|
Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
JSW PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
5A, Jindal Mansion, Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.08.2006 |
|
|
|
|
Com. Reg. No.: |
11-163924 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2750.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2006PLC163924 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ12925D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ8131F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Power Generation |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 420000 |
|
|
|
|
Status : |
Project under Implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘JSW Investments Private Limited’. Even
though the subject was incorporated during August 2006, it is yet to commence
its commercial activities. The project is under implementation stage and is scheduled to be
commissioned by March 2013 The Net worth of the company appears to be strong and healthy. Payment terms are unknown. In view of strong holding company, the subject can be considered for
business dealings 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ (Long term Bank facility) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
April 9, 2012 |
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 (Date: 20.12.2012)
LOCATIONS
|
Registered Office : |
5A, Jindal Mansion, Dr. G. Deshmukh Marg, Mumbai – 400026,
Maharashtra, India |
|
Tel. No.: |
91-22-43437674 |
|
Fax No.: |
91-22-23534942 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on 10.07.2012
|
Name : |
Balwant Ranka Kumar |
|
Designation : |
Director |
|
Address : |
B2, Kurgaon, Kundan, Panch Marg, Thane-401502, Maharashtra, India |
|
Date of Birth/Age : |
09.11.1966 |
|
Date of Appointment : |
10.10.2008 |
|
DIN No.: |
00672052 |
|
|
|
|
Name : |
Sriram Kavassery Subbaram Narayanaswamy |
|
Designation : |
Director |
|
Address : |
Flat No.1, Padmalaya Intercity CHS, Plot No.5, Sector 16A, Vashi, Navi
Mumbai - 400705, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1969 |
|
Date of Appointment : |
10.10/2008 |
|
DIN No.: |
00023208 |
|
|
|
|
Name : |
Kanwal Sarover |
|
Designation : |
Whole-time director |
|
Address : |
10 Bunglow, 10 JSW Township, Inspection Bunglow, Vidyanagar.
Bellary-583275, Karnataka, India |
|
Date of Birth/Age : |
15.11.1953 |
|
Date of Appointment : |
28.03.2011 |
|
DIN No.: |
03498756 |
KEY EXECUTIVES
|
Name : |
Mr. Naveen Kumar Rawat |
|
Designation : |
Secretary |
|
Address : |
A2, 603, Shri Dharmendra CHSL, Holyx Road, IC Colony, Borivali (West),
Mumbai-400103, Maharashtra, India |
|
Date of Birth/Age : |
23.01.1982 |
|
Date of Appointment : |
20.01.2011 |
|
PAN No.: |
AGTPR0040C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Sangita Jindal |
|
49400 |
|
Kantilal N Patel |
|
100 |
|
JSW Investments Private Limited, India |
|
217050000 |
|
Sapphire Technologies Limited |
|
100 |
|
Maharashtra Sponge Iron Limited, India |
|
100 |
|
Ranka Balwantkumar |
|
100 |
|
K.S.N. Sriram |
|
100 |
|
Bhat Yashwant Deepak |
|
100 |
|
Total |
|
217100000 |
Allottee as on 27.08.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
1000000 |
|
Total |
|
1000000 |
Allottee as on 29.08.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
2000000 |
|
Total |
|
2000000 |
Allottee as on 06.09.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
5000000 |
|
Total |
|
5000000 |
Allottee as on 21.09.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
10000000 |
|
Total |
|
10000000 |
Allottee as on 01.10.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
1000000 |
|
Total |
|
1000000 |
Allottee as on 15.10.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
4500000 |
|
Total |
|
4500000 |
Allottee as on 23.11.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
2500000 |
|
Total |
|
2500000 |
Equity Share Break up (Percentage of Total Equity)
As on 10.07.2012
|
Category |
Percentage |
|
Bodies corporate |
99.98 |
|
Others |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Power Generation |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
Axis Trustee
Services Limited Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai -
400025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay
Mutual Building, 2nd Floor, Dr. D.N Road, Fort, Mumbai -400001,
Maharashtra, India |
|
PAN No.: |
AAAFS7702F |
|
|
|
|
