|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TSI HOMES (CHENNAI) PRIVATE LIMITED [w.e.f. 23.07.2007] |
|
|
|
|
Formerly Known
As : |
TSI BUSINESS PARKS (CHENNAI) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-3, 2nd Floor, Embass Heights Annexe, 13, Magrath Road,
Bangalore-560025, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
19.06.2006 |
|
|
|
|
Com. Reg. No.: |
08-039758 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.410.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70109KA2006PTC039758 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction Activity. |
|
|
|
|
No. of Employees
: |
40 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
Maximum Credit Limit : |
USD 1450000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “TS Chembarabakkam, Mauritius”. It has satisfactory track record due to strong promoters. Even though the company was incorporated in the year 2006, it has not started
with its core activity. Mr. Koti (Secretary) has confirmed that the project is under
implementation. It receives better support from Tishman Speyer, one of the leading
owners, developers, fund managers and operators of real estate in the world
and has assembled a property portfolio in excess of US$61.3 billion in total
value across the United States, Europe, Latin America, India and China. It has incurred some pre-operative expenses as a part of project
implementation work. Trade relations are reported as fair. Business is active. Payments are
unknown. In view of strong holding, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Koti |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-9000717154 |
|
Date : |
22.02.2013 |
LOCATIONS
|
Registered Office : |
B-3, 2nd Floor, Embass Heights Annexe, 13, Magrath Road,
Bangalore-560025, Karnataka, India |
|
Tel. No.: |
91-80-42764589 |
|
Mobile No.: |
91-9000717154 [Mr. Koti] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 24.09.2012
|
Name : |
Gary Mark Kravetz |
|
Designation : |
Director |
|
Address : |
300, East 59th, St # 3307, Pin Code 10022, New York |
|
Date of Birth/Age : |
09.07.1968 |
|
Date of Appointment : |
10.07.2009 |
|
Din No.: |
01716173 |
|
Qualification : |
LLM in Taxation From New York University in 1996 |
|
|
|
|
Name : |
Mr. Sanjay Bhardwaj |
|
Designation : |
Director |
|
Address : |
201, Silver Voakamruthavally, Road No. 12, Banjara Hills,
Hyderabad-500035, Andhra Pradesh, India |
|
Date of Birth/Age : |
04.10.1962 |
|
Date of Appointment : |
20.12.2010 |
|
Din No.: |
03361859 |
|
Qualification : |
Master Degree in Commerce From Dav College, Dehradun as well as an
Executive MBA From MDI, Gurgaon |
|
|
|
|
Name : |
Mr. Sanjeev Durjhati Dasgupta |
|
Designation : |
Director |
|
Address : |
D-115, Paradise Building, Raheja Vihar, Off Chandivali Farm Road,
Mumbai-400072, Maharashtra, India |
|
Date of Birth/Age : |
28.05.1967 |
|
Date of Appointment : |
23.12.2009 |
|
Din No.: |
00090701 |
|
Qualification : |
Company Secretary and MBA From London Business School |
KEY EXECUTIVES
|
Name : |
Mr. Koti |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2012
|
Names of Shareholders |
No. of Equity
Shares |
Percentage of
Holding |
Total Debentures |
|
|
|
|
|
|
IDBI Trusteeship Services Limited, India [A/C. India Advantage Fund
III] |
10255000 |
25 |
25006250 |
|
IDBI Trusteeship Services Limited, India [A/C. India Advantage Fund
IV] |
10255000 |
25 |
25006250 |
|
TS (Chembarabakkam), Mauritius |
20510000 |
50 |
50012500 |
|
|
|
|
|
|
Total |
41020000 |
100 |
100025000 |
AS ON 24.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Venture
capital |
|
50.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activity. |
|
|
|
|
Terms : |
|
|
Purchasing : |
Depend |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
40 [Approximately] |
|
|
|
|
Bankers : |
·
ICICI Bank Limited, No. 1, 2nd Floor, ICICI Bank Towers, Shobha Pearl, Opposite
To Mayo Hall, Commissariat Road, Bangalore-560025, Karnataka, India Tel No.: 91-80-41296003/
41131877 Website: http://www.icicibank.com |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
Maruthi Info Tech Centre, 11-12/1, Inner Ring Road, Koramangala,
Bangalore-560071, Karnataka, India |
|
Tel. No.: |
91-80-39806000 |
|
Fax No.: |
91-80-39806999 |
|
E-Mail : |
|
|
PAN No: |
AAIFB7355D |
|
|
|
|
Holding Company : |
TS Chembarabakkam, Mauritius |
|
|
|
|
Other Related Parties : |
·
IDBI Trusteeship Services Limited [A/C. India Advantage
Fund III] ·
IDBI Trusteeship Services Limited [A/C. India
Advantage Fund IV] ·
TSI Teck Park (Pune) Private Limited ·
TSI Hospitality (Pune) Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs.10/- each |
Rs.420.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41020000 |
Equity Shares |
Rs.10/- each
|
Rs.410.200
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
410.200 |
406.700 |
403.200 |
|
|
2] Share Application Money |
0.000 |
3.500 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(45.397) |
(40.151) |
(36.735) |
|
|
NETWORTH |
364.803 |
370.049 |
366.465 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
