MIRA INFORM REPORT
|
Report No. : |
314260 |
|
Report Date : |
24.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
CLEARTRIP PRIVATE LIMITED (w.e.f. 28.06.2012) |
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Formerly Known
As : |
CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED |
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Registered
Office : |
Unit No. 001, Ground Floor, DTC Building, Sitaram Mills Compound, N M
Joshi Marg, Lower Parel, Mumbai – 400011, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
12.05.2005 |
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Com. Reg. No.: |
11-153232 |
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Capital
Investment / Paid-up Capital : |
Rs.2304.692 Million |
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CIN No.: [Company Identification
No.] |
U63040MH2005PTC153232 |
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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.] |
MUMC13858F |
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PAN No.: [Permanent Account No.] |
AACCC6016B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of providing online travel and
hostel booking services. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. There seems huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments terms are reported to be slow. 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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative. (Tel. No.: 91-22-40504000)
LOCATIONS
|
Registered Office : |
Unit No. 001, Ground Floor, DTC Building, Sitaram Mills Compound, N M
Joshi Marg, Lower Parel, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-40504000 |
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Fax No.: |
91-22-40504050 |
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E-Mail : |
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Website : |
DIRECTORS
As on 26.09.2014
|
Name : |
Mr. Stuart Richard Nairn Crighton |
|
Designation : |
Director and Chief Executive Officer |
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Address : |
Flat No. 501, |
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Date of Birth/Age : |
28.02.1970 |
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Date of Appointment : |
09.12.2005 |
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PAN No.: |
ACHPC1108L |
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DIN No.: |
00276524 |
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|
Name : |
Mr. Sandeep Murthy |
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Designation : |
Chairman |
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Address : |
232, |
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Date of Birth/Age : |
22.11.1976 |
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Date of Appointment : |
26.02.2008 |
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PAN No.: |
ANEPM8465E |
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DIN No.: |
00591165 |
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Name : |
Mr. Mohanjit Singh Jolly |
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Designation : |
Director |
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Address : |
Villa 100A, Sobha Malachite Jakkur Plantation, Yellakanka, Hobli, |
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Date of Birth/Age : |
12.11.1969 |
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Date of Appointment : |
26.02.2008 |
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DIN No.: |
01816801 |
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|
Name : |
Kyle Ray Sugamele |
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Designation : |
Additional director |
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Address : |
9105, SE 57th Street, Mercer Island, Washington, 98040,
United States of America |
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Date of Birth/Age : |
14.08.1942 |
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Date of Appointment : |
10.09.2013 |
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DIN No.: |
03163858 |
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Name : |
Mr. Sridar Arvamudhan Iyengar |
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Designation : |
Director |
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Address : |
85, |
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Date of Birth/Age : |
13.08.1947 |
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Date of Appointment : |
28.07.2010 |
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DIN No.: |
00278512 |
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Name : |
Mr. Sudhir Singh |
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Designation : |
Director |
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Address : |
3614, |
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Date of Birth/Age : |
12.08.1961 |
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Date of Appointment : |
26.05.2011 |
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DIN No.: |
03163769 |
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Name : |
Mr. John Theodore Torrey |
