MIRA
INFORM REPORT
|
Report Date : |
27.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HSBC SECURITIES AND CAPITAL MARKETS ( |
|
|
|
|
Registered
Office : |
52/60, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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|
Date of Incorporation
/ Year of Establishment : |
29.09.1994 |
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|
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Com. Reg. No.: |
11 – 81575 |
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|
Capital
Investment / Paid-up Capital : |
Rs.4817.192 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1994PTC081575 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH05766F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject offers a full range of Integrated Investment Banking Services |
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|
|
|
No. of Employees
: |
Not Divulged by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [45] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 46600000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a part of HSBC group. It is a well established and a reputed
company having Satisfactory track records. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct 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 DECLINED BY
|
Name : |
Mr. Suresh Ajila |
|
Designation : |
Senior Manager – Finance |
|
Contact No. : |
91-22-22681284 |
|
Date : |
25.08.2011 |
LOCATIONS
|
Registered Office : |
52/60, |
|
Tel. No.: |
91-22-22681284 / 85 / 22681262 / 22681259 / 22674921 |
|
Fax No.: |
91-22-22631984 / 22631979 |
|
E-Mail : |
swapnilrjain@hsbc.co.in |
|
Website : |
DIRECTORS
As on 22.10.2010
|
Name : |
Naina Kidwai Lal |
|
Designation : |
Director |
|
Address : |
12, Bishopgate, 61, |
|
Date of Birth/Age : |
16.04.1957 |
|
Date of Appointment : |
09.07.2009 |
|
DIN : |
00017806 |
|
|
|
|
Name : |
Mrs. Sonal Nitin Dave |
|
Designation : |
Managing Director |
|
Address : |
B-401, |
|
Date of Birth/Age : |
16.04.1964 |
|
Date of Appointment : |
29.02.2000 |
|
DIN : |
00017710 |
|
|
|
|
Name : |
Mr. Anand Rama Venkatachalam |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.11, 1st Floor, Vishwhatara Plt 310, Sri Baba Shram,
|
|
Date of Birth/Age : |
12.05.1961 |
|
Date of Appointment : |
04.03.2008 |
|
DIN : |
02046694 |
|
|
|
|
Name : |
Mr. Sanjay Ramdev Bajaj |
|
Designation : |
Whole-time Director |
|
Address : |
Flat 503, Building – 6 Seawood Estate, Sec No.54,56,58 NRI Complex, Nerul,
Navi Mumbai, Mumbai – 400 706, |
|
Date of Birth/Age : |
02.11.1967 |
|
Date of Appointment : |
04.03.2008 |
|
DIN : |
02018745 |
|
|
|
|
Name : |
Mr. Mark Ivan Boyne |
|
Designation : |
Director |
|
Address : |
Flat 4, 10 A, |
|
Date of Birth/Age : |
30.06.1965 |
|
Date of Appointment : |
28.06.2007 |
|
DIN : |
01676101 |
|
|
|
|
Name : |
Mr. Rakesh Kirit Patel |
|
Designation : |
Director |
|
Address : |
APT 14B, |
|
Date of Birth/Age : |
03.05.1967 |
|
Date of Appointment : |
17.02.2009 |
|
DIN : |
00323658 |
|
|
|
|
Name : |
Mr. Sunil Kedarnath Sanghai |
|
Designation : |
Additional director |
|
Address : |
2202, |
|
Date of Birth/Age : |
15.01.1968 |
|
Date of Appointment : |
08.12.2010 |
|
DIN : |
00095544 |
|
|
|
|
Name : |
Mr. Hitendra Dave |
|
Designation : |
Director |
|
Address : |
172, Rewa Apts., |
|
Date of Birth/Age : |
04.09.1968 |
|
Date of Appointment : |
09.06.2010 |
|
DIN : |
02384868 |
|
|
|
|
Name : |
Mr. Tarun Bhagwandass Kataria |
|
Designation : |
Director |
|
Address : |
93, Sarnath, 59, |
|
Date of Birth/Age : |
17.09.1958 |
|
Date of Appointment : |
30.11.2007 |
|
Date of Cessation : |
30.06.2010 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
