas Madhava Pai |
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Designation : |
Director |
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Address : |
Geetanjali, Upendra Nagar, Manipal, 576119, |
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Date of Birth/Age : |
17.09.1935 |
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Date of Appointment : |
01.10.2002 |
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Name : |
Mr. Subhas |
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Designation : |
Director |
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Address : |
Vice Chancellor, Bunglow, |
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Date of Birth/Age : |
25.06.1941 |
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Date of Appointment : |
30.05.2004 |
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Name : |
Mr. Vivek Kalra |
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Designation : |
Nominee director |
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Address : |
327, |
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Date of Birth/Age : |
14.02.1964 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Mr. Anand Sudarshan |
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Designation : |
Managing director |
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Address : |
No.609, Embassy Tranquil, 22, 8th |
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Date of Birth/Age : |
19.04.1960 |
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Date of Appointment : |
08.09.2006 |
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Name : |
Mr. Ranjan Ramdas Pai |
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Designation : |
Director |
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Address : |
House No.325, 5th Main, 1st Block, Koramangala, |
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Date of Birth/Age : |
11.11.1972 |
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Date of Appointment : |
01.10.2002 |
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Name : |
Mr. Raja Parthasarathy |
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Designation : |
Director |
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Address : |
7N DILWARA, |
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Date of Birth/Age : |
29.11.1969 |
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Date of Appointment : |
21.08.2009 |
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Name : |
Mr. Shriniwas Vasant Joshi |
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Designation : |
Director |
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Address : |
105, The Metropolitian, 45, Hains Road, Near Coles park, Bangalore,
Karnataka, India |
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Date of Birth/Age : |
05.07.2007 |
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Date of Appointment : |
01.11.1959 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Ramdas |
|
10000 |
|
MEMG International Limited, |
|
26412197 |
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IDFC Trustee Company Limited, |
|
2123363 |
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Hema CIPEF (I) Limited, |
|
2739987 |
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Hema CGPE (I) Limited, |
|
91163 |
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MEMG International India Private Limited, |
|
40000 |
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Total |
|
31416710 |
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Names of Shareholders (Preference) |
|
No. of Shares |
|
Hasham Premji Private Limited Trustee Holding on behalf of PI
opportunities Fund I, |
|
600000 |
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Total |
|
600000 |
As on 23.09.2010
|
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 |
93.08 |
|
Bodies corporate |
6.76 |
|
Directors or relatives of Directors |
0.03 |
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Other top fifty shareholders |
0.13 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Providing Educational Services |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
·
Axis Bank Limited, MG Road, Bangalore-560 001, ·
Standard Chartered Bank, Raheja towers, 6th
Floor, No.26-27, M. g. road, Bangalore-560 001, |
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Facilities : |
1. The Company has availed cash credit facility from a bank for its
working capital requirement, repayable on demand. The facility is partially secured
against hypothecation of receivables and cash collateral of Rs.36.500
millions (2009- Rs.35.000 millions). 2. The Company has availed partially secured loans from banks against
pari - passu charge on all the receivables, amount placed with Sikkim Manipal
University of Health, Medical and Technological Sciences, fixed assets of the
Company and corporate guarantee of MEMGIL. An amount of Rs.293.333 millions.
(2009- Rs293.333 millions) is payable within one year. 3. The Company has obtained vehicles under a financing arrangement.
The loans are repayable over three to five years and arc secured by vehicles
taken against these loans. An amount of Re 5.473 millions (2009- Rs.4.484
millions) is payable within one year. 4. Finance Lease obligation was secured by the asset taken on lease.
