MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
QUIPPO CONSTRUCTION EQUIPMENT LIMITED [w.e.f. 03.04.2008] |
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Formerly Known As : |
QUIPPO CONSTRUCTION EQUIPMENT PRIVATE LIMITED [w.e.f.05.03.2008] QUIPO RAIL EQUIPMENT SERVICES PRIVATE LIMITED |
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Registered Office : |
NAC Campus, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.02.2007 |
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Com. Reg. No.: |
01-57400 |
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Capital
Investment / Paid-up Capital : |
Rs.6.413 Millions |
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CIN No.: [Company
Identification No.] |
U35203AP2007PLC057400 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDQ00132G |
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PAN No.: [Permanent
Account No.] |
AAACQ1735F |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Construction Equipments |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears to be huge
accumulated losses being recorded by the company. However trade relations are
fair. Business is active. Payment terms are reported to be slow.. The Company can be considered for business dealings on a secured trade
term 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 Office : |
NAC Campus, |
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Tel. No.: |
91-40-23113661/ 3662 |
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Fax No.: |
91-40-23112859 |
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E-Mail : |
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Website : |
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Corporate Office : |
D – 2, Southern Park, |
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Tel. No.: |
91-11-66025600 |
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Fax No.: |
91-11-66025699 |
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Branch Office : |
Located at: ·
Gurgaon ·
Mumbai ·
Ahmedabad ·
·
·
Kolkata ·
Guwahati ·
·
Chennai ·
·
Bhubaneshwar |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Sunil Kanoria |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
04.05.1965 |
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Date of Appointment : |
05.03.2008 |
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DIN : |
00421564 |
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Name : |
Mr. Anjan Mitra |
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Designation : |
Additional Director |
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Address : |
Flat No.4, Avanti 26/2, |
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Date of Birth/Age : |
24.12.1960 |
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Date of Appointment : |
29.06.2010 |
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DIN : |
01878857 |
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Name : |
Mr. Hemant Kanoria |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
05.08.1962 |
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Date of Appointment : |
19.01.2009 |
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Date of Cessation : |
27.12.2010 |
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DIN : |
00193015 |
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Name : |
Mr. Kishore Kumar Mohanty |
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Designation : |
Director |
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Address : |
23 Phase 2, Cape Tower, 1925 Hiland Park Po Pancha Sayyar Pspurba,
Jadavpur, Kolkata – 700094, West Bengal, India |
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Date of Birth/Age : |
11.07.1957 |
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Date of Appointment : |
13.03.2009 |
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DIN : |
00080498 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Equity Shareholders |
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No. of Equity
Shares |
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Quippo Infrastructure Equipment Limited |
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49994 |
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Naveen Bansal |
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1 |
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Bajrang Kumar Choudhary |
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1 |
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Hemant Kanoria |
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1 |
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Rupesh LKumar |
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1 |
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Hemant Pincha |
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1 |
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Manoj Jain |
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1 |
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Total |
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50000 |
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||
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Names of Preference Shareholders |
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No. of
Preference Shares |
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SREI Infrastructure Finance Limited, |
|
9961 |
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Opulent Venture Capital Trust, |
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11882 |
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Sunil Kanoria |
|
356 |
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Deigratia International Pte Limited, |
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34418 |
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Infrastructure Development, UAE |
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356 |
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Milan Commercial Private Limited, |
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2135 |
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Daniel Kaplan |
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15 |
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K. K. Mohanty |
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1 |
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Manoj Jain |
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1 |
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Total |
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59125 |
As on 29.09.2010
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Category |
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Percentage |
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Bodies corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Construction Equipments |
GENERAL INFORMATION
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No. of Employees
: |
Not Available |
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Bankers : |
·
ING Vysya Bank Limited 4/1, |
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Facilities : |
TERM LOAN and WORKING CAPITAL FACILITY a) Rupee term loan of Rs. 283.854 million (Previous year
Rs. 412.289 million) from banks /
financial institutions are secured by way of hypothecation of specific
equipments covered by hypothecation agreement b) Rupee term loan of Rs. 45.729 million (Previous year Rs.
112.357 million) from banks is secured by way of hypothecation of specific
equipments covered by hypothecation agreement. Further secured by pari-passu
charge on the equipments having gross value of Rs. 83.745 million and by
pari-passu equitable mortgage of land situated at Nccmrana Industrial Area,
Disl. Alwar. Rajasthan along with construction (hereon. c) Rupee Lerm loan of Rs. 1184.000 million (Previous year
Rs. 884.286 million) from financial institutions are secured by way of
hypothecation as a subservient charge on all the assets of the company
covered by hypothecation agreement. d) Rupee term loan of Rs. NIL million (Previous year Rs.
