MIRA
INFORM REPORT
|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DE LAGE LANDEN FINANCIAL
SERVICES INDIA PRIVATE LIMITED (w.e.f 23.08.2012) |
|
|
|
|
Formerly Known
As : |
DE LAGE LANDEN FINANCIAL ADVISORY SERVICES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Third Floor, Forbes Building, Charanjit Rai Marg, Fort, Mumbai –
400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.09.2011 |
|
|
|
|
Com. Reg. No.: |
11-221903 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.450.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65900MH2011FTC221903 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD19451F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCD9948E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Subject is engaged to carry on the business of Non-Banking Financial Institution. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 189000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.
|
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-24823199)
LOCATIONS
|
Registered Office : |
Third Floor, Forbes Building, Charanjit Rai Marg, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No. : |
91-22-22197192 |
|
Fax No. : |
91-22-22034568 |
|
E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Franciscus Johannes Hubertus Maria Janssen |
|
Designation : |
Director |
|
Address : |
H-1029, Budapest Rezsu, U 18, Budapest, Hungary |
|
Date of Birth/Age : |
20.12.1970 |
|
Date of Appointment : |
31.03.2012 |
|
DIN No. : |
05235082 |
|
|
|
|
Name : |
Gerardus Alfons Maria Kraak |
|
Designation : |
Director |
|
Address : |
Newtonplein 7, 5283 JH, Boxtel, Netherlands |
|
Date of Birth/Age : |
31.05.1968 |
|
Date of Appointment : |
04.06.2013 |
|
DIN No. : |
06523198 |
|
|
|
|
Name : |
Dhananjay Shrikant Barve |
|
Designation : |
Director |
|
Address : |
B-306, Highland Breeze, Highland Complex, Kandivali (West), Mumbai –
400067, Maharashtra, India |
|
Date of Birth/Age : |
04.02.1972 |
|
Date of Appointment : |
17.09.2013 |
|
DIN No. : |
06673457 |
KEY EXECUTIVE
|
Name : |
Dhananjay Shrikant Barve |
|
Designation : |
Secretary |
|
Address : |
B-306, Highland Breeze, Highland Complex, Kandivali (West), Mumbai –
400067, Maharashtra, India |
|
Date of Birth/Age : |
04.02.1972 |
|
Date of Appointment : |
21.11.2012 |
|
PAN No. : |
ABLPB5297L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
De Lage Landen Asia Participations B.V., Netherlands |
44999999 |
|
De Lage Landen Corporate Finance B.V., Netherlands |
1 |
|
|
|
|
Total |
45000000 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged to carry on the business of Non-Banking Financial Institution. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
|
|
|
|
Bankers : |
Not Divulged |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
1st, Floor, Lodha Excelus, Appollo Mills Compound, NM Joshi Marg, Mahalaxmi Mumbai - 400 011, Maharashtra, India |
|
PAN
No. : |
AAAFB9852F |
|
|
|
|
Ultimate parent
company : |
² Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.(Rabobank) ² De Lage Landen International BV |
|
|
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|
Holding company
(99.99% shareholding) : |
² De Lage Landen Asia Participations BV (formerly known as De Lange Landen India Participations BV) |
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|
|
Fellow subsidiary
of the Ultimate Parent |
² De Lage Landen Pte Limited, Singapore ² Rabobank International (Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A), Mumbai Branch |
CAPITAL STRUCTURE
After 30.09.2013
Authorised Capital : Rs.1350.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 900.000
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135000000 |
Equity Shares |
Rs.10/- each |
Rs.1350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
450.000 |
67.500 |
|
(b) Reserves & Surplus |
|
(152.809) |
(28.179) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
297.191 |
39.321 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
2.321 |
0.088 |
|
Total Non-current Liabilities (3) |
|
2.321 |
0.088 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
75.219 |
7.559 |
|
(c) Other current
liabilities |
|
1.376 |
0.766 |
|
(d) Short-term provisions |
|
4.956 |
0.181 |
|
Total Current Liabilities (4) |
|
81.551 |
8.506 |
|
|
|
|
|
|
TOTAL |
|
381.063 |
47.915 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
0.896 |
0.057 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
1.971 |
0.056 |
|
Total Non-Current Assets |
|
2.867 |
0.113 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
|
367.078 |
39.874 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
11.118 |
7.928 |
|
