MIRA INFORM REPORT
|
Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRAIL BLAZER TOURS INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
170, Jeena House, B Wing, Om Nagar, Sahar, Andheri (East), Mumbai –
400099, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.03.2007 |
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|
|
|
Com. Reg. No.: |
11-212279 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 9.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U60300MH2007PTC212279 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT14122D |
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|
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PAN No.: [Permanent Account No.] |
AACCT6365J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Tours and Travel related Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11900 |
|
|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The financial position of the company is below average due to some accumulated
losses and huge external borrowings. However, trade relations are fair. Business is active. Payment terms
are slow. 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.
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 BY
|
Name : |
Mr. J. Ketkar |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-61940938/ 937/ 966 |
|
Date : |
24.04.2013 |
LOCATIONS
|
Registered Office : |
170, Jeena House, B Wing, Om Nagar, Sahar, Andheri (East), Mumbai –
400099, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
Corporate Office : |
902, 9th Floor, Centre 1 Building, World Trade Centre
Complex, Mumbai – 400005, Maharashtra, India |
|
Tel. No.: |
91-22-61940940 |
|
Fax No.: |
91-22-61940900 |
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E-Mail : |
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Branch Office : |
Located at : Ø Mumbai Ø Agra Ø Ahmedabad Ø Aurangabad Ø Cochin Ø Chennai Ø Gurgaon Ø Jaipur Ø Noida Ø Goa Ø New Delhi Ø Pune Ø Varanasi |
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International Representative : |
Located at: Ø Australia Ø Austria Ø Canada Ø China Ø France Ø Korea Ø Russia Ø UK Ø USA |
DIRECTORS
AS ON 31.08.2012
|
Name : |
Mr. Jehangir Nariman Katgara |
|
Designation : |
Chairman and Managing director |
|
Address : |
Katgara House, Napeansea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03.11.1955 |
|
Date of Appointment : |
15.12.2009 |
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PAN No.: |
AAEPK3175C |
|
DIN No.: |
00210854 |
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|
|
|
Name : |
Mr. Homi Adi Katgara |
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Designation : |
Director |
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Address : |
4007, The Imperial North Tower, B-9, Nakashe Marg, Tardeo, Mumbai –
400034, Maharashtra, India |
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Date of Birth/Age : |
11.10.1963 |
|
Date of Appointment : |
29.09.2010 |
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PAN No.: |
AAEPK3177A |
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DIN No.: |
00210338 |
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|
|
|
Name : |
Mr. Sam Nariman Katgara |
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Designation : |
Director |
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Address : |
Katgara House, 3rd Floor, 15 Jagmohan Marg, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
09.05.1961 |
|
Date of Appointment : |
29.09.2010 |
|
PAN No.: |
AAEPK3475D |
|
DIN No.: |
00210687 |
|
|
|
|
Name : |
Mr. Cyrus Nariman Katgara |
|
Designation : |
Director |
|
Address : |
Windsor Court, S-15 B DLF City, Phase 4, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
26.02.1960 |
|
Date of Appointment : |
29.09.2010 |
|
PAN No.: |
AAEPK3473F |
|
DIN No.: |
01649184 |
KEY EXECUTIVES
|
Name : |
Mr. J. Ketkar |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Homa Homajee Mistry |
|
45000 |
|
Homi Adi Katgara |
|
162000 |
|
Meher J. Bhandara |
|
162000 |
|
Sam Nariman Katgara |
|
162000 |
|
Jayram D. Ketkar |
|
45000 |
|
Cyrus Nariman Katgara |
|
162000 |
|
Nariman Katgara |
|
162000 |
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|
|
|
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Total |
|
900000 |
AS ON 31.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
90.00 |
|
Other
top fifty shareholders |
|
10.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Tours and Travel related Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Ø Yes Bank Limited,
9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India Ø BNP Paribas,
French Bank Building, 62, Homji Street, Fort,, Mumbai - 400001, Maharashtra,
India Ø ICICI Bank
Limited Ø Standard
Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New
Delhi - 110001, India Ø Kotak Mahindra
Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mohinder Puri and Company Chartered Accountants |
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Address : |
1A-D Vandhna, Tolstoy Marg, New Delhi – 110001, India |
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Tel. No.: |
91-11-47102200/ 47103300/ 47102250 |
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Fax No.: |
91-11-23313908/ 23731220/ 47102290 |
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E-Mail : |
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Website : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFM9269R |
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Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
Ø Jeena and
Company Private Limited [U63090MH2001PTC133765] Ø Logwin Air and
Ocean India Private Limited [U63000MH2008PTC179861] Ø Inspection and
Quality Control Private Limited [U27224MH1992PTC066840] Ø Watermaker
(India) Private Limited [U29259MH2004PTC149832] Ø Silver Complex
Private Limited [U70100MH1995PTC092148] Ø Crystal Complex
Private Limited [U70200MH2007PTC168102] Ø Schnellecke –
