MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MANAV DRUGS PRIVATE LIMITED |
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Registered Office : |
402-A, Anjani Complex, Pereira Hill Road, Off M.V. Road, Andheri (East), Mumbai – 400 099, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.05.1998 |
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Com. Reg. No.: |
11-114946 |
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CIN No.: [Company
Identification No.] |
U24100MH1998PTC114946 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM14683E |
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PAN No.: [Permanent
Account No.] |
AABCM4935C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in Pharmaceuticals, Raw Materials and Bulk Drugs. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
402-A, Anjani Complex, Pereira Hill Road, Off M.V. Road, Andheri (East), Mumbai – 400 099, Maharashtra, India |
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Tel. No.: |
91-22-66944033 |
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Fax No. : |
91-22-66944036/ 40203030 |
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Email: |
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Website : |
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Area : |
1500 Sq. ft. |
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Location : |
Owned |
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Overseas Office : |
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Tel. No.: |
91-847- 635-5914 |
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Fax No.: |
91-847- 228-1126 |
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E-Mail : |
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Warehouse : |
Aushad Compound, |
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Area : |
5000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Bhavesh Gunvantilal Shah |
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Designation : |
Director |
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Address : |
101, Building No.6, Verma Nagar, Andheri (East), Mumbai –
400 069, |
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Qualification : |
Graduate |
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Date of Birth/Age : |
11.12.1969 |
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Date of Appointment : |
15.05.1998 |
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DIN No.: |
00525600 |
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Name : |
Ms. Truptiben Bhavesh Shah |
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Designation : |
Director |
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Address : |
101, Building No.6, Verma Nagar, Andheri (East), Mumbai –
400 069, |
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Date of Birth/Age : |
11.12.1969 |
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Date of Appointment : |
15.05.1998 |
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DIN No.: |
00370524 |
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Name : |
Mr. Gunvantilal Nagindas Shah |
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Designation : |
Director |
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Address : |
101, Building No.6, Verma Nagar, Andheri (East), Mumbai –
400 069, |
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Date of Birth/Age : |
25.07.1937 |
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Date of Appointment : |
15.05.1998 |
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Date of Ceasing : |
03.05.2010 |
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DIN No.: |
00369514 |
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Name : |
Mrs. Hansaben Gunvantilal Shah |
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Designation : |
Director |
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Address : |
101, Building No.6, Verma Nagar, Andheri (East), Mumbai –
400 069, |
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Date of Birth/Age : |
15.10.1941 |
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Date of Appointment : |
15.05.1998 |
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Date of Ceasing : |
03.05.2010 |
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DIN No.: |
00370485 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Equity Shares |
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Gunvantilal N. Shah |
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232400 |
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Hansaben G. Shah |
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17000 |
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Bhavesh G. Shah |
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83500 |
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Truptiben B. Shah |
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54900 |
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Manav B. Shah |
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6100 |
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Manushi B. Shah |
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6100 |
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Total |
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400000 |
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Preference Shares |
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Bhavesh Gunvantlal Shah |
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15000 |
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Gunvantlal Nagindas Shah |
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85000 |
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Total |
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100000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in Pharmaceuticals, Raw Materials and Bulk Drugs. |
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Products : |
v Herbal Extracts v Cosmetic Products v Essential Oils v Oleoresins v Bluk Drugs, API Products v Intermediates v Nutraceticals v Menthol Products |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Aaron Healthcare and Exports Private Limited · Aarti Pharma · Abyss Pharma Private Limited · Acme Life Science · Acron Pharmaceuticals · Aditya Pharmaceuticals · Adroit Pharmaceuticals Private Limited · Agron Remedies Private Limited · Ajmera Trading and Impex Private limited · Akums Drugs and Pharmaceuticals Limited · Alben Chemicals Private Limited · Alicon Pharmaceuticals Private Limited · Ally Pharma Options Private Limited · Amcure Chemicals ·
· Anbiotics · Anchor Pharma Private Limited · Apco Pharma Limited · Aren Pharma-Care Private Limited · Ashapua Drugs · Asuwaldi Pharmaceuticals · Atul Pharmaceutical (GUJ) · Baader Schulz Laboratories Pharma Division · Bajaj Organics Private Limited · Bansal Pharma · Baroque Pharmaceuticals Private Limited · Bcm Corporation · Bharat Trading Company · Biocin Healthcare · Bright Drug Industries Limited |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Minesh Shah and Company Chartered Accountants |
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Address : |
10, Mehta Bhavan, Ground Floor, Opposite Hinduja College, 311, R. R. M .Roy Marg, Charni Road (East), Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23824775/ 30087070 |
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Mobile No.: |
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E-Mail : |
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Associates/Subsidiaries : |
