1. Summary Information
|
|
|
Country |
India |
|
Company Name |
MACLEODS
PHARMACEUTICALS LIMITED |
Principal Name 1 |
Mr. Rajendra Murlidhar Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. Banwarilal Murildhar Bawri |
|
|
|
Registration # |
11-52049 |
|
Street Address |
304, 3rd Floor, |
||
|
Established Date |
05.06.1989 |
SIC Code |
-- |
|
Telephone# |
91-22-66762800 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-22-28266229/
29256599 |
Business Style 2 |
Importing |
|
Homepage |
Product Name 1 |
Drugs |
|
|
# of employees |
-- |
Product Name 2 |
Pharmaceuticals |
|
Paid up capital |
Rs.
199,606,800/- |
Product Name 3 |
Chemicals |
|
Shareholders |
Directors or relatives of directors -100.00 % |
Banking |
State
Bank of India |
|
Public Limited Corp. |
NO |
Business Period |
22 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
A
(62) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates/Subsidiaries |
India
|
East and West Clothing Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3421,140,000 |
Current Liabilities |
1994,345,000 |
|
Inventories |
1609,672,000 |
Long-term Liabilities |
1045,731,000 |
|
Fixed Assets |
1907,111,000 |
Other Liabilities |
261,548,000 |
|
Deferred Assets |
358,300,000 |
Total Liabilities |
3301,624,000 |
|
Invest& other Assets |
606,457,000 |
Retained Earnings |
4401,450,000 |
|
|
|
Net Worth |
4601,056,000 |
|
Total Assets |
7902,680,000 |
Total Liab. & Equity |
7902,680,000 |
|
Total Assets (Previous Year) |
6226,858,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
9034,125,000 |
Net Profit |
1332,644,000 |
|
Sales(Previous yr) |
7389,985,000 |
Net Profit(Prev.yr) |
953,912,000 |
MIRA
INFORM REPORT
|
Report Date : |
27.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MACLEODS PHARMACEUTICALS LIMITED |
|
|
|
|
Formerly Known
As : |
MACLEODS PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
304, 3rd
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-52049 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24239MH1989PLC052049 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19656A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM4100C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing,
Importing, Exporting and Dealing of Drugs, Pharmaceuticals, Alkalies, Acids,
Essences, Petrochemicals and Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 18000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
well-established and reputed company having fine track. Financial position of
the company appears to be sound. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
304, 3rd
Floor, |
|
Tel. No.: |
91-22-66762800 |
|
Fax No.: |
91-22-28266229/ 29256599 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 1 and 2, |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Daman, |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Rajendra Murlidhar Agarwal |
|
Designation : |
Director |
|
Address : |
5, |
|
Date of Birth/Age : |
25.02.1959 |
|
Date of Appointment : |
05.06.1989 |
|
|
|
|
Name : |
Mr. Banwarilal Murildhar Bawri |
|
Designation : |
Director |
|
Address : |
5, |
|
Date of Birth/Age : |
02.04.1953 |
|
Date of Appointment : |
05.06.1989 |
|
|
|
|
Name : |
Mr. Girdharilal Murlidhar Bawri |
|
Designation : |
Director |
|
Address : |
5, |
|
Date of Birth/Age : |
03.08.1947 |
|
Date of Appointment : |
22.05.1990 |
|
|
|
|
Name : |
Mr. Vimal Manekchand Kothari |
|
Designation : |
Director |
|
Address : |
132, Avanti Apartment, Senapati Bapat Marg, Dadar West, Mumbai-40028, |
|
Date of Birth/Age : |
28.06.1940 |
|
Date of Appointment : |
27.03.2006 |
|
|
|
|
Name : |
Mr. Navrang Ladhuram Tibrewal |
|
Designation : |
Director |
|
Address : |
Plot No.A, Schemeno 8, Gandhipath, |
|
Date of Birth/Age : |
17.01.1937 |
|
Date of Appointment : |
27.03.2006 |
KEY EXECUTIVES
|
Name : |
Ms. Pranali Suresh More |
|
Designation : |
Secretary |
|
Address : |
|
|
Date of Birth/Age : |
22.11.1984 |
|
Date of Appointment : |
20.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Banwarilal Murildhar Bawri |
|
6044160 |
|
Ajay Agarwal |
|
4255800 |
|
Anju Agarwal |
|
3256200 |
|
Rajendra Murlidhar Agarwal |
|
3084360 |
|
Girdharilal Murlidhar Bawri |
|
2235360 |
|
Sudha Bawri |
|
380400 |
|
Anushree Agarwal |
|
229200 |
|
Ruchi Agarwal |
|
192840 |
|
Taradevi Bawri |
|
162000 |
|
Rajendra Murlidhar Agarwal HUF |
|
120000 |
|
Vijay Agarwal |
|
360 |
|
|
|
|
|
Total |
|
19960680 |
AS ON 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Importing,
Exporting and Dealing of Drugs, Pharmaceuticals, Alkalies, Acids, Essences,
Petrochemicals and Chemicals. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bansal Bansal and Company Chartered Accountant |