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Designation : |
Director |
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Address : |
221, |
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Date of Birth/Age : |
31.10.1972 |
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Date of Appointment : |
26.05.2011 |
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DIN No.: |
03535384 |
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|
Name : |
Brian William Camposano |
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Designation : |
Additional director |
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Address : |
98 Locust Avenue, Mill Valley California, NA, United
States of America |
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Date of Birth/Age : |
11.07.1976 |
|
Date of Appointment : |
10.09.2013 |
|
DIN No.: |
06693372 |
KEY EXECUTIVES
|
Name : |
Mr. Brijbala Mohanlal Batwal |
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Designation : |
Secretary |
|
Address : |
B 1, 602, Building No. 10, Durga Sadan, CHS, Tilak Nagar, Chembur,
Mumbai-400089, |
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Date of Birth/Age : |
01.10.1975 |
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Date of Appointment : |
01.12.2010 |
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Pan No.: |
AFGPP7738B |
MAJOR SHAREHOLDERS
As on 26.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Cleartrip INC, |
|
1 |
|
Cleartrip INC, |
|
230469152 |
|
Total |
|
230469153 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2014
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing online travel and
hostel booking services. |
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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 AVAILABLE
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 : |
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Facilities : |
Notes: Overdraft
facilities from banks carry interest from 13.25% p.a. to 13.75% p.a., computed
on a monthly basis on the actual amount utilized, and are repayable on
demand. These are secured by hypothecation of fixed assets and current assets
of the company, both present and future |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai - 400011, Maharashtra, India |
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PAN No.: |
AAIFB0630K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
Cleartrip INC, |
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Ultimate Holding Company: |
Cleartrip Inc, |
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Fellow subsidiary: |
ClearTrip MEA FZ LLC |
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Entity over which key management personnel exercise significant influence
Affiliate : |
Sherpalo India Advisors Private Limited CIN No.: U74999MH2007FTC233913 |
CAPITAL STRUCTURE
As on 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235000000 |
Equity Shares |
Rs.10/- each |
Rs.2350.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230469153 |
Equity Shares |
Rs.10/- each |
Rs.2304.692
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 |
2304.692 |
1784.293 |
1384.878 |
|
(b) Reserves & Surplus |
(1645.796) |
(1514.795) |
(1336.472) |
|
(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 |
254.172 |
|
Total
Shareholders’ Funds (1) + (2) |
658.896 |
269.498 |
302.578 |
|
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(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 |
105.345 |
77.921 |
|
(d) long-term
provisions |
5.994 |
21.993 |
12.519 |
|
Total Non-current
Liabilities (3) |
5.994 |
127.338 |
90.440 |
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
204.623 |
269.296 |
0.000 |
|
(b) Trade
payables |
780.194 |
503.114 |
427.156 |
|
(c) Other current
liabilities |
215.415 |
506.076 |
185.908 |
|
(d) Short-term
provisions |
5.020 |
9.035 |
3.449 |
|
Total Current
Liabilities (4) |
1205.252 |
1287.521 |
616.513 |
|
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|
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|
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TOTAL |
1870.142 |
1684.357 |
1009.531 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
51.072 |
72.746 |
58.467 |
|
(ii)
Intangible Assets |
221.590 |
172.182 |
112.281 |
|
(iii)
Capital work-in-progress |
4.205 |
0.000 |
0.242 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
213.104 |
175.555 |
190.493 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
489.971 |
420.483 |
361.483 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
181.381 |
126.883 |
91.854 |
|
(d) Cash
and cash equivalents |
739.630 |
425.704 |
171.270 |
|
(e)
Short-term loans and advances |
452.181 |
710.648 |
384.661 |
|
(f) Other
current assets |
6.979 |
0.639 |
0.263 |
|
Total
Current Assets |
1380.171 |
1263.874 |
648.048 |
|
|
|
|
|
|
TOTAL |
1870.142 |
1684.357 |
1009.531 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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INCOME |
NA |
NA |
NA |
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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 |
(406.739) |
(888.423) |
(512.699) |
|
