MIRA
INFORM REPORT
|
Report Date : |
10.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZYCUS INFOTECH PRIVATE LIMITED |
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Registered
Office : |
Plot No GJ-07, SEEPZ++, SEEPZ, MIDC, Andheri East, Mumbai – 400096, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.09.1997 |
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Com. Reg. No.: |
11-110752 |
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Capital
Investment / Paid-up Capital : |
Rs. 19.491 Millions |
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CIN No.: [Company Identification
No.] |
U72300MH1997PTC110752 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged into providing in service |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 720000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The company has incurred a loss from its operations during 2014. However, general financial position of the company seems to be decent. The rating also takes into consideration promoter’s extensive industry
experience and its established relations with clients. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB- |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
April 14, 2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Priyanka Parte |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-66407676 |
|
Date : |
09.12.2014 |
LOCATIONS
|
Registered Office : |
Plot No GJ-07, SEEPZ++, SEEPZ, MIDC, Andheri East, Mumbai – 400096, |
|
Tel. No.: |
91-22-66407676/61924607 |
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Fax No.: |
91-22-26850580 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
507/508, B wing |
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Tel. No.: |
91-22-66407676 |
DIRECTORS
As on 05.09.2014
|
Name : |
Mr. Aatish Nanji Dedhia |
|
Designation : |
Director |
|
Address : |
Beach Haven I, Wing I, Flat No. 304, 3rd Floor, |
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Date of Birth/Age : |
14.11.1968 |
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Date of Appointment : |
19.09.1997 |
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DIN No.: |
00017270 |
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Name : |
Mrs. Alpa Aatish Dedhia |
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Designation : |
Director |
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Address : |
Beach Haven I, Wing I, Flat No. 304, 3rd Floor, Juhu Tara
Road, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1971 |
|
Date of Appointment : |
03.02.2006 |
|
DIN No.: |
00104976 |
KEY EXECUTIVES
|
Name : |
SKO and Associates |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Ms. Priyanka Parte |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Aatish Nanji Dedhia |
|
7504600 |
|
Samir D’sa |
|
6125 |
|
Jitendra Vasant Chitre |
|
2500 |
|
Alpa Aaatish Dedhia |
|
100000 |
|
Pushpa Nanji Dedhia |
|
57200 |
|
Edelweiss Capital Limited |
|
67600 |
|
Ramdas Prajapati |
|
750 |
|
Nirav Ranpuria |
|
7500 |
|
Hemant Nadkarni |
|
50000 |
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|
|
|
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Total |
|
7796275 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
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 |
0.64 |
|
Bodies corporate |
0.87 |
|
Directors or relatives of Directors |
98.27 |
|
Other top fifty shareholders |
0.22 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into providing in service |
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Products : |
Not Divulged |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Software |
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Countries : |
·
Worldwide |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
· Axis Bank Limited, Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India · State Bank of India, 12, J P Road No.2, Jaiprakash Nagar, Goregaon (East), Mumbai - 400063, Maharashtra, India
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
Reliance Capital Limited, "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India |
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Auditors : |
|
|
Name : |
Patkar and Pendse Chartered Accountant |
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Address : |
204 Chartered House, 297/298, Dr.Cawasji Hormasji, Street,Next to Queens
Road Church,Marine Lines, Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-22060309/22062272/65224568 |
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Fax No.: |
91-22-22060868 |
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PAN No.: |
AAAFP2081Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
·
Zycus Inc. USA. |
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Enterprises over which key managerial personal is able to exercise
significant influence |
·
Nanji Monji Dedhia Charitable Trust, India |
CAPITAL STRUCTURE
As on 30.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.2.50/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7796275 |
Equity Shares |
Rs.2.50/-
each |
Rs. 19.491
Millions |
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FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
19.491 |
19.491 |
19.491 |
|
(b) Reserves & Surplus |
235.369 |
338.879 |
365.008 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