|
Address : |
152, Sanjay Building No. 6, Mittal Instl. Estate, |
|
Tel. No.: |
91-22-28507815/66923607/28507816 |
|
Fax No.: |
91-22-28507816 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19960680 |
Equity Shares |
Rs.10/- each |
Rs.199.606
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
199.606 |
199.606 |
199.606 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4401.450 |
3115.435 |
2196.553 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4601.056 |
3315.041 |
2396.158 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
974.077 |
861.102 |
889.863 |
|
|
2] Unsecured Loans |
71.654 |
310.813 |
347.471 |
|
|
TOTAL BORROWING |
1045.731 |
1171.915 |
1237.334 |
|
|
DEFERRED TAX LIABILITIES |
261.548 |
270.337 |
221.502 |
|
|
|
|
|
|
|
|
TOTAL |
5908.335 |
4757.293 |
3854.995 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1907.111 |
1978.397 |
1902.958 |
|
|
Capital work-in-progress |
26.177 |
0.690 |
19.284 |
|
|
|
|
|
|
|
|
INVESTMENT |
580.280 |
75.067 |
25.067 |
|
|
DEFERREX TAX ASSETS |
358.300 |
201.348 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1609.672
|
1408.564 |
1101.108 |
|
|
Sundry Debtors |
967.449
|
979.997 |
718.623 |
|
|
Cash & Bank Balances |
1669.811
|
964.276 |
774.767 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
783.880
|
618.519 |
566.393 |
|
Total
Current Assets |
5030.812
|
3971.356 |
3160.891 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1411.551
|
1041.937 |
0.000 |
|
|
Other Current Liabilities |
30.949
|
34.996 |
0.000 |
|
|
Provisions |
551.845
|
392.632 |
1253.205 |
|
Total
Current Liabilities |
1994.345
|
1469.565 |
1253.205 |
|
|
Net Current Assets |
3036.467
|
2501.791 |
1907.686 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5908.335 |
4757.293 |
3854.995 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9034.125 |
7389.985 |
5594.610 |
|
|
|
Other Income |
218.273 |
144.100 |
123.528 |
|
|
|
TOTAL (A) |
9252.398 |
7534.085 |
5718.138 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
3612.521 |
3169.409 |
2276.655 |
|
|
|
Manufacturing expenses |
304.392 |
269.542 |
219.870 |
|
|
|
Purchase of trading goods |
439.957 |
260.593 |
182.183 |
|
|
|
Excise duty |
126.202 |
173.625 |
410.075 |
|
|
|
Payments to and provisions for employees |
1217.415 |
1017.354 |
789.072 |
|
|
|
Selling, administration and other expenses |
1569.265 |
1264.716 |
848.733 |
|
|
|
Research and development expenses |
314.836 |
329.137 |
261.366 |
|
|
|
Sales tax paid |
2.892 |
1.596 |
2.833 |
|
|
|
Increase / decrease in stocks of finished goods |
9.494 |
(141.079) |
(27.026) |
|
|
|
TOTAL (B) |
7596.974 |
6344.893 |
4963.761 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1655.424 |
1189.192 |
754.377 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55.340 |
130.618 |
117.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1600.084 |
1058.574 |
636.614 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
195.301 |
113.117 |
101.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1404.783 |
945.457 |
535.062 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
72.139 |
(8.455) |
171.843 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1332.644 |
953.912 |
363.219 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2956.585 |
2087.702 |
1809.512 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Dividend |
39.921 |
29.941 |
29.941 |
|
|
|
Tax on Distributed profit |
6.708 |
5.088 |
5.088 |
|
|
BALANCE CARRIED
TO THE B/S |
4192.600 |
2956.585 |
2087.702 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
66.80 |
48.08 |
18.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.40
|
12.66 |
6.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.54
|
12.79 |
9.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.25
|
15.89 |
10.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.29 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.66
|
0.80 |
1.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
2.70 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
HIGHLIGHTS
During the year, the Company has shown healthy achievement in terms of turnover,
operating income and profit after tax. The overall business performance of the
Company is strong which is has been supported by its established market
position in the formulations market in India, particularly in the
anti-tuberculosis (TB), anti-infective and corticosteroids therapeutic segments
and launch of new products and brand extensions, and the strong field force of
the company. This has resulted in healthy cash accruals, leading to increase in
the company’s net worth and further improvement in debt protection metrics.
