MIRA
INFORM REPORT
|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
DDB MUDRA MAX PRIVATE LIMITED (w.e.f.13.04.2012) |
|
|
|
|
Formerly Known
As : |
MUDRA MAX PRIVATE LIMITED (w.e.f.05.06.2009) INTERACT VISION ADVERTISING AND MARKETING PRIVATE LIMITED |
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|
Registered
Office : |
Mudra House, Opposite Grand Hyatt, Santacruz (East),
Mumbai – 400055, Maharashtra |
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|
Country : |
India |
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|
|
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
13.11.1975 |
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|
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Com. Reg. No.: |
11-018656 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74300MH1975PTC018656 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI2784G |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Subject is in the business of Providing Advertising Services. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 390000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a satisfactory track record.
There appears slight dip in the profit during 2012. However, trade relations
are reported as decent. Business is active. Payment terms are usually correct
and as per commitment. The company 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.
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 PARTED BY
|
Name : |
Mr. VInod |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-33080808 |
|
Date : |
29.03.2013 |
LOCATIONS
|
Registered Office : |
Mudra House, Opposite Grand Hyatt, Santacruz (East),
Mumbai – 400055, Maharashtra, India |
|
Tel. No.: |
91-22-33080808 |
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Fax No.: |
91-22-33080300 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
DIRECTORS
As on 15.06.2012
|
Name : |
Mr. Dilipkumar Pranshanker Upadhyaya |
|
Designation : |
Director |
|
Address : |
503, Vatsraj Apartments, 5th Floor, Opposite Shraddha School, Jodhpur Gam, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
24.03.1955 |
|
Date of Appointment : |
10.07.2003 |
|
DIN No.: |
00230634 |
|
|
|
|
Name : |
Mr. Madhukar Prabhakar Kamath |
|
Designation : |
Director |
|
Address : |
1203-4, ‘A’ Wing, Chaitanya Towers, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1954 |
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Date of Appointment : |
09.01.2004 |
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DIN No.: |
00230316 |
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|
|
|
Name : |
Mr. Neeraj Puri |
|
Designation : |
Alternate Director |
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Address : |
C-30, Chirag Enclave, New Delhi – 110048, India |
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Date of Birth/Age : |
30.05.1967 |
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Date of Appointment : |
18.12.2012 |
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DIN No.: |
00217163 |
KEY EXECUTIVES
|
Name : |
Mr. VInod |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
DDB Mudra Private Limited (formerly known as Mudra Communications Private Limited), India |
|
33333 |
|
Pratham Human Solutions Private Limited, India |
|
33333 |
|
Mudra Advertising Private Limited (formerly known as Primesite Outdoor Advertising Private Limited), India |
|
45833 |
|
Ignite Mudra Private Limited, India |
|
45835 |
|
The Media Group Private Limited, India |
|
45833 |
|
Mudra Online Technologies Private Limited, India |
|
45833 |
|
Total
|
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 15.06.2012
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is in the business of Providing Advertising
Services. |
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|
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Terms : |
|
|
Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users ·
Adidas ·
Aircel ·
Amway ·
Arvind ·
Ashok Leyland ·
Asian Paints ·
Bank of Baroda ·
Bata ·
Castrol ·
Carrier Midea India ·
Cipla ·
Dabur ·
Emirates ·
Godrej ·
Gulf ·
Federal Bank ·
Future Group ·
HBO ·
LIC ·
HP |
|
|
|
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No. of Employees : |
25 (Approximately) |
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|
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Bankers : |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India Tel No.: 91-22-66521308 |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India |
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PAN No.: |
AAAFC0662N |
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|
|
|
Subsidiaries : |
· Chuo Senko Advertising India Private Limited CIN No.: U52100MH2008PTC188828 · Mudra Rural Marketing Private Limited · Mudra Integrated Sports Services Private Limited · Mudra Integrated Event Management Services Private Limited |
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|
|
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Related Parties : |
· Ignite Mudra Private Limited · Mudra Online Technologies Private Limited · The Media Group Private Limited · Mudra Advertising Private Limited · Prime Green Media Private Limited · Cirrus Media Research Private Limited · Clear Channel Mudra LLP · Pratham Human Solutions Private Limited · DDB Marketing Services Private Limited · DDB Mudra Private Limited · Max Publicity and Communication Private Limited |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2011 (9
Months) |
31.03.2011 (12
Months) |
31.03.2010 (12
Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
93.774 |
77.182 |
57.696 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
96.274 |
79.682 |
60.196 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
299.739 |
255.239 |
42.839 |
|
|
TOTAL BORROWING |
299.739 |
255.239 |
