MIRA INFORM REPORT
|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA EPC SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.09.2010 |
|
|
|
|
Com. Reg. No.: |
11-207854 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 280.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74990MH2010PTC207854 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM39229B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM8122L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing
Engineering, Procurement and Construction Services. |
|
|
|
|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2642000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of reputed “Mahindra Group”. It is an established
company having satisfactory track record. The company has incurred a loss from its operations during 2014. However,
the company is operating on its owned funds. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view at strong financial and managerial support from its group
company, the subject 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long term ratings: “A-“ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
03.01.2013 |
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 DECLINED
Management non co-operative
Tel. No.:91-22-24917006/ 24905619
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-24917006/ 24901441/ 24905616 Extn: 2259 |
|
Fax No.: |
91-22-24966573/ 24900833 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on: 26.08.2014
|
Name : |
Mr. Chandrasekar Kandasamy |
|
Designation : |
Director |
|
Address : |
DII/53, Mahindra Park, LBS Marg, Ghatkopar, Mumbai – 400086,
Maharashtra, India |
|
Date of Birth/Age : |
08.01.1954 |
|
Date of Appointment : |
05.10.2010 |
|
DIN No.: |
01084215 |
|
|
|
|
Name : |
Mr. Satish Keshav Kamat |
|
Designation : |
Director |
|
Address : |
F/6 Union House, First Floor, L.J. Cross Road No. 2, Mahim, Mumbai –
400016, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1956 |
|
Date of Appointment : |
24.09.2011 |
|
DIN No.: |
01536698 |
|
|
|
|
Name : |
Mr. Alwarthirunagari Kuppuswamy Thiruvenkata Chari |
|
Designation : |
Director |
|
Address : |
181-A, Twin Towers, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1939 |
|
Date of Appointment : |
14.02.2013 |
|
DIN No.: |
00746153 |
KEY EXECUTIVE
|
Name : |
Mr. Basant Jain |
|
Designation : |
Chief Executive Officer |
|
Qualification : |
BE- Electronics and PGDBA |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra Holdings Limited, |
|
27999999 |
|
Mahindra Holdings Limited, |
|
1 |
|
|
|
|
|
Total |
|
28000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.08.2014
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing
Engineering, Procurement and Construction Services. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
Flat No. 8, Navkamalpushpa. Co-operative Hosing Society B, Cabin Road, Shivaji Nagar, Naurapa, Thane – 400062, India |
|
PAN No.: |
AAAFB0265E |
|
|
|
|
Holding Company : |
CIN No.: U65993MH2007PLC175649 |
|
|
|
|
Ultimate Holding
Company : |
CIN No.: L65990MH1945PLC004558 |
|
|
|
|
Fellow Subsidiaries
: |
CIN No.: U74210MH1993PLC074723
CIN No.: U45209RJ2005PLC021207
CIN No.: U63000MH2007PLC173466
CIN No.: U74999MH1954PLC019908
CIN No.: L45200MH1999PLC118949
CIN No.: L55101TN1996PLC036595
CIN No.: U40101MH2010PTC205236
CIN No.: U75220MH2012PLC233889
CIN No.: U52190MH2007PTC173762
|
|
|
|
|
Associates of
Holding Company: |
CIN No.: U40300MH2012PTC226017
CIN No.: U34101KA1996PTC020195 |
|
|
|
|
Subsidiaries
Company : |
|
CAPITAL STRUCTURE
AS ON: 26.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28000000 |
Equity Shares |
Rs.10/- each |
Rs. 280.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
280.000 |
113.000 |
88.000 |
|
(b) Reserves & Surplus |
380.455 |
389.638 |
0.981 |
|
(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) |
660.455 |
502.638 |
88.981 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
6.392 |
34.265 |
0.000 |
|
Total Non-current
Liabilities (3) |
6.392 |
34.265 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
130.857 |
|
(b) Trade payables |
165.519 |
2862.970 |
45.396 |
|
(c) Other current liabilities |
31.884 |
41.989 |
8.408 |
|
(d) Short-term provisions |
58.866 |
53.814 |
1.358 |
|
Total Current
Liabilities (4) |
256.269 |
2958.773 |
186.019 |
|
|
|
|
|
|
TOTAL |
923.116 |
3495.676 |
275.000 |
|
|
|
|
|
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
39.543 |
20.194 |
2.286 |
|
(ii) Intangible Assets |
2.166 |
2.181 |
0.000 |
|
(iii) Capital work-in-progress |
4.325 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
10.976 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.550 |
0.050 |
0.050 |
|
(c) Deferred tax assets (net) |
26.248 |
17.665 |
0.264 |
|
(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 |
83.808 |
40.090 |
2.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
55.435 |
252.389 |
0.000 |
|
(b) Inventories |
217.111 |
158.508 |
21.758 |
|
(c) Trade receivables |
266.194 |
2411.991 |
227.997 |
|
(d) Cash and cash equivalents |
48.470 |
560.530 |
18.130 |
|
(e) Short-term loans and advances |
182.432 |
57.499 |
4.097 |
|
(f) Other current assets |
69.666 |
14.669 |
0.418 |
|
Total Current Assets |
839.308 |
3455.586 |
272.400 |
|
|
|
|
|
|
TOTAL |
923.116 |
3495.676 |
275.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1249.379 |
4894.348 |
936.772 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(9.380) |
571.475 |
5.940 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.105 |
1.998 |
1.668 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(11.485) |
569.477 |
4.272 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.738 |
1.722 |
0.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(15.223) |
567.755 |
4.091 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2.301) |
179.099 |
0.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(9.183) |
388.656 |
3.166 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
389.638 |
0.982 |
(2.183) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
380.455 |
389.638 |
0.983 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NIL
|
0.028 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.37) |
35.54 |
0.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.22) |
11.60 |
0.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.73) |
16.32 |
1.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
1.13 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.28 |
1.17 |
1.46 |
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 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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
The year, has been one of the most challenging year for the solar industry with policy instability leading to delays / cancellations of various Central and State government agency tenders, resulting in the Company executing fewer projects as compared to the previous year. Over the past financial year, the industry was also faced with growing pressure on revenues and margins on account of intensifying competition from both local and international players. The Company’s focus on high quality project delivery resulted in the company’s plants performing significantly higher than the design levels and setting performance benchmarks across India, establishing itself as a quality leader in the market over the last 3 years and generating goodwill.
FUTURE OUTLOOK
The solar power market is expected to improve in the current year with announcement of projects under the central (NSM – Phase 2 Batch 2) and state solar programs. The Company expects to win a substantial MW share under these programs.
Over the past year, their strategy was aligned to overcome the instability in the solar market and diversify into newer adjacencies. They are privileged to share their foray into the design build space for industrial sector and winning our maiden order. They look forward to increase our order book in the current year. Tapping the market for distributed solar and remote monitoring solutions form the key focus areas for the company in the current year.
The Company shall continue to strive to deliver innovative high quality solutions and create a niche for itself as an efficient solutions provider in the segments in which it operates.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10433245 |
02/09/2013 * |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA |
B85194363 |
|
2 |
10369819 |
27/07/2012 |
420,000,000.00 |
Standard Chartered Bank |
23, Narain Manzil, Barakhamba Road, New Delhi, Delhi - 110001, INDIA |
B45414117 |
* Date of charge modification
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.64 |
|
|
1 |
Rs. 98.68 |
|
Euro |
1 |
Rs. 77.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
NVA |
|
|
|
|
Analysis done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.