MIRA
INFORM REPORT
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Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ROUTESMS SOLUTIONS LIMITED (w.e.f. February, 2007) |
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Formerly Known
As : |
ROUTESMS SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
401, Fourth Floor, Evershine Mall, New |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.05.2004 |
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Com. Reg. No.: |
11-146323 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 million |
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CIN No.: [Company Identification
No.] |
U72900MH2004PLC146323 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing
E Business Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 80000 |
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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 an established company having satisfactory track. 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered/ Head Office : |
401, Fourth Floor, Evershine Mall, New |
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Tel. No.: |
91-22-40337676/ 77-99 |
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Fax No.: |
91-22-40337650/ 28668207 |
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E-Mail : |
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Website : |
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Overseas Office : |
DP House, |
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Tel. No.: |
+27-871504763 , +27-215560603 |
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Fax No.: |
+27-862732672 |
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E-Mail : |
DIRECTORS
As on 09.06.2011
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Name : |
Mr. Chandrakant Jagannath Gupta |
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Designation : |
Chairman cum Managing Director |
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Address : |
M-201, |
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Date of Birth/Age : |
19.07.1953 |
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Date of Appointment : |
15.02.2007 |
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DIN No.: |
01636981 |
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Name : |
Mr. Sandip Kumar Chandrakant Gupta |
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Designation : |
Whole Time Director |
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Address : |
M-201, |
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Date of Birth/Age : |
08.07.1974 |
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Date of Appointment : |
15.05.2004 |
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DIN No.: |
01272932 |
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Name : |
Mr. Rajdip Kumar Chandrakant Gupta |
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Designation : |
Whole Time Director |
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Address : |
M-201, |
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Date of Birth/Age : |
01.08.1975 |
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Date of Appointment : |
15.05.2004 |
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DIN No.: |
01272947 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.06.2011
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Names of Shareholders |
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No. of Shares |
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Sandip Kumar Chandrakant Gupta |
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600000 |
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Rajdip Kumar Chandrakant Gupta |
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600000 |
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Chandrakant Jagannath Gupta |
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200000 |
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Chamelidevi Chandrakant Gupta |
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200000 |
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Sarika Rajdip Kumar Gupta |
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180000 |
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Sunita Sandip Kumar Gupta |
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180000 |
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Ganshyam Ramsurat Jaiswal |
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40000 |
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Total |
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2000000 |
As on 09.06.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing
E Business Services. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
HDFC Bank Limited, HDFC Bank House, Senapati Bapat
Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India v
Axis Bank v
Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ramanand and Associates Chartered Accountants |
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Address : |
6/C, Ground Floor, Ostwal Park, Building No 4, Near Jain Temple (Jesal
Park), Bhayander (East), Thane – 401 105, Maharashtra, India |
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Tel. / Fax No.: |
91-22-28171199 |
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Mobile No.: |
91-9322231113 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAIFR2835C |
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Associates : |
Sanraj Infra Developers Private Limited |
CAPITAL STRUCTURE
As on 09.06.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.499 |
12.060 |
6.050 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.999 |
12.560 |
6.550 |
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LOAN FUNDS |
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1] Secured Loans |
17.569 |
26.068 |
10.666 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
17.569 |
26.068 |
10.666 |
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DEFERRED TAX LIABILITIES |
1.619 |
1.203 |
0.518 |
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TOTAL |
39.187 |
39.831 |
17.734 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.645 |
47.145 |
19.422 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.215
|
0.677 |
0.526 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
4.726
|
1.246 |
2.764 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.178
|
1.465 |
0.939 |
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Total
Current Assets |
16.119
|
3.388 |
4.229 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
16.792
|
7.171 |
5.151 |
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Other Current Liabilities |
3.809
|
2.091 |
0.006 |
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Provisions |
2.128
|
1.440 |
0.763 |
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Total
Current Liabilities |
22.729
|
10.702 |
5.920 |
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Net Current Assets |
(6.610)
|
(7.314) |
(1.691) |
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MISCELLANEOUS EXPENSES |
0.152 |
0.000 |
0.003 |