Jeena Logistics India Private Limited [U61100MH2007PTC170925] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900,000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000
Millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.000 |
9.000 |
9.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(6.011) |
(11.115) |
(13.362) |
|
|
NETWORTH |
2.989 |
(2.115) |
(4.362) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
99.229 |
49.835 |
0.000 |
|
|
2] Unsecured Loans |
50.000 |
50.000 |
30.000 |
|
|
TOTAL BORROWING |
149.229 |
99.835 |
30.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
152.218 |
97.720 |
25.638 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
15.828 |
16.708 |
8.125 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
3.697 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.003 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
278.044
|
265.883
|
129.675 |
|
|
Cash & Bank Balances |
20.810
|
34.538
|
31.003 |
|
|
Other Current Assets |
2.764
|
4.421
|
0.028 |
|
|
Loans & Advances |
80.028
|
55.746
|
57.120 |
|
Total
Current Assets |
381.646
|
360.588
|
217.826 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
145.253
|
180.590
|
94.660 |
|
|
Other Current Liabilities |
94.130
|
95.678
|
107.478 |
|
|
Provisions |
5.876
|
3.311
|
1.872 |
|
Total
Current Liabilities |
245.259
|
279.579
|
204.010 |
|
|
Net Current Assets |
136.387
|
81.009
|
13.816 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
152.218 |
97.720 |
25.638 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
107.116 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
123.690 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
7.504 |
1.080 |
(16.574) |
|
|
|
|
|
|
|
|
|
|
TAX |
2.400 |
(1.166) |
0.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
5.104 |
2.246 |
(17.394) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(11.116) |
(13.362) |
4.032 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(6.012) |
(11.116) |
(13.362) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Tours |
|
|
222.134 |
|
|
|
Foreigners Credit Card |
|
|
6.632 |
|
|
TOTAL EARNINGS |
606.670 |
NA |
228.766 |
|
|
|
|
|
|
|
|
|
|
Earnings/
(Loss) Per Share (Rs.) |
5.67 |
2.50 |
(45.51) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
(16.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.89
|
0.29
|
(7.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.51
|
(0.51)
|
3.80 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
49.93
|
(47.20)
|
(6.88) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.29
|
1.07 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
145.253
|
180.590
|
94.660 |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
one year |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The registered office of the company has been shifted from 1A-1D,
Vandhna Building, 11, Tolstoy Marg, New Delhi – 110001, India to the present
w.e.f.30.11.2010
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans and advances from related parties |
50.000 |
50.000 |
|
Total |
50.000 |
50.000 |
CORPORATE
INFORMATION
Subject is a private
company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The Company is engaged in the business of Tours and Travel
services. It caters to both domestic and international markets.
FINANCIAL RESULTS
AND OPERATIONS
During the year,
the Company has witnessed a sizeable increase in net profits earned after
providing for all taxes, as the profits have jumped to more than double as
compared to last year. Similarly, the Company has also registered a growth of
nearly 21% in gross revenue arising from operations. Most of the divisions of
the Company have performed well, simultaneously rupee depreciation has helped
significantly in improving the exchange revenue stream for the Inbound activity
of the Company. The Company has also managed to monitor its increasing cost
base. Further, the Company is also in the process of commencing on-line
booking, and a separate portal for this purpose is being developed. This will
also support the Company’s current activities of travel booking, hotel bookings
and domestic tourism.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U60300MH2007PTC212279 |
|
Name of the
company |
TRAIL BLAZER
TOURS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
170, Jeena House, B Wing, Om Nagar, Sahar, Andheri (East), Mumbai –
400099, Maharashtra, India Email: shikha@mpco.in |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10277096 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge
holder |
Yes Bank Limited,
9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India Email: shareholders@yesbank.in CIN No.:
L65190MH2003PLC143249 |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental deed
of hypothecation |
|
Date of
instrument Creating the charge |
15.09.2012 |
|
Amount secured by
the charge |
Rs. 110.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WCDL : YBL Base
Rate + 3.5% P.A. CC: YBL Base Rate
+ 4.0% P.A. BG: Commission OF
1.5% P.A. Terms of Repayment CC: Tenor:12
Months WCDL: Max 3
Months BG: Max 30 Months
(Including Claim Period) Extent and Operation of the charge First pari passu
charge on all current assets and movable fixed assets of the company |
|
Short particulars
of the property charged |
First pari passu
charge on all current assets and movable fixed assets of the company |
|
Date of
Modification |
01.11.2011 |
|
Particulars of
the present modification |
Enhancement of
charge on the current assets and movable fixed assets of the company from INR
80.0 mm to INR 110 mm |
FIXED ASSETS:
Tangible Assets:
Ø Furniture and fixtures
Ø Vehicles
Ø Office equipment
Ø Computer equipments
Ø Other equipments
Intangible Assets:
Ø Brands and trade marks
Ø Trade marks
Ø Computer software
Ø Commercial contractual rights
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. 54.29 |
|
|
1 |
Rs. 83.88 |
|
Euro |
1 |
Rs. 70.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.