MIRA
INFORM REPORT
|
Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SYSCOM CORPORATION LIMITED (w.e.f. 07.01.2004) |
|
|
|
|
Formerly Known As : |
SYSCOM TECHNOLOGIES LIMITED |
|
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|
Registered Office : |
714,
Raheja Chambers, 213, Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.08.1996 |
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|
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Com. Reg. No.: |
11-101691 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.0.971
Million |
|
|
|
|
CIN No.: [Company
Identification No.] |
U73100MH1996PLC101691 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37101B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCS2000C |
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|
|
Legal Form : |
A
Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is
engaged in the business of manufacturing of Smart Cards and Sim Cards and providing
Value Added Services to the Telecom Industries. |
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|
|
|
No. of Employees : |
Information
denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1900000 |
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|
Status : |
Moderate |
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|
Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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|
Comments : |
Subject is wholly owned subsidiary of Smart Chip Limited. It is a well
established company having moderate track record. The financial for the year,
2010-11 and 2011-2012 is missing from government department. However, from the previous year record company performance seems to be
high. Liquidity position of the company seems to be strong. Trade relations
are reported to be fair. Business is active. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
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 co-operative.
LOCATIONS
|
Registered Office / Factory
: |
714,
Raheja Chambers, 213, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-22873113 / 32442405 |
|
Fax No.: |
91-22-22820538 |
|
E-Mail : |
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|
Website : |
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|
Head Office : |
3rd Building, Top
Floor, Chandiwala Estate, Kalkaji, |
|
Tel. No.: |
91-11-51006699 |
|
Fax No.: |
91-11-51009421 |
|
Website : |
|
|
|
|
|
Factory : |
Noida Spaecial Economic Zone, Noida – 201305, Uttar Pradesh, India |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr.
Sanjeev Shriya |
|
Designation : |
Director |
|
Address : |
113/101, Swaroop Nagar, |
|
Date of Birth/Age : |
18.02.1959 |
|
Date of Appointment : |
07.08.1996 |
|
Din No.: |
00014402 |
|
|
|
|
Name : |
Mr. Alok
Mukherjee |
|
Designation : |
Director |
|
Address : |
113/181, Swaroop Nagar, |
|
Date of Birth/Age : |
17.07.1959 |
|
Date of Appointment : |
30.03.2004 |
|
Din No.: |
00186055 |
|
|
|
|
Name : |
Philippe Dandrea |
|
Designation : |
Director |
|
Address : |
Block – H, 20-C,
Saket, |
|
Date of Birth/Age : |
07.02.1959 |
|
Date of Appointment : |
14.12.2007 |
|
Din No.: |
02016286 |
|
|
|
|
Name : |
Mr. Jean Paul
Jainsky |
|
Designation : |
Director |
|
Address : |
22, Avenue Raymond, Croland, Fontenay Aux Roses, France -
92260 |
|
Date of Birth/Age : |
01.01.1951 |
|
Date of Appointment : |
20.12.2005 |
|
Din No.: |
02016430 |
|
|
|
|
Name : |
Mr. Marc Antoine
Guillard |
|
Designation : |
Director |
|
Address : |
2 Rue Frangonard
92 Issy Les – Moulineaux, |
|
Date of Birth/Age : |
27.04.1964 |
|
Date of Appointment : |
26.03.2008 |
|
Din No.: |
02243589 |
|
|
|
|
Name : |
Mr. Mark Aaron
Castle |
|
Designation : |
Director |
|
Address : |
30, |
|
Date of Birth/Age : |
16.09.1967 |
|
Date of Appointment : |
29.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Aythora Chhanalal |
|
1 |
|
Khare Omprakash |
|
1 |
|
Smart Chip Limited, India |
|
97127 |
|
Shriya Balkrishna |
|
1 |
|
Srivastava Ghanshyamlal |
|
1 |
|
Gokul Ghisoolal |
|
1 |
|
Kutty K |
|
1 |
|
|
|
|
|
TOTAL
|
|
97133 |
AS ON
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of manufacturing of Smart Cards and Sim Cards and
providing Value Added Services to the Telecom Industries. |
PRODUCTION STATUS [AS ON 31.03.2010]
|
Particular |
As
on 31.03.2010 [In
Pcs.] |
|
Licensed Capacity |
314064000 |
|
Installed Capacity |
212400000 |
|
Actual Production |
162900772 |
GENERAL INFORMATION
|
No. of Employees : |
Information
denied by the management. |
||||||||||||||||||||||||||||||
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Bankers : |
·
Punjab National Bank, Okhla Industrial Estate,
New Delhi-110020, India ·
Yes Bank Limited, Nehru Centre, A.B. Road,
Mumbai-400018, Maharashtra, India ·
Canara
Bank, 74, Janpath, New Delhi-110001, India |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
S.N. Dhawan and Company Chartered Accountants |
|
Address : |
C-37, Connaught Place, New Delhi-110001, India |
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Tel No.: |
91-11-43684444 |
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Fax No.: |
91-11-43684445 |
|
PAN No: |
AAQFS0580H |
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|
|
|
Holding Company : |
Smart Chip Limited, India |
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|
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Ultimate Holding Company : |
