MIRA INFORM REPORT
|
Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRACEWORKS REALTY AND LEISURE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Phoenix Mills Premises, 462 Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.04.200 |
|
|
|
|
Com. Reg. No.: |
11-126232 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.676 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2000PTC126232 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11322D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG2308P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction Activity. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to commence it’s business operations |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Even though the company was incorporated during 28th April
2000. It is yet to commence its business operation. As claimed by Mr. Prashant Khandelwal, Finance Head that company will start
its business operation from July 2014. As per available financial of 2013, the company has incurred losses
due to pre-operating expenses recorded by the company. Further company has
taken huge external borrowing which acts as threatening to liquidity position
of the company. As per the status in the registrar of companies business appears to be
active. Payment terms are unknown. The company can be considered for business dealing on 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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. Prashant Khandelwal |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-30016600 |
|
Date : |
23.04.2014 |
LOCATIONS
|
Registered Office : |
Phoenix Mills Premises, 462 Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra, India |
|
Tel. No.: |
91-22-30016600 |
|
Fax No.: |
91-22-30016818 |
|
E-Mail : |
corpaffairs@highstreetphoenix.com |
|
|
|
|
Branch Office : |
Marketcity Resources Private Limited, Shree Laxmi Woolen Mills
Compound, Mumbai – 400012, Maharashtra, India |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Haresh Zilu Morajkar |
|
Designation : |
Director |
|
Address : |
301, Narendra Apartment, Jay Prakash Nagar, Road No.3, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1966 |
|
Date of Appointment : |
18.08.2011 |
|
DIN No.: |
00074983 |
|
|
|
|
Name : |
Mr. Hasit Kanaiyalal Parikh |
|
Designation : |
Director |
|
Address : |
402, Paradise Apartment, 7th Road, Mumbai – 400055,
Maharashtra, India |
|
Date of Birth/Age : |
06.08.1967 |
|
Date of Appointment : |
17.04.2012 |
|
DIN No.: |
01641505 |
|
|
|
|
Name : |
Mr. Dipesh Kumar Gandhi |
|
Designation : |
Director |
|
Address : |
Ti-31-BA, Datta Apartment, Ramakrishna Mishan Marg (DA) Khar (PA),
Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1976 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
02079576 |
|
|
|
|
Name : |
Mrs. Vidya Sagar Pingali |
|
Designation : |
Director |
|
Address : |
Flat No.007, Block - B, Maithri Pride, 5th Main Malleshpalya,
Bangalore 560075, Karnataka, India |
|
Date of Birth/Age : |
16.01.1965 |
|
Date of Appointment : |
18.08.2011 |
|
DIN No.: |
02710397 |
|
|
|
|
Name : |
Mr. Shishir Shrivastava |
|
Designation : |
Director |
|
Address : |
11/ Prakash C.H.S., Relief Road, Santacruz West, Mumbai – 400054,
Maharashtra, India |
|
Date of Birth/Age : |
09.03.1976 |
|
Date of Appointment : |
01.09.2010 |
|
DIN No.: |
01266095 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Khandelwal |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Name of
Shareholders |
No of
Shares |
Percentage |
|
|
|
|
|
Phoenix Hospitality Company Private Limited, India
|
52250 |
77.33 |
|
HBS Realtors Private Limited, India |
15318 |
22.67 |
|
|
|
|
|
Total
|
67568 |
100.00 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activity. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||
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||||||||||||||||||
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Bankers : |
· Indusind Bank Limited 2401 Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India
|
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Facilities : |
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||||||||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Financial Institution : |
· IL and FS Trust Company Limited IL and FS, Financial Centre, Plot No.C-22, G Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi
and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani
Chambers 212, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
PAN No.: |
AAAFC0662N |
|
|
|
|
Holding Company : |
