MIRA INFORM REPORT
|
Report No. : |
353467 |
|
Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA HOMES PRIVATE LIMITED (w.e.f. 07.08.2013) |
|
|
|
|
Formerly Known
As : |
WATSONIA DEVELOPERS PRIVATE LIMITED WATSONIA DEVELOPERS LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Mahindra Towers, Dr. G.M. Bhosale Marg, Worli, Mumbai-400018, Maharashtra |
|
Tel. No.: |
91-22-67478600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.06.2010 |
|
|
|
|
Com. Reg. No.: |
11-203618 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.120 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102MH2010PTC203618 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW9691A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of development of Residential complexes and is in the process of identifying lands for acquisition. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Mahindra group and wholly owned subsidiary of Mahindra Lifespace Developers Limited, India. It was incorporated in the year 2010. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the financials are not available from any sources. During the year 2013-14, the company has acquired an adjacent land parcel with an estimated development potential of 1,79,000 sq. ft. in Bangalore. The projects of the company are at different stages of design development. Projects of the company are under implementation due to which it has not earned any income and incurred pro-operating expenses. Further, the company has high debt level. Rating derives strength from extensive experience of its promoters supported by strong managerial and financial support which it receives from its holding company. Business is active. Payments are slow but correct. In view of aforesaid, 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.
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
31-03-2015.
INFORMATION DENIED
Management non-cooperative (91-22-67478600)
LOCATIONS
|
Registered Office : |
5th Floor, Mahindra Towers, Dr. G.M. Bhosale Marg, Worli, Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-67478600/8601 |
|
Fax No.: |
91-22-24975084 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2015
|
Name : |
Ms. Anita Arjundas |
|
Designation : |
Director |
|
Address : |
Flat No-501, 5th Floor,, Silver Springs, 98 Perry Road, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
22.06.1967 |
|
Date of Appointment : |
02.09.2013 |
|
DIN No.: |
00243215 |
|
|
|
|
Name : |
Mr. Ashish Balram Singh |
|
Designation : |
Director |
|
Address : |
A-1206 Springfields Apartments, Sarjapur Main Road, Bangalore-560034, Karnataka, India |
|
Date of Birth/Age : |
30.11.1971 |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
02311126 |
|
|
|
|
Name : |
Mr. Ramesh Ranganathan |
|
Designation : |
Director |
|
Address : |
301, Parshavnath Garden, Bhaudaji Road, Matunga (East), Mumbai-400019, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1975 |
|
Date of Appointment : |
11.03.2013 |
|
DIN No.: |
03118598 |
|
|
|
|
Name : |
Mr. Brian David Chinappi |
|
Designation : |
Director |
|
Address : |
House 6, Carrianna Sassoon, 41 Sassoon Road, Hong Kong, 00000, Hong Kong |
|
Date of Birth/Age : |
22.11.1971 |
|
Date of Appointment : |
02.09.2013 |
|
DIN No.: |
06669399 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Names of Series A Equity Shareholders |
|
No. of Shares |
|
SCM Real Estate (Singapore) Private Limited, Singapore |
|
205628 |
|
Mahindra Lifespace Developer Limited, India |
|
205628 |
|
Total |
|
411256 |
|
Names of Series B Equity Shareholders |
|
No. of Shares |
|
SCM Real Estate (Singapore) Private Limited, Singapore |
|
389 |
|
Total |
|
389 |
|
Names of Series C Equity Shareholders |
|
No. of Shares |
|
Mahindra Lifespace Developer Limited, India |
|
389 |
|
Total |
|
389 |
|
Names of Series Preference Shareholders |
|
No. of Shares |
|
SCM Real Estate (Singapore) Private Limited, Singapore |
|
1 |
|
Mahindra Lifespace Developer Limited, India |
|
1 |
|
Total |
|
2 |
Equity Share Break up (Percentage of Total Equity)
As on 15.07.2014
|
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 |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of development of Residential complexes and is in the process of identifying lands for acquisition. (Registered Activity) |
|
|
|
|
Products : |
Construction Activities |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Block - B-2 5th Floor, Nirlon Knowledge Park, Off W E Highway, Georegaon (East), Mumbai -400063, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9180N |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding company (As
