MIRA
INFORM REPORT
|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BCD TRAVEL INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
ETI TRAVEL SOLUTIONS PRIVATE LIMITED
(w.e.f.11.03.2002) FLY FIT TRAVELS AND TOURS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
202, Pramukh Plaza, Cardinal Gracious Road, Chakala, Andheri
(East), Mumbai – 400099, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.08.1995 |
|
|
|
|
Com. Reg. No.: |
11-092246 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 150.008
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040MH1995PTC092246 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05116G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF1613R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Travel Services, Group Travel Management/Meetings and Incentives, Travel Management Consulting and Corporate Travel Technologies. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
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 good. No borrowings 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.
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
(CONTACT NO.: 91-22-40420990)
LOCATIONS
|
Registered/ Corporate Office : |
202, Pramukh Plaza, Cardinal Gracious Road, Chakala, Andheri
(East), Mumbai – 400099, Maharashtra, India |
|
Tel. No.: |
91-22-40420900/ 990 |
|
Fax No.: |
91-22-28396762/ 28398654 |
|
E-Mail : |
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|
Website : |
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|
|
Branch Offices : |
Located at: · New Delhi Bangalore Chennai Pune Hyderabad Trivandrum |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ajay Pashupatinath Bali |
|
Designation : |
Director |
|
Date of Appointment : |
06.05.2005 |
|
PAN No.: |
AFHPB4869C |
|
DIN No.: |
00564429 |
|
|
|
|
Name : |
Aletta Dias |
|
Designation : |
Director |
|
Address : |
House # 31, Ground Floor, Kalina, Santacruz (East), Mumbai - 400029,
Maharashtra, India |
|
Date of Birth/Age : |
13.09.1976 |
|
Date of Appointment : |
01.12.2006 |
|
PAN No.: |
AGFPD6489F |
|
DIN No.: |
01070496 |
|
|
|
|
Name : |
Mr. Stephan Baars |
|
Designation : |
Director |
|
Address : |
Laher Kirchweg 58 Hannover 30659 |
|
Date of Birth/Age : |
13.10.1966 |
|
Date of Appointment : |
11.06.2007 |
|
DIN No.: |
03083671 |
|
|
|
|
Name : |
Gregory O’Neil |
|
Designation : |
Additional director |
|
Date of Appointment : |
13.10.2011 |
|
DIN No.: |
03644712 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
BCD Travel Asia B V |
|
1189065 |
|
BCD Travel Germany GMBH |
|
10 |
|
|
|
|
|
Total |
|
1189075 |
|
Names of Preference Shareholder |
|
No. of Shares |
|
BCD Travel Asia B V |
|
311000 |
|
|
|
|
|
Total |
|
311000 |
AS ON 30.09.2013
|
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 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Travel Services, Group Travel Management/Meetings and Incentives, Travel Management Consulting and Corporate Travel Technologies. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
· ING Vysya Bank Limited Mittal Towers, A-Wing, Ground Floor, 210 Nariman Point,
Mumbai - 400021, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kapadia Mayur Mansingh Chartered Accountants |
|
Address : |
209, Sumer Kendra, 2nd Floor, Pandurang Budhkar Marg,
Worli, Mumbai - 400018, Maharashtra,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFM4901E |
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|
|
|
Associates : |
· BCD Travel USA LLC BCD Travel Singapore Pte Limited BCD Travel Services B.V. The Travel Group Company Limited BCD Travel Australia BCD Travel Belgium N.V. BCD Travel France SAS BCD Travel Europe Holding B.V. BCD Travel Netherland B.V. BCD Travel Germany GMBH BCD Travel Denmark AS BCD Travel Business Spain S.L. BCD Travel Suisse AG BCD Travel Asia Pacific Pte Limited BCD Travel Treasury B.V. |
|
|
|
|
Subsidiary Company : |
BCD Travel And Tours Private Limited
[U63040AP1997PTC026924] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,675,000 |
Equity Shares |
Rs. 100/- each |
Rs. 167.500 Millions |
|
325,000 |
Preference Shares |
Rs. 100/- each |
Rs. 32.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,189,075 |
Equity Shares |
Rs. 100/- each |
Rs. 118.908
Millions |
|
311,000 |
Preference Shares |
Rs. 100/- each |
Rs. 31.100
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 150.008 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 |
150.008 |
150.008 |
150.008 |
|
(b) Reserves & Surplus |
275.998 |
185.708 |
125.280 |
|
(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) |
426.006 |
335.716 |
275.288 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.781 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.800 |
8.120 |
4.910 |
|
Total Non-current
Liabilities (3) |
9.800 |
8.120 |
5.691 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
140.000 |
|
(b)
Trade payables |
406.278 |
370.955 |
228.415 |
|
(c)
Other current liabilities |
186.223 |
149.486 |
158.067 |
|
(d) Short-term
provisions |
12.333 |
9.340 |
8.200 |
|
Total Current
Liabilities (4) |
604.834 |
529.781 |
534.682 |
|
|
|
|
|
|
TOTAL |
1040.640 |
873.617 |
815.661 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
70.995 |
60.123 |
56.305 |
|
(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 |
41.353 |
41.352 |
41.352 |
|
(c) Deferred tax assets (net) |
0.487 |
0.116 |
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 |
112.835 |
101.591 |
97.657 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
595.620 |
589.469 |
568.842 |
|
(d) Cash
and cash equivalents |
141.504 |
100.310 |
72.317 |
|
(e)
Short-term loans and advances |
33.944 |
35.847 |
30.120 |
|
(f) Other
current assets |
156.737 |
46.400 |
46.725 |
|
Total
Current Assets |
927.805 |
772.026 |
718.004 |
|
|
|
|
|
|
TOTAL |
1040.640 |
873.617 |
815.661 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
752.050 |
601.374 |
NA
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
617.131 |
508.979 |
NA
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
134.919 |
92.395 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
44.629 |
31.968 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
90.290 |
60.427 |
53.444 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
322.031 |
213.382 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
60.19 |
40.28 |
35.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
12.01 |
10.05 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.51 |
11.10 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.28 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.46 |
1.34 |
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 |
150.008 |
150.008 |
150.008 |
|
Reserves & Surplus |
125.280 |
185.708 |
275.998 |
|
Net
worth |
275.288 |
335.716 |
426.006 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
140.000 |
0.000 |
0.000 |
|
Total
borrowings |
140.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.509 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
601.374 |
752.050 |
|
|
|
25.055 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
601.374 |
752.050 |
|
Profit |
60.427 |
90.290 |
|
|
10.05% |
12.01% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two 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 |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10258907 |
31/05/2011 * |
210,000,000.00 |
ING VYSYA BANK LIMITED |
MITTAL TOWERS,A-WING,GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B14454177 |
|
2 |
10258908 |
14/03/2013 * |
250,000,000.00 |
ING VYSYA BANK LIMITED |
MITTAL TOWERS,A-WING,GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B71358907 |
* Date of charge modification
FIXED ASSETS:
· Buildings
Office
building
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Leasehold
improvements
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. 59.08 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.