MIRA
INFORM REPORT
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Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
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Name : |
CALYX CHEMICALS AND PHARMACEUTICALS LIMITED |
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Registered Office : |
Unit No. 2,
Marwah’s Complex, Marwah Estate, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.01.1986 |
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Com. Reg. No.: |
11-038618 |
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CIN No.: [Company
Identification No.] |
U24220MH1986PLC038618 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC07976D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Drugs and Intermediates. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 3663000 |
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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 company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered good for normal 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 |
LOCATIONS
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Bharat Sukhlal Mehta |
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Designation : |
Director |
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Address : |
21, Nibbana Pali Hill, Bandra (West), Mumbai-400050, |
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Date of Birth/Age : |
05.01.1938 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mr. Smitesh Chandravadan Shah |
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Designation : |
Chairman cum Managing Director |
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Address : |
B-403, Eden – III, Hiranadani Grdens, Powai, Mumbai-400076, |
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Date of Birth/Age : |
28.04.1959 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mr. Rajat Indulal Doshi |
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Designation : |
Director |
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Address : |
1 E, Dil Pazir, |
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Date of Birth/Age : |
13.10.1958 |
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Date of Appointment : |
23.04.2009 |
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Name : |
Mr. Iyer Narayanswamy |
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Designation : |
Director |
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Address : |
Srinivasa Jambunathan 9, Prakash Co-Operative Housing Society, Relief
Road, Daulat Nagar, Santacruz, Mumbai-400024, |
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Date of Birth/Age : |
01.05.1938 |
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Date of Appointment : |
23.03.2010 |
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Name : |
Mr. Abhay Praful Desai |
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Designation : |
Director |
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Address : |
Flat No. 502, Glen Classic Apartments, Hiranandani Gardens, Powai,
Mumbai-400076, Maharashtra, India |
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Date of Birth/Age : |
27.06.1962 |
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Date of Appointment : |
23.03.2010 |
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Name : |
Ms. Chhaya Bharat Chakradhar |
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Designation : |
Director |
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Address : |
Sangeeta 9, 22 A Linking Road, Extension Santacruz, Mumbai-400054, |
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Date of Birth/Age : |
09.11.1943 |
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Date of Appointment : |
23.03.2010 |
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Name : |
Ms. Bhumitra Vinodchandra Dholakia |
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Designation : |
Director |
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Address : |
B-46/431, MIG Colony, Gandhi Nagar, Bandra East, Mumbai-400051, |
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Date of Birth/Age : |
03.09.1949 |
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Date of Appointment : |
23.03.2010 |
KEY EXECUTIVES
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Name : |
Dr. Bansi Lal |
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Designation : |
President (R and D) |
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Name : |
Ms. Dipali Ramchandra Dorugade |
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Designation : |
Company Secretary |
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Address : |
R 2/9, Himnadi, MIDC Residential Zone, Dombivli (East), District
Thane-421203, |
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Date of Birth/Age : |
01.07.1983 |
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Date of Appointment : |
01.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
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No. of Shares |
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Adit G Mehta |
|
151200 |
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Alpana Indulal Doshi |
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1946588 |
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Amit B. Mehta |
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152230 |
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Amit Mehta |
|
746927 |
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Asha B. Mehta |
|
1227208 |
|
Ashika Venture Capital Private Limited |
|
157500 |
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Ashish Rajnikant Dani |
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18750 |
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Bharat Mehta |
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1000000 |
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Bharat Mehta (HUF) |
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207528 |
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Bharat S. Mehta |
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1441939 |
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Bharat Sukhlal Mehta |
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300000 |
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Dishan Anantrai Kamdar |
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50000 |
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Himanshu Anantray Ajmera |
|
123638 |
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Mala Chadha |
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150000 |
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Mandpam Commercial Limited |
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170100 |
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Parul S Shah |
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996302 |
|
Pilot Consultants Private Limited |
|
76750 |
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Rahul Rajat Doshi |
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318257 |
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Rahul Rajat Doshi |
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270170 |
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Rajat I Doshi |
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1239322 |
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Saumini Smitesh Shah |
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549978 |
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Smitesh C Shah |
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1950817 |
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Smitesh Chandravadan Shah |
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300000 |
As on 27.09.2010
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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] |
|
4.97 |
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Bodies
corporate |
|
3.22 |
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Directors
or relatives of directors |
|
83.03 |
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Other
|
|
8.78 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs and Intermediates. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production* |
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Active Pharmaceutical Ingredients, Intermediate and Chemicals |
MT |
127463 |
1096 |
Note:
- The Installed capacity has been certified by the management.
- * Includes outsourced, contract manufactured and bought out goods.
