MIRA
INFORM REPORT
|
Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CPI-GERA REALTY INDIA PRIVATE LIMITED (w.e.f. 03.02.2007) |
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Formerly Known
As : |
GERA REALTY INDIA PRIVATE LIMITED |
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Registered
Office : |
200, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.08.2006 |
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Com. Reg. No.: |
11-128916 |
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Capital Investment
/ Paid-up Capital : |
Rs.299.789 Millions |
|
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CIN No.: [Company Identification
No.] |
U70102PN2006PTC128916 |
|
|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEG06760F |
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PAN No.: [Permanent Account No.] |
AACCG6818R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Development and sale of residential properties. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1970000 |
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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 a moderate track record. Company has incurred loss from its operation in 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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 current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DENIED BY
|
Name : |
Mr. Mukharjee |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-8308812037 |
|
Date : |
15.01.2014 |
|
Name : |
Mr. Vishwas |
|
Designation : |
Accounts Executive |
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Contact No.: |
91-20-26165560 |
|
Date : |
15.01.2014 |
LOCATIONS
|
Registered Office : |
200, Gera Plaza, Boat Club Road, Pune - 411001, Maharashtra,
India |
|
Tel. No.: |
91-20-26165560 |
|
Mobile No.: |
91-8308812037 (Mr. Mukharjee) |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 20.09.2013
|
Name : |
Mr. Kumar Pritamdas Gera |
|
Designation : |
Managing Director |
|
Address : |
7 C, Koregaon Road, Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
22.04.1946 |
|
Date of Appointment : |
14.09.2006 |
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PAN No.: |
AAYPG8748B |
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DIN No.: |
00172688 |
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|
|
|
Name : |
Mr. Rohit Kumar Gera |
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Designation : |
Director |
|
Address : |
7 C, Koregaon Road, Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
12.02.1969 |
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Date of Appointment : |
14.09.2006 |
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PAN No.: |
AAYPG8747Q |
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DIN No.: |
00172679 |
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|
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Name : |
Mr. Peter James Succoso |
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Designation : |
Director |
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Address : |
Flat A 11/F, Seview Mansion, 34 Kennedy Road, Hongkong |
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Date of Birth/Age : |
14.01.1950 |
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Date of Appointment : |
29.06.2007 |
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DIN No.: |
01334715 |
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|
Name : |
Pui Kei Chung |
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Designation : |
Director |
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Address : |
Flat B, 29/F, Block T 3, Harbour Green, 8 Sham Mong Road, Hongkong |
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Date of Birth/Age : |
15.11.1979 |
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Date of Appointment : |
26.03.2010 |
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DIN No.: |
02996369 |
KEY EXECUTIVES
|
Name : |
Mr. Mukharjee |
|
Designation : |
Chief Finance Officer |
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|
|
Name : |
Mr. Vishwas |
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Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
As on 20.09.2013
|
Names of Shareholders (Class A Equity Shares) |
|
No. of Shares |
|
Gera Developments Private Limited, India |
|
990000 |
|
Rohit Kumar Gera (In beneficial interest of Gera
Developments Private Limited, India) |
|
10000 |
|
CPI India I Limited,
Mauritius |
|
1000000 |
|
Total |
|
2000000 |
|
Names of Shareholders (Class B Equity Shares) |
|
No. of Shares |
|
CPI India I Limited,
Mauritius |
|
20645615 |
|
Total |
|
20645615 |
|
Names of Shareholders Preference Shares |
|
No. of Shares |
|
CPI India I Limited,
Mauritius |
|
7333333 |
|
Total |
|
7333333 |
Equity Share Break up (Percentage of Total Equity)
As on 20.09.2013
|
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 |
95.59 |
|
Bodies corporate |
4.37 |
|
Directors or relatives of Directors |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Development and sale of residential properties. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
·
Citi Bank Limited ·
HDFC Bank Limited ·
ICICI Bank Limited |
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Facilities : |
Notes: *Term loan from bank
was taken during the financial year 2011 - 2012 and carried interest @ 15% to
15.25% p.a. The loan was repayable no later than September 2013, along with
interest, ultimately repaid in full by the Company in March 2013. The loan
was secured by exclusive charge on receivables (present and future) of the
SkyVilla project along with land thereof, both sold and unsold. The Company
availed a new loan in March 2013, bearing an interest of 14.25% p.a. to be
repaid in full, along with interest, by July 2016. The loan is secured by
mortgage on existing and future phases (Gera's Greensville Skyvillas - Phase
II and III) along with any additional TDR as well as receivables thereof. |
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Banking
Relations : |
-- |
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Financial
Institutions : |
Housing Development Finance Corporation Limited, Ramon
House, 169, Backbay Reclamation, HT Parekh Marg, Churchgate,169 Backbay
Reclamation, Mumbai - 400020, Maharashtra, India |
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Auditors : |
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|
Name : |
Walke R Chandiok and Company Chartered Accountants |
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Address : |
16th Floor, Tower II, India Bulls Finance Centre, S. B.
