MIRA INFORM REPORT
|
Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
J. P. MORGAN SERVICES INDIA PRIVATE LIMITED (w.e.f. 14.06.2000) |
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Formerly Known
As : |
DIPLOMAT INFOTECH PRIVATE LIMITED
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.02.2000 |
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Com. Reg. No.: |
11-124073 |
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Capital
Investment / Paid-up Capital : |
Rs.79.538
Millions |
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CIN No.: [Company Identification
No.] |
U72900MH2000PTC124073 |
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PAN No.: [Permanent Account No.] |
AABCD0503B |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Subject is
engaged in the development of computer software and rendering information
technology enabled services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 43775000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of J. P. Morgan Group. It is a well established and
a reputed company having good track. Financial position of the company
appears to be good. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. Company can be considered good for normal business dealing 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Contact No.: 91-80-44160000)
LOCATIONS
|
Registered Office/ Head Office : |
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Tel. No.: |
91-22-61252000/ 66954400 |
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Fax No.: |
91-22-66953648 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
18, |
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Corporate Office 2 : |
Prestige Tech
Park, Next To Innovative Multiplex, Outer Ring Road, Sarjapur Main
Road, Marathahalli, Bangalore – 560 037, Karnataka, India |
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Tel. No.: |
91-80-44160000 |
DIRECTORS
As on 26.09.2011
|
Name : |
Mrs. Kalpana Jaisingh Morparia |
|
Designation : |
Director |
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Address : |
B/92, Ocean Gold, |
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Date of Birth/Age : |
30.05.1949 |
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Date of Appointment : |
18.09.2008 |
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DIN No.: |
00046081 |
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Name : |
Mr. James Franklin Krass |
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Designation : |
Director |
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Address : |
1609, |
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Date of Birth/Age : |
10.07.1957 |
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Date of Appointment : |
06.06.2005 |
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DIN No.: |
00636002 |
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Name : |
Mr. Ravikanth Konteti |
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Designation : |
Director |
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Address : |
311-C Wing, |
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Date of Birth/Age : |
02.07.1966 |
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Date of Appointment : |
25.03.2009 |
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DIN No.: |
00915023 |
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Name : |
Mr. Brian Richard Harold Duffy |
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Designation : |
Director |
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Address : |
31, |
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Date of Birth/Age : |
10.07.1961 |
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Date of Appointment : |
05.12.2006 |
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DIN No.: |
01051532 |
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Name : |
Mr. Ranbir Saravjit Singh |
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Designation : |
Director |
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Address : |
1902, 19th Floor, Ekta Meadows, Off |
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Date of Birth/Age : |
17.08.1974 |
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Date of Appointment : |
20.07.2007 |
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DIN No.: |
01658059 |
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Name : |
Mr. Lester Joseph Owens |
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Designation : |
Director |
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Address : |
9, |
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Date of Birth/Age : |
17.03.1957 |
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Date of Appointment : |
18.09.2008 |
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DIN No.: |
02339144 |
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Name : |
Mr. Nandita Chakravartti |
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Designation : |
Director |
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Address : |
B-1208, Maple Leaf Apartment, Raheja Vihar, Powai – 400 072, |
