MIRA INFORM REPORT
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Report No. : |
305566 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
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Name : |
TEJORA TECHNOLOGIES LIMITED (w.e.f. 08.04.2011) |
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Formerly Known
As : |
TEJORA TECHNOLOGIES PRIVATE LIMITED (w.e.f. 29.03.2011) RTENGINES SOFTWARE PRIVATE LIMITED |
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Registered
Office : |
Unit No. 2, A Wing, 8th Floor, Prism Tower, Mindspace,
Goregaon (West), Mumbai – 400064, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.04.2003 |
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Com. Reg. No.: |
11-140182 |
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Capital
Investment / Paid-up Capital : |
Rs.90.092 |
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CIN No.: [Company Identification
No.] |
U72900MH2003PLC140182 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged providing
various Information Technology services. |
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No. of Employees
: |
44 (Approximately)
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RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Management of the company has failed to file its latest financial for
the year 2014 with the government department. As per available financials of 2013, Reserves of the company seems to
be low. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings 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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BB |
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Rating Explanation |
Have moderate risk of default. |
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Date |
04.10.2013 |
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 BY
|
Name : |
Mr. Manoj |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-40034222 |
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Date : |
29.01.2015 |
LOCATIONS
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Registered Office : |
Unit No. 2, A Wing, 8th Floor, Prism Tower, Mindspace, Goregaon (West), Mumbai – 400064, Maharashtra, India |
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Tel. No.: |
91-22-40780780 / 40034222 |
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Fax No.: |
91-22-40780891 |
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E-Mail : |
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Website : |
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Headquarter Office : |
Unit # 10 -13, 3rd floor, A wing, Prism Towers, Mindspace,
Goregaon West, |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Nitin Haridas Shenoy |
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Designation : |
Managing director |
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Address : |
102, Ivory Heights, 2nd Cross Lane, Jhulelal Chowk, Lokhandwala, Andheri West, Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
09.06.1975 |
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Date of Appointment : |
25.06.2011 |
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DIN No.: |
01394117 |
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Name : |
Hemant Kishangopal Sanganeria |
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Designation : |
Director |
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Address : |
8/15, Piramal Nagar, S.V. Road, Goregaon West, Mumbai – 400062,Maharashtra, India |
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Date of Birth/Age : |
29.09.1975 |
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Date of Appointment : |
09.08.2012 |
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DIN No.: |
05345869 |
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Name : |
Neeshchal Naval Mehta |
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Designation : |
Director |
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Address : |
C/104, Highland Harmony, Mahavir Nagar, Kandivali, Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
25.05.1968 |
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Date of Appointment : |
25.06.2011 |
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DIN No.: |
00128406 |
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Name : |
Chhotulal Rawa Bhagwat |
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Designation : |
Director |
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Address : |
Flat No.104, 1st Floor, Neha Apartment, Plot No.7, Sector No.20C, Airoli, Navi Mumbai – 400708, Maharashtra, India |
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Date of Birth/Age : |
01.06.1962 |
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Date of Appointment : |
25.06.2011 |
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DIN No.: |
03534822 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
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No. of Shares |
|
Nitin Haridas Shenoy |
|
4569417 |
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Dominic Romell |
|
1917855 |
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Meera Haridas Shenoy |
|
645150 |
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Surabhi Nitin Shenoy |
|
586500 |
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Haridas Shenoy |
|
293250 |
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Ganesh Ramani |
|
293250 |
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Isaac Nadar |
|
293250 |
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Mahesh Chotrani |
|
293250 |
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Ravindra Atmaram Godbole |
|
58650 |
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Kalyani Ravindra Godbole |
|
58650 |
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Total |
|
9009222 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2013
|
Category |
Percentage |
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Directors or relatives of Directors |
68.95 |
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Other top fifty shareholders |
31.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged providing
various Information Technology services. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
44 (Approximately) |
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Bankers : |
Dena Bank, S.V. Road, Malad (West), Mumbai - 400064, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
N R Tibrewala and Associates Chartered Accountants |
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Address : |
