MIRA
INFORM REPORT
|
Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CAPITA INDIA PRIVATE LIMITED (w.e.f. 03.11.2008) |
|
|
|
|
Formerly Known
As : |
CAPITA OFFSHORE BUSINESS SERVICES PRIVATE LIMITED (w.e.f 02.02.2007) ESSENCE INFOTECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plant 6, Gate No. 2, Godrej and Boyce Complex, L.B.S. Marg,
Pirojshahnagar, Vikhroli (West), Mumbai – 400079, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-166414 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.067 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93090MH2006PTC166414 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC14853G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE7046A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing business process outsourcing services and
has entered in to an outsourcing agreement with Capita International Limited
on a cost plus mark-up basis. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Capita Pls”. It is an established company having
satisfactory track record. The company has seen a drastic dip in its net profitability during
2013. However, the company possesses an above average financial profile
marked by a healthy net worth position. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong parent company, the subject can be considered normal
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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DENIED
Management Non Co-Operative (Tel No.: 91-22-40425936)
LOCATIONS
|
Registered Office : |
Plant 6, Gate No. 2, Godrej and Boyce Complex, L.B.S. Marg, Pirojshahnagar,
Vikhroli (West), Mumbai – 400079, Maharashtra, India |
|
Tel. No.: |
91-22-40425936/40425729 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 25.09.2013
|
Name : |
Martin Mc Closkey |
|
Designation : |
Director |
|
Address : |
6, Fair View Road, Hungerford, Berkshire, United Kingdom |
|
Date of Birth/Age : |
11.05.1952 |
|
Date of Appointment : |
31.01.2007 |
|
Passport No.: |
451493627 |
|
DIN No.: |
00367272 |
|
|
|
|
Name : |
Richard John Shearer |
|
Designation : |
Alternate Director |
|
Address : |
6, The Heronry, Walton On Thames, Surrey, England KT12 5AT |
|
Date of Birth/Age : |
27.02.1964 |
|
Date of Appointment : |
17.05.2012 |
|
Passport No.: |
202716862 |
|
DIN No.: |
02815109 |
|
|
|
|
Name : |
Mr. Sanjay Razdan |
|
Designation : |
Director |
|
Address : |
A 2101 and 2102, 21st Floor, Phoneix Tower, Senapati Bapat
Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1962 |
|
Date of Appointment : |
01.10.2008 |
|
Passport No.: |
Z1778996 |
|
DIN No.: |
00240090 |
|
|
|
|
Name : |
Mr. Michael Mark Barnard |
|
Designation : |
Director |
|
Address : |
Flat No. 6, 111 -113 Hampstead Road, London |
|
Date of Birth/Age : |
20.03.1973 |
|
Date of Appointment : |
17.09.2012 |
|
Passport No.: |
H1000864 |
|
DIN No.: |
06372161 |
KEY EXECUTIVES
|
Name : |
Mr. Yatish Narendra Doshi |
|
Designation : |
Secretary |
|
Address : |
A/302, Rajhans, Rokadia Lane, SVP Road, Borivali (West),
Mumbai-400092, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1972 |
|
Date of Appointment : |
20.07.2011 |
|
PAN No.: |
AADPD5463F |
MAJOR SHAREHOLDERS
As on 25.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Capita Cyprus Holdings Limited, Cyprus |
|
1386726 |
|
Capita Business Support Services Ireland Limited, Ireland |
|
1 |
|
Total |
|
1386727 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2013
|
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 : |
Subject is engaged in providing business process outsourcing services
and has entered in to an outsourcing agreement with Capita International
Limited on a cost plus mark-up basis. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
|
PAN No: |
AAIFB7355D |
|
|
|
|
Ultimate holding
company |
Capita plc |
|
|
|
|
Holding company : |
Capita Cyprus Holdings Limited (‘CCHL’) |
|
|
|
|
Fellow subsidiaries
: |
· Capita International Limited (‘CIL’) · Capita Offshore Services Private Limited (‘COS’) · Ventura (India) Private Limited (‘VIPL’) · Capita Symonds India Private Limited (‘CSIPL’) · Capita IT and Consulting India Private Limited (‘CCIPL’) · Capita SIMS (India) Private Limited (with effect from 7th February 2013) · Computerland UK Limited · Capita Business Services Limited (‘CBSL’) · Capita Life and Pensions Services Limited (‘CLPSL’) · Capita Life and Pensions Regulated Services Limited (‘CLPRSL’) ·
Medicals Direct Screening Limited (‘MDSL’) |
CAPITAL STRUCTURE
As on 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs.50.000 Millions |
|
5000000 |
Preference Shares |
Rs. 10/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1386727 |
Equity Shares |
Rs. 10/- each |
Rs.13.867 Millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs.50.000 Millions |
|
5000000 |