SAFRAN S.A., France |
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Parent of Holding Company : |
Sagem Orga GmbH, Germany |
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|
Subsidiaries : |
·
Sagem Defence Securite, France ·
Sagem Securite, France ·
Sagem Orga Singapore Pte. Limited, Singapore ·
Sagem Orga Card Systems FZ LC, Dubai/UAE ·
Sagem Orga Card Systems Pty. Limited, South
Africa ·
Orga Zelenograd Smart Card and Systems, ZAO,
Russia ·
Sagem Security International Shanghai Company
Limited, China ·
Inlays India Private Limited ·
Wuhan Sagem Tianya Electronics Company Limited,
China |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
97133 |
Equity Shares |
Rs.10/- each
|
Rs.0.971
Million |
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 |
0.971 |
0.971 |
0.971 |
|
|
2] Share Application Money |
0.000 |
85.000 |
85.000 |
|
|
3] Reserves & Surplus |
475.722 |
278.405 |
179.137 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
476.693 |
364.376 |
265.108 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.114 |
3.994 |
235.342 |
|
|
2] Unsecured Loans |
456.773 |
308.737 |
50.413 |
|
|
TOTAL BORROWING |
459.887 |
312.731 |
285.755 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
27.889 |
|
|
|
|
|
|
|
|
TOTAL |
936.580 |
677.107 |
578.752 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
290.610 |
265.126 |
263.255 |
|
|
Capital work-in-progress |
15.611 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
8.877 |
3.919 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
398.497
|
417.017 |
167.715 |
|
|
Sundry Debtors |
978.523
|
652.640 |
398.471 |
|
|
Cash & Bank Balances |
52.079
|
62.468 |
47.819 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
87.205
|
71.535 |
49.017 |
|
Total
Current Assets |
1516.304
|
1203.660 |
663.022 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
740.346 |
695.816 |
279.885 |
|
|
Other Current Liabilities |
48.743
|
35.450 |
52.008 |
|
|
Provisions |
105.733
|
64.332 |
15.632 |
|
Total
Current Liabilities |
894.822
|
795.598 |
347.525 |
|
|
Net Current Assets |
621.482
|
408.062 |
315.497 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
936.580 |
677.107 |
578.752 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
3370.377 |
3056.535 |
1390.740 |
|
|
|
Service Income |
4.270 |
3.658 |
1.451 |
|
|
|
Other Income |
140.698 |
1.627 |
0.782 |
|
|
|
TOTAL (A) |
3515.345 |
3061.820 |
1392.973 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase and Direct Expenses |
2743.280 |
2415.158 |
1072.751 |
|
|
|
Personnel Expenses |
183.550 |
99.289 |
64.142 |
|
|
|
General, Administrative and Selling Expenses |
265.374 |
336.932 |
159.801 |
|
|
|
Increase / Decrease in Stock in Trade |
0.000 |
0.000 |
(59.150) |
|
|
|
TOTAL (B) |
3192.204 |
2851.379 |
1237.544 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
323.141 |
210.441 |
155.429 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.781 |
29.362 |
27.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
299.360 |
181.079 |
128.322 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.729 |
48.095 |
41.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
254.631 |
132.984 |
86.459 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
57.313 |
33.717 |
30.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
197.318 |
99.267 |
56.454 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
218.875 |
119.608 |
63.154 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
416.193 |
218.875 |
119.608 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
1346.214 |
1249.420 |
210.975 |
|
|
|
Technical Service Income |
4.270 |
3.658 |
1.451 |
|
|
|
Others |
0.000 |
0.000 |
0.061 |
|
|
TOTAL EARNINGS |
1350.484 |
1253.078 |
212.487 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2313.131 |
2451.192 |
1041.212 |
|
|
|
Capital Goods |
23.650 |
8.818 |
19.080 |
|
|
|
Others |
0.000 |
0.895 |
5.625 |
|
|
TOTAL IMPORTS |
2336.781 |
2460.905 |
1065.917 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2031.42 |
1021.97 |
1111.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.61
|
3.24
|
4.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.55
|
4.35
|
6.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.09
|
9.05
|
9.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.36
|
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.84
|
3.04
|
2.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.52
|
1.91 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
679.160 |
657.007 |
|
|
For Expenses |
56.622 |
38.351 |
279.885 |
|
Due to Holding
Company |
4.564 |
0.458 |
|
|
TOTAL |
740.346 |
695.816 |
279.885 |
|
Sr. No. |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BACKGROUND:
The company is wholly owned subsidiary company
of Smart Chip Limited. The company has been engaged in the business of
manufacturing of Smart Cards and Sim Cards and providing Value Added Services to
the telecom industries.
FIXED ASSETS:
- Buildings
- Leasehold Improvements
- Plant and Machinery
- Data Processing Equipments
- Personalization Equipments
- Testing Equipments
- Generators
- Electrical Equipments
- Office Equipments
- Air Conditioner
- Furniture and Fixtures
- Vehicles
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 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.54.47 |
|
|
1 |
Rs.87.63 |
|
Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.