MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
FUNDTECH INDIA PRIVATE LIMITED (w.e.f 01.06.2012) |
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Formerly Known
As : |
FUNDTECH INDIA LIMITED (w.e.f 25.06.2008) CASHTECH SOLUTIONS INDIA LIMITED |
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Registered
Office : |
Office No. 604 and 605, 6th Floor, Powai Plaza, Hiranandani
Complex, Powai, Mumbai – 400076, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.08.1995 |
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Com. Reg. No.: |
11-091489 |
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Capital
Investment / Paid-up Capital : |
Rs.27.278 Millions |
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CIN No.: [Company Identification
No.] |
U74140MH1995PTC091489 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Software development. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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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 |
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Maximum Credit Limit : |
USD 880000 |
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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 a subsidiary of “Fundtech Limited”, Israel. It is a well-established
company having fine track. The company possesses a healthy financial profile marked by sizeable
networth base and comfortable capital structure characterised by zero gearing
along with sound liquidity position during the year under review. Management has witnessed a better increase in its sales volume as well
as net profitability backed by decent margins during FY 13. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of financial and managerial support from its reputed
parentage, the company can be considered 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 |
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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
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.
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 BY
|
Name : |
Mr. Subramanian Mayooranathan Iyer |
|
Designation : |
Chief Finance Officer and Director |
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Contact No.: |
91-22-42000500 |
|
Date : |
27.10.2014 |
LOCATIONS
|
Registered Office : |
Office No. 604 and 605, 6th Floor, Powai Plaza, Hiranandani
Complex, Powai, Mumbai – 400076, Maharashtra, India |
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Tel. No.: |
91-22-42000500 |
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Fax No.: |
91-22-42000505 |
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E-Mail : |
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Branch Office: |
Gaikwad Avenue, AG Technology Park, Off ITI Road, Hotel Sarja Lane,
Pune – 411007, Maharashtra, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Sanjay Kumar Dalmia |
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Designation : |
Director |
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Address : |
U - 12, Sacred Heart Town, Wanawadi, Pune - 411011,
Maharashtra, India |
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Date of Birth/Age : |
18.08.1967 |
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Date of Appointment : |
29.01.2007 |
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DIN No.: |
01799933 |
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Other Directorship:
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Name : |
Mr. Subramanian Mayooranathan Iyer |
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Designation : |
Director |
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Address : |
C-102, Redwoods, Vasant Gardens, Swapna Nagiri, Mulund (West), Mumbai, 400080, Maharashtra, India |
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Date of Birth/Age : |
10.11.1963 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
02038580 |
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Other Directorship:
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Name : |
Mr. Gil Gadot |
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Designation : |
Director |
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Address : |
20, River CT Apartment 3601, New Jersey, 07310, United
States of America |
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Date of Birth/Age : |
24.11.1961 |
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Date of Appointment : |
20.10.2008 |
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DIN No.: |
02131524 |
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Name : |
Mr. Michael Sgore |
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Designation : |
Director |
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Address : |
26, Underhill Road, Ossining, Newyork, USA- 10562 |
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Date of Birth/Age : |
14.02.1956 |
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Date of Appointment : |
06.11.2004 |
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Name : |
Mr. Ben Reuven |
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Designation : |
Director |
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Address : |
380, Rector Place,Apartment 6b, New York, USA- 10280 |
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Date of Birth/Age : |
04.11.1960 |
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Date of Appointment : |
06.11.2004 |
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KEY EXECUTIVES
|
Name : |
Mr. Subramanian Mayooranathan Iyer |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
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No. of Shares |
|
Fundtech Limited |
|
2727720 |
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Funtech Corporation Inc. |
|
10 |
|
FT Luxembourg Holdco S.a.r.l. |
|
10 |
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Fundtech UK Private Limited |
|
10 |
|
Total |
