|
Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
CSS CORP PRIVATE LIMITED (w.e.f. 14.05.2007) |
|
|
|
|
Formerly Known
As : |
SLASHSUPPORT INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.38, North Boag Road, T. Nagar, Chennai- 600017,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.03.2000 |
|
|
|
|
Com. Reg. No.: |
18-044472 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 91.732 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64202TN2000PTC044472 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS2087A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of providing Web based support services using internet technology with call center solutions, software development and testing services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5060000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a good track record.
Financial position of the company appears to be good. Trade relations are reported as decent. Business is active. Payment
terms are regular 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.
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 |
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.
LOCATIONS
|
Registered Office / Corporate Office: |
No.38, North Boag Road, T. Nagar, Chennai- 600017,
Tamilnadu, India |
|
Tel. No.: |
91-44-39100500 / 66322000 |
|
Fax No.: |
91-44-28152268 |
|
E-Mail : |
|
|
|
|
|
Branch Offices : |
Also Located at ·
Chennai ·
Coimbatore ·
Pune ·
Bangalore |
|
|
|
|
Overseas Offices
: |
Located at ·
San Jose ·
New York ·
Utah ·
UK ·
Poland ·
Mauritius ·
Philippines ·
Singapore ·
Australia |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Kumar Thovali Chidambaram Ekambaram |
|
Designation : |
Director |
|
Address : |
72/1,3-J.Sanjivini, L B. Road, Thirvanmaiyur, Chennai-600041,
Tamilnadu, India |
|
Date of Birth/Age : |
23.06.1957 |
|
Date of Appointment : |
21.12.2009 |
|
PAN No.: |
AADPK0138Q |
|
DIN No.: |
02855630 |
|
|
|
|
Name : |
Mr. Shyam Vasudevan |
|
Designation : |
Director |
|
Address : |
NO. 36, Ground Floor, Krishnapuri Off, Srinivasa Avenue, R.A. Puram,
Chennai -600028, Tamilnadu, India |
|
Date of Birth/Age : |
05.07.1965 |
|
Date of Appointment : |
03.03.2011 |
|
PAN No.: |
AASPS3035P |
|
DIN No.: |
03450899 |
|
|
|
|
Name : |
Mr. Rameshkumar Visvanath |
|
Designation : |
Director |
|
Address : |
Flat No.3, Vidya Enclave, No.30-32, Ramakrishna Street, North Usman
Road, T. Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Birth/Age : |
14.02.1964 |
|
Date of Appointment : |
05.05.2011 |
|
PAN No.: |
AAVPV8359A |
|
DIN No.: |
03513119 |
KEY EXECUTIVES
|
Name : |
Ms. M Saraswathi Priyadharsini |
|
Designation : |
Secretary |
|
Address : |
Old No.63, New No.16, 1st Floor, Natesan Nagar, 4th
Main Road, Virugambakkam, Chennai -600092, Tamilnadu, India |
|
Date of Birth/Age : |
03.03.1983 |
|
Date of Appointment : |
02.09.2011 |
|
PAN No.: |
ARUPP1715G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
Address |
No. of Shares |
|
CSS Corp Technologies (Mauritius) Limited, Mauritius |
608, St. James Court, St. Denis Street, Port Louis, Mauritius |
91731602 |
|
Kumar Ekambaram |
608, St. James Court, St. Denis Street, Port Louis, Mauritius |
100 |
|
Total |
|
91731702 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of providing Web based support services using internet technology with call center solutions, software development and testing services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Indusind Bank Limited, 2401 Gen Thimmayya Road,
Cantonment, Pune - 411001, Maharashtra, India ·
Axis Bank Limited Corporate Banking Branch,192,
Ground floor, Karumuthu Nilayam, Anna Salai, Chennai-600002, Tamilnadu, India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
No.10, Mahatma
Gandhi Road, Numgambakkam, Chennai - 600 034, Tamilnadu, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Holding Company : |
·
CSS Corp Technologies (Mauritius) Limited,
Mauritius |
|
|
|
|
Fellow
Subsidiary Company : |
·
Slash Support Inc., United States ·
Cybernet Software Systems Inc., United States ·
CSS Corp Europe Limited, United Kingdom ·
CSS Corp ICT Services Pte Limited, Singapore ·
CSS Corp ICT Services (Mauritius) Limited,
Mauritius ·
Glow Networks Private Limited, India (CIN No.:
U72900KA2000PTC027507) |
|
|
|
|
Other Related
Parties : |
·
Tyagesa Trust ·
CSS Foundation |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re.1/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91731702 |
Equity Shares |
Re.1/- each |
Rs. 91.732 Millions |
|
|
|
|
|
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 |
91.732 |
91.732 |
91.732 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1173.738 |
1049.186 |
940.114 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1265.470 |
1140.918 |
1031.846 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
2.839 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