305, D'definity, Jayprakash Nagar, Road No.1, Above cosmos bank, Goregoan (E), Mumbai- 400 063, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAPT6810F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
9,009,222 |
Equity Shares |
Rs.10/- each |
Rs. 90.092
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
90.092 |
90.092 |
78.341 |
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(b) Reserves & Surplus |
53.920 |
49.073 |
48.900 |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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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) |
144.012 |
139.165 |
127.241 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
170.939 |
78.279 |
7.586 |
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(b) Deferred tax liabilities
(Net) |
3.390 |
5.220 |
2.382 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.152 |
1.874 |
1.342 |
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Total
Non-current Liabilities (3) |
176.481 |
85.373 |
11.310 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
537.390 |
87.928 |
58.610 |
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(c) Other current liabilities |
3.181 |
0.297 |
0.114 |
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(d) Short-term provisions |
12.263 |
15.818 |
12.355 |
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Total
Current Liabilities (4) |
552.834 |
104.043 |
71.079 |
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TOTAL |
873.327 |
328.581 |
209.630 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
43.597 |
54.887 |
40.281 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
4.995 |
10.313 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
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(e) Other Non-current assets |
11.594 |
13.470 |
9.192 |
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Total
Non-Current Assets |
55.191 |
73.352 |
59.786 |
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(2) Current assets |
|
|
|
|
(a) Current investments |
5.625 |
26.661 |
0.000 |
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(b) Inventories |
0.635 |
0.000 |
0.000 |
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(c) Trade receivables |
474.882 |
92.715 |
86.633 |
|
(d) Cash and cash equivalents |
83.108 |
67.335 |
55.752 |
|
(e) Short-term loans and
advances |
2.773 |
13.430 |
7.385 |
|
(f) Other current assets |
251.113 |
55.088 |
0.074 |
|
Total
Current Assets |
818.136 |
255.229 |
149.844 |
|
|
|
|
|
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TOTAL |
873.327 |
328.581 |
209.630 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
|
|
|
|
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Income |
1078.735 |
918.732 |
350.254 |
|
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Other Income |
19.093 |
16.703 |
0.868 |
|
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TOTAL (A) |
1097.828 |
935.435 |
351.122 |
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Less |
EXPENSES |
|
|
|
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|
Cost of Materials
Consumed |
979.499 |
824.499 |
252.825 |
|
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Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
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Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
0.000 |
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Employees benefits
expense |
38.101 |
40.273 |
33.351 |
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Other expenses |
40.095 |
30.238 |
17.108 |
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TOTAL (B) |
1057.695 |
895.010 |
303.284 |
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
40.133 |
40.425 |
47.838 |
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|
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Less |
FINANCIAL EXPENSES (D) |
10.531 |
2.316 |
0.753 |
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PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
29.602 |
38.109 |
47.085 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.890 |
19.342 |
13.588 |
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|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
11.712 |
18.767 |
33.497 |
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Less |
TAX (H) |
6.865 |
6.843 |
9.182 |
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PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
4.847 |
11.924 |
24.315 |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
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F.O.B. Value of Exports |
1.825 |
0.000 |
0.000 |
|
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TOTAL EARNINGS |
1.825 |
0.000 |
0.000 |
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|
|
|
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|
Earnings / (Loss) Per
Share (Rs.) |
0.54 |
1.32 |
3.4 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.45 |
1.30 |
6.94 |
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Operating Profit Margin (PBIDT/Sales) |
(%) |
3.72 |
4.40 |
13.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.34 |
5.80 |
16.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.13 |
0.26 |
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Debt Equity Ratio (Total Debt /Networth) |
|
1.19 |
0.56 |
0.06 |
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Current Ratio (Current Asset/Current Liability) |
|
1.48 |
2.45 |
2.11 |
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 |
78.341 |
90.092 |
90.092 |
|
Reserves & Surplus |
48.900 |
49.073 |
53.920 |
|
Net worth |
127.241 |
139.165 |
144.012 |
|
|
|
|
|
|
long-term borrowings |
7.586 |
78.279 |
170.939 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
7.586 |
78.279 |
170.939 |
|
Debt/Equity ratio |
0.060 |
0.562 |
1.187 |
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) |
|
Sales |
350.254 |
918.732 |
1078.735 |
|
|
|
162.304 |
17.416 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
350.254 |
918.732 |
1078.735 |
|
Profit |
24.315 |
11.924 |
4.847 |
|
|
6.94% |
1.30% |
0.45% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
16] |
Details of sister
concerns |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE REVIEW
System Integrated Sales in this reporting year have boosted the Company to earn substantial revenues. Despite Global Recessionary Conditions, the Company’s income from operations has increased to Rs. 1078.734 Millions as against Rs. 918.731 Millions in the previous year, registering a growth of 17.42 % over the previous year.
