|
Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYNECHRON TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Synechron IT Towers, MIDC, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.04.2001 |
|
|
|
|
Com. Reg. No.: |
11-016029 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.9.998
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200PN2001PTC016029 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing IT Services. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5609000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Pune based off shore delivery centre for US based
“Synechron Inc. Holdings” providing IT Services to end customer majorly in
US. It is an established company having fine track record. The company has
seen a better increase in its sales turnover as well as net profitability
during 2012. Financial and liquidity position appears to be good. Trade relations are reported as fair. Business is active. Payment
terms are regular and as per commitments. In view of strong holding company, the subject can be considered good
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
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 |
BBB+ [Cash Credit] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2+ [Fund Based] |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
March 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 [91-20-40262000]
LOCATIONS
|
Registered Office : |
Synechron IT Towers, MIDC, Knowledge Park, Kharadi, Pune-411014,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 11.12.2012
|
Name : |
Mr. Tanveer Jehangir Saulat |
|
Designation : |
Director |
|
Address : |
Silver Wood, Pingle Wasti, S. No. 81/1/1, Mundhwa, Pune-411036,
Maharashtra, India |
|
Date of Birth/Age : |
16.12.1972 |
|
Date of Appointment : |
04.04.2001 |
|
Din No.: |
00337333 |
|
|
|
|
Name : |
Mr. Syed Faisal Husain |
|
Designation : |
Director |
|
Address : |
Flat 1102, Marsa Dubai, Dubai-450590, United Arab Emirates |
|
Date of Birth/Age : |
24.07.1974 |
|
Date of Appointment : |
01.09.2002 |
|
Din No.: |
01565329 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.12.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tanveer Jehangir Saulat |
|
530 |
|
Syed Faisal Husain |
|
530 |
|
Synechron Holdings Inc., Islands |
|
98919 |
|
|
|
|
|
TOTAL
|
|
99979 |
AS ON 11.12.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
98.94 |
|
Directors
or relatives of directors |
|
1.06 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BBSR and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Pune-411001, Maharashtra, India |
|
PAN No: |
AAKFB4397F |
|
|
|
|
Holding Company : |
Synchron Holding
Inc. BVI |
|
|
|
|
Subsidiary Company : |
·
Synechron Limited ·
Synechron Technologies, Japan ·
Synechron Technologies, Netherlands |
|
|
|
|
Fellow Subsidiaries : |
·
Synechron Limited ·
Synechron Inc. ·
Synechron Technologies Singapore Pte. Ltd. ·
Synechron Canada Inc. |
|
|
|
|
Other Related Parties : |
Synchron
Technologies, Dubai |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99979 |
Equity Shares |
Rs.100/-
each |
Rs.9.998
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
9.998 |
9.998 |
|
(b) Reserves & Surplus |
|
1392.483 |
953.452 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
1402.481 |
963.450 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
113.199 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
19.739 |
96.449 |
|
(d) long-term
provisions |
|
97.744 |
30.373 |
|
Total Non-current
Liabilities (3) |
|
230.682 |
126.822 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
387.155 |
238.431 |
|
(b)
Trade payables |
|
63.978 |
64.768 |
|
(c) Other
current liabilities |
|
106.932 |
32.406 |
|
(d) Short-term
provisions |
|
22.971 |
2.726 |
|
Total Current
Liabilities (4) |
|
581.036 |
338.331 |
|
|
|
|
|
|
TOTAL |
|
2214.199 |
1428.603 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
262.619 |
76.194 |
|
(ii)
Intangible Assets |
|
15.285 |
13.880 |
|
(iii)
Capital work-in-progress |
|
0.000 |
5.477 |
|
(iv) Intangible assets under development |
|
6.150 |
0.000 |
|
(b) Non-current
Investments |
|
5.134 |
10.408 |
|
(c) Deferred tax
assets (net) |
|
42.506 |
34.137 |
|
(d) Long-term Loan and Advances |
|
190.021 |
168.415 |
|
(e) Other
Non-current assets |
|
3.616 |
1.867 |
|
Total Non-Current
Assets |
|
525.331 |
310.378 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
1397.042 |
937.984 |
|
(d) Cash
and cash equivalents |
|
189.623 |
142.273 |
|
(e)
Short-term loans and advances |
|
99.005 |
36.363 |
|
(f)
Other current assets |
|
3.198 |
1.605 |
|
Total
Current Assets |
|
1688.868 |
1118.225 |
|
|
|
|
|
|
TOTAL |
|
2214.199 |
1428.603 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
9.998 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
596.563 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
606.561 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
182.587 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
182.587 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
789.148 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
50.518 |
|
|
Capital work-in-progress |
|
|
11.544 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
10.408 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
642.038 |
|
|
Cash & Bank Balances |
|
|
129.221 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
185.934 |
|
Total
Current Assets |
|
|
957.193 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
31.623 |
|
|
Other Current Liabilities |
|
|
125.081 |
|
|
Provisions |
|
|
83.811 |
|
Total
Current Liabilities |
|
|
240.515 |
|
|
Net Current Assets |
|
|
716.678 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
789.148 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2995.700 |
2445.840 |
1310.300 |
|
|
|
Other Income |
102.610 |
22.480 |
7.900 |
|
|
|
TOTAL (A) |
3098.310 |
2468.320 |
1318.200 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
2393.950 |
2081.710 |
1057.870 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
704.360 |
386.610 |
260.330 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
73.740 |
12.130 |
9.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
630.620 |
374.480 |
251.300 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
155.410 |
48.320 |
29.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
475.210 |
326.160 |
222.260 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
36.190 |
30.870 |
64.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
439.030 |
356.890 |
157.390 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
439.030 |
356.890 |
157.390 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2977.110 |
2441.300 |
1306.030 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4391.22 |
3569.65 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
14.17
|
14.45 |
11.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.86
|
13.34 |
16.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.99
|
23.65 |
22.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.34 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.35
|
0.25 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
3.31 |
3.97 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
49.519 |
0.000 |
NA |
|
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 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 |
No |
|
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] |
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 |
10426768 |
25/06/2013
* |
920,000,000.00 |
STATE
BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
TARA
CHAMBERS, 2ND FLOOR NEAR MARRIAAI POLICE, CHOWKY, OLD PUNE MUMBAI HIGHWAY,
WAKDEWADI, PUNE - 411003, MAHARASHTRA, INDIA |
B78946795 |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Long Term Maturities of Finance Lease Obligation |
113.199 |
0.000 |
|
TOTAL
|
113.199 |
0.000 |
FINANCIAL RESULTS:
Subject continues to
grow at a consistent pace. Revenue from Software Development services reached
to Rs.2995.700 millions as compared to Rs. 2445.840 millions in the previous
year registering a growth of 22.48%. The Net Profit after Tax was Rs. 439.030
millions as compared to Rs. 356.890 millions in the previous year, reflecting
growth of 23.02%. The Company continues to concentrate in the Banking,
Financial services and Insurance vertical (BFSI), and within this vertical has
its focus on Mortgage Banking and Capital Markets. There has also been a
qualitative growth in terms of number of staff, systems and processes.
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.64.21 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.21 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.