MIRA INFORM REPORT
|
Report No. : |
308207 |
|
Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
HUNGAMA DIGITAL MEDIA ENTERTAINMENT PRIVATE LIMITED (w.e.f. 24.12.2008) |
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Formerly Known As
: |
VIRTUAL MARKETING ( |
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Registered
Office : |
F-1, 1st Floor, Laxmi Woollen Mills Estate, Shakti Mills
Lane, Off Dr. E Moses Road, Mahalaxmi, Mumbai - 400013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.04.1999 |
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Com. Reg. No.: |
11-119259 |
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Capital
Investment / Paid-up Capital : |
Rs.28.703
Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U12000MH1999PTC119259 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV06740G |
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PAN No.: [Permanent Account No.] |
AAACV289H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Digital Media
Entertainment across various platforms including Mobile. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Management of the company has not filed its latest financial i.e.2014
with the government department. As per available financial of 2013, general financial position of the
company seems to be normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. 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 |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and carry moderate
credit risk |
|
Date |
12.02.2015 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-24903344)
LOCATIONS
|
Registered/ Corporate Office : |
F-1, 1st Floor, Laxmi Woollen Mills Estate, Shakti Mills Lane,
Off Dr. E Moses Road, Mahalaxmi, Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-24903344/ 40853344 |
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Fax No.: |
91-22-24903355 |
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E-Mail : |
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Website : |
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Branch Offices : |
Haryana
Kolkata
Bangalore
Board No: 91-80-43513344 Fax No: 91-80-43513355 Chennai
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Overseas Office : |
Located at · Dubai |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Neeraj Roy |
|
Designation : |
Managing director |
|
Address : |
602, RNA Aurovilla,
6th Floor, Near Poddar School, Jain Derasar Marg, Opposite Jain Mandir,
Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
13.08.1967 |
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Date of Appointment : |
06.09.2007 |
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PAN No.: |
ADLPR8342L |
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DIN No.: |
00285875 |
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Name : |
Mr. Hiren Haresh Ved |
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Designation : |
Director |
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Address : |
B/606-607 Mistry Apartment, Parsi Panchayat Service Road, Andheri
(East), Mumbai – 400069, Maharashtra, India |
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Date of Birth/Age : |
07.06.1970 |
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Date of Appointment : |
30.05.2000 |
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DIN No.: |
00049597 |
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Name : |
Mr. Ashish Rameshchandra Kacholia |
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Designation : |
Director |
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Address : |
44, Vaikunth Co-Operative Housing Society Limited, Lallubhai Park
Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1969 |
|
Date of Appointment : |
12.04.1999 |
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DIN No.: |
00252649 |
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|
|
Name : |
Mr. Rajiv Ambrish Agarwal |
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Designation : |
Director |
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Address : |
Chamaria Niwas, 3rd Floor, 41, Mahant Road, Vile Parle
(East), Mumbai - 400057, Maharashtra,
India |
|
Date of Birth/Age : |
28.03.1971 |
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Date of Appointment : |
25.09.2008 |
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DIN No.: |
0379990 |
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|
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Name : |
Mr. Rakesh Radheyshyam Jhunjhunwala |
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Designation : |
Director |
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Address : |
16 C, 6th Floor, Il Palazzo, Lt Gi Rd M Hill, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
05.07.1960 |
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Date of Appointment : |
31.03.2008 |
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PAN No.: |
ACPPJ9449M |
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DIN No.: |
00777064 |
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Name : |
Mr. Ralph Robert Simon |
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Designation : |
Director |
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Address : |
9 Elsworthy Road, London, NW33DS, UK |
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Date of Birth/Age : |
19.12.1946 |
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Date of Appointment : |
29.09.2010 |
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DIN No.: |
03042121 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Neha Lashit Sanghvi |
|
71999 |
|
Neeraj Ganesh Roy |
|
296806 |
|
Lashit Lallubhai Sanghvi |
|
259195 |
|
Ashwin Prakash Chandra Kedia |
|
259195 |
|
Hiren Haresh Ved |
|
50351 |
|
Saleem Sadrudin Mobhani |
|
11246 |
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Suleman Sadrudin Mobhani |
|
11246 |
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Rakesh Radheshyam Jhunjhunwala |
|
493864 |
|
Lucky Investment Managers Private Limited |
|
1439 |
|
Vijay Sanmukhdas Israni |
|
46265 |
|
Tractus Consultants Private Limited |
|
788760 |
|
Bengal Finance and Investment Private Limited |
|
131426 |
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Samata Investrade Private Limited |
|
164158 |
|
Kunal R Jhunjhunwala |
|
200000 |
|
ESOP |
|
84300 |
|
Total |
|
2870250 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
27.48 |
|
Directors or relatives of Directors |
60.22 |
|
Others |
12.30 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Digital Media
Entertainment across various platforms including Mobile. |
