MIRA INFORM REPORT
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Report No. : |
322237 |
|
Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
TS INVESTMENTS
LIMITED |
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|
|
|
Registered
Office : |
Elphinstone Building, 10 Veer Nariman Road, Fort Mumbai - 400001,
Maharashtra |
|
Tel. No.: |
91-22-66657381 |
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|
Country : |
India |
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|
|
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.01.2010 |
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Com. Reg. No.: |
11-198635 |
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Capital
Investment / Paid-up Capital : |
Rs. 8742.305 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U74900MH2010PLC198635 |
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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.] |
AADCT3526E |
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|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The principal activity of the company is to carry on the business of
an investment holding company. |
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|
No. of Employees
: |
Information denied by management |
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 |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of TATA SONS LIMITED“. It is an established
company having satisfactory track record. Subject is an investment holding company and it is mainly engaged into
investments activities. For the financial year ended 2014, the company has reported some
accumulated losses. However, rating takes into consideration strong financial and managerial
support that company receives from its holding company backed by it has
strong capital base. Payment terms are reported to be usually correct. In view of strong holding company support, the company can be
considered for business dealings at usual trade terms and condition. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 DECLINED BY
Management non co-operative 91-22-66657381
LOCATIONS
|
Registered Office : |
Elphinstone Building, 10 Veer Nariman Road, Fort Mumbai - 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-66657381 |
|
Fax No.: |
91-22-66658080 |
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E-Mail : |
gowriar@tata.com |
DIRECTORS
As on 11.09.2014
|
Name : |
Mr. Zubin Dara Mistry |
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Designation : |
Director |
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Address : |
Lady Ratan Tower, 303-A, A Wing, Dainik Shivner Marg, Worli, Mumbai - 400018,
Maharashtra, India |
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Date of Birth/Age : |
05.10.1971 |
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Date of Appointment : |
30.03.2015 |
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Qualification: |
CA, MBA- Finance |
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DIN No.: |
03507716 |
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Other Directorship :
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Name : |
Mr. Prateek Garg |
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Designation : |
Director |
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Address : |
C-548, Sarita Vihar, New Delhi + 110076, India |
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Date of Birth/Age : |
29.11.1982 |
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Date of Appointment : |
11.09.2014 |
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Qualification: |
ACS and Law Graduate |
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DIN No.: |
05328266 |
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Other Directorship :
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Name : |
Ms. Ujwala Padmakar Wakhle |
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Designation : |
Director |
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|
Address : |
Flat No. 504 Dosti Tulip, Dosti Acres, S.M. Road, Wadala (East), Mumbai
- 400037, Maharashtra, India |
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Date of Birth/Age : |
12.05.1971 |
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Date of Appointment : |
11.09.2014 |
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Qualification: |
ACS and Law Graduate |
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DIN No.: |
03513109 |
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Other Directorship :
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Name : |
Mr. Eruch Noshir Kapadia |
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Designation : |
Director |
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Address : |
2102 Tower 2 wing E, Ashok Gardens, Tokersay Jivraj Maarg, Sewree,
Mumbai - 400015, Maharashtra, India |
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Date of Birth/Age : |
02.10.1966 |
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Date of Appointment : |
07.01.2010 |
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Qualification: |
B com, ACA, AICWA |
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DIN No.: |
02230412 |
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Other Directorship :
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Name : |
Ms. Sandhya Shailesh Kudtarkar |
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Designation : |
Director |
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Address : |
A-1/603 Akal Co-operative Hsg Ltd, Close to cigarette Factory, JB
Nagar, Andheri (east) Mumbai - 400059, Maharashtra, India |
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Date of Birth/Age : |
09.04.1958 |
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Date of Appointment : |
11.09.2014 |
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Qualification: |
ACA and FCS |
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DIN No.: |
00021947 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Ms. A.R. Gowri |
|
Designation : |
Company Secretary |
|
Address : |
6A, Siddhi Apartments, 15A, Shankart Ghanekar Marg, Opposite IDBI
Bank, Prabhadevi, Mumbai - 400028, Maharashtra, India |
|
Date of Birth/Age : |
21.08.1963 |
|
Date of Appointment : |
01.12.2011 |
|
PAN No: |
AAEPK7373E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2014
|
Names of Shareholders |
No. of Shares |
|
Tata Sons Limited, India |
445,85,75,430 |
|
Tata Sons Limited Jointly with Ishaat Hussain, India
|
1 |
|
