MIRA
INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
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Name : |
VALECHA ENGINEERING LIMITED |
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Registered
Office : |
“Valecha Chambers”, 4th Floor, Plot No. B-6, Andheri
New |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.03.1977 |
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Com. Reg. No.: |
019535 |
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Capital Investment
/ Paid-up Capital : |
Rs.195.300
Millions |
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CIN No.: [Company Identification
No.] |
L74210MH1977PLC019535 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV09361C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed of
the Stock Exchange. |
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Line of Business
: |
Subject is engaged in the business of construction and
infrastructure development of roads, dams, bridges and highways. |
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No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 10000000 |
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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 well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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.
INFORMATION PARTED BY
|
Name : |
Mr. K.S. Shetty |
|
Designation : |
Chief Finance Officer |
|
Date : |
30.07.2011 |
LOCATIONS
|
Registered Office : |
“Valecha Chambers”, 4th Floor, Plot No. B-6,
Andheri New |
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Tel. No.: |
91-22-26733625-29/ 26733238/ 3587/ 26733627-28/ 26393335 |
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Fax No.: |
91-22-26733945/ 26338001/ 26733589 |
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E-Mail : |
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Website : |
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Location: |
Owned |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. J K Valecha |
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Designation : |
Managing Director |
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Qualification : |
B.Com |
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Other Company : |
·
Valecha Infrastructure Limited, ·
F 2, Fun And Fitness (
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Name : |
Mr. Anil Harish |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Umesh H Valecha |
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Designation : |
Director |
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Qualification : |
B E (Civil) |
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Other Company : |
·
Valecha Investment Private Limited , ·
Juhu Beach Real Estates Private Limited ·
F2 Fun N Fitness ( ·
First Fitness ( |
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Name : |
Mr. Dinesh H Valecha |
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Designation : |
Director |
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Qualification : |
BE |
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Date of Appointment : |
·
Valecha Infrastructure Limited, ·
Valecha Investment Private Limited
and ·
Gopaldas Vasudev Construction Private Limited |
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Name : |
Mr. G Ramachandran |
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Designation : |
Director |
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Name : |
Mr. Arvind Thakkar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Kavita Valecha Sharma |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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557,199 |
2.91 |
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7,433,725 |
38.80 |
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1,670,112 |
8.72 |
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1,670,112 |
8.72 |
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9,661,036 |
50.43 |
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Total shareholding of Promoter and Promoter Group (A) |
9,661,036 |
50.43 |
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(B) Public Shareholding |
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10,012 |
0.05 |
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24,490 |
0.13 |
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699,772 |
3.65 |
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405,000 |
2.11 |
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1,139,274 |
5.95 |
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2,563,771 |
13.38 |
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3,618,268 |
18.89 |
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1,789,017 |
9.34 |
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387,409 |
2.02 |
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387,409 |
2.02 |
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8,358,465 |
43.63 |
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Total Public shareholding (B) |
9,497,739 |
49.57 |
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Total (A)+(B) |
19,158,775 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Persons Acting in ConcertBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of construction and
infrastructure development of roads, dams, bridges and highways. |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
800 (Approximately) |
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Bankers : |
·
State Bank of ·
Canara Bank ·
Axis Bank Limited ·
Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. M. Jani and Company Chartered Accountant |
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Solicitors: |
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Name: |
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Associates: |
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Wholly Owned
Subsidiary Company: |
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Joint Venture: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19530025 |
Equity Shares |
Rs.10/- each |
Rs.195.300
Millions |
Note: Of the above Shares 10,00,000 Shares (F.Y. 1993-1994) 15,00,000
Shares (F.Y. 2002-2003), 39,84,450 Shares (F.Y. 2007-2008) and 59,76,675 Shares
(F.Y. 2008-09) are allotted as fully paid-up by way of Bonus Shares by
capitalization of General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
|
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1] Share Capital |
195.300 |
185.800 |
179.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2404.233 |
2217.710 |
1937.632 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2599.533 |
2403.510 |
2116.932 |
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LOAN FUNDS |
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1] Secured Loans |
1866.529 |
1474.159 |
1161.444 |
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2] Unsecured Loans |
398.085 |
166.629 |
298.160 |
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TOTAL BORROWING |
2264.614 |
1640.788 |
1459.604 |
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DEFERRED TAX LIABILITIES |
205.461 |
181.980 |
158.563 |