42.839 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.278 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
396.013 |
335.199 |
103.035 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.789 |
13.019 |
5.369 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
233.682 |
13.574 |
25.036 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1371.432
|
1462.850 |
308.249 |
|
|
Cash & Bank Balances |
15.748
|
5.973 |
6.844 |
|
|
Other Current Assets |
0.338
|
0.058 |
0.000 |
|
|
Loans & Advances |
193.563
|
73.106 |
24.422 |
|
Total
Current Assets |
1581.081
|
1541.987 |
339.515 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1162.020
|
1045.467 |
222.596 |
|
|
Other Current Liabilities |
261.793
|
183.084 |
37.646 |
|
|
Provisions |
5.726
|
4.830 |
6.643 |
|
Total
Current Liabilities |
1429.539
|
1233.381 |
266.885 |
|
|
Net Current Assets |
151.542
|
308.606 |
72.630 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
396.013 |
335.199 |
103.035 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2011 (9
Months) |
31.03.2011 (12
Months) |
31.03.2010 (12
Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1855.241 |
1729.599 |
385.969 |
|
|
|
Other Income |
1.897 |
11.129 |
5.108 |
|
|
|
TOTAL |
1857.138 |
1740.728 |
391.077 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1832.424 |
1716.063 |
377.861 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
24.714 |
24.665 |
13.216 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.123 |
5.178 |
3.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
16.591 |
19.487 |
9.634 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.182 |
57.695 |
48.061 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
93.773 |
77.182 |
57.695 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3.199 |
9.092 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
66.36 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 (9
Months) |
31.03.2011 (12
Months) |
31.03.2010 (12
Months) |
|
PAT / Total Income |
(%) |
0.89 |
1.12 |
2.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.33 |
1.43 |
3.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.55 |
1.59 |
3.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.31 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.11 |
3.20 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.25 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars
|
31.12.2011 (9
Months) |
31.03.2011 (12
Months) |
31.03.2010 (12
Months) |
|
|
|
|
|
|
Sundry Creditors |
1162.020 |
1045.467 |
222.596 |
|
Total |
1162.020 |
1045.467 |
222.596 |
|
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 |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
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 |
DETAILS OF
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
31.12.2011 (9
Months) |
31.03.2011 (12
Months) |
|
|
|
|
|
Loans and Advances from Others |
299.739 |
255.239 |
|
Total |
299.739 |
255.239 |
NOTE:
The registered office address
of the company has been shifted from “Shree Ram Mills Premises, Ganpat Rao
Kadam Marg, Worli, Mumbai – 400013, Maharashtra, India” to the present address
w.e.f. 16.08.2010.
REVIEW OF OPERATIONS:
During the period, the Company has entered into a Shareholders Agreement with DDB Mudra Private Limited (DDB Mudra, formerly known as Mudra Communications Private Limited), as per which DDB Mudra will exercise control over the composition of the Board of Directors of the Company. Further, Omnicom Group Inc., USA, a Public Limited Company through its group Companies attained majority stake in DDB Mudra. By virtue of the provisions of Section 4[1][a] and 4[1][c] of the Companies Act, 1956, DDB Mudra has become a subsidiary Company of Omnicom Group Inc., USA and therefore, the Company, being a subsidiary of DDB Mudra, has now status of a Private Company which is a subsidiary of a Public Company.
In terms of the approval given by the Members of the Company vide their General Meeting dated 18th April, 2012, the Company changed its name from Mudra Max Private Limited to DDB Mudra Max Private Limited. The Registrar of Companies, Maharashtra, Mumbai approved change of name request and issued Fresh Certificate of Incorporation Consequent upon Change of Name effective 30th April, 2012.
So as to keep parity with the Financial Year of the holding Company, the current financial year of the Company beginning 1st April, 2011 has been changed by reducing to a period of nine months, so as to end on 31st December, 2011 and subsequent Financial Year(s) of the Company shall be for the period of twelve months commencing on and from 1st of January of every year and ending on 31st of December of that year.
Their focus at the start of this year was to gain size and volume. Through the continued execution of smart strategy and by capitalizing on the significant opportunities in the market, the Company achieved significant growth in business volume during the period on annualized basis. However, due to rampant inflation in the economy resulting in escalation of overheads, Companys cost of operation has gone up significantly resulting into lower profit margin.
In terms of new client acquisition, the Company had a reasonably good year. It won reputed new clients like Axis Bank Limited Abbott Healthcare Private Limited, Britannia Industries Limited, ICICI Lombard General Insurance Co. Limited, IDBI Bank Limited, Nikon India Private Limited, Pernod Ricard India Private Limited, Toshiba India Private Limited etc. to name few.
As recognition of excellent work, the Company won numerous awards at various forum. Significant ones being Gold at Abbys, four Gold at WOW Awards, Silver at Emvies, eleven Gold at OAC and three gold at Exchange 4 media.
FIXED ASSETS:
· Plant and Equipment
· 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.