MIRA
INFORM REPORT
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Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
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Name : |
GROUP PHARMACEUTICALS LIMITED (w.e.f 21.04.1993) |
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Formerly Known As : |
GROUP PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
W – 46, (B) MIDC, Tarapur Industrial Area, Thane – 401506, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.07.1980 |
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Com. Reg. No.: |
11-22889 |
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CIN No.: [Company
Identification No.] |
U24239MH1980PLC022889 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08042G MUMG08531F |
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PAN No.: [Permanent
Account No.] |
AAACG8723H |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturing and Marketing a wide range of Pharmaceutical
Formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 400000 |
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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 well established and a reputed company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. 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 DENIED BY
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Name : |
Ms. Shobhna |
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Designation : |
Export Department |
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Date : |
08.03.2011 |
LOCATIONS
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Registered Office/ Factory 1 : |
W – 46 (B), MIDC, Tarapur Industrial Area, Boisar (West), District
Thane – 401506, |
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Tel. No.: |
91-2525-272108 |
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Fax No.: |
91-2525-274036 |
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E-Mail : |
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Website : |
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Head Office : |
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Tel. No.: |
91-22-28722695 |
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Fax No.: |
91-22-28724883 |
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E-Mail : |
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Marketing Office : |
521/A, 2nd Block, 2nd Main, 2nd Stage, Rajajinagar, |
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Tel. No.: |
91-80-23377962/23376766 |
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Fax No.: |
91-80-23372277 |
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E-Mail : |
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Factory 2: |
Plot No. 41, KIADB Industrial
Area, |
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Tel No.: |
91-8151-234237/ 235220 |
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Fax No.: |
91-8151-235084 |
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Email : |
DIRECTORS
As On 26.09.2008
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Name : |
Mr. Sunil Ravindranath Attavar |
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Designation : |
Whole Time Director |
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Address : |
Plot No.409, 9th Main, Kallyna Nagar, 1st Blooc,
Hrbr Layout, Banaswadi, |
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Date of Birth/Age : |
28.09.1966 |
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Date of Appointment : |
15.09.2008 |
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DIN No. : |
00091347 |
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Name : |
Mr. Ann Sunil Attavar |
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Designation : |
Whole Time Director |
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Address : |
Plot No.409, 9th Main Kalyana Nagar, 1st Block,
HRBR Layout Banaswadi, |
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Date of Birth/Age : |
10.081965 |
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Date of Appointment : |
15.09.2008 |
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DIN No. : |
00091390 |
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Name : |
Mr. Gopal Jagdeshwar Singh |
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Designation : |
Whole Time Director |
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Address : |
Mama Talab, Diprapara, Bilaspur – 495003, |
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Date of Birth/Age : |
17.01.1950 |
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Date of Appointment : |
15.09.2008 |
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DIN No. : |
00091420 |
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Name : |
Mr. Ranganathan Raghunathan Naranamangalam |
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Designation : |
Director |
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Address : |
A – 7, Ground Floor, 36 Vgpsalia Saidapet West, Chennai – 600015, |
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Date of Birth/Age : |
10.05.1938 |
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Date of Appointment : |
24.06.2005 |
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DIN No. : |
00156574 |
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Name : |
Mr. Raghavendra Narayana Rao |
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Designation : |
Director |
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Address : |
506 –A, Saraswati Aparttments, |
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Date of Birth/Age : |
16.04.1950 |
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Date of Appointment : |
