MIRA INFORM REPORT
|
Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
OCWEN FINANCIAL SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Pritech Park, Block 12, Unit 2, 5B and 6A Floors, Bellandur Village, Sarjapur
Marathahalli Ring Road, Bangalore – 560 103, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
17.05.2000 |
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Com. Reg. No.: |
08-027095 |
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Capital Investment
/ Paid-up Capital : |
Rs.17.900
millions |
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CIN No.: [Company Identification
No.] |
U67190KA2000PTC027095 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRO00347E |
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PAN No.: [Permanent Account No.] |
AAACO3764E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT enabled services. |
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No. of Employees
: |
Approximately 4811 (As on 31.03.2012) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5184000 |
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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 fine track record. Financial position
of the company seems to be decent. Trade relations
are reported to be 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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
(Tel. No.: 91-22-61278950)
LOCATIONS
|
Registered Office : |
Pritech Park, Block 12, Unit 2, 5B and 6A Floors, Bellandur Village,
Sarjapur Marathahalli Ring Road, Bangalore – 560 103, Karnataka, India |
|
Tel. No.: |
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Fax No.: |
91-80-66177411/ 25631790 |
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E-Mail : |
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Website : |
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Branch Office/ Delivery Centre : |
Located at: · Mumbai |
DIRECTORS
AS ON 10.09.2013
|
Name : |
Mr. Ravi Sarukkai Parthasarathy |
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Designation : |
Director |
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Address : |
D-702, Laburnum, Brigade Millennium, J.P. Nagar, Phase 7, Bangalore –
560 102, Karnataka, India |
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Date of Birth/Age : |
01.02.1966 |
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Qualification : |
CA,
CPA, CIA, CISA-(USA) |
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Date of Appointment : |
26.07.2012 |
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DIN No.: |
05191642 |
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PAN No.: |
AEHPR0989J |
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Other Directorship :
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|||||||||||||||||||||||||||
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Name : |
Mr.
Devendra Kumar Tyagi* |
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Designation : |
Director,
Corporate Accounting (Full time) |
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|
Date of Birth/Age : |
45
Years |
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Qualification : |
ICWA,
CA, CPA, CFA |
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* Employed part of the year
KEY EXECUTIVES
|
Name : |
Pallavi K. |
|
Designation : |
Company Secretary |
|
Address : |
House No.345, “Sujaya”, 13th ‘A’, 80 Feet Road, Yelahanka
Newtown, Bangalore – 560 064, Karnataka, India |
|
Date of Birth/Age : |
10.02.1985 |
|
Date of Appointment : |
30.04.2013 |
|
PAN No.: |
ATGPK4785R |
|
|
|
|
Name : |
Mr. Nikhil
Malik** |
|
Designation : |
Vice
President, MSR Acquisitions (Full time ) |
|
Date of Birth/Age : |
34
Years |
|
Qualification : |
BE,
MBAIIM Kolkata |
** Employed for the part of
the year and not in services of the Company as of March 31, 2013
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Ocwen Asia Holdings Limited I, Mauritius |
|
17900417 |
|
Shihabudin Abdulkhader |
|
1 |
|
Total |
|
17900418 |
AS ON 10.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT enabled services. |
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Products/ Services : |
·
Business Process Outsourcing ·
Clinical
Research Services ·
Engineering Process Outsourcing |
GENERAL INFORMATION
|
No. of Employees : |
Approximately 4811 (As on 31.03.2012) |
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Bankers : |
Wells Fargo Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, 100/2, Anchorage II, Richmond Road, Bangalore – 560
080, Karnataka, India |
|
Tel. No.: |
91-80-66276000 |
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PAN No.: |
AACFD3771D |
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Ultimate Holding
Company: |
Ocwen Financial Corporation, USA |
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Holding Company: |
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Other Related
Parties : |
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CAPITAL STRUCTURE
AS ON 10.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Re.1/- each |
Rs.350.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17900418 |
Equity Shares |
Re.1/- each |
Rs.17.900
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 |
17.900 |
17.900 |
19.491 |
|
(b) Reserves & Surplus |
