MIRA
INFORM REPORT
|
Report Date : |
12.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE UTILITIES PRIVATE LIMITED (w.e.f.15.07.2008) |
|
|
|
|
Formerly Known
As : |
RELIANCE UTILITIES LIMITED |
|
|
|
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Registered
Office : |
ECB-3, CPP Complex, Reliance |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.02.2000 |
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|
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Com. Reg. No.: |
04-050444 |
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Capital
Investment / Paid-up Capital : |
Rs. 2710.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999GJ2000PTC050444 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Generation of Power and Investments |
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|
No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 67000000 |
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|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a part of Reliance Group. It is well established company
having excellent track record. Financial positions of the company seem to be booming.
Fundamentally appears to be healthy and strong. Trade relations are reported
to be fair. Business is active. Payments are reported to be regular and as
per commitments. The 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Dinesh |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-44770000 |
|
Date : |
11.07.2012 |
LOCATIONS
|
Registered Office : |
ECB-3, CPP Complex, Reliance Jamnagar Sez, Village Padana, Taluka
Lalpur, Jamnagar-361280, Gujarat, India |
|
Tel. No.: |
91-288-6612426 91-22-44770000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 24.05.2011
|
Name : |
Mr. Srinivasan Ramesh |
|
Designation : |
Director |
|
Address : |
C-3, Navageeta Society St. Anthony Road, Chembur, Mumbai-400071,
Maharashtra, India |
|
Date of Birth/Age : |
29.04.1957 |
|
Date of Appointment : |
14.12.2009 |
|
DIN No.: |
00006401 |
|
|
|
|
Name : |
Mr. Sanjay Mashruwala |
|
Designation : |
Director |
|
Address : |
A 1, Beach House, gandhigram Road, Juhu, Mumbai-400049, Maharashtra,
India |
|
Date of Birth/Age : |
07.04.1948 |
|
Date of Appointment : |
14.12.2009 |
|
DIN No.: |
01259774 |
|
|
|
|
Name : |
Mr. Kiritkumar Manubhai Brahmbhatt |
|
Designation : |
Director |
|
Address : |
Sector 5, Bunglow No.7, RPL Greens, Jamnagar-361140, Gujarat, India |
|
Date of Birth/Age : |
05.07.1951 |
|
Date of Appointment : |
17.04.2007 |
|
DIN No.: |
01446845 |
KEY EXECUTIVES
|
Name : |
Ms. Avani Satish Gangapurkar |
|
Designation : |
Secretary |
|
Address : |
B-3/602, Kanchanpushp, Opposite Suraj Water Park, G. B. Road, P. O. Kasarva
Davli, Thane (West), Thane-400601, Maharashtra, India |
|
Date of Birth/Age : |
09.01.1987 |
|
Date of Appointment : |
25.08.2010 |
|
Pan No.: |
AJWPG9748G |
|
|
|
|
Name : |
Mr. Kiritkumar Manubhai Brahmbhatt |
|
Designation : |
Manager |
|
Address : |
Sector 5, Bunglow No.7, RPL Greens, Jamnagar-361140, Gujarat, India |
|
Date of Birth/Age : |
05.07.1951 |
|
Date of Appointment : |
06.11.2007 |
|
Pan No.: |
ABNPB4679C |
|
|
|
|
Name : |
Mr. Dinesh |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.05.2011
|
Names of Class A Equity Shareholders |
No. of Shares |
|
Reliance Industries Limited, India |
2050000 |
|
Reliance Jamnagar Infrastructure Limited, India |
100000 |
|
Reliance Pharmaceuticals Private Limited, India |
50000 |
|
Reliance Ports and Terminals Limited, India |
300000 |
|
Reliance Retail Limited, India |
100000 |
|
Priyash Commercials Private Limited, India |
7400000 |
|
TOTAL |
10000000 |
|
Names of Class B Equity Shareholders |
No. of Shares |
|
Reliance Retail Limited, India |
