MIRA INFORM REPORT
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Report No. : |
321613 |
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Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
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Name : |
KRONA REALTIES PRIVATE LIMITED |
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Registered
Office : |
412, Floor- 4, 17G , Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai – 400001, Maharashtra |
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Mobile No.: |
91-9920904226 (Mr. Subham Bansal) |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.06.2010 |
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Com. Reg. No.: |
204217 |
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Capital
Investment / Paid-up Capital : |
Rs.11.092 Million |
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CIN No.: [Company Identification
No.] |
U70109MH2010PTC204217 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECK0290R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in development / construction of real estate in India and selling the immovable properties. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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. The company has incurred a loss from its operations. External borrowings
of the company also seems to be huge during 2014. However, trade relations are fair. Business is active. Payment terms
are 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 |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Subham Bansal |
|
Designation : |
Assistant General Manager |
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Contact No.: |
91-9920904226 |
|
Date : |
07.05.2015 |
LOCATIONS
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Registered Office : |
412, Floor- 4, 17G , Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-23024400 |
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Mobile No.: |
91-9920904226 (Mr. Subham Bansal) |
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Fax No.: |
91-22-23024550 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Chirag Bharatkumar Sarvaiya |
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Designation : |
Nominee director |
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Address : |
F 401, Pruthvi Classic, Modi Park Iraniwadi No.3, Near Sairaj Garden, Kandivali (West), Mumbai - 400067, Maharashtra, India |
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Date of Birth/Age : |
17.02.1983 |
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Date of Appointment : |
04.10.2013 |
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DIN No.: |
06708475 |
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Name : |
Maninder Singh Chhabra |
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Designation : |
Nominee director |
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Address : |
F 401, Pruthvi Classic, Modi Park Iraniwadi No.3, Near Sairaj Garden, Kandivali (West), Mumbai - 400067, Maharashtra, India |
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Date of Birth/Age : |
26.09.1978 |
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Date of Appointment : |
04.10.2013 |
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DIN No.: |
02630680 |
KEY EXECUTIVES
|
Name : |
Mr. Subham Bansal |
|
Designation : |
Assistant General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Sarvavasa Buildtech and Farms Private Limited (formerly known as Padmavati Buildtech and Farms Private Limited), India |
|
872429 |
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Sarvavasa Buildtech and Farms Private Limited Jointly with
Lodha Developers Private Limited, India |
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1 |
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Class A |
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Sarvavasa Buildtech and Farms Private Limited (formerly known as Padmavati Buildtech and Farms Private Limited), India |
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99996 |
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Class B |
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Sarvavasa Buildtech and Farms Private Limited (formerly known as Padmavati Buildtech and Farms Private Limited), India |
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24000 |
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Class C |
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Sarvavasa Buildtech and Farms Private Limited (formerly known as Padmavati Buildtech and Farms Private Limited), India |
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200000 |
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Total |
|
1196426 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in development / construction of real estate in India and selling the immovable properties. |
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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 : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Shanker and Kapani Chartered Accountants |
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Address : |
N.T.C. House, 2nd Floor, 15, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAKFS6521L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Ultimate Holding
Company: |
Sambhavnath Infrabuild and Farms Private Limited (Holding Company of LDPL w.e.f. 17th July, 2013) |
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Entities as at 1st
April, 2013, Unless otherwise stated |
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Holding Companies : |
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Fellow Subsidiaries
: |
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Limited Liability
Partnerships under control : |
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Partnership Firms
under control Lodha Construction (Dombivli) : |
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Others (Enterprises
owned by controlling shareholder and his relatives with whom Company had
transactions): |
Rajjo Real Estate Private Limited (Till 26th December, 2012) |
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Entities added
during the year |
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Others (Enterprises
owned by controlling shareholder and From his relatives with whom Company had
transactions): |
Lodha Global Limited From 16th May, 2013 |
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Entities ceased /
Struck off during the year : |
Lodha Home Finance Ltd. (Applied for strike off) Upto 24th March, 2014 |
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Partnership Firms
under control |
Shree Sainath Enterprises* [upto 27th November, 2013] |
* Converted into Private Limited Company under the provisions of part IX of the Companies Act, 1956
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,272,400 |
Equity Shares |
Rs.10/- each |
Rs.12.724 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
324000 |
Equity Shares |
Rs.10/- each |
Rs.3.240
Million |
|
872426 |
Equity Shares |
Rs.9/- each |
Rs.7.852
Million |
|
|
Total |
|
Rs.11.092 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
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|
I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
11.092 |
11.092 |
3.240 |
|
(b) Reserves &
Surplus |
173.569 |
192.032 |
238.742 |
|
(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) |
184.661 |
203.124 |
241.982 |
|
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|
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(3) Non-Current
Liabilities |
|
|
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|
(a) long-term borrowings |
759.740 |
759.740 |
759.740 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
6.190 |
1.540 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
765.930 |
761.280 |
759.740 |
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(4) Current Liabilities |
|
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(a) Short term borrowings |
3154.404 |
4259.110 |
0.000 |
|
(b) Trade payables |