on 31.03.2014) : |
Mahindra Lifespace Developers Limited |
|
|
|
|
Joint venture (As
on 31.03.2014) : |
SCM Real Estate (Singapore) Private Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
883,000 |
Equity Shares |
Rs.10/- each |
Rs. 8.830 Million |
|
117,000 |
Preferences Shares |
Rs.10/- each |
Rs. 1.170
Million |
|
|
Total
|
|
Rs. 10.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
412,034 |
Equity Shares |
Rs.10/- each |
Rs. 4.120
Million |
|
2 |
Preference Shares |
Rs.10/- each |
Rs. 0.000
Million |
|
|
Total
|
|
Rs. 4.120 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 |
4.120 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
8.748 |
(0.194) |
(0.147) |
|
(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) |
12.868 |
0.306 |
0.353 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6403.400 |
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) |
6403.400 |
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
1090.000 |
0.000 |
|
(b) Trade
payables |
7.486 |
10.250 |
0.000 |
|
(c) Other
current liabilities |
642.530 |
4.916 |
0.033 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
650.016 |
1105.166 |
0.033 |
|
|
|
|
|
|
TOTAL |
7066.284 |
1105.472 |
0.386 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
6.959 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.763 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
8.722 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2328.142 |
1095.664 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
209.099 |
9.808 |
0.386 |
|
(e)
Short-term loans and advances |
4519.590 |
0.000 |
0.000 |
|
(f) Other
current assets |
0.731 |
0.000 |
0.000 |
|
Total
Current Assets |
7057.562 |
1105.472 |
0.386 |
|
|
|
|
|
|
TOTAL |
7066.284 |
1105.472 |
0.386 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
10.553 |
0.047 |
0.034 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(10.553) |
(0.047) |
(0.034) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(10.553) |
(0.047) |
(0.034) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(10.553) |
(0.047) |
(0.034) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(10.553) |
(0.047) |
(0.034) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.194) |
(0.147) |
(0.113) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(10.747) |
(0.194) |
(0.147) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
(25.61) |
(0.094) |
NA |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
(5130.132) |
(1080.577) |
(0.017) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.15) |
0.00 |
(8.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.82) |
(0.15) |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
497.62 |
3562.09 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.86 |
1.00 |
11.70 |
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 |
0.500 |
0.500 |
4.120 |
|
Reserves & Surplus |
(0.147) |
(0.194) |
8.748 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
0.353 |
0.306 |
12.868 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
6403.400 |
|
Short term borrowings |
0.000 |
1090.000 |
0.000 |
|
Total
borrowings |
0.000 |
1090.000 |
6403.400 |
|
Debt/Equity
ratio |
0.000 |
3,562.092 |
497.622 |
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 |
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 |
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 |
Yes |
|
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 |
OPERATIONS
In the previous year, the Company had acquired a land parcel at Bangalore having an estimated development potential of ~678,000 sq feet for undertaking residential development. During the financial year 2013-14, the Company acquired an adjacent land parcel with an estimated development potential of ~1,79,000 sq. ft. The aggregate estimated development potential for the residential project at Bangalore is ~9,77,000 sq. ft. after purchase of TDR.
During the year, the Company entered into a collaboration agreement with the land owning companies and a developer for developing residential project having an estimated development potential of ~ 8,60,000 sq. ft. at Gurgaon, Haryana.
Both the Company’s projects are at different stages of design development and are awaiting requisite approvals for the commencement of construction.
INDEX
OF CHARGES NO CHARGES EXIST FOR COMPANY
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.66.29 |
|
|
1 |
Rs.101.88 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
41 |
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.