GENERAL INFORMATION
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Bankers : |
·
State Bank of India, Backbay Reclamation Branch, Raheja
Chambers, Nariman Point, Mumbai-400072, Maharashtra, India ·
ICICI Bank Limited, 215, Free Press House, Free
Press Journal Marg, Nariman Point, Mumbai-400021, ·
State Bank of ·
State Bank of |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Jatin Shah Chartered Accountant |
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Address : |
261/263, D N Road, 4th Floor, Mumbai-400001, |
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Tel. No.: |
91-22-32948140 |
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Fax No.: |
91-22-22610775 |
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Memberships : |
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Associates/Subsidiaries : |
Singind Life Sciences Pte. Limited 371, Tel : +65 6296 4041 Fax : +65 6242 3956 |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15136018 |
Equity Shares |
Rs.10/- each |
Rs.151.360
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13536018 |
Equity Shares |
Rs.10/- each |
Rs.135.360
Millions |
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 |
135.360 |
135.360 |
102.586 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
780.481 |
587.774 |
449.138 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
915.841 |
723.134 |
551.724 |
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LOAN FUNDS |
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1] Secured Loans |
1579.865 |
1336.562 |
1330.045 |
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2] Unsecured Loans |
295.947 |
293.193 |
301.327 |
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TOTAL BORROWING |
1875.812 |
1629.755 |
1631.372 |
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DEFERRED TAX LIABILITIES |
156.247 |
147.135 |
109.635 |
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TOTAL |
2947.900 |
2500.024 |
2292.731 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1157.641 |
1250.707 |
1328.854 |
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Capital work-in-progress |
296.277 |
134.187 |
0.000 |
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INVESTMENT |
0.584 |
0.820 |
0.783 |
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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 |
1223.411
|
875.229
|
627.895
|
|
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Sundry Debtors |
729.227
|
695.553
|
721.064
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|
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Cash & Bank Balances |
236.866
|
73.055
|
46.739
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
288.804
|
55.642
|
83.869
|
|
Total
Current Assets |
2478.308
|
1699.479
|
1479.567
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
913.307
|
473.315
|
428.317 |
|
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Other Current Liabilities |
39.640
|
80.759
|
80.750 |
|
|
Provisions |
50.057
|
31.519
|
7.810 |
|
Total
Current Liabilities |
1003.004
|
585.593
|
516.877
|
|
|
Net Current Assets |
1475.304
|
1113.886
|
962.690
|
|
|
|
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MISCELLANEOUS EXPENSES |
18.094 |
0.424 |
0.404 |
|
|
|
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TOTAL |
2947.900 |
2500.024 |
2292.731 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
|
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Income |
3218.026 |
2350.173 |
1620.666 |
|
|
|
Other Income |
48.452 |
45.899 |
5.495 |
|
|
|
TOTAL (A) |
3266.478 |
2396.072 |
1626.161 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material |
2300.529 |
1546.821 |
1067.821 |
|
|
|
Manufacturing expenses |
94.630 |
98.567 |
79.800 |
|
|
|
Personnel cost |
104.377 |
89.300 |
66.736 |
|
|
|
Administration expenses |
122.679 |
111.527 |
65.806 |
|
|
|
Selling and distribution expense |
95.693 |
70.087 |
53.387 |
|
|
|
Research and development expenses |
14.685 |
25.825 |
10.707 |
|
|
|
TOTAL (B) |
2732.593 |
1942.127 |
1344.257 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
533.885 |
453.945 |
281.904 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
170.388 |
175.155 |
76.578 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
363.497 |
278.790 |
205.326 |
|
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
77.371 |
74.342 |
55.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
286.126 |
204.448 |
149.855 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
67.237 |
61.913 |
47.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
218.889 |
142.535 |
102.355 |
|
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|
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|
Add |
PRIOR PERIOD
EXPENSES (NET) |
(24.119) |
0.000 |
0.000 |
|
|
|
PRIOR PERIOD
DEFERRED TAX |
13.599 |
0.000 |
0.000 |
|
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
422.057 |
283.422 |
191.067 |
|
|
|
|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
16.100 |
0.000 |
10.000 |
|
|
|
Interim Equity Dividend |
11.720 |
0.000 |
0.000 |
|
|
|
Preferences Dividend |
1.667 |
3.333 |
0.000 |
|
|
|
Dividend Distribution Tax |
2.275 |
0.567 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
598.664 |
422.057 |
283.422 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
389.208 |
352.707 |
NA |
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1168.685 |
837.949 |
NA |
|
|
|
Consumables |
0.321 |
0.167 |
NA |
|
|
TOTAL IMPORTS |
1169.006 |
838.116 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.61 |
20.96 |
15.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.70
|
5.95 |
6.29
|
|
|
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.89
|
8.70 |
9.25
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.87
|
6.93 |
5.34
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.28 |
0.27
|
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|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.14
|
3.06 |
3.89
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
2.90 |
2.86
|
LOCAL AGENCY FURTHER INFORMATION
RESULTS OF
OPERATIONS:
The company continues to witness growth across existing business and expects the momentum to continue in future also. To meet the growing needs of the global customers in outsourcing of products and services, The Company made substantial investment in increasing its manufacturing capacities and also the development of new Active Pharmaceutical Ingredients (API’s) during the last year and that has started yielding results from the year. As a result of which The Company continued to scale higher turnover.
