MIRA
INFORM REPORT
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Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SYNOPSYS ( |
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Registered
Office : |
R.M.Z. Infinity, Tower ‘A’, 5th Floor, Municipal No. 3, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.04.1995 |
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Com. Reg. No.: |
08-017634 |
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Capital
Investment / Paid-up Capital : |
Rs. 14.240 Millions |
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CIN No.: [Company Identification
No.] |
U85110KA1995PTC017634 |
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PAN No.: [Permanent Account No.] |
AABCS8847D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on the business of developing software for computer
applications to be used in micro computers, mini computers and miniframe
computer installations, including networking and communication environments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Reserves of the company are decent. No borrowings are recorded by the
company Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal 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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 DENIED
Management Non Co-operative (91-80-40188000)
LOCATIONS
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Registered Office : |
R.M.Z. Infinity, Tower ‘A’, 5th Floor, Municipal No. 3, Old
Madras Road, Benniganahalli, Bangalore – 560016, Karnataka, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-80-40188000 |
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Fax No.: |
91-80-40188000 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2013
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Name : |
Mr. Charles Watchorn |
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Designation : |
Director |
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Address : |
Rosemount, Avoca Avenue, Black Rock, Dublin, Ireland |
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Date of Birth/Age : |
17.08.1951 |
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Date of Appointment : |
27.01.2003 |
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DIN No. : |
01838346 |
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Other Directorship :
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Name : |
Mr. Manoj Gandhi |
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Designation : |
Director |
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Address : |
#10057, Scenic Boulevard, Cupertion – 95014 California, US |
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Date of Birth/Age : |
31.08.1960 |
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Date of Appointment : |
19.01.2001 |
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DIN No. : |
01874628 |
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Name : |
Dr. Pradip Kumar Dutta |
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Designation : |
Managing Director |
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Address : |
Villa #5, Windmills of Your Mind, #33, Road #5 B, EPIP Zone, ll Stage
Bangalore – 560048 Karnataka, India |
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Date of Birth/Age : |
27.04.1961 |
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Date of Appointment : |
11.08.2000 |
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DIN No. : |
00654286 |
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Other Directorship :
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Name : |
Mr. Mukesh B A |
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Designation : |
Alternate Director |
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Address : |
#222, 6th Main, ll Block, RT Nagar, Bangalore – 560032,
Karnataka, India |
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Date of Birth/Age : |
27.04.1961 |
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Date of Appointment : |
27.09.2010 |
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DIN No. : |
00654328 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Mukesh B A |
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Designation : |
Secretary |
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Address : |
#222, 6th Main, ll Block, RT Nagar, Bangalore – 560032,
Karnataka, India |
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Date of Birth/Age : |
27.04.1961 |
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Date of Appointment : |
16.09.1997 |
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DIN No.: |
ABBPM2440A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
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Names of Shareholders |
No. of Shares |
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Snps Mauritius Limited, Mauritius |
1889602 |
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Synopsys International Services, INC, USA |
3 |
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Total |
1889605 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage of Holding |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20278426%2030-Sep-2014_files/image002.gif)
BUSINESS DETAILS
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Line of Business : |
To carry on the business of developing software for computer applications
to be used in micro computers, mini computers and miniframe computer
installations, including networking and communication environments. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Associates Chartered Accountants |
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Address : |
Maruthi Info-tech Centre, 11-12/1 Inner Ring Road, koramangala,
Bangalore – 560071, Karnataka India |
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PAN No.: |
AAIFB7355D |
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Fellow Subsidiary Company : |
Synopsys International Services Inc., USA Megma DA. USA |
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Holding Company |
SNPS Mauritius Limited, Mauritus |
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Ultimate Holding Company |
Synopsys Inc, USA |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4750000 |
Equity Shares |
Rs.10/- each |
Rs.47.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1889605 |
Equity Shares |
Rs.10/- each |
Rs. 18.896 Millions |
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As on 30.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
4750000 |
Equity Shares |
Rs.10/- each |
Rs.47.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1424002 |
Equity Shares |
Rs.10/- each |
Rs. 14.240 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 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
14.240 |
14.240 |
12.790 |
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(b) Reserves &
Surplus |
1619.119 |
1134.095 |
873.256 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
4.656 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
1638.015 |
1148.335 |
886.046 |
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(3) Non-Current
Liabilities |
|
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
21.570 |
12.697 |
0.000 |
|
(d) long-term provisions |
20.852 |
18.888 |
94.099 |
|
Total Non-current
Liabilities (3) |
42.422 |
31.585 |
94.099 |
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(4) Current Liabilities |
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|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
31.573 |
29.513 |
13.587 |
|
(c) Other current
liabilities |
525.273 |
292.976 |
279.141 |
|
(d) Short-term provisions |
226.380 |
121.739 |
38.686 |
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Total Current Liabilities
(4) |
783.226 |
444.228 |
331.414 |
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TOTAL |
2463.663 |
1624.148 |
1311.559 |
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II.