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Date of Birth/Age : |
04.10.1955 |
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Date of Appointment : |
25.03.2009 |
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DIN No.: |
02602652 |
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Name : |
Mr. Ajith Sundaresh |
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Designation : |
Director |
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Address : |
Flat No.1502, Odyssey II CHS Limited, |
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Date of Birth/Age : |
24.11.1967 |
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Date of Appointment : |
25.03.2009 |
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DIN No.: |
02602666 |
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Name : |
Mr. Jonathan Philip Teplitz |
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Designation : |
Director |
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Address : |
301 E 52 ST 1C, |
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Date of Birth/Age : |
09.12.1962 |
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Date of Appointment : |
26.07.2010 |
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DIN No.: |
02905407 |
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Name : |
Mr. Paul Herbert Compton |
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Designation : |
Director |
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Address : |
28, |
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Date of Birth/Age : |
29.04.1964 |
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Date of Appointment : |
21.04.2011 |
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DIN No.: |
03502781 |
KEY EXECUTIVES
|
Name : |
Mr. Jaydeep Krishnan Kurup |
|
Designation : |
Secretary |
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Address : |
A-2/503, |
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Date of Birth/Age : |
21.05.1978 |
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Date of Appointment : |
09.09.2010 |
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PAN No.: |
ALTPK6612L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2011
|
Names of Equity Shareholders |
No. of Shares |
|
J. P. Morgan Services Asia Holdings Limited, |
2353740 |
|
J. P. Morgan International Finance Limited, |
10 |
|
Total |
2353750 |
As on 26.09.2011
|
Names of Preference Shareholders |
No. of Shares |
|
J. P. Morgan Services Asia Holdings Limited, |
5600000 |
|
Total |
5600000 |
As on 26.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the development of computer software and rendering information
technology enabled services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, |
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Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
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Group Holding
Company : |
JPMorgan Chase and Company |
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Holding
Companies : |
v
J.P. Morgan Services Asia Holdings Limited, v
J.P. Morgan Services Asia Holdings, Inc |
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Fellow
Subsidiaries : |
v
JPMorgan Chase Bank, N.A., and its Branches
(JPMCB) v
J.P. Morgan (S.E.A.) Limited v
J.P. Morgan Securities ( v
J.P. Morgan Chase Bank Berhad v
J.P. Morgan Australia Limited v
J.P. Morgan Securities Australia Limited v
JPMorgan Asset Management ( v
J.P. Morgan (Suisse) SA v
J.P. Morgan Asset Management ( v
JPMorgan Securities Japan Company Limited v
J.P. Morgan Retirement Plan Services LLC v
J.P. Morgan Services Inc v
J.P. Morgan Securities Limited v
J.P. Morgan Future Inc. v
J.P. Morgan Securities LLC v
J.P. Morgan Investment Management Inc. v
J.P. Morgan Europe Limited v
J. P. Morgan Worldwide Securities Service Japan
Limited v
J.P. Morgan Securities India Private Limited v
J.P. Morgan India Private Limited (JPMIPL) v
J.P. Morgan Advisors India Private Limited v
J P Morgan Asset Management India Private Limited
(JPMAM) v
J P Morgan Mutual Fund (managed by JPMAM) v
JPMorgan Funds Management Inc. v
J.P. Morgan Malaysia Limited v
J.P. Morgan Futures ( v
J.P. Morgan Securities ( v
J.P. Morgan Securities (Far East) Limited - |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
23000000 |
5% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.230.000 Millions |
|
|
Total |
|
Rs.280.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2353750 |
Equity Shares |
Rs.10/- each |
Rs.23.538
Millions |
|
5600000 |
5% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.56.000
Millions |
|
|
Total |
|
Rs.79.538 Millions |
Notes
1) Of the above, 2353750 equity shares of
Rs.10 each and 5600000 5% non-cumulative redeemable preference shares of
Rs.10/- each are held by J. P. Morgan Services Asia Holdings Limited,
Mauritius, the holding company and its nominee.
2) The 5% non-cumulative redeemable preference
shares of Rs.10/- each are redeemable at a premium of Rs.90 per share at the
end of seven years from the date of allotment i.e. September 29, 2012 or
earlier at the discretion of the Board of Directors of the Company.