Mac Pharma |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
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100000 |
2% N.C. Preferences Shares |
Rs.10/- each |
Rs.1.000 Million |
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Total |
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Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
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100000 |
2% N.C. Preferences Shares |
Rs.10/- each |
Rs.1.000 Million |
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Total |
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Rs.5.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF
FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.193 |
1.170 |
1.044 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.193 |
6.170 |
6.044 |
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LOAN FUNDS |
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1] Secured Loans |
33.729 |
30.676 |
30.461 |
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2] Unsecured Loans |
3.269 |
3.269 |
3.269 |
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TOTAL BORROWING |
36.998 |
33.945 |
33.730 |
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DEFERRED TAX LIABILITIES |
0.021 |
0.021 |
0.021 |
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TOTAL |
43.212 |
40.136 |
39.795 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.022 |
8.995 |
9.133 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.287 |
0.247 |
0.169 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.125
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14.101
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20.931
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Sundry Debtors |
32.127
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34.438
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31.355
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Cash & Bank Balances |
3.512
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3.086
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1.690
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
24.449
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4.593
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2.945
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Total
Current Assets |
72.213
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56.218
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56.921 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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25.028
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26.273
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Other Current Liabilities |
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Provisions |
0.146
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0.296
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0.155
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Total
Current Liabilities |
38.310
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25.324
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26.428 |
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Net Current Assets |
33.903
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30.894
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30.493
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.212 |
40.136 |
39.795 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
63.223 |
91.009 |
60.522 |
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Other Income |
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TOTAL |
63.223 |
91.009 |
60.522 |
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Less |
EXPENSES |
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62.975 |
90.666 |
60.242 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
62.975 |
90.666 |
60.242 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.248 |
0.343 |
0.280 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.169 |
0.137 |
0.069 |
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PROFIT BEFORE
TAX |
0.079 |
0.206 |
0.211 |
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Less |
TAX |
0.057 |
0.079 |
0.066 |
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PROFIT AFTER TAX
|
0.022 |
0.127 |
0.145 |
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Earnings Per
Share (Rs.) |
0.04 |
0.25 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.03
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0.14
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0.24
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.10
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0.32
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0.32
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.03
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0.03
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Debt Equity Ratio (Total Liability/Networth) |
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12.16
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9.61
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9.95
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Current Ratio (Current Asset/Current Liability) |
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1.88
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2.22
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2.15
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LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Corporate
identity number of the company |
U24100MH1998PTC114946 |
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Name of the
company |
MANAV DRUGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
402-A, Anjani
Complex, Pereira Hill Road, Off M.V. Road, Andheri (East), Mumbai – 400 099,
Maharashtra, India |
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This form is for |
Creation of charge |
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Type of charge |
Equitable mortgage or mortgage of property by depositing the title
deeds |
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Particular of
charge holder |
The Shamrao Vithal
Co-Operative Bank Limited, Yamuna Sadan, E-Mail: kalambins@svcbank.com |
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Nature of
instrument creating charge |
No instrument was executed. however, the equitable mortgage has been created
by way of deposit of title deeds over the immoveable properties specified in
the clause no.13 (c) hereinbelow |
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Date of
instrument Creating the charge |
20/05/2006 |
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Amount secured by
the charge |
Rs.95.000 millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
(1) To secure the due repayment of credit facilities of Rs.52.500
millions granted by the bank to the Mac Pharma (i.e. cash credit facility of
Rs.35.000 millions, letter of credit facility of Rs.12.500 millions and bill
discounting facility of Rs.5.000 millions); (2) to secure the due repayment
of credit facilities of Rs.42.500 millions granted by the bank to Manav Drugs
Private Limited (i.e. cash credit facility of Rs.25.000 millions, letter of
credit of Rs.12.500 millions and overdraft facility of Rs.5.000 millions). |
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Description of
the property charged indicating whether it is a charged on |
Immovable properties |
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Particulars of
the property charged |
(1) All that piece and parcel of the land being the Gala No.13 adm.