Preference Shares |
Rs. 10/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1696272 |
Equity Shares |
Rs. 10/- each |
Rs.16.967 Millions |
Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1506727 |
Equity Shares |
Rs. 10/- each |
Rs.15.067 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
15.067 |
16.967 |
18.717 |
|
(b) Reserves & Surplus |
1280.341 |
1363.124 |
1343.667 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1295.408 |
1380.091 |
1362.384 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.628 |
1.548 |
3.531 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
2.737 |
2.506 |
26.010 |
|
(d) long-term provisions |
114.223 |
96.441 |
85.218 |
|
Total Non-current Liabilities (3) |
118.588 |
100.495 |
114.759 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
90.616 |
94.947 |
182.953 |
|
(c) Other current
liabilities |
100.460 |
101.669 |
139.766 |
|
(d) Short-term provisions |
83.743 |
82.077 |
89.908 |
|
Total Current Liabilities (4) |
274.819 |
278.693 |
412.627 |
|
|
|
|
|
|
TOTAL |
1688.815 |
1759.279 |
1889.770 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
124.663 |
238.413 |
402.919 |
|
(ii) Intangible Assets |
21.324 |
31.879 |
48.550 |
|
(iii) Capital
work-in-progress |
0.294 |
0.462 |
3.716 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
155.631 |
123.781 |
94.969 |
|
(d) Long-term Loan and Advances |
95.629 |
114.989 |
118.419 |
|
(e) Other Non-current assets |
49.666 |
123.963 |
215.610 |
|
Total Non-Current Assets |
447.207 |
633.487 |
884.183 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
121.164 |
59.513 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
739.667 |
680.116 |
299.632 |
|
(d) Cash and cash
equivalents |
32.960 |
82.745 |
125.160 |
|
(e) Short-term loans and
advances |
177.720 |
201.736 |
289.150 |
|
(f) Other current assets |
170.097 |
101.682 |
291.645 |
|
Total Current Assets |
1241.608 |
1125.792 |
1005.587 |
|
|
|
|
|
|
TOTAL |
1688.815 |
1759.279 |
1889.770 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
|
|
|
|
||
|
|
|
Income |
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
TOTAL |
3172.600 |
3629.500 |
3914.687 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
|
|
Employee Benefits Expenses |
|
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
|
TOTAL |
2765.900 |
3074.400 |
3375.471 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
NA |
NA |
539.248 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
NA |
NA |
(56.553) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
NA |
NA |
595.801 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
283.500 |
381.500 |
595.669 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
3149.000 |
3503.200 |
3880.526 |
|
|
|
TOTAL EARNINGS |
3149.000 |
3503.200 |
3880.526 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Capital Goods |
NA |
NA |
70.443 |
|
|
|
TOTAL IMPORTS |
NA |
NA |
70.443 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
351.15 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
NA |
15.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
NA |
37.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
NA |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.52 |
4.04 |
2.44 |
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
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 |
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 |
BACKGROUND
The Company was incorporated on December 21, 2006. The Company is engaged in providing business process outsourcing services and has entered in to an outsourcing agreement with Capita International Limited on a cost plus mark-up basis.
OPERATIONAL REVIEW
General operations
The company continues to provide processing services and maintaining excellent standards expected out of a strong outsourcing unit. Most of the operational metrics on all the processes have met or exceeded the performance targets. The feedback from Capita UK and its customers on the service provided by the Company continues to be positive and encouraging.
There operations are closely aligned with the Capita UK operations and mirror their best practices. We have a robust Data security, Business continuity and Audit processes in place to ensure seamless continuity of processes for all our clients. The Company has staff strength of 3327 employees working out of 4 different offices of the Company in India based at Mumbai, Pune, Bangalore and an overseas branch in London, United Kingdom
NOTE:
·
Current Maturities
of Long Term Debt Not Available
·
No charges exist
for the company
FIXED ASSETS:
· Leasehold improvements
· Computers
· Office equipment
· Furniture and fixtures
· Motor vehicles
·
Leased vehicles
·
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.62.03 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.