27.172 million) from banks is secured by way of hypothecation of specific
equipments covered by hypothecation agreement. Second charge on the entire
current assets of the company both present and future. Further secured by
pari-passu charge on the equipments having gross value of Rs. 83.745 million
and by pari-passu equitable mortgage of land situated at Neemrana Industrial
Area, Dist. AIwar, Rajasthan along with construction thereon. e) Foreign currency term loan of Rs. 94.205 million
(Previous year Rs. 131.853 million) from foreign financial institutions are
secured by way of hypothecation of specific equipments covered by
hypothecation agreement. f) Rupee 'Perm Loan of Rs. 135.197 million (previous year
Rs. 180.261 million) from a financial institution is secured by way of
hypothecation of specific equipments covered by hypothecation agreement.
Second charge on the entire current assets of the company both present and
fiiture. Further secured by pari-passu first charge and mortgage of present
immovable assets. Further also secured by the first charge on all intangible
assets of the company. g) Working Capital Facility for Rs.48.704 million (Previous
year Rs.87.476 million) from hanks are secured by way of pari-passu charge on
books debts of the Company, both present and future. h) Secured Term Loans from Banks and Financial Institutions were transferred from Quippo Infrastructure Equipment Limited (QIEL) in pursuance to scheme of arrangement, which were in the name of QIEL, arc pending to be transferred in the name of Company. |
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Banking
Relations : |
-- |
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Financial Institutions
: |
SREI
Infrastructure Finance Limited Vishwakarma, 86 C, |
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Auditors : |
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Name : |
S S Kothari Mehta and Company Chartered Accountant |
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Address : |
146-149, Tribhun Complex, Ishwar Nagar, |
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Tel No.: |
91-11-46708888 |
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Fax No.: |
91-11-66628889 |
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Email : |
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Holding Company : |
·
Quippo Infrastructure Equipment Limited U45500WB2001PLC144017 |
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Joint Venture : |
·
NAC Infrastructure Equipment Limited |
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Fellow Subsidiaries : |
·
Quippo Construction Equipment Limited ·
Quippo Energy Private Limited ·
Quippo Oil and Gas Infrastructure
Limited ·
Quippo Telecom Infrastructure Limited ·
Asset Valuation and Disposal ·
Quippo Engineering SEZ Private
Limited ·
Mumbai Futuristic and Economic zone
Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
60,000 |
Preference Shares |
Rs.100/- each |
Rs.6.000 Millions |
|
|
Total |
|
Rs.16.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
59,125 |
Preference Shares |
Rs.100/- each |
Rs.5.913 Millions |
|
|
Total |
|
Rs.6.413
millions |
(All the shares are held by the holding
company, Quippo Infrastructure Equipment Limited)
In terms of scheme of arrangement 59.12%
preference shares of Rs.100 each fully paid up issued for consideration other
than cash
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 |
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|
|
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1] Share Capital |
6.413 |
6.413 |
0.500 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
586.406 |
0.000 |
|
|
4] (Accumulated Losses) |
(552.393) |
(551.600) |
(0.259) |
|
|
NETWORTH |
(545.980) |
41.219 |
0.241 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1791.605 |
1835.695 |
0.000 |
|
|
2] Unsecured Loans |
296.304 |
296.304 |
0.000 |
|
|
TOTAL BORROWING |
2087.909 |
2131.999 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.482 |
156.176 |
0.000 |
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|
|
|
|
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|
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TOTAL |
1542.411 |
2329.394 |
0.241 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1226.133 |
1974.929 |
0.000 |
|
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Capital work-in-progress |
0.000 |
20.002 |
0.000 |
|
|
|
|
|
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INVESTMENT |
75.000 |
75.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.381
|
9.807 |
0.000 |
|
|
Sundry Debtors |
187.152
|
252.892 |
0.000 |
|
|
Cash & Bank Balances |
10.375
|
15.373 |
0.275 |
|
|
Other Current Assets |
0.741
|
1.819 |
0.000 |
|
|
Loans & Advances |
122.483
|
116.805 |
0.000 |
|
Total
Current Assets |
331.132
|
396.696 |
0.275 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.302
|
61.788 |
-- |
|
|
Current Liabilities |
57.907
|
74.239 |
0.034 |
|
|
Provisions |
0.645
|
1.206 |
0.000 |
|
Total
Current Liabilities |
89.854
|
137.233 |
0.034 |
|
|
Net Current Assets |
241.278
|
259.463 |
0.241 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1542.411 |
2329.394 |
0.241 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
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|
|
|
INCOME
FROM OPERATIONS
(A) |
398.229 |
569.098 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
163.384 |
269.046 |
0.000 |
|
|
|
Payments to and provision for employees |
50.195 |
55.899 |
0.000 |
|
|
|
Selling, Administrative and other Expenses |
170.880 |
121.707 |
0.259 |
|
|
|
TOTAL (B) |
384.459 |
446.652 |
0.259 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.770 |
122.446 |
(0.259) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
230.891 |
258.765 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(217.121) |
136.319 |
(0.259) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
370.078 |
422.521 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(587.199) |
(558.840) |
(0.259) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
7.499 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(587.199) |
(551.341) |
(0.259) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.000) |
(0.259) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Shown as deduction from general reserve
[to the extent of uncommitted reserve] |
34.806 |
551.600 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(552.393) |
(0.000) |
(0.259) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
122.863 |
-- |
|
|
|
Components |
0.972 |
0.333 |
-- |
|
|
TOTAL IMPORTS |
0.972 |
123.196 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[11743.99] |
[11026.83] |
(22.66) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[147.45]
|
[96.88] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[37.71]
|
[23.56] |
(94.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[1.08]
|
[13.56] |
(1.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[3.99]
|
55.05 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.68
|
2.89 |
8.09 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from Vishwakarma,
FINANCIAL
RESULTS:
During
the year, the company achieved income of Rs.398.229 millions against Rs.
