MIRA INFORM REPORT
|
Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYNTEL INTERNATIONAL PRIVATE LIMITED |
|
|
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Registered
Office : |
Plot No.B-1, MIDC Talawade Software Technology Park, Pune-412114,
Maharashtra |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
04.02.2004 |
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|
Com. Reg. No.: |
11-129818 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 11.544 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30007PN2004PTC129818 |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Subject is provides information technology (IT), software development services
and the infrastructure facilities services only to the group companies. |
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|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 18010000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record.
There appears dip in its sales and profitability during 2012. However, general financial strength seems to be strong. Liquidity
position seems to be good. The company operates on its own fund. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of experience promoters, the company can be considered normal
for business dealings at usual trade terms and condition. |
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. Ajit |
|
Designation : |
Purchase Department |
|
Contact No.: |
91-22-40470150 |
|
Date : |
04.06.2013 |
LOCATIONS
|
Registered Office : |
Plot No.B-1, MIDC Talawade Software Technology Park, Pune-412114,
Maharashtra, India |
|
Tel. No.: |
91-22-40470150 |
|
Fax No.: |
91-22-40470408 |
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E-Mail : |
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Branch Office : |
Seepz, Andheri (East), Mumbai-400096, Maharashtra, India |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Prashant Narayan Ranade |
|
Designation : |
Director |
|
Address : |
3789, Waterford Drive, Addison, Texas-75001, USA |
|
Date of Birth/Age : |
14.11.1952 |
|
Date of Appointment : |
19.03.2010 |
|
DIN No.: |
02968552 |
|
|
|
|
Name : |
Mr. Arvind Shivram Godbole |
|
Designation : |
Director |
|
Address : |
3/38, Jai Hanuman Society, Hanuman Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1957 |
|
Date of Appointment : |
22.09.2008 |
|
DIN No.: |
02363384 |
|
|
|
|
Name : |
Mr. Raghunath Sitaram Ramdas |
|
Designation : |
Director |
|
Address : |
1169, Shallowdale Drive, Troy, Michigan-48085, USA |
|
Date of Birth/Age : |
05.08.1954 |
|
Date of Appointment : |
05.04.2004 |
|
DIN No.: |
00416542 |
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|
|
|
Name : |
Mr. Daniel Michael Moore |
|
Designation : |
Director |
|
Address : |
1974, Stonington Court, Rochester Hills, Michigan, USA-48306 |
|
Date of Birth/Age : |
12.06.1954 |
|
Date of Appointment : |
20.07.2009 |
|
DIN No.: |
00063127 |
KEY EXECUTIVES
|
Name : |
Ms. Nikita Bharat Shah |
|
Designation : |
Secretary |
|
Address : |
9, Shree Ram Niwas, 2nd Floor, G G Road, Mulund (West),
Mumbai-400080, Maharashtra, India |
|
Date of Birth/Age : |
14.07.1981 |
|
Date of Appointment : |
17.06.2011 |
|
PAN No.: |
BJPPS6333F |
|
|
|
|
Name : |
Yatin Sarojkumar Kamat |
|
Designation : |
Manager |
|
Address : |
401,Visava Saraswat Bank Staff Co-Operative Housing Society, Near
Rameshwar Temple, Saraswati Baug, Jogeshwari (East), Mumbai-400060,
Maharashtra, India |
|
Date of Birth/Age : |
16.05.1976 |
|
Date of Appointment : |
17.06.2011 |
|
|
|
|
Name : |
Mr. Ajit |
|
Designation : |
Purchase Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Bharat Nanalal Desai, USA |
5000 |
|
Neeraja Jaidev Sethi, USA |
5000 |
|
Syntel (Mauritius) Limited, Mauritius |
875775 |
|
Rakesh Hansraj Khanna |
1 |
|
Makarand M Sawant |
1 |
|
Arvind Shivram Godbole |
2 |
|
Anil Banwarilal Agarawal |
1 |
|
Rajesh Dinanath Save |
1 |
|
Sudhir Jhunjhunwala |
1 |
|
TOTAL
|
885782 |
|
Names of Preference Shareholders |
No. of Shares |
|
Syntel Limited, India |
250603 |
|
TOTAL
|
250603 |
AS ON 28.03.2013
|
Names of Preference Shareholders (Allottee) |
No. of Shares |
|
Syntel Limited, India |
29250 |
|
TOTAL
|
29250 |
AS ON 03.01.2013
|
Names of Preference Shareholders (Allottee) |
No. of Shares |
|
Syntel Limited, India |
87000 |
|
TOTAL
|
87000 |
AS ON 18.12.2012
|
Names of Preference Shareholders (Allottee) |
No. of Shares |
|
Syntel Limited, India |
24460 |
|
TOTAL
|
24460 |
AS ON 14.09.2012
|
Names of Preference Shareholders (Allottee) |
No. of Shares |
|
Syntel Limited, India |
26042 |
|
TOTAL
|
26042 |
AS ON 24.02.2012
|
Names of Preference Shareholders (Allottee) |
No. of Shares |
|
Syntel Limited, India |
9350 |
|
TOTAL
|
9350 |
AS ON 29.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
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 : |
Subject is provides information technology (IT), software development
services and the infrastructure facilities services only to the group
companies. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
|
|
|
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi
Marg, Mahalakshimi, Mumbai-400011, Maharashtra, India |
|
PAN No.: |
AAIFB7357B |
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|
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Ultimate Holding Company : |
Syntel Inc, USA |
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|
Holding Company : |
Syntel (Mauritius) Limited |
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|
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Fellow Subsidiaries : |
Syntel Limited CIN No.:- U72200MH1992PLC066730 Syntel Solutions
(India) Private Limited CIN No.:-
U72900PN2010FTC137168
|
|
|
|
|
Associates : |
State Street Syntel
Services Private Limited CIN No.:-
U72200MH2004PTC144362 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
