MIRA INFORM REPORT
|
Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT PIPAVAV PORT LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
05.08.1992 |
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Com. Reg. No.: |
018106 |
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CIN No.: [Company Identification
No.] |
L63010GJ1992PLC018106 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG04191F / RKTG00431E |
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PAN No.: [Permanent Account No.] |
AAACG6975B |
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Legal Form : |
Public Limited Liability Company, The Company’s shares are listed on
Stock Exchange |
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Line of Business
: |
Subject is engaged in Port Development and Operation |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 29400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Profitability
of the company is under severe pressure. However, Trade relations are fair.
Business is active. Payments are reported to be slow but correct. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office : |
Port
Pipavav , At Post Ucchaiya, Via Rajula, District Amreli - 365 560, |
|
Tel. No.: |
91-2794-286001 / / 092 / 041 / 302400 |
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Fax No.: |
91-2794-286044 / 286323 |
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E-Mail : |
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Website : |
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Head Office : |
CG House, 1st Floor, |
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Corporate Office |
Empire Industries Complex, 414, Senapati Bapat Marg, Lower Parel,
Mumbai - 400 013, |
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Tel. No.: |
91-22-30011300 |
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Fax No.: |
91-22-30011333 |
DIRECTORS
AS ON 31.12.2010
|
Name : |
Mr. Rajeeva Sinha |
|
Designation : |
Managing
Director (from 10th November 2005) |
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Qualification : |
M.A.,
M. Sc., LLB, MBA, FICS |
|
Date of Appointment : |
10.11.2005 |
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Previous Employment : |
Principal
Secretary - (Transport) Govt. of |
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|
|
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Name : |
Mr.
Hans-Ole Madsen |
|
Designation : |
Chairman |
|
Address : |
Benreeza Apartments, Worli Seaface, Mumbai – 400 018, |
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Date of Birth/Age : |
19.05.1965 |
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Date of Appointment : |
13.05.2005 |
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|
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|
Name : |
Mr.
Jack D. Helton |
|
Designation : |
Director |
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|
Name : |
Mr.
Johan Herman Kerkhof |
|
Designation : |
Director
|
|
Address : |
Duindoornstraat 4, 3222 XE Hellevoetsl 415, The
Nederlands |
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Date of Birth/Age : |
02.11.1948 |
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Date of Appointment : |
12.05.2006 |
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|
|
|
Name : |
Mr. Christian
Moller Laursen |
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Designation : |
Director |
|
Address : |
SBN Doormanlaan 17 2243 Aj Wassenaar, The Nederlands
|
|
Date of Birth/Age : |
18.04.1966 |
|
Date of Appointment : |
29.09.2005 |
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|
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|
Name : |
Mr.
Dinesh Kumar Lal |
|
Designation : |
Director |
|
Address : |
34, |
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Date of Birth/Age : |
15.01.1952 |
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Date of Appointment : |
01.06.2004 |
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|
|
Name : |
Mr.
H. K. Dash, |
|
Designation : |
Director |
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|
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|
Name : |
Mr.
Luis Miranda |
|
Designation : |
Director
|
|
Address : |
801, Deepali, |
|
Date of Birth/Age : |
21.09.1961 |
|
Date of Appointment : |
12.05.2006 |
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|
|
|
Name : |
Mr.
Krishan Sehgal |
|
Designation : |
Director |
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|
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|
Name : |
Mr.
Rajeev Thakore |
|
Designation : |
Director |
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|
|
|
Name : |
Mr.
Ravi Sethurathnam |
|
Designation : |
Director
|
|
Address : |
C-139, Sarvodaya Enclave, |
|
Date of Birth/Age : |
22.07.1959 |
|
Date of Appointment : |
21.05.2005 |
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|
|
|
Name : |
Mr.
Hariharan Iyer |
|
Designation : |
Alternate
to Mr. Jack D. Helton |
|
|
|
|
Name : |
Mr.
Darius Pandole |
|
Designation : |
Director
(upto 10th November 2005) |
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|
|
|
Name : |
Mr.
Harekrushna Dash |
|
Designation : |
Director
|
|
Address : |
K-517,
Sector 20, Gandhinagar – 382 020, |
|
Date of Birth/Age : |
18.04.1955 |
|
Date of Appointment : |
29.03.2004 |
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|
|
|
Name : |
Mr.
Sunil Chawla |
|
Designation : |
Director
|
|
Address : |
C-41,
Sector 44, Noida – 201 303, |
|
Date of Birth/Age : |
23.10.1962 |
|
Date of Appointment : |
29.06.2007 |
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|
|
|
Name : |
Mr.