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 |
79.538 |
79.538 |
246.838 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10864.260 |
7700.938 |
7397.230 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10943.798 |
7780.476 |
7644.068 |
|
|
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 |
|
|
|
|
|
|
|
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TOTAL |
10943.798 |
7780.476 |
7644.068 |
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
3470.035 |
2891.615 |
2554.185 |
|
|
Capital work-in-progress |
197.574 |
632.156 |
120.246 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
512.743 |
177.942 |
133.393 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
2967.365
|
1995.572
|
1424.819 |
|
|
Cash & Bank Balances |
3933.716
|
2545.865
|
4029.823 |
|
|
Other Current Assets |
23.358
|
7.960
|
21.003 |
|
|
Loans & Advances |
2420.507
|
2027.662
|
1050.549 |
|
Total
Current Assets |
9344.946
|
6577.059 |
6526.194 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1994.651
|
1788.341
|
1197.994 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
586.849
|
709.955
|
491.956 |
|
Total
Current Liabilities |
2581.500
|
2498.296 |
1689.950 |
|
|
Net Current Assets |
6763.446
|
4078.763
|
4836.244 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10943.798 |
7780.476 |
7644.068 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22048.000 (Revenue) |
|
12817.576 |
|
|
|
Other Income |
NA |
|
|
|
|
|
TOTAL |
NA |
16039.274 |
12817.576 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
|
10158.142 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
13288.012 |
10158.142 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4396.947 |
2751.262 |
2659.434 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1121.575 |
924.942 |
743.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3275.372 |
1826.320 |
1915.769 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
112.050 |
16.912 |
21.465 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3163.322 |
1809.408 |
1894.304 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
7029.638 |
5387.530 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to capital redemption reserve |
0.000 |
167.300 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
10192.960 |
7029.638 |
5387.530 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Professional fees |
21825.503 |
15743.357 |
NA |
|
|
TOTAL EARNINGS |
21825.503 |
15743.357 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
564.859 |
670.443 |
NA |
|
|
TOTAL IMPORTS |
564.859 |
670.443 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1343.95 |
768.73 |
804.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA |
11.25
|
14.78
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.56 |
19.28
|
19.95
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.23
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24 |
0.32
|
0.29
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.62 |
2.63
|
3.19
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors* |
|
|
|
|
- Creditors due small micro enterprises |
0.774 |
0.399 |
0.619 |
|
- Creditors due others |
1993.877 |
1787.942 |
1197.375 |
|
Total |
1994.651 |
1788.341 |
1197.994 |
* There are no amounts due and outstanding to be credited to The
Investor Education and Protection Fund.
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
Background
The Company was incorporated in
The Company is a subsidiary of J.P. Morgan Services Asia Holdings
Limited,
JPMorgan Chase and
Company is a financial holding company for a group of subsidiaries that provide
a wide range of products and services to its clients.
The Company is
registered with the Software Technology Parks of India (STPI), and is engaged
in the development of computer software and rendering information technology
enabled services.
Operations and
Financial Results
In 2010-11, the
Company continued with expansion of its activities and resources. During the
year, the Company set up a new unit registered with the Software Technology
Parks of India (STPI) at
The headcount in
the Company has grown from 13,479 in March 2010 to 15,901 in March 2011 and
revenue has grown in tandem from INR 15916 millions to INR 22048 millions,
during the same period. The investment in infrastructure was INR 1700 millions
for the financial year ended March 31, 2011. The Directors expect the Company’s
investment in the infrastructure to yield results over the next few years.
Transfer to
Reserves in terms of Section 217(1)(b) of the Companies Act, 1956
The Company proposes to transfer the entire amount of profit to the
Profit and Loss Account of the Company.
Contingent
liability: (As on 31.03.2011)
(i) Income tax matters in respect of financial year 2004-05 for which
appeal is pending of Rs.4.586 millions.
(ii) Income tax matters
in respect of financial year 2005-06 for which an appeal has been filed with
Income Tax Appellate Tribunal of Rs.63.989 millions. The Company has also filed
an application under Mutual Agreement Procedure (MAP) before the competent
authorities of
(iii) Income tax
matters in respect of financial year 2006-07 for which an application has been
filed with the Dispute Resolution Panel of Rs.478.000 millions.
(iv) Guarantees
given by the Company’s bank (excluding amount mentioned in 3(ii)) on behalf of
the Company is Rs.36.413 millions.
Future cash outflows in respect of (i), (ii) and (iii) are determinable
on receipt of judgments / decisions pending with the authorities.
FIXED ASSETS
v Leasehold Improvements
v Office Equipments
v Computers
v Furniture and Fixtures
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.55.19 |
|
|
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.