Holding Company: |
CIN No.: U65993MH2005PTC152325 PAN No.: AAJCS2498G |
|
|
|
|
Fellow Subsidiary : |
CIN No.: U27203MH2005PLC154612 PAN No.: AABCJ5919R
CIN No.: U65923MH2007PTC167960 PAN No.: AABCJ9185F
CIN No.: U01117MH2007PTC216973 PAN No.: AADCT3544L
CIN No.: U45206MH2010PTC203280 PAN No.: AACCJ3550F
CIN No.: U26957MH2006PLC160839 PAN No.: AABCJ6731B
CIN No.: U72900MH2000PLC129020 PAN No.: AAFCS6749C
CIN No.: U85110KA1996PLC021242 PAN No.: AAFCS9792M |
|
|
|
|
Associates/Enterprises where control/significant influence exists : |
CIN No.: L27102MH1994PLC152925 PAN No.: AAACJ4323N
CIN No.: U72200KA2006PLC040034 PAN No.: AABCJ7274P |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs. 2400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10880000 |
Equity Shares |
Rs.10/- each |
Rs. 108.800 Millions |
|
|
|
|
|
As on 10.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240000000 |
Equity Shares |
Rs.10/- each |
Rs. 2400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
217100000 |
Equity Shares |
Rs.10/- each |
Rs. 2171.000 Millions |
|
|
|
|
|
After 10.07.2012
Authorised Capital : Rs. 3000.000
millions
Issued, Subscribed & Paid-up Capital : Rs. 2750.000 millions
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 |
108.800 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2.111) |
(0.065) |
(0.053) |
|
|
NETWORTH |
106.689 |
0.435 |
0.447 |
|
|
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 |
106.689 |
0.435 |
0.447 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
4.440 |
0.000 |
0.000 |
|
|
Expenditure pending allocation, net |
95.753 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED 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 |
0.193
|
0.416 |
0.425 |
|
|
Other Current Assets |
10.229
|
0.025 |
0.025 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
10.422
|
0.441 |
0.450 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.735
|
0.006 |
0.003 |
|
|
Other Current Liabilities |
0.191
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
4.926
|
0.006 |
0.003 |
|
|
Net Current Assets |
5.496
|
0.435 |
0.447 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
105.689 |
0.435 |
0.447 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative selling other expenses |
2.045 |
0.012 |
0.022 |
|
|
|
TOTAL |
2.045 |
0.012 |
0.022 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(2.045) |
(0.012) |
(0.022) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(2.045) |
(0.012) |
(0.022) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.065) |
(0.053) |
(0.031) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2.110) |
(0.065) |
(0.053) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.19) |
(0.24) |
(0.45) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.62)
|
(2.72) |
(4.89) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.03) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.05
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
73.50 |
150.00 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
No |
|
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 |
Yes |
FINANCIAL RESULTS
The Company's
project is under implementation stage and the commercial production has not yet
commenced. During the year the Company has incurred the loss of Rs.2.045
millions.
NEW PROJECTS AND
INITATIVES
The Company is implementing
a CDQ Plant of 3.42 MTPA, DRI Plant of 1.2 MTPA and Captive Power Plant of 70MW
at location adjacent to the integrated steel plant of JSW Steel Limited (JSWSL)
at Vijaynagar, District Bellary in the state of Karnataka. Detailed Project
Report has been prepared. The Company has commenced civil and mechanical
activities at Vijaynagar site. The Company has also entered into an agreement
with JSWSL for sub-lease of 9.49 acres of land.
The Project is
scheduled to be commissioned by March 2013.The project cost is estimated to Rs.
24000.000 millions. The Company intends to finance the Project Cost by way of
equity contribution of Rs. 6000.000 millions
and Rs.18000.000 millions by way of debt.
The Company has
tied up for entire debt of Rs.18000.000 millions in October 2010 from ICICI
Bank and is in the process of tying up equity contribution for the project.
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.55.09 |
|
|
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
43 |
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.