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TOTAL |
39.187 |
39.831 |
17.734 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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SMS Sales |
131.216 |
148.087 |
98.680 |
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Other Income |
0.657 |
0.003 |
0.193 |
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TOTAL (A) |
131.873 |
148.090 |
98.873 |
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Less |
EXPENSES |
|
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SMS Purchased |
86.848 |
112.332 |
76.877 |
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Administrative Expenses |
10.665 |
9.341 |
7.170 |
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Personnel Expenses |
15.934 |
11.618 |
6.849 |
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Preliminary Expenses W/off |
0.038 |
0.003 |
0.003 |
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Increase / Decrease in Stock |
0.462 |
(0.151) |
(0.110) |
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TOTAL (B) |
113.947 |
133.143 |
90.789 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.926 |
14.947 |
8.084 |
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Less |
FINANCIAL
EXPENSES (D) |
2.628 |
2.480 |
1.057 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.298 |
12.467 |
7.027 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.195 |
3.441 |
1.364 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.103 |
9.026 |
5.663 |
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Less |
TAX (H) |
3.605 |
2.958 |
1.959 |
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PROFIT AFTER TAX
(G-H) (I) |
7.498 |
6.068 |
3.704 |
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Less |
APPROPRIATIONS |
|
|
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|
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Proposed Dividend |
0.050 |
0.050 |
0.050 |
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Add : Dividend Distribution Tax |
0.009 |
0.008 |
0.008 |
|
|
|
Income Tax (04-05) |
0.000 |
0.000 |
0.016 |
|
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|
Income Tax (06-07) |
0.000 |
0.000 |
0.065 |
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BALANCE CARRIED
TO THE B/S |
7.439 |
6.010 |
3.565 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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Export Sales |
130.498 |
147.561 |
98.680 |
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Software Development |
0.718 |
0.526 |
1.696 |
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TOTAL EARNINGS |
131.216 |
148.087 |
100.376 |
|
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IMPORTS |
|
|
|
|
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|
Bulk SMS |
NA |
107.600 |
50.627 |
|
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TOTAL IMPORTS |
NA |
107.600 |
50.627 |
|
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|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
148.79 |
121.19 |
74.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.69
|
4.10 |
3.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.46
|
6.10 |
5.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.98
|
17.86 |
23.94 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.72 |
0.86 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.02
|
2.93 |
2.53 |
|
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71
|
0.32 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from M-201,
FORM 8:
|
Corporate
identity number of the company |
U72900MH2004PLC146323 |
|
Name of the
company |
ROUTESMS SOLUTIONS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
M-201, E-Mail: satyajitmishra_cs@rediffmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10103972 |
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Type of charge |
Immovable
Property |
|
Particular of
charge holder |
CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum
Recording Past Transactions of creation of Mortgage by Delivery of Title
Deeds. |
|
Date of
instrument Creating the charge |
08.09.2010 |
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Amount secured by
the charge |
Rs.29.500 millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment: On Demand. Margin: As may be stipulated
by the Bank from time to time. Extent and
Operation of the charge: The Company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds in respect of its immovable properties, as security for repayment
of Rs.29.500 millions by the Company, together with principal, interest,
liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged |
Immovable
Property situated at Office No.401, Evershine Mall, MIND Space, Malad (West),
Mumbai. Immovable
Property being Flat No.B-1106, 11th Floor, Bhoomi Darshan, Mahavir
Nagar, Kandivali (West), Mumbai. |
|
Date of latest
modification prior to the present modification |
30.04.2010 |
|
Particulars of
the present modification |
The equitable
mortgage/charge shall now stand increased from Rs.22.052 millions to
Rs.29.500 millions in favour the Bank. |
FIXED ASSETS:
Building:
v
Buildings (All)
Plant and Machinery
v
Air Conditioner
v
Computer
v
Motor Car
v
Office Equipment
v Furniture and Fittings:
v
Furniture Fixtures and Electrical
v
Fittings
WEBSITE DETAILS:
PROFILE:
Subject is a mobile messaging and software
development organization. It's journey begins way back in May 2004 and it has
reached many milestones in the past 7 years, in the field of mobile messaging,
content development, mobile messaging platform, Short-Code integration and
software development on Java, php, .net, and many more.
Subject believes in complete enhancement of the
client's expectations, with the latest wireless technology available.
The organization's innovations are effectively tuned with the client's
specifications to give them one-up advantage over their competitors. Subject's
current infrastructure and carrier connection provide a unique and the most
reliable solution, as far as other providers are concern. It provides a
cost-effective module that suits clients with higher as well as lower budgets.
Subject believes in 99.9% up-time, since its infrastructure is based on the
most reliable and industry-proven hardware and software.
The company's highly skilled and experienced team of Mobile Telecom Engineers
makes the system a step ahead of competition, in terms of the best client
support and services.
RouteSms has designed and deployed the most stable and reliable
RouteSms always believes in single-tier-SMSC connection setup which enables it
to give better and faster service to its end users. Subject now covers more
than 500 networks across the globe with various route-options and gives the
clients the flexibility of using multiple routes at same time.
Back-up routing is another of subject's key areas, which many companies don't
focus on. At RouteSms, they try to have at least one back-up route for each
destination which gives the clients an option to route their messages which are
on priority, without any delays.
TEAM:
Sandip Gupta
Founder and Chief
Executive Officer
Sandip Gupta is a Chartered Accountant and a SAP Certified Consultant.
