MIRA
INFORM REPORT
|
Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
COSMOS CO–OPERATIVE BANK LIMITED |
|
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Registered
Office : |
“ |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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Year of
Establishment : |
1906 |
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|
Legal Form : |
Co–Operative Bank |
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Line of Business
: |
Banking Business. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 35151000 |
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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 an established scheduled Co-operative Bank having fine track.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The Bank can be considered normal fro 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Head Office : |
“ |
|
Tel. No.: |
91-20-24409100 |
|
Fax No.: |
91-20-24453816 |
|
E-Mail : |
customercare@cosmosbank.in, hrd@cosmosbank.in, info@cosmosbank.in, mro@cosmosbank.in |
|
Website : |
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Mumbai Regional
Office: |
36 A, |
|
Tel. No.: |
91-22-43606000 to 43606099 |
|
Fax No.: |
91-22-24331167 |
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E-Mail : |
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Gujrat Regional
Office: |
Cosmos Bank Bhavan, Opposite Sales |
|
Tel. No.: |
91-79-27542174/ 75 |
|
Fax No.: |
91-79-27544568 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Shashikant Vishnupant Bugde |
|
Designation : |
Chairman |
|
|
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|
Name : |
Mr. Krishnakumar Kishorilal Coyal |
|
Designation : |
Vice Chairman |
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|
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|
Name : |
Mr. Madhukar Waman Atre |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Mukund Laxman Abhyankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arvind Bhagwat Deshpande |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shaligram Jayant B |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Smita Jog |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Milind Anant Kale |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Prasad Bhimrao Kokare |
|
Designation : |
Director |
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|
Name : |
Mr. Govind Raghunath Kshirsagar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Pramod Dattatraya Parkhi |
|
Designation : |
Director |
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|
Name : |
Mr. Sunil Arvind Sabnis |
|
Designation : |
Director |
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|
Name : |
Mr. Jitendra B Shah |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Macchindranath Ureskar |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Satish Dattatray Raut |
|
Designation : |
Staff Director |
BUSINESS DETAILS
|
Line of Business : |
Banking Business. |
GENERAL INFORMATION
|
Bankers : |
Reserve Bank of |
|
|
|
|
Facilities : |
-- |
|
|
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|
Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
G D Apte and Company Chartered Accountant |
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|
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|
Name : |
S D Medadkar and Company Chartered Accountant |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.100/- each |
Rs.3000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9192494 |
Equity Shares held by : Individuals : 6986097 Others : 2206397 |
Rs.100/-
each |
698.609 220.640 |
|
|
Total |
|
Rs.919.249 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
CAPITAL AND LIABILITIES |
31.03.2010 |
31.03.2009 |
PROPERTY AND ASSETS |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
Share Capital |
919.249 |
869.071 |
Cash And Bank Balances |
4875.276 |
5929.280 |
|
Reserve Fund And Other Reserves |
7868.476 |
6133.529 |
Balances With Other Banks |
3333.334 |
2793.700 |
|
Principal And |
0.000 |
0.000 |
Money At Call And Short Notice |
0.000 |
0.000 |
|
Partnership Fund Account |
|
|
Investments |
26218.011 |
25128.069 |
|
Deposits And Other Accounts |
72129.564 |
66556.254 |
Advances |
46216.583 |