Marg, Elphinstone (West), Mumbai - 400013, Maharashtra, India |
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PAN No.: |
AAAFW4298E |
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Holding Company : |
CPI India I Limited,
Mauritius |
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Parties where
control exist: (Joint control) : |
Gera Developments Private Limited CIN No.: U70102PN1988PTC049303 |
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Entities in which
KMP exercise significant influence : |
· Gera Resorts Private Limited · Construction Portal Private Limited · Sterling Gera Residence Private Limited · Sita-Pri Properties Private Limited · Mantic Financial Consultants Private Limited · Inkpot Films Private Limited · K. G. Consultants · Gera Holdings · Preferred Builders And Promoters Realty Limited |
CAPITAL STRUCTURE
As on 20.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Class A Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
21000000 |
Class B Equity Shares |
Rs.10/- each |
Rs.210.000 Millions |
|
8000000 |
Preference Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
|
Total |
|
Rs.310.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Class A Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
20645615 |
Class B Equity Shares |
Rs.10/- each |
Rs.206.456 Millions |
|
7333333 |
Preference Shares |
Rs.10/- each |
Rs.73.333 Millions |
|
|
Total |
|
Rs.299.789
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 |
299.789 |
299.789 |
299.789 |
|
(b) Reserves & Surplus |
192.278 |
193.486 |
157.253 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
115.000 |
|
Total Shareholders’
Funds (1) + (2) |
492.067 |
493.275 |
572.042 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
148.900 |
75.000 |
0.000 |
|
(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) |
148.900 |
75.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
95.587 |
|
(b) Trade payables |
32.372 |
113.880 |
8.429 |
|
(c) Other current
liabilities |
538.706 |
345.132 |
576.966 |
|
(d) Short-term provisions |
0.000 |
1.240 |
0.000 |
|
Total Current Liabilities (4) |
571.078 |
460.252 |
680.982 |
|
|
|
|
|
|
TOTAL |
1212.045 |
1028.527 |
1253.024 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.000 |
0.000 |
0.000 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1019.170 |
955.054 |
1223.910 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
119.227 |
70.780 |
16.928 |
|
(e) Short-term loans and
advances |
73.648 |
2.693 |
12.186 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1212.045 |
1028.527 |
1253.024 |
|
|
|
|
|
|
TOTAL |
1212.045 |
1028.527 |
1253.024 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
253.400 |
570.500 |
203.709 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
254.600 |
521.000 |
177.413 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(1.200) |
49.500 |
26.296 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
13.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(1.200) |
36.200 |
26.296 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.05) |
1.60 |
1.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.47) |
6.35 |
12.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.10) |
4.81 |
2.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.10 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.15 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12 |
2.23 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs. In
Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
0.000 |
0.340 |
NA |
|
Total |
0.000 |
0.340 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INFORMATION:
The Company was incorporated in India on 18 August 2006 as a
Private Limited Company, for the development of a residential group housing
society, Gera Greensville (the project) at Kharadi, Pune. On 5 September 2006, the
Company entered into a Shareholders Agreement and Share Subscription Agreement
with CPI India I Limited (the Investor), a company registered under the laws of
Mauritius for joint control of the entity.
FINANCIAL RESULTS:
During the financial year, the Company could only recognized a total Sales and other Operating Income of Rs.253.400 Millions against the previous year of Rs.570.500 Millions.
Possessions could not be handed over for several completed units due to non-receipt of Occupancy Certificate and consequently revenue relating to those units wasn’t recognized in the current year.
The Company had launched its Phase II, Trinity Tower in
October 2012, and as on July, 2013, already sold Rs.1160.000 Millions, out of the
total project value of Rs.2580.000 Millions. The company had reported a
marginal loss after Tax of Rs.1.200 Millions in this year because it has
written off the initial marketing and sale launch expenses of its Phase-II,
Trinity Towers as per the Guidance Notes of Accounting Standards.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10413161 |
08/03/2013 |
450,000,000.00 |
HOUSING DEVELOPMENT FINANCE
CORPORATION LIMITED |
Ramon House, 169, Backbay
Reclamation, HT Parekh Marg, Churchgate,169 Backbay Reclamation, Mumbai,
Maharashtra - 400020, INDIA |
B71242978 |
|
2 |
10310686 |
12/09/2011 |
150,000,000.00 |
HOUSING DEVELOPMENT FINANCE
CORPORATION LIMITED |
Ramon House, 169, Backbay
Reclamation, HT Parekh Marg, Churchgate,169 Backbay Reclamation, Mumbai,
Maharashtra - 400020, INDIA |
B22750137 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
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.61.59 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.