MIRA
INFORM REPORT
|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.09.2007 |
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|
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|
Com. Reg. No.: |
11-173762 |
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Capital
Investment / Paid-up Capital : |
Rs.3882.500 Millions |
|
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CIN No.: [Company Identification
No.] |
U52190MH2007PTC173762 |
|
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|
PAN No.: [Permanent Account No.] |
AAFCM2868L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is primarily in the business of distribution of and retailing
a variety of lifestyle and consumer products through its own branded stores. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Mahindra Group”. It is an established company
having satisfactory track record. There appears huge accumulated loss recorded by the company due to
continuous loss from its operations. However, the rating reflects the strong financial support that
“Mahindra Retail” receives from its ultimate parent, “Mahindra and Mahindra
Limited” and the healthy business prospects for the organized retail sector. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong holding, the company can be considered for business
dealings at usual trade terms and condition.
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million
in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: ”BBB+” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
06.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: ”A2” |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
06.01.2014 |
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
31-03-2012.
INFORMATION DECLINED
Management Non–cooperative (91-22-24905632)
LOCATIONS
|
Registered Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra,
India |
|
Tel. No.: |
91-22-24905632/ 24935185/ 5186 / 24901441 |
|
Fax No.: |
91-22-2490833/ 24951236 |
|
E-Mail : |
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|
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|
Head Office: |
No. 165/2, Dorai Sani Palya, IIM Post, Bannerghatta Road, Bangalore –
560076, Karnataka, India |
|
Tel No.: |
91-80-42665000 |
DIRECTORS
As on: 11.09.2013
|
Name : |
Mr. Shriprakash Shukla |
|
Designation : |
Director |
|
Address : |
C-Wing, Flat – 2202, Chaitanya Towers, Appasaheb Marathe Marg,
Prabhadevi, Opposite Sidhivinayak Temple, Mumbai – 400028, Maharashtra, India
|
|
Date of Birth/Age : |
03.010.1959 |
|
Date of Appointment : |
21.09.2012 |
|
DIN No.: |
00007418 |
|
|
|
|
Name : |
Mr. Rajeev Bidyanand Dubey |
|
Designation : |
Director |
|
Address : |
1701, Mahindra Height, |
|
Date of Birth/Age : |
24.06.1964 |
|
Date of Appointment : |
03.09.2007 |
|
DIN No.: |
00104817 |
|
|
|
|
Name : |
Mr. Zhooben Dosabhoy Bhiwandiwala |
|
Designation : |
Director |
|
Address : |
S-13, Cusrow Baugl, Shahid Bhagat Singh Roadl, Colaba, Mumbai-400039, |
|
Date of Birth/Age : |
29.09.1961 |
|
Date of Appointment : |
21.09.2007 |
|
DIN No.: |
00110373 |
|
|
|
|
Name : |
Mr. Arvind Kumar Singhal |
|
Designation : |
Nominee Director |
|
Address : |
3, Padmini Enclave, Hauz Khas, New Delhi-110016, |
|
Date of Birth/Age : |
10.08.1958 |
|
Date of Appointment : |
17.12.2008 |
|
DIN No.: |
00709084 |
|
|
|
|
Name : |
Mr. Parag Chandulal Shah |
|
Designation : |
Director |
|
Address : |
7, Kailas, |
|
Date of Birth/Age : |
29.11.1975 |
|
Date of Appointment : |
03.11.2009 |
|
DIN No.: |
00374944 |
|
|
|
|
Name : |
Mr. Rafique Abdul Malik Malik |
|
Designation : |
Director |
|
Address : |
23/C, 20th Floor, Kanchenjunga 72, |
|
Date of Birth/Age : |
30.10.1950 |
|
Date of Appointment : |
03.11.2009 |
|
DIN No.: |
00521563 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 11.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Technopak Advisors Private Limited, |
|
7173722 |
|
IDBI Trusteeship Services Limited, |
|
13000000 |
|
Retail Initiative Holdings Limited, |
|
368081266 |
|
|
|
|
|
Total |
|
388254988 |
Equity Share Break up (Percentage of Total Equity)
As on: 11.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily in the business of distribution of and retailing
a variety of lifestyle and consumer products through its own branded stores. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India · Vijaya Bank, M -1 Floor, Head Office Building, 41/2, M G Road, Bangalore - 560001, Karnataka, India |
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Facilities : |
(Rs.
