MIRA INFORM REPORT
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Report No. : |
324687 |
|
Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
L AND T CHIYODA LIMITED |
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Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra |
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Tel. No.: |
91-222267525656 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.11.1994 |
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Com. Reg. No.: |
11-083035 |
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Capital
Investment / Paid-up Capital : |
Rs.90.000 Million |
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|
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CIN No.: [Company Identification
No.] |
U28920MH1994PLC083035 |
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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.] |
AAACL1818N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing engineering services. |
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 3000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was established in 1994 as a visionary Joint Venture between Larsen & Toubro Limited, India and Chiyoda Corporation, Japan. It is a well-established company having fine track record. For the financial year ended 2014, the company has reported decent operational performance and it has maintained profitability margins at 12.67%. Rating also takes into company's healthy operational risk profile supported by adequate net worth base and strong support that company receives from its joint venture entities. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of decent operational base backed by strong financial 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. A. Baipai |
|
Designation : |
Account Manager |
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Contact No.: |
91-265-2442000 |
|
Date : |
28.05.2015 |
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-2267525656 |
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Fax No.: |
91-22-67525893 |
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E-Mail : |
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Website : |
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Corporate Office : |
National Highway No. 8, Channi, Baroda-391740, |
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Tel. No.: |
91-265-2771003/ 2771902 |
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Fax No.: |
91-265-2771596/ 2774985 |
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E-Mail : |
DIRECTORS
AS ON 14.07.2014
|
Name : |
Mr. Ravindranath Kundurti |
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Designation : |
Director |
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Address : |
Ravindranath-A-604, Eternia, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
22.08.1950 |
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Date of Appointment : |
10.08.2006 |
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DIN No.: |
00262462 |
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Other
Directorship:
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Name : |
Mr. Kiyomi Torataro Inoue |
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Designation : |
Whole-time director |
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Address : |
102 Aries Elegance Apartment
37/1 Arunoday Society, Alkapuri, Vadodara – 390007, Gujarat, India |
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Date of Birth/Age : |
10.02.1953 |
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Date of Appointment : |
12.09.2014 |
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DIN No.: |
00255721 |
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Name : |
Mr. Deepraj Saxena |
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Designation : |
Director |
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Address : |
D-4, Vrajdeep Apartment, Behind Arundeep Complex, Race Course,
Vadodara – 390007, Gujarat, India |
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Date of Birth/Age : |
01.01.1961 |
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Date of Appointment : |
02.08.2013 |
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DIN No.: |
05234543 |
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Other
Directorship:
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Name : |
Mr. Hideo Matsui |
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Designation : |
Director appointed in casual vacancy |
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Address : |
1-6-9, Kamakutayama, Kamakura – SHI, Kanagawa – 2480031, Japan |
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Date of Birth/Age : |
28.08.1960 |
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Date of Appointment : |
21.03.2013 |
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DIN No.: |
06530429 |
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KEY EXECUTIVES
|
Name : |
Mr. A. Baipai |
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Designation : |
Account Manager |
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|
Name : |
Mr. Sudhakar Kanneganti |
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Designation : |
Manager |
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Address : |
Flat No. 103, 1st Floor, Tower A Aarcon Abhay, Opposite
Vuda Office, L&T Circle, Karelibaug, Vadodara – 390018, Gujarat, India |
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Date of Birth/Age : |
18.01.1957 |
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Date of Appointment : |
17.08.2012 |
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PAN No.: |
AAZPK4758J |
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|
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Name : |
Mr. Jigishbhai Vindhutkumar Vasa |
