MIRA
INFORM REPORT
|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ACE BRAIN SYSTEMS AND SOFTWARE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 1559, Sadashiv Peth, |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.05.1998 |
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Com. Reg. No.: |
25-012516 |
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Capital Investment
/ Paid-up Capital : |
Rs. 6.250 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U72200PN1998PTC012516 |
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|
|
IEC No.: |
3106013885 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA02547G |
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|
|
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PAN No.: [Permanent Account No.] |
AADCA7232L |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer in Acer, HP, IBM, Lenovo, Samsung, Epson and Dell |
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|
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|
No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 277000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Mr. Yogesh Godbole, the director provided complete details and confirmed
that the major customers of the company consist of government authorities
from withch the company has not received any orders during financial year
2013, due to which the management has witnessed a drastic dip in its sales
revenue during the year. However, financial position seems to be acceptable
marked by fair. Networth and low external borrowings recorded in the books. The ratings also take into consideration the delay in receiving past
payments from government authorities and huge debtors which inturn
pressurised the company’s liquidity position. However, trade relations are fair. Business is active. Payment terms
are reported as 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “B+” |
|
Rating Explanation |
High risk of default regarding payments. |
|
Date |
25.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
25.09.2012 |
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
|
Name : |
Mr. Yogesh Pramod Godbole |
|
Designation : |
Director |
|
Contact No.: |
91-9423005472 |
|
Date : |
03.02.2014 |
LOCATIONS
|
Registered Office : |
No. 1559, Sadashiv Peth, Tilak Road, Opposite Hotel Suryah, Pune –
411030, Maharashtra, India |
|
Tel. No.: |
91-20-65605060/ 1/ 2/ 3/ 4/ 24335871/ 24329731 |
|
Mobile No.: |
91-9423005472 (Mr. Yogesh Pramod Godbole) |
|
Fax No.: |
91-20-24329730 / 1 / 2 / 24335871 |
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E-Mail : |
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|
Website : |
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|
Area : |
1250 Sq. ft |
|
Location : |
Rented |
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|
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Head Office : |
Office No. 10 to 14, 2nd Floor, Bhakti Plaza, Near Bremen Circle, Aundh, Pune – 411007, Maharashtra, India |
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Tel. No.: |
91-20-64019348/ 64010058 |
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Fax No.: |
91-20-24329732 |
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|
|
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Warehouse : |
Rose Wood Park, RH 8, Near BSNL Telephone Exchange, Pune Neagar Road,
Wagholi, Pune – 412207, Maharashtra, India
|
|
Fax No.: |
91-20-24329732 |
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E-Mail : |
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Area : |
1300 Sq. ft |
|
Location : |
Rented |
|
|
|
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Sales Office: |
5407, Maverick Point Lane, Katy, Texas – 77494, USA. |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Sarang Yashwant Satarkar |
|
Designation : |
Director |
|
Address : |
501, Cordia, Nyati Estate, Phase-II, Mohmmadwadi, Pune – 411029,
Maharashtra, India |
|
Date of Birth/Age : |
17.07.1970 |
|
Qualification : |
B.E. |
|
Experience : |
22 Years |
|
Date of Appointment : |
19.05.1998 |
|
DIN No.: |
00018732 |
|
|
|
|
Name : |
Mr. Yogesh Pramod Godbole |
|
Designation : |
Director |
|
Address : |
F. No. 202, Erythrenea Nyati Estate, Phase – II, Mohamedwadi, Pune –
411029, Maharashtra, India |
|
Date of Birth/Age : |
18.03.1969 |
|
Qualification : |
B.E. |
|
Experience : |
22 Years |
|
Date of Appointment : |
19.05.1998 |
|
DIN No.: |
00018746 |
|
|
|
|
Name : |
Mr. Sandeep Madhav Bendigiri |
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Designation : |
Director |
|
Address : |
B-1703, Gagan Vihar, Near Gagan Dham, Marketyard, Pune – 411037,
Maharashtra, India |
|
Date of Birth/Age : |
12.04.1968 |
|
Qualification : |
B.C.S. |
|
Experience : |
22 Years |
|
Date of Appointment : |
19.05.1998 |
|
DIN No.: |
00026177 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Yogesh Pramod Godbole |
|
208500 |
|
Sarang Yashwant Satarkar |
|
208250 |
|
Sandeep Madhav Bendigiri |
|
208250 |
|
Total |
|
