MIRA
INFORM REPORT
|
Report No. : |
306951 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA STARBUKS LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, New |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.09.2011 |
|
|
|
|
Com. Reg. No.: |
11-222589 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3000.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900MH2011PLC222589 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECT0606Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is to operate cafes in |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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
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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative (91-22-66113939)
LOCATIONS
|
Registered Office : |
4th Floor, New Excelsior Building, Amrit Keshav Nayak Marg,
Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66113939 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 27.09.2014
|
Name : |
Ajoy Kumar Misra |
|
Designation : |
Director |
|
Address : |
Flat No. 202, Sterling Heritage, 39, N.S. Patkar Marg, Mumbai –
400007, Maharashtra, India |
|
Date of Birth/Age : |
25.04.1957 |
|
Date of Appointment : |
27.09.2014 |
|
DIN No.: |
00050557 |
|
|
|
|
Name : |
Harish Ramananda Bhat |
|
Designation : |
Director |
|
Address : |
No. A-1053, Krest Park Apartments, 39 Old Kanakapura Road, Basavanagudi,
Bangalore – 560004, Karnataka, India |
|
Date of Birth/Age : |
08.11.1962 |
|
Date of Appointment : |
01.08.2013 |
|
DIN No.: |
00478198 |
|
|
|
|
Name : |
Venkataramanan Krishnamoorthy |
|
Designation : |
Director |
|
Address : |
2 D, Polaris Aquila Heights No. 27, HMT Factory, Main Road, Near HMT
School Peenya Plantation b, Bangalore – 560013, Karnataka, India |
|
Date of Birth/Age : |
30.07.1961 |
|
Date of Appointment : |
27.09.2014 |
|
DIN No.: |
01728072 |
|
|
|
|
Name : |
Mr. Vivek Chettur Varma |
|
Designation : |
Director |
|
Address : |
1940, 8TH Avenue, West Seattle, Washington – 98119 |
|
Date of Birth/Age : |
03.07.1966 |
|
Date of Appointment : |
23.07.2012 |
|
DIN No.: |
05142770 |
|
|
|
|
Name : |
Mr. John Winchester Culver |
|
Designation : |
Director |
|
Address : |
17087, SE 65th Place, Bellevue, Washington - 98006 |
|
Date of Birth/Age : |
07.08.1960 |
|
Date of Appointment : |
23.07.2012 |
|
DIN No.: |
05142778 |
|
|
|
|
Name : |
Jeff John Hansberry |
|
Designation : |
Director |
|
Address : |
7 Floor, Tower 4, The Lily, No.129 Repulse Bay Road, HongKong |
|
Date of Birth/Age : |
15.05.1964 |
|
Date of Appointment : |
27.09.2014 |
|
DIN No.: |
06815219 |
KEY EXECUTIVES
|
Name : |
Mr. Avani Vishal Davda |
|
Designation : |
Manager |
|
Address : |
B-82, Heera Panna Haji Ali, Mumbai – 400034, Maharashtra, India |
|
Date of Birth/Age : |
09.02.1979 |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
ASPPS9952A |
|
|
|
|
Name : |
Payal Rajendra Agarwal |
|
Designation : |
Secretary |
|
Address : |
M-415, Poonam Complex, 84 Shantipark, Faiz 3, Poonam Complex, Mira
Road (Purv) Bhainder, Thane – 401107, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1982 |
|
Date of Appointment : |
21.07.2014 |
MAJOR SHAREHOLDERS
As on 27.09.2014
|
Names of Shareholders |
No. of Shares |
|
Tata Global Beverages Limited, India |
149999994 |
|
Venkataramanan K |
01 |
|
Madan Roa Venkatramana |
01 |
|
Sengupta Avijit |
01 |
|
Promod M S |
01 |
|
Mahapatra S Prabal |
01 |
|
Lodhger Ibrahim |
01 |
|
Emerald City C.V. |
150000000 |
|
Total |
300000000 |
As on 27.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 to operate cafes in India under the brand name of
‘Starbucks’. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
52 , Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai - 400028, Maharashtra, India |
|
PAN No.: |
AAEPF3641G |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their relatives : |
· Tata Global Beverages Limited, India · Emerald City CV, Netherlands · Tata Coffee Limited · Starbucks Coffee International Inc. · Starbucks Corporation · Starbucks Coffee Singapore Private Limited · NourishCo Beverages Limited · Mount Everest Mineral Water Limited |
CAPITAL STRUCTURE
As on 27.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.10/-each |
Rs.3500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/-each |