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Designation : |
Secretary |
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Address : |
3/B Ami Park Society, Near Old Maheshwar Nagar, Subhanpura,
Vadodara-390027, Gujarat, India |
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Date of Birth/Age : |
05.03.1978 |
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Date of Appointment : |
11.03.2002 |
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PAN No.: |
ACFPV1670E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.07.2014
|
Names of Shareholders |
No. of Shares |
|
Larsen and Toubro Limited |
4499997 |
|
Chiyoda Corporation |
4499997 |
|
Saxena Deepraj and Larsen and Toubro Limited |
1 |
|
Matsui Hideo and Chiyoda Corporation |
1 |
|
Shimizu Ryosuke and Chiyoda Corporation |
1 |
|
Kapoor Shushila Pramod and Larsen and Toubro Limited |
1 |
|
Ravindranath Kundurti and Larsen And Toubro Limited |
1 |
|
Inoue Torataro Kiyomi and Chiyoda Corporation |
1 |
|
Total |
9000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 14.07.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.99 |
|
Bodies corporate |
49.99 |
|
Directors or relatives of Directors |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing engineering services. |
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Products : |
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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 |
PRODUCTION STATUS: NOT AVAILABLE
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 : |
Sharp and Tannan Chartered accountant |
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Address : |
Ravindm Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai - 4000 020, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS2967E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
Sale of engineering services (excluding service tax), Rent paid
, Establishment expenses paid,
Employees on deputation , Other
miscellaneous expenses paid / reimbursed : |
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|
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Fellow Subsidiary company: |
L and T Hydrocarbon Engineering Limited, India (U11200MH2009PLC191426) |
CAPITAL STRUCTURE
AS ON 14.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000
Million |
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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 |
90.000 |
90.000 |
90.000 |
|
(b) Reserves &
Surplus |
904.724 |
735.507 |
631.178 |
|
(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) |
994.724 |
825.507 |
721.178 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
34.365 |
41.419 |
64.880 |
|
(c) Other current
liabilities |
61.119 |
62.677 |
88.105 |
|
(d) Short-term provisions |
68.146 |
34.916 |
22.221 |
|
Total Current Liabilities
(4) |
163.630 |
139.012 |
175.206 |
|
|
|
|
|
|
TOTAL |
1158.354 |
964.519 |
896.384 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
34.378 |
44.149 |
55.281 |
|
(ii) Intangible Assets |
8.051 |
11.498 |
9.601 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
13.291 |
7.389 |
1.889 |
|
(d) Long-term Loan and Advances |
0.000 |
48.125 |
46.221 |
|
(e) Other Non-current
assets |
67.497 |
67.497 |
0.000 |
|
Total Non-Current Assets |
123.217 |
178.658 |
112.992 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
195.342 |
154.073 |
60.403 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
305.978 |
288.489 |
446.407 |
|
(d) Cash and cash
equivalents |
225.278 |
59.588 |
51.755 |
|
(e) Short-term loans and
advances |
278.981 |
223.269 |
150.040 |
|
(f) Other current assets |
29.558 |
60.442 |
74.787 |
|
Total Current Assets |
1035.137 |
785.860 |
783.392 |
|
|
|
|
|
|
TOTAL |
1158.354 |
964.519 |
896.384 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1317.047 |
1133.834 |
1153.892 |
|
|
Other Income |
50.593 |
21.911 |
15.505 |
|
|
TOTAL (A) |
1367.640 |
1155.745 |
1169.397 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
34.379 |
14.797 |
31.654 |
|
|
Employees benefits
expense |
729.247 |
705.722 |
675.821 |
|
|
Other expenses |
333.052 |
282.593 |
347.658 |
|
|
TOTAL (B) |
1096.678 |
1003.112 |
1055.133 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
270.962 |
152.633 |
114.264 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
270.962 |
152.633 |
114.264 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.956 |
23.162 |
25.071 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
251.006 |
129.471 |
89.193 |
|
|
|
|
|
|
|
Less |
TAX (H) |
81.789 |
25.144 |
26.970 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
169.217 |
104.327 |
62.223 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
18.80 |
11.59 |
6.91 |
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 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.85 |
9.20 |
5.39 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.57 |
13.46 |
9.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.92 |
13.53 |
9.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.16 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.33 |
5.65 |
4.47 |
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 |
90.000 |
90.000 |
90.000 |
|
Reserves & Surplus |
631.178 |
735.507 |
904.724 |
|
Net worth |
721.178 |
825.507 |
994.724 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1153.892 |
1133.834 |
1317.047 |
|
|
|
(1.738) |
16.159 |
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 |
1153.892 |
1133.834 |
1317.047 |
|
Profit |
62.223 |
104.327 |
169.217 |
|
|
5.39% |
9.20% |
12.85% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES NO CHARGES
EXIST FOR COMPANY
FIXED ASSETS
Tangible assets
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
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.63.90 |
|
UK Pound |
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
64 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.