MIRA INFORM REPORT
|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DRAKE AND SCULL WATER AND
ENERGY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
307, Vatika City Point, 3rd
Floor, Sushant Lok, M.G. Road, Gurgaon – 122 002, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.12.2011 |
|
|
|
|
Com. Reg. No.: |
05-044592 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.19.530
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40101HR2011PTC044592 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKD04793F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily
engaged in the business of carrying out contracting work relating to the
construction industry. |
|
|
|
|
No. of Employees
: |
125 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 7000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
subsidiary of Drake and Scull Water and Power LLC. It is an
established company having moderate track record. The company has
recorded huge accumulated losses. However, trade
relations are reported as fair. Business is active. Payment terms are
reported to be slow but correct. The company can
be considered for business dealings 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Anil Puri Goswamy |
|
Designation : |
MD - Secretary |
|
Contact No.: |
91-8527992501 |
|
Date : |
03.04.2014 |
LOCATIONS
|
Registered Office : |
307, Vatika City Point, 3rd
Floor, Sushant Lok, M.G. Road, Gurgaon – 122 002, Haryana, India |
|
Tel. No.: |
91-124-4691600/ 4224177/ 78/ 79/ 80
|
|
Mobile No.: |
91-8527992501 (Mr. Anil Puri) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
101-102, Shubham Atlanta No.1, R.C. Marg, Chembur
Naka, Mumbai – 400 071, Maharashtra, India |
|
Tel. No.: |
91-22-25296656 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Tawfiq Abu Soud |
|
Designation : |
Director |
|
Address : |
Alcomiche Tower Building, Plot No. CNH 506, Sector - 11, W-8, AL
Khalidiy Street, Abu Dhabi |
|
Date of Birth/Age : |
18.01.1958 |
|
Date of Appointment : |
16.12.2011 |
|
DIN No.: |
03603691 |
|
|
|
|
Name : |
Mr. Luay Mohd Kamal Mustafa Khdeir |
|
Designation : |
Director |
|
Address : |
Harbroush Bin Mohamed, AL Swaidi Building, Flat No.0302, Plot No.
00C05, Sector West 01, Istiqlal Street, Abu Dhabi |
|
Date of Birth/Age : |
29.06.1975 |
|
Date of Appointment : |
16.12.2011 |
|
DIN No.: |
03603687 |
|
|
|
|
Name : |
Mr. Kalandi Charan Panda |
|
Designation : |
Managing Director |
|
Address : |
B-1003/1004, Sal Sanskar Building, Punjabi Wadi, Deonar, Mumbai – 400
088, Maharashtra, India |
|
Date of Birth/Age : |
10.06.1948 |
|
Qualification : |
M. Tech (Civil Engineering) from IIT, Mumbai |
|
Experience : |
40 Years |
|
Date of Appointment : |
01.03.2012 |
|
DIN No.: |
03474714 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tawfiq Abu Soud, Abu Dhabi (Shares held as nominee, beneficial interest is with Drake and Scull
Water and Power LLC) |
|
1154 |
|
Drake and Scull Water and Power LLC, Dubai (UAE) |
|
5455022 |
|
Total
|
|
5456176 |
AS ON 30.09.2013
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily
engaged in the business of carrying out contracting work relating to the
construction industry. |
GENERAL INFORMATION
|
No. of Employees : |
125 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dooger and Associates Chartered Accountants |
|
Address : |
13, Community Centre, East of Kailash, New Delhi – 110 065, India |
|
Tel. No.: |
91-11-41621352/ 26472557/ 26419079 |
|
Fax No.: |
91-11-41326811 |
|
E-Mail : |
|
|
PAN No.: |
AACFD8728L |
|
|
|
|
Holding Company : |
Drake and Scull
Water and Power LLC Dubai Investment Park, P.B. 65794, Dubai (UAE) |
|
|
|
|
Holding Company of Group: |
Drake
and Scull International PJSC |
|
|
|
|
Fellow Subsidiary Companies : |
|
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5456176 |
Equity Shares |
Rs.10/- each
|
Rs.54.562
millions |
|
|
|
|
|
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5456176 |
Equity Shares |
Rs.10/- each
|
Rs.54.562
millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1953000 |
Equity Shares |
Rs.10/- each
|
Rs.19.530
