MIRA
INFORM REPORT
|
Report Date : |
03.01.2011 |
Note:
Registered office of the company has been shifted from # 210, My Home
Tycoon 6-3-1192, Kundanbagh, Begumpet, Hyderabad-500016,
IDENTIFICATION DETAILS
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Name : |
GVK BIOSCIENCES PRIVATE LIMITED |
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Registered Office : |
Plot No.28 A, IDA Nacharam, Hyderabad-500 076, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01-35826 |
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Com. Reg. No.: |
07.12.2000 |
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CIN No.: [Company
Identification No.] |
U74999AP2000PTC035826 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDG00774E |
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PAN No.: [Permanent
Account No.] |
AABCG3208J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provide contract research services to base of global
pharmaceutical and biotechnology companies. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. 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
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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 |
INFORMATION DECLINED BY
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Name : |
Mr. Shiva |
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Designation : |
Accounts Department |
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Date : |
31.12.2010 |
LOCATIONS
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Registered Office : |
Plot No.28 A, IDA Nacharam, Hyderabad-500 076, |
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Tel. No.: |
91-40-66929999 |
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Fax No.: |
91-40-66929900 |
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E-Mail : |
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Website : |
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Administrative
Offices : |
7th Floor, Swarna Jayanthi Commercial Complex, Ameerpeet, |
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Tel No: |
91-40-66628888 / 66635555 |
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Overseas Offices: |
Located
At: ·
·
US |
DIRECTORS
As on 11.06.2010
|
Name : |
Mr. Davinder Singh Brar |
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Designation : |
Chairman |
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Address : |
Greenfields Farm, Gadalpur- Jaunapur road, Village, Jaunapur, Tehsil-
Mehrauli, New Delhi-110 030, Delhi, India |
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Date of Birth/Age : |
21.08.1952 |
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Date of Appointment : |
26.07.2004 |
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Name : |
Mr. Gunapati Venkata Sanjay Reddy |
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Designation : |
Director |
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Address : |
H No.6-3-1089/A/5, |
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Date of Birth/Age : |
16.11.1964 |
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Date of Appointment : |
07.12.2000 |
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Name : |
Mr. Gunapati Indira Krishna Reddy |
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Designation : |
Director |
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Address : |
H No.6-3-250, Road No.1, Banjara Hills, Hyderabad-500034, |
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Date of Birth/Age : |
17.10.1944 |
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Date of Appointment : |
07.06.2002 |
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Name : |
Mr. Sandeep Singhal |
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Designation : |
Director |
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Address : |
C -76, Diamond District, |
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Date of Birth/Age : |
31.12.1969 |
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Date of Appointment : |
08.11.2007 |
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Name : |
Professor Tarun Khanna |
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Designation : |
Director |
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Address : |
66, Druid Hill Road, Newton-02461, |
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Date of Birth/Age : |
09.05.1966 |
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Date of Appointment : |
19.06.2009 |
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Name : |
Mr. Gerhard Mayr |
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Designation : |
Director |
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Address : |
95, |
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Date of Birth/Age : |
05.12.1946 |
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Date of Appointment : |
21.07.2009 |
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Name : |
Mr. Krishna Ram Bhupal |
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Designation : |
Director |
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Address : |
House No.6-3-250/1, Road No.1, Banjara Hills, Hyderabad-400 018, |
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Date of Birth/Age : |
16.03.1983 |
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Date of Appointment : |
20.10.2009 |
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Name : |
Mr. Ahay Kumar Pandey |
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Designation : |
Alternate Director to Sandeep Singhal |
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Address : |
1402 Purna, |
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Date of Birth/Age : |
01.12.1971 |
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Date of Appointment : |
21.07.2009 |
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Name : |
Mr. Somanadri Bhupal |
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Designation : |
Director |
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Address : |
House No.6-3-250/1, Road No.1, Banjara Hills, Hyderabad-400 018, |
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Date of Birth/Age : |
17.01.1956 |
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Date of Appointment : |
01.09.2009 |
KEY EXECUTIVES
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Name : |
Mr. K. Ramkrishna |
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Designation : |
Company Secretary |
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Address : |
505, Saipriya Apartments, LIC Colony, Gudimalkapur, Hyderabad-500 028,
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Date of Birth/Age : |
09.03.1968 |
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Date of Appointment : |
06.12.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
G. V. Sanjay Reddy |
|
978750 |
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G. V. Krishna Reddy |
|
407814 |
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G. Indira K Reddy |
