MIRA
INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
VISA POWER LIMITED |
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Registered
Office : |
Brooke House, 2nd Floor, 9 Shakespeare Sarani, Kolkata –
700071, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.10.2005 |
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Com. Reg. No.: |
21-105797 |
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Capital
Investment / Paid-up Capital : |
Rs. 663.306 Millions |
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CIN No.: [Company Identification
No.] |
U40101WB2005PLC105797 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CALV02240A |
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PAN No.: [Permanent Account No.] |
AACCV1853D |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Development, Ownership and Operation of Thermal Power Project. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3957650 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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) |
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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
|
Registered Office : |
Brooke House, 2nd Floor, 9 Shakespeare Sarani, Kolkat –
700071, West |
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Tel. No.: |
91-33-30519000 |
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Fax No.: |
91-33-30519001 |
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E-Mail : |
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Website : |
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Branches Office : |
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DIRECTORS
AS ON 29.07.2010
|
Name : |
Mr. Vishambhar Saran |
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Designation : |
Director |
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Address : |
04.12.1947 |
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Date of Birth/Age : |
10 B, |
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Date of Appointment : |
05.10.2005 |
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|
Name : |
Mr. Mayashanker Verma |
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Designation : |
Director |
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Address : |
A – 55, Belvedera Park, DLF City, Plase III, Gurgain, Haryana –
122002, Punjab, India |
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Date of Birth/Age : |
05.11.1938 |
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Date of Appointment : |
30.10.2008 |
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Name : |
Mr. Ashok Kumar Basu |
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Designation : |
Director |
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Address : |
GD – 282 Sector III, |
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Date of Birth/Age : |
24.03.1942 |
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Date of Appointment : |
31.03.2009 |
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Name : |
Mr. Shardul Suresh Shroff |
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Designation : |
Director |
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Address : |
S – 270, Greater Kailash, Part -2, |
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Date of Birth/Age : |
01.10.1955 |
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Date of Appointment : |
30.06.2010 |
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Name : |
Mrs. Saroj Agarwal |
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Designation : |
Director |
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Address : |
10 B, |
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Date of Birth/Age : |
12.02.1949 |
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Date of Appointment : |
05.10.2005 |
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Name : |
Mr. Vishal Agarwal |
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Designation : |
Director |
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Address : |
10 B, |
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Date of Birth/Age : |
14.09.1974 |
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Date of Appointment : |
05.10.2005 |
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Name : |
Mr. Vivek Agarwal |
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Designation : |
Director |
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Address : |
10 Draycott Park, # 16 – 08 Draycott Eight, |
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Date of Birth/Age : |
23.05.1978 |
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Date of Appointment : |
05.10.2005 |
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Name : |
Mr. Vikas Agarwal |
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Designation : |
Director |
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Address : |
Liebfrauenhof, Zugerberg Strasse 36C R 50 ZUG, |
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Date of Birth/Age : |
14.09.1974 |
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Date of Appointment : |
05.10.2005 |
KEY EXECUTIVES
|
Name : |
Mr. S Swaminathan |
|
Designation : |
Secretary |
|
Address : |
58/13 Prince Anwar, |
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Date of Birth/Age : |
09.01.1970 |
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Date of Appointment : |
19.11.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
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|
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|
VISA Infrastructure Limited |
|
161484906 |
|
VISA International Limited |
|
10000 |
|
Mr. Vishambhar Saran |
|
10000 |
|
Mrs. Saroj Agarwal |
|
10000 |
|
Mr. Vishal Agarwal |
|
5000 |
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Mr. Vikas Agarwal |
|
5000 |
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Mr. Vivek Agarwal |
|
5000 |
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AS ON 29.07.2010
|
Category |
Percentage |
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|
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|
Bodies corporate |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Development, Ownership and Operation of Thermal Power Project. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Union Bank Of India, Kolkata Overseas Branch, 9 India Exchange Place –
Kolkata – 1, West Bengal, India |
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Facilities : |
--- |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountant |
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Address : |
22, Camac Street, Block “C”, 3rd Floor, Kolkata – 700016,
West Bengal, India |
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Associates/Subsidiaries : |
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Joint Venture : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs. 1750.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
66330600 |
Equity Shares |
Rs.10/- each |
Rs. 663.306 Millions |
|
|
|
|
|
Note:
All the above Equity Share are held by VISA Minmetal- AG.
Switzerland The Holding Company and its nominees.