991990000 |
|
Priyash Commercials Private Limited, India |
1008010000 |
|
TOTAL |
2000000000 |
|
10% Non-cumulative
Compulsorily Convertible Preference Shares – Series A |
No. of Shares |
|
Axis Trustee Services Limited, India |
16041667 |
|
TOTAL |
16041667 |
|
10%
Non-cumulative Compulsorily Convertible Preference Shares – Series B |
No. of Shares |
|
Axis Trustee Services Limited, India |
23333333 |
|
TOTAL |
23333333 |
|
10%
Non-cumulative Compulsorily Convertible Preference Shares – Series C |
No. of Shares |
|
Axis Trustee Services Limited, India |
30625000 |
|
TOTAL |
30625000 |
AS ON 24.05.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation of Power and Investments |
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the management |
||||||||||||||||||||||||
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Bankers : |
·
Axis Bank Limited, Trishul, 3rd Floor,
Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006,
Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Pathak H. D. and Associates Chartered Accountant |
|
Address : |
709, Tulsiani Chambers, 212 Nariman Point, Mumbai-400021, Maharashtra,
India |
|
Pan No.: |
AAAFP1031C |
|
|
|
|
Holding Company : |
Priyash
Commercials Private Limited CIN No.:- U51100GJ2005PTC046468 |
|
|
|
|
Associates : |
Reliance Ports
and Terminals Limited CIN No.:- U45102GJ1997PLC031906 Reliance
Industries Limited CIN No.:- L17110MH1973PLC019786 |
|
|
|
|
Subsidiaries : |
·
Reliance Gas Transportation Infrastructure
Limited CIN No.:- U60300GJ1999PLC040064 ·
Kankhal Investments and Trading Company Private
Limited CIN No.:- U65923MH1979PTC021244 ·
Relogistics Infrastructure Limited CIN No.:- U74140MH2000PLC128405 ·
Reliance Enterprises Holding Private Limited CIN No.:- U67120MH2007PTC168012 ·
Reliance Utilities and Power Private Limited CIN No.:- U40100GJ1991PTC051130 ·
Deccan Finvest Private Limited CIN No.:- U65910MH2000PTC211633 |
|
|
|
|
Fellow Subsidiaries : |
Reliance Ports
and Terminals Limited |
|
|
|
|
Limited Liability Partnership (where control
exists) : |
Pavana
Enterprises LLP |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000000 |
Equity Shares |
Rs.1/- each |
Rs. 30000.000 Millions |
|
5000000000 |
Preference Shares |
Rs.10/- each |
Rs. 50000.000 Millions |
|
|
TOTAL |
|
Rs. 80000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares Class A |
Rs.1/- each |
Rs. 10.000
Millions |
|
2000000000 |
Equity Shares Class B |
Rs.1/- each |
Rs. 2000.000
Millions |
|
16041667 |
10% Non-Cumulative Compulsorily Convertible Preference
Shares – Series A |
Rs.10/- each |
Rs. 160.400
Millions |
|
23333333 |
10% Non-Cumulative Compulsorily Convertible
Preference Shares – Series B |
Rs.10/- each |
Rs. 233.300
Millions |
|
30625000 |
10% Non-Cumulative Compulsorily Convertible Preference
Shares – Series C |
Rs.10/- each |
Rs. 306.300
Millions |
|
|
TOTAL |
|
Rs. 2710.000 Millions |
NOTES:
i)
Out of above 74 00 000 Class 'A' Equity Shares
(Previous Year NIL) and 100 80 10 000 Class 'B' Equity Shares (Previous Year NIL)
are held by M/s. Priyash Commercials Private Limited, the Holding Company.
ii)
Each of the Series A, Series B and Series C 10%
Non-Cumulative Compulsorily Convertible Preference Share (CCPS) of Rs.10/- each
issued at a premium of Rs. 90/- each is compulsorily convertible into 12.5
Class 'C' Equity Shares of Re. 1/- each fully paid up at a premium of Rs. 7/-
per equity share, by the holder thereof, during the period :-
Beginning on October 1, 2015 and ending on September 30, 2016 in the
case of Series A,
Beginning on October 1, 2017 and ending on September 30, 2018 in the
case of Series B,
Beginning on October 1, 2019 and ending on September 30, 2020 in the
case of Series C.
