MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
L’OREAL INDIA PRIVATE LIMITED (w.e.f. 04.07.2000) |
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Formerly Known
As : |
LABORATORIES GARNIER ( INDELOR INDIA PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower
Parel, Mumbai – 400013, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
19.02.1991 |
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Com. Reg. No.: |
11-060363 |
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Capital
Investment / Paid-up Capital : |
Rs.2963.744
Millions |
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CIN No.: [Company Identification
No.] |
U85190MH1991PTC060363 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML01908E |
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PAN No.: [Permanent Account No.] |
AAACC0738K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing, importing and exporting of cosmetics, toiletries,
personal and healthcare products such as hair shampoos, hair dyes, face
creams, etc. |
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No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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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 9200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company engaged in manufacturing and
marketing of hair shampoos, hair dyes and face creams. The performance of the
company is steadily improving. There appears some accumulated losses recorded
by the company. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. 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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. P L Mishra |
|
Designation : |
Company Secretary |
|
Date : |
20.07.2011 |
LOCATIONS
|
Registered
Office : |
2nd Floor, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower
Parel, Mumbai- 400013, Maharashtra, India |
|
Tel. No.: |
91-22-24935398 /
24983000 |
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Fax No.: |
91-22-24933283 /
24953798 |
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E-Mail : |
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Website : |
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Area: |
3500 sq. ft.
(Owned) |
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Factory 1 : |
Located at
Umergaon, |
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Factory 2 : |
Gut No. 426, |
DIRECTORS
As on 25.04.2011
|
Name |
Mr. Abhey Shree
Bhagirathlal Yograj |
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Designation |
Director |
|
Address |
N-94, |
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Date of Birth/
Age : |
01.09.1943 |
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Date of
Appointment |
17-03-1995 |
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Din No.: |
00029998 |
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|
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Name |
Mr. Dinesh
Maheshwar Dayal |
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Designation |
Director |
|
Address |
401 and 402, 4th
Floor, Sea Line Building, 16, Union Park, Pali Hill, Khar (West), Mumbai –
400052, Maharashtra, India |
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Date of Birth/
Age : |
10.01.1960 |
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Date of
Appointment |
11.01.2005 |
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Din No.: |
0502650 |
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Name |
Mr. Padmalochan
Mishra |
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Designation |
Director |
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Address |
EMP-71, Sector 1,
Moon Building, Flat No. 403, Thakur Village, Kandivali East, Mumbai-400101,
Maharashtra, India |
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Date of Birth/
Age : |
13.06.1968 |
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Date of
Appointment: |
01.02.2003 |
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|
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|
Name |
Mr. Laurent Alain
Maurice Lebras |
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Designation |
Director |
|
Address |
38 Boulevard
Maillot, |
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Date of Birth/
Age : |
12.04.1968 |
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Date of
Appointment: |
07.03.2011 |
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|
|
|
Name |
Mr. Jacques
Charles Paul Robert Challes |
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Designation |
Managing Director
|
|
Address |
28 Rue Magenta,
Asnieres |
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Date of Birth/
Age : |
15.12.1959 |
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Date of
Appointment: |
01.09.2008 |
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Din No.: |
02324177 |
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|
|
|
Name |
Mr. Rudolf Jochen
Zaumseil |
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Designation |
Director |
|
Address |
Niederloericker
Str. 18, Meerbusch-40667, |
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Date of Birth/
Age : |
29.07.1959 |
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Date of
Appointment: |
01.04.2010 |
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Din No.: |
03022992 |
KEY EXECUTIVES
|
Name : |
Mr. P L Mishra |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.04.2011
|
Names of Shareholders |
|
No. of Shares |
|
L’Oreal SA,
France |
|
296374395 |
|
Laboratories
Garnieret ET CIE, France |
|
50 |
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|
|
|
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Total |
|
296374445 |
As on 25.04.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, importing and exporting of cosmetics, toiletries, personal
and healthcare products such as hair shampoos, hair dyes, face creams, etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
70 (Approximately) |
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Bankers : |