Rs.3000.000
Millions |
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000000 |
Equity Shares |
Rs.10/-each |
Rs.2200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000000 |
Equity Shares |
Rs.10/-each |
Rs.1800.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
1800.000 |
700.000 |
700.000 |
|
(b) Reserves &
Surplus |
(664.636) |
(145.904) |
(4.072) |
|
(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) |
1135.364 |
554.096 |
695.928 |
|
|
|
|
|
|
(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 |
5.983 |
1.528 |
0.000 |
|
Total Non-current
Liabilities (3) |
5.983 |
1.528 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
154.350 |
0.000 |
0.000 |
|
(b) Trade payables |
263.660 |
153.561 |
1.877 |
|
(c) Other current
liabilities |
232.452 |
151.767 |
8.375 |
|
(d) Short-term provisions |
1.308 |
0.340 |
2.243 |
|
Total Current Liabilities
(4) |
651.770 |
305.668 |
12.495 |
|
|
|
|
|
|
TOTAL |
1793.117 |
861.292 |
708.423 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
912.857 |
316.796 |
0.000 |
|
(ii) Intangible Assets |
66.623 |
36.003 |
0.000 |
|
(iii) Capital
work-in-progress |
235.375 |
125.030 |
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 |
1.719 |
|
(d) Long-term Loan and Advances |
201.998 |
84.223 |
1.777 |
|
(e) Other Non-current
assets |
3.120 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1419.973 |
562.052 |
3.496 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
332.208 |
127.011 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
17.593 |
145.281 |
697.635 |
|
(e) Short-term loans and
advances |
21.428 |
25.779 |
0.264 |
|
(f) Other current assets |
1.915 |
1.169 |
7.028 |
|
Total Current Assets |
373.144 |
299.240 |
704.927 |
|
|
|
|
|
|
TOTAL |
1793.117 |
861.292 |
708.423 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
954.210 |
146.153 |
0.000 |
|
|
Other Income |
15.230 |
41.719 |
7.196 |
|
|
TOTAL |
969.440 |
187.872 |
7.196 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
534.900 |
68.920 |
0.000 |
|
|
Employees benefits
expense |
286.739 |
91.313 |
2.467 |
|
|
Other expenses |
561.211 |
152.500 |
8.220 |
|
|
TOTAL |
1382.850 |
312.733 |
10.687 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(413.410) |
(124.861) |
(3.491) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1.937 |
0.045 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(415.347) |
(124.906) |
(3.491) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
103.385 |
15.206 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(518.732) |
(140.112) |
(3.491) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.719 |
0.581 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(518.732) |
(141.831) |
(4.072) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(1.73) |
(0.47) |
(0.01) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(54.36)
|
(97.04) |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(43.32)
|
(85.43) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(33.30) |
(19.03) |
(0.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.46) |
(0.25) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.14 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57 |
0.98 |
56.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
700.000 |
700.000 |
1800.000 |
|
Reserves & Surplus |
(4.072) |
(145.904) |
(664.636) |
|
Net worth |
695.928 |
554.096 |
1135.364 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
154.350 |
|
Total borrowings |
0.000 |
0.000 |
154.350 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.136 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
7.916 |
187.872 |
969.440 |
|
|
|
2273.320 |
416.011 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
7.916 |
187.872 |
969.440 |
|
Profit |
(4.072) |
(141.831) |
(518.732) |
|
|
(51.44%) |
(75.49%) |
(53.51%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS = NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
NO CHARGES EXIST FOR
COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working Capital loans from banks |
154.350 |
0.000 |
|
Total |
154.350 |
0.000 |
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.61.73 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
34 |
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.