As a large part of any period’s revenue is derived from existing customers, revenue growth varies due to project start and stops and customer specific situations. In addition, revenue from new customers also varies from period to period. Factors that affects the fluctuation of our revenues, expenses and profits include (a) variation expected or unexpected in the duration, size, timing and scope of our projects (b) pricing policies or those of our customers or competitors, (c) loss of clients, (d) our ability to acquire new clients etc.
A significant part of their expenses particularly those related to personnel and facilities are fixed in advance of any particular period. As a result, unanticipated variation in the number and timing of their projects or employee utilization rates may cause significant variations in their operating results in any particular period.
SUBSIDIARY
During the year 2011-12, Tejora formed its subsidiary in North Carolina under the name and style of Tejora LLC. Since there were no transactions made by the Wholly-owned subsidiaries upto the date for which the financial statements were prepared by the parent Company, the books of accounts of the subsidiary were not made and financial statements were not prepared and audited.
BUSINESS OVERVIEW
CLOUD COMPUTING AND
SOFTWARE AS A SERVICE
CLOUD COMPUTING has shifted the paradigms of software product development and support, software procurement and the mechanisms of interactions within the enterprise ecosystem of customers, employees, partners and suppliers with a positive impact on the Total Cost of Ownership (TCO) of software and systems for the organization. Their Cloud Computing Services are a comprehensive and integrated suite of services designed
to alleviate the pains associated with product development using traditional business information technology. We reduce their clients product development startup costs by replacing the data center, software stack and team of experts usually needed to support business IT with cloud computing technologies.
They provide innovative product development services to fit their clients SaaS and Cloud Computing Service’s needs.
SOFTWARE AS A SERVICE (SAAS) has become nearly ubiquitous.
Tejora's team of technical experts understand the on-demand model, the relevant product lifecycle requirements, business strategies for a successful product launch and user experiences that assure customer retention. With multiple SaaS releases over a period of time, they have refined release approaches to ensure zero downtime and seamless upgrades for customers.
Tejora's experiences with Social Network and Web 2.0 enablement of enterprise applications pre-dates the SaaS, PaaS, IaaS and Cloud Computing terminologies and technologies. The Tejora team's Multi-tenant deployment experience helps customers make informed decisions on complex considerations such as product architecture, database scheme, network connectivity, available bandwidth, and back office services like email, proxy, security etc.
They ensure that critical factors such as fault tolerance and very high performance are addressed upfront to ensure true multi-tenancy for SaaS products. Tejora's extensive research on tools, platforms, components and frameworks helps them reduce the business risks for their customers.
SEGMENTAL REPORTING
The Company is engaged in only one segment of business which is IT Services the risk and returns of which are similar. Hence segmental reporting is not applicable.
FIXED ASSETS
- Land
- Furniture and fixtures
- Vehicles
- Office equipment
- 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 records 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.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.