MIRA INFORM REPORT

 

 

Report Date :

29.04.2011

 

Note : Given address could not be confirmed

 

 

IDENTIFICATION DETAILS

 

Name :

ZAPAK DIGITAL ENTERTAINMENT LIMITED

 

 

Formerly Known As :

RELIANCE COM LIMITED

 

 

Registered Office :

H-Block, 1st Floor, Dhirubhai Ambani Knowledge City, Thane Belapur Road, Navi Mumbai-400710, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

14.12.2005

 

 

Com. Reg. No.:

11-158036

 

 

CIN No.:

[Company Identification No.]

U99999MH2005PLC158036

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR19591F

 

 

PAN No.:

[Permanent Account No.]

AACDR1992A

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

The company provides online audio-visual content and email services.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Anil Dhirubhai Ambani Group. It is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

In view of strong holding, The company 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Management Non Cooperative

 

 

LOCATIONS

 

Registered Office :

H-Block, 1st Floor, Dhirubhai Ambani Knowledge City, Thane Belapur Road, Navi Mumbai-400710, Maharashtra, India

Tel. No.:

91-22-30386290

Fax No.:

91-22-30376633

E-Mail :

priti.padte@relianceada.com

Website :

http://www.zapak.com

 

 

Corporate Office:

Level 4, Infinity Mall, New Link Road, Andheri (W), Mumbai-400053, Maharashtra, India

Tel No.:

91-22-39816600

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Ashish Sudhakar Karyekar

Designation :

Director

Address :

704 Rel Quarters, Chembur Receiving Station, Deonar, Mumbai-400082, Maharashtra, India

Date of Birth/Age :

22.05.1972

Date of Appointment :

14.12.2005

 

 

Name :

Mr. Abhijit Rasamoy Banerjee

Designation :

Director

Address :

604 Sicily Marvel Sector, 12 B Plot 51, Koparkhairane, Navi Mumbai-400709, Maharashtra, India

Date of Birth/Age :

24.03.1964

Date of Appointment :

14.12.2005

 

 

Name :

Mr. Paresh Purushottamlal Rathod

Designation :

Director

Address :

204 Rel Quarters, Chembur Receiving Stations, Deonar, Mumbai-400082, Maharashtra, India

Date of Birth/Age :

24.06.1968

Date of Appointment :

14.12.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Gaurang Shah jointly with Reliance Big Entertainment Private Limited, India

 

1

Abhijit Banerjee jointly with Reliance Big Entertainment Private Limited, India

 

1

Ashish Karyekar jointly with Reliance Big Entertainment Private Limited, India

 

1

Paresh Rathod jointly with Reliance Big Entertainment Private Limited, India

 

1

Reliance Big Entertainment Private Limited, India

 

49994

AAA Finance Management Private Limited, jointly with Reliance Big Entertainment Private Limited, India

 

1

AAA Project Finance Management Private Limited jointly with Reliance Big Entertainment Private Limited, India

 

1

 

 

 

Total

 

50000

 

As on 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The company provides online audio-visual content and email services.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged by management

 

 

Bankers :
  • Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
  • ICICI Bank Limited

 

 

Facilities :

Unsecured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

From Holding Company

1634.858

1395.289

Deposits From Franchisees

124.900

27.500

Buyers Credit From Bank

10.640

0.000

Cash Credit From Bank

2.312

0.000

Total

1772.710

1422.789

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Pathak H.D. and Associates

Chartered Accountant

Address :

709, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021, Maharashtra, India

Tel. No.:

91-22-30228508

Fax No.:

91-22-30228509

 

 

Ultimate Holding Company:

AAA Entertainment Private Limited

 

 

Holding Company:

Reliance Big Entertainment Private Limited

 

 

Fellow  Subsidiary :

Big Flicks Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

 

 

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

0.500

0.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(1355.205)

(1104.403)

(650.251)

NETWORTH

(1354.705)

(1103.903)

(649.751)

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

1772.710

1422.789

861.300

TOTAL BORROWING

1772.710

1422.789

861.300

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

418.005

318.886

211.549

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

235.676

171.675

136.108

Capital work-in-progress

19.417

6.831

20.411

 

 

 

 

INVESTMENT

0.020

0.020

0.020

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
31.588

11.334

0.592

 

Sundry Debtors
196.733

132.177

93.088

 

Cash & Bank Balances
14.469

24.015

16.364

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
84.629

76.893

56.181

Total Current Assets
327.419

244.419

166.225

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
121.643

67.871

48.126

 

Other Current Liabilities
30.113

27.771

57.379

 

Provisions
12.771

8.417

5.710

Total Current Liabilities
164.527

104.059

111.215

Net Current Assets
162.892

140.360

55.010

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

418.005

318.886

211.549

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

404.077

266.283

130.836

 

 

Other Income

0.000

0.000

0.000

 

 

TOTAL                                     (A)

404.077

266.283

130.836

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Operating cost

200.417

160.075

64.275

 

 

Employee cost

183.681

204.380

201.179

 

