MIRA INFORM REPORT
|
Report Date : |
21.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SKANRAY TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 15-17, Hebbal Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.02.2007 |
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Com. Reg. No.: |
08-041774 |
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Capital
Investment / Paid-up Capital : |
Rs.95.518 Millions |
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CIN No.: [Company Identification
No.] |
U72200KA2007PTC041774 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the design, development, manufacturing,
marketing and servicing of medical equipments, predominantly in the Radiology
space. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 720000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The company is adversely affected due to continuous loss incurred by
the company from its operations. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered normal for business dealing on a safe
and secured 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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 – Cooperative (91-821-2415559)
LOCATIONS
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Registered Office : |
Plot No. 15-17, Hebbal Industrial Area, Mysore – 570016, Karnataka,
India |
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Tel. No.: |
91-821-2415559 |
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Fax No.: |
91-821-2403344 |
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E-Mail : |
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Factory : |
331/B Hebbal Industrial Area, |
DIRECTORS
As on 08.08.2013
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Name : |
Mr. Vishwaprasad Alva |
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Designation : |
Managing director |
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Address : |
Suprasad Kandavara Balike, Kinnikambla, Manglore-574151, |
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Date of Birth/Age : |
05.11.1966 |
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Date of Appointment : |
19.02.2007 |
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PAN No.: |
ABYPA5998C |
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DIN No.: |
01240253 |
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Other Directorship:
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Name : |
Mr. Heroor Rajaram Alva |
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Designation : |
Director |
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Address : |
603B Salarpuria Splendor, 20 N R Colony Airport Road, Bangalore –
560017, Karnataka, India |
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Date of Birth/Age : |
02.03.1938 |
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Date of Appointment : |
14.02.2007 |
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DIN No.: |
01240274 |
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Other Directorship:
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Name : |
Mr. Agilandam Kasiviswanathan |
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Designation : |
Director |
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Address : |
98, HAL II Stage, 4th Cross, Michealpalya, Bangalore,
560075, Karnataka, India |
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Date of Birth/Age : |
07.06.1966 |
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Date of Appointment : |
31.10.2008 |
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DIN No.: |
00311432 |
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Other Directorship:
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Name : |
Mr. Balasubramanian Kandankumarath |
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Designation : |
Director |
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Address : |
B-303, Celestial Greens, Old Madras Road, C V Raman Nagar Post,
Bangalore- 560093, Karnataka, India |
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Date of Birth/Age : |
15.05.1964 |
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Date of Appointment : |
31.10.2008 |
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PAN No.: |
ADRPK1895M |
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DIN No.: |
02058807 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Ajay Madaiah Bollarappanda |
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Designation : |
Secretary |
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Address : |
3523, 7th C Main Road, 4th Cross, Kanakadasa Nagar, Mysore -
570023, Karnataka, India |
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Date of Birth/Age : |
21.04.1984 |
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Date of Appointment : |
16.10.2012 |
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PAN No.: |
AIRPA2387D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.08.2013
SHAREHOLDING DETAIL FILE ATTACHED
As on 29.08.2013
|
Names of Allottees (Compulsorily Convertible Preference Shares) |
|
No. of Shares |
|
M/s UTI Investment Advisory Services Limited A/c Ascent India Fund III |
|
1978713 |
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Total |
|
1978713 |
Equity Share Break up (Percentage of Total Equity)
As on 08.08.2013
|
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 |
9.52 |
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Bodies corporate |
42.03 |
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Directors or relatives of Directors |
24.45 |
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Other top fifty shareholders |
24.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the design, development, manufacturing,
marketing and servicing of medical equipments, predominantly in the Radiology
space. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
State Bank of Mysore, Main Branch, Ashoka Circle, Lashkar Mohalla,
Mysore - 570001, Karnataka, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD3771D |
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Joint venture: |
CIN: U29254KA2009PTC049630 |
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Other Related Party: |
CIN: U85100KA2010PTC054613
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CAPITAL STRUCTURE
AFTER 08.08.2013
Authorised Capital : Rs.225.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.155.541
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10500000 |
Equity Shares |
Rs.10/- each |
Rs. 105.000 Millions |
|
400000 |
Preference Shares |
Rs.30/- each |
Rs. 120.000 Millions |
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Total |
|
Rs. 225.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
9551809 |
Equity Shares |
Rs.10/- each |
Rs. 95.518
Millions |
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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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
95.518 |
113.649 |
48.649 |
|
(b) Reserves & Surplus |
82.233 |
121.565 |
(26.039) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
1.000 |
20.609 |
33.641 |
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Total
Shareholders’ Funds (1) + (2) |
178.751 |
255.823 |
56.251 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
46.179 |
63.436 |
