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MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
OCIMUM BIOSOLUTION (INDIA)
LIMITED |
|
|
|
|
Registered
Office : |
6th Floor Reliance Classic, Road No.1, Banjarahills,
Hyderabad-500034, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
12.03.2001 |
|
|
|
|
Com. Reg. No.: |
01-036378 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 218.919 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72100AP2001PLC036378 |
|
|
|
|
Legal Form: |
A Closely held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
The Company is engaged in the development of computer software, manufacturing
of Microarrays chips and Oligonuclectides. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 33000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appear
some accumulated losses being 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 for business dealings with some cautions
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/Corporate Office : |
6th Floor Reliance Classic, Road No.1, Banjarahills,
Hyderabad-500034, Andhra Pradesh, India |
|
Tel. No.: |
91-40-66986700 |
|
Fax No.: |
91-40-66627205 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Anuradha Acharya |
|
Designation : |
Managing Director |
|
Address : |
Plot No.435/A, Road No. 20, Jubilee Hills, Hyderabad-500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
27.06.1972 |
|
Date of Appointment : |
12.03.2001 |
|
|
|
|
Name : |
Mr. Subash Venkata Lingareddy |
|
Designation : |
Director, |
|
Address : |
Plot No.435/A, Road No. 20, Jubilee Hills, Hyderabad-500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
09.12.1971 |
|
Date of Appointment : |
12.03.2001 |
|
|
|
|
Name : |
Mrs.Sujata Pammi |
|
Designation : |
Director |
|
Address : |
3704 Sumterway Carmel Indiana-46032, USA |
|
Date of Birth/Age : |
31.10.1958 |
|
Date of Appointment : |
01.10.2005 |
|
|
|
|
Name : |
Mr. Rammohan Rddy Venkata Bodanapu |
|
Designation : |
Director |
|
Address : |
1020 Road No. 46, Jubilee Hills, Hyderabad -500034, Andhra Pradesh |
|
Date of Birth/Age : |
12.10.1950 |
|
Date of Appointment : |
01.10.2005 |
|
|
|
|
Name : |
Mrs. Jayasuriya Kusum Anula |
|
Designation : |
Director |
|
Address : |
2610 Torelloln, losaltoshls, California -94022, USA |
|
Date of Birth/Age : |
19.12.1956 |
|
Date of Appointment : |
16.03.2007 |
|
|
|
|
Name : |
Mr. Ramanan Raghavendran |
|
Designation : |
Director |
|
Address : |
116w 29th Apt 6, New york-10001, USA |
|
Date of Birth/Age : |
14.1101968 |
|
Date of Appointment : |
07.02.2008 |
|
|
|
|
Name : |
Mr. Abhishek Maheshwari |
|
Designation : |
Director |
|
Address : |
B-25, Kalpataru Habitat, Dr. S.S. Rao Road, Parel, Mumbai-400012,
Maharashtra, India. |
|
Date of Birth/Age : |
22.12.1974 |
|
Date of Appointment : |
07.02.2008 |
|
|
|
|
Name : |
Mr.David U. Prichard |
|
Designation : |
Director |
|
Address : |
121, Pine Street, Philedelphia-19106 |
|
Date of Birth/Age : |
27.05.1948 |
|
Date of Appointment : |
19.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preference Shares |
|
Anuradha Acharya |
100 |
- |
|
Sunitha Lingareddy |
100 |
|
|
Subash Venkata Lingareddy |
215,030 |
- |
|
Sunil Venkata Lingareddy |
876,600 |
- |
|
Gargi Pammi |
100 |
- |
|
Mangama Avutu |
100 |
- |
|
Kumar Phani |
100 |
- |
|
Anuradha Acharya and Subash V. Lingareddy |
2,344,170 |
- |
|
Subba Reddy Venkata LinGareddy |
255,000 |
- |
|
Kumar Nanda Bridavolu |
8,000 |
- |
|
Kumar Shravan Karpuram |
10,000 |
- |
|
Sujata Pammi |
940,000 |
- |
|
Winzer Ludwig |
37,931 |
- |
|
Ocimum Employees Welfare Trust |
744,069 |
- |
|
International Finance Corporation |
500 |
13,135,215 |
|
Kubera Cross Border Fund Mauritius Limited |
1,000 |
3,818,162 |
As on 20.12.2010
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preference Shares |
|
L.V. Subash and Anuradha Acharya |
2,413,670 |
- |
|
Dr. L. Sunitha |
215,030 |
- |
|
Dr. L.V. Subba Reddy |
255,000 |
- |
|
L.V. Sunil |
876,600 |
- |
|
P.Gargi |
100 |
- |
|
A. Managamma |
100 |
- |
|
Dr. M.S. Phani Kumar |
100 |
- |
|
Dr. Sujata Pammi |
940,000 |
- |
|
Ludwig Winzer |
37,931 |
- |
|
Shravn |
10,000 |
- |
|
Nanda Kumar B |
8,000 |
- |
|
Trust (Ocimum Employee’s Welfare Trust) |
744,069 |
- |
|
Internation Finance Corporation |
500 |
13,135,215 |
|
Kubera Cross Border Fund Mauritius Limited |
1,000 |
3,818,162 |
|
Total |
5,502,100 |
16,953,377 |
As on 30.09.2010