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TOTAL |
5069.608 |
4226.278 |
3735.099 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1558.219 |
1416.350 |
1436.421 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
162.277 |
82.884 |
95.465 |
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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 |
421.013
|
407.994 |
360.410 |
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Sundry Debtors |
1877.562
|
1422.428 |
1235.012 |
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Cash & Bank Balances |
542.108
|
504.379 |
320.775 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Work in Progress |
13.221
|
83.010 |
45.771 |
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Loans & Advances |
3120.563
|
2320.247 |
1800.422 |
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Total
Current Assets |
5974.467
|
4738.058
|
3762.390
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
1109.149
|
829.192 |
525.994 |
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Other Current Liabilities |
1479.889
|
1149.215 |
1008.011 |
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Provisions |
36.317
|
32.607
|
25.172
|
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Total
Current Liabilities |
2625.355
|
2011.014
|
1559.177 |
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Net Current Assets |
3349.112
|
2727.044 |
2203.213 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5069.608 |
4226.278 |
3735.099 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Receipts from Operations |
7297.509 |
6520.513 |
6063.737 |
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Other Income |
93.550 |
76.409 |
62.717 |
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TOTAL (A) |
7391.059 |
6596.922 |
6126.454 |
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Less |
EXPENSES |
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Construction Expenses |
6454.074 |
5808.186 |
5453.042 |
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Employees Remuneration and Welfare Expenses |
314.599 |
221.272 |
173.853 |
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Administrative and Other Expenses |
96.022 |
93.919 |
67.313 |
|
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Extraordinary Income |
(48.200) |
(127.363) |
0.000 |
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TOTAL (B) |
6816.495 |
5996.014 |
5694.208 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
574.564 |
600.908 |
432.246 |
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Less |
FINANCIAL
EXPENSES (D) |
144.405 |
134.989 |
135.543 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
430.159 |
465.919 |
296.703 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
95.183 |
90.178 |
85.628 |
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PROFIT BEFORE
TAX (E-F) (G) |
334.976 |
375.741 |
211.075 |
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Less |
TAX (H) |
87.044 |
79.148 |
66.120 |
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PROFIT AFTER TAX
(G-H) (I) |
247.932 |
296.593 |
144.955 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1200.409 |
968.487 |
878.828 |
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PRIOR
PERIOD ADJUSTMENT |
(51.948) |
(2.064) |
(0.123) |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
30.000 |
30.000 |
|
|
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Proposed Dividend |
31.248 |
27.870 |
21.516 |
|
|
|
Tax on Dividend |
5.069 |
4.737 |
3.657 |
|
|
BALANCE CARRIED
TO THE B/S |
1330.076 |
1200.409 |
968.487 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Export Earnings |
NA |
108.067 |
NA |
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IMPORTS |
|
|
|
|
|
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Capital Goods |
95.825 |
11.073 |
4.515 |
|
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|
Components and Spares Parts |
17.167 |
3.583 |
71.188 |
|
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TOTAL IMPORTS |
112.992 |
14.656 |
75.703 |
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Earnings Per
Share (Rs.) |
|
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|
Basic |
|
|
|
|
|
|
- with Extraordinary Income |
13.03 |
16.49 |
8.08 |
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- without Extraordinary Income |
10.49 |
9.41 |
8.08 |
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Diluted |
|
|
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- With Extraordinary Income |
11.00 |
15.66 |
8.08 |
|
|
|
- Without Extraordinary Income |
8.86 |
8.94 |
8.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.35
|
4.50
|
2.37 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
4.59
|
5.76
|
3.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.45
|
6.11
|
4.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.16
|
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
1.52
|
1.43 |
|
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|
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Current Ratio (Current Asset/Current Liability) |
|
2.28
|
2.36
|
2.41 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
1109.149
|
829.192 |
525.994 |
OPERATIONS:
During the year, the turnover has increased to Rs. 7297.509
Millions from Rs. 6520.513 Millions in 2010-2011 representing an increase of
11.92.%. The Profit before tax without Extraordinary Income (PBT) has increased
by 15.46% from Rs. 248.378 Millions in the previous year to Rs. 286.776
Millions for the year 2010-2011. The Profit after Tax without Extraordinary
Income (PAT) was Rs.199.732 Millions for the 2010-2011 as compared to PAT of
Rs.169.230 Millions (without extraordinary income) for the previous year
representing an increase by 18%.
OUTLOOK
AND REVIEW:
Infrastructure is given due recognition for a nations
economic progress. To sustain growth in the Infrastructure Sector, despite the
global meltdown, the government is planning an investment of US$ 20.38 billion
in the next two years for infrastructure development. Further the government
has set aside US$640.8 million for improving the condition of ports, railroads,
highways and airports over a period of 15 years.
Infrastructure Sector Growth Rate in India GDP has been on
the rise in the last few years. The Growth Rate of the Infrastructure Sector in
India GDP has grown due to several reasons and this in turn has given a major
boost to the country’s economy.
During the year the Company has bagged projects worth more
than Rs. 10000.000 Millions which include:
(1) BOT Project for construction of highway at Madhya
Pradesh.
(2) The Company also diversified into Hydro Electric Project
and bagged Project in Kerala.
(3) Valecha Infrastructure Limited (a 100% subsidiary of
Valecha Engineering Limited) signed an MOU with the Government of Madhya
Pradesh (GOMP) to establish a 440 Mw Thermal Power Plant in the state.
(4) The Company recently bagged from the North Western
Railway Broad Gauge Tunnel near Jaipur.
(5) 3 Projects at
(6) Construction of Roads and Buildings at Bandra for
Western Railway
(7) 2 Laning of Lalpul-Manmao-Changlang from Km 0.00 to km.
68.30 (NH-52B) Highway/Road Work at Arunchal Pradesh.
