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MIRA
INFORM REPORT
|
Report Date : |
21.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE LIFESTYLE FASHIONS LIMITED (w.e.f. 04.12.2012) INDUS LEAGUE (A DIVISION OF FUTURE LIFESTYLE FASHIONS LIMITED) |
|
|
|
|
Formerly Known
As : |
FUTURE VALUE FASHION RETAIL LIMITED |
|
|
|
|
Registered
Office : |
Knowledge House, Shyam Nagar, Off. Jogeshwari - Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.05.2012 |
|
|
|
|
Com. Reg. No.: |
11-231654 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.51.463 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52100MH2012PLC231654 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer, Seller, Importer and Exporter of Garments and Hosiery
Made of Cotton, Silk, Rayon, Wool, Nylon, Man-Made Fabrics, Polyesters,
Canvas, Jute, Leather, and Other Fabrics. |
|
|
|
|
No. of Employees
: |
Information denied 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 192000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a relatively new company having a moderate track record. There
appears loss and accumulated loss recorded by the company during 2013. However, trade relations are reported as fair. Business is active.
Payment are reported to be slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit, resulting
in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in
the corresponding quarter of the previous financial year. The government aims
to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court has
barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A [Long Term Bank Facilities Term Loans] |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
June 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A [Proposed Long Term Facilities Working Capital Facilities] |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
June 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1 [Proposed Commercial Paper] |
|
Rating Explanation |
Strong degree of safety and carry lowest credit risk. |
|
Date |
June 2013 |
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 [91-80-33423535]
LOCATIONS
|
Registered Office : |
Knowledge House, Shyam Nagar, Off. Jogeshwari - Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
|
Tel. No. : |
91-22-30842336/ 30841300 |
|
Fax No. : |
91-22-66442201 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Corporate / Future Retail Home Office : |
Tower C, 247 Park, LBS Marg, Vikhroli (West), Mumbai – 400083,
Maharashtra, India |
|
Tel. No. : |
91-22-61190000 |
|
Fax No. : |
91-22-61995391 |
DIRECTORS
AS ON 09.05.2013
|
Name : |
Mr. Kishore Laxminarayan Biyani |
|
Designation : |
Managing Director |
|
Address : |
406, Jeevan Vihar, Manav Mandir Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
09.08.1960 |
|
Date of Appointment : |
25.06.2013 |
|
DIN No. : |
00005740 |
|
|
|
|
Name : |
Mr. Chandra Prakash Toshniwal |
|
Designation : |
Director |
|
Address : |
Kanishka, Great Eastern Link, Ram Mandir Road, Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1966 |
|
Date of Appointment : |
09.05.2013 |
|
DIN No. : |
00036303 |
|
|
|
|
Name : |
Darlie Oommen Koshy |
|
Designation : |
Additional Director |
|
Address : |
U23/25, FF Town, House DLF Qutab Enlave, Phase III, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
29.05.1955 |
|
Date of Appointment : |
10.06.2013 |
|
DIN No. : |
00023527 |
|
|
|
|
Name : |
Mr. Shailesh Vishnubhai Haribhakti |
|
Designation : |
Additional Director |
|
Address : |
Flat No 228, 'B' Wing ,Kalpataru Habitat, 22nd Floor, Dr.S.S. Rao Road, Parel, Mumbai – 400012, Maharashtra India |
|
Date of Birth/Age : |
12.03.1956 |
|
Date of Appointment : |
10.06.2013 |
|
DIN No. : |
00007347 |
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|
|
|
Name : |
Rakesh Biyani |
|
Designation : |
Additional Director |
|
Address : |
304, Jeevan Vihar, Manav Mandir Road, Malabhar Hill Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
05.04.1972 |
|
Date of Appointment : |
10.06.2013 |
|
DIN No. : |
00005806 |
KEY EXECUTIVES
|
Name : |
Mr. Kuldeep R Sharma |
|
Designation : |
Secretary |
|
Address : |
601/A, Shiv Parvati, Chincholi Bunder Road, Malad (West), Mumbai - 400064, Maharashtra, India |
|
Date of Birth/Age : |
26.07.1965 |
|
Date of Appointment : |
01.05.2013 |
|
PAN No.: |
AAFPS9218R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.05.2013
|
Names of Shareholders |
|
No. of Shares |
|
Future Retail Limited, India |
|
25731369 |
|
Future Retail Limited, India Jointly with Sanjay Rathi |
|
5 |
|
Future Retail Limited, India Jointly with Kuldeep Sharma |
|
5 |
|