|
2727750 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
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 : |
Software development. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management
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Bankers : |
Not Divulged |
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Banking
Relations : |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
14th Floor, The Ruby 2 9, Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS3421N |
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Holding company: |
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Fellow Subsidiary
company: |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
2727750 |
Equity Shares |
Rs.10/- each |
Rs. 27.278
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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|
|
|
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|
I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
27.278 |
27.278 |
27.278 |
|
(b) Reserves & Surplus |
282.427 |
196.367 |
219.529 |
|
(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) |
309.705 |
223.645 |
246.807 |
|
|
|
|
|
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(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 |
59.539 |
36.624 |
25.378 |
|
Total
Non-current Liabilities (3) |
59.539 |
36.624 |
25.378 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
254.477 |
123.835 |
96.289 |
|
(c) Other current liabilities |
122.356 |
115.326 |
88.997 |
|
(d) Short-term provisions |
144.950 |
16.157 |
43.908 |
|
Total
Current Liabilities (4) |
521.783 |
255.318 |
229.194 |
|
|
|
|
|
|
TOTAL |
891.027 |
515.587 |
501.379 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
34.780 |
18.665 |
18.158 |
|
(ii) Intangible Assets |
9.500 |
11.741 |
14.918 |
|
(iii) Capital work-in-progress |
0.891 |
0.000 |
0.671 |
|
(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) |
30.419 |
27.827 |
18.310 |
|
(d) Long-term Loan and Advances |
66.271 |
46.160 |
47.274 |
|
(e) Other Non-current assets |
1.938 |
1.085 |
0.000 |
|
Total
Non-Current Assets |
143.799 |
105.478 |
99.331 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
262.949 |
154.154 |
66.928 |
|
(d) Cash and cash equivalents |
313.362 |
152.525 |
247.268 |
|
(e) Short-term loans and
advances |
35.929 |
18.263 |
18.430 |
|
(f) Other current assets |
134.988 |
85.167 |
69.422 |
|
Total
Current Assets |
747.228 |
410.109 |
402.048 |
|
|
|
|
|
|
TOTAL |
891.027 |
515.587 |
501.379 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
Income |
1189.424 |
764.285 |
594.760 |
|
|
Other Income |
|
|
|
|
|
TOTAL
|
1189.424 |
764.285 |
594.760 |
|
|
|
|
|
|
|
Less |
EXPENSES |
881.303 |
575.965 |
452.023 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
308.121 |
188.320 |
142.737 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2.390 |
1.437 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
305.731 |
186.883 |
142.737 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
21.327 |
21.101 |
20.241 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
284.404 |
165.782 |
122.496 |
|
|
|
|
|
|
|
Less |
TAX |
95.968 |
50.948 |
45.019 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
188.436 |
114.834 |
77.477 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(41.063) |
1.329 |
-76.148 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend |
87.505 |
118.689 |
0.000 |
|
|
Tax on Dividend |
14.872 |
19.306 |
0.000 |
|
|
Transfer to General Reserve |
18.844 |
19.231 |
0.000 |
|
|
Balance
Carried to the B/S |
26.152 |
(41.063) |
1.329 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
69.08 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
15.84 |
15.03 |
13.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.08 |
33.99 |
25.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.92 |
0.74 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.61 |
1.75 |
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 |
27.278 |
27.278 |
27.278 |
|
Reserves & Surplus |
219.529 |
196.367 |
282.427 |
|
Net
worth |
246.807 |
223.645 |
309.705 |
|
|
|
|
|
|
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 |
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) |
|
Total Income |
594.760 |
764.285 |
1189.424 |
|
|
|
28.503 |
55.626 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
594.760 |
764.285 |
1189.424 |
|
Profit |
77.477 |
114.834 |
188.436 |
|
|
13.03% |
15.03% |
15.84% |
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 |
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 |
Yes |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
OPERATIONS:
The Company’s operations during the year remained encouraging. The Company’s operations during the financial year from all the segments i.e. Sale and Implementation of Licenses, Enhancements, Services and Annual Maintenance have shown improvements in terms of revenue. Further, on both the Domestic and Exports front the operations of the Company remained buoyant.
During the year, revenue from the core activities of the Company shown growth of more than 58% over the previous financial year The Net profit of the Company was amounted to Rs. 188.436 Millions compared to Rs. 114.834 Millions of the previous financial year.
CORPORATE INFORMATION
Subject is incorporated and registered as a Private Limited company in India. The company has converted into a private limited company with effect from 1st June 2011. The Company is a developer and provider of Software Products and applications in the area of cash management with its Global Cashplus suite of products.
FIXED ASSETS
Tangible assets
- Office Equipment
- Furniture and Fixtures
- Vehicles
- Computer and Allied Equipment’s
- Leasehold Improvement
Intangible Assets
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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 records 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.61.23 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.