MIRA INFORM REPORT
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Report No. : |
323836 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CAUVERY POWER GENERATION CHENNAI PRIVATE LIMITED |
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Registered
Office : |
New No. 5, Ranganathan Garden, Anna Nagar, Chennai - 6000040,
Tamilnadu |
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Tel. No.: |
91-44-42172116 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.04.2009 |
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Com. Reg. No.: |
18-071271 |
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Capital
Investment / Paid-up Capital : |
Rs. 787.922 Million |
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CIN No.: [Company Identification
No.] |
U40100TN2009PTC071271 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of power |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. For the financial year ended 2014, company has reported moderate
operational performance and it has incurred huge loss from operational
activities during a year under a review. It is also to be noted that due to operational losses, networth
position of the company got hampered and external borrowing has increased
over previous year which leverage the balance sheet profile of the company. Rating also reflect instance of
delay by CPGCPL in servicing its term debt; the delays are primarily because
of the company’s weak liquidity. Business is active. Payments are reported to be slow and delayed. In view of moderate operational performance backed by leverage balance
sheet profile, the company can be considered for business dealings on safe
and secured 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = D |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery |
|
Date |
23.02.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = D |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery |
|
Date |
23.02.2015 |
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 (GENERAL DETAILS)
|
Name : |
Mr. Karthik |
|
Designation : |
A.G.M (Finance) |
|
Contact No.: |
91-44-42172116 |
|
Date : |
20.05.2015 |
LOCATIONS
|
Registered Office : |
New No. 5, Ranganathan Garden, Anna Nagar, Chenai-6000040, Tamilnadu |
|
Tel. No.: |
91-44-42172116 |
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Fax No.: |
91-44-42172118 |
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E-Mail : |
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Website : |
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Factory 1: |
Mayiladuturai Nagpatnam, Chenai-6000040, Tamilnadu |
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Factory 2: |
Billakuppam, Village, Gummidipondi |
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DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Premkumar Ayyaduri |
|
Designation : |
Director |
|
Address : |
370/6, Temple Colony, 15th Main road, Annanagar, Chennai –
600040, Tamilnadu, India |
|
Date of Appointment : |
09.04.2009 |
|
DIN No.: |
01725838 |
|
|
|
|
Name : |
Mr. Elangovan Shunmugam |
|
Designation : |
Director |
|
Address : |
1848/1, 6th Avenue, Annanagar,
Chennai – 600040, Tamilnadu, India |
|
Date of Appointment : |
09.04.2009 |
|
DIN No.: |
00342952 |
KEY EXECUTIVES
|
Name : |
Mr. Karthik |
|
Designation : |
A.G.M Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
88.32 |
|
Directors or relatives of Directors |
10.79 |
|
Other top fifty shareholders |
0.89 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of power |
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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 : |
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Products : |
Coal |
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Countries : |
Indonesia |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers and OEMs
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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 : |
V. Senthilnathan and Company Chartered Accountants |
|
Address : |
Plot No 1633,II floor,H Block,13th Main Road Annanagar (West) Chennai, Tamilnadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AARFS1634D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
CIN No.: U65191TN1993PLC024347
CIN No.: U40101TN2000PLC045283 |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 790.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78,792,200 |
Equity Shares |
Rs.10/- each |
Rs.787.922
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 |
|
|
|
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(a) Share Capital |
787.922 |
367.640 |
223.000 |
|
(b) Reserves & Surplus |
95.209 |
181.644 |
180.000 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
520.204 |
437.794 |
|
Total
Shareholders’ Funds (1) + (2) |
883.131 |
1069.488 |
840.794 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1649.023 |
1266.442 |
1358.761 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
164.501 |
229.478 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1813.524 |
1495.920 |
1358.761 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
485.113 |
670.816 |
506.508 |
|
(b) Trade payables |
384.332 |
157.984 |
286.039 |
|
(c) Other current liabilities |
341.039 |
312.396 |
88.512 |
|
(d) Short-term provisions |
0.450 |
0.440 |
0.000 |
|
Total
Current Liabilities (4) |
1210.934 |
1141.636 |
881.059 |
|
|
|
|
|
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TOTAL |
3907.589 |
3707.044 |
3080.614 |
|
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II.