|
Equity Share
Breakup |
|
Percentage
of Holding |
|
Category |
|
|
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institut6ion(s), Non-resident Indian(s) or
Overseas corporate bodies or Others) |
|
00.72 |
|
Directors/ Relative of Directors |
|
85.76 |
|
Other top 50 shareholders(Other than those listed above) |
|
13.52 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the development of computer software, manufacturing
of Microarrays chips and Oligonuclectides. |
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|
Products : |
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GENERAL INFORMATION
|
Bankers : |
Axis Bank Limited -6-3-879/b, Green Lands Road, Begumpet,
Hyderabad-500016, Andhra Pradesh, India. |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
SR Batliboi and Associates Chartered Accountant |
|
Address : |
205, 2nd Floor, Ashoka Bhoopal Chambers, Sardar Patel Road, Secunderabad -500003,
Andhra Pradesh, India |
|
PAN: |
AABFS3421N |
|
|
|
|
Associates/Subsidiaries : |
Ocimum Biosolution Inc, USA |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12,000,000 |
Equity Share |
Rs.10/- each |
Rs.120.000 Million |
|
20,000,000 |
Preference Share |
RS.10/- each |
Rs. 200.000 Million |
|
|
|
|
|
|
32,000,000 |
TOTAL |
|
Rs.320.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,502,100 |
Equity Share |
Rs.10/- each |
Rs.55.021 Million |
|
16,953,377 |
Preference Share |
Rs.10/- each |
Rs.169.533
Million |
|
|
|
|
|
|
22,455,477 |
TOTAL |
|
Rs.224.554 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
218.919 |
218.919 |
147.355 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
621.361 |
573.915 |
67.536 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
840.280 |
792.834 |
214.891 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
226.134 |
153.483 |
151.443 |
|
|
2] Unsecured Loans |
31.450 |
35.478 |
45.899 |
|
|
TOTAL BORROWING |
257.584 |
188.961 |
197.342 |
|
|
DEFERRED TAX LIABILITIES |
7.671 |
8.099 |
6.389 |
|
|
|
|
|
|
|
|
TOTAL |
1105.535 |
989.894 |
418.622 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
203.388 |
188.227 |
164.015 |
|
|
Capital work-in-progress |
44.286 |
1.284 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
461.540 |
94.855 |
94.855 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.658
|
23.140 |
22.485 |
|
|
Sundry Debtors |
246.145
|
147.562 |
72.166 |
|
|
Cash & Bank Balances |
4.117
|
87.590 |
6.860 |
|
|
Other Current Assets |
15.055
|
0.000 |
0.000 |
|
|
Loans & Advances |
160.131
|
460.444 |
93.874 |
|
Total
Current Assets |
450.106
|
718.736 |
195.385 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.338
|
15.799 |
40.258 |
|
|
Other Current Liabilities |
6.856
|
7.557 |
5.643 |
|
|
Provisions |
8.373
|
1.984 |
1.458 |
|
Total
Current Liabilities |
63.567
|
25.340 |
47.359 |
|
|
Net Current Assets |
386.539
|
693.396 |
148.026 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
9.782 |
12.132 |
11.726 |
|
|
|
|
|
|
|
|
TOTAL |
1105.535 |
989.894 |
418.622 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
196.119 |
162.853 |
87.181 |
|
|
|
Other Income |
37.999 |
1.403 |
3.390 |
|
|
|
TOTAL (A) |
234.118 |
164.256 |
90.571 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Material
Consumed |
16.403 |
4.340 |
2.058 |
|
|
|
Personal Expenses |
66.073 |
54.395 |
33.265 |
|
|
|
|
Selling and Administrative Expenses |
49.657 |
46.309 |
30.285 |
|
|
|
Royalty on sales |
0.448 |
0.816 |
1.156 |
|
|
|
Miscellaneous expenditure written off |
2.350 |
2.349 |
1.955 |
|
|
|
Transferred from revaluation reserve |
(2.420) |
(2.420) |
(4.840) |
|
|
Prior period items |
0.000 |
0.000 |
3.269 |
|
|
|
|
TOTAL (B) |
132.511 |
105.789 |
67.148 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
101.607 |
58.467 |
23.423 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.778 |
25.670 |
9.479 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
82.829 |
32.797 |
13.944 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.543 |
18.528 |
14.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
60.286 |
14.269 |
(0.674) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.273 |
3.814 |
4.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
56.013 |
10.455 |
(4.979) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28.947 |
18.491 |
23.471 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
84.960 |
28.946 |
