MIRA INFORM REPORT
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Report No. : |
349398 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
EQUINOX BUSINESS PARKS PRIVATE LIMITED (w.e.f. 13.04.2010) |
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|
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|
Formerly Known
As : |
ESSAR TECHNOLOGY PARK BKC PRIVATE LIMITED (w.e.f. 14.09.2007) YOJNA PROPERTIES PRIVATE LIMITED |
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Registered
Office : |
Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai – 400034, Maharashtra |
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Tel. No.: |
91-22-61215300 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.08.2007 |
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Com. Reg. No.: |
11-172950 |
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Capital
Investment / Paid-up Capital : |
Rs.8.999 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U70102MH2007PTC172950 |
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IEC No.: |
0309055806 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMY01961B |
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PAN No.: [Permanent Account No.] |
AAACY3095Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Real Estate Developers. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is set down subsidiary of “Essar Global Limited” CAYMAN
ISLAND. It is engaged into Real Estate Development business having moderate
track record. The rating assigned to the company is primarily constrained by its
weak financial risk profile marked by continuous losses, leveraged capital
structure and low debt coverage indicators. The ratings are also constrained
by its modest of operations, working capital intensive nature of business
operations leading to constrained in company liquidity position. The ratings, however, draw support from the experience of the
promoters and strong financial, managerial and operation support from its
holding company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business
dealings with some cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
Not Available
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED
Management Non Co-operative (91-22-61215300)
LOCATIONS
|
Registered Office : |
Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai – 400034, Maharashtra,
India |
|
Tel. No.: |
91-22-61215300 |
|
Fax No.: |
91-22-61215195 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Godfrey William Pimenta |
|
Designation : |
Additional Director |
|
Address : |
98 G, Church Road, Marol, Andheri (East), Mumbai - 400059, Maharashtra, India |
|
Date of Appointment : |
10.09.2014 |
|
DIN No.: |
06630502 |
|
|
|
|
Name : |
Mr. Chonnur Sambhu Krishnakumar |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 1401, Whitefield CHS, Hiranandani Meadows, Glady Alwaris Road, Pokharan Road - 2, Thane - 400610, Maharashtra, India |
|
Date of Appointment : |
10.07.2015 |
|
DIN No.: |
06990687 |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Equinox Business Parks Limited, Mauritius |
899996 |
|
Girish Patkar – Nominee of Equinox Business Parks Limited |
1 |
|
|
|
|
Total |
899997 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers. |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Financial Institution : |
Housing Development Finance Corporation Limited, Ramon House, 169
Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India |
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|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off Ashram
Road, Ahmedabad – 380014, Gujarat, India |
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PAN No.: |
AABFD7919A |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company : |
·
Equinox Business Parks Limited, Mauritius |
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|
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Ultimate
Holding company : |
· Essar Global Limited |
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Fellow
Subsidiary company : |
· Bhargava Properties Private Limited · Equinox Realty And Infrastructure Private Limited · Ibrox Real Estate Development Private Limited · Yojna Realties Private Limited · Equinox Parks Limited |
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|
|
|
Others : |
· Aegis Limited · AGC Networks Limited · Essar Bulk Terminal Limited · Essar Oilfield Services India Limited · Essar Oil Limited · Essar Ports Limited · Essar Power Limited · Essar Power M P Limited · Essar Projects (India) Limited · Essar Steel India Limited · Essar Shipping Limited · The Mobilestore Limited · Vadinar Oil Terminal Limited · Vadinar Ports and Terminals Limited |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
899997 |
Equity Shares |
Rs.10/- each |
Rs.8.999 Million |
|
|
|
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|
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 |
8.999 |
8.999 |
8.999 |
|
(b) Reserves & Surplus |
785.849 |
1221.035 |
1614.953 |
|
(c) Money
received against share warrants |
0.000 |
500.000 |
500.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
794.848 |
1730.034 |
2123.952 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14692.403 |
13040.806 |
12815.885 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