26.09.2006 |
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DIN No. : |
01326471 |
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Name : |
Mr. Sundaram Rajan |
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Designation : |
Director |
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Address : |
No.57, Surya Nest BS 15 CRS, |
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Date of Birth/Age : |
24.07.1942 |
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Date of Appointment : |
08.03.2000 |
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DIN No. : |
02139522 |
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Name : |
Mr. Mahadev Siddamallappa Bidadi |
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Designation : |
Whole Time Director |
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Address : |
30, Shivanna Loyout, Halagevarderahalli, |
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Date of Birth/Age : |
26.05.1953 |
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Date of Appointment : |
10.12.2009 |
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DIN No. : |
02894771 |
KEY EXECUTIVES
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Name : |
Ms. Shobhna |
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Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 26.09.2008
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Names of Shareholders |
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No. of Shares |
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Sunil Ravindranath Attavar |
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662200 |
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Ann Sunil Attavar |
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27200 |
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Gopal Jageshwari Singh |
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6300 |
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Sundaram Rajam |
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1000 |
As On 26.09.2008
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Category |
Percentage |
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Directors or relatives of Directors |
38.43 |
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Other top fifty shareholders |
61.57 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing a wide range of Pharmaceutical
Formulations. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Unit |
Licensed
Capacity |
Actual
Production |
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Sell Manufactured at Tarapur Factory |
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i) Tablets |
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Kgs |
200000 |
57189 |
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Sell Manufactured at Malur Factory |
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i) Liquid External |
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Ltrs |
650000 |
437409 |
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ii) Tooth Paste |
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Kgs |
900000 |
224646 |
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iii) Liquid oral |
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Ltrs |
900000 |
535913 |
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iv) Cream Ointment |
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kgs |
-- |
20210 |
GENERAL INFORMATION
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No. of Employees : |
Information
not divulged by management |
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Bankers : |
·
Central Bank of India – Corporate Finance Branch,
1st Floor, MMO Building, M G Road, Fort, Mumbai – 400023,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G K Gadgil and Company Chartered Accountant |
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Address : |
1/72, Gangadhar Nivas, |
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Pan No.: |
AEUPG0181J |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2536800 |
Equity Shares |
Rs.10/- each |
Rs.25.368 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.368 |
25.368 |
25.368 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
88.621 |
80.854 |
75.161 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
113.989 |
106.222 |
100.529 |
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LOAN FUNDS |
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1] Secured Loans |
26.703 |
41.891 |
47.582 |
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2] Unsecured Loans |
35.350 |
35.925 |
36.535 |
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TOTAL BORROWING |
62.053 |
77.816 |
84.117 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
176.042 |
184.038 |
184.646 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
89.003 |
89.470 |
88.628 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.206 |
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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 |
52.189
|
54.241
|
53.266 |
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Sundry Debtors |
64.257
|
69.279
|
71.512 |
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Cash & Bank Balances |
12.522
|
14.445
|
14.124 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
25.950
|
23.108
|
31.811 |
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Total
Current Assets |
154.918
|
161.073
|
170.713 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
35.636 |
34.131 |
44.658 |
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Other Current Liabilities |
26.181
|
27.148
|
28.671 |
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Provisions |