An amount of Rs. Nil (2009- Ra. 3.584 millions) is payable within one year. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. R. BATLIBOI and CO Chartered Accountants |
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Address : |
12th and 13th Floor,"UB City" |
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Tel. No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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Holding Company: |
MEMG International Limited |
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Associates/Subsidiaries : |
·
Manipal Universal Learning International ·
Merittrac Services Private Limited ·
Manipal-City and Guilds Skills Training Private
Limited |
CAPITAL STRUCTURE
As on 23.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34000000 |
Equity Shares |
Rs.10/- Each |
Rs.340.000 Millions |
|
600000 |
Preference Shares |
Rs.100/- Each |
Rs.60.000 Millions |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31416710 |
Equity Shares |
Rs.10/- Each |
Rs.314.167
millions |
|
600000 |
Preference Shares |
Rs.100/- Each |
Rs.60.000 Millions |
|
|
Total |
|
Rs.374.167 Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34000000 |
Equity Shares |
Rs.10/- Each |
Rs.340.000 Millions |
|
600000 |
Preference Shares |
Rs.100/- Each |
Rs.60.000 Millions |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31376710 |
Equity Shares |
Rs.10/- Each |
Rs.313.767
millions |
|
600000 |
Preference Shares |
Rs.100/- Each |
Rs.60.000 Millions |
|
|
Total |
|
Rs.373.767 Millions |
1. During the year, the Company re-classified
its Authorised Share Capital into 34,000,000 equity shares of Rs.10/- each and
0.0 1% Compulsorily Convertible Non-Cumulative Preference Shares of Rs.100/-
each.
2. Issued, subscribed and paid-up share
capital includes 26,422,197(2009 - 26,422,197) Equity shares of Re. 10/- each
fully paid held by MEMG international Limited, Mauritius, the Holding Company
(MEMGIL).
3. During the year, the Company issued 600.000
0.0 1% Compulsorily Convertible Non-Cumulative Preference Shares of Rs.100/-
each fully paid up at Premium of Rs.3,233.33 per share to PP Opportunities Fund
I.
4. During the previous year, the Company
issued 15,805,383 equity shares of Rs.10/- each fully paid up at premium of
Rs.635 per share to MEMGIL.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
373.767 |
313.767 |
155.713 |
|
|
2] Share Application Money |
12.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15339.159 |
13164.147 |
3042.952 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(180.988) |
|
|
NETWORTH |
15724.926 |
13477.914 |
3017.677 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
667.819 |
899.681 |
889.525 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
667.819 |
899.681 |
889.525 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16392.745 |
14377.595 |
3907.202 |
|
|
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
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FIXED ASSETS [Net Block] |
218.011 |
298.623 |
414.025 |
|
|
Capital work-in-progress |
208.518 |
75.543 |
39.404 |
|
|
|
|
|
|
|
|
INVESTMENT |
15552.418 |
13469.752 |
2579.727 |
|
|
DEFERREX TAX ASSETS |
76.373 |
72.165 |
59.243 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
24.540 |
|
|
Sundry Debtors |
32.406
|
45.277 |
81.949 |
|
|
Cash & Bank Balances |
98.439
|
140.126 |
95.571 |
|
|
Other Current Assets |
0.187
|
0.060 |
25.650 |
|
|
Loans & Advances |
1608.187
|
1343.615 |
1370.800 |
|
Total
Current Assets |
1739.219
|
1529.078 |
1598.510 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
641.764
|
466.405 |
396.518 |
|
|
Other Current Liabilities |
708.001
|
559.963 |
383.225 |
|
|
Provisions |
52.029
|
41.198 |
3.964 |
|
Total
Current Liabilities |
1401.794
|
1067.566 |
783.707 |
|
|
Net Current Assets |
337.425
|
461.512 |
814.803 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16392.745 |
14377.595 |
3907.202 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
2541.771 |
2012.774 |
1290.488 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Cost |
217.075 |
199.566 |
148.260 |
|
|
|
Operating and Administrative Expenses |
1098.639 |
976.073 |
641.669 |
|
|
|
Exceptional Items |
350.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1665.714 |
1175.639 |
789.929 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
876.057 |
837.135 |
500.559 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
144.999 |
133.191 |
219.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
731.058 |
703.944 |
281.259 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
128.716 |
272.195 |
208.288 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
602.342 |
431.749 |
72.971 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
328.741 |
154.965 |
(44.275) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
273.601 |
276.784 |
117.246 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
95.796 |
(180.988) |
(297.703) |
|
|
|
|
|
|
|
|
|
Less |
Adjustment for provision under AS15 |
0.000 |
0.000 |
0.531 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.840 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
31.377 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
5.211 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
325.968 |
95.796 |
(180.988) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
0.000 |
1.997 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
6.068 |
2.994 |
|
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.72 |
12.21 |
- |
|
|
|
Diluted |
8.50 |
12.21 |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.76
|
13.75 |
9.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.76
|
23.62 |
3.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.13
|
0.15 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.43 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
641.764
|
466.405 |
396.518 |
Background:
Subject incorporated on 22.10.2001 engaged in the business of Providing
Educational Services.