Tata Sons Limited Jointly with Farokh Subedar, India |
1 |
|
Tata Sons Limited Jointly with
Kersi Bhagat, India |
1 |
|
Tata Sons Limited Jointly with
Eruch Kapadia, India |
1 |
|
Tata Sons Limited Jointly with
Adil Charna, India |
1 |
|
Tata Sons Limited Jointly with
Rohinton Wadia, India |
1 |
|
Star India Holding B.V. Netherlands |
428,37,29,340 |
|
|
|
|
Total |
8,742,304,776 |
Equity Share Break up (Percentage of Total Equity)
|
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 |
49.00 |
|
Bodies corporate |
51.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The principal activity of the company is to carry on the business of
an investment holding company. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
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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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Tower 3, 27th - 32nd Floor, Indiabulls Finance
Centre, Elphistone Mill Compound, Senapati Bapat Marg, Elphistone (West),
Mumbai - 400013, Maharashtra, India |
|
PAN No.: |
AADFD2337G |
|
|
|
|
Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
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|
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|
Associates/Subsidiary : |
TATA SKY LIMITED (CIN No. U92120MH200IPLC130365) |
|
|
|
|
Holding Company : |
TATA SONS LIMITED (CIN No.U99999MH1917PLC000478) |
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|
|
Enterprises: |
Star India Holding B.V., Netherlands |
CAPITAL STRUCTURE
After 11.09.2014
Authorised Capital : Rs. 15000.000
Million
Issued,Subscribed & Paid-up Capital: Rs. 10252.105 Million
As on 11.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000,000 |
Equity Shares |
Rs. 1/- each |
Rs. 15000.000 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,742,304,776 |
Equity Shares |
Rs. 1/- each |
Rs. 9742.305
Million |
|
|
|
|
|
Issued
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,742,304,776 |
Equity Shares |
Rs.1/- each |
Rs. 8742.305
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 |
8742.305 |
7777.305 |
7506.305 |
|
(b) Reserves & Surplus |
(26.196) |
(26.007) |
(27.711) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
138.210 |
|
Total
Shareholders’ Funds (1) + (2) |
8716.109 |
7751.298 |
7616.804 |
|
|
|
|
|
|
(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 |
0.288 |
0.238 |
0.238 |
|
(c) Other
current liabilities |
0.006 |
0.026 |
0.026 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
0.294 |
0.264 |
0.264 |
|
|
|
|
|
|
TOTAL |
8716.403 |
7751.562 |
7617.068 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.000 |
0.000 |
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 |
8709.035 |
7709.035 |
7438.542 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.073 |
0.010 |
0.009 |
|
(e) Other Non-current
assets |
|
|
|
|
Total Non-Current
Assets |
8709.108 |
7709.045 |
7438.551 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
|
|
(d) Cash
and cash equivalents |
7.274 |
42.369 |
178.109 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
0.021 |
0.148 |
0.408 |
|
Total
Current Assets |
7.295 |
42.517 |
178.517 |
|
|
|
|
|
|
TOTAL |
8716.403 |
7751.562 |
7617.068 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Other Income |
1.757 |
3.289 |
4.161 |
|
|
|
TOTAL |
1.757 |
3.289 |
4.161 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other expenses |
1.623 |
0.726 |
1.830 |
|
|
|
TOTAL
|
1.623 |
0.726 |
1.830 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
0.134 |
2.563 |
2.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.134 |
2.563 |
2.331 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.323 |
0.859 |
0.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(0.189) |
1.703 |
1.338 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
(10.76) |
51.78 |
32.16 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.63 |
77.93 |
56.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.82 |
6.03 |
1.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
24.81 |
161.05 |
676.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
7506.305 |
7777.305 |
8742.305 |
|
Reserves & Surplus |
(27.711) |
(26.007) |
(26.196) |
|
Net worth |
7478.594 |
7751.298 |
8716.109 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4.161 |
3.289 |
1.757 |
|
|
|
(20.957) |
(46.580) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4.161 |
3.289 |
1.757 |
|
Profit |
1.338 |
1.703 |
(0.189) |
|
|
32.16% |
51.78% |
(10.76)% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
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 |
NOTE:
The Registered address of the company has been shifted to Bombay House
24 Homi Mody Street, Fort, Mumbai - 400001, Maharashtra, India to the present
address (w.e.f. 25.08.2010)
OPERATIONS AND SHARE CAPITAL
The main activity
of the Company is investments holding and as on date the Company holds
25,58,29,335 Equity Shares of Rs. 10/-
each of Tata Sky Limited (?Tata Sky?), which is in the business of providing
DTH (direct to home) satellite television services, in terms of the license
granted to it by the Government of India. Tata Sky issues Equity Shares from
time to time in order to meet its long term requirements of funds. In order to
fund its subscription to such issues, the Company issues Equity Shares from
time to time on rights basis to Tata Sons Limited and Star India Holdings B.V.
The money received through such issues, after meeting the Company’s commitments
towards share issues made by Tata Sky, is being invested in bank deposits.
During the year:
i. the Company allotted 96,50,00,000 Equity Shares of Re. 1/- each at
par thereby increasing the paid-up capital of the Company from Rs. 7777.300
Million as on March 31, 2013 to Rs. 8742.300 Million as on March 31, 2014.
ii. the Company was allotted 2,22,22,224 Equity Shares of Rs. 10/- each
of Tata Sky at a premium of Rs. 35/- per
share.
iii. the Company earned Rs. 1.757 Million as interest on bank deposits.
The Company has not accepted any public deposits since its incorporation. Since
the Company has not earned any profit for the Financial Year 2013-14, the
Directors have decided not to recommend any dividend on the Equity Shares of
the Company.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
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.63.83 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.72.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
MAN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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.