625000 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer in Acer, HP, IBM, Lenovo, Samsung, Epson and Dell |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Redington India |
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Customers : |
Government and Education Department · Inspector General of Registration |
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No. of Employees : |
80 (Approximately) |
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Bankers : |
· State Bank of India, 1548-A, Commercial Branch,, Sadashiv Peth, Tilak Road, Pune - 411030, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M.N. Devi and Associates Chartered Accountants |
|
Address : |
'A' 101 and 102,Shreenath Plaza, Dnyaneshwar Paduka Chowk,
Shivajinagar, Pune – 411005, Maharashtra, India |
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Tel. No.: |
91-20-25513735 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAAM5961F |
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Subsidiaries : |
· Ace Brain Technologies Private Limited CIN No.: U72200PN2007PTC130242 Arithematic System and Technology |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
625000 |
Equity Shares |
Rs.10/- each |
Rs. 6.250
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 |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
6.250 |
6.250 |
6.250 |
|
(b) Reserves & Surplus |
62.982 |
53.278 |
10.845 |
|
(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) |
69.232 |
59.528 |
17.095 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.404 |
13.013 |
8.306 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
0.404 |
13.013 |
8.306 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
91.820 |
126.041 |
132.401 |
|
(c) Other current
liabilities |
3.369 |
10.492 |
2.864 |
|
(d) Short-term provisions |
20.811 |
37.397 |
35.166 |
|
Total Current Liabilities (4) |
116.000 |
173.930 |
170.431 |
|
|
|
|
|
|
TOTAL |
185.636 |
246.471 |
195.832 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7.762 |
7.736 |
2.466 |
|
(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 |
2.635 |
2.635 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.707 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.168 |
0.234 |
0.000 |
|
Total Non-Current Assets |
10.565 |
10.605 |
3.173 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
2.635 |
|
(b) Inventories |
5.658 |
9.214 |
4.525 |
|
(c) Trade receivables |
140.054 |
189.616 |
160.967 |
|
(d) Cash and cash
equivalents |
1.073 |
3.577 |
0.838 |
|
(e) Short-term loans and
advances |
5.013 |
3.975 |
4.724 |
|
(f) Other current assets |
23.273 |
29.484 |
18.970 |
|
Total Current Assets |
175.071 |
235.866 |
192.659 |
|
|
|
|
|
|
TOTAL |
185.636 |
246.471 |
195.832 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
356.412 |
607.581 |
193.942 |
|
|
|
Other Income |
NA |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
NA |
607.581 |
193.942 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
496.903 |
146.896 |
|
|
|
Employee Benefit Expenses |
|
21.152 |
7.488 |
|
|
|
Other Expenses |
|
68.177 |
32.305 |
|
|
|
TOTAL (B) |
NA |
586.232 |
186.689 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
21.349 |
7.253 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
5.590 |
2.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
15.759 |
4.258 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.782 |
0.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
13.977 |
3.595 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.473 |
1.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.769 |
13.504 |
2.286 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.63 |
21.61 |
5.75 |
|
Expected Sales (2013-2014) : Rs. 300.000 Millions
The above information has been parted by Mr. Yogesh Pramod Godbole
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA
|
2.22
|
1.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.30
|
1.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
5.73
|
1.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.23
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.22
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.36
|
1.13 |
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
CURRENT MATURITIES OF
LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10090573 |
28/01/2010 * |
75,000,000.00 |
STATE BANK OF INDIA |
1548 A, COMMERCIAL BRANCH, SADASHIV PETH, TILAK ROAD, PUNE - 411030, MAHARASHTRA, INDIA |
A78040094 |
* Date of charge modification
OPERATIONS
During the year, the Company earned an income of Rs. 356.412 Millions as against Rs. 607.582 Millions during the previous year.
After charging all expenses the Company earned a profit of Rs. 9.769 Millions.
The directors are hopeful about the better performance during the Current Year.
FIXED ASSETS
· Furniture and Fixtures
Electrical
Installation
Vehicles
Office
equipment
Computers
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.62.69 |
|
|
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.