38965.401 |
|
Borrowings |
549.184 |
8.171 |
Interest Receivable |
|
|
|
Bills For Collection Being Bills Receivable |
317.971 |
226.199 |
Interest On Deposits & Securities |
674.295 |
616.800 |
|
(As Per Contra) |
|
|
Overdue Interest On Loans & Advances |
3355.423 |
3108.651 |
|
Branch Adjustments |
3.072 |
7.791 |
Bills Receivable Being Bills For Collection |
317.971 |
226.199 |
|
Overdue Interest Reserve |
|
|
(As Per Contra ) |
|
|
|
On Non-Performing Advances |
3355.422 |
3108.651 |
Branch Adjustments (Net) |
0.000 |
0.000 |
|
On Investments |
20.597 |
18.149 |
Fixed Assets |
797.780 |
745.911 |
|
Interest Payable |
47.703 |
49.253 |
(Net Block At Cost Less Dep.) |
|
|
|
Other Liabilities |
2207.278 |
1023.107 |
Other Assets |
1913.890 |
1221.536 |
|
Merged Banks Collection Account Payable |
55.002 |
55.002 |
Non Banking Assets Acquired In Satisfaction
Of Claims |
0.000 |
0.000 |
|
Profit & Loss Account |
555.245 |
910.234 |
Merged Banks Collection A\C Receivable |
199.797 |
222.105 |
|
|
|
|
Goodwill A/C - Merged Banks |
126.405 |
7.759 |
|
|
|
|
|
|
|
|
TOTAL |
88028.765 |
78965.411 |
TOTAL |
88028.765 |
78965.411 |
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|
|
|
|
|
|
|
CONTINGENT LIABILITIES : |
|
|
|
|
|
|
BANK GUARANTEES |
1933.904 |
2119.099 |
|
|
|
|
LETTERS OF CREDIT ISSUED |
1533.906 |
1066.999 |
|
|
|
|
FORWARD EXCHANGE CONTRACTS PURCHASE/SALE |
2580.401 |
531.213 |
|
|
|
PROFIT & LOSS
ACCOUNT
|
EXPENDITURE |
31.03.2010 |
31.03.2009 |
INCOME |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
Interest On Deposits Borrowings Etc. |
5385.720 |
4314.575 |
Interest & Discount |
- |
- |
|
Salaries, Allowances, Pf, Contribution & Gratuity Etc. |
680.720 |
468.290 |
Profit On |
262.483 |
403.748 |
|
Director's Fees & Allowances |
0.460 |
0. 457 |
Commission, Exchange & Brokerage (Net) |
298.567 |
282.517 |
|
Rent, Taxes, Insurance, Light Etc. |
230.726 |
198.086 |
Interest Recovery On Npas Written Off |
1.109 |
0.903 |
|
Legal Charges |
0.372 |
0.260 |
Other Receipts |
|
|
|
Postage, Telegram & Telephone |
19.112 |
17.889 |
Rent |
0.072 |
0.074 |
|
Auditors Fee |
9.759 |
9.077 |
Share Transfer Fee , Form Fee Etc. |
0.644 |
0. 436 |
|
Depreciation, Repairs, Maintenance To Bank's Property |
144.494 |
146.477 |
Locker Rent |
19.892 |
17.253 |
|
Stationery, Printing, Advt. Sadil Etc. |
45.313 |
51.904 |
Other Income |
56.622 |
1.470 |
|
Amortisation Of Premium On Securities |
109.312 |
62.216 |
Depository Income |
16.575 |
16.396 |
|
Other Expenditure |
0.000 |
0.000 |
Principal Recovery In Npas W/Off. |
37.611 |
29.538 |
|
Goodwill W/Off - Merged Banks |
32.084 |
1.940 |
|
|
|
|
Further Deduction In Terms Of Section 62(2) |
|
|
|
|
|
|
Of Multi State Co-Op. Societies Act, 2002. |
|
|
Credit From General Reserve |
82.071 |
- |
|
Bad & Doubtful Debts Reserve (In Pursuance Of Sec.36(1)(Vii)(A) Of I.T. Act |
85.791 |
210.023 |
|
|
|
|
Reserve For Infrastructure & Housing Development |
4.582 |
8.854 |
|
|
|
|
(In Pursuance Of Sec.36(Viii) Of I.T. Act |
|
|
|
|
|
|
Contingent Prov. Against Standard Assets |
0.000 |
0.000 |
|
|
|
|
Investment Depreciation Reserve |
399.485 |
195.806 |
|
|
|
|
Provision For Merged Bank Losses |
26.574 |
38.077 |
|
|
|
|
Profit Before Tax |
(6398.859) |
(4971.596) |
|
|
|
|
Less: Income Tax |
203.281 |
316.500 |
|
|
|
|
Less: Fringe Benefit Tax |
- |
1.487 |
|
|
|
|
(Add) / Less: Deferred Tax |
2.044 |
0.000 |
|
|
|
|
Profit After Tax Carried To Balance Sheet |
(6604.185) |
(5289.583) |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
775.646 |
752.336 |
TOTAL |
775.646 |
752.336 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT
TEAM AT HEAD OFFICE AND REGIONAL OFFICE:
Mr. Gokhale Suhas Subhash
Chief General Manager
Tel NO.: 91-20-24495536
Mail: Suhas.Gokhale@Cosmosbank.In
Mrs.Gokhale Himani Prasanna
Chief General Manager
Tel No.: 91-20-24475954
Mail: Himani.Gokhale@Cosmosbank.In
Mr. Dehadraya Dilip Anant
General Manager
Tel No.: 91 -20-24452210
Mail: Dilip.Dehadaraya@Cosmosbank.In
Mr. Pethkar Vidyadhar Bhagwan
General Manager
Tel No.: 91-22-24318697
Mail: Vidyadhar.Pethkar@Cosmosbank.In
Mr. Suryavanshi Sharashchandra
PANDURANG
General Manager
Tel No.: 91-20-24451382
Mail: Sharashchandra.Suryavanshi@Cosmosbank.In
Mr. Vaidya Vijay Balawant