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
19.530 |
1.000 |
|
(b) Reserves & Surplus |
|
(17.844) |
(43.250) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.020 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1.686 |
(42.230) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Trade and retention payables |
|
19.283 |
0.000 |
|
(d)
Other long term liabilities |
|
0.000 |
0.000 |
|
(e)
Long-term provisions |
|
0.916 |
0.126 |
|
Total
Non-current Liabilities (3) |
|
20.199 |
0.126 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
7.353 |
0.000 |
|
(b)
Trade and retention payables |
|
210.864 |
43.321 |
|
(c)
Other current liabilities |
|
619.573 |
229.006 |
|
(d)
Short-term provisions |
|
14.378 |
19.604 |
|
Total
Current Liabilities (4) |
|
852.168 |
291.931 |
|
|
|
|
|
|
TOTAL |
|
874.053 |
249.827 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
5.351 |
1.469 |
|
(ii)
Intangible Assets |
|
0.650 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.040 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
8.397 |
0.000 |
|
(d) Trade and other
receivables |
|
156.186 |
86.685 |
|
(e) Long-term Loan
and Advances |
|
3.384 |
2.796 |
|
(f)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
174.008 |
90.950 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
615.447 |
117.533 |
|
(d)
Cash and cash equivalents |
|
8.547 |
36.046 |
|
(e)
Short-term loans and advances |
|
75.294 |
5.298 |
|
(f)
Other current assets |
|
0.757 |
0.000 |
|
Total
Current Assets |
|
700.045 |
158.877 |
|
|
|
|
|
|
TOTAL |
|
874.053 |
249.827 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
NA |
NA |
|
|
|
Other Income |
|
NA |
NA |
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
17.009 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
(8.397) |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
25.406 |
(43.250) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Project Materials |
|
22.489 |
76.137 |
|
|
TOTAL IMPORTS |
|
22.489 |
76.137 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
17.05 |
(1297.51) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.40 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
10.09 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
4.36 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.82 |
0.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
|
1.000 |
19.530 |
|
Reserves & Surplus |
|
(43.250) |
(17.844) |
|
Share
Application money pending allotment |
0.020 |
0.000 |
|
|
Net worth |
|
(42.230) |
1.686 |
|
|
|
|
|
|
Long-term borrowings |
|
0.000 |
0.000 |
|
Short term borrowings |
|
0.000 |
7.353 |
|
Total borrowings |
|
0.000 |
7.353 |
|
Debt/Equity ratio |
|
0.000 |
4.361 |
LOCAL AGENCY FURTHER INFORMATION
|
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 1 year 3
months |
Yes |
|
12) Profitability for last 1 year 3 months |
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 |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10467621 |
07/11/2013 |
600,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, STATESMAN
HOUSE, 148, BARAKHAMBA ROAD, |
B92535509 |
|
2 |
10438321 |
17/07/2013 |
1,100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B80237332 |
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Bank Overdraft (The bank
overdraft facility is secured by a stand by letter of credit provided by
holding company.) |
7.353 |
0.000 |
|
Total |
7.353 |
0.000 |
CONTINGENT LIABILITIES NOT PROVIDED
FOR IN RESPECT OF:
|
|
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Bank
guarantees: |
|
|
|
a)
Performance bonds |
185.771 |
110.580 |
|
b)
Advance payment guarantees |
217.791 |
102.750 |
|
Total |
403.562 |
213.330 |
Note:
*Performance bonds include
Rs.7.830 millions Bank Guarantees given by parent company on behalf of the
reporting company.
FIXED ASSETS:
Tangible Assets
·
Land
·
Computers
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
Intangible Assets
·
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.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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.