|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT INTERNATIONAL FINANCE TEC-CITY COMPANY LIMITED (w.e.f. 03.09.2007) |
|
|
|
|
Formerly Known
As : |
GUJARAT FINANCE CITY DEVELOPMENT COMPANY LIMITED |
|
|
|
|
Registered
Office : |
‘A’ Wing, 3rd Floor, Khanij Bhavan, Near University, Ground,
132 FT Ring Road, Vastrapur, Ahmedabad – 380052, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.06.2007 |
|
|
|
|
Com. Reg. No.: |
04-051160 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.50.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65929GJ2007PLC051160 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG03492G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG9675L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The company is engaged in the business of executing Gift Project. |
|
|
|
|
No. of Employees
: |
Not divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Project under implementation stage |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 50:50 Joint Venture between Gujarat Urban Development Company
Limited and Infrastructure Leasing and Financial Services Limited. As per
available information the company has not commence its commercial activity.
The company’s project is under implementation stage. Payments are unknown. The company can be considered for business dealings with some caution.
|
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management Non Co-operative
Tel No.: 91-79-30018300
LOCATIONS
|
Registered Office : |
‘A’ Wing, 3rd Floor, Khanij Bhavan, Near University,
Ground, 132 FT Ring Road, Vastrapur, Ahmedabad – 380052, Gujarat, India |
|
Tel. No.: |
91-79-30018300/ 27912511 |
|
Fax No.: |
91-79-27912516 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 21.06.2011)
|
Name : |
Mr. Sudhir Gunvantray Mankad |
|
Designation : |
Director |
|
Address : |
Plot No.192, Sector 8-C, Gandhinagar – 382007, Gujarat, India |
|
Date of Birth/Age : |
05.08.1947 |
|
Date of Appointment : |
28.06.2007 |
|
DIN No.: |
00086077 |
|
|
|
|
Name : |
Mr. Ramakant Jha |
|
Designation : |
Whole-time Director |
|
Address : |
G-403, 4th Floor, Shrinath Homes, Kudasan, Gandhinagar, Gujarat, India |
|
Date of Birth/Age : |
18.07.1945 |
|
Date of Appointment : |
11.11.2009 |
|
DIN No.: |
00647702 |
|
|
|
|
Name : |
Mr. Binay Kumar Sinha |
|
Designation : |
Director |
|
Address : |
D-7/7140 Vqasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
02.01.1952 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
00174101 |
|
|
|
|
Name : |
Mr. Divyabhash Chandrakant Anjaria |
|
Designation : |
Director |
|
Address : |
20, Sanskar Bharti Society, Ankur Road, Naranpura, Ahmedabad – 380013,
Gujarat, India |
|
Date of Birth/Age : |
19.07.1946 |
|
Date of Appointment : |
28.06.2007 |
|
DIN No.: |
00008639 |
|
|
|
|
Name : |
Mr. Ramesh Chander Bawa |
|
Designation : |
Director |
|
Address : |
W-78, Greater Kailash Part -1, New Delhi – 110048, India |
|
Date of Birth/Age : |
15.06.1953 |
|
Date of Appointment : |
28.06.2007 |
|
DIN No.: |
00040523 |
|
|
|
|
Name : |
Mr. Ramchand Karunakaran |
|
Designation : |
Director |
|
Address : |
A/18, Ruturaj Society, Near Vishramnagar, Memnagar, Ahmedabad –
380052, Gujarat, India |
|
Date of Birth/Age : |
13.10.1954 |
|
Date of Appointment : |
06.07.2009 |
|
DIN No.: |
00051769 |
|
|
|
|
Name : |
Mr. Hari Sankaran |
|
Designation : |
Director |
|
Address : |
29-B, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1961 |
|
Date of Appointment : |
08.07.2008 |
|
DIN No.: |
00002386 |
|
|
|
|
Name : |
Mr. Manmohan Srivastava |
|
Designation : |
Director |
|
Address : |
K-503, Sector 20, Gandhinagar – 382020, Gujarat, India |
|
Date of Birth/Age : |
23.07.1952 |
|
Date of Appointment : |
09.01.2009 |
|
DIN No.: |
02190050 |
|
|
|
|
Name : |
Mr. Syed Jawaid Haider |
|
Designation : |
Director |
|
Address : |
Bungalow No.KH19, Sector 19, Near Circuit House, Gandhinagar – 382019,
Gujarat, India |
|
Date of Birth/Age : |
03.12.1965 |
|
Date of Appointment : |
26.02.2010 |
|
DIN No.: |
02879522 |
|
|
|
|
Name : |
Mr. Jayant Rama Varma |
|
Designation : |
Additional Director |
|
Address : |
No.318, Indian Institute of Manegemtn Vastrapur, Ahmedabad – 380015,
Gujarat, India |
|
Date of Birth/Age : |
31.12.1959 |
|
Date of Appointment : |
27.11.2011 |
|
DIN No.: |
00402667 |
|
|
|
|
Name : |
Mr. Sudhir Kumar Jain |
|
Designation : |
Additional Director |
|
Address : |
A-301, Shiti Ratna Avenue B/H Sahjanand Complex, New CG Road,
Chandkheda, Ahmedabad – 382424, Gujarat, India |