Sales and other operating income of the Company recorded a growth of 36.33% to 3266.47 million as compared 2396.07 million in previous financial year. The net profit of the Company rose by 53.56% to 218.890 millions as compared Rs.142.540 millions in previous year. The company has achieved the export sales of 389.200 millions during the year.
In respect of CRAMS business the Company has received encouraging response from leading pharmaceuticals companies both in domestic and international market.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24220MH1986PLC038618 |
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Name of the
company |
CALYX CHEMICALS
AND PHARMACEUTICALS LIMITED |
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Address of the
registered office or of the principal place of business in |
Unit No. 2,
Marwah’s Complex, Marwah Estate, |
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Type of charge |
Book Debts Movable Property
(Not being pledge) Immovable
Property |
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Particular of
charge holder |
State Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods and assets |
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Date of
instrument Creating the charge |
13.09.2010 |
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Amount secured by
the charge |
Rs.300.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 4.25% above base
rate present effective rate 12.00% p.a. (floating) payable monthly Terms of
Repayment
Extent and
Operation of the charge First Pari-Passu charge
on Fixed Assets of the Company with other existing/proposed term lenders,
present and future. Second Charge on
current assets of the Company |
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Short particulars
of the property charged |
I)
Land
along with factory building constructed on plot bearing No. W-211, W-212
& W-213 in Dombivali Industrial Estate II)
Land
along with factory building constructed on plot bearing Plot No. W-215,
W-216, W-217 Dombivali Industrial Estate III)
Office
premises at Unit No. 02, Ground Floor, Marwah Complex, Marwah Industrial Estate,
Andheri (E), Mumbai – 72 IV)
Office
premises at Unit No. 110, 1st Floor, Marwah Complex, Marwah Industrial
Estate, Andheri (E), Mumbai – 72 V)
Plot
no. - N-91, N-102,M-4, M-15 etc. in Tarapur Industrial Area and Building thereon |
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Air Conditioner
·
Computer
·
Electrical Installation
·
Furniture and Fixture
·
Laboratory Equipments
·
Vehicles
·
Office Equipments
·
Air Conditioner
·
Computer
WEBSITE DETAILS:
HISTORY:
CALYX is an US FDA
inspected Active Pharmaceutical Ingredient manufacturer with excellent
custom synthesis capabilities. Corporate head quarter is located in the
commercial hub of
Calyx was founded in
1979 and is a fast growing organization that has made its presence felt
worldwide. Started as a three man team, Calyx is now a four hundred
plus organization, consisting of dedicated
professionals and R and D scientists. This team and infrastructure
give Calyx the competitive edge over others in gram/ kilogram synthesis
and multi-ton manufacturing.
OVERVIEW:
·
Offers APIs and Custom Synthesis Services meeting
International Quality Standards.
·
Globally recognized as the largest supplier of
Pyrazinamide, an Anti tuberculosis drug.
·
·
Research and Technology driven.
·
Production facilities and Custom Synthesis
department designed to service the client requirements.
·
Capabilities from grams to large tonnage in
compliance with cGMP standards.
·
Meeting
·
Readiness to meet customer needs
They look forward to partner with global players to expand our
prestigious client base.
MANAGEMENT:
The management team is led by the Chairman Emeritus, CMD and President – R and D, supported by other Vice Presidents who are senior professionals and scientists heading all business functions.
Chairman Emeritus and
Founder Director
Bharat Mehta joined Calyx in 1991. He has wide business
experience in Chemicals and Information Technology
businesses. He is on the Board of Directors with various companies in
Chairman and Managing
Director
Calyx was founded by Smitesh Shah in 1979. He is
widely connected with Pharmaceutical Industry. He is a member of DCAT and an
active member of various associations in
President (R and D)
Dr. Bansi Lal joined Calyx in 2005 as President – R
and D. A distinguished Scientist having work experience of 35 years in Drug
Discovery and Synthesis Chemistry.
MILESTONES:
· ISO 14001 recertification from Bureau Veritas Certification, certificate is valid untill July 2013
·
ISO 9001:2008 recertification from Bureau Veritas
Certification, certificate is valid untill 2012
·
·
Calyx completes 25 yrs in Aug 2004
·
Zopiclone USDMF submitted on June 2000 - DMF No
15518
·
Pyrazinamide USDMF submitted on June 2000 DMF No
15553
·
Tarapur division received safety awards from
National Safety Council (MC) for achieving “Lowest Accident Frequency Rate”
during last three consecutive years.
·
Calyx won the IDMA Quality
Excellence Award 2007 – Silver Award - In the category of
Bulk Drug Units
·
R and D Centre is approved by Department of
Scientific and Industrial Research, Government of India.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
|
|
1 |
Rs.73.57 |
|
Euro |
1 |
Rs.63.68 |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.