18.492 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
N.A. |
142.210 |
76.777 |
|
|
TOTAL EARNINGS |
N.A. |
142.210 |
76.777 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Imports of consumables and fixed assets |
N.A. |
21.957 |
43.750 |
|
|
TOTAL IMPORTS |
N.A. |
21.957 |
43.750 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.77 |
2.20 |
(1.18) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
23.92
|
6.36 |
(5.49) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
30.73
|
8.76 |
(0.77) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.22
|
1.57 |
(0.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.01 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.27 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.08
|
28.36 |
4.12 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporate
identity number of the company |
U72100AP2001PLC036378 |
|
Name of the
company |
OCIMUM BIO
SOLUTIONS (INDIA) LIMITED |
|
Address of the
registered office or of the principal place of business in |
6th Floor Reliance Classic, Road No.1, Banjarahills,
Hyderabad-500034, Andhra Pradesh, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable
Property Others: Excl.
First Charge on FA Bought with above T. Loan. |
|
Particular of
charge holder |
Name: AXIS BANK
LIMITED Address:
6-3-879/b, Green Lands Road, Begumpet, Hyderabad-500016, Andhra Pradesh,
India. E-Mail: BL.Sailaja@axisbank.com |
|
Nature of
instrument creating charge |
Sanction Letter
From The Bank Memorandum of
Entry Supplemental Deed
of Hypothecation Dated 06.04.2010 |
|
Date of
instrument Creating the charge |
06.04.2010 |
|
Amount secured by
the charge |
Rs.180.000
Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
BPLR-3%PA.i.e. presently at 11.75% Terms of
Repayment: To be Repaid in 20 Quarterly installments of Rs.5.000 Million Each
Starting From February 2011. Margin: For CC:
Inventory :25 % Book Debts (Cover
Period 120 days) 25% For Term Loan:
55.85% Extent and
Operation of the Charge: First Charge in the Entire unencumbered Fixed Assets
of the Company Both Present and Future Assets Ranking Paripassu With IFC Exclusive First
Charge on the Entire Fixed Assets of the Company Purchased From the Proposed
Term Loan Excluding Land and Building (Which Would Be Charged Paripassu With
IFC) Extension of Fist
Paripassu Charge on the Entire Current Assets, Present and Future of the
Company. |
|
Short Particulars
of the Property or assets |
As per Sanction
Letter Exclusive First
Charge on the Fixed Assets Purchased Using the Term Loan From Axis Bank. |
|
Charge
identification number of the charge to be modified |
1001181 |
|
Particulars of
the present modification |
Limit Enhanced
From Rs.80.000 Millions to Rs.180.000
Million As Follows: Cash Credit:
Rs.50.000 Million SBLC: Rs.30.000
Million Term Loan New:
Rs.100.000 Millions Total Limit
Stands At Rs.180.000 Millions |
Review of Operations:
During the year, your company projected a satisfying performance. Out of
the three division of the company namely, Bio IT, Bio Molecules and Bio
Research, Bio IT divisions excelled in its performance and other lagged
slightly due to the present global scenario and slump in the market. On the
whole the performance was gratifying.
Bio IT:
The Bio IT division of the company especially the Info Products had
demonstrated excellent performance making it the most profitable business this
year. Apart from maintaining the current customers, company was successful
acquiring new clientele also. The company also won the single largest license
of $ 5.5 Million, which has added a new feather in the cap of the company. Your
company has introduced a new Information products and services known as RAAS
(Research as Service).
Bioresearch:
During the year, this division depicted a significant increase in the
Master Service Agreements (MSA’s) that is grat move towards building strong
customers relationships. This division has added new service lines like the
Illumina and Biotrove platform.
Bio Molecules:
This division depicted a sluggish growth due to slump in sale, which can
partly be attributed to the global economic scenario.
Fixed Assets:-
§
Land and Building
§
Leasehold improvement
§
Computers
§
Furniture and Fixtures
§
Computer on finance lease
§
Plants and Machinery
§
Vehicles
§
Product software
§
Licenses
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.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.