ASSETS |
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|
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(1) Non-current assets |
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
518.096 |
345.205 |
301.770 |
|
(ii) Intangible Assets |
3.515 |
3.350 |
2.100 |
|
(iii) Capital
work-in-progress |
5.265 |
0.251 |
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) |
145.180 |
120.979 |
112.073 |
|
(d) Long-term Loan and Advances |
373.451 |
275.503 |
127.084 |
|
(e) Other Non-current
assets |
6.610 |
11.459 |
4.068 |
|
Total Non-Current Assets |
1052.117 |
756.747 |
547.095 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
38.636 |
30.203 |
11.639 |
|
(d) Cash and cash
equivalents |
1172.815 |
651.661 |
664.612 |
|
(e) Short-term loans and
advances |
113.161 |
80.518 |
48.287 |
|
(f) Other current assets |
86.934 |
105.019 |
39.926 |
|
Total Current Assets |
1411.546 |
867.401 |
764.464 |
|
|
|
|
|
|
TOTAL |
2463.663 |
1624.148 |
1311.559 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
3763.206 |
2358.764 |
1895.919 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
389.060 |
240.517 |
177.679 |
|
|
|
|
|
|
|
Less |
TAX |
149.004 |
81.814 |
33.706 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
240.056 |
158.703 |
143.973 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
TOTAL EARNINGS |
3725.441 |
2330.347 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
127.04 |
83.99 |
76.19 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.34 |
10.20 |
9.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.82 |
16.00 |
14.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.21 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80 |
1.95 |
2.31 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
12.790 |
14.240 |
14.240 |
|
Reserves & Surplus |
873.256 |
1134.095 |
1619.119 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
4.656 |
|
Net worth |
886.046 |
1148.335 |
1638.015 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
%20PRIVATE%20LIMITED%20-%20278426%2030-Sep-2014_files/image004.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1895.919 |
2358.764 |
3763.206 |
|
|
|
24.413 |
59.541 |
%20PRIVATE%20LIMITED%20-%20278426%2030-Sep-2014_files/image006.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1895.919 |
2358.764 |
3763.206 |
|
Profit |
143.973 |
158.703 |
240.056 |
|
|
7.59% |
6.73% |
6.38% |
%20PRIVATE%20LIMITED%20-%20278426%2030-Sep-2014_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
----------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export / Import
details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
No |
|
24] |
Banking
facility details |
No |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
Note:
The Registered office of the company has been shifted 131/82/2C, 3rd
‘A’ Cross, 18th Main, 6th Block, Koramangala, Bangalore
– 560095, Karnataka, India to the present address w.e.f. 16.06.2006
FINANCIAL
PERFORMANCE:
The Financial year 2012-13 witnessed an increase of 59.54 % in total revenue and income of the company compared to the previous year. The Earnings per Share (EPS) increased to (Rs 127.04) during year 2012-13 compared to the previous year (Rs 111.45). The increase in the revenues is a result of consolidation of financials of:
Virage Logic International (India branch office of Virage Logic International USA)
Magma Design Automation India Private Limited
Extreme Design Automation Software India private Limited
Following the amalgamation of these companies with the company as per the order of the Honourable High Court of Karnataka, dated 3rd April, 2013. The overall financial performance of the Company during the period under consideration is noteworthy.
INDEX OF CHARGES:
No Charges Exist for Company
FIXED ASSETS:
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Computer Equipments
· Computer software
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. 60.10 |
|
|
1 |
Rs. 102.04 |
|
Euro |
1 |
Rs. 80.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
53 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.