On 23rd
April, 2010 VISA Infrastructure Limited has acquired 6,63,30,600 equity share
of the company (including 45000 equity share held by its nominees) from the
present holding company VISA Minmetal AG, Switzerland and accordingly, VISA
Infrastructure Limited has become the holding company of the company on that
date.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
663.306 |
663.306 |
509.313 |
|
|
2] Share Application Money Pending Allotment |
310.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.107 |
11.744 |
6.341 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
989.413 |
675.050 |
515.654 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.001 |
0.079 |
0.175 |
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|
|
|
|
|
|
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TOTAL |
989.414 |
675.129 |
515.829 |
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
251.742 |
54.158 |
2.929 |
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|
Capital work-in-progress |
196.057 |
24.895 |
42.618 |
|
|
Pre-Operative Expenses Pending Allocation |
145.274 |
34.717 |
20.015 |
|
|
|
|
|
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INVESTMENT |
12.171 |
5.890 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
245.910
|
557.158 |
444.797 |
|
|
Other Current Assets |
0.182
|
4.112 |
7.282 |
|
|
Loans & Advances |
298.639
|
0.223 |
1.060 |
|
Total
Current Assets |
544.731
|
561.493 |
453.139 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
152.285
|
1.078 |
1.350 |
|
|
Other Current Liabilities |
7.511
|
1.790 |
1.882 |
|
|
Provisions |
0.765
|
3.337 |
0.025 |
|
Total
Current Liabilities |
160.561
|
6.205 |
3.257 |
|
|
Net Current Assets |
384.170
|
555.288 |
449.882 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.181 |
0.385 |
|
|
|
|
|
|
|
|
TOTAL |
989.414 |
675.129 |
515.829 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
75.083 |
|
|
|
Other Income |
38.864 |
43.193 |
26.552 |
|
|
|
TOTAL (A) |
38.864 |
43.193 |
101.635 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personal Expenses |
3.387 |
10.725 |
5.178 |
|
|
|
Administrative Expenses |
19.303 |
19.480 |
9.421 |
|
|
|
Director Remuneration |
0.380 |
0.462 |
1.441 |
|
|
|
Purchases |
0.000 |
0.000 |
74.576 |
|
|
|
TOTAL (B) |
23.070 |
30.667 |
90.616 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.794 |
12.522 |
11.019 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.415 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.379 |
12.522 |
11.019 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.934 |
0.625 |
0.192 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.445 |
11.897 |
10.827 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.084 |
6.495 |
4.749 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
4.361 |
5.402 |
6.078 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.744 |
6.341 |
0.263 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
16.106 |
11.744 |
6.341 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.07 |
0.09 |
0.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
11.22
|
12.50 |
5.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.15
|
27.54 |
10.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.36
|
2.11 |
2.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.16
|
0.16 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.39
|
90.49 |
139.12 |
LOCAL AGENCY FURTHER INFORMATION
Note: The Registered Office address of the company
has been sifted from
Fixed Assets:
- Land
- Computer
- Vehicles
- Office Equipments
- Furniture
Power Scenario
Over the years, the Government has realized the importance of private
sector participation in the power sector, which can be observed from one of its
reforms of allocating captive coal blocks to private companies, thus providing
fuel security for end use projects. In addition, the Government has announced a
number of initiatives and incentives like 100% FDI in power sector, fiscal and
tax incentives for Mega Power Projects, etc, which are expected to unshackle
the power sector and attract private sector investment- both domestic and
international.
The Government of India's 'Power for All by 2012' mission signifies an
ambitious planned capacity addition of 78.6 GW by 2012, of which nearly half of the investments will be from the
private sector. This will induce many new
entrants into the power sector who will face challenges in project
execution, fuel security, power equipment capacities, infrastructural
constraints etc, compounded by skilled manpower shortage, land acquisition
& environmental clearance issues etc.
Operations
Power Projects
The Company proposes to establish Mega Power Projects of more than 1,000
MW each, close to fuel sources in eastern and central India to reduce logistics
and generation costs, achieve economies of scale and qualify for Mega Power
Projects incentives. This will translate into competitive supply of electricity
to industrial and household consumers in northern and western
Chattisgarh
The Company is in the process of setting up a 1,200 MW (2 x 600 MW) coal
based independent power plant in the State of
Consortium of Lenders. The total estimated project cost is Rs.62.000
Millions and The Company is in the advanced stages of achieving financial
closure for the 2" 600 MW as well. The project will require 1,250 acres of
land and will be set up in Raigarh District. The Company has already been
co-allotted the Fatehpur (East) coal block, which, along with linkage coal,
will take care of the fuel requirements of the power plant. Satisfactory
progress has been made with respect to acquisition of land and for obtaining
all necessary statutory and non statutory clearances from the concerned authorities.
Allocation of water to the extent of 35 million cubic meters has been received
from the Water Resource Department. The Company has executed Bulk Power
Transmission Agreement with PGClL for evacuation of power as well as required
Power Purchase Agreements with the Chhattisgarh State Power Corporation and
Tata Power.