569.098 millions in the previous year and incurred loss alter tax of Rs.
587.199 millions against previous year loss after tax of Rs. 551.341 millions.
The Company suffered losses due to overall economic recession during the year.
Barring
unforeseen circumstances, the Directors of the company feel confident of
satisfactory results in the coming years.
Contingent
liabilities
a)
Estimated amount of contracts remaining, to be executed on capital account and
not provided for Rs. 2.164 million (Previous year Rs. 10.119 million).
b) Claims
against company not acknowledged as debt (excluding interest and. penalty, if any) are as follows:
•
Indirect Taxes - Rs.385.204 million (Previous year Rs.387.325
million)
• Direct
Taxes - Rs. 6.290 million (Previous
year Rs. 6.290 million)
The
company has challenged constitutional validity of Fringe Benefits tax before
the Hon'ble Kolkatla High Court and the
• Others
- Rs. 24.534 million (Previous year
Rs.23.437)
•
Cumulative dividend on Non Convertible cumulative redeemable Preference Share :
Rs.12 million (Previous year Rs.6.000 million)
c)
Outstanding Bank Guarantees Rs. 1.731million (Previous year Rs. 1.281 million)
NOTE TO ACCOUNTS:
The company was incorporated on 06.02.2007. Accordingly, accounts are
drawn up from 06.02.2007 to 31.03.2008. This being the first year of accounts,
hence previous year figures do not arise.
Change of Name
The name of the company, Quippo Construction Equipment Limited, was
changed from Quippo Construction Equipment Private Limited w.e.f. 03.04.2008.
The name Quippo Construction Equipment Private Limited was changed from its original
name Quipo Rail Equipment Services Private limited w.e.f 05.03.2008.
FORM – 8:
|
Corporate
identity number of the company |
U35203AP2007PLC057400 |
|
Name of the
company |
QUIPPO CONSTRUCTION EQUIPMENT LIMITED |
|
Address of the registered
office or of the principal place of
business in |
NAC Campus, Izzat Nagar, Kondapur Post, |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10157974 |
|
Type of charge |
|
|
Particular of
charge holder |
SREI
Infrastructure Finance Limited Vishwakarma, 86 C, |
|
Nature of
instrument creating charge |
Supplementary
agreement dated 15th February 2011 |
|
Date of
instrument Creating the charge |
15.02.2011 |
|
Amount secured by
the charge |
Rs.1450.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 12% per annum
fixed, charge at monthly rests. Terms of
Repayment: Facility shall be
repaid by way of bullet repayment of principal after 5 yrs. from 1st October
2009 Margin: Nil Extent and
Operation of the charge - Same as before as detailed in document. |
|
Short Particulars
of the property or assets charged (including complete address and location of
the property) |
whole of the
equipment acquired / to be acquired out of the proceeds of the facility.
entire free assets acquired / to be acquired. |
|
Date of latest
modification prior to the present modification |
10.09.2010 |
|
Particulars of
the present modification |
Sanctioned limit
of facility enhanced from Rs 1350.000 millions to Rs 1450.000 millions. |
FIXED ASSETS :
- Building
- Equipments
- Furniture and
Office Equipments
- ERP Software
- Motor Vehicles
WEBSITE DETAILS
PROFILE
Subject sponsored by Kanoria's of Srei, is the country's
largest infrastructure equipment rental company, servicing the high growth
verticals of Construction, Oil and Gas, Telecom and Energy. In addition to having
a state-of-the-art equipment/asset bank for construction and other
infrastructure sectors, Subject has a large pool of fully trained operations
and maintenance personnel spread across various sites in
Quippo Telecom is involved in the renting of towers to telecom operators of the
country and has been a forerunner and driver of the shared infrastructure
initiative in
Subject has a joint venture with GoIndustry (UK) Limited a company that
provides plant and machinery valuation and conducts equipment auctions. Subject
Energy Rental business provides gas-based generators. These gas-based
generators offer a cleaner and cheaper option for a combined power and heating
or chilling solution.
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.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
12 |
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.