932.791 |
542.591 |
198.089 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
15625.194 |
13583.397 |
13013.974 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
589.500 |
445.110 |
987.091 |
|
(b) Trade
payables |
62.400 |
64.102 |
16.013 |
|
(c) Other
current liabilities |
832.285 |
1300.972 |
591.209 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
1484.185 |
1810.184 |
1594.313 |
|
|
|
|
|
|
TOTAL |
17904.227 |
17123.615 |
16732.239 |
|
|
|
|
|
|
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 |
17182.811 |
16708.920 |
16164.289 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
267.224 |
134.115 |
91.615 |
|
(e) Other
Non-current assets |
104.782 |
120.969 |
137.419 |
|
Total Non-Current
Assets |
17554.817 |
16964.004 |
16393.323 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
221.949 |
98.907 |
182.797 |
|
(d) Cash
and cash equivalents |
39.123 |
0.543 |
73.635 |
|
(e)
Short-term loans and advances |
7.150 |
6.871 |
65.664 |
|
(f) Other
current assets |
81.188 |
53.290 |
16.820 |
|
Total
Current Assets |
349.410 |
159.611 |
338.916 |
|
|
|
|
|
|
TOTAL |
17904.227 |
17123.615 |
16732.239 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
749.040 |
|
|
|
Other Income |
|
|
4.422 |
|
|
|
TOTAL (A) |
1094.517 |
1022.290 |
753.462 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
|
|
79.560 |
|
|
|
TOTAL (B) |
1364.456 |
1294.635 |
79.560 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
673.902 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
754.129 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(269.939) |
(272.345) |
(80.227) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
165.247 |
121.573 |
70.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(435.186) |
(393.918) |
(151.017) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(435.186) |
(393.918) |
(151.017) |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(483.54) |
(437.69) |
(167.80) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
452.004 |
705.258 |
217.601 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
848.241 |
1137.504 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
NA |
NA |
(20.16) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
NA |
NA |
89.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(60.32) |
(94.99) |
(26.59) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.55) |
(0.23) |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
19.23 |
7.80 |
6.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.24 |
0.09 |
0.21 |
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 |
8.999 |
8.999 |
8.999 |
|
Reserves & Surplus |
1614.953 |
1221.035 |
785.849 |
|
Money received against share warrants |
500.000 |
500.000 |
0.000 |
|
Net
worth |
2123.952 |
1730.034 |
794.848 |
|
|
|
|
|
|
long-term borrowings |
12815.885 |
13040.806 |
14692.403 |
|
Short term borrowings |
987.091 |
445.110 |
589.500 |
|
Total
borrowings |
13802.976 |
13485.916 |
15281.903 |
|
Debt/Equity
ratio |
6.499 |
7.795 |
19.226 |
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 |
753.462 |
1022.290 |
1094.517 |
|
|
|
35.679 |
7.065 |
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 |
753.462 |
1022.290 |
1094.517 |
|
Profit |
(151.017) |
(393.918) |
(435.186) |
|
|
(20.04%) |
(38.53%) |
(39.76%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
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 three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS:
The Company recorded total revenue of Rs.1094.517 million in FY- 2013-14 as compared to Rs.1022.290 million in FY- 2012-13. There was a loss of Rs.435.186 million after considering depreciation, finance charges and other expenses as compared to loss of Rs.393.918 million for the previous year.
FUTURE OUTLOOK:
The Company is hopeful of increase in lease revenue in the financial year 2014-15 due to improved market conditions. The Company is committed to focus on cost reduction, process improvements and efficient management of working capital and available resources.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Fully convertible debentures others |
2847.796 |
2847.796 |
|
Loans and advances from others |
1326.888 |
664.052 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Fully convertible debentures others |
500.000 |
0.000 |
|
Loans repayable on demand |
0.000 |
343.110 |
|
Loans and advances from related parties |
89.500 |
102.000 |
|
|
|
|
|
Total |
4764.184 |
3956.958 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10447548 |
27/09/2014 * |
5,850,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
C33948951 |
|
2 |
10306449 |
08/05/2014 * |
2,100,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON
HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA |
C08959264 |
|
3 |
10283321 |
08/05/2014 * |
2,100,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON
HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA |
C08956781 |
|
4 |
10283322 |
08/05/2014 * |
3,153,600,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON
HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA |
|
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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.67.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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.