|
Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MERU CAB COMPANY PRIVATE LIMITED (w.e.f. 11.07.2008) |
|
|
|
|
Formerly Known
As : |
V-LINK TAXIS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
128, IJMIMA, Raheja Matroplex, Behind Goregaon Sports Club, Off Link
Road, Malad (West) Mumbai – 400064, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-165959 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.760
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040MH2006PTC165959 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV3807B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is
engaged in the business of operations and maintenance of fleet of taxis. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4100000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having a moderate track record. The management
of the company has not filed its financials with the government department.
As per previous year financials it seems that the company has recorded some
accumulated losses. However, trade relations are reported as fair. Business
is active. Payments are reported to be slow. The company can be considered for business 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.
Contact No.:91-22-40520100
LOCATIONS
|
Registered Office : |
128, IJMIMA, Raheja Matroplex, Behind Goregaon Sports Club, Off Link
Road, Malad (West) Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-40520100/ 40520000 |
|
Fax No.: |
91-22-40520199 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Neeraj Vishnukumar Gupta |
|
Designation : |
Director |
|
Address : |
613, 6th Floor, Raheja Crest Next Cinemax New Link Road,
Andheri (West), Mumbai – 4000548, Maharashtra, India |
|
Date of Birth/Age : |
24.02.1973 |
|
Date of Appointment : |
04.12.2006 |
|
DIN No.: |
01783151 |
|
|
|
|
Name : |
Mr. Pramod Kabra |
|
Designation : |
Additional Director |
|
Address : |
Building 5, Anmol Housing Society, Andheri Kurla Road, Mumbai –
400069, Maharashtra, India |
|
Date of Birth/Age : |
20.10.1959 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
02252403 |
|
|
|
|
Name : |
Mr. Vikram Nirula |
|
Designation : |
Director |
|
Address : |
704, Gypsy Rose Shastri Nagar, Ajmera Complex, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1972 |
|
Date of Appointment : |
29.11.2007 |
|
DIN No.: |
01655115 |
|
|
|
|
Name : |
Mr. Vishal Gangadhar Nevatia |
|
Designation : |
Director |
|
Address : |
202, Adibaba, 16th Road, Santacruz (west), Mumbai – 400054,
Maharashtra, India Maharashtra, India |
|
Date of Birth/Age : |
05.08.1969 |
|
Date of Appointment : |
30.07.2008 |
|
DIN No.: |
01307857 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
V Link Travel solkutions Private Limited, India |
|
75972 |
|
Neeraj Vishnukumar Gupta Joint With Farhat Gupta |
|
1 |
|
|
|
|
|
Total |
|
75973 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
99.99 |
|
Directors or relatives of directors |
|
0.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is
engaged in the business of operations and maintenance of fleet of taxis. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Corporation Bank 185-R, Alhad, P. K. Road, Near Kalidas Hall, Mulund-West, Mumbai –
400080, Maharashtra, India |
|||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
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Facilities : |
|
|||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Battliboi and Associates Chartered Accountant |
|
Address : |
Express Tower, 19th Floor, Nariman Point, Mumbai,
Maharashtra, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Holding Company
: |
· V-Link Travel Solutions Private Limited |
|
|
|
|
Fellow
Subsidiaries : |
· V-Link Fleet Solutions Private Limited · V-Link Automotive Services Private Limited · Music Broadcast Private Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75973 |
Equity Shares |
Rs.10/- each |
Rs.0.760
Million |
|
|
|
|
|
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 |
0.760 |
0.627 |
0.110 |
|
|
2] Share Application Money |
165.005 |
0.031 |
1113.217 |
|
|
3] Reserves & Surplus |
2018.051 |
1579.158 |
19.990 |
|
|
4] (Accumulated Losses) |
(1157.213) |
(726.929) |
(531.550) |
|
|
NETWORTH |
1026.603 |
852.887 |
601.767 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1166.505 |
1551.479 |
1027.166 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1166.505 |
1551.479 |
1027.166 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2193.108 |
2404.366 |
1628.933 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2078.421 |
2342.195 |
1594.727 |
|
|
Capital work-in-progress |
56.798 |
103.335 |
48.910 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
69.271
|
73.649 |
15.686 |
