MIRA INFORM REPORT
|
Report No. : |
354620 |
|
Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ECI TELECOM INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
302, B Wing, Times
Square, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra |
|
Tel. No.: |
91-22-67155555/ 56758971 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.12.2003 |
|
|
|
|
Com. Reg. No.: |
11-193807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64202MH2003PTC193807 |
|
|
|
|
IEC No.: |
0303077026 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE2707J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Providing software research and development services. (Registered
Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Maximum Credit Limit : |
USD 1450000 |
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|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is subsidiary of “ECI Telecom Limited”, Israel. The company is
engaged in developing networking infrastructure for carrier and service
provider networks worldwide. For the financial year ended 2014, revenue of the company has declined
by 14.77% but company has able to maintained average profit margin at 6.11%
during the year under review. Rating takes into consideration company’s established track record of
business operations supported by its healthy financial profile along with
zero debt balance sheet, favourable gap between trade payables to its
receivables and satisfactory debt coverage indicators. Rating also takes consideration strong financial and managerial
support that company receives from its holding entity backed by its well
experience management team. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. The company can be considered good for normal 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
31-03-2015.
LOCATIONS
|
Registered Office : |
302, B Wing,
Times Square, Andheri Kurla Road, Andheri (East), Mumbai – 400 059,
Maharashtra, India |
|
Tel. No.: |
91-22-67155555/ 56758971 |
|
Fax No.: |
91-22-66758973/ 67155526 |
|
E-Mail : |
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|
Website : |
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Branch Office : |
MVL I-Park, 3rd Floor, Wing – B,
Chandan Nagar, Sector-15 (II), Gurgaon –122001, Haryana, India |
|
Tel. No.: |
91-124-4417900 |
|
Fax No.: |
91-124-4001799 |
|
|
|
|
Branches |
Located At:
|
DIRECTORS
As on: 31.03.2015
|
Name : |
Mr. Eyal Tzvi Cohen |
|
Designation : |
Director |
|
Address : |
50 Hapisga Street, Ganei Tikava, Israel 55900 |
|
Date of Birth/Age : |
06.10.1963 |
|
Date of Appointment : |
28.02.2006 |
|
DIN No.: |
00319415 |
|
|
|
|
Name : |
Mr. Arnold Sal Taragin |
|
Designation : |
Director |
|
Address : |
33 Ravutzky St., Raanana, Israel 43220 |
|
Date of Birth/Age : |
08.06.1956 |
|
Date of Appointment : |
30.09.2008 |
|
DIN No.: |
02297014 |
|
|
|
|
Name : |
Mr. Sorin Joseph Lupu |
|
Designation : |
Director |
|
Address : |
Hanami Yosef St. 14, Petach Tikva, Israel 49771 |
|
Date of Birth/Age : |
08.08.1959 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06618142 |
|
|
|
|
Name : |
Mr. Sreekumar Damodaran |
|
Designation : |
Director |
|
Address : |
B-201, Green Ash, Vasant Garden, Mulund (West), Mumbai –
400 080, Maharashtra, India |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
06848057 |
|
|
|
|
Name : |
Mr. Sajeet Shivashankaran |
|
Designation : |
Director |
|
Address : |
C-1001 Runwal Heights LBS
Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
06848072 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
ECI Telecom Limited, Israel |
|
9999 |
|
ECI Telecom Holdings B.V., Israel |
|
1 |
|
Total
|
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing software research and development services. (Registered
Activity) |
|
|
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|
Products : |
|
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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|
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Auditors : |
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|
Name : |
B.S.R. and Company LLP Chartered Accountants |
|
Address : |
1st Floor, Lodha Excelus, Apollo Mills Compoundn. M. Joshi Marg, Mahalaxmi, Mumbai, Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding Company : |
ECI Telecom Limited, Israel |
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|
|
|
Fellow Subsidiary Company : |
ECI Telecom Inc., United States |
CAPITAL STRUCTURE
As on 30.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each
|
Rs.0.100
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 |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
506.951 |
410.839 |
322.773 |
|
(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) |
507.051 |
410.939 |
322.873 |
|
|
|
|
|
|
(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 |
8.259 |
28.110 |
39.760 |
|
(d) long-term
provisions |
53.468 |
48.962 |
24.602 |
|
Total Non-current
Liabilities (3) |
61.727 |
77.072 |
64.362 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
748.692 |
622.454 |
916.105 |
|
(c) Other
current liabilities |
151.524 |
76.409 |
225.672 |
|
(d) Short-term
provisions |
280.495 |
217.969 |
169.069 |
|
Total Current
Liabilities (4) |
1180.711 |
916.832 |
1310.846 |
|
|
|
|
|
|
TOTAL |
1749.489 |
1404.843 |
1698.081 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
220.922 |
224.361 |
194.235 |
|
(ii)
Intangible Assets |
0.278 |
0.502 |
0.079 |
|
(iii)
Capital work-in-progress |
0.000 |
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) |
74.543 |
53.722 |