Sales are Rs.9034.13/- million for the year was higher by 22.25 % over
Rs.7389.99/- million reported in the year 2008-09. Net profit before tax
amounted to Rs.1404.78/- million which was Rs.945.46/- million during the last
year and the profit after tax is Rs.1332.64/- million which was Rs.953.91/-
million during the last year.
REVIEW OF
OPERATIONS
The Company’s marketing department in
In the face of global recessionary conditions and the consequent severe
competitive pressure, the company
strengthened its presence in domestic market and improved its marketing reach.
In 2009-10, it derived around 80 per cent of its revenues from the domestic
market, where it is a large player, and the rest from exports to semi-regulated
markets in the Commonwealth of Independent States (CIS), Africa, and
The Company has spent total 4.06% of total Turnover on Research and
Development. The Company incurred revenue expenditure of 351.64/- millions and
capital expenditure of Z 15.19/- millions on scientific research including that
on in-house Research and Development facility.
The export range of Macleods are manufactured in a unit that has QMS
certification from WHO-Geneva, UKMHRA and approvals from various International
Regulatory Authorities like, USFDA, NMA Romania, MOH — Belarus, INVIMA —
Colombia, National Drugs Authority (NDA) Uganda, Food and Drugs Board (FDB)
Ghana, MCAZ — Zimbabwe, Pharmacy and Poisons Board Kenya, Pharmacy Board
Tanzania, DPM — Ivory Coast, MOH— Ukraine, etc.
The Company has well established research center at Andheri with over
four hundred research personnel who are able to develop products as per the
specific requirements of customers. The R and D department has a fully equipped
Bio-equivalence center, which is approved by WHO-Geneva. It is further Upgraded
by developing fully equipped Pathology Department as well. The R and D department
is continuously engaged in developing formulations that are bio-equivalent to
innovators. Over the years this.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24239MH1989PLC052049 |
|
Name of the
company |
MACLEODS
PHARMACHEUTICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
304, 3rd
Floor, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Others Entire current
assets present and future |
|
Particular of
charge holder |
State Bank of India, Commercial Branch (Advances), N G Vaidya
Marg, P B No. 10141, Mumbai – 400023, Email ID: cnviyer@yahoo.com
|
|
Nature of
instrument creating charge |
Overall limit has
been increased from Rs.1500 millions by executing 1.Second supplemental
working capital consortium agreement for increase in the overall limit 2.Second
supplement joint deed of hypothecation of increased in the overall limit 3.Inters
agreement between the State Bank of 4.Deed of
guarantee from Shri B L Bawri |
|
Date of
instrument Creating the charge |
29.09.2009 |
|
Amount secured by
the charge |
Rs. 1850.000
millions |
|
Short particular
of the property or asset(s) charged |
Book debts and
inventory |
FIXED ASSETS
- Land
- Plant and Machinery
- Vehicles
- Training
- Office Equipment
- Factory Equipments
- Computers
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.44.59 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.64.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.