MIRA
INFORM REPORT
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Report Date : |
25.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE LIFE
SCIENCES PRIVATE LIMITED |
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Registered
Office : |
Dhirubhai Ambani Life Science Centre, R-282, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
30.01.2001 |
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Com. Reg. No.: |
11-130654 |
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CIN No.: [Company Identification No.] |
U24239MH2001PTC130654 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMR10629D |
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Legal Form : |
Private Limited
Liability Company |
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Line of
Business : |
Manufacturer of
Essential Oils |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 3000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Reliance Group company is a well established company
having satisfactory track. There appears some losses incurred by the company
in the current year. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct. In view of strong holding, 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) |
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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
|
Name : |
Mr. Sanjay Rane |
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Designation : |
Accounts Department |
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Date : |
22.01.2011 |
LOCATIONS
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Registered Office : |
Dhirubhai Ambani Life Science Centre, R-282, |
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Tel. No.: |
91-22-39118000 |
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Fax No.: |
91-22-39118099 |
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E-Mail : |
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Website : |
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Corporate
Office : |
3rd Floor Sadhana House,
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Factory : |
1st Floor, Sadhana Millls Premises, 570,
Pandurang Budhkar Marg, Mumbai - 400 018 |
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Tel. No.: |
91-9323277350 |
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Branches : |
Located
at :
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DIRECTORS
As on 30.09.2009
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Name : |
Mr. Vinay Arvind Ranade |
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Designation : |
Director |
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Address : |
C – 202, Matoshree Residency, |
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Date of Birth/Age : |
12.03.1967 |
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Date of Appointment : |
07.04.2003 |
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Name : |
Mr. Subramaniam Venkatasubramaniam Kollengode |
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Designation : |
Director |
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Address : |
1202, Raheja Regency, Near Sion Telephone Exchange, Sion (East),
Mumbai - 400022, |
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Date of Birth/Age : |
27.11.1957 |
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Date of Appointment : |
07.04.2003 |
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Name : |
Mr. Laxmidas Vallabhdas Merchant |
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Designation : |
Director |
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Address : |
Ramkrupa Tower, 9th Floor Block Nbo 12, Dr Parekh Street, Prathana
Samaj, Mumbai – 400004, Maharashtra, |
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Date of Birth/Age : |
12.03.1959 |
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Date of Appointment : |
01.06.2007 |
KEY EXECUTIVES
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Name : |
Mrs. Arya Gunjan |
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Designation : |
Secretary |
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Address : |
B – 18 / 118, Kendriya Vihar Seawoods Darave, Navi Mumbai, Thane,
Mumbai – 400706, |
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Date of Birth/Age : |
17.06.1978 |
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Date of Appointment : |
14.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders (Equity Shares) |
No. of Shares |
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|
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Reliance Health
and Technology Private Limited, |
1700 |
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Healthcare Systems
and Solution Global Private Limited, |
3300 |
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Reliance Agrotech
Private Limited, |
3300 |
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Bhumika Trading Private Limited, |
1700 |
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|
|
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Total |
10000 |
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Names of Shareholders (Preference Shares) |
No. of Shares |
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Reliance
Commercial Holdings Private Limited, |
7295000 |
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Reliance
Investment Enterprises Private Limited, |
285000 |
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Reliance
Exploration Private Limited, |
545000 |
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|
|
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Total |
8125000 |
As on 30.09.2009
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Essential Oils |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Biopharmaceutical Products |
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Vials |
Nos. |
411422 |
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Kits |
Nos. |
3047 |
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Bags |
Nos. |
30863 |
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Plant Products |
Nos. |
4639723 |
GENERAL INFORMATION
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
Canara Bank, Prime Corporate Branch II, 2nd Floor, Varma
Chambers, Homji Street, Fort, Mumbai – 400001, Maharashtra, |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Phatak H.D. and Associates Chartered Accountants |
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Address : |
709, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-56308508 |
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Associates/Subsidiaries : |
CIN No.: U23201MH2007PTC168747
CIN No.: U85195MH2007PTC168878
