MIRA INFORM REPORT
|
Report No. : |
335184 |
|
Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
HOLCIM SERVICES (SOUTH ASIA) LIMITED |
|
|
|
|
Formerly Known
As : |
HOLCIM IT SERVICES (SOUTH ASIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Level 3, Tower 1, Phase 2, Logitech Park, Andheri Kurla Road, Andheri
(East), Mumbai – 400072, Maharashtra |
|
Tel. No.: |
91-22-40327500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
12.04.2006 |
|
|
|
|
Com. Reg. No.: |
11-161092 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH2006PLC161092 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of providing Information Technology
Services to Holcim Group Companies. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Holderind Investments Limited, Mauritius,”
was incorporated during the year 2009. It has a satisfactory track record. Management has failed to file its financials record with government
department for the year 2014. In the financial year ended 2013, the company possesses healthy
operational activity marked by decent growth in sales turnover along with
good profitability margin of 4.7%. The rating takes into consideration the company’s decent financial
risk profile backed by efficient net worth position and zero debt balance
sheet profile. Trade relations are fair. Business is active. Payments terms are
usually correct. In view of healthy financial base, 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION DENIED
Management non co-operative (Tel. No.: 91-22-40327500)
LOCATIONS
|
Registered Office : |
Level 3, Tower 1, Phase 2, Logitech Park, Andheri Kurla Road, Andheri
(East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-40327500 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 27.06.2014
|
Name : |
Harish Badami |
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|
Designation : |
Additional Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
1602 16th Floor Octavius Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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|
Date of Appointment : |
29.10.2014 |
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DIN No.: |
02298385 |
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Other Directorship :
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|
Name : |
Ajay Kapur |
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|
Designation : |
Director |
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Address : |
No. 2, Southlands, S. B. Singh Road, Colaba,, Mumbai – 400005, Maharashtra, India |
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Date of Appointment : |
02.05.2013 |
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DIN No.: |
03096416 |
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Other Directorship
:
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Name : |
Khushnud Adi Irani |
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|
Designation : |
Director |
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|
Address : |
Alte Landstrasse 113k, Zollikon, 8702, Switzerland |
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Date of Appointment : |
02.05.2013 |
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DIN No.: |
06640149 |
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Name : |
Bernard Gerard Marcel Terver |
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|
Designation : |
Director |
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|
Address : |
Seestrasse 153a, Kilchberg, 8802, Switzerland |
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Date of Appointment : |
22.04.2014 |
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DIN No.: |
06771125 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
Holderind Investment Limited, Mauritius |
|
999999 |
|
Holdrfin B.V. |
|
1 |
|
Mr. Paul Hugentobler |
|
1 |
|
Mr. Felix Hoechner |
|
1 |
|
L.N. Sundarrajan |
|
1 |
|
Mr. Onne van der Weijde |
|
1 |
|
Mr. M. L. Narula |
|
1 |
|
|
|
|
|
Total |
|
1000005 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.06.2014
|
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 |
%20LIMITED%20-%20335184%2005-Aug-2015_files/image013.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing Information Technology
Services to Holcim Group Companies. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
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|
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|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Divulged |
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|
|
|
Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
|
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Customers : |
Not Divulged
|
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountant |
|
Address : |
14th Floor, The Ruby, 29 Senaptai Bapat Marg, Dadar (West),
Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
ACHFS9118A |
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|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Holderind Investment Limited, Mauritius |
|
|
|
|
Fellow Subsidiary : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
AS ON 27.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000005 |
Equity Shares |
Rs.10/- each |
Rs. 10.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
275.126 |
237.738 |
177.350 |
|
(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) |
285.126 |
247.738 |
187.350 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
84.884 |
81.566 |
70.541 |
|
(c) Other
current liabilities |
24.045 |
35.417 |
0.594 |
|
(d) Short-term
provisions |
10.495 |
8.705 |
2.690 |
|
Total Current
Liabilities (4) |
119.424 |
125.688 |
73.825 |
|
|
|
|
|
|
TOTAL |
404.550 |
373.426 |
261.175 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5.961 |
3.717 |
14.242 |
|
(ii)
Intangible Assets |
40.123 |
46.834 |
9.098 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
3.730 |
|
(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) |
24.887 |
21.952 |
31.343 |
|
(d) Long-term Loan and Advances |
84.056 |
84.824 |
74.954 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
155.027 |
157.327 |
133.367 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
75.965 |
111.384 |
71.610 |
|
(d) Cash
and cash equivalents |
37.808 |
68.281 |
39.322 |
|
(e)
Short-term loans and advances |
25.804 |
16.766 |
16.260 |
|
(f) Other
current assets |
109.946 |
19.668 |
0.616 |
|
Total
Current Assets |
249.523 |
216.099 |
127.808 |
|
|
|
|
|
|
TOTAL |
404.550 |
373.426 |
261.175 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
696.846 |
580.069 |
487.891 |
|
|
|
Other Income |
0.064 |
1.261 |
7.075 |
|
|
|
TOTAL |
696.910 |
581.330 |
494.966 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
396.852 |
305.496 |
245.395 |
|
|
|
Other expenses |
222.960 |
168.943 |
187.858 |
|
|
|
TOTAL |
619.812 |
474.439 |
433.253 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
77.098 |
106.891 |
61.713 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
(4.884) |
(5.210) |
0.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
81.982 |
112.101 |
60.960 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
26.746 |
22.689 |
22.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
55.236 |
89.412 |
38.196 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.848 |
29.025 |
12.102 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
37.388 |
60.387 |
26.094 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.38 |
60.38 |
26.09 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.34
|
10.41 |
5.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.06
|
18.42 |
12.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.13
|
41.38 |
29.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.36 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
23.78 |
1.72 |
1.73 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
177.350 |
237.738 |
275.126 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
187.350 |
247.738 |
285.126 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20LIMITED%20-%20335184%2005-Aug-2015_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
487.891 |
580.069 |
696.846 |
|
|
|
18.893 |
20.132 |
%20LIMITED%20-%20335184%2005-Aug-2015_files/image017.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
487.891 |
580.069 |
696.846 |
|
Profit |
26.094 |
60.387 |
37.388 |
|
|
5.35% |
10.41% |
5.37% |
%20LIMITED%20-%20335184%2005-Aug-2015_files/image019.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
----- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
----- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
----- |
|
33 |
Market information |
----- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from 5th Floor, Peninsula Chambers, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India to the present address w.e.f. 21.02.2007.
CORPORATE
INFORMATION
Holcim Services (South Asia) Limited (the company) is fully owned
subsidiary of Holderind Investment Limited, Mauritius domiciled in India and
incorporated under the provision of companies act 1956. The company has been
established to support operating Holcim Group companies in South Asia in
defining and implementing their information Technology strategies and to
develop uniform standards and solutions for and integrate the Information
Technology functions of the Holcim South Asian Group Companies.
INDEX
OF CHARGES
NO CHARGES EXIST FOR THE COMPANY.
FIXED ASSETS
- Office
Equipments
- Furniture and
Fixture
- Computers
- Leasehold
Improvement
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 63.93 |
|
UK Pound |
1 |
Rs. 99.82 |
|
Euro |
1 |
Rs. 70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.