2.839 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1265.470 |
1140.918 |
1034.685 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
342.826 |
483.439 |
378.778 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
48.563 |
|
|
|
|
|
|
|
|
INVESTMENT |
146.196 |
34.608 |
24.942 |
|
|
DEFERRED TAX ASSETS |
95.463 |
73.492 |
68.428 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
605.946
|
535.282 |
357.309 |
|
|
Cash & Bank Balances |
333.475
|
137.595 |
191.586 |
|
|
Other Current Assets |
36.877
|
19.457 |
0.000 |
|
|
Loans & Advances |
202.213
|
210.834 |
225.496 |
|
Total
Current Assets |
1178.511
|
903.168 |
774.391 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
90.918
|
133.291 |
122.330 |
|
|
Other Current Liabilities |
141.341
|
106.812 |
82.489 |
|
|
Provisions |
265.267
|
113.686 |
55.598 |
|
Total
Current Liabilities |
497.526
|
353.789 |
260.417 |
|
|
Net Current Assets |
680.985
|
549.379 |
513.974 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1265.470 |
1140.918 |
1034.685 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Service Income |
3022.102 |
2478.242 |
2253.625 |
|
|
|
Other Income |
33.086 |
63.972 |
139.558 |
|
|
|
TOTAL (A) |
3055.188 |
2542.214 |
2393.183 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salaries and Administrative Expenses |
2535.142 |
2219.000 |
1833.414 |
|
|
|
TOTAL (B) |
2535.142 |
2219.000 |
1833.414 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
520.046 |
323.214 |
559.769 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.095 |
0.226 |
2.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
519.951 |
322.988 |
557.459 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
194.954 |
159.730 |
143.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
324.997 |
163.258 |
413.680 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
127.620 |
52.078 |
75.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
197.377 |
111.180 |
338.416 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
1830.700 |
2290.400 |
2055.170 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.15 |
1.21 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.46
|
4.37 |
0.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.11
|
6.59 |
18.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.36
|
11.77 |
35.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.14 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
2.55 |
2.97 |
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 |
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 |
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 No. 19 and
21, Sir Theyagaraya Road, T Nagar, Chennai-600017, Tamil Nadu, India to the present
address w.e.f. 27.07.2012
Background
Subject was incorporated on 22 March 2000 as a 100% subsidiary of SlashSupport Inc. United States of America (“SlashSupport US ”). During the year 2005-06 , the shares held by SlashSupport Inc USA were transferred to CSS Corp Technologies (Mauritius) Limited, and accordingly , the Company has become a wholly owned subsidiary of CSS Corp Technologies (Mauritius) Limited, Mauritius. Consequent to the shareholding changes, CSS Corp Technologies (Mauritius) Limited is now the ultimate Holding Company.
The Company is engaged in the business of providing Web based support services using internet technology with call center solutions, software development and testing services.
CURRENT YEAR
PERFORMANCE AND FUTURE OUTLOOK
During the financial year 2011-12 we saw a growth in revenue and improvement in the margins as compared to the last financial year 2010-11. The uncertainties in the global macroeconomic environment and the Euro zone crisis continue to negatively impact the global markets. CSS’s largest market, US is also hit by this uncertainty, which pose a challenge to the growth in top-line.
The Company has a substantial part of its revenue being generated in USA. The value of our revenue, assets and liabilities are impacted by fluctuations in the exchange rate between the Indian Rupee and the U.S. Dollar which has fluctuated significantly in recent years and may continue to do so in the future. Any significant movement in the exchange rate can impact our margins.
During the last financial year 2010-11, the company started its new facilities in Ambattur and Bengaluru and significantly expanded its capacity and workforce. However demand remained subdued during the current year resulting in under utilisation of seating capacity and unbilled resources. The company is taking necessary steps to improve capacity utilisation and reduce unbilled resources in future.
FIXED ASSETS
v
Tangible Assets
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
v
Intangible Assets
·
Computer software
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.53.87 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
54 |
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.