MIRA
INFORM REPORT
|
Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MCML SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-9 KSSIDC Industrial Estate, Yelahanka New Town, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.08.1999 |
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|
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Com. Reg. No.: |
08-025579 |
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Capital
Investment / Paid-up Capital : |
Rs. 64.726 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109KA1999PTC025579 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Subject is providing turnkey service providers for railway signaling. |
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|
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|
No. of Employees
: |
55 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 560000 |
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|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Unknown |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. Latest financial of 2012 is not available with us. As per previous,
profit margin of the company appears to be fluctuating. However, trade relations reported to be fair. Business is active.
Payment terms are reported to be unknown. 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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
D (Term Loans – Suspended) |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery |
|
Date |
January 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
D (Fund Based Limit – Suspended) |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery |
|
Date |
January 2012 |
Reason for Suspension:- Absence
of requisite information from company
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. Thaikrishna |
|
Designation : |
Admin Head |
|
Contact No.: |
91-9866268154 |
|
Date : |
16.10.2013 |
LOCATIONS
|
Registered Office : |
C-9 KSSIDC Industrial Estate, Yelahanka New Town, Bangalore 560064, Karnataka,
India |
|
Tel. No.: |
91-80-42458282 |
|
Mobile No.: |
91-9866268154 (Mr. Thaikrishna) |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
54/S, 2nd Floor, Anupuram, ECIL, Hyderabad-500062, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-65744131 / 27144442 |
|
Fax No.: |
91-40-27144443 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Somasekhar Koditipalli Ramachandraiah |
|
Designation : |
Director |
|
Address : |
1-6-74, 1st Floor, 2nd Avenue, Anupuran ECIL,
Hyderabad-500062, Andhra Pradesh, India
|
|
Date of Birth/Age : |
02.05.1970 |
|
Date of Appointment : |
19.10.2009 |
|
DIN No.: |
01883909 |
|
|
|
|
Name : |
Mr. Venkateswara Ravi Kumar Dasyam |
|
Designation : |
Director |
|
Address : |
Plot No.43, Srinagar Colony, H No.8-3-1092, Ameerpet,
Hyderabad-500016, Andhra Pradesh, India
|
|
Date of Birth/Age : |
04.08.1965 |
|
Date of Appointment : |
04.11.2009 |
|
DIN No.: |
02826724 |
|
|
|
|
Name : |
Mr. Suryanarayana Sastry Somavajhala |
|
Designation : |
Director |
|
Address : |
1-4-213 / Part 1 and Part 2, Sadhna Vihar Colony, Pyadhampuri Colony,
Kapra, Hyderabad-500062, Andhra Pradesh, India |
|
Date of Birth/Age : |
25.12.1960 |
|
Date of Appointment : |
18.06.2011 |
|
DIN No.: |
00122408 |
KEY EXECUTIVES
|
Name : |
Mr. Thaikrishna |
|
Designation : |
Admin Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Bhimcharla Gangi Reddy |
150000 |
|
N S S Krishna |
10000 |
|
N Vasantha |
1000 |
|
Aster Infratek Private Limited, India
|
6311613 |
|
K R Soma Sekhar |
24 |
|
TOTAL
|
6472637 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
98.00 |
|
Other top fifty shareholders |
2.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is providing turnkey service providers for railway signaling. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
55 (Approximately) |
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Bankers : |
·
Axis Bank Limited, Corporate Banking Branch,
6-3-879-B, G Pulla Reddy Building, Greenlands, Hyderabad-500016, Andhra Pradesh,
India ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018,
Maharashtra, India ·
Industrial Development Bank of India Limited,
Ground Floor, IDBI House, 58, Mission Road, Bangalore-560027, Karnataka,
India ·
The Hong Kong and Shanghai Banking Corporation
Limited, No.7, M G Road, Bangalore-560001, Karnataka, India ·
Allahabad Bank, K G Road Branch,
Bangalore-560009, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Akasam and Associates Chartered Accountant |
|
Address : |
Level 2, Akasam 10-1-17/1/1,
Masab Tank, Hyderabad-500028, Andhra Pradesh, India |
|
PAN No.: |
AADFA6112E |
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|
|
|
Holding Company : |
·
Aster Infratek Private Limited |
|
|
|
|
Fellow Subsidiaries : |
·
MCML Protection Technologies Private Limited |
|
|
|
|
Subsidiaries : |