6.072
|
5.236
|
1.572 |
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Total
Current Liabilities |
67.889
|
66.515
|
74.901 |
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Net Current Assets |
87.029
|
94.558
|
95.812 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
176.042 |
184.038 |
184.646 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
464.183 |
463.027 |
409.883 |
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Other Income |
30.399 |
18.182 |
16.987 |
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TOTAL (A) |
494.582 |
481.209 |
426.870 |
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Less |
EXPENSES |
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Materials consumed |
|
251.807 |
214.784 |
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Increase/Decrease in finished stock |
|
6.531 |
14.452 |
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Excise duty (net) and taxes paid |
|
13.784 |
16.611 |
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Manufacturing, administration and other expenses |
|
166.190 |
144.578 |
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Loss on sale of assets |
|
0.080 |
0.265 |
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TOTAL (B) |
449.477 |
438.392 |
390.690 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
45.105 |
42.817 |
36.180 |
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Less |
FINANCIAL
EXPENSES (D) |
8.700 |
11.964 |
11.834 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.405 |
30.853 |
24.346 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.100 |
11.971 |
12.413 |
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PROFIT BEFORE
TAX (E-F) (G) |
24.305 |
18.882 |
11.933 |
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Less |
TAX (I) |
8.434 |
8.133 |
2.816 |
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PROFIT AFTER TAX
(G-I) (J) |
15.871 |
10.749 |
9.117 |
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Less |
INCOME TAX FOR
EARLIER YEARS |
2.500 |
4.784 |
0.000 |
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Add |
INCOME TAX – MAT
CREDIT FOR EARLIER YEARS |
0.031 |
2.774 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
44.123 |
41.680 |
36.859 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
2.000 |
2.000 |
0.000 |
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Proposed Dividend including tax on
dividend |
5.635 |
4.296 |
0.000 |
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Interim dividend on shares |
0.000 |
0.000 |
3.806 |
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Corporate tax on dividend |
0.000 |
0.000 |
0.490 |
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BALANCE CARRIED
TO THE B/S |
49.890 |
44.123 |
41.680 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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Export Earnings |
26.864 |
23.172 |
9.683 |
|
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Freight and others |
0.000 |
2.135 |
0.813 |
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TOTAL EARNINGS |
26.864 |
25.307 |
10.496 |
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IMPORTS |
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Raw and Trading Materials |
29.824 |
29.153 |
13.675 |
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Capital Goods and others |
0.000 |
0.000 |
4.434 |
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TOTAL IMPORTS |
29.824 |
29.153 |
18.109 |
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Earnings Per
Share (Rs.) |
5.28 |
4.24 |
3.59 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.21
|
2.23
|
1.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.24
|
4.08
|
2.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.96
|
7.54
|
4.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.18
|
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
1.36
|
1.58 |
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Current Ratio (Current Asset/Current Liability) |
|
2.28
|
2.41
|
2.28 |
LOCAL AGENCY FURTHER INFORMATION
The details of sundry creditors
Rs. In Milions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Sundry creditors for goods |
29.816 |
25.602 |
39.086 |
|
Sundry creditors for expenses etc |
5.820 |
8.529 |
5.572 |
|
Total |
35.636 |
34.131 |
44.658 |
FINANCIAL RESULTS:
The company has earned a net profit of Rs. 15.871 millions after
deprecation, interest and provision for income tax during the year.
PERFORMANCE FOR
THE YEAR:
The company’s overall sales registered a growth of 3% during the year
compared to the previous financial year ended 31.03.2009, which is due to
reduction in third party manufacture.
Profit before interest and depreciation improved from Rs. 42.800
millions in 2008-2009 to Rs. 45.100 millions in 2009-2010.
OUTLOOK FOR THE
CURRENT YEAR:
Sales of group’s products in the first quarter of the current financial
year 2010-2011 have improved significantly as compared to the sales during the
corresponding period of the previous financial year. The growth in dental
segment both in terms of coverage and new portfolio of products have been
satisfactory. SHY-NM, new innovation toothpaste for sensitive teeth and
Glodent, unique enzyme-based toothpaste for brighter smiles, both launched
during the last year, have met with success.
Motivated by the support extended to us by the dental fraternity and in
keeping with the commitment to bring out the best in dental care to our
country, the company will be launching another first time product in the
country called AMFLOR, an advanced fluoride for active remineralistion which
has well-proven superiority. In its action over other currently available
fluorides like sodium fluorides.