He is a Finance Specialist with over 15 years of extensive experience in
Business Analysis, SAP Configuration and Software Systems Consulting. He has
worked for many organizations which includes PriceWaterhouseCoopers -
Rajdip Gupta
Co-Founder and
Managing Director
Rajdip Gupta is a Computer Science Graduate from
Rahul Pandey
Vice President
Rahul Pandey is a Science Graduate. He is a Software Analyst and a
Business Process Consultant. He possesses outstanding planning, organizational
and project management skills. He also has significant direct experience and
ability to initiate and oversee business process improvements. He is a
strategic and visionary thinker with a successful track record in developing,
implementing, monitoring and evaluating business strategies and initiatives in
various organizations which include Gurukulonline Wireless Solutions and ADORA
Wireless Solutions. He has a disciplined and methodical approach to handle
multiple business processes simultaneously.
Deep Dutta
Mazumdar
President –
Deep Dutta Mazumdar possesses a Bachelor's degree in Electronics
Engineering from
Jonathan Schoeman
Business Manager-
Jonathan Schoeman is a Marketing expert with an extensive knowledge in
high pressure sales environments, Jonathan Headed up blue chip call centers
across south Africa for 8 years and holds an intimate Experience and broad
knowledge relating to the Direct marketing and Financial services sectors.
Jonathan Franchised his first company at the age of 23 and functioned as a
Sales and Marketing Director for companies such as EFS group of companies and
Blueprint media, he also operates as a Marketing director for Blackmoon
investments. Currently he is managing projects containing to the design of
customized high - tech communication and “wireless application service
provider” software. Based in
Mujahid Husaain
Technical Head
Mujahid Husaain has over 9 years of rich experience in Linux/Unix, IT
Infrastructure Management, Networking and Systems Administration with various
organizations. He is an expert in planning, designing, installation and
configuration of IT networks, their maintenance and troubleshooting, and
network user management on multiple platforms governed by communication
protocols. He is among the few Linux Consultants who implemented and
contributed to Kannel Messaging open source. With an extensive knowledge of
Linux platform, he brings in a strong implementation and trouble-shooting
experience on board.
Manoj Raul
Chief Technology
Officer
Manoj Raul is a MCA with over 6 years of strong expertise in Open Source
products such as Kannel, Astrik and Linux. Manoj has studied and designed
various products and applications over Open Source environment. He has a strong
ability to understand, customize and implement the client's requirement. Under
the able supervision of Manoj. RouteSms has been able to produce a World-class
Messaging platform, content management system and 2-way messaging platform in
past 5 years. He possesses an extensive knowledge in SMPP and UCP protocols
which has helped the organization to create easy-to-use middle ware on Kannel
Open Source over Linux environment. Manoj is responsible for the entire
technical development operation of RouteSms.
MILESTONE:
v
May 2004: Incorporated as Private Limited
Company in
v June 2005: Subject opened its first branch In England, U K
v
July 2006: RouteSms Solution Limited -
v February 2007: RouteSms Solutions Private Limited becomes a public limited company, now RouteSms Solution Limited.
v May 2007: A 6000 SQF new office acquired in the heart of the IT hub in Mumbai, called MIND SPACE, MALAD.
v February 2008: Reaches 2150 customer base.
v June 2008: Acquires a new office space for software development.
v
October 2008: Participates in Gitex,
v December 2008: Employee base rises to 80.
v
January 2009: Subject spreads its operations in
North America and opens the first branch in
v March 2009: New office becomes operational. Now the company holds over 10000 SQF areas.
v April 2009: Employee Base rises to 100.
v June 2009: Customer base crossed 3000.
v December 2009: Employee Base rises to 120.
v
January 2010:
v June 2010: Customer base raised to 9000 respectively.
v July 2010: Signed 42 Distributors world wide
v August 2010: Total 250 re-seller world wide
v November 2010: Successfully sent 110 Million sms.
v May 2011: Successfully sent 160 Million sms.
Future Plan
v
Setting up its own SS7 Link, MVNO setup (SMSC).
v
Company's first IPO (Initial Public Offer) and
listing of shares in the BSE / NSE by 2011 year end.
v
To raise the employee strength to 250 by 2011 year
end.
Growth
v
Achieved continuous annual growth of more that 160%
in the past 6 years.
v
The annual client database has increased by more
than 125% in the past 6 years.
Objective
The company's objective is to provide user-friendly messaging system,
which has been incorporated by their in-house technical experts and overcome
the difficulties of their clients by providing them the various easy-to-use
wireless applications which is accessible to them anywhere and anytime. The
applications include SMPP, Desktop Application, Http links, DLL, Web Client,
DLR system and the Reseller System.
Their innovations are effectively tuned with the client's
specifications, to give them the competitive edge in the global communications
market.
Their current infrastructure and Carrier connection provides the best
and most reliable messaging solutions. They provide a cost-effective module
that suits clients with higher as well as lower budgets. They are committed to
99.9% up-time with the help of the most reliable and industry-proven hardware
and software.
At subject, they believe in 100% support-oriented business, with a 24X7
client support system.
The company's highly skilled and experienced team of Mobile Telecom
Engineers makes the system a step ahead of competition, in terms of the best
client support and services.
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.44.53 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.