521.69 sq. ft. situated on the Ground Floor of the Building known as Aushadh
Compound Taluka Bhiwandi, District Thane (2) The Office Premises No.401, 402, 403, 404, 405 and 406 all situated
on the 4th Floor, adm. 181.75 sq. ft., 280 sq. ft., 280 sq. ft., 280 sq. ft.,
280 sq. ft. and 196 sq. ft. (carpet area) in the building known as
"Anjani Complex Premises CHS Limited" Parera Hill Road, Andheri -
Kurla Road, Andheri (East), Mumbai, belonging to company. |
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Name of the company |
MANAV DRUGS PRIVATE LIMITED |
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Presented By |
The Shamarao Vithal Cooperative Bank Limited, Sakinaka, Andheri East,
Mumbai – 400072, |
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1) Date and description of instrument creating the change |
Common deed of hypothecation movable / assets/ debts dated 18.06.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.17.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1) All the present and future, stock of raw materials, goods in process of manufacture and all finished and manufactured goods and articles such as Bulk Drugs, Chemicals, Medicines, Vitamins, Herbal extract etc. with stores of the Borrower 2) All the present and future, book debts, outstanding monies, receivable claims, bills, rights to or in movable properties and movable assets of the Borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the Cash facility granted by the Bank to the Borrower Rate of Interest – 14.75 % p.a. being 3.25 % over and above the Bank’s Prime Lending Rate which is 11.50 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The Shamarao Vithal Cooperative Bank Limited Yamuna Sadan, Saki Vihar Road, Sakinaka, Andheri East, Mumbai – 400072, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplementary deed of Hypothecation for additional advance dated 11.02.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the modification, the securities hereinabove shall now hold good to secure additional cash credit facility of Rs.2.450 millions granted by the Bank to the Borrower. Hence, the charge has been enhanced from Rs.17.000 millions to Rs.19.450 millions Rate of interest has also been modified to 14.50 % + 3 % p.a. Therefore, the overall charge now stands at Rs.19.450 millions |
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Corporation identity number (CIN) or foreign company registrations
number of the company |
U24100MH1998PTC11496 |
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Name of the company |
MANAV DRUGS PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
402-A, Anjani
Complex, Pereira Hill Road, Off M V Road, Andheri (East), Mumbai – 400 099,
Maharashtra, |
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This Form is for |
Modification of Charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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The Shamrao Vithal Co-operative Bank Limited, Yamuna Sadan, Saki Vihar
Road, Sakinaka, Andheri (East), Mumbai – 400072, Maharashtra, India Email: kalambins@svcbank.com
|
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Amount Secure by the charge |
Rs.17.000 Millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
To secure the due repayment of cash credit facility granted by the
bank to the company Rate on Interest : 14.75% p.a. being 3.25% over and above the banks
prime lending rate (PLR) which is 11.50% p.a. |
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Description of the property charge whether it is a charge on |
· Stock in Trade · Book debts |
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Particulars of the Property charged (including location of the
property) |
1)
All
present and future, stocks of raw materials, goods in process of manufacturer
and all finished and manufactured goods and articles such as bulk frugs,
Chemicals, Medicines, Vitamins, Herbal extract etc. with stores of the
company. 2)
All
present and future, book debts, outstanding monies, receivable, claims,
bills, right to or in movable properties and movable assets of the company. |
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Charge