|
Date of Birth/Age : |
04.07.1959 |
|
Date of Appointment : |
27.11.2011 |
|
DIN No.: |
03646016 |
KEY EXECUTIVES
|
Name : |
Mr. Dipesh Rameshbhai Shah |
|
Designation : |
Company Secretary |
|
Address : |
53, Vrundavan Bungalows, Opposite Someshwar Temple Satellite Ring
Road, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
13.08.1977 |
|
Date of Appointment : |
01.07.2009 |
|
PAN No.: |
ARPPS9987A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 21.06.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Gujarat Urban Development Company Limited, India |
|
2499970 |
|
Mamta Sanjeev Kumar Verma |
|
10 |
|
Lekhan Natvarlal Thakkar |
|
10 |
|
Pannaben Mehta |
|
10 |
|
Infrastructure and Financial Services Limited, India |
|
2499970 |
|
Mehul K. Patwari |
|
10 |
|
Avinash Atmaram Bagul |
|
10 |
|
Sunil Benarasilal Bahl |
|
10 |
|
|
|
|
|
Total |
|
5000000 |
(AS ON 20.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Government (Central and State) |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of executing Gift Project. |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountant |
|
Address : |
42, Press House, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Joint Venture : |
· Gujarat Urban Development Company Limited (GUDC Limited) · Infrastructure Leasing and Financial Services Limited (IL and FS Limited) |
|
|
|
|
Subsidiaries : |
· GIFT Collective Investment Management Company Limited · GIFT ICT Services Limited · GIFT SEZ Limited · GIFT Waste Management Services Limited · GIFT Power Company Limited · GIFT District Cooling Systems Limited · GIFT Water Infrastructure Limited |
|
|
|
|
Associates : |
· IL&FS Infrastructure Development Corporation Limited · IL&FS Financial Services Limited · A2Z Infra Management and Services Limited · IL and FS Ecosmart Limited · IL&FS Transportation Networks Limited · IL&FS Township and Urban Assets Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
NOTE:
(A) 2499970 Equity
Shares of Rs.10/- Each Fully paid up, subscribed by Gujarat Urban Development
Company Limited
(B) 60 Equity
Shares of Rs.10/- Each Fully paid up, 10 equity shares subscribed by 6
individual subscribers each, as a nominee of respective organisation
(C) 2499970 Equity
Shares of Rs.10/- Each Fully paid up, subscribed by Infrastructure Leasing and
Financial Services Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.000 |
50.000 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
50.000 |
50.000 |
50.000 |
|
|
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 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.000 |
50.000 |
50.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19.635 |
3.689 |
3.522 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
55.850 |
54.200 |
54.200 |
|
|
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 |
3.529
|
7.086 |
15.289 |
|
|
Other Current Assets |
741.243
|
489.087 |
393.152 |
|
|
Loans & Advances |
1882.648
|
1835.880 |
1797.272 |
|
Total
Current Assets |
2627.420
|
2332.053 |
2205.713 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.730
|
0.662 |
0.198 |
|
|
Other Current Liabilities |
2648.228
|
2336.352 |
2210.439 |
|
|
Provisions |
3.947
|
2.928 |
2.798 |
|
Total
Current Liabilities |
2652.905
|
2339.942 |
2213.435 |
|
|
Net Current Assets |
(25.485)
|
(7.889) |
(7.722) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.000 |
50.000 |
50.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
53.06
|
46.80 |
44.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
1.00 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors
|
|
|
|
|
- Creditors due others |
0.730
|
0.662 |
0.198 |
|
|
|
|
|
|
Total |
0.730
|
0.662 |
0.198 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
No |
|
Profitability for last three years |
No |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
No |
|
Banking Facility Details |
----- |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
OVERVIEW
GIFT project is
being implemented by Gujarat International Finance Tec-City Company Limited
(GIFTCL). GIFTCL has been set up as a 50:50 Joint Venture (JV) Company between the
Governor of the State of Gujarat represented by Gujarat Urban Development
Company Limited and Infrastructure Leasing and Financial Services Limited. The
objective is to design, develop, finance, construct, operate and maintain a
Global Financial Hub consisting of International Financial Services Centre and
Domestic Financial Services Centre in the Ahmedabad-Gandhinagar region.