Form 8:
|
This form is for |
Modification of
charge |
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|
Charge
identification number of the modified |
90145693 |
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|
Corporate identity
number of the company |
U24239MH1980PLC022889 |
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Name of the
company |
GROUP
PHARMACEUTICALS LIMITED |
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Address of the
registered office or of the principal place of business in |
W-46 (B) M I D C
Tarapur Industrial Area, Thane- 401506, |
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Type of charge |
Book Debts Movable Property All fixed and
current assets Immovable
property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
1) Extension Of Equitable
Mortgage 2) Composite
Hypothecation Deed (All The
Agreements Constitute A Single Charge) |
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Date of
instrument Creating the charge |
21.02.2009 |
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Amount secured by
the charge |
Rs. 70.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As Stipulated By Bank From Time To Time Terms of
Repayment - As Stipulated By Bank From Time To Time Margin - Cash
Credit = 25%, Od Against Book Debts = 40%, Epc/Ebp/Ebd = 10%, Land Import
L/C.Dp/Da 90 Days = 10%, Bank Guarantee = 10% And/Or As
Stipulated By Bank From Time To Time Extent and
Operation of the charge - First Charge (Present And Future) = Total Limit Of
Rs.70.000 millions A)Fund Based
Facilities = (Cash Credit (Hyp) =
Rs.30.000 Millions, Od Against Book Debts=Rs.30.000 Millions,
Epc/Ebp/Ebd=Rs.0.75) =Total Fund Based(A) = Rs.67.500 Millions B) Non Fund
Based=(Inland Import L/C.Dp/Da 90 Days=2.000 Millions, Bank Guarantee=0.500
Millions =Toal Non Fund
Based (B)=Rs.2.500 Millions Total (A)+(B) =
Rs.70.000 Millions Others - As
Stipualted By Bank From Time To Time And As Per Agreement Attached And As Per
Sanction Lette Of The Bank |
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|
Short particulars
of the property charged |
First Charge(Present
and Future (1)Hyp. Of All Stock/Goods/Inventories(2) Hyp. Of All Book Debts
and Receivables (3) Hyp. Of All Plant and Machinery, Fixtures, Fittings,
Cranes, Computers and Other Accessories, Spares Tools Etc Lying At Mumbai and
Goa Or Whereeverelse Or In Transit Or Any Other Place (4 ) Hyp Of All
Current, Movable and Fixed Assets (5) Hyp. Of Capital Work In Progress (6)
Emg Of 4 Properties |
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|
Particulars of
the present modification |
By This
Modification Limit Enhanced From Rs.60.000 millions To Rs.70.000 millions,
Continued Security As Given By Original Charge As Well As By Modifications.
Terms And Conditions As Per Agreement Attached And As Per Sanction Letter Of
The Bank |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Partition and Fittings
·
Electrical Installations
·
Office Equipment
·
Laboratory Equipment
·
Moulds and Dies
·
Blocks and Designs
·
Vehicles
·
Computers equipment
·
Information technology
AS PER WEBSITE DETAILS
PROFILE:
They made there modest beginning back in June 1980, when a
few committed entrepreneurs, led by Mr.Ravi Attavar, sharing a similar
vision, values and commitment, bonded to form a cohesive GROUP. Thus began a
journey. They initially gained reputation and a niche in pharma marketing
by selling products manufactured by other companies.
Ambition has its own rewards – a motivation to develop and a vision of growth thus resulting in the manufacture and marketing of there own products.
PRODUCTS:
Few industries in the country can claim to have achieved a more remarkable record of growth and development than the Pharmaceutical Industry, especially in the field of oral care products. Pharmaceutical Industry, by manufacturing wide range of preventive and curative medicines, has played an important role in raising the general health standards of the Indian masses.
GROUP has made its own contribution with a wide range of well-known products in
the segment of Dental Care, Antimicrobials, NSAIDs, Analgesics, Nutritionals,
Cough and cold remedies and Psychotropic products.
GENERAL INFORMATION:
Subject was incorporated on 1980 as a Private Limited Company and subsequently the company changed its status to Public Limited Company on 21st of April 1993. Subject is a closely held unlisted Company. Subject is engaged in the manufacturing and marketing of medicinal products since 1980 for domestic and International markets.
In view of expansion of the business, subject has incorporated a new plant with
all advanced technologies and sophisticated equipments, complying with WHO,
cGMP and Schedule M, at KIADB Industrial area, Malur, Kolar District.
The site is about 53 Kms away from
A team of personnel of various disciplines and pharmacists are working towards
meeting the customers requirements and the objective of continuous improvement
in quality.
Subject has complimentary production facilities, good marketing network and
foreign collaborations too. The company has geared up to march ahead in
facilitating its consumers with all the latest developments that has taken
place in the pharma market with Dental and Oral care products in particular.
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.45.03 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.