 

General and administrative cost

122.794

140.305

94.208

 

 

Marketing and distribution cost

120.127

147.643

206.048

 

 

Fixed asses written off

1.050

0.870

0.102

 

 

Prior period adjustments

1.137

0.000

(0.225)

 

 

TOTAL                                     (B)

629.206

653.273

565.587

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

(225.129)

(386.990)

(434.751)

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

9.786

2.563

31.230

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

(234.915)

(389.553)

(465.981)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

106.649

60.249

27.335

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(341.564)

(449.802)

(493.316)

 

 

 

 

 

Less

TAX                                                                  (H)

0.743

4.350

1.395

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

(342.307)

(454.152)

(494.711)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(1104.404)

(650.252)

(155.541)

 

 

 

 

 

Less

PORTAL DEVELOPMENT EXPENSES CAPITALIZED

(91.505)

0.000

0.000

 

BALANCE CARRIED TO THE B/S

(1355.206)

(1104.404)

(650.252)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Advertisement Services

4.081

1.884

0.296

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

(Game Operating and Marketing Rights)

12.198

17.531

18.706

 

 

 

 

 

 

Earnings Per Share (Rs.)

(6846)

(9083)

(9894)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
(84.71)

(170.55)

(378.12)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(84.53)

(168.92)

(377.05)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(60.66)

(108.10)

(163.17)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25

40.75

0.76

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(1.43)

(1.38)

(1.50)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.99

2.35

1.49

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note: The registered office of the company has been shifted from 3rd Floor, Reliance Energy Centre, Santacruz East, Mumbai, Maharashtra, India to the present address w.e.f. 27.08.2008

 

Sundry Creditors : (Rs.in million)

 

Particulars

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

Micro, Small and Medium Enterprise
0.204

0.548

0.000

Others

121.439

67.323

48.126

Total

121.643

67.871

48.126

 

OPERATION:

 

The company continued to strengthen its position in the business during the financial year 2009- 10. The Company’s Portal continued to retain Leadership position in gaming portal in India for 3rd year. The portal hosted over 1000 games under various categories. The portal has 5.5 million unique visitors per month and 120 million page views per month. This makes Zapak.com to stand in top 10 portals in India and among top 10 flash games portal in the World.

 

The Company forayed into social gaming partnership with 6 Waves, Heyzap, Playdom and other big players. The Company aims at becoming the number 1 social gaming site in India. The Company achieved a membership of 7 million users as on March 31, 2010.

 

The Company opened 58 new Zapak – Gameplexes during the year, thus making total strength to 98. Gameplexes offer 165 Live Games and had a registered membership of over 187,000 as on March 31, 2010.

 

The Company’s Massively Multiplayer Online Game (MMOG) achieved over 182,000 registered users. The Company’s recently launched Browser Based MMOG’s has over 9200 registered users.

 

The Company strengthened its Retail presence with its Licensing and Merchandising business which has 4250 retail outlets and 467 SKUs and tie-up with world-renowned toy brands. This business has given the Company presence to 135 cities in India though a strong distribution network.

 

Contingent Liabilities :

[Rs.in million]

Particulars

31.03.2010

31.03.2009

Estimated amount of Contracts to be executed on capital account and not provided for net of above

41.191

19.172

Counter indemnity given to bank against guarantees issued by bank on behalf of the company / letter of credit
13.970

0.519

 

 

 

Total

55.161

19.691

 

Bankers Charges Report as per Registry

 

This form is for

Creation of charge

Corporate identity number of the company

U99999MH2005PLC158036

Name of the company

ZAPAK DIGITAL ENTERTAINMENT LIMITED

Address of the registered office or of the principal place of  business in India of the company

H-Block, 1st Floor, Dhirubhai Ambani Knowledge City, Thane Belapur Road, Navi Mumbai-400710, Maharashtra, India

Type of charge

Book Debts

Floating Charge

Others

Particular of charge holder

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Email

shareholders@yesbank.in

Nature of description of the instrument creating or modifying the charge

Deed of Hypothecation

Date of instrument Creating the charge

07.07.2010

Amount secured by the charge

Rs.120.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Commission- ULC/SLC/LoU for BC /PBG/FBG-1.80% p.a. plus taxes as applicable payable annually in advance

CC/WCDL-5% above YBL Base Rate. Currently YBL Base Rate is 7%.