CIN No.: U99999MH2000PTC126407
CIN No.: U24239MH2007PTC168750
CIN No.: U24232MH2007PTC168160
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CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
6010000 |
Equity Shares |
Rs.10/-each |
Rs.60.100 Millions |
|
9000000 |
Preference
Shares |
Rs.10/-each |
Rs.90.000
Millions |
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Total |
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|
Rs.150.100 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
10000 |
Equity Shares |
Rs. 10/-Each |
Rs.0.100
Million |
|
8125000 |
9% Optionally Convertible Non-Cumulative Redeemable
Preference Shares |
Rs.10/-Each |
Rs.81.250
Millions |
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|
|
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Total |
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|
Rs.81.350 Millions |
Note: Redeemable at
premium of Rs 90/- at the end of 20 years from the date of issue or at the option
of the Company at above price after expiry of 45 days from the date of
allotment by giving 7 days Notice or convertible into equity shares of the
company at the option of the Preference shareholders aggregating to the
equivalent amount at any time after the expiry of 45 days from the date of
allotment by giving 3 months advance Notice (Also refer Notes given below
Schedule "C" in respect of unissued share capital.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
81.350 |
81.350 |
61.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
668.550 |
828.134 |
835.996 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
749.900 |
909.484 |
897.346 |
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LOAN FUNDS |
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|
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1] Secured Loans |
162.416 |
0.000 |
0.000 |
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2] Unsecured Loans |
2985.695 |
13422.300 |
12413.000 |
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TOTAL BORROWING |
3148.111 |
13422.300 |
12413.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
3898.011 |
14331.784 |
13310.346 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1050.977 |
836.295 |
597.498 |
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Capital work-in-progress |
374.516 |
257.555 |
253.521 |
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|
|
|
|
|
|
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INVESTMENT |
1272.522 |
12148.844 |
11024.154 |
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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 |
269.666
|
372.672
|
380.698 |
|
|
Sundry Debtors |
195.613
|
99.113
|
36.632 |
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Cash & Bank Balances |
75.408
|
19.739
|
41.505 |
|
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Other Current Assets |
14.999
|
34.175
|
0.000 |
|
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Loans & Advances |
986.398
|
906.848
|
1335.251 |
|
Total
Current Assets |
1542.084
|
1432.547
|
1794.086 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
236.860
|
257.104 |
|
|
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Other Current Liabilities |
73.350
|
33.780
|
326.612 |
|
|
Provisions |
31.878
|
52.573
|
32.301 |
|
Total
Current Liabilities |
342.088
|
343.457
|
358.913 |
|
|
Net Current Assets |
1199.996
|
1089.090
|
1435.173 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3898.011 |
14331.784 |
13310.346 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
908.700 |
811.700 |
|
|
|
Other Income |
|
167.100 |
134.800 |
|
|
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TOTAL (A) |
|
1075.800 |
946.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
1195.500 |
1113.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(119.700) |
(167.100) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
9.800 |
1.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(129.500) |
(168.100) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
27.300 |
16.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(156.800) |
(184.500) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
2.753 |
3.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(159.600) |
(187.900) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
12.300 |
200.200 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(147.300) |
12.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export |
|
203.726 |
41.374 |
|
|
|
Revenue from services |
|
3.435 |
4.166 |
|
|
|
Interest |
|
0.917 |
0.168 |
|
|
TOTAL EARNINGS |
|
208.078 |
45.708 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
205.028 |
186.696 |
|
|
|
Stores & Spares |
|
44.103 |
114.393 |
|
|
|
Capital Goods |
|
10.256 |
0.000 |
|
|
TOTAL IMPORTS |
|
259.387 |
301.089 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(15956) |
(18786) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(14.84)
|
(19.85)
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(17.26)
|
(22.73)
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.05)
|
(8.13)
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21)
|
(0.20)
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.65
|
15.13
|
14.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.51
|
4.17
|
4.99 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Micro and Small
enterprises |
0.754 |
0.000 |
NA |
|
Others |
236.106 |
257.104 |
NA |
Note:
The registered office of the company has been shifted from 2nd Floor, Chitrakoot, shree Ram
Mills Premises, Ganpatrao Kadam Marg, Worli, Mumbai – 400013,
OPERATIONAL AND
FINANCIAL REVIEW:
During the year, product
sales were at Rs.908.700 millions as against Rs.811.700 millions for 2007-08.
This is attributable to an increase in turnover of biopharmaceutical products
from Rs.764.200 millions in 2007-08 to Rs.814.300 millions in 2008-09.
Similarly, revenue
from services increased during the year to Rs.167.100 millions from Rs.134.800
millions for 2007-08.
Export earnings
for the year were recorded at Rs.207.200 millions as against Rs.45.500 millions
for 2007-08. The Company is continuing to pursue Research and Development
programmes in the areas of Medical, Plant and Industrial Biotechnology and has
incurred Rs.231.600 millions thereon during the year.
During the year
under review, the company has launched a new cord blood banking product called
“Relicord-M”. Several products from industrial biotechnology group have reached
advanced stage of development.
The company has
been leading all life sciences initiatives such as Pharmaceuticals,
Biopharmaceuticals, Clinical Research Services and Research and Development
activities and providing guidance for work in the area pertaining to these
businesses.