ICICI Bank, Lower Parel Branch |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Delloitte Haskins and Sells Chartered Accountant |
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Address : |
Heritage, 3rd Floor, Near Gujarat Vidhvapith, Off |
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Tel No.: |
91-79-27582542/27582543 |
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Fax No.: |
91-79-27582551 |
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Holding Company: |
L’Oreal S.A |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 25.04.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
296500000 |
Equity Shares |
Rs.10/- each |
Rs.2965.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
296374445 |
Equity Shares |
Rs.10/- each |
Rs.2963.744
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2963.744 |
2963.744 |
2363.744 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(661.944) |
(1100.866) |
(1277.012) |
|
|
NETWORTH |
2301.800 |
1862.878 |
1086.732 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
39.686 |
100.544 |
1062.996 |
|
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TOTAL BORROWING |
39.686 |
100.544 |
1062.996 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
2341.486 |
1963.422 |
2149.728 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1906.881 |
1862.500 |
1591.574 |
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Capital work-in-progress |
425.212 |
247.484 |
287.602 |
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|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
94.649 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
1537.197
|
1021.580
|
1166.557
|
|
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Sundry Debtors |
454.086
|
265.079
|
206.844
|
|
|
Cash & Bank Balances |
108.028
|
318.630
|
2.875
|
|
|
Other Current Assets |
0.000
|
6.963
|
0.000
|
|
|
Loans & Advances |
445.260
|
349.858
|
381.091
|
|
Total
Current Assets |
2544.571
|
1962.110
|
1757.367
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
2221.223
|
1814.157
|
478.216 |
|
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Other Current Liabilities |
242.754
|
170.602
|
943.599
|
|
|
Provisions |
165.850
|
123.913
|
65.000
|
|
Total
Current Liabilities |
2629.827
|
2108.672
|
1486.815
|
|
|
Net Current Assets |
(85.256)
|
(146.562)
|
270.552
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2341.486 |
1963.422 |
2149.728 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
8504.093 |
5727.324 |
|
|
|
Other Income |
|
17.051 |
103.868 |
|
|
|
TOTAL (A) |
11274.953 |
8521.144 |
5831.192 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consume and Variation in Stock |
|
2829.121 |
2011.973 |
|
|
|
Employee’s Remuneration and Benefits |
|
711.843 |
550.833 |
|
|
|
Selling, Administration and Other Expenses |
10482.987 |
4492.843 |
3280.423 |
|
|
|
Increase/ Decrease in Excise duty on Closing Stock |
|
(14.196) |
16.661 |
|
|
|
Prior Period Items |
|
0.000 |
5.971 |
|
|
|
TOTAL (B) |
10482.987 |
8019.611 |
5865.861 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
501.533 |
(34.669) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
34.440 |
88.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
791.966 |
467.093 |
(122.669) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
309.790 |
263.869 |
200.391 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
482.176 |
203.224 |
(323.060) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
43.254 |
27.078 |
34.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
438.922 |
176.146 |
(357.387) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(1277.012) |
(919.625) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(1100.866) |
(1277.012) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on FOB Basis |
1180.640 |
989.920 |
NA |
|
|
|
Reimbursement of Expenses |
26.300 |
17.038 |
NA |
|
|
TOTAL EARNINGS |
1206.940 |
1006.958 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
509.219 |
618.727 |
430.165 |
|
|
|
Stores & Spares |
1.249 |
2.044 |
1.329 |
|
|
|
Finished Goods |
754.586 |
248.020 |
407.147 |
|
|
|
Capital Goods |
102.037 |
203.487 |
706.738 |
|
|
TOTAL IMPORTS |
1367.091 |
1072.278 |
1545.379 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.48 |
0.60 |
(1.57) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
3.89
|
2.07
|
(6.13) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.39
|
(5.64) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.83
|
5.30
|
(9.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.11
|
(0.30) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
1.19
|
2.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.93
|
1.18 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.12.2010 (Rs. in millions) |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Micro and small
enterprises |
1.078 |
0.356 |
0.000 |
|
Other |
2220.145 |
1813.801 |
478.216 |
|
Total |
2221.223 |
1814.157 |
478.216 |
OPERATING RESULTS:
The accounts of the company for the period showed a profit of Rs.438.922
millions after providing of Rs.309.790 millions for depreciation.
The performance of the company has been steadily improving. It has taken
various steps to achieve higher volumes and to grow is income whilst
controlling cost.
FIXED
ASSETS
·
Land
·
·
Plant and Machinery
·
Furniture And Fixtures
·
Vehicles
·
Leasehold Improvements
·
Intangible Assets – Computer Software and Goodwill
PRESS RELEASE:
BUSINESS DESCRIPTION:
Subject is a manufacturer and supplier of various personal care and
cosmetic products. The company manufactures lipsticks, lip gels and gloss
sticks. In addition, it supplies eyeliners, eye shadows and make-up removers.
The company also manufactures astringents, shampoos, hair conditioners and
serums, and face and glitter powders. Additionally, it supplies a range of
perfumes and deodorants. The company also conducts research activities for the
manufacture of moisturizing lotions, whitening creams, and face masks and peel
offs.
PRODUCTION HOUSE
TO DEPOSIT RS 1.500 MILLIONS IN COURT
HINDUSTAN TIMES (
30 DECEMBER 2010
[WHAT FOLLOWS IS
THE FULL TEXT OF THE NEWS STORY.]