PROJECT
DEVELOPMENT HIGHLIGHTS:
During the year,
the GIFT Project has made significant progress as highlighted below:
I. Government of
Gujarat approved the formal transfer of land to Gujarat International Finance
Tec-City Co. Ltd. to undertake fast track implementation activity for the
project.
II. Revenue
Department vide its Government Resolution no JMN/2220007/1966/A.1 and
JGDH/1608/655/GH dated 22nd March, 2011 directed Collector, Gandhinagar to
transfer the land for GIFT Project to Gujarat International Finance Tec-City
Company Limited and GIFT SEZ Limited
III. Accordingly
out of earmarked 886 acres for GIFT Zone land admeasuring 673 acres has been
transferred in the name of the Company (412 acres) and its subsidiary GIFT SEZ
Limited (261 acres) by Collector Gandhinagar vide its order no.
CB/JAMIN/VASI/6254 to 6270/ 2011 dated 15th April, 2011.
IV. Considering
the approval of transfer of land by Government of Gujarat to Gujarat
International Finance Tec-City Company Limited Term Sheet signed with IL and FS
Limited in March, 2009 had been converted in Memorandum of Agreement on March
23, 2011 and accordingly Company has now provided Development Rights of 7.77
mn. sq. ft. of BUA to IL&FS Ltd. in Phase l.
V. Considering the
development of SEZ being undertaken by GIFT SEZ Ltd., an application was made
to the Ministry of Commerce and Industry (MoCI) for transfer of formal approval
for development of Sector Specific Multi Services SEZ from Gujarat
International Finance Tec-City Company limited (GIFTCL) to its Wholly Owned
Subsidiary (WOS) GIFT SEZ Ltd, which has been accepted by MoCI vide its letter
dated 18th February, 2011.
VI. During the
Vibrant Gujarat Global Investors' Summit (VGGIS), 2011 your company has signed
MOUs with six investors aggregating Rs.117240.000 Millions and which would
generate about 85520 employments in GIFT Project. MOU pertains to development
of Commercial, Residential, Hotel, School, Hospital, Exhibition Centre, ICT and
International Exchange.
VII. Marketing and
Pricing policy and Implementation Strategy of the Company for Phase l has been
prepared and finalized.
VIII. Company has
floated following RFQs during the year:
a. Hotel and
International Club,
b. International
School and CBSE School,
c. Hospital.
IX. Tender
Document for following works during the year has been prepared:
a. Raw Water
Pumping Station,
b. Construction
power,
c. Arterial and
Service roads within GIFT area.
X. Revised Master
Plan with development of SEZ has been prepared and finalized.
XI. Concept Design
has been completed for all Building Packages and Infrastructure components.
XII. Detailed Designing
of Infrastructure is in progress.
XIII. Work has
been completed for laying the power line up to GIFT boundary for construction
power by Uttar Gujarat Vij Company Limited (UGVCL).
XIV.GIFTCL has
planned development of 5 packages in Phase-1.
XV. All arterial
roads at the GIFT site are demarcated.
XVI. Leveling and
Dressing works at GIFT project site is completed.
XVII. Construction
of first high-rise building of the Project has been commenced by IL and FS
comprising 0.5 mn. sq. ft. with 30 floors.
XVIII. Plan for
record high-rise building in GIFT Project has been finalized by IL and FS
Limited
XIX. Considering
the execution stage of the project Company has strengthened the organization
capacity to progress the project.
FINANCIAL RESULTS
Both the JV
Partners contributed towards the project development expenses. Additional
Project Development Fund has been refunded to IL and FS from the income
received as advance against the Development Rights. The project development
expenses incurred by the company are capitalized and will be allocated to
different projects. In terms of JV agreement, all project development expenses
will be recovered by the Company from the Special Purpose Vehicles (SPVs) set
up for implementing the projects /sub-projects.
FIXED ASSETS:
· Plant and Machinery
· Vehicles
· Furniture and Fixture
· Computer Equipment
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 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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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 |
3 |
|
--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 |
|
27 |
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.