500000 |
Preference Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
TOTAL |
|
Rs. 15.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
885782 |
Equity Shares |
Rs.10/- each |
Rs. 8.858
Millions |
|
268683 |
3% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 2.686 Millions |
|
|
TOTAL |
|
Rs. 11.544 Millions |
AS ON 29.11.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
500000 |
Preference Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
TOTAL |
|
Rs. 15.000
Millions |
Issued, Subscribed & Paid-up Capital : Rs. 12.920 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 |
11.544 |
11.390 |
11.181 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4491.793 |
4153.393 |
3536.433 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4503.337 |
4164.783 |
3547.614 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
22.190 |
24.688 |
2.076 |
|
|
|
|
|
|
|
|
TOTAL |
4525.527 |
4189.471 |
3549.690 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3094.049 |
2804.181 |
1390.863 |
|
|
Capital work-in-progress |
1174.822 |
1132.116 |
1987.915 |
|
|
|
|
|
|
|
|
INVESTMENT |
55.913 |
33.656 |
52.588 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
192.893
|
156.883 |
85.049 |
|
|
Cash & Bank Balances |
41.835
|
259.291 |
198.328 |
|
|
Other Current Assets |
3.429
|
1.980 |
2.496 |
|
|
Loans & Advances |
504.383
|
441.458 |
171.126 |
|
Total
Current Assets |
742.540
|
859.612 |
456.999 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
185.518
|
255.746 |
204.672 |
|
|
Other Current Liabilities |
353.345
|
367.117 |
100.546 |
|
|
Provisions |
2.934
|
17.231 |
33.457 |
|
Total
Current Liabilities |
541.797
|
640.094 |
338.675 |
|
|
Net Current Assets |
200.743
|
219.518 |
118.324 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4525.527 |
4189.471 |
3549.690 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
735.467 |
1277.040 |
1001.745 |
|
|
|
Other Income |
16.127 |
7.988 |
(17.603) |
|
|
|
TOTAL |
751.594 |
1285.028 |
984.142 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
599.269 |
891.526 |
585.034 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
599.269 |
891.526 |
585.034 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
152.325 |
393.502 |
399.108 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
20.606 |
16.212 |
20.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
131.719 |
377.290 |
378.698 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1063.178 |
723.700 |
382.943 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
13.170 |
37.729 |
37.870 |
|
|
|
Proposed Dividend on Preference Shares |
0.039 |
0.083 |
0.071 |
|
|
BALANCE CARRIED
TO THE B/S |
1181.688 |
1063.178 |
723.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Software Exports |
161.030 |
905.700 |
771.206 |
|
|
TOTAL EARNINGS |
161.030 |
905.700 |
771.206 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
114.360 |
50.930 |
76.544 |
|
|
TOTAL IMPORTS |
114.360 |
50.930 |
76.544 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
148.70 |
425.94 |
427.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
17.53
|
29.36 |
38.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.71
|
30.81 |
39.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.97
|
10.74 |
21.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.09 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.34 |
1.35 |
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 |
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
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
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 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
185.518
|
255.746 |
|
|
Creditors due to others |
-- |
-- |
204.672 |
|
|
|
|
|
|
TOTAL |
185.518
|
255.746 |
204.672 |
GENERAL INFORMATION
Subject was
incorporated on 4 February 2004. The Company is a wholly owned subsidiary of
Syntel (Mauritius) Limited, Mauritius. Syntel (Mauritius) Limited, Mauritius is
a wholly owned subsidiary of Syntel Inc. a US based Company listed on the
NASDAQ. The Company provides information technology (IT), software development
services and the infrastructure facilities services only to the group
companies.
OPERATIONS AND
PROSPECTS
The income from
operations during the year declined to Rs. 735.47 million, as against Rs.
1277.04 million in the previous year. The overall profit after tax for the
current financial year was Rs. 131.72 million as against Rs. 377.29 million in
the previous year.
The second phase
of construction at Pune GDC at Talawade Software Park -SEZ is in progress which
consists of three software development blocks (SDB) namely S6, S7, S8 totaling
to approximate capacity of additional 6000 seats which will be based on
statutory approvals and the same will be operational around first calendar
quarter of 2013.
The Company has
completed 2 software blocks at its Chennai GDC campus (which is SEZ notified)
in Siruseri, namely SDB 3 and SDB 1. These two software blocks together have
approx. 3,400 operational seats. SDB 3 has become fully operational in August
2010 and SDB 1 is operation with effect from October 2011. SDB2 which will have
capacity of 1700 seats approximately will be operational around first calendar
quarter of 2013.
The Company has
obtained 100 acres of land from ELCOT, a state government agency, at
Tirunelvelli, Tamil Nadu in which the Company will be a SEZ co-developer along
with ELCOT. Based on receiving the statutory approval from the appropriate
authorities, the Company shall thereafter commence construction at the site.
FIXED ASSETS
- Leasehold
Land
- Building
- Computers and
Related Equipments
- Office and
Other Equipments
- 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. 56.57 |
|
|
1 |
Rs. 86.15 |
|
Euro |
1 |
Rs. 73.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.