MIRA INFORM REPORT
|
Report No. : |
322435 |
|
Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SWAN SOLUTIONS AND SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
404-405, T-Square, 4th Floor, Saki Vihar Road, Chandivali
Junction, Andheri (East), Mumbai – 400072, Maharashtra |
|
Tel. No.: |
91-22-67718011/ 67718000 (30 Lines) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
26.05.1995 |
|
|
|
|
Com. Reg. No.: |
11-088807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32200MH1995PTC088807 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS21029B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS4048N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Information Technology Solutions |
|
|
|
|
No. of Employees
: |
130 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Rating takes into account of company’s established track record of business
operations backed by experience management team and sound financial base of
the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for 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 |
Not Available |
|
Rating |
Not Available |
|
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Vishwas More |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-28034088 |
|
Date : |
13.05.2015 |
LOCATIONS
|
Registered Office : |
404-405, T-Square, 4th Floor, Saki Vihar Road, Chandivali
Junction, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-67718011/ 67718000 (30 Lines) |
|
Fax No.: |
91-22-67718080/ 67718080 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Support Centre Office : |
11, Currimjee Building, 19 M N Koli Marg, Bhandari Street, Masjid,
Mumbai-400003, Maharashtra, India |
|
Tel No.: |
91-22-61127000 / 7020 |
|
Fax No.: |
91-22-61127070 |
|
Email : |
|
|
Location : |
Rented |
|
|
|
|
Dubai Office : |
PO Box 111248, Dubai – United Arab Emirates |
|
Tel No.: |
+9714 359 3570 |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Nazmuddin Abidali Sutarwala |
|
Designation : |
Director |
|
Address : |
332/2, 1st Floor,
Honda Mansion, Sir J. J. Road, Byculla (West), Mumbai – 400008, Maharashtra,
India |
|
Date of Birth/Age : |
02.09.1965 |
|
Date of Appointment : |
19.06.1995 |
|
DIN No.: |
00351694 |
|
|
|
|
Name : |
Mr. Murtuza Abidali Sutarwala |
|
Designation : |
Director |
|
Address : |
332/2, 1st Floor, Honda
Mansion, Sir J. J. Road, Byculla (West), Mumbai – 400008, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1974 |
|
Date of Appointment : |
19.06.1995 |
|
DIN No.: |
00351710 |
|
|
|
|
Name : |
Mr. Mohammed Abidali Sutarwala |
|
Designation : |
Director |
|
Address : |
332/2, 1st Floor,
Honda Mansion, Sir J. J. Road, Byculla (West), Mumbai – 400008, Maharashtra,
India |
|
Date of Birth/Age : |
14.01.1963 |
|
Date of Appointment : |
19.06.1995 |
|
DIN No.: |
00351718 |
|
|
|
|
Name : |
Mrs. Kamal Hiralal Sejpal |
|
Designation : |
Director |
|
Address : |
Flat No.103, Tower 2B, Siddhachal Phase VI, Thane (West), Mumbai –
400607, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1972 |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02275467 |
|
|
|
|
Name : |
Mr. Nitin Dinanath Alshi |
|
Designation : |
Director |
|
Address : |
603 Gauripriya Chs Limited, Plot No. 41, Sector No. 19, Kharghar, Navi Mumbai - 410210, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1972 |
|
Date of Appointment : |
11.08.2014 |
|
DIN No.: |
06945557 |
KEY EXECUTIVES
|
Name : |
Mr. Vishwas More |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Mohammed Abidali Sutarwala |
2400 |
80.00 |
|
Nazmuddin Abidali Sutarwala |
300 |
10.00 |
|
Murtuza Abidali Sutarwala |
300 |
10.00 |
|
Total |
3000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Information Technology Solutions |
|
|
|
|
Products : |
- |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Advance Payment |
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|
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Purchasing : |
Cash and Advance Payment |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
130 (Approximately) |
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Bankers : |
Andheri East Branch, Marol Maroshi Road,
Near Fire Brigade, Andheri (East), Mumbai-400059, Maharashtra, India
Nariman Point, Mumbai, Maharashtra, India