254.860 |
358.370 |
384.499 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
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|
(a) long-term borrowings |
59.105 |
90.150 |
131.850 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
22.950 |
23.128 |
17.959 |
|
Total Non-current Liabilities (3) |
82.055 |
113.278 |
149.809 |
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(4) Current Liabilities |
|
|
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|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
10.740 |
9.733 |
9.603 |
|
(c) Other current
liabilities |
557.396 |
403.066 |
409.493 |
|
(d) Short-term provisions |
3.279 |
7.431 |
9.817 |
|
Total Current Liabilities (4) |
571.415 |
420.230 |
428.913 |
|
|
|
|
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TOTAL |
908.330 |
891.878 |
963.221 |
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
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|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
322.938 |
377.119 |
436.531 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
13.539 |
13.540 |
13.540 |
|
(c) Deferred tax assets (net) |
25.024 |
20.720 |
0.000 |
|
(d) Long-term Loan and Advances |
2.720 |
3.392 |
2.863 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
364.221 |
414.771 |
452.934 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
140.266 |
91.051 |
88.137 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
277.948 |
218.038 |
286.683 |
|
(d) Cash and cash
equivalents |
61.357 |
59.848 |
45.989 |
|
(e) Short-term loans and
advances |
63.003 |
107.711 |
89.403 |
|
(f) Other current assets |
1.535 |
0.459 |
0.075 |
|
Total Current Assets |
544.109 |
477.107 |
510.287 |
|
|
|
|
|
|
TOTAL |
908.330 |
891.878 |
963.221 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
572.086 |
591.729 |
481.494 |
|
|
|
|
|
|
|
|
Less/ Add |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
571.530 |
544.583 |
462.434 |
|
|
|
|
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|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.556 |
47.146 |
19.060 |
|
|
|
|
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|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
71.885 |
78.817 |
72.285 |
|
|
|
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|
|
|
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|
PROFIT/LOSS
BEFORE TAX |
(71.329) |
(31.671) |
(53.225) |
|
|
|
|
|
|
|
|
|
Less/ Add |
TAX |
(4.304) |
(20.720) |
(2.877) |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX |
(67.025) |
(10.951) |
(50.348) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
552.030 |
574.277 |
438.090 |
|
|
TOTAL EARNINGS |
552.030 |
574.277 |
438.090 |
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
9.370 |
2.417 |
3.393 |
|
|
TOTAL IMPORTS |
9.370 |
2.417 |
3.393 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.58) |
(1.41) |
(6.47) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.20) |
(3.69) |
(5.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.28) |
(0.09) |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.23 |
0.25 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
1.14 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
19.491 |
19.491 |
19.491 |
|
Reserves & Surplus |
365.008 |
338.879 |
235.369 |
|
Net worth |
384.499 |
358.370 |
254.860 |
|
|
|
|
|
|
long-term borrowings |
131.850 |
90.150 |
59.105 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
131.850 |
90.150 |
59.105 |
|
Debt/Equity ratio |
0.343 |
0.252 |
0.232 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
481.494 |
591.729 |
572.086 |
|
|
|
22.894 |
(3.320) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
481.494 |
591.729 |
572.086 |
|
Profit |
(50.348) |
(10.951) |
(67.025) |
|
|
(10.46%) |
(1.85%) |
(11.72%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
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 |
Yes |
LITIGATION
DETAILS:
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/2031/2012 |
Failing Date:- |
20/12/2012 |
Reg. No.:- |
ITXA/1459/2013 |
Reg. Date:- |
30.07.2013 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
M/S. ZYCUS INFOTECH PRIVATE LIMITED |
||||
|
Petn.Adv:- |
TEJVEER SINGH (0) |
Resp. Adv.: |
B.V. JHAVERI. (0) |
||||
|
District:- |
MUMBAI |
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Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
FOR DIRECTION |
||||
|
Last Date:- |
21/02/2013 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE M.S. SANKLECHA |
||||||
|
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|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
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INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10491328 |
27/03/2014 |
179,900,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C04061453 |
|
2 |
10450198 |
27/03/2014 * |
228,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C04059432 |
|
3 |
10451238 |
27/03/2014 * |
25,400,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C04056982 |
* Date of charge modification
FIXED ASSETS
·
Office Building
·
Computers
·
Furniture and Fixture
·
Office Equipment
·
Plant and Machinery
·
Motor Vehicles
·
Leasehold Land
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.61.95 |
|
|
1 |
Rs.97.16 |
|
Euro |
1 |
Rs.76.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.