Mumbai, Dec. 30 -- Viacom 18 Media Private Limited has been ordered to deposit Rs 1.500 millions
with the
RESEARCH AND
MARKETS: BABY CARE IN
BUSINESS WIRE
27 AUGUST 2010
[WHAT FOLLOWS IS THE
FULL TEXT OF THE NEWS STORY.]
(http://www.researchandmarkets.com/research/9397d5/baby_care_in_india)
has announced the addition of the "Baby Care in
While the sales of baby care are dominated by purchases in urban areas,
the contribution of rural areas to value sales increased robustly towards the
later part of the review period to reach 16% in 2009. Rising incomes and
improvements in rural distribution networks made basic baby care products such
as bath soaps and massage oils widely available in rural areas.
The Baby Care Products in
WHY BUY THIS
REPORT?
- Get a
detailed picture of the Beauty and Personal Care industry;
- Pinpoint
growth sectors and identify factors driving change;
- Understand
the competitive environment, the markets major players and leading brands;
- Use five-year
forecasts to assess how the market is predicted to develop.
KEY TOPICS COVERED:
- Executive
Summary
- Concerns
About Hygiene and Personal Grooming Drive Sales
- Discounts
Boost Growth in the Face of Economic Uncertainty
- Domestic
Players Expand Their Presence
- Chained
Retailers Create Opportunities for Point-of-sale Marketing
- Rising
Affluence and Sophistication To Drive Future Growth
- Key Trends
and Developments
- Promotional
Offers Bolster Growth in Uncertain Economic Climate
- Sachets
Remain Key for Rural Penetration
- Brands
Benefit by Catering To Traditional/regional Tastes
- More
International Brands Expand Their Presence
- Territory Key
Trends and Developments
- East and
- Rural Vs
Urban Key Trends and Developments
- Market Data
LIST OF TABLES:
- Table 1 Sales
of Beauty and Personal Care by Sector: Value 2004-2009
- Table 2 Sales
of Beauty and Personal Care by Sector: % Value Growth 2004-2009
- Table 3 Sales
of Premium Cosmetics by Sector: Value 2004-2009
- Table 4 Sales
of Premium Cosmetics by Sector: % Value Growth 2004-2009
- Table 5 Sales
of Beauty and Personal Care by Region: Value 2004-2009
- Table 6 Sales
of Beauty and Personal Care by Region: % Value Growth 2004-2009
- Table 7 Sales
of Beauty and Personal Care by Rural-Urban % Analysis 2009
- Table 8
Beauty and Personal Care Company Shares by NBO 2005-2009
- Table 9
Beauty and Personal Care Company Shares by GBO 2005-2009
- Table 10
Beauty and Personal Care Brand Shares by GBN 2006-2009
- Table 11
Sales of Beauty and Personal Care by Distribution Format: % Analysis
2004-2009
- Table 12
Sales of Beauty and Personal Care by Sector and by Distribution Format: %
Analysis 2009
- Table 13
Forecast Sales of Beauty and Personal Care by Sector: Value 2009-2014
- Table 14
Forecast Sales of Beauty and Personal Care by Sector: % Value Growth
2009-2014
- Table 15 Forecast
Sales of Premium Cosmetics by Sector: Value 2009-2014
- Table 16
Forecast Sales of Premium Cosmetics by Sector: % Value Growth 2009-2014
- Table 17
Forecast Sales of Beauty and Personal Care by Region: Value 2009-2014
- Table 18
Forecast Sales of Beauty and Personal Care by Region: % Value Growth
2009-2014
- Table 19
Sales of Baby Care by Subsector: Value 2004-2009
- Table 20
Sales of Baby Care by Subsector: % Value Growth 2004-2009
- Table 21 Baby
Care Premium Vs Mass % Analysis 2004-2009
- Table 22 Baby
Care Company Shares 2005-2009
- Table 23 Baby
Care Brand Shares by GBN 2006-2009
- Table 24 Baby
Care Premium Brand Shares by GBN 2006-2009
- Table 25 Baby
Skin Care Brand Shares by GBN 2006-2009
- Table 26
Forecast Sales of Baby Care by Subsector: Value 2009-2014
- Table 27
Forecast Sales of Baby Care by Subsector: % Value Growth 2009-2014
- Table 28
Forecast Baby Care Premium Vs Mass % Analysis 2009-2014
COMPANIES MENTIONED:
- Cavinkare
Private Limited
- Colgate-Palmolive
India Limited
- Colorbar
Cosmetics Private Limited
- Dabur India
Limited
- Godrej
Consumer Products Limited
- Hindustan
Unilever Limited
- LOreal India
Private Limited
- Marico
Limited
- Three-n-products
Private Limited
- Wipro
Limited
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.44.46 |
|
|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & 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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.