1278.000 |
910.100 |
833.909 |
|
(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) |
1295.900 |
928.000 |
853.400 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
6.200 |
11.500 |
19.100 |
|
(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 |
35.200 |
26.000 |
17.200 |
|
Total
Non-current Liabilities (3) |
41.400 |
37.500 |
36.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
286.300 |
184.200 |
76.900
|
|
(c)
Other current liabilities |
46.900 |
36.800 |
31.400
|
|
(d)
Short-term provisions |
36.900 |
46.400 |
29.500
|
|
Total
Current Liabilities (4) |
370.100 |
267.400 |
137.800 |
|
|
|
|
|
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TOTAL |
1707.400 |
1232.900 |
1027.500 |
|
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|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
410.200 |
130.500 |
111.900 |
|
(ii)
Intangible Assets |
12.700 |
18.300 |
2.300 |
|
(iii)
Capital work-in-progress |
204.300 |
189.000 |
1.200 |
|
(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) |
52.600 |
53.000 |
43.000 |
|
(d) Long-term Loan
and Advances |
298.700 |
408.700 |
179.900 |
|
(e)
Other Non-current assets |
145.400 |
218.700 |
82.500 |
|
Total
Non-Current Assets |
1123.900 |
1018.200 |
420.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000
|
|
(c)
Trade receivables |
166.200 |
130.900 |
208.500
|
|
(d)
Cash and cash equivalents |
319.200 |
28.400 |
371.000
|
|
(e)
Short-term loans and advances |
44.300 |
55.400 |
27.000 |
|
(f)
Other current assets |
53.800 |
0.000 |
0.200 |
|
Total
Current Assets |
583.500 |
214.700 |
606.700 |
|
|
|
|
|
|
TOTAL |
1707.400 |
1232.900 |
1027.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2269.500 |
1321.899 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
3527.600 |
2269.500 |
1321.899 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
2872.000 |
1870.200 |
1114.206 |
|
|
|
TOTAL |
2872.000 |
1870.200 |
1114.206 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
655.600 |
399.300 |
204.654 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
157.900 |
47.700 |
33.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
497.700 |
351.500 |
171.155 |
|
|
|
|
|
|
|
|
|
|
TAX |
129.800 |
70.300 |
79.931 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
367.900 |
281.200 |
91.224 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3604.200 |
2191.200 |
1331.129 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
20.55 |
15.71 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.43 |
12.39 |
6.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
34.31 |
35.47 |
17.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.38 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
0.80 |
4.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
19.491 |
17.900 |
17.900 |
|
Reserves & Surplus |
833.909 |
910.100 |
1278.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
853.400 |
928.000 |
1295.900 |
|
|
|
|
|
|
Long-term borrowings |
19.100 |
11.500 |
6.200 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
19.100 |
11.500 |
6.200 |
|
Debt/Equity ratio |
0.022 |
0.012 |
0.005 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
1,321.899 |
2,269.500 |
3,527.600 |
|
|
|
71.685 |
55.435 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
1,321.899 |
2,269.500 |
3,527.600 |
|
Profit |
91.224 |
281.200 |
367.900 |
|
|
6.90% |
12.39% |
10.43% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth 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 |
Note:
No Charges Exist for Company.
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Long-term
maturities of finance lease obligations |
6.200 |
11.500 |
|
Total
|
6.200 |
11.500 |
PERFORMANCE:
During
the period the Company's financial performance was as below:
The income for the year at
Rs.3527.600 millions (last year: Rs.2269.500 millions) was Rs.1258.100 millions
higher than last year and operating profit at Rs.655.600 millions (last year:
Rs.399.300 millions) was 256.300 millions higher. Net Profit of the Company
increase by Rs.88.600 millions i.e. Rs.367.900 millions for the year 2012-13 as
against Rs.281.300 millions for last year.
OPERATIONS:
The business operations of
Ocwen India are explained in detail below:
Ocwen Group is engaged in
providing services in the areas of Residential and Commercial Servicing.
Subject provides back office support services in the area of IT enabled
activities of data analysis, compilation and transmittal on customized software
and call center services for Ocwen Mortgage Servicing on a contract basis.
There are no material
changes and commitments, affecting the financial position of the Company which
have occurred between the end of the financial year of the Company to which the
balance sheet relates and the date of this report.
CONTINGENT LIABILITIES:
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
a)
Claims against the Company not acknowledged as debt |
|
|
|
(i)
Income tax matters under appeal |
234.000 |
205.500 |
|
(ii)
Others |
5.100 |
-- |
FIXED ASSETS:
Tangible Assets
·
Furniture and Fixtures
·
Office Equipments
·
Computer Equipments
·
Leasehold Improvements
Intangible Assets
·
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.59.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
63 |
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.