985.250 |
985.250 |
985.250 |
|
|
TOTAL BORROWING |
985.250 |
985.250 |
985.250 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1350.053 |
1355.299 |
1351.715 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
0.015 |
0.031 |
0.067 |
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
3.392 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1254.825
|
1254.861 |
1253.945 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
5.264
|
3.407 |
1.360 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
113.031
|
105.749 |
103.323 |
|
Total
Current Assets |
1373.120
|
1364.017 |
1358.628 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.582
|
1.397 |
10.284 |
|
|
Other Current Liabilities |
22.500
|
7.352 |
0.088 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
23.082
|
8.749 |
10.372 |
|
|
Net Current Assets |
1350.038
|
1355.268 |
1348.256 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1350.053 |
1355.299 |
1351.715 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.195 |
0.090 |
1.238 |
|
|
|
TOTAL |
0.195 |
0.090 |
1.238 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
5.424 |
3.470 |
7.754 |
|
|
|
TOTAL |
5.424 |
3.470 |
7.754 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(5.229) |
(3.380) |
(6.516) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
0.016 |
0.035 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(5.245) |
(3.415) |
(6.516) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(5.245) |
(3.415) |
(6.516) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(40.151) |
(36.736) |
(30.220) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(45.396) |
(40.151) |
(36.736) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.13) |
(0.08) |
(0.16) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2689.74)
|
(3794.44) |
(526.33) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.38)
|
(0.25) |
(0.48) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.01) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.70
|
2.66 |
2.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
59.49
|
155.91 |
130.99 |
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 |
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
BACKGROUND
Subject
was incorporated on 19 June 2006 as 50:50 joint venture between TS Mauritius
ERISA PH and the Western India Trustee and Executor Company Limited (comprising
of India Advantage Fund III and IV). The Company has been primarily formed for
the purpose of developing residential and related properties.
Subsequently,
Western India Trustee and Executor Company Limited (comprising of India
Advantage Fund III and IV) was merged with IDBI Trusteeship Services Limited
(comprising of A/c. India Advantage Fund III and IV) and pursuant to such
merger, the entities holding the balance 50% shares are IDBI Trusteeship
Services Limited (comprising of A/c. India Advantage Fund III and IV) equally.
Further TS Mauritius ERISA PH also transferred its entire stake to TS
Chembarabakkam (entity in the same group).
OPERATIONAL
PERFORMANCE
All architectural,
development and related matters continue to remain suspended due to the present
market conditions. Total income comprises of interest income on investments.
UNSECURED LOAN
|
Particulars |
As on 31.03.2012 [Rs. in Millions] |
As on 31.03.2011 [Rs. in Millions] |
|
|
|
|
|
Long Term Borrowings 0 % fully and compulsorily convertible debentures of Rs.10 each |
985.250 |
985.250 |
|
|
|
|
|
Total |
985.250 |
985.250 |
|
NOTE:
i.
Of the abovc.70,525,000, 0% fully and compulsorily convertible
debentures of Rs. 10 each shall be compulsorily converted into compulsorily
convertible preference shares in the fixed proportion of one compulsorily
convertible cumulative preference shares for every fully and compulsorily
convertible debentures at the end of the term of ten years i.e. 31 January
2018 or at any time before the expiry of the term with the mutual consent of
the Company and all the debenture holders; and
ii.
Balance 28,000,000, 0% fully and compulsorily convertible
debentures of Rs. 10 each shall be compulsorily converted into compulsorily
convertible preference shares in the fixed proportion of one compulsorily
convertible cumulative preference shares for every fifty fully and
compulsorily convertible debentures at the end of the term of ten years i.e.
10 November 2018 or at any time before the expiry of the term with the mutual
consent of the Company and all the debenture holders. Above Compulsorily convertible preference shares shall be compulsorily converted into Equity shares in the fixed proportion of one equity shares of Re.1 each for every one compulsorily convertible cumulative preference shares at the end of the term (twenty years) or at any time before the expiry of the term with the mutual consent of the Company and all the preference share holders. |
||
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 records 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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.