12 Gautam Apartments, 4th Floor, 72 Pali Hill, Bandra
(West), Mumbai – 400 050, |
|
Date of Birth/Age : |
30.07.1961 |
|
Date of Appointment : |
01.11.2007 |
|
Date of Ceasing : |
15.10.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Ajila |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Swapnil Jain |
|
Designation : |
Secretary |
|
Address : |
Flat No.301, A Wing, Mahavir Dham Housing Society, Plot No.27-28, Sector
40, Nerul (West), Navi Mumbai, Thane – 400 706, Maharashtra, India |
|
Date of Birth/Age : |
31.07.1980 |
|
Date of Appointment : |
13.08.2007 |
|
PAN : |
AEHPJ0396R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.10.2010
|
Names of Shareholders |
|
No. of Shares |
|
HSBC Investment Bank |
|
45671916 |
|
HSBC Investment Bank |
|
2500000 |
As on 04.03.2011
|
Names of Allottees |
|
No. of Shares Allotted |
|
HSBC Investment Bank |
|
91604 |
As on 22.10.2010
|
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 |
100.00 |
|
Bodies corporate |
|
|
Directors or relatives of Directors |
|
|
Other top fifty shareholders |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject offers a full range of Integrated Investment Banking Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by Management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountant |
|
Address : |
KPMG House, Kamala Mills Compound, 448 Senapati Bapat Marg, Lower
Parel, Mumbai – 400 013, |
|
Pan. No.: |
AADFB6889R |
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|
|
|
Holding Company (Direct Holdings) : |
v
HSBC Investment Bank |
|
|
|
|
Holding Company (Indirect Holdings) : |
v
HSBC Holdings plc v
HSBC Finance ( v
HSBC |
|
|
|
|
Fellow Subsidiaries : |
v
The Hong Kong and Shanghai Banking Corporation
Limited – v
The Hong Kong and Shanghai Banking Corporation Limited
– v
The v
HSBC Bank plc v
HSBC Global Asset Management [ v
HSBC Global Investment Funds [ v
HSBC Securities ( v
HSBC Financial Service Middle East Limited v
HSBC Private Bank (Suissc) SA v
HSBC Bank Middle East Limited v
HSBC Iris Investments ( v
HSBC Finance v
HSBC Operations and Processing v
HSBC Software Development ( v
HSBC Securities Indonesia Limited v
HSBC Markets ( v
HSBC Securities v
HSBC Private Equity Advisors ( v
HSBC Investments ( v
HSBC Investments ( v
HSBC Bank Mauritius Limited v
IL and FS Financial Services Limited v
Canara HSBC OBC Life Insurance |
|
|
|
|
Associates/Subsidiaries : |
v
HSBC Pragati Finance (
CIN No: U67120MH1995PTC092723 v
HSBC Asset Management (
CIN No: U74140MH2001PTC134220 v
HSBC Invest Direct (
CIN : L67120MH1997PLC110386 v
HSBC Invest Direct Academy for Insurance and
Finance (
CIN : U80903MH2003PLC142601 v
HSBC Invest Direct Securities (
CIN : U67120MH2006PLC159988 v
Investsmart Financial Services Limited
CIN : U67190MH1996PLC097473 v
HSBC InvestDirect Distribution Services (
CIN : U67190MH2004PLC144129 v
IL and FS Investment Insurance Brokers Limited
CIN : U66030MH2001PLC133074 v
IL and FS Investment Asia Pacific Private Limited v
HSBC INves Direct Sales and Marketing ( |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64,500,000 |
Equity Shares |
Rs.100/- Each |
Rs.6450.000
Millions |
|
5,500,000 |
Preference Shares |
Rs.100/- Each |
Rs. 550.000 Millions |
|
|
Total |
|
Rs.7000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45,671,916 |
Equity Shares |
Rs.100/- Each |
Rs.4567.192 Millions |
|
2,500,000 |
9% non-convertible redeemable preference
shares |
Rs.100/- Each |
Rs. 250.000
Millions |
|
|
Total |
|
Rs.4817.192
millions |
NOTE:
Of the above shares 3,415,476 (Previous year:
3,415,476) equity shares of Rs.100 each have been issued pursuant to the approved
scheme of amalgamation with erstwhile HSBC Capital Markets India Private
Limited.