Total Current Assets |
|
378.196 |
47.802 |
|
|
|
|
|
|
TOTAL |
|
381.063 |
47.915 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
14.339 |
0.122 |
|
|
|
TOTAL |
|
14.339 |
0.122 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
138.969 |
28.301 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(124.630) |
(28.179) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
(124.630) |
(28.179) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
2.77 |
0.63 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
(869.17) |
(23097.54) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(32.71) |
(58.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.42) |
(0.72) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.64 |
5.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
67.500 |
450.000 |
|
Reserves & Surplus |
(28.179) |
(152.809) |
|
Net
worth |
39.321 |
297.191 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.122 |
14.339 |
|
|
|
11,653.279 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.122 |
14.339 |
|
Profit |
(28.179) |
(124.630) |
|
|
(23097.54%) |
(869.17%) |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current Maturities
of Long Term Debts is Not Available.
|
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 |
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 |
INDEX OF CHARGES
No Charges Exist for Company
REVIEW OF OPERATIONS
During the year
the Company applied to the Reserve Bank of India for a license to carry on the
business of Non-Banking Financial Institution. The Company did not start
lending activities in the year since the NBFC certificate of registration
wasn’t received until 10 May, 2013. The Company will seek to adopt a vendor
finance model which involves building healthy working relationships with
manufacturers within the Company’s chosen verticals: Healthcare, Office
Technology, Clean Technology, Construction Transportation and Industrial, and
Food and Agriculture. The Company also focused upon the other key priorities,
viz., Business Development and Operational Readiness during the year. For
Business Development, the company actively engaged with its key global vendor
partners with significant presence in India for local association in line with
the company’s business strategy. For Operational Readiness the Company
undertook activities along key functional lines, including system capabilities for
transaction booking, portfolio management, book keeping and accounting.
BACKGROUND
Subject (formerly known as De Lage Landen Financial Advisory Services India Private Limited) was incorporated on 12 September 2011.
The principal shareholder of the Company is De Lage Landen Asia Participations BV (99.99%) Holding Company and the balance shareholding is by De Lage Landen Corporate Finance BV.
The Company was set up with the principal objective to advise its customers in respect of activities relating to leasing, renting or asset based finance and to provide consultancy services on accounting, taxation, financial, commercial, economic, credit risk assessment, administrative, marketing, investigation and other similar activities as such related to asset based finance.
During the year, an amendment was made to the Main Objects, to include to carry on and undertake the business of hire-purchase, leasing and financing of all kinds; which may include purchasing, selling, hiring or letting on hire all kinds of plant and machinery and equipment and to assist in financing of all and every kind and description of hire-purchase or deferred payment or similar transactions.
Consequently, the Company applied to the Reserve Bank of India for a license to carry on the business of Non-Banking Financial Institution (the license was subsequently received on 10th May, 2013).
During the year the Company focused upon the certain key priorities, viz., Business Development and Operational Readiness during the year. For Business Development, the Company actively engaged with its key global vendor partners with significant presence in India for local association in line with the company’s business strategy. For Operational Readiness the Company undertook activities along key functional lines, including system capabilities for transaction booking, portfolio management, book keeping and accounting.
The name of the company was changed from De Lage Landen Financial Advisory Services India Private Limited to Subject w.e.f. 23rd August, 2012.
FIXED ASSETS
œ Plant and Equipment
œ Office Equipment
œ
Computer Equipments
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.58.84 |
|
|
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.