MIRA INFORM REPORT
|
Report No. : |
354524 |
|
Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASIANET COMMUNICATIONS LIMITED |
|
|
|
|
Registered
Office : |
Jay Chambers, B-Wing, Second Floor, Services Road, Vile Parle (East), Mumbai
– 400057, Maharashtra |
|
Tel. No.: |
91-22-26100084/ 26104168/
26103738 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.03.1991 |
|
|
|
|
Com. Reg. No.: |
11-178157 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.196.910 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U90001MH1991PLC178157 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACA2460P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is principally engaged in the Satellite Television
broadcasting business. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
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|
Comments : |
Asianet Communications Limited (ACL) is an Indian media conglomerate owned by STAR India. It was incorporated in the year 1991 and it owns several television channels. “21st Century Fox Inc. USA” is ultimate holding company of Asianet Communications Limited, which is an American multinational mass media corporation002E The rating factors in company’s experienced management, diversified revenue profile, financial flexibility, stable operating portfolio and strong business franchise of subsidiaries associates in media industries. The ratings continue to view favourably the established track record of its promoters in the Indian media industry, strong distribution network, and robust financial risk profile with strong capital structure with debt free operations. The rating further takes into consideration by the strong support in form of technical, managerial, and financial the company receives from its ultimate holding company. Trade relations are reported as trustworthy. Payment terms are reported to be regular and as per commitment. In view of strong managerial and financial support extended from its ultimate holding company, the company can be considered good for business dealing 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 BY
MANAGEMENT NON-COOPERATIVE (Tel No.: 9-471-2378407/ 91-22-26104168 )
LOCATIONS
|
Registered Office : |
Jay Chambers, B-Wing, Second Floor, Services Road, Vile Parle (East),
Mumbai – 400057, Maharashtra |
|
Tel. No.: |
91-22-26100084/ 26104168/
26103738 |
|
Fax No.: |
91-22-26113501 |
|
E-Mail : |
|
|
|
|
|
Kerala Office: |
Asianet Complex, Puliyarakonam P.O. Thiruvananthapuram – 395573.
Kerala, India |
|
Tel. No.: |
91-471-3051305/ 2378407 |
|
Fax No.: |
91-471-2378581/ 3051303 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Madhavan Kunniyu |
|
Designation : |
Managing Director |
|
Address : |
B-405, Manju Mahal, 35, Nargis Dutt Road, Pali Hills, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
10.11.1958 |
|
Date of Appointment : |
07.04.2000 |
|
DIN No.: |
00024819 |
|
|
|
|
Name : |
Mr. Ujwala Padmakar Wakhle |
|
Designation : |
Director |
|
Address : |
504 5 Tulip Dosti Acres, SMD Road, Antop Hill, Mumbai - 400037, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1971 |
|
Date of Appointment : |
28.04.2014 |
|
DIN No.: |
03513109 |
|
|
|
|
Name : |
Mr. Prateek Garg |
|
Designation : |
Director |
|
Address : |
C - 548, Sarita Vihar, New Delhi - 110076, India |
|
Date of Birth/Age : |
29.11.1982 |
|
Date of Appointment : |
28.04.2014 |
|
DIN No.: |
05328266 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Phulchand and Sons Investments (P) Limited, India |
|
23000 |
|
Vijay Television Private Limited, India |
|
12385951 |
|
SVJ Holding Limited, Mauritius |
|
4657282 |
|
Ujwala Wkhle (Nominee of SVJ Holding Company) |
|
1 |
|
Hyacinth Ferrao (Nominee of SVJ Holding Company) |
|
1 |
|
Prateek Garg |
|
1 |
|
Sheenaz Dastur |
|
1 |
|
Deepak Jacob |
|
1 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2014
|
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 |
36.98 |
|
Bodies corporate |
63.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is principally engaged in the Satellite Television
broadcasting business. (Registered Activity) |
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Products/ Services : |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
S.R. Batiliboi and Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Memberships : |
-- |
|
|
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Collaborators : |
-- |
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|
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Holding Company: |
Vijay Television Private Limited, India (U74300MH1996PTC206321) |
|
|
|
|
Ultimate Holding
Company: |
21st Century Fox Inc , USA(Formerly known as News Corporation Inc , USA) |
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Subsidiaries
including step down subsidiaries: |
|
|
|
|
|
Subsidiary Company: |
Asianet Global Fz LLC, Dubai |
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|
Fellow