65.138 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2.515 |
3.097 |
1.879 |
|
(d) long-term
provisions |
3.615 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
52.309 |
66.533 |
67.017 |
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(4)
Current Liabilities |
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|
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(a) Short
term borrowings |
131.604 |
15.226 |
16.356 |
|
(b) Trade
payables |
22.385 |
18.821 |
13.698 |
|
(c) Other
current liabilities |
37.317 |
33.819 |
11.900 |
|
(d) Short-term
provisions |
1.679 |
2.483 |
0.000 |
|
Total Current
Liabilities (4) |
192.985 |
70.349 |
41.954 |
|
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TOTAL |
424.045 |
392.705 |
165.222 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
294.634 |
296.080 |
86.932 |
|
(ii)
Intangible Assets |
49.940 |
35.562 |
42.532 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
19.995 |
26.183 |
8.496 |
|
(b) Non-current Investments |
0.112 |
0.112 |
0.110 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.191 |
2.901 |
3.953 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
376.872 |
360.838 |
142.023 |
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
29.174 |
17.090 |
14.411 |
|
(c) Trade
receivables |
12.855 |
2.718 |
0.811 |
|
(d) Cash
and cash equivalents |
1.186 |
0.459 |
0.066 |
|
(e)
Short-term loans and advances |
3.939 |
11.600 |
7.911 |
|
(f) Other
current assets |
0.019 |
0.000 |
0.000 |
|
Total
Current Assets |
47.173 |
31.867 |
23.199 |
|
|
|
|
|
|
TOTAL |
424.045 |
392.705 |
165.222 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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Income |
|
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Other Income |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
NA |
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|
PROFIT / (LOSS)
BEFORE TAX |
(83.574) |
(54.690) |
(44.516) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.00 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
|
PROFIT / (LOSS)
AFTER TAX |
(83.574) |
(54.690) |
(44.516) |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(112.990) |
(58.300) |
(13.784) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(196.564) |
(112.990) |
(58.300) |
|
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|
|
|
|
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|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(8.75) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.69)
|
(14.93) |
(28.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.47)
|
(0.21) |
(0.79) |
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|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.99
|
0.31 |
1.45 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.24
|
0.45 |
0.55 |
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 |
No |
|
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
REVIEW OF
OPERATION
During the year, the Company has earned of Rs 40.077 Millions from
operations. The net loss for the year has been Rs.83.574 Millions as against
Rs. 54.690 Millions during the previous financial year. The Directors are
continuously looking for avenues for ramping up of operations for break-even
and future growth of the Company in healthcare industry.
a. Operational
Highlights for the year ended 31st March 2013
During the year the Company launched three new products Skan C (Surgical
C-Arm), MicroSkan (65mA portable X-ray) and Cardiskan (12 channel PC based
ECG). The Company’s OEM sales of commercial batch units of Skanmobile (100mA
mobile X-ray) tubehead to GE kicked of, post approval of Engineering batches by
GE. The USFDA inspection of the Company last year was cleared with zero 483
observations, a rarity in the industry and a testimony to the highest quality
systems adhered within the Company. The Company got AERB
approval for 4 of its products and Health Canada approval for Dental
X-ray during the year.
The Company’s Investors and Founders started a new Company - Skanray
Healthcare Private Limited.(SHPL), which acquired L and T's medical equipments
business in its entirety. This business has a well established sales and
service distribution network across the Country. Their Company has entered in
to a Marketing and Distribution arrangement with SHPL.
Awards and
recognitions
During the year the company has received following awards and
incentives;
ñ Won the TiE Lumis Excellence award 2012 at the TiEcon 2012 awards
ceremony in New Delhi on 28th September. This award is instituted by TiE Delhi-
NCR and Lumis Partners in 2008. Skanray bagged the award after the rigorous
scrutiny from around 100 entries and the selection was based on the business
strategy, competitiveness, business scalability and potential and financial
stability of the business.
ñ Won an award for innovation in polymeric products at the 2nd National
Awards ceremony for technology innovation in various fields of petrochemical
and downstream plastics processing industry held in New Delhi. The award was
instituted by the Ministry of Chemicals and Fertilisers, Govt. of India and
presented on 3rd May, 2012 ñ Awarded incentive under patent filed category by
Karnataka State Innovation Council on 2nd February, 2013.
FUTURE OUTLOOK
The Company’s Dental X-ray product has been approved by a new potential
OEM partner in the US Imageworks Inc. Also with the GE shipments ramping up,
OEM business is expected to provide good base revenues for the Company. With
the backing of SHPLs dealer network across the Country, the domestic sales is
expected to improve dramatically. Their Company recently won a Karnataka Government
tender worth almost a crore for Dental X-ray, and is slated to win many more in
the coming days.
CORPORATE
INFORMATION
Founded in 2007 by a group of Engineers with decades of experience in
the medical equipment industry, Subject
is engaged in the design, development, manufacturing, marketing and
servicing of medical equipments, predominantly in the Radiology space. It has a
USFDA approved manufacturing plant in Mysore where it employs about 130 people.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Loans and advances from directors |
112.000 |
0.000 |
|
Loans and advances from others |
5.000 |
0.000 |
|
Total |
117.000 |
0.000 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10188778 |
10/11/2009 |
47,000,000.00 |
TECHNOLOGY DEVELOPMENT BOARD |
WING A, GROUND FLOOR,
VISHWAKARMA BHAWAN, SHAHEED JEET SINGH MARG, NEW DELHI, DELHI - 110016, INDIA |
A73632945 |
|
2 |
10187321 |
11/01/2012 * |
10,000,000.00 |
STATE BANK OF MYSORE |
MAIN BRANCH,
ASHOKA CIRCLE, LASHKAR MOHALLA, MYSO RE, KARNATAKA - 570001, INDIA |
B29602661 |
Note: * Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Office
building
- Factory
building
- Plant and
equipment
- Factory
equipments
- Furniture and
fixtures
- Vehicles
- Motor
vehicles
- Computer
equipments
- Other
equipments
Intangible assets
- Computer
software
- Recipes,
formulae, models, designs and prototypes
- Designs
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.61.28 |
|
|
1 |
Rs.99.03 |
|
Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
2 |
|
--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 |
YES |
|
--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 |
|
26 |
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.