39.505 |
|
(d) Long-term Loan and Advances |
309.779 |
262.628 |
238.568 |
|
(e) Other
Non-current assets |
2.860 |
2.979 |
1.827 |
|
Total Non-Current
Assets |
608.382 |
544.192 |
474.214 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
64.707 |
52.449 |
104.012 |
|
(c) Trade
receivables |
931.944 |
643.743 |
968.935 |
|
(d) Cash
and cash equivalents |
42.246 |
35.586 |
53.695 |
|
(e)
Short-term loans and advances |
39.718 |
71.489 |
38.023 |
|
(f) Other
current assets |
62.492 |
57.384 |
59.202 |
|
Total
Current Assets |
1141.107 |
860.651 |
1223.867 |
|
|
|
|
|
|
TOTAL |
1749.489 |
1404.843 |
1698.081 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
TURNOVER |
1569.406 |
1841.285 |
1832.091 |
|
|
|
|
|
|
|
|
NET PROFIT /
(LOSS) |
96.112 |
88.066 |
51.638 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
597.316 |
562.908 |
505.784 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9611.200 |
8806.600 |
5163.800 |
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 |
|
Net cash flows from (used in) operations |
40.155 |
264.944 |
52.885 |
|
Net cash flows from (used in) operating activities |
(5.044) |
204.519 |
25.753 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
0.94 |
0.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
322.773 |
410.839 |
506.951 |
|
Net worth |
322.873 |
410.939 |
507.051 |
|
|
|
|
|
|
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) |
|
Turnover |
1832.091 |
1841.285 |
1569.406 |
|
|
|
0.502 |
(14.766) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Turnover |
1832.091 |
1841.285 |
1569.406 |
|
Profit |
51.638 |
88.066 |
96.112 |
|
|
2.82% |
4.78% |
6.12% |
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 |
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 |
GENERAL INFORMATION
The Company was incorporated as a private limited company on 23 December 2003. ECI India is a wholly owned subsidiary of ECI Telecom, Israel the parent company or the holding company. The Company is in the business of installation, commissioning and maintenance of telecom equipment supplied by the parent company to basic wired and wireless telecommunication operators in India, and supply of the telecom equipment accessories. The Company also provides marketing and customer support services to the parent company. The Company has set up a software research and development unit in 2005, which is registered under the Software Technology Parks of India, Mumbai. In addition, on 14 October 2009, the Company registered its software research and development unit in Bangalore under the Software Technology Parks of India, Bangalore which would be eligible for deduction under Section 10B of the Income Tax Act, 1961. Through these units, the Company is providing software research and development services to its parent company in Israel.
Notes:
The registered office of the company has been shifted from 5th Floor, B Wing, Universal Business Park, Chandivali Farm Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra to the present address w.e.f. 01.08.2013
BUSINESS OPERATIONS
During the year the company has witnessed growth and increase in terms of its activities and turnover. Company’s turnover has increased by 17% during the year from Rs. 1569.406 Million in 2013 to Rs. 1841.285 Million. During the year the Company made higher net profit of Rs. 96.112 Million as against net profit of Rs. 88.066 Million during the previous year.
INDEX OF
CAHREGS: NO CHARGES EXIST FOR COMPANY
COMMITMENTS AND
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Bank guarantee given to custom authorities |
2.502 |
2.647 |
|
The Company is
in receipt of notice of demand from Assistant Commissioner of Service Tax
Division V for FY 2008-09 towards short payment of service tax. However, the Company
has appealed against the said demand. Till the time the matter is pending
with the forum the said amount is considered to be contingent in nature. |
0.541 |
0.541 |
|
The Company had
received of notice of demand from Income tax department u/s 144C(1) of the
Income Tax Act 1961 for the purpose of adjustment to be made to the Arms’
Length Price in relation to the international transactions entered during the
financial year ended 31 March 2008. The Company has paid the entire amount in
March 2013. |
6.959 |
6.959 |
|
The Company has received notice of demand from Income tax department u/s 156 of the Income Tax Act 1961 for the Assessment Year 2009-10. As per this notice Company has been required to pay penalty u/s 271(1) (c). The Company has not paid the amount and filed the appeal before Commissioner of Income Tax (Appeal). |
0.992 |
- |
|
The Company has received notice of demand from Income tax department u/s 156 of the Income Tax Act 1961 for the Assessment of Year 2010-11. The said demand has been raised by Income Tax Officer on completion of regular assessment. The Company has not paid the amount and filed the appeal before Deputy Commissioner of Income Tax. |
9.446 |
- |
|
The Company received the Order of assessment of tax under Central Sales Tax Act, 1956 for the period 2006-2007 imposing liability on account of non-availability of C forms. The Company has not paid the amount and filed the appeal before Deputy Commissioner of Sales Tax. |
2.824 |
- |
|
Total
|
23.265 |
10.147 |
FIXED ASSETS:
Tangible Assets
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
Intangible Assets
·
Computer Software
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.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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.