Philip Littlejohn |
|
Designation : |
Managing
Director |
|
Address : |
C-9,
C Building, Sea face Co-Operative Housing Society Limited, Mumbai – 400 026, |
|
Date of Birth/Age : |
16.06.1954 |
|
Date of Appointment : |
12.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr.
Bhupendra Parekh |
|
Designation : |
President
Marketing |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
12.01.1996 |
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Previous Employment : |
S.K.I.L. |
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|
|
|
Name : |
Mr.
Henrik S. Christensen |
|
Designation : |
Chief
Operating Officer |
|
Qualification : |
Masters License In Navigation |
|
Date of Appointment : |
13.10.2003 |
|
Previous Employment : |
A.P.Moller |
|
|
|
|
Name : |
Mr. C. S. Venkiteswaran |
|
Designation : |
Financial
Controller |
|
Qualification : |
B.Com.,
ACA, ACS |
|
Experience : |
23 Years |
|
Previous Employment : |
TTK
Maersk Medical |
|
|
|
|
Name : |
Mr.
Manish Agnihotri |
|
Designation : |
Company Secretary |
|
Address : |
C 4/403, |
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Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
13.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
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|
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|
182,152,360 |
43.01 |
|
|
182,152,360 |
43.01 |
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Total shareholding of Promoter and Promoter Group (A) |
182,152,360 |
43.01 |
|
(B) Public Shareholding |
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|
|
|
|
|
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|
14,635,209 |
3.46 |
|
|
35,144,791 |
8.30 |
|
|
66,664,749 |
15.74 |
|
|
116,444,749 |
27.49 |
|
|
|
|
|
|
33,265,066 |
7.85 |
|
|
|
|
|
|
14,189,215 |
3.35 |
|
|
4,415,180 |
1.04 |
|
|
73,093,101 |
17.26 |
|
|
45,748,645 |
10.80 |
|
|
712,539 |
0.17 |
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|
26,456,131 |
6.25 |
|
|
175,786 |
0.04 |
|
|
124,962,562 |
29.50 |
|
Total Public shareholding (B) |
241,407,311 |
56.99 |
|
Total (A)+(B) |
423,559,671 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
423,559,671 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Port Development and Operation |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Central Bank of ·
Exim Bank, Mumbai ·
Dena Bank Industrial Finance Branch, 9th
Floor, ·
Bank of Jolly Maker Chambers II, Nariman Point,
Mumbai – 400 021, ·
HDFC Bank Limited 1st Floor, Tulsiani Chambers,
Free Press Marg, Nariman Point, Mumbai – 400 021, ·
State Bank of Saurashtra 1st Floor, Sharda Sadan, ·
Citibank N.A. |
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|
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Financial
Institution : |
· IDBI Trusteeship Services Limited 10th Floor, Nariman
Bhavan, 227, Vinay K Shah Marg, Nariman Point, Mumbai – 400 021, · Infrastructure Development Finance Company Limited ITC Centre, 3rd
Floor, 760, Anna Salai, Chennai – 600 002, |
|
|
|
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Auditors : |
|
|
Name : |
B.S.R. and Company Chartered Accountants |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat
Marg, Lower Parel, Mumbai – 400 013, |
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Tel. No.: |
91-22-24913030 / 24913131 |
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Fax No.: |
91-22-24988368 |
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|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs. 10 each |
Rs.6000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
423559671 |
Equity Shares |
Rs. 10 each |
Rs.4235.596 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4235.600 |
3148.600 |
3454.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3123.100 |
(37.900) |
367.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7358.700 |
3110.700 |
3822.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7654.400 |
10559.300 |
6575.400 |
|
|
2] Unsecured Loans |
318.900 |
331.800 |
844.000 |
|
|
TOTAL BORROWING |
7973.300 |
10891.100 |
7419.400 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15332.000 |
14001.800 |
11242.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12602.800 |
12830.300 |
8579.200 |
|
|
Capital work-in-progress |
304.200 |
155.800 |
1638.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
830.000 |
829.800 |
829.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.700
|
51.500 |
47.400 |
|
|
Sundry Debtors |
294.500
|
216.700 |
75.100 |
|
|
Cash & Bank Balances |
388.100
|
181.700 |
46.900 |
|
|
Other Current Assets |
1560.700 |
616.400 |
1653.400 |
|
|
Loans & Advances |
3140.400
|
2225.600 |
2448.700 |
|
Total
Current Assets |
5458.400
|
3291.900 |
4271.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
3478.200
|
2765.700 |
3761.600 |
|
|
Provisions |
385.200
|
340.300 |
315.400 |
|
Total
Current Liabilities |
3863.400
|
3106.000 |
4077.000 |