identification (ID)number of the charge to be
modified |
80004972 |
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Brief description
of the instrument modifying the charge under section 135 |
Supplementary
deed of hypothecation for additional advances. |
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Date of
instrument modifying the charge |
08.05.2006 |
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Particulars of
the present modification |
By this modification,
the charge has been enhanced from Rs.24.500 Millions to Rs.25.000 Millions on
account of additional cash credit limit Rs.0.600 Million granted by the bank
. Rate of interest : 12%p.a. |
FIXED ASSETS:
v Office Premises (Godown)
v Office Equipments
v Computers and Printers
v Furniture and Fixtures
v Office Premises
WEBSITE DETAILS:
PROFILE:
The company was established in 1997, after the establishment of its sister concern “MAC PHARMA” in 1990, which is holding agency of reputed Pharmaceutical Bulk Drugs Companies in India, Trading and Supplying in Local Market and Government Companies and Importing Raw Material from China on regular basis, the procedure and work out of the above under MAC PHARMA
The company started with a very humble Approach as a Private
Limited Organization having Registered, Marketing and Administrative Office in
Mumbai (INDIA). One Joint Venture Manufacturing Unit in Indore (INDIA), Branch
office at Chicago (U.S.A), they are shortly starting Office in NJ (U.S.A.)
and a GMP Certified Manufacturing Unit in Sharjah (U.A.E.) shortly.
The company started with the capital of USD 15 Millions. Having turnover of USD 50 Millions in Local and Export Market. Promoters of the organization having the clear vision of ‘ENSURING HEALING CARE OF HUMAN BEINGS UNIVERSALLY’
Ayurveda is the important factor to Improve health and enriching the Quality of Life. And the company is the key to approach there. They supply Quality products Worldwide. Their organization is highly concentrated on quality of products. Their Products are certified by GMP / ISO 9001 and DMF Approved. They are supplying products with clearance of quality control aided with quality control essay, from reputed laboratories. Their Clear motto is satisfying the needs of their Customers
The company has a recognised name in the field of Pharma Trade, backed with professional approach expanded their activities by Leaps and Bounds. Currently organization is indulged in Export and Import of Bulk Drugs, Herbal Extracts and Intermediates. And they have newly expanded their business in the field of Contract Manufacturing of Finished Products and Indenting Services.
Overseas Distributors
The world has already realized the
great potential of Ayurvedic / Herbal Drugs in restoring perfect health,
in several countries. Ayurvedic drugs have been acclaimed as complete and
lasting cures for both Chronic and Common Ailments as also for several
dreaded diseases.
The company stands today for the
perfect health of individual, of the nation and the world as whole.
The company endeavors to meet the burgeoning demand world wide for herbal
extracts in the field of Healthcare, Ayurvedic, Nutrition, Cosmetic
industries and also Bulk Drugs Raw Material and Contract Manufacturing
Formulations through total dedication. The company has already supplied
to various countries such as
Their Quality is accepted
worldwide. Products of The company are Quality Based and Certified by GMP / DMF
/ ISO 9001. The company trying to bring revolution in export market of
herbal extracts. Herbal extracts made with wisdom of traditional knowledge
of ancient medical science and produce with latest
technology. They have expanded their selves worldwide.
Indenting Service
The company was established in 1997. And now in 2003 they
have started the services of Indenting. They Help their clients to source and
purchase Bulk Drugs and Intermediates, Herbal Extracts not only from
Investments
The company works as an Investor. They Invest in their Client’s New Projects, Try to expand their existing corporation, Arranging Short Term and Long Term Deposits as loans.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.