Marol Branch, Andheri, Mumbai, Maharashtra,
India
|
|
|
|
|
Auditors : |
|
|
Name : |
Lakhani and Company Chartered Accountants |
|
Address : |
Hemsharasaka, 19, Gola Lane, Behind Badri Mahal, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22666660/ 1/ 2 |
|
Fax No.: |
91-22-22666644 |
|
Email: |
|
|
PAN No.: |
AAAFL1302L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000 |
Equity Shares |
Rs.100/- each |
Rs.0.300 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 |
0.300 |
0.300 |
0.300 |
|
(b) Reserves & Surplus |
43.335 |
35.639 |
29.949 |
|
(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) |
43.635 |
35.939 |
30.249 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.449 |
0.426 |
0.392 |
|
(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) |
0.449 |
0.426 |
0.392 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.022 |
0.000 |
|
(b) Trade
payables |
0.000 |
0.000 |
48.277 |
|
(c) Other
current liabilities |
72.134 |
74.970 |
13.796 |
|
(d) Short-term
provisions |
14.155 |
7.418 |
0.000 |
|
Total Current
Liabilities (4) |
86.289 |
82.410 |
62.073 |
|
|
|
|
|
|
TOTAL |
130.373 |
118.775 |
92.714 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
7.186 |
6.973 |
7.280 |
|
(ii)
Intangible Assets |
0.072 |
0.048 |
0.075 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.159 |
7.602 |
5.197 |
|
(e) Other
Non-current assets |
4.033 |
2.343 |
0.444 |
|
Total Non-Current
Assets |
20.450 |
16.966 |
12.996 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2.664 |
3.429 |
5.850 |
|
(c) Trade
receivables |
73.675 |
75.149 |
54.864 |
|
(d) Cash
and cash equivalents |
32.688 |
21.905 |
18.206 |
|
(e)
Short-term loans and advances |
0.609 |
0.342 |
0.437 |
|
(f) Other
current assets |
0.287 |
0.984 |
0.361 |
|
Total
Current Assets |
109.923 |
101.809 |
79.718 |
|
|
0.300 |
0.300 |
0.300 |
|
TOTAL |
43.335 |
35.639 |
29.949 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
TOTAL TURNOVER |
522.800 |
542.300 |
341.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
7.696 |
5.689 |
6.628 |
|
|
|
|
|
|
|
|
IMPORT |
|
|
|
|
|
Software Licenses |
NA |
1.830 |
1.344 |
|
|
TOTAL IMPORT |
NA |
1.830 |
1.344 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2552.99 |
1896.54 |
2209.34 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
527.200 |
|
|
|
|
|
The above information has been parted by Mr. Vishwas More (Finance
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.24 |
1.28 |
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 |
0.300 |
0.300 |
0.300 |
|
Reserves & Surplus |
29.949 |
35.639 |
43.335 |
|
Net worth |
30.249 |
35.939 |
43.635 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.022 |
0.000 |
|
Total borrowings |
0.000 |
0.022 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.001 |
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) |
|
Turnover |
341.100 |
542.300 |
522.800 |
|
|
|
58.986 |
(3.596) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Turnover |
341.100 |
542.300 |
522.800 |
|
Profit |
6.628 |
5.689 |
7.696 |
|
|
1.94% |
1.05% |
1.47% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 |
OPERATIONS:
In the Previous year the company has achieved a total Turnover of Rs.522.800 Million and net profit of Rs. 7.696 Million. This was as per the projections made by the management.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
From banks |
0.000 |
0.022 |
|
Total |
0.000 |
0.022 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10523414 |
30/09/2014 |
44,800,000.00 |
STANDARD CHARTERED BANK |
1ST FLOOR, 270 D N ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
C24870834 |
|
2 |
10258666 |
12/09/2012 * |
51,000,000.00 |
UCO BANK |
ANDHERI EAST (1550), BRANCH, MAROL MAROSHI ROAD, NEAR FIRE BRIGADE, ANDHERI (EAST), MUMBAI - 400059, MAHARASHTRA, INDIA |
B60972148 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
|
|
|
|
Contingent
liabilities not provided for: |
|
|
|
Bank Guarantee |
4.517 |
2.906 |
FIXED ASSETS
·
Computers
·
Office Equipment
·
Furniture and Fixture
·
Motor Car
·
Building
·
Software
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
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.63.84 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.