·
Phoenix Hospitality Company Private
Limited, India |
|
|
|
|
Ultimate Holding
Company : |
·
Phoenix Mills Limited, India |
|
|
|
|
Fellow Subsidiary
Company : |
·
Market City Resources Private Limited,
India |
|
|
|
|
Associate : |
·
HBS Realtors Private Limited, India |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67568 |
Equity Shares |
Rs.10/- each |
Rs.0.676
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
0.676 |
0.676 |
0.676 |
|
(b) Reserves & Surplus |
9.165 |
11.241 |
(0.324) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
9.841 |
11.917 |
0.352 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
677.778 |
1127.778 |
387.971 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
9.869 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.282 |
0.039 |
0.000 |
|
Total Non-current
Liabilities (3) |
687.929 |
1127.817 |
387.971 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
80.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
14.494 |
56.690 |
29.108 |
|
(c) Other
current liabilities |
1629.452 |
673.901 |
819.124 |
|
(d) Short-term
provisions |
0.243 |
0.001 |
0.000 |
|
Total Current
Liabilities (4) |
1724.189 |
730.592 |
848.232 |
|
|
|
|
|
|
TOTAL |
2421.959 |
1870.326 |
1236.555 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1.379 |
1.110 |
356.459 |
|
(ii)
Intangible Assets |
1.269 |
0.754 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
2.817 |
782.761 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.679 |
0.453 |
0.000 |
|
(d) Long-term Loan and Advances |
10.061 |
10.061 |
24.438 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
14.388 |
15.195 |
1163.658 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
5.624 |
|
(b)
Inventories |
2353.721 |
1747.159 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
26.183 |
94.920 |
48.968 |
|
(e)
Short-term loans and advances |
27.510 |
12.979 |
18.305 |
|
(f) Other
current assets |
0.157 |
0.073 |
0.000 |
|
Total
Current Assets |
2407.571 |
1855.131 |
72.897 |
|
|
|
|
|
|
TOTAL |
2421.959 |
1870.326 |
1236.555 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
1.856 |
2.196 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
5.158 |
12.276 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(3.302) |
(10.080) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(1.226) |
(0.453) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(2.076) |
(9.627) |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(30.72) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(111.85)
|
(438.39) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.14)
|
(0.54) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34)
|
(0.85) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
77.00
|
94.64 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
2.54 |
0.09 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
0.676 |
0.676 |
0.676 |
|
Reserves & Surplus |
-0.324 |
11.241 |
9.165 |
|
Net worth |
0.352 |
11.917 |
9.841 |
|
|
|
|
|
|
long-term borrowings |
387.971 |
1127.778 |
677.778 |
|
Short term borrowings |
0.000 |
0.000 |
80.000 |
|
Total borrowings |
387.971 |
1127.778 |
757.778 |
|
Debt/Equity ratio |
1102.190 |
94.636 |
77.002 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
0.000 |
2.196 |
1.856 |
|
|
|
(15.483) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
0.000 |
2.196 |
1.860 |
|
Profit |
0.000 |
(9.627) |
(2.076) |
|
|
(438.39%) |
(111.61%) |
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 |
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) |
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 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Fully convertible debentures Inter-corporate |
77.778 |
77.778 |
|
|
|
|
|
Short Term Borrowings
|
|
|
|
Loans repayable on demand from others |
80.000 |
0.000 |
|
|
|
|
|
Total |
157.778 |
77.778 |
OPERATIONS
The Company’s project is
still in the construction phase. The Company has shelved its hotel project and instead
has taken up real estate development project on its land located in Kurla,
Mumbai for which it has taken necessary approvals from the competent regulatory
authorities.
NOTE:
The Registered office of the company has been
shifted form, 122-123, Udyog Bhavan, Sonawala Lane, Goregaon (East), Mumbai
400063, Maharashtra, India, to the present address w.e.f. 29.09.2007.
FIXED ASSETS:
·
Land
·
Plant and Equipment
·
Furniture and Fixtures
·
Office Equipment
·
Computer
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.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.