Of the above shares 45,671,916 (Previous year:
45,671,916) equity shares are held by holding company, HSBC Investment Bank
Holdings B.V and its nominee
(The above preference shares will be redeemed
at par on such date as may be determined by the board of directors but not
earlier than 10 years from the date of allotment. Accordingly the earliest date
of redemption would be 11 March 2011)
As on 22.10.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64,500,000 |
Equity Shares |
Rs.100/- Each |
Rs.6450.000
Millions |
|
5,500,000 |
Preference Shares |
Rs.100/- Each |
Rs. 550.000 Millions |
|
|
Total |
|
Rs.7000.000
millions |
Issued, Subscribed & Paid-up Capital : Rs. 4826.352 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4817.192 |
4817.192 |
1031.072 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6853.054 |
6974.463 |
1139.584 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11670.246 |
11791.655 |
2170.656 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
5.275 |
10.388 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
5.275 |
10.388 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
10.787 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11670.246 |
11807.717 |
2181.044 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
467.106 |
737.988 |
57.678 |
|
|
Capital work-in-progress |
2.240 |
0.972 |
6.206 |
|
|
|
|
|
|
|
|
INVESTMENT |
10418.331 |
8610.331 |
1483.010 |
|
|
DEFERREX TAX ASSETS |
38.534 |
0.000 |
16.552 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.134 |
0.000 |
|
|
Sundry Debtors |
94.015
|
113.286 |
202.554 |
|
|
Cash & Bank Balances |
498.946
|
1888.032 |
287.722 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
267.537
|
585.098 |
334.097 |
|
Total
Current Assets |
860.498
|
2586.550 |
824.373 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.960
|
3.805
|
42.339 |
|
|
Other Current Liabilities |
59.334
|
98.211 |
148.901 |
|
|
Provisions |
47.169
|
26.108 |
15.535 |
|
Total
Current Liabilities |
116.463
|
128.124 |
206.775 |
|
|
Net Current Assets |
744.035
|
2458.426 |
617.598 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11670.246 |
11807.717 |
2181.044 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Broking Income |
567.168 |
408.300 |
781.864 |
|
|
|
Other Income |
653.721 |
689.685 |
631.161 |
|
|
|
TOTAL (A) |
1220.889 |
1097.985 |
1413.025 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Cost |
689.011 |
384.225 |
420.829 |
|
|
|
Other Operating Cost |
235.842 |
256.680 |
217.238 |
|
|
|
TOTAL (B) |
924.853 |
640.905 |
638.067 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
296.036 |
457.080 |
774.958 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.201 |
43.056 |
7.028 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
290.835 |
414.024 |
767.930 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
303.408 |
162.426 |
23.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
[12.573] |
251.598 |
744.708 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
108.836 |
69.576 |
247.783 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
[121.409] |
182.022 |
496.925 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1251.622 |
1095.923 |
747.404 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Preference Dividend |
0.000 |
22.500 |
22.500 |
|
|
|
Tax on Preference Dividend |
0.000 |
3.823 |
3.823 |
|
|
|
Interim Equity Dividend |
0.000 |
0.000 |
39.054 |
|
|
|
Proposed final Dividend |
0.000 |
0.000 |
54.675 |
|
|
|
Tax on Equity Dividend |
0.000 |
0.000 |
15.929 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
12.425 |
|
|
BALANCE CARRIED
TO THE B/S |
1130.213 |
1251.622 |
1095.923 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Brokerage Received |
296.249 |
260.375 |
391.822 |
|
|
|
Fees |
94.649 |
138.456 |
237.939 |
|
|
|
Service Income |
296.846 |
158.218 |
154.016 |
|
|
TOTAL EARNINGS |
687.744 |
557.049 |
783.777 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[2.66] |
6.72 |
60.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[9.94]
|
16.58 |
35.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[2.22]
|
61.62 |
95.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[0.95]
|
7.57 |
84.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.00]
|
0.02 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.01
|
0.01 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.39
|
20.19 |
3.99 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
Rs. In
millions
|
Particular
|
31.03.2010
|
31.03.2009
|
31.03.2008 |
|
Trade Creditors*# |
9.960
|
3.805
|
42.339 |
|
*There are no amounts payable to small scale industrial undertakings at 31 March 2010 (Previous year : Nil) # The Company did not
have any outstanding dues to any micro or small enterprises, as defined under
Micro, Small and Medium Enterprises Development Act, 2006, at any point
during the year that were outstanding for a period for more than 45 days from
the date of acceptance. |
|||
Background :
Subject was incorporated on 29th September 1994. the company
is fully owned subsidiary of
Contingent
Liabilities:
Rs. In
millions
|
Particular
|
31.03.2010
|
31.03.2009
|
|
Demand raised by income tax department
[net of provision made] |
|
|
|
For AY 2005-06 |
2.500
|
3.436
|
|
For AY 2001-02 |
16.751
|
16.751
|
|
Total |
19.251
|
20.187
|
FIXED ASEETS:
- Furniture and
Fixtures
- Air Conditioner
- Computers
- Office
Equipments
- Vehicles
- Vehicles Leased
- Computer
Software
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] 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.46.05 |
|
|
1 |
Rs.75.19 |
|
Euro |
1 |
Rs.66.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.