(8) Piling work for south side of Paradeep Refinery of
Indian Oil Corporation.
(9) 2 Laning of Trans Arunachal Highway (NH-52B) from
(10) Piling work at Orissa for Indian Oil Corporation
Refinery.
(11) Other Projects include Design and Construction of
underground stations and Associated tunnels at Chennai.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS:
Infrastructure is recognized as essential to sustain
economic growth. A large component of highways is to be developed through
public-private partnerships and several high traffic stretches have already
been awarded to private companies on a BOT basis which has created huge
opportunities for infrastructure companies. The Government is planning to
increase spending on road development substantially.
OUTLOOK:
For a country of
TRADE REFERENCES:
- Municipal
Corporation of Greater Mumbai
- National
Highways Authority of
FIXED ASSTES:
·
Land
·
Buildings
·
Plant
And Machinery
·
Furniture
, Fixtures And Office Equipments
·
Vehicles
AS PER WEBSITE DETAILS:
BUSINESS DESCRIPTION
Subject is an India-based company. The Company is engaged in the business of construction and infrastructure development of roads, dams, bridges and highways. It is also engaged in construction of tunnels, airports, irrigation dams, reservoirs and canals, and railways. During the fiscal year ended March 31, 2010 (fiscal 2010), the company’s projects included BOT highway project at Madhya Pradesh, highway project at Orissa, road projects at Arunachal Pradesh, two new road projects at Himachal Pradesh, piling works at Orissa for Indian Oil Corporation refinery and piling works for south side of Paradeep refinery of Indian Oil Corporation. The company’s wholly owned subsidiaries include Valecha Infrastructure Limited and Valecha International FZE. For the fiscal year ended 31 March 2010, Valecha Engineering Limited's revenue increased 8% to RS6.6B. Net income increased from Rs.148.400 Millions to Rs.300.500 Millions. Total Revenue reflects an increase in income from operations and other income. Net income reflects an income from Extraordinary items vs. nil, decrease in Telephone and postage, decrease in Professional fees, decrease in Auditor's remuneration and General expenses.
PRESS RELEASE:
VALECHA ENGINEERING BAGS TOTAL ORDER WORTH RS 1478.100 MILLIONS
Accord Fintech (
22 July 2011
India, July 22 -- Valecha Engineering, a leading infrastructure development company, has bagged projects of construction of ROB on N.H. 12 at level crossing no. 15 Thermal Sidening Road of Rs 458.400 millions at Kota and widening and re-construction of Badi-Baktara-Dobi-Shahganj-Budhni Road and Silwani-Udayapura road package no. 7 under MPSRP-III at Madhya Pradesh of worth Rs 1019.700 millions. Recently, Valecha Engineering had bagged projects of widening to 2 lane and improvement in 97.20 km length of Barsoor-Geedam-Dantewada-Kirandul-Jagergunda-Mariyagudam Road under LWE project of Rs 1005.800 millions at Chhattisgarh in joint venture (JV) and project for improvement and widening of Bhuj-Bhachau Road (SH-42, Km 0/0 to Km 77/0) in the state of Gujarat on build, operate and transfer (BOT) basis of Rs 4250.000 millions. Valecha Engineering is engaged in the construction of major infrastructure and engineering projects such as irrigation dams, reservoirs and canals, roads, highways and expressways, bridges and tunnels, railways, airports and foundation and piling works. Published by HT Syndication with permission from Accord Fintech, for any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com
VALECHA ENGINEERING SURGES ON BAGGING TOTAL ORDER WORTH RS
1478.100 MILLIONS
Accord Fintech (
22 July 2011
VALECHA ENGINEERING FIXES BOOK CLOSURE FOR DIVIDEND AND AGM
Accord Fintech (
15 June 2011
India, June 15 -- Valecha Engineering has informed that the register of members and share transfer books of the company will remain closed from July 22, 2011 to July 29, 2011 (both days inclusive) for the purpose of payment of dividend and 34th annual general meeting (AGM) of the company to be held on July 29, 2011.The above information is part of the company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com
VALECHA ENGINEERING RECEIVES RATING REAFFIRMATION FROM CARE
FOR ITS BANK FACILITIES
Accord Fintech (
03 June 2011
VALECHA ENGINEERING BAGS RS 5255.800 MILLIONS WORTH OF
ORDERS
Accord Fintech (
30 May 2011
India, May 30 -- Valecha Engineering (VEL), a leading infrastructure development company, has bagged projects of widening to 2 lane and improvement in 97.20 km length of Barsoor-Geedam-Dantewada-Kirandul-Jagergunda-Mariyagudam Road under LWE project of Rs 1005.800 millions at Chhattisgarh in joint venture (JV) and project for improvement and widening of Bhuj-Bhachau Road (SH-42, Km 0/0 to Km 77/0) in the state of Gujarat on build, operate and transfer (BOT) basis of Rs 4250.000 millions. VEL is engaged in the construction of major infrastructure and engineering projects such as irrigation dams, reservoirs and canals, roads, highways and expressways, bridges and tunnels, railways, airports and foundation and piling works. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com
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.44.05 |
|
|
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.