|
407811 |
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Shalini Bhupal |
|
407811 |
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G. Aparna Reddy |
|
652500 |
|
GVK Davix Technologies Private Limited, |
|
8475000 |
|
Devinder singh Brar |
|
3262500 |
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Sequoia Capital |
|
1545000 |
|
Shriya Bhupal |
|
203907 |
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|
203907 |
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Total |
|
16545000 |
As on 11.06.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
9.34 |
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Bodies
corporate |
|
51.22 |
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Directors
or relatives of directors |
|
39.44 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provide contract research services to base of global pharmaceutical
and biotechnology companies. |
GENERAL INFORMATION
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No. of Employees : |
500 (Approximately) |
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Bankers : |
Address: 9th
Floor, Nehru Centre, Discovery of
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Facilities : |
Note: 1)
Term loan from 2)
Working capital loans from Canara Bank and Kotak
Mahindra Bank, foreign currency packing credit loans from Standard Chartered
Bank, Citibank NA and Kotak Mahindra Bank are secured by first charge on
current assets including other receivables and second charge on all fixed
assets of the company. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountants |
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Address : |
3rd Floor, Uptown Banjara, Road No. 3, Banjara Hills,
Hyderabad-500 034, |
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Tel. No.: |
91-40-64528666 |
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Fax No.: |
91-40-23540224 |
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E-Mail : |
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Holding Company : |
GVK Davix Technologies Private Limited |
CAPITAL STRUCTURE
As on 11.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16545000 |
Equity Shares |
Rs.10/- each |
Rs.165.450
millions |
Note:
Of the above equity shares
5000000 shares of Rs.10/- each fully paid up
were allotted as bonus shares by capitalization of balalnce in the profit and
loss account.
8475000 shares are held by Holding Compnay GVK
Davix Technologies Private Limited
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 |
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|
|
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1] Share Capital |
165.450 |
165.450 |
165.450 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2207.685 |
1892.090 |
1669.005 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2373.135 |
2057.540 |
1834.455 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
562.507 |
691.044 |
607.633 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
562.507 |
691.044 |
607.633 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2935.642 |
2748.584 |
2442.088 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1354.059 |
1364.038 |
1270.779 |
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Capital work-in-progress |
225.737 |
181.393 |
168.374 |
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INVESTMENT |
182.485 |
221.459 |
444.944 |
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DEFERREX TAX ASSETS |
4.404 |
0.000 |
67.297 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
21.177
|
24.939 |
18.472 |
|
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Sundry Debtors |
552.921
|
535.367 |
352.226 |
|
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Cash & Bank Balances |
365.013
|
288.628 |
65.325 |
|
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Other Current Assets |
4.971
|
3.685 |
0.122 |
|
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Loans & Advances |
527.422
|
402.608 |
323.495 |
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Total
Current Assets |
1471.504
|
1255.227 |
759.640 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
178.048
|
158.972 |
192.175 |
|
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Other Current Liabilities |
80.428
|
78.056 |
43.479 |
|
|
Provisions |
44.071
|
36.505 |
34.507 |
|
Total
Current Liabilities |
302.547
|
273.533 |
270.161 |
|
|
Net Current Assets |
1168.957
|
981.694 |
489.479 |
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2935.642 |
2748.584 |
2442.088 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
2266.076 |
2126.841 |
|
|
|
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Other Income |
68.068 |
48.628 |
|
|
|
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TOTAL (A) |
2334.144 |
2175.469 |
1802.072 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of revenue |
514.702 |
482.971 |
|
|
|
|
Personnel Expenses |
654.620 |
585.882 |
1243.018 |
|
|
|
General and administrative Expense |
539.366 |
545.101 |
|
|
|
|
TOTAL (B) |
1708.688 |
1613.954 |
1243.018 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
625.456 |
561.074 |
559.054 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.724 |
59.212 |
78.152 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
580.732 |
501.862 |
480.902 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
236.536 |
209.872 |
155.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
344.196 |
292.431 |
325.824 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.802 |
40.401 |
9.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
332.394 |
252.030 |
315.989 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
914.391 |
695.718 |
399.086 |
|
|
|
|
|
|
|
|
|
|
Adjustment
for change in accounting policy |
0.000 |
(14.000) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
19.854 |
16.545 |
NA |
|
|
|
Dividend Tax |
3.297 |
2.812 |
NA |
|
|
|
Transfer to General Reserve |
8.310 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1215.324 |
914.391 |
395.718 |
|
|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
20.09 |
15.23 |
NA |
|
|
|
Diluted |
19.93 |
15.23 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.24
|
11.59 |
17.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.19
|
13.75 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.18
|
11.16 |
16.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.36
|
0.47 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.86
|
4.59 |
2.81 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Total outstanding
dues of Micro Enterprise and Small Enterprises |
- |
- |
- |
|
Total outstanding
dues of creditors other than Micro Enterprises and small enterprises |
178.048 |
158.972 |
192.175 |
PERFORMANCE
Environment
The Financial Year 2009-10 began with the continuing recession in the
global markets more particularly in the
Performance
During the year, the Company achieved a turnover of Rs.2334.144
millions, a growth of 7.3% over the previous year and generated Profits after
tax of Rs.332.394 millions.