ASSETS |
|
|
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|
(1) Non-current assets |
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|
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|
(a) Fixed Assets |
|
|
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(i) Tangible assets |
3088.723 |
3301.404 |
81.200 |
|
(ii) Intangible Assets |
0.454 |
0.135 |
0.163 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
2327.089 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
3.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.514 |
5.851 |
386.228 |
|
(e) Other Non-current assets |
3.292 |
1.745 |
109.737 |
|
Total
Non-Current Assets |
3108.983 |
3309.135 |
2907.417 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
282.280 |
74.864 |
0.000 |
|
(c) Trade receivables |
224.292 |
231.822 |
0.000 |
|
(d) Cash and cash equivalents |
36.118 |
22.062 |
4.074 |
|
(e) Short-term loans and advances |
238.457 |
54.549 |
169.067 |
|
(f) Other current assets |
17.459 |
14.612 |
0.056 |
|
Total
Current Assets |
798.606 |
397.909 |
173.197 |
|
|
|
|
|
|
TOTAL |
3907.589 |
3707.044 |
3080.614 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
1886.287 |
541.377 |
|
|
Other Income |
|
2.487 |
0.998 |
|
|
TOTAL
|
|
1888.774 |
542.375 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
|
1483.257 |
385.105 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
405.517 |
157.270 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
357.511 |
105.493 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
48.006 |
51.777 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
133.991 |
49.693 |
|
|
|
|
|
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|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(85.985) |
2.084 |
|
|
|
|
|
|
|
Less |
TAX |
|
0.45 |
0.45 |
|
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|
PROFIT/ (LOSS)
AFTER TAX |
|
(86.435) |
1.634 |
|
|
|
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|
Balance
Carried to the B/S |
|
(86.435) |
1.634 |
|
|
|
|
|
|
|
|
EARNING PER SHARE |
|
(1.09) |
0.02 |
|
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|
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CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
236.536 |
210.373 |
0.000 |
|
Cash generated from operations |
N.A |
N.A |
N.A |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
(4.58) |
0.30 |
N.A |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
100.13 |
100.18 |
N.A |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.20) |
0.06 |
N.A |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
0.00 |
N.A |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.68 |
2.01 |
2.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.35 |
0.20 |
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 |
223.000 |
367.640 |
787.922 |
|
Reserves & Surplus |
180.000 |
181.644 |
95.209 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
437.794 |
520.204 |
0.000 |
|
Net
worth |
840.794 |
1069.488 |
883.131 |
|
|
|
|
|
|
long-term borrowings |
1358.761 |
1266.442 |
1649.023 |
|
Short term borrowings |
506.508 |
670.816 |
485.113 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1865.269 |
1937.258 |
2134.136 |
|
Debt/Equity
ratio |
2.218 |
1.811 |
2.417 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
541.377 |
1886.287 |
|
|
248.424 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
541.377 |
1886.287 |
|
Profit |
1.634 |
(86.435) |
|
|
0.30% |
(4.58)% |
\
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS AND FINANCIAL PERFORMANCE:
During the year
under report, the performance of the company has resulted in a cash profit of
Rs 48.0.06 Million. In the first half of the year, there was a steep hike in
the price of coal due to the sudden and unexpected depreciation of the Rupee
against the US dollar and further the interest cost was also very high. Both
the above factors contributed to poor performance during the first half of the
financial year. The company streamlined its operation during the second half as
the capacity utilization improved to 85% and the rupee also stabilized which
led to better performance and profitability. Losses incurred during the first
half could not be fully offset during the second half.
LITIIGATION DETAILS
|
Madras High Court Case Status Information System |
|||
|
Case Status : Pending |
|||
|
Status of: |
Company Petition 211 of 2012 |
Litigants: |
M/S TEEMS INDIA TOWERLINE Vs. M/S .CAUVERY POWER GENERATION |
|
Pet’s Adv:- |
M/S. Chennai Law Asso |
Res’s. Adv.: |
M/S. Vinod Kumar |
|
Last Listed On: Thursday, 31.01.2013 |
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|
Case Updated On: Wednesday, 27.03.2013 |
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INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10464278 |
17/02/2014 * |
532,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E',, CUFFE PARADE,, MUMBAI, Ma |
C00468462 |
|
2 |
10437694 |
28/06/2013 |
100,000,000.00 |
STATE BANK OF
HYDERABAD |
INDUSTRIAL
FINANCE BRANCH 1ST FLOOR,, 45, II LINE |
B79992434 |
|
3 |
10425412 |
17/04/2013 |
50,000,000.00 |
STATE BANK OF
MYSORE |
576, ANNASALAI,
TEYNAMPET, CHENNAI, Tamil Nadu - |
B75026401 |
|
4 |
10410331 |
15/02/2013 |
150,000,000.00 |
STATE BANK OF
TRAVANCORE |
NO 566, JEEVAN
ANAND, TEYNAMPET, CHENNAI, Tamil N |
B70270939 |
|
5 |
10339699 |
31/12/2012 * |
432,000,000.00 |
State Bank of
India |
Commercial
Branch, No.232 NSC Bose Road, Chennai, |
B66226622 |
|
6 |
10219958 |
17/02/2014 * |
2,190,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, 'MAKER
TOWER 'E',, CUFFE PARADE, MUMBAI, Mah |
FIXED ASSETS
TANGIBLE ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Office equipment
- Computer equipments
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.63.70 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.70.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
16 |
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.