In Millions)
|
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/708l, Sharda Chambers, New Marine Lines, Mumbai-400020, |
|
Tel. No.: |
91-22-22000607/ 7318/ 6360/ 56315835/ 36 |
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Fax No.: |
91-22-22003476 |
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E-Mail : |
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PAN No.: |
AAAFB0265E |
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Holding company: |
Retail Initiative Holdings Limited, India |
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|
|
|
Control the Reporting Enterprise: |
Mahindra and Mahindra Limited, India |
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|
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|
Fellow Subsidiary company: |
·
Mahindra and Mahindra Financial Services Limited ·
Mahindra Engineering and Chemical Products
Limited, India ·
Bristlecone India Limited, India ·
Mahindra First Choice Wheels Limited, India ·
Mahindra Logistic Limited, India ·
Mahindra Intertrade Limited, India ·
Mahindra Holidays and Resorts India Limited,
India ·
CIN: L55101TN1996PLC036595 · Mahindra BPO Services Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
410000000 |
Equity Shares |
Rs.10/- each |
Rs. 4100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
388254988 |
Equity Shares |
Rs.10/- each |
Rs. 3882.500
Millions |
|
|
|
|
|
As on: 11.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000000 |
Equity Shares |
Rs.10/- each |
Rs. 5500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
428254988 |
Equity Shares |
Rs.10/- each |
Rs. 4282.550
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 |
3882.500 |
3082.500 |
1923.200 |
|
(b) Reserves & Surplus |
(3492.500) |
(2351.300) |
(1521.800) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
149.300 |
|
Total
Shareholders’ Funds (1) + (2) |
390.000 |
731.200 |
550.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
219.700 |
129.400 |
24.300 |
|
(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 |
15.800 |
8.800 |
3.900 |
|
Total Non-current Liabilities (3) |
235.500 |
138.200 |
28.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
453.500 |
72.400 |
7.000 |
|
(b) Trade payables |
506.200 |
259.300 |
161.000 |
|
(c) Other current liabilities |
270.000 |
169.100 |
126.800 |
|
(d) Short-term provisions |
4.300 |
1.000 |
0.700 |
|
Total Current Liabilities (4) |
1234.000 |
501.800 |
295.500 |
|
|
|
|
|
|
TOTAL |
1859.500 |
1371.200 |
874.400 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
575.700 |
516.100 |
381.600 |
|
(ii) Intangible Assets |
8.700 |
5.300 |
8.300 |
|
(iii) Capital work-in-progress |
2.000 |
9.300 |
17.200 |
|
(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 |
262.700 |
205.100 |
175.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
849.100 |
735.800 |
582.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
692.700 |
528.600 |
250.300 |
|
(c) Trade receivables |
129.400 |
24.900 |
14.000 |
|
(d) Cash and cash equivalents |
30.100 |
38.600 |
3.800 |
|
(e) Short-term loans and advances |
158.200 |
43.300 |
24.200 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1010.400 |
635.400 |
292.300 |
|
|
|
|
|
|
TOTAL |
1859.500 |
1371.200 |
874.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1967.000 |
1106.800 |
514.400 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
|
Employee Cost |
|
|
|
|
|
|
Other Expenditure |
|
|
|
|
|
|
Wealth Tax |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(865.600) |
(653.400) |
(494.100) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
171.900 |
125.800 |
90.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS
BEFORE INTEREST & TAX |
(1037.500) |
(779.200) |
(584.200) |
|
|
|
|
|
|
|
|
|
|
INTEREST &
FINANCIAL EXPENSES |
103.700 |
50.300 |
17.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(1141.200) |
(829.500) |
(602.100) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(1141.200) |
(829.500) |
(602.100) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS
BALANCE BROUGHT FORWARD |
(2351.300) |
(1521.800) |
(919.700) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3492.500) |
(2351.300) |
(1521.800) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.93) |
(2.69) |
(4.24) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(58.01) |
(74.95) |
(117.05) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(61.43) |
(60.91) |
(70.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.92) |
(1.13) |
(1.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.72 |
0.28 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81 |
1.27 |
0.99 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
129.400 |
24.300 |
21.600 |
|
|
|
|
|
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Loans and advance from related parities |
150.000 |
0.000 |
|
|
|
|
|
Total |
150.000 |
0.000 |
OPERATIONS
The Company recorded revenues of Rs. 1967.000 millions as compared to Rs.1106.800 millions in the previous year. Loss after tax for the year was Rs.1141.200 millions as compared to Rs.829.500 millions in the previous year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10306531 |
25/01/2013 * |
1,220,000,000.00 |
VIJAYA BANK |
M -1 FLOOR, HEAD OFFICE BUILDING,, 41/2, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B70388012 |
* Date of charge modification
FIXED ASSETS
Tangible assets
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Leasehold improvements
Intangible assets
·
Computer software
·
Stock-in-trade
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. 61.53 |
|
|
1 |
Rs. 100.73 |
|
Euro |
1 |
Rs. 83.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
43 |
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.