In continuous pursuit of the
Company overview:
Subject is a Contract Research Organisation having a global
client base, providing contract services to rapidly growing base of global
pharmaceutical and biotechnology companies. The Company combines science;
innovation and people to help clients address their drug development
challenges. The Company was incorporated 07 December 2000 in
Bankers Charges
Report as per Registry
|
Name of the
company |
GVK BIOSCIENCES PRIVATE LIMITED |
|
Presented By |
Mr. Rajesh G
Company Secretary |
|
1) Date and
description of instrument creating the change |
Common hypothecation agreement dated 06.09.2004. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Term Loan of Rs.205.800 millions with a sub limit for LC Rs.80.000 millions, OCC/ODBD limit of Rs.25.000 millions with a sublimit for Letter of Credit. |
|
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 |
For term loan – First charge on fixed assets movable and
immovable existing and proposed to be acquired under loan including EMT of
the two landed properties proposed to be purchased at Second charge on stocks and receivables. For working capital limits – First charge on stocks and receivable and second charge on fixed assets present and future. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Term loan repayable in 60 equal monthly installments as detailed in Canara Bank Sanction letter at an interest rate of 7% per annum. Working capital limit with a interest rate of 8% per annum. |
|
5) Name and
Address and description of the person entitled to the charge. |
Canara Bank, Industrial Finance Branch, |
|
6) Date and brief description of instrument
modifying the charge |
Counter Indemnity
for Bank Guarantee dated 28.09.2004 |
|
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. |
Bank guarantee of
Rs. 5.000 millions is sanctioned. There is no change
in the limits as well as all other terms and conditions. |
|
Corporate
identity number of the company |
U74999AP2000PTC035826 |
|
Name of the
company |
GVK BIOSCIENCES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No.28 A, IDA Nacharam, Hyderabad-500 076, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Immovable
Property Others Stocks |
|
Particular of
charge holder |
Canara Bank, Prime Corporation Branch, TSR Complex, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Common Hypothecation Agreement dated 30th June 2010 |
|
Date of
instrument Creating the charge |
30.06.2010 |
|
Amount secured by
the charge |
Rs.157.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC/ODBD: BPLR (Floating), presently 12.00%
p.a. PC/FDB/FBE : as
applicable, 9.5% p.a. (floating) at present PCFC/BRD : LIBOR
Plus 350 bps Terms of
Repayment Interest to be
recovered from the funds provided in the Account. Margin For OCC/ODBD -
25% on Stocks and Receivables excluding receivables from Wyeth
Pharmaceuticals Inc. for
PC/PCFC/FDB/FBE/BRD - 10% on Stocks and Receivables excluding receivables
from Wyeth Pharmaceuticals Inc. for Bank
Guarantee - 10% cash margin in the form of an FD with the Bank Extent and
Operation of the charge Paripassu I
charge on Stocks and Receivables valued as per stock statement dated
31.12.2009 excluding receivables from
Wyeth Laboratories Limited(now Pfizer Inc.); Paripassu II charge on Fixed Assets
of the Company (excluding Land and Buildings and intangible assets including
capital work in progress WDV value as per PBS31.03.09; Paripassu I charge by
way of EMT of the landed property situated at Plot No.284-A,
Bommasandra-Jigani link road, Bangalore valued as per PBS 31.03.09 with
superstructure |
|
Short particulars
of the property charged |
The whole of the
Borrower's Stocks and Receivables excluding receivables of Wyeth Laboratories
Limited, whole of the Borrower's
Fixed Assets excluding Land and Buildings and Intangible assets Paripassu II charge on Fixed Assets of the
Company (excluding Land and Buildings and intangible assets including capital
work in progress WDV value as per PBS 31.03.09 Equitable Mortgage
of Landed property situated at Plot No.284-A, Bommasandra - |
|
Date of latest
modification prior to the present modification |
19.07.2008 |
|
Particulars of
the present modification |
OCC/ODBD limits
enhanced from Rs.130.000 millions to Rs. 142.000 millions and Bank Guarantee
limits increased from Rs. 5.000 millions to Rs. 15.000 millions. |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Laboratory Equipment
·
Computer
·
Air conditioner
·
Office Equipment
·
Vehicle
·
Leasehold Improvement
CMT REPORT (Corruption, Money Laundering and 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.44.81 |
|
|
1 |
Rs.69.29 |
|
Euro |
1 |
Rs.59.81 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
53 |
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.