 

Terms of Repayment

ULC/SLC/LoU for BC /PBG/FBG- At the end of the tenor

CC- On Demand

 

Margin

CC/ WCDL-

Margin- Raw Materials / Stores & Spares-30%

Book Debts

Advertisement & Portal Debtors upto 150 days- 30%

Merchandising Debtors upto 150 days- 30%

 

Extent and Operation of the charge

Exclusive First charge on whole of the current assets of the company

Short particulars of the property charged

Exclusive First charge on whole of the current assets of the company

 

Fixed Assets:

 

  • Plant and Machinery
  • Computer
  • Furniture and Fixtures
  • Office Equipments
  • Leasehold Improvements
  • Casual Game Licences
  • Computer Software

 

AS PER WEB SITE

 

INDIA GETS GAMING


Zapak Digital Entertainment Limited, part of Reliance-ADAG is India’s leading Gaming Company. In a span of 4 years Zapak has emerged as the largest gaming company in India in terms of Revenues, Brand Recall and User Base. Today in India, Gaming is synonymous with Zapak. They are one of the few gaming companies in the world that has not only captured but dominated all components of the Gaming Value Chain. Be it content publishing of online games, shared access through gaming cafes, retail distribution of Gaming CDs and Mobile games and applications. It has a strong team of over 300 professionals competent in all aspects of Digital space, be it product, applications, online marketing, mobile applications, social media applications and marketing. Most of the key members have been in the Digital/Online industry for more than 8-10 years and have very strong domain knowledge of all aspects of the Digital industry.

 

Recently, Reliance Entertainment acquired 50% shareholding in Code masters, the leading British developer and publisher of world-class video games. Zapak Digital Entertainment will oversee this investment. Code masters is an award winning games developer and publisher, with annual revenues in excess of US$ 150 Million. It has major franchises in cricket games (The Ashes), racing games (Formula 1, Dirt2 and Race Driver Grid), performance games (Dance Factory) and military simulations (Operation Flashpoint 2).

KEY SBUs of ZAPAK


Online Casual Games


Zapak.com is not only India’s largest online casual gaming site but also amongst the top 5 gaming sites in the world in terms of traffic and registered users. With more than 8 million unique registered users it is bigger in India than yahoo games or miniclip.com. Zapak.com is the only portal in the world that offers games across all genres be it single-player, multi-player, downloadable games, kids games, girl games and cricket games. They have strong partnerships with leading global players such as POPCAP, Playfish, Boonty, Oberon, Come2Play etc.

 

MMOG Publishing


Zapak is also the biggest publisher of Massively Multiplayer Online Games (MMOG) in India. It has launched some of the world’s most popular MMOG titles such as “Crazy Kart” (in partnership with Shanda, China’s largest Gaming company worth $ 3 Billion) and “Runescape” (worlds second largest MMO with over 8 million subscribers, in partnership with Jagex Games Studio). Zapak is also in advanced talks with all leading studios including EA, Sony Online Entertainment, Disney, Activision-Blizzard to launch their titles in the Indian market.

 

Mobile Games


Zapak has a division, Jump Games, which is the leading Global publisher and developer of Online and Mobile Entertainment with global distribution across North America, South America, EMEA and APAC on 80 networks across 40 countries. Presently content is available on the leading operators like Vodafone, ATandT, Verizon, T-Mobile, Reliance Mobile World, Telstra, Tele2, TIM, O2,, KPN, Telia, 3, Telefonica, Optimus and Telenor, etc. Jump Games also has Premier partnerships with Apple, Blackberry, Samsung and Nokia for app stores. Premium partners include Cartoon Network, International Cricket Council, Universal Studios, Virgin Comics, Playboy, etc.

 

Gaming Cafes


Zapak also owns the largest chain of dedicated gaming cafes in the country – Zapak Game Plex. These are first of its kind, high speed gaming cafes that offer world class gaming content to the Indian user. Presently there are over 102 cafes in more that 35 cities in India. Zapak has partnered with leading gaming companies such as EA, Microsoft, Valve, Activsion - Blizzard to distribute their content in these cafes.

 

Retail of Gaming CDs and Merchandise


Zapak Games is the licensing and merchandising arm of Zapak which is a leading retailer of Gaming CDs and merchandise in India. With a massive distribution network of over 5000 Retail Outlets in more than 135 cities, Zapak has the largest network in the country. They work exclusively with leading players such as Cartoon Network, Disney, Pop Cap, Spin master, Bandai etc.

 

KEY HIGHLIGHTS

 

  • Over 8 million online registered users
  • 1 out of every 3 people on the Internet in India are on Zapak
  • Zapak features among the top 10 for India’s Fast - Rising Search Queries to Google Zeitgeist Report along with players like Gmail, Orkut, etc
  • India’s topmost gaming portal according to ComScore Data
  • Awarded ‘Website of the Year 2008’ in Fun and Games category by MetrixLab and Nielsen Online
  • Zapak emerged as the ‘most stickiest site’ ahead of yahoo and Google – by Comscore
  • Global distribution of Mobile Games and applications
  • Strong focus and competence on app store of Apple, Blackberry and Nokia
  • Strong content partnerships in the mobile space with Cartoon Network, Playboy, Virgin Comics and Universal Studios
  • Strong technology team for porting games and applications across multiple Mobile devices
  • Strong Content partnerships in the PC Gaming space with EA, Microsoft, Sony Online, Activision, Pop Cap, Cartoon Network, Disney, Valve, Shanda etc.

 

 

 

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.44.33

UK Pound

1

Rs.74.13

Euro

1

Rs.65.78

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

26

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.