iii)
In addition to the 10% dividend, in the event of the
Company declaring / paying any dividend or distribution to equity shareholders
or any other class of shareholders, the Company shall also declare / pay to holders of CCPS, a proportionate
dividend / distribution calculated on a fully diluted basis (assuming full
conversion into equity shares).
iv)
During the year the Company has issued and allotted
23000000000 share warrants on private placement basis to the existing holders
of Class B equity shares which give them a right to apply for equivalent number
of Class B equity shares Re. 1/- each at a price of Re. 1/- each within 36
months of date of allotment of warrants.(i.e. March 31, 2011)
AS ON 24.05.2011
Authorised Capital : Rs. 80000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 26390.000 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 |
2710.000 |
2710.000 |
2710.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14104.900 |
10541.600 |
6300.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(1577.856) |
|
|
NETWORTH |
16814.900 |
13251.600 |
7432.144 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98973.500 |
100682.500 |
21556.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
2489.000 |
|
|
TOTAL BORROWING |
98973.500 |
100682.500 |
24045.000 |
|
|
DEFERRED TAX LIABILITIES |
331.300 |
329.900 |
71.992 |
|
|
COMPULSORILY CONVERTIBLE DEBENTURE |
0.000 |
0.000 |
81600.000 |
|
|
|
|
|
|
|
|
TOTAL |
116119.700 |
114264.000 |
113149.136 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11771.100 |
13797.100 |
16286.340 |
|
|
Capital work-in-progress |
9338.100 |
9401.900 |
9279.344 |
|
|
|
|
|
|
|
|
INVESTMENT |
94447.900 |
88556.000 |
88577.606 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
230.500
|
139.600 |
114.283 |
|
|
Sundry Debtors |
806.600
|
1838.800 |
1617.343 |
|
|
Cash & Bank Balances |
2.500
|
1.300 |
17.915 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1169.000
|
2362.200 |
80.731 |
|
Total
Current Assets |
2208.600
|
4341.900 |
1830.272 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
71.900
|
295.300 |
962.400 |
|
|
Other Current Liabilities |
1502.200
|
1533.400 |
1850.448 |
|
|
Provisions |
71.900
|
4.200 |
11.578 |
|
Total
Current Liabilities |
1646.000
|
1832.900 |
2824.426 |
|
|
Net Current Assets |
562.600
|
2509.000 |
(994.154) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
116119.700 |
114264.000 |
113149.136 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
6243.254 |
6815.199 |
4004.176 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6068.800 |
8957.800 |
(331.300) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
325.700 |
398.300 |
357.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5743.100 |
8559.500 |
(688.500) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2108.200 |
2482.100 |
1194.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3634.900 |
6077.400 |
(1882.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.600 |
258.000 |
72.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3633.300 |
5819.400 |
(1954.600) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4241.600 |
(1577.800) |
376.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
70.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7804.900 |
4241.600 |
(1577.800) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
104.600 |
5169.300 |
|
|
|
Capital Goods |
NA |
102.100 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
206.700 |
5169.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.78 |
2.91 |
(0.98) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
58.20
|
85.39 |
(48.81) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.00
|
33.50 |
(10.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.46 |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.00
|
7.76 |
3.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
2.37 |
0.65 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 |
Yes |
|
10. Designation of contact person |
Yes |
|
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 |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due
small micro enterprises |
0.100 |
0.000 |
0.000 |
|
Creditors due
others |
71.800 |
295.300 |
962.400 |
|
TOTAL |
71.900 |
295.300 |
962.400 |
NOTE
Registered office has been shifted from Motikhavdi, P.O. Digvijaygram,
Jamnagar, Gujarat, India to the present address w.e.f.21.08.2008.
OPERATIONAL REVIEW
During the year,
the company has continued to supply Steam, Power and Process Boiler Feed water
without interruption to SEZ Refinery and Process Plants. The power station is
functional on islanded mode since March, 2009.
FIXED ASSETS
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Electrical Installations
·
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 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. 55.36 |
|
|
1 |
Rs. 85.94 |
|
Euro |
1 |
Rs. 67.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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.