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2,584.939) |
(1,696.516) |
(1,183.817) |
|
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BALANCE CARRIED
TO THE B/S |
(2,991.678) |
(2,584.939) |
(1,696.516) |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
192.310 |
12.540 |
57.300 |
|
|
TOTAL EARNINGS |
192.310 |
12.540 |
57.300 |
|
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|
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|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.76) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.31 |
1.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
0.98 |
1.05 |
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 |
1384.878 |
1784.293 |
2304.692 |
|
Reserves & Surplus |
(1336.472) |
(1514.795) |
(1645.796) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
254.172 |
0.000 |
0.000 |
|
Net
worth |
302.578 |
269.498 |
658.896 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
0.000 |
269.296 |
204.623 |
|
Total
borrowings |
0.000 |
269.296 |
204.623 |
|
Debt/Equity
ratio |
0.000 |
0.999 |
0.311 |
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS:
|
HIGH COURT OF BOMBAY |
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Case Details |
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|
Bench:- Bombay |
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Lodging No:- |
SL/2632/2011 |
Filing Date:- |
19/09/2011 |
Reg. No.:- |
S/2475/2011 |
Reg. Date:- |
03/10/2011 |
|
Petitioner:- |
DESIYA ONLINE TRAVEL DISTRIBUTION PRIVATE LIMITED |
Respondent:- |
CLEARTRIP TRAVL SERVICES PRIVATE LIMITED |
||||
|
Petn. Adv.: |
J SAGAR ASSOCIATES (0) |
Resp. Adv.: |
AMARCHAND AND MANGALDAS AND SURESH |
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|
District:- |
MUMBAI |
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Bench:- |
SINGLE |
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|
Status:- |
Pre-Admission |
Category:- |
DECLARATORY |
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|
Last Date: |
26/06/2013 |
Stage: |
FOR WRITTEN STATEMENT |
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|
Last Coram : |
REGISTRAR (OS). PROTHONOTARY AND SR. MASTER |
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|
Act:- |
Code of civil Procedure 1908 |
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BACKGROUND
The Company was incorporated as a private limited company on 12 May 2005. The Company is an online travel management company which provides its customers an opportunity to book airline tickets, train tickets and hotel accommodations through its online web portal. On 31 March 2006, the Company, pursuant to a share purchase agreement between ClearTrip Inc., Mauritius and the shareholders of the Company, became a wholly owned subsidiary of ClearTrip, Inc. (Mauritius). ClearTrip, Inc. (Mauritius) is a wholly ownedsubsidiary of ClearTrip Inc. Cayman Islands (Ultimate holding company).
GOING CONCERN
These financial statements have been prepared on a going concern basis notwithstanding that the Company as at 31 March 2014, has accumulated losses of Rs.2991.678 Million (31 March 2013: Rs.2584.939 Million).
With regard to Company’s ability to continue as a going concern, management is of the view that the assets and liabilities can be recorded on the basis that the Company will be able to realise its assets and discharge its liabilities in the normal course of business. The following reasoning was considered by the management:
i) The Company has been in business for seven years and has incurred significant advertising and promotion expenses and created goodwill for its brand, the benefit of which would accrue to the Company in the future years.
ii) There is a conscious effort on the part of the Company to reduce cost.
iii) During the year, Cleartrip Inc. Cayman (Ultimate holding company) has received interest bearing loan of approximately USD 10 million from a shareholder which is expected to be converted into equity during the year ending 31 March 2015. Out of the above an amount of USD 7 million has been invested in India till March 2014 and the remaining amount is expected to be invested in India.
iv) As compared to 31March 2013, the operating loss has been reduced from Rs.888.423 Million to Rs.406.739 Million and the trend is expected to continue in future years.
v) The Company has cash and bank balance of Rs.739.630 Million as at 31 March 2014.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10396191 |
21/12/2012 |
200,000,000.00 |
Kotak Mahindra Bank Limited |
36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India |
B65601502 |
|
2 |
10283921 |
20/04/2011 |
150,000,000.00 |
Allahabad Bank |
35-41, Hotel Hiramani Compound, Dr. Ambedkar Road, Parel, Mumbai, Maharashtra - 400012, India |
B11172582 |
|
3 |
10258430 |
26/11/2010 |
200,000,000.00 |
Axis Bank Limited |
Jeevan Prakash Building, Sir P M Road , Fort, Mumbai, Maharashtra - 400001, India |
B01317940 |
*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
AntPi-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.62.29 |
|
|
1 |
Rs.93.62 |
|
Euro |
1 |
Rs.97.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
26 |
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.