MIRA INFORM REPORT
|
Report No. : |
331477 |
|
Report Date : |
10.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
HDFC SECURITIES LIMITED |
|
|
|
|
Registered
Office : |
I Think Techno Campus, Building - B, "Alpha", Office
Floor 8, Opposite. Crompton Greaves, Kanjurmarg (East), Mumbai – 400042,
Maharashtra |
|
Tel. No.: |
91-22-39019400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.04.2000 |
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Com. Reg. No.: |
11-152193 |
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Capital
Investment / Paid-up Capital : |
Rs. 154.800 Million |
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|
CIN No.: [Company Identification
No.] |
U67120MH2000PLC152193 |
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IEC No.: |
Not Available |
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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
: |
Subject is engaged in a single line of business as a brokerage. |
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-built company came into existence in the year 2000. It is the subsidiary of "HDFC Bank Limited". It has an excellent track record. The company has strong operational performance backed by steady growth in turnover and profitability margin which is 29.60% during the year 2014. Ratings also takes into consideration the continued strengthening in its distribution network and healthy financial risk profile of the company having strong net worth and zero debt balance sheet profile. Further, the company will get benefit from the strong financial, managerial and operational support from HDFC Bank. Trade relations are reported as fair. Business is active. Payments terms results to be regular and as per commitment. In the view of good market position y d healthy balance sheet profile, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Bank Loan Facilities = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk |
|
Date |
May 23, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
May 23, 2014 |
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
31-03-2013.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-22-39019400)
LOCATIONS
|
Registered Office : |
I Think Techno Campus, Building - B, "Alpha", Office
Floor 8, Opposite. Crompton Greaves, Kanjurmarg (East), Mumbai – 400042,
Maharashtra, India |
|
Tel. No.: |
91-22-39019400 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 20.06.2014
|
Name : |
Mr. Santosh G Haldankar |
|
Designation : |
Whole-time director |
|
Address : |
S/2/28 Shree Dwarkadish Chs, Bangur Nagar, Goregaon
(West), Mumbai - 400090, Maharashtra, India |
|
Date of Birth/Age : |
07.09.1971 |
|
Date of Appointment : |
10.01.2008 |
|
DIN No.: |
01866169 |
|
|
|
|
Name : |
Mr. Aseem Avanish Dhru |
|
Designation : |
Director |
|
Address : |
Flat No-301, 3rd Floor, Oyster, 19th Road, T.P.S. Near Beams
Hospital, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
07.04.1970 |
|
Date of Appointment : |
01.05.2015 |
|
DIN No.: |
01761455 |
|
|
|
|
Name : |
Mr. Bharat Dhirajlal Shah |
|
Designation : |
Director |
|
Address : |
Flat No. 21, Hill Park Building No. 2, A G Bell Marg,
Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
18.02.1947 |
|
Date of Appointment : |
07.07.2001 |
|
DIN No.: |
00136969 |
|
|
|
|
Name : |
Mr. Abhay Omkar Aima |
|
Designation : |
Director |
|
Address : |
Flat No:37 3rd Floor Citizen Cooperative Hosuing Society,
206-Cadel Road, Mahim, Mumbai - 400016, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1962 |
|
Date of Appointment : |
27.07.2006 |
|
DIN No.: |
00581469 |
|
|
|
|
Name : |
Mr. Jagadish Capoor |
|
Designation : |
Director |
|
Address : |
1601 Brooke Ville, 359 Mogul Lane, Mahim (West), Mumbai -
400016, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1939 |
|
Date of Appointment : |
19.09.2013 |
|
DIN No.: |
00002516 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh Gurudas Haldankar |
|
Designation : |
Secretary |
|
Address : |
S-2/28, Shree Dwarkadhish Cooperative Housing Society
Limited., Bangur Nagar, Goregaon (West), Mumbai, 400090, Maharashtra, India |
|
Date of Birth/Age : |
07.09.1971 |
|
Date of Appointment : |
09.01.2006 |
|
PAN No: |
AAYPH1976N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.06.2014
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 20.06.2014
|
Category |
Percentage |
|
Nationalised or other banks |
97.97 |
|
Other top fifty shareholders |
1.75 |
|
Others |
0.28 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in a single line of business as a
brokerage. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
HDFC Bank Limited |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
HDB Financial Services Limited |
CAPITAL STRUCTURE
AS ON 20.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15475125 |
Equity Shares |
Rs.10/- each |
Rs. 154.751
Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15480000 |
Equity Shares |
Rs.10/- each |
Rs. 154.800
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 |
154.800 |
153.600 |
151.300 |
|
(b) Reserves & Surplus |
4266.900 |
3559.100 |
2879.500 |
|
(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) |
4421.700 |
3712.700 |
3030.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
32.400 |
29.800 |
0.000 |
|
(c) Other long term
liabilities |
4.900 |
7.300 |
27.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
5.400 |
|
Total Non-current
Liabilities (3) |
37.300 |
37.100 |
32.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
285.500 |
267.000 |
283.500 |
|
(c) Other current
liabilities |
3696.400 |
1374.900 |
1220.400 |
|
(d) Short-term
provisions |
146.600 |
49.500 |
46.000 |
|
Total Current
Liabilities (4) |
4128.500 |
1691.400 |
1549.900 |
|
|
|
|
|
|
TOTAL |
8587.500 |
5441.200 |
4613.100 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
424.400 |
450.600 |
147.200 |
|
(ii)
Intangible Assets |
44.800 |
50.500 |
41.800 |
|
(iii)
Capital work-in-progress |
7.100 |
5.200 |
0.000 |
|
(iv)
Intangible assets under development |
18.600 |
9.100 |
2.100 |
|
(b) Non-current Investments |
208.400 |
158.400 |
8.400 |
|
(c) Deferred tax assets (net) |
0.900 |
20.000 |
22.800 |
|
(d) Long-term Loan and Advances |
94.900 |
91.400 |
69.800 |
|
(e) Other
Non-current assets |
532.600 |
963.900 |
1081.500 |
|
Total Non-Current
Assets |
1331.700 |
1749.100 |
1373.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
650.000 |
170.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
23.000 |
11.200 |
10.000 |
|
(d) Cash
and cash equivalents |
3487.400 |
2486.000 |
2339.200 |
|
(e)
Short-term loans and advances |
3074.700 |
986.500 |
852.300 |
|
(f) Other
current assets |
20.700 |
38.400 |
38.000 |
|
Total
Current Assets |
7255.800 |
3692.100 |
3239.500 |
|
|
|
|
|
|
TOTAL |
8587.500 |
5441.200 |
4613.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2599.780 |
2302.100 |
1909.300 |
|
|
|
Other Income |
31.500 |
18.900 |
190.800 |
|
|
|
TOTAL |
2631.280 |
2321.000 |
2100.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
791.300 |
748.400 |
727.700 |
|
|
|
Other expenses |
530.200 |
524.100 |
487.800 |
|
|
|
TOTAL |
1321.500 |
1272.500 |
1215.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1309.780 |
1048.500 |
884.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.100 |
1.000 |
3.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1306.680 |
1047.500 |
881.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
94.800 |
73.300 |
80.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1211.880 |
974.200 |
800.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
427.400 |
306.000 |
259.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
784.480 |
668.200 |
540.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
51.00 |
44.09 |
35.87 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
30.17 |
29.03 |
28.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
50.38 |
45.55 |
46.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.51 |
18.56 |
17.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.26 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76 |
2.18 |
2.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
151.300 |
153.600 |
154.800 |
|
Reserves & Surplus |
2879.500 |
3559.100 |
4266.900 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3030.800 |
3712.700 |
4421.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1909.300 |
2302.100 |
2599.780 |
|
|
|
20.573 |
12.931 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1909.300 |
2302.100 |
2599.780 |
|
Profit |
540.900 |
668.200 |
784.480 |
|
|
28.33% |
29.03% |
30.17% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
----- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
------ |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
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 |
OPERATIONS
During the year, the Company’s total income amounted to Rs. 2631.200 Million as against Rs. 2321.000 Million in the previous year, an increase of 13.36%. The operations have resulted in a net profit after tax of Rs. 78.44 crores as against Rs. 668.200 Million in the previous year. The Company has emerged as a strong player in the financial services space offering complete financial services along with the core broking product. The Company continued strengthening its distribution network and by the end of the year had 200 branches across 160 cities in the country.
INDEX
OF CHARGES
NO CHARGES EXIST FOR THE COMPANY.
FIXED ASSETS
- Buildings
- Furniture and
Fixture
- Vehicles
- Office
Equipments
- Computer
Equipments
- Other
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 63.51 |
|
UK Pound |
1 |
Rs. 97.85 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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.