·
MCML Systems UK Limited ·
MCML Electrical Systems Private Limited ·
MCML Track and Structures Private Limited ·
MCML Train Control Technologies Private Limited ·
MCML Systems Australia Pty Limited ·
MCML Systems USA Inc. ·
MCML Railway Systems SDN. BHD (MCML Systems
Private Limited 81%, others 19%) |
|
|
|
|
Joint Venture : |
·
MCML ECI |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6472637 |
Equity Shares |
Rs.10/- each |
Rs. 64.726
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
64.726 |
44.949 |
44.948 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
75.317 |
(21.843) |
216.850 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
140.043 |
23.106 |
261.798 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
129.474 |
267.294 |
273.469 |
|
|
2] Unsecured Loans |
66.223 |
0.000 |
0.396 |
|
|
TOTAL BORROWING |
195.697 |
267.294 |
273.865 |
|
|
DEFERRED TAX LIABILITIES |
7.191 |
6.601 |
5.337 |
|
|
|
|
|
|
|
|
TOTAL |
342.931 |
297.001 |
541.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
52.071 |
106.136 |
141.865 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.504 |
3.570 |
5.890 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.123
|
24.531 |
34.211
|
|
|
Sundry Debtors |
106.682
|
132.147 |
223.537
|
|
|
Cash & Bank Balances |
27.031
|
23.675 |
0.746
|
|
|
Other Current Assets |
248.384
|
260.016 |
0.000 |
|
|
Loans & Advances |
144.501
|
184.085 |
397.003
|
|
Total
Current Assets |
532.721
|
624.454 |
655.497 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.896
|
54.869 |
149.120
|
|
|
Other Current Liabilities |
208.674
|
339.449 |
62.724
|
|
|
Provisions |
24.795
|
42.841 |
50.423
|
|
Total
Current Liabilities |
242.365
|
437.159 |
262.267 |
|
|
Net Current Assets |
290.356
|
187.295 |
393.230
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
342.931 |
297.001 |
541.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
573.580 |
1134.863 |
1223.152 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
527.556 |
|
|
|
|
|
Purchase of Stock In Trade |
|
|
|
|
|
|
Employee benefits expenses |
|
|
|
|
|
|
TOTAL |
527.556 |
1337.813 |
1067.578 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
46.024 |
(202.950) |
155.574 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
27.384 |
36.075 |
35.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
18.640 |
(239.025) |
119.923 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.589 |
4.950 |
17.245 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
18.051 |
(243.975) |
102.678 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
24.548 |
29.441 |
|
|
|
CIF value of Exports |
NA |
472.468 |
537.881 |
|
|
TOTAL EARNINGS |
NA |
497.016 |
567.322 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Bought out components |
NA |
1.861 |
14.199 |
|
|
TOTAL IMPORTS |
NA |
1.861 |
14.199 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.80 |
(54.28) |
22.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.15
|
(21.50) |
8.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.19
|
(32.72) |
15.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
(10.34) |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.40
|
11.57 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
1.43 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
|
High Court of
Karnataka Select Bench Principal Bench
at Bangalore
|
|
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 |
No |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
No |
|
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 |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
|
Other debt unsecured |
66.223 |
0.000 |
|
|
|
|
|
TOTAL |
66.223 |
0.000 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10142681 |
18/02/2009 |
30,000,000.00 |
AXIS BANK LIMITED |
NO 688, 3RD A CROSS, OPP. SHESHADRIPURAM COLL,
YELAHANKA NEW TOWN, BANGALORE, KARNATAKA - 560064, INDIA |
A56968365 |
|
2 |
10035407 |
07/11/2008 * |
170,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - |
A52230836 |
|
3 |
90198368 |
26/03/2013 * |
103,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 6-3-879-B, G.
PULLA REDDY BUILDINGS, GREENLANDS, HYDERABAD, ANDHRA PRADESH |
B73338766 |
|
4 |
90199676 |
11/01/2005 * |
9,500,000.00 |
UTI BANK LIMITED |
NO. 688; 3RD; A CROSS, NEW TOWN;
YELAHANAKA, BANGALORE, KARNATAKA - 560064, INDIA |
- |
|
* Date of charge modification |
||||||
FIXED ASSETS
·
Land
·
Building
·
Computer
·
Vehicles
·
Furniture and Fixtures
·
Office Equipment
·
Bicycle
·
Low Value Assets
·
Intellectual Property
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. 61.69 |
|
UK Pound |
1 |
Rs. 98.59 |
|
Euro |
1 |
Rs. 83.67 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
YES |
|
--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 |
|
27 |
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.