Future Retail Limited, India Jointly with Anant Gude |
|
5 |
|
Future Retail Limited, India Jointly with Virendra Samani |
|
5 |
|
Future Retail Limited, India Jointly with Milind Budhakar |
|
5 |
|
Future Retail Limited, India Jointly with Subodh More |
|
5 |
|
|
|
|
|
TOTAL
|
|
25731399 |
AS ON 09.05.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller, Importer and Exporter of Garments and Hosiery
Made of Cotton, Silk, Rayon, Wool, Nylon, Man-Made Fabrics, Polyesters,
Canvas, Jute, Leather, and Other Fabrics. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
Axis Bank Limited, Corporate Banking Branch, Second Floor, Queens Road, Bangalore - 560001, Karnataka, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
NGS and Company LLP Chartered Accountants |
|
Address : |
B/46, 3rd Floor, Pravasi Industrial Estate, V.N. Road,
Goregaon (East), Mumbai-400063, Maharashtra, India |
|
Tel. No.: |
91-22-42173337/ 3327 |
|
Fax No.: |
91-22-28760882 |
|
|
|
|
Holding Company : |
·
Future Retail Limited [Formerly known as
Pantaloon Retail (India) Limited w.e.f. 09.11.2012] ·
Future Value Retail Limited [Till 08.11.2012] |
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|
|
|
Fellow Subsidiary : |
Future Value Retail Limited [w.e.f. 09.11.2012] |
CAPITAL STRUCTURE
AFTER 09.05.2013
Authorized Capital : Rs. 500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
308.946 Millions
AS ON 09.05.2013
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25731399 |
Equity Shares |
Rs.2/- each |
Rs.51.463 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
51.463 |
|
(b) Reserves & Surplus |
|
|
(3.413) |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
48.050 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long
term liabilities |
|
|
0.063 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
0.063 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
0.000 |
|
(c)
Other current liabilities |
|
|
0.000 |
|
(d) Short-term
provisions |
|
|
0.000 |
|
Total Current
Liabilities (4) |
|
|
0.000 |
|
|
|
|
|
|
TOTAL |
|
|
48.113 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
0.000 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax
assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.024 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
0.024 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
0.000 |
|
(c)
Trade receivables |
|
|
0.000 |
|
(d) Cash
and cash equivalents |
|
|
1.703 |
|
(e)
Short-term loans and advances |
|
|
45.000 |
|
(f)
Other current assets |
|
|
1.386 |
|
Total
Current Assets |
|
|
48.089 |
|
|
|
|
|
|
TOTAL |
|
|
48.113 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
1.540 |
|
|
|
TOTAL |
|
|
1.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
|
|
4.808 |
|
|
|
TOTAL |
|
|
4.808 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
(3.268) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
(3.413) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(0.30) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
PAT / Total Income |
(%) |
|
|
(221.62) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(6.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.00 |
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 one year |
Yes |
|
12] |
Profitability for one year |
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] |
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 |
Yes |
INDEX OF CHARGES:
|
S.
No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10459270 |
07/11/2013 |
10,430,000,000.00 |
BANK
OF INDIA & 6 OTHERS |
MUMBAI
LARGE CORPORATE BRANCH, ORIENTAL BUILDING,, |
B89170328 |
|
2 |
10433899 |
29/05/2013 |
45,000,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH, SECOND FLOOR, QUEENS ROAD, BANGALORE - 560001, KARNATAKA,
INDIA |
B78307519 |
|
3 |
10433897 |
29/05/2013 |
690,000,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH, SECOND FLOOR, QUEENS ROAD, BANGALORE - 560001, KARNATAKA,
INDIA |
B78307121 |
|
4 |
10433734 |
29/05/2013 |
2,000,000,000.00 |
ALLBANK
FINANCE LIMITED |
14,
INDIA EXCHANGE PLACE, 1ST FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA |
B78253010 |
|
5 |
10433737 |
29/05/2013 |
2,500,000,000.00 |
CENTBANK
FINANCIAL SERVICES LIMITED |
15-16
BAJAJ BHAWAN, 1ST FLOOR, OPPOSITE INOX MULTIPLEX, NARIMAN POINT, MUMBAI -
400021, MAHARASHTRA, INDIA |
B78253473 |
|
6 |
10433740 |
29/05/2013 |
4,500,000,000.00 |
AXIS
Bank Limited |
CENTRAL
OFFICE, SECOND FLOOR, BOMBAY DYEING MILL, |
B78254984 |
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.62.55 |
|
|
1 |
Rs.100.77 |
|
Euro |
1 |
Rs.84.71 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.