Subsidiaries: |
|
CAPITAL STRUCTURE
As on 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19691496 |
Equity Shares |
Rs.10/- each |
Rs.196.915
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 |
196.910 |
196.910 |
196.910 |
|
(b) Reserves & Surplus |
7650.090 |
5961.750 |
4442.570 |
|
(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) |
7847.000 |
6158.660 |
4639.480 |
|
|
|
|
|
|
(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 |
4.340 |
3.320 |
3.240 |
|
Total
Non-current Liabilities (3) |
4.340 |
3.320 |
3.240 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
199.940 |
164.460 |
334.330 |
|
(c) Other current liabilities |
234.020 |
262.890 |
154.560 |
|
(d) Short-term provisions |
33.200 |
28.020 |
26.960 |
|
Total
Current Liabilities (4) |
467.160 |
455.370 |
515.850 |
|
|
|
|
|
|
TOTAL |
8318.500 |
6617.350 |
5158.570 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
191.290 |
224.410 |
197.100 |
|
(ii) Intangible Assets |
4.920 |
7.120 |
13.910 |
|
(iii) Capital work-in-progress |
34.170 |
39.410 |
5.650 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
80.650 |
80.650 |
80.650 |
|
(c) Deferred tax assets (net) |
107.730 |
108.610 |
106.280 |
|
(d) Long-term Loan and Advances |
247.640 |
191.210 |
135.750 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
666.400 |
651.410 |
539.340 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3103.340 |
2583.010 |
1967.800 |
|
(c) Trade receivables |
1333.740 |
1378.620 |
1212.180 |
|
(d) Cash and cash equivalents |
476.850 |
1597.140 |
732.850 |
|
(e) Short-term loans and
advances |
2716.530 |
337.330 |
678.450 |
|
(f) Other current assets |
21.640 |
69.840 |
27.950 |
|
Total
Current Assets |
7652.100 |
5965.940 |
4619.230 |
|
|
|
|
|
|
TOTAL |
8318.500 |
6617.350 |
5158.570 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5297.220 |
4691.010 |
3895.700 |
|
|
Other Income |
212.580 |
230.310 |
69.780 |
|
|
TOTAL
(A) |
5509.800 |
4921.320 |
3965.480 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
279.470 |
247.610 |
215.530 |
|
|
Other expenses |
2603.980 |
2288.840 |
2048.740 |
|
|
TOTAL
(B) |
2883.450 |
2536.450 |
2264.270 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
2626.350 |
2384.870 |
1701.210 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.230 |
3.140 |
0.480 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2626.120 |
2381.730 |
1700.730 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
58.180 |
82.490 |
107.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
2567.940 |
2299.240 |
1593.530 |
|
|
|
|
|
|
|
Less |
TAX (H) |
879.620 |
779.580 |
552.010 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1688.320 |
1519.660 |
1041.520 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
547.400 |
439.500 |
344.990 |
|
|
TOTAL
EARNINGS |
547.400 |
439.500 |
344.990 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
85.74 |
77.17 |
52.90 |
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) operations |
(232.560) |
1788.310 |
1383.160 |
|
Net cash flow from operating activity |
(1260.810) |
921.510 |
606.730 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
31.87 |
32.40 |
26.74 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
49.58 |
50.84 |
43.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.72 |
35.99 |
32.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.37 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
16.38 |
13.10 |
8.95 |
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 |
196.910 |
196.910 |
196.910 |
|
Reserves & Surplus |
4442.570 |
5961.750 |
7650.090 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4639.480 |
6158.660 |
7847.000 |
|
|
|
|
|
|
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 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3895.700 |
4691.010 |
5297.220 |
|
|
|
20.415 |
12.923 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3895.700 |
4691.010 |
5297.220 |
|
Profit |
1041.520 |
1519.660 |
1688.320 |
|
|
26.74% |
32.40% |
31.87% |
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 |
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 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 |
CORPORATE INFORMATION
The Company'was incorporated in India on March 5, 1991. The Company is principally engaged in the Satellite Television broadcasting business.
BUSINESS OPERATIONS
The Company achieved a turnover of Rs.5297.000 million during the financial year ended 31st March, 2014 as against Rs. 4691.000 million in the previous year. The profit after tax was Rs.1688.000 million compared to Rs.1520.000 million in the previous year.
INDEX
OF CHARGES
No Charges Exist for Company
FIXED ASSETS
- Land
- Buildings
- Office building
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Computer equipments
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.66.78 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
78 |
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.