Business
Performance:
The Company has posted good results for the year ending March 31, 2010.
Total income increased to Rs.2541.800 millions (Rs.2012.800 millions) clocking
a growth of 26% over the previous year and a compounded growth of 54% over the
last five years, which stands testimony to the efforts of the board and the
leadership team In steering the company. Similarly, the Operating Profit
(EBIDTA) also grew at an impressive 46.5% as compared to the previous year to
Rs.1226.060 millions (Rs.837.140 millions). While the external market
contributed to the performance, internal efficiencies also played an integral
part in improving the EBITDA margins, which improved by around 6.6% points to
48.2% of revenue (41.6%). This was brought about chiefly through reduction in
employee costs to 8.5% of revenue (9.9%) and reduction in operating expenditure
to 43.2% of revenue (48.5%). Financial performance of MertitTrac Services
Private Limited (MeritTrac) has been improving over the years. However as good
governance and conservative accounting practice the company has made a
Provision of Rs 350.000 millions towards diminution in value of investment in
MertitTrac Services Private Limited The net profit of the company has de-grown,
albeit marginally, by 1.2% to Rs.273.600 millions (Rs.276.800 millions). In the
absence of such a provision, the net profit growth would have been close to
125.3%.
Distance
Education: The Distance Education (DE) revenue aggregated Rs.2057.700 millions, up
by 34.3% from Rs.1531.900 millions in the previous year. Student registration
numbers rose to 172,620 from 142,866 depicting an increase of 20.8%. During the
year, 115 new Learning Centers (LCs) were added, taking the number of LCs to
770 as of year-end. Due to uncertain economic conditions in 2009-10, the performance
of DE business was marginally below budget for the financial year. The drop in
enrolments was mainly due to decrease in enrolments into professional courses
(in particular, management studies and information sciences) which are their
mainstay in DE business — these courses are directly affected by any economic
uncertainty. However, as the economy shows signs of revival, and employment
prospects brighten, especially amongst their target group, they expect a
revival in enquiries and higher conversions from August 2010 onwards.
The Company is currently servicing students in over 225 districts of the
total of 600+ districts in
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74140KA2001PTC029678 |
|
Name of the
company |
MANIPAL UNIVERSAL
LEARNING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Standard Chartered Bank, |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement, Dated this 26th October 2010. |
|
Date of
instrument Creating the charge |
26.10.2010 |
|
Amount secured by
the charge |
Rs.600.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As on date 10.5%
per annum subject to changes in base rate from time to time. Terms of
Repayment Unless otherwise
agreed in writing by the Bank, the Facility and all outstanding there under,
together with all Charges payable in respect thereof, will be repaid by the
Customer to the Bank on the respective due dates of the Facility. Margin As may be agreed
with the Bank from time to time. Extent and
Operation of the charge Pari Passu first
charge over the receivables and movables fixed assets of MULPL (including
deposit of INR 1.2 Bn placed by MULPL with |
|
Short particulars
of the property charged |
The Fixed assets
located at Bangalore Head office, Bangalore training centre, Manipal office,
Manipal- MAHE Blog, Mangalore, Mumbai testing centre, ICICI testing centre,
Mumbai, Delhi testing Centre, Kolkata testing centre, Hyderabad and Cochin
testing centre. |
Fixed Assets:
·
Plant and Machinery
·
Computer Equipments
·
Furniture and Fixture
·
Leasehold Improvements
·
Vehicles
·
Other Equipments
·
Books
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 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.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.