MIRA INFORM REPORT
|
Report No. : |
336417 |
|
Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
PUNE BUILDTECH PRIVATE LIMITED (w.e.f. 10.07.2013) |
|
|
|
|
Formerly Known
As : |
DYNAMIX BALWAS RESORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
DB House, Gen. A.K. Vaidya Marg, Goregaon (East), Mumbai, Maharashtra,
India |
|
Tel. No.: |
91-22-40778600 |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
06.09.2006 |
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|
|
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Com. Reg. No.: |
11-164356 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.718 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201MH2006PTC164356 |
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|
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IEC No.: |
Not Available |
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|
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in business of real estate and hospitality |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “DB Hospitality Private Limited”, was
incorporated during the year 2006. It has moderate track record. For the financial Year 2014, the rating takes into account, the
stressed liquidity position resulting in delays (on-going) in servicing of
its debt obligation along with losses incurred by the company. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and secure
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 |
CARE |
|
Rating |
Long Term Bank Facilities = D |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery. |
|
Date |
18.02.2015 |
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 DECLINED
Management Non- Cooperative 91-22-40778600
LOCATIONS
|
Registered
Office/Head office : |
DB House, Gen. A.K. Vaidya Marg, Goregaon (East), Mumbai, Maharashtra,
India |
|
Tel. No.: |
91-22-40778600 |
|
Fax No.: |
91-22-28422444 |
|
E-Mail : |
hitesh.rathi@dbg.co.in corporate@dbg.co.in |
|
Website: |
www.dbg.co.in |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Ishaq Yusuf Balwa |
|
Designation : |
Director |
|
Address : |
Flat No.8, Amina Apartment Chsl, 44, prof. Almeida Park, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
16.06.1965 |
|
Date of Appointment : |
25.09.2013 |
|
DIN No.: |
00017866 |
|
|
|
|
Name : |
Mr. Jayvardhan Vinod Goenka |
|
Designation : |
Director |
|
Address : |
Karmyog, 6th Floor, Plot No11, Hatkesh Society, N.S.Road No.6, Juhu Scheme, Mumbai (400049), Maharashtra, India |
|
Date of Birth/Age : |
13.07.1990 |
|
Date of Appointment : |
02.12.2013 |
|
DIN No.: |
03546392 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
No. of Shares |
%of shareholding
|
|
Shahid U. Balwa |
5000 |
6.96 |
|
Vinod K Goenka |
5000 |
6.96 |
|
Marine Drive Hospitality and Realty Private Limited |
61800 |
86.07 |
|
|
|
|
|
Total |
71800 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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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 |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
M.A. Parikh and Company Chartered Accountants |
|
Address : |
Yusuf Building, 2nd Floor,43, Mahatma Gandhi Road, Fort,
Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22041018,22043850,22029187 |
|
Fax No.: |
91-22-22874524 |
|
E-Mail : |
maparikh@eth.net |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFM1433H |
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|
|
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Memberships : |
-- |
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|
|
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Collaborators : |
-- |
|
|
|
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Holding Company : |
Marine Drive Hospitality and Realty Private Limited (Formerly Known as
DB Hospitality Private Limited) |
|
|
|
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Fellow Subsidiaries: |
D B Realty Limited |
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|
|
|
Associate Enterprises: |
Eon Aviation Private Limited |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71800 |
Equity Shares |
Rs.10/- each |
Rs. 0.718
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.718 |
0.718 |
0.718 |
|
(b) Reserves & Surplus |
609.797 |
617.382 |
617.380 |
|
(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) |
610.515 |
618.100 |
618.098 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1651.557 |
479.230 |
610.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3.669 |
3.691 |
3.491 |
|
(d) long-term
provisions |
300.023 |
0.110 |
0.656 |
|
Total Non-current
Liabilities (3) |
1955.249 |
483.031 |
614.147 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
903.915 |
263.187 |
192.039 |
|
(b) Trade
payables |
60.003 |
490.495 |
0.000 |
|
(c) Other
current liabilities |
446.047 |
307.404 |
67.793 |
|
(d) Short-term
provisions |
0.006 |
0.003 |
0.022 |
|
Total Current
Liabilities (4) |
1409.971 |
1061.089 |
259.854 |
|
|
|
|
|
|
TOTAL |
3975.735 |
2162.220 |
1492.099 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
2.942 |
3.106 |
3.561 |
|
(ii)
Intangible Assets |
0.145 |
0.216 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
1031.882 |
1008.783 |
|
(iv)
Intangible assets under development |
0.000 |
465.481 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.187 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
229.591 |
229.591 |
124.884 |
|
(e) Other
Non-current assets |
|
|
351.048 |
|
Total Non-Current
Assets |
232.865 |
1730.276 |