|
|
Net Current Assets |
1595.000
|
185.900 |
194.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15332.000 |
14001.800 |
11242.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
2839.300 |
2207.100 |
1724.100 |
|
|
|
Other Income |
81.300 |
4.000 |
304.800 |
|
|
|
TOTAL (A) |
2920.600 |
2211.100 |
2028.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
916.800 |
501.100 |
303.000 |
|
|
|
Employees Cost |
271.800 |
239.900 |
202.400 |
|
|
|
Power and Fuel Cost |
171.900 |
157.300 |
115.500 |
|
|
|
Preoperative Expenses Capitalized |
0.000 |
0.000 |
(4.200) |
|
|
|
Selling and Distribution Expenses |
282.700 |
206.100 |
332.700 |
|
|
|
Office Expenses |
17.800 |
223.100 |
540.000 |
|
|
|
TOTAL (B) |
1661.000 |
1327.500 |
1489.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1259.600 |
883.600 |
539.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1275.700 |
1563.900 |
1018.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(16.100) |
(680.300) |
(479.200) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
492.700 |
457.600 |
369.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(508.800) |
(1137.900) |
(848.400) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.100 |
26.000 |
(2.400) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(508.900) |
(1163.900) |
(846.000) |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(1.20) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(17.42)
|
(52.63) |
(41.69) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(17.91)
|
(51.55) |
(49.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.82)
|
(7.05) |
(6.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.36) |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.60
|
4.49 |
3.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.06 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
|
Corporate
identity number of the company |
U63010GJ1992PLC018106 |
|
Name of the
company |
GUJARAT PIPAVAV PORT LIMITED |
|
Address of the
registered office or of the principal place of business in |
Port Pipavav , At Post Ucchaiya, Via Rajula, District Amreli - 365
560, |
|
This form is for |
Creation of
charge |
|
Type of charge |
English mortgage |
|
Particular of
charge holder |
Infrastructure Development Finance Company Limited ITC Centre, 3rd Floor, 760, Anna Salai, Chennai
– 600 002, |
|
Nature of instrument
creating charge |
Indeture of
mortgage executed by the company in favour of IDFCL in its capacity as the
security trusty for the existing landers namely IDBI IIBI Exim Bank and PNB
and non-fund based lender mainly HDFC Limited |
|
Date of instrument
Creating the charge |
31.03.2006 |
|
Amount secured by
the charge |
Rs.354.030
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Immovable
properties and indencher of mortgage of land |
|
Description of
the property charged indicating whether it is a charged on |
·
Immovable
properties ·
Stock
in trade ·
Plant
and machinery ·
Book
debts ·
Furniture
and fixtures ·
Vehicles |
|
Particulars of
the property charged |
All that piece and
parcel of land admeasuring 4529059 Sq. meters in the villages of Rampara,
Berai and Thavi Ta; Rajula District Amreli in the state of Gujarat and more
particulary describe in sedule II and movable properties describe in sedule
II of the indencher of mortgage. |
Fixed
Assets
·
Land and site development
·
Leasehold improvement
·
Dredging
·
Buildings
·
Plant and machinery
·
Railway sidings
·
Furniture and fixtures
·
Vehicles
Hercules Service -
NYK’s fastest service from Japan makes Pipavav its first Indian port of Call
31 March,2011
NYK Line's Premier Hercules Service has recently made Port Pipavav its
first port of call in
Tokyo, Shimizu, Omaezaki, Nagoya, Kobe, Laem Chabang,
Singapore, Pipavav, Karachi-Port Muhammad Bin Qasim, Mumbai-Nhava Sheva,
Colombo, Singapore, Laem Chabang, Keelung, Tokyo
"The Hercules Service is a unique service that connects
In a statement to the press, Mr. Okinobu Hatsugai, Managing Director,
NYK Line (
Capt. Vivek Singh Anand, General Manager - All-India Operations of NYK
Line (
NYK is one of Port Pipavav's esteemed customers and both companies
share a long history of mutually beneficial relationships with each other.
Over the last two years, the port has increased the number of customers
and today has 23 customers with a reach that spans
About APM Terminals Pipavav:
APM Terminals Pipavav is the fastest growing gateway port for EXIM cargo
in North West India. The port's container volumes have been consistently
growing year on year and in 2010, volumes grew by 45% taking its market share
to 24%. In 2010, the port attracted 8 new shipping lines and 5 new services to
support customers in North West India. The marketing team has opened offices in
Ahmedabad, Jaipur,
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.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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.