As part of
consolidation of businesses, the company has acquired on slump sale basis
businesses of Clinical Research Services, Biopharmaceuticals and Pharmaceuticals
as a going concern from its subsidiaries on an ‘as is where is basis’ effective
1st May 2009.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24239MH2001PTC130654 |
|
Name of the
company |
RELIANCE LIFE SCIENCES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Dhirubhai Ambani
Life Sciences Centre R-282 Ttc Area Of
Midc, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Department of
Biotechnology, Block 2, CGO Complex,
Lodhi Road, New Delhi-110 003, |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 19.11.2010 executed between Department of Biotechnology,
Ministry of Science & Technology, Government of India and M/s Reliance
Life Sciences Private Limited |
|
Date of
instrument Creating the charge |
19.11.2010 |
|
Amount secured by
the charge |
Rs.12.650
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On loan amount upto
Rs.10.000 millions: SI @ 1% pa On loan amount
more than Rs.10.000 millions: SI @ 2% pa
(Any delay in
repayment: simple interest @12% pa on the defaulted amounts for the period of
delays) Terms of
Repayment Repayable in 10
equal yearly installments starting six months after completion of the
project. Margin 49.83% Extent and
Operation of the charge Hypothecation to
secure repayment of loan availed from the Department of Biotechnology,
hereafter referred as DBT, and repayment or payment of other monies including
all interest, liquidated damages, costs, charges and expenses and all other
monies due to DBT under SBIRI scheme. |
|
Short particulars
of the property charged |
Whole of the
movable properties acquired from loan sanctioned by the DBT under SBIRI
project relating to symptomatic cartilage defect of femoral condyle. movable
properties are as described in Schedule I to the deed of Hypothecation The aforesaid
movable properties include plant and machinery, machinery spares, tools and accessories
and other movables both present and future, save and except book debts. |
Fixed
assets:
Tangible
assets
- Leasehold land
- Buildings
- Plant and machinery
- Data processing equipment
- Vehicles
- Furniture and fixture
Intangible
assets
- Patents, trade
- Marks, designs, etc
As
per website details:
Reliance Life Sciences:
Subject is a new millennium initiative of the Reliance Group of companies.
The vision of Subject is
to attain global leadership through innovative and cost-effective solutions for
a better life.
Mukesh Ambani led Reliance
Group is the largest private sector enterprise in
Subject is a research-driven, biotechnology-led, life sciences organization. Reliance Life Sciences participates in medical, plant and industrial biotechnology opportunities. Specifically, these relate to Biopharmaceuticals, Pharmaceuticals, Clinical Research Services, Regenerative Medicine, Molecular Medicine, Novel Therapeutics, Biofuels, Plant Biotechnology and Industrial Biotechnology.
Subject is developing
business opportunities in the domains of medical, plant and industrial
biotechnology.
From a domain perspective, these opportunities cover:
- Biopharmaceuticals (Plasma Proteins, Biosimilars (Recombinant Proteins, Monoclonal Antibodies) and Novel Proteins)
- Pharmaceuticals (Oncology, Steroid, Hormone and Peptide - Active Pharmaceutical Ingredients and Formulations)
- Clinical Research Services (Pre-clinical animal studies, Bioavailability and Bioequivalence studies, Phase 1 studies, Phase 2 to 4 studies, QTc studies, Mass balance/Micro dosing studies, Clinical Data Management, Biostatistics, Clinical Trial Supplies Management, Medical Writing, Pharmacovigliance, Regulatory Services and Quality Assurance )
- Regenerative Medicine (Stem Cell therapies, Tissue Engineered products, Stem Cell enriched Repository Services, Assisted Reproduction and Fetal Medicine)
- Molecular Medicine (DNA/RNA-based diagnostics, Molecular Genetics, Predictive Diagnostics, Histopathology, Cytopathology, Flow Cytometry based diagnosis, Pharmacogenomics)
- Novel Therapeutics (SIRNA Therapies)
- Biofuels (Biodiesel, Bioethanol, Biobutanol)
- Plant Tissue Culture
- Plant Metabolic Engineering and
- Industrial Biotechnology (Biopolymers, Biochemicals)
- Enzymology
These opportunities encompass Repositories, Research, Process Development, Pre-clinical Studies, Human Clinical Trials, Commercial-scale Manufacture and Marketing, all of which are carried out in-house.
Reliance GeneMedix plc, a UK-based subsidiary of Subject with a manufacturing facility in
Reliance Institute of Life Sciences is a not-for-profit organisation, sponsored by the Dhirubhai Ambani Foundation, focusing on competency development in Biotechnology, not only for Reliance Life Sciences but also for the industry. The Institute offers a wide range of competency development programs and diploma programs in Biotherapeutics and Clinical Research.
Subject initiative is one of the most diverse and integrated biotechnology
initiatives being developed anywhere in the world.
Consistent with the diversity and depth of its initiatives, Subject has a professional team comprising substantially of Ph. Ds, M.Ds, Engineers and Post Graduates in Science. The average age of the Subject team is 32 years. 30% of the employees are women.
The main campus of the Subject is located at the Dhirubhai
Ambani Life Sciences Center (DALC) on a 20-acre site at Navi Mumbai. Clinical
Research Services are provided out of DALC and a facility in
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.