Orissa
The Company shall
also set up a 1,320 MW coal based independent power plant in the state of
Orissa, for which the original MoU had been signed on 26 September 2006, supplemented
by amendments I extension
thereto dated 17 October 2008, 28 August 2009 and 15 December 2009. The Company
has already applied to the State
Government for
enhancement of scope of project from the earlier 1,000 MW to 1,320 MW, the
amendment for which shall be signed shortly. The project shall be set up near Village
Brahmanabasta in Cuttack District of Orissa. The total project cost is
estimated at Rs.72.600 Millions. The project requires approximately 1,100 acres
of land with provision for future expansion. The company has made good progress
in land acquisition, has already been allotted water for the entire project.
The Company has also applied for all necessary statutory and non statutory
clearances from the concerned authorities, which are in a satisfactory stage of
completion. Application for coal linkage has already been sent to Ministry of
Coal. The Company has also tied up 70% of its power generation through Power
Purchase Agreements with GRIDCO, VlSA Steel and PTC.
The Company also
proposes to establish an imported coal based power plant in the state of
Jharkhand
The Company has also signed an MoU with the Governmenl of Jharkhand on
05 February 2008 for setting up a 2500 MW pit-head-based independent power
plant in the state of Jharkhand. The Company is currently working with the
State Government to identify and
allocate a suitable coal block for meeting the coal requirement of the
proposed project. The easy access to abundant and good quality coal reserves in Jharkhand will enable the
company to generate electricity at low cost from this project.
Form 8
|
Corporate
identity number of the company |
U40101WB2005PLC105797 |
|
Name of the
company |
VISA POWER
LIMITED |
|
Address of the
registered office or of the principal place of business in |
'BROOKE HOUSE,2ND
FLOOR 9,SHAKESPEARE
SARANI KOLKATA - 700071 |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Sbicap Trustee
Company Limited, 202, Colaba, Mumbai –
400005, |
|
Nature of
instrument creating charge |
No instrument was
executed. However, a Mortgage was created by the Company on 21 Feb, 2011 by
deposit of title deeds with SBICAP Trustee Company Ltd (STCL), in respect of
properties mentioned in Schedule I to Security Confirmation Letter dated
3.3.2011(attached), STCL acting as the Security Trustee for the benefit of
the Lenders to secure repayment of Loan mentioned in Facility Agreement dated
05 March, 2010. |
|
Date of
instrument Creating the charge |
21.02.2011 |
|
Amount secured by
the charge |
19.640 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Pre COD-Floating rate interest at
SBAR(State Bank Advance Rate), presently at 11.75% p.a Post
COD-SBAR-0.25% p.a with annual reset as mentioned in Facility Agreement dated
5 March 2010 Terms of Repayment: 40 qual quarterly installments, payable
at the end of each quarter, commencing from the date of expiry of 12 months
from COD, as mentioned in Facility Agreement dated 5 March 2010 Margin: 25% , as mentioned in Facility Agreement 5 March 2010 Extent and Operation of the charge: The charge operates to secure as per the
Facility Agreement dated 5 March,2010 the facility together with all
interest, liquidated damages, penal interest, fees, premia on pre payment,
remuneration payable to the security trustee, costs, charges, expenses and
other monies and all other amounts whatsoever stipulated in or payable by the
Company in terms of the Finance documents to the satisfaction of the lenders Others: The total amount of Rs.19.640 Millions is allocated amongst the
Consortium Banks as follows: Punjab National
Bank-39.400 Millions, Bank of India-19.000 Millions, UCO Bank-19.000 Millions,
Bank of Baroda-14.500 Millions, Union Bank of India-14.500 Millions, United
Bank of India-14.500 Millions, Andhra Bank-9.500 Millions, Bank of
Maharashtra-9.500 Millions, Oriental Bank of Commerce-9.500 Millions, State
Bank of Bikaner & Jaipur-9.500 Millions, State Bank of Mysore-9.500
Millions, State Bank of Patiala-9.500 Millions, State Bank of Travancore-9.500
Millions, Central Bank of India-9.000 Millions. |
|
Short particulars
of the property charged |
1) All pieces and
parcel of lands situated in Vil. Deori & Dumarpali, R.N.M.Kirodimal
Nagar, P.H.No.4 Tehsil, Dist Raigarh, Chhattisgarh, admeasuring 71.928 hect
mentioned in Security Letter dt 3.3.2011 |
|
Particulars of
the present modification |
By this modification,
the due repayment of the loan is secured by mortgage dated 29.7.2010 for
19.948 hect land in Vill Deori further secured on 22.9.2010 by hypothecation
of all movable (except book debts) and immovable properties admeasuring 74.63
hect in Vill Deori& Dumarpali, is now further secured by additional
immovable properties admeasuring 71.928 hect in Vill Deori & Dumarpali,
R.N.M.Kirodimal Nagar,P.H.No.4 Tehsil, Raigarh, Chattisgarh. |
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.44.91 |
|
|
1 |
Rs.73.06 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.