General Manager
Tel No.: 91 -20-25661597
Mail: Vijay.Vaidya@Cosmosbank.In
Mrs. Lagad Nayan Rajendra
General Manager
Tel No.: 91-20-24472431
Mail: Nayan.Lagad@Cosmosbank.In
Mr. Rana Avinash Madhukar
General Manager
Tel No.: 91-79-27542175
Mail: Avinash.Rana@Cosmosbank.In
Mr. Manwadkar Vasant
General Manager
Tel No.: 91 -20-24409250
Mail: Vasant.Manwadkar@Cosmosbank.In
Mr. Naik Ravindra Ramesh
General Manager
Tel No.: 91 -20-24409350
Mail: Ravindra.Naik@Cosmosbank.In
Mr. Ranade Ajit Shrikrishna
General Manager
Tel No.: 91 -22-24327256
Mail:
Ajit.Ranade@Cosmosbank.In
Mr. Pujari Subhash Gopal
Assistant General Manager
Tel No.: 91-22-24364478
Mail: Subhash.Pujari@Cosmosbank.In
Mrs. Deshpande Mukta Manoj
Assistant General Manager
Tel No.: 91-22-24331173
Mail: Mukta.Deshpande@Cosmosbank.In
Mrs. Deuskar Sulekha Vivek
Assistant General Manager
Tel No.: 91-20-24488052
Mail: Sulekha.Deuskar@Cosmosbank.In
Mrs. Marathe Madhuri Vivek
Assistant General Manager
Tel No.:91-20-25535122
Mail: Madhuri.Marathe@Cosmosbank.In
Mr. Deshpande Manoj Madhukar
Assistant General Manager
Tel No.: 91 -22-24211407
Mail: Manoj.Deshpande@Cosmosbank.In
Mr. Pandit Rajendra Shriniwas
Assistant General Manager
Tel No.: 91-20-24433572
Mail: Rajendra.Pandit@Cosmosbank.In
Mr. Shah Manoj Venilal
Assistant General Manager
Tel No.: 91 -265-3248710
Mail: Manoj.Shah@Cosmosbank.In
Mr. Chikode Suhas Murlidhar
Assistant General Manager
Tel No.: 91 -22-26131060
Mail: Suhas.Chikode@Cosmosbank.In
Mr. Panse Sunil Vinayak
Assistant General Manager
Tel No.: 91 -40-23230516
Mail: Sunil.Panse@Cosmosbank.In
Mrs.Jayawant Archana Anil
Assistant General Manager
Tel No.: 91-20-24453830
Mail: Archana.Jaywant@Cosmosbank.In
Mr. Kulkarni Shashikant Prabhakar
Law Officer
Tel No.: 91-20-25674729
WEBSITE DETAILS:
HISTORY:
Established in 1906, Subject is one of the oldest urban co-operative banks in the country, reputed for its quality services.
· Today, the Subject is one of the leading Multi-state Scheduled Co-operative banks.
· The bank has carved a niche in the urban banking sector with its rich heritage, integrity, adherence to the prudent banking practices, technology savvy customer services.
· Has attained multi-faceted growth not only in terms of financial indicators / standards but also in overall expansion of activities.
Setup – Financial and Geographical:
Financial setup of
the bank as on 31st July 2010 was Rs.124242.300 millions, comprising
of Deposits of Rs.76751.400 millions and Advances Rs.47490.900 millions.
Subject operates
through 98 branches and 8 Extension Counters in
·
Maharashtra: Mumbai, Pune,
·
Madhya Pradesh:
·
Andhra Pradesh:
·
Karnataka: Banglore.
·
Gujarat:
ACHIEVEMENTS
- They are the first Multistate Co-operative Bank to implement Centralised Banking System.
- All 98 Branches, 8 Extension Counters, All Regional Offices and The Head Office are interconnected through the Date Center situated at Head Office and have gone live on “FINACLE”.
- This system has brought optimum benefits to the Bank's customers
- Anytime banking through the ATM network.
- Installation of a total of 100 onsite ATM's each of the Branches / Extension Counters is completed.
- More than 64000+ ATMs connected through Bancs and NFS Tie Up.
- Sweep Facility for transfer of funds between accounts of customers.
- Facility to transfer funds instantaneously to any account in any of the branch network.
- RTGS / NEFT Service for quick transfer of Funds.
- Periodic interest on Fixed Deposits in disbursed through the Electronic Clearing Scheme (ECS).
- Account Statements are available through E-mails.
- SMS facility for Account Balance, View of Last Three Transactions and Cheque Status.
- Franking Facility.
- Pune Corporation Tax acceptance facility.
- Utility Bill Payment facility for Telephone, Electric, Mobile Bills, Insurance premiums, Donations etc.
- E-Tax Payment facility is available.
- They are making payments of Direct taxes and Indirect Taxes on behalf of the customers on their behalf to the Government through the on-line payment system linked with HDFC Bank Limited/IDBI Bank Limited
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.45.11 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.61.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.