1488.276 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2491.019 |
430.000 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
18.446 |
0.575 |
3.309 |
|
(e)
Short-term loans and advances |
1180.586 |
1.357 |
0.474 |
|
(f) Other
current assets |
52.819 |
0.012 |
0.040 |
|
Total
Current Assets |
3742.870 |
431.944 |
3.823 |
|
|
|
|
|
|
TOTAL |
3975.735 |
2162.220 |
1492.099 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
SALES
|
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
|
|
52.879 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Project Expenses |
|
|
571.449 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
(571.449) |
|
|
Other expenses |
|
|
8.517 |
|
|
TOTAL
|
|
|
8.517 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
|
44.362 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
52.118 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(7.756) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
(7.756) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
(0.171) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
(7.585) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
(105.64) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
408.443 |
130.769 |
0.000 |
|
Cash generated from operations |
(879.082) |
(0.386) |
0.000 |
|
Net cash flow from operating activity |
(879.097) |
(0.387) |
0.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit
Margin |
(%) |
(14.34) |
N.A |
N.A |
|
|
|
|
|
|
|
Operating Profit
Margin |
(%) |
83.89 |
N.A |
N.A |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.20) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.85 |
1.41 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.65 |
0.41 |
0.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.718 |
0.718 |
0.718 |
|
Reserves & Surplus |
617.380 |
617.382 |
609.797 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
618.098 |
618.100 |
610.515 |
|
|
|
|
|
|
long-term borrowings |
610.000 |
479.230 |
1651.557 |
|
Short term borrowings |
192.039 |
263.187 |
903.915 |
|
Current Maturities Of
Long-Term Debts |
0.000 |
130.769 |
408.443 |
|
Total
borrowings |
802.039 |
873.186 |
2963.915 |
|
Debt/Equity
ratio |
1.298 |
1.413 |
4.855 |
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
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 |
Yes |
|
26 |
Turnover of firm for last one years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
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 |
OPERATIONS:
The company is in the business of hospitality and real estate. In the preceding financial year, the company has taken preparatory steps for converting its hitherto hotel project into a real estate project, but had continued to allocated the cost incurred till 31st March, 2013 to capital work in progress /pre-operative expenditure, pending obtaining of the requisite approvals, Upon obtaining the requisite approvals, in these accounts, following impact are taken:
a) capital work in progress including pre -operative expenditure is classified as project work in progress.
b) Expenses Expenses of Rs. 7.793 Million allocated to pre-operative Expenses are charged to Statement of profit and loss, since they do not meet the criteria’s for costs forming part of Inventories.
c) Statement of profit and loss id prepared as against
statement of pre-operative Expenses, pending capitalization
CORPORATE
INFORMATION
The company is in the business of hospitality and real estate. In the
preceding financial year, the company had taken preparatory steps for
converting it’s hitherto hotel project into a real estate project, but had
continued to allocate the cost incurred till 31st March 2013 to
capital work in progress /pre-operative expenditure, pending obtaining of the
requisite approvals. Upon obtaining the requisite approvals. In these accounts,
following impacts are taken.
a) Capital work in progress including pre-operative expenditure is
classified as project work in progress.
b) Expended of Rs. 7.793 Million allocated to pre-operative
Expenses are charged to Statement of profit and loss, since they do not meet
the criteria’s for costs forming part of Inventories.
c) Statement of profit and loss id prepared as against statement of pre-operative Expenses, pending capitalization
Consequent to above, the figures of current year are strictly not comparable with those of the previous year.
The company is wholly-owned subsidiary of Marine Drive Hospitality and Realty Private Limited (Formerly known as DB Hospitality Private Limited )
NOTE: Registered office of the company has been shifted from 265-E, Bellasis Road, Opposite Beat Bus Depot, Mumbai, Maharashtra, India, to the present address w.e.f. 21.12.2007
UNSECURED
LOAN (Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
From Holding Company |
853.915 |
263.187 |
|
From a Company |
50.000 |
0.000 |
|
|
|
|
|
Total |
903.915 |
263.187 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10514733 |
28/07/2014 |
2,860,000,000.00 |
PUNJAB NATIONAL
BANK |
PNB HOUSE,, SIR.
P. M. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
C16318586 |
|
2 |
10458986 |
15/10/2013 |
2,250,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE
CORPORATE BRANCH, ORIENTAL BUILDING,, |
B89067912 |
FIXED ASSETS
- Flat
- Plant and Machinery
- Furniture and
Fixture
- Computer
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.64.80 |
|
|
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
14 |
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.