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Products : |
-- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT APPLICABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade,
Mumbai - 400005, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Gandhi Paleja and Associates Chartered Accountants |
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Address : |
I /12, Everest, 10th Floor, Pandit Madan Mohan Malaviya Marg, Tardeo, Mumbai - 400034, Maharashtra, India |
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PAN No.: |
AAAFG0989J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates : |
· Hungama Digital Services Private Limited CIN No.: U74120MH2011PTC224699 · Aalap Digital Music Private Limited CIN No.: U74900DL2011PTC228196
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Subsidiary Company
: |
· Hungama .Com Private Limited CIN No.: U74999MH2012PTC226152 · Nautanki.TV Networks Private Limited CIN No.: U72900MH2008PTC177914 · Hungama Smart Cloud Private Limited CIN No.: U74900MH2012PTC233617 · Hungama (Bangladesh) Private Limited · Hungama UK Limited · Hungama (Singapore) PTE. Limited · Hungama FZE Limited · Hungama FZ LLC |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Rare Enterprises · Samta Investrade Private Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2870250 |
Equity Shares |
Rs.10/- each |
Rs.28.703
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
28.703 |
28.703 |
26.981 |
|
(b) Reserves & Surplus |
1,107.517 |
1,041.636 |
895.733 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1,136.220 |
1,070.339 |
922.714 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
151.138 |
152.697 |
152.312 |
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(b) Deferred tax liabilities (Net) |
18.439 |
0.778 |
12.509 |
|
(c) Other long term
liabilities |
7.074 |
7.817 |
7.817 |
|
(d) long-term
provisions |
39.357 |
43.090 |
31.659 |
|
Total Non-current
Liabilities (3) |
216.008 |
204.382 |
204.297 |
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(4)
Current Liabilities |
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|
|
|
(a) Short
term borrowings |
778.732 |
665.371 |
533.892 |
|
(b) Trade
payables |
438.626 |
435.396 |
323.566 |
|
(c) Other
current liabilities |
159.026 |
129.369 |
180.220 |
|
(d) Short-term
provisions |
81.890 |
117.177 |
83.950 |
|
Total Current
Liabilities (4) |
1,458.274 |
1,347.313 |
1,121.628 |
|
|
|
|
|
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TOTAL |
2,810.502 |
2,622.034 |
2,248.639 |
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
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|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
136.553 |
143.517 |
102.321 |
|
(ii)
Intangible Assets |
46.773 |
41.476 |
33.526 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
60.439 |
30.129 |
0.624 |
|
(b) Non-current Investments |
22.126 |
42.589 |
75.088 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
61.913 |
99.691 |
126.895 |
|
(e) Other
Non-current assets |
7.018 |
1.074 |
1.004 |
|
Total Non-Current Assets |
334.822 |
358.476 |
339.458 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.054 |
|
(c) Trade
receivables |
1,292.559 |
1,484.472 |
1,276.564 |
|
(d) Cash and
cash equivalents |
268.975 |
133.964 |
173.098 |
|
(e)
Short-term loans and advances |
799.738 |
629.322 |
454.465 |
|
(f) Other
current assets |
114.408 |
15.800 |
5.000 |
|
Total
Current Assets |
2,475.680 |
2,263.558 |
1,909.181 |
|
|
|
|
|
|
TOTAL |
2,810.502 |
2,622.034 |
2,248.639 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
GROSS INCOME |
3416.700 |
3944.600 |
3095.500 |
|
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|
EXPENSES |
NA |
NA
|
NA |
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|
PROFIT/(LOSS)
BEFORE TAX |
NA |
NA
|
NA |
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|
|
TAX |
NA |
NA |
NA |
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|
PROFIT/(LOSS)
AFTER TAX |
65.900 |
145.900 |
207.800 |
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|
EARNINGS IN
FOREIGN CURRENCY |
82.368 |
85.681 |
32.256 |
|
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|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
28.70 |
50.83 |
72.40 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.82 |
0.76 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.68 |
1.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
26.981 |
28.703 |
28.703 |
|
Reserves & Surplus |
895.733 |
1041.636 |
1107.517 |
|
Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
922.714 |
1070.339 |
1136.220 |
|
|
|
|
|
|
Long Term borrowings |
152.312 |
152.697 |
151.138 |
|
Short Term borrowings |
533.892 |
665.371 |
778.732 |
|
Total
borrowings |
686.204 |
818.068 |
929.870 |
|
Debt/Equity
ratio |
0.744 |
0.764 |
0.818 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Gross Income |
3,095.500 |
3,944.600 |
3,416.700 |
|
|
|
27.430 |
(13.383) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Gross Income |
3,095.500 |
3,944.600 |
3,416.700 |
|
Profit |
207.800 |
145.900 |
65.900 |
|
|
6.71% |
3.70% |
1.93% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS 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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from others |
150.000 |
150.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from others |
0.000 |
75.000 |
|
Total |
150.000 |
225.000 |
CORPORATE
INFORMATION
The Company was incorporated in Mumbai, Maharashtra, India on 1st April, 1999. The Company is engaged in the business of Digital Media Entertainment across various platforms including Mobile.
OPERATING RESULTS
During the year ended March 31, 2013 the company earned a net profit after tax of Rs.65.900 Millions (previous year Rs.145.900 Millions) on a gross income of Rs.3416.700 Millions (previous year Rs.3944.600 Millions).
OVERVIEW
The Mobile Value Added Services (MVAS) market is expected to move further from the SMS based services to Internet-based and application based services. However, the continuously changing TRAI guidelines have resulted in a reduction in the MVAS market size during the last few months and will continue to pose a challenge for the coming year.
AWARDS AND
RECOGNITION
The company maintained its winning streak with several awards in Mobile Entertainment and Digital and Mobile marketing, both in the Indian and International markets.
The Digital Services Division of the company earned the Most Preferred Marketing Developer badge by Facebook.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10256070 |
03/06/2013 * |
750,000,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
B84595503 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.