48.782 |
77.170 |
0.374 |
|
(c) Other current
liabilities |
2408.584 |
1303.679 |
133.495 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
5611.770 |
5639.959 |
133.869 |
|
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TOTAL |
6562.361 |
6604.363 |
1135.591 |
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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 |
3.415 |
1.418 |
0.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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) |
29.257 |
20.694 |
0.000 |
|
(d) Long-term Loan and Advances |
20.792 |
3.182 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
53.464 |
25.294 |
0.000 |
|
|
|
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(2) Current assets |
|
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
4045.703 |
2942.448 |
402.976 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
81.347 |
1486.974 |
0.269 |
|
(e) Short-term loans and
advances |
2353.365 |
2082.285 |
728.011 |
|
(f) Other current assets |
28.482 |
67.362 |
4.335 |
|
Total Current Assets |
6508.897 |
6579.069 |
1135.591 |
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|
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|
|
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TOTAL |
6562.361 |
6604.363 |
1135.591 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
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|
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Income |
|
8.901 |
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Other Income |
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TOTAL |
8.470 |
8.901 |
0.000 |
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Less |
EXPENSES |
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|
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|
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TOTAL |
35.495 |
77.177 |
0.773 |
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PROFIT/ (LOSS) BEFORE TAX |
(27.025) |
(68.276) |
(0.773) |
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Less |
TAX |
(8.562) |
(20.694) |
0.000 |
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PROFIT/ (LOSS) AFTER TAX
|
(18.463) |
(47.582) |
(0.773) |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
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F.O.B. Value of Exports |
NA |
3.189 |
NA |
|
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|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(16.65) |
(90.42) |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.41) |
(1.04) |
(0.07) |
|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.15) |
(0.34) |
0.00 |
|
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|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
21.20 |
24.71 |
3.14 |
|
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.17 |
8.48 |
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 |
3.240 |
11.092 |
11.092 |
|
Reserves & Surplus |
238.742 |
192.032 |
173.569 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
241.982 |
203.124 |
184.661 |
|
|
|
|
|
|
long-term borrowings |
759.740 |
759.740 |
759.740 |
|
Short term borrowings |
0.000 |
4259.110 |
3154.404 |
|
Total borrowings |
759.740 |
5018.850 |
3914.144 |
|
Debt/Equity ratio |
3.140 |
24.708 |
21.196 |
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) |
|
Total Income |
0.000 |
8.901 |
8.470 |
|
|
|
(4.842) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
0.000 |
8.901 |
8.470 |
|
Profit/Loss |
(0.773) |
(47.582) |
(18.463) |
|
|
0.00 |
(534.57%) |
(217.98%) |
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 |
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 |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Fully convertible debentures intercorporate |
759.740 |
759.740 |
|
Short-term
borrowings |
|
|
|
Loans and advances from others |
460.076 |
2309.437 |
|
|
|
|
|
Total |
1219.816 |
3069.177 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10393508 |
29/10/2012 |
2,750,000,000.00 |
PUNJAB AND SIND BANK |
J. K. SOMANI BUILDING, BRITISH HOTEL LANE, FORT, |
B64701725 |
FINANCIAL RESULTS
& OVERVIEW
The Company recorded total income of Rs 8.470 Million in financial year 2013-2014 as compared to Rs. 8.901 Million in financial year 2012-2013. The total expenditure in financial Year 2013-2014 was Rs. 35.495 Million as compared to Rs. 77.177 Million in financial year 2012-2013. The loss for the financial year 2013-2014 stood at Rs. 18.463 Million as compared to loss of Rs. 47.582 Million in the financial year 2012-2013.
THE YEAR GONE BY
Indian Economy
According to the World Bank Report, India with large current account and fiscal deficits and weaker growth, was hit particularly hard by a withdrawal of portfolio capital (resulting in steep currency depreciation) in the middle of the year, stemming from apprehensions of tapering of US quantitative easing. The GDP growth in Financial Year 2014 was around 5%. That’s technically a recovery from 4.5% GDP growth in Financial Year 2013 on the back of a monsoon boost for agricultural sector and an improvement in services sector. The World Bank expects the pace of India’s economic growth to pick up and stand at 6.2 per cent in Financial Year 2015 and at 7.1 per cent in Financial Year 2016.
The economy has stabilized in recent quarters, though GDP growth remains well below potential. Downside risks have receded. The rupee is less vulnerable to the US Fed tapering than it was in Calendar Year 2013. The economy will slowly improve across Calendar Year 2014 but not hit potential until well into Calendar Year 2015. Exports have already started to pick up, helping to narrow the CAD and on the home front, fewer downside risks, a more competent central bank governor, and the prospect of better government after the May elections have boosted business and investor confidence.
Mumbai Real Estate
The Mumbai real estate market has been going through a sluggish phase due to the uncertain economic conditions prevalent in the country for the last couple of years. The past two years have seen the launches plummeting over 40% compared to peak levels in Calendar Year 2010. Most of the launches have been at a discount to the average market prices to attract volumes. New product launches at attractive prices with discounts and schemes have attracted buyers and have been moderately successful. Though the residential inventory level has been increasing over the years, the residential market has been able to maintain the price strength. The city’s realty scenario is interestingly poised post outcome of General Elections leading to a strong majority Government at the Centre. A number of projects which were stuck up at the approval stage in the last couple of years are likely to be cleared, paving way for a large number of launches hitting the market.
The Mumbai office absorption for Calendar Year 2013 was lower by 20% than in Calendar Year 2012. Uncertain economic environment has continued leading to reduced employment growth and therefore lower the fresh commercial property absorption. The tighter lending standard for commercial construction has not helped either. On the brighter note these market conditions continue to favour tenants in most of Mumbai’s micro-markets by ways of a larger bunch of options, rational pricing and various concessions. The real estate market conditions are optimal for consolidation and relocation and many Mumbai-based occupiers will avail of this option throughout Financial Year 2015.
BUSINESS OVERVIEW
The Company has a high-end residential development Lodha Venezia comprising of twin towers located in Parel. The project will be a landmark high rise building in Parel. The target client profile of this project is the high income segment of the market. The project was launched in Financial Year 2012-13 and has received a good response in the market.
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.63.89 |
|
|
1 |
Rs.97.21 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
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 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.