|
|
Cash & Bank Balances |
45.975
|
27.578 |
33.260 |
|
|
Other Current Assets |
7.127
|
4.678 |
3.991 |
|
|
Loans & Advances |
185.556
|
71.873 |
61.834 |
|
Total
Current Assets |
307.929
|
177.778 |
114.771 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
59.165
|
80.692 |
47.497 |
|
|
Other Current Liabilities |
188.914
|
131.942 |
73.289 |
|
|
Provisions |
1.961
|
6.308 |
8.689 |
|
Total
Current Liabilities |
250.040
|
218.942 |
129.475 |
|
|
Net Current Assets |
57.889
|
(41.164) |
(14.704) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2193.108 |
2404.366 |
1628.933 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
NA |
1024.017 |
394.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
789.035 |
522.046 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
234.982 |
(128.046) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
430.361 |
228.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
(195.379) |
(356.842) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
0.000 |
6.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(430.284) |
(195.379) |
(363.117) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(531.550) |
(168.433) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(726.929) |
(531.550) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
102.265 |
142.824 |
|
|
TOTAL IMPORTS |
NA |
102.265 |
142.824 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(6,282.00) |
(4,672.78) |
(33,010.64) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
(19.08) |
(92.16) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(7.75) |
(20.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.23) |
(0.59) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.14
|
1.82 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
0.81 |
0.89 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
59.165
|
80.692 |
47.497 |
|
|
|
|
|
|
Total |
59.165
|
80.692 |
47.497 |
|
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 two 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 |
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 |
OUTLOOK AND BUSINESS PROSPECT
The company maintained
its leadership position in the industry by delivering superior value to
consumer through its service, resulting in Revenue growth by 36%. In line with
the strategy, the Company intends to consolidate its services in Bangalore,
Hyderabad, Delhi and Mumbai and then expand into new territories. During the
year 2010-11, the Company added 461 new vehicles to its fleet and will continue
to expand its fleet size in line with the market demand. The Company’s customer
oriented strategy has resulted high acceptance level from the consumers and it
has helped in achieving absolute dominance in the market. The directors believe
that the Company will continue to maintain its leadership position in future
years.
NOTE:
The Registered office of the company has been
shifted form, 283/2243, Motilal Nagar -1, Billabong High School, Off Link Road,
Goregaon (West), Mumbai, Maharashtra, India, to the present address w.e.f.
01.07.2007.
FORM 8
|
This form is for |
Creation of
charge |
|
Charge identification
number of the modified |
-- |
|
Corporate
identity number of the company |
U63040MH2006PTC165959 |
|
Name of the
company |
Meru Cab Company
Private Limited |
|
Address of the
registered office or of the principal place of business in |
128, IJMIMA -
Raheja Metroplex, Behind Goregaon Sports Club, Off
Link Road, Malad (West), Mumbai – 400064, Maharashtra, India |
|
Type of charge |
Others:
Hypothecation of Vehicle |
|
Particular of
charge holder |
Corporation Bank 185- R Alhad, P.
K. Road, Near Kalidas Hall, Mulund-West, Mumbai – 400080, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for
hypothecation of vehicles |
|
Date of
instrument Creating the charge |
11.09.2012 |
|
Amount secured by
the charge |
Rs.107.600
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 11.50% (p.a.),
Floating (Base Rate + 1%) Terms of
Repayment As Per Sanctioned
Letter Ist stage
repayment within 60 months after disbursement IInd stage repayment
within 60 months after disbursement IIIrd stage
repayment within 60 months after
disbursement Margin 20.00% Extent and
Operation of the charge As Per Sanctioned
Letter. |
|
Short particulars
of the property charged |
To Pur Vehicles FR
Running Taxi at Bangalore description of vehicles: to buy 100 ETIOS Toyato
Cars @ Rs.0.730 Million OER ACR and 100 Maruti Dezire Cars @ Rs.0.615
Millions per car. |
FIXED ASSETS:
· Leasehold Improvement
· Office Equipment
· Computer
· Furniture and Fixture
· 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.54.46 |
|
|
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.