MIRA
INFORM REPORT
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Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
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Name : |
PROCTER AND GAMBLE HOME PRODUCTS LIMITED |
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Registered Office : |
P and G Plaza, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
19.01.1989 |
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Com. Reg. No.: |
11-50398 |
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Capital
Investment/ Paid-up Capital: |
Rs.148.922
Millions |
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CIN No.: [Company
Identification No.] |
U24240MH1989PLC050398 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP10704B |
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PAN No.: [Permanent
Account No.] |
AAACP4643H |
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Legal Form : |
A Closely held public limited liability company. |
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Line of Business : |
Manufacturer and Exporter of Cosmetics, Toiletries and
Skin Health and Beauty Care Products. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 13000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company and a part of
Procter and Gamble Group Worldwide. The company has incurred huge losses in the
current year (i.e.2010-11). There appears some accumulated losses recorded by
the company. However, financial position appears to be good. 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 slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management Non Co-Operative
LOCATIONS
|
Registered Office : |
P and G Plaza, |
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Tel. No.: |
91-22-28266000 / 40543618 |
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Fax No.: |
91-22-56939696 / 66939698 |
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E-Mail : |
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Website : |
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Factory : |
Plot 182, Sector A, Industrial Area, Mandideep, District
Raisen-462010, |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Shantanu Khosla |
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Designation : |
Managing Director |
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Address : |
63 Silverene, Ground Floor, Khan Abdul Gaffar Road, Worli, Mumbai-
400030, Maharashtra, India |
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Date of Birth/Age : |
25.01.1960 |
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Date of Appointment : |
01.08.2007 |
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DIN No.: |
00059877 |
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Name : |
Mr. Deepak Jagdish Acharya |
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Designation : |
Director |
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Address : |
IIB, 1203, Dheeraj Guarav Heights, Off New Link Road, Andheri, Mumbai-
400053, Maharashtra, India |
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Date of Birth/Age : |
18.09.1967 |
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Date of Appointment : |
01.08.2007 |
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DIN No.: |
01658028 |
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Name : |
Mr. Tapan Janardan Buch |
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Designation : |
Director |
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Address : |
Odessey 1, Flat No.1001, 10th Floor, Hiranandani Gardens,
Powai, Mumbai – 400 076, Maharashtra, India |
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Date of Birth/Age : |
10.10.1972 |
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Date of Appointment : |
08.03.2010 |
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DIN No.: |
02910029 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Harlalka |
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Designation : |
Secretary |
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Address : |
C-706 |
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Date of Birth/Age : |
18.07.1976 |
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Date of Appointment : |
01.01.2008 |
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PAN No.: |
AARPH3859D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Procter and Gamble Overseas |
19492241 |
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Procter and Gamble Far East Incorporation - USA |
1 |
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Procter and Gamble NDP Incorporation – |
1 |
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The Procter and Gamble Company - |
1 |
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The Procter and Gamble Distribution Company Limited – |
1 |
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The Procter and Gamble Manufacturing Company – |
1 |
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Procter and Gamble |
1 |
|
Total |
19492247 |
As on 02.02.2012
List of allottees
|
Names of Allottees |
No. of Shares
Allotted |
|
Procter and Gamble Overseas |
3866667 |
As on 13.10.2011
List of allottees
|
Names of Allottees |
No. of Shares
Allotted |
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Procter and Gamble Overseas |
4800000 |
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Category |
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Percentage |
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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
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cosmetics, Toiletries and
Skin Health and Beauty Care Products. |
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Product : |
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Brand Names : |
Tide and Ariel |
PRODUCTION STATUS
(As On 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Cosmetics. Personal Products. |
Tones |
Not
Applicable |
2070 |
10951 |
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Toilet Preparations, etc |
KIs |
53600 |
53600 |
25119 |
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Soaps and Detergents |
Tones |
Not
Applicable |
264000 |
294637 |
GENERAL INFORMATION
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No. of Employees
: |
Information declined by the management. |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Pan No.: |
AACFD4815A |
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Ultimate Holding Company : |
·
The Procter and Gamble Company - USA |
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Holding Company : |
·
Procter and Gamble Overseas India B.V, The
Netherlands |
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Fellow Subsidiaries: |
·
Procter and Gamble Asia Pte Limited (MROH) ·
The Procter and Gamble Distributing LLC ·
Procter and Gamble Hygiene and Health Care
Limited ·
Procter and Gamble Sri Lanka Private Limited ·
Procter and Gamble Asia Pte Limited ·
Procter and Gamble International Operations SA ·
Procter and Gamble Innovation Godo Kaisha ·
Procter and Gamble International Operations Pte
Limited ·
Procter and Gamble (Guangzhou) Limited ·
Procter and Gamble International Operations SARL ·
Procter and Gamble US Business Services Company ·
Procter and Gamble Philippines INC. ·
Procter and Gamble Technology (Beijing) Company
Limited ·
Procter and Gamble Malaysia SDN BHD ·
Wella India Hair Cosmetics Private Limited ·
Procter and Gamble Asia Pte Limited ·
Modern Products Company ·
Fameccanica Machinery (Shanghai) Company ·
Procter and Gamble Tuketim Mallari Sanayii A.S ·
Procter and Gamble IndoChina Vietnam ·
Procter and Gamble Manufacturing GMBH ·
Gillette India Limited ·
Procter and Gamble Industrial Peru S.R.L. |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.300.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.281.589 Millions
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity Share |
Rs.10/- Each |
Rs.160.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14892247 |
Equity Share |
Rs.10/- Each |
Rs.148.922
Millions |
NOTE
14892247 (Previous
year: 11292247) Equity shares of Rs. 10 each fully paid up All the 14892247 Equity
shares (Previous year: 11292247) are held by the ultimate holding company, The
Procter and Gamble Company, USA and its subsidiaries, of which 14892241 Equity
(Previous year : 11292241) shares are held by Procter and Gamble Overseas India
BV, Netherlands.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
148.922 |
112.922 |
112.922 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3228.450 |
3708.827 |
1797.729 |
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4] (Accumulated Losses) |
(191.401) |
0.000 |
0.000 |
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NETWORTH |
3185.971 |
3821.749 |
1910.651 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
6305.030 |
3405.844 |
3283.908 |
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TOTAL BORROWING |
6305.030 |
3405.844 |
3283.908 |
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DEFERRED TAX LIABILITIES |
0.000 |
179.419 |
73.426 |
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TOTAL |
9491.001 |
7407.012 |
5267.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5300.384 |
4474.445 |
3273.998 |
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Capital work-in-progress (including advances on capital account) |
3033.317 |
990.572 |
898.960 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
3191.448
|
2206.858
|
2060.097 |
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Sundry Debtors |
1928.288
|
1406.701
|
574.918 |
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Cash & Bank Balances |
132.865
|
84.821
|
63.858 |
|
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Other Current Assets |
0.052
|
0.062
|
0.013 |
|
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Loans & Advances |
2018.295
|
1520.894
|
1155.852 |
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Total
Current Assets |
7270.948
|
5219.336
|
3854.738 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
5823.658
|
2903.352
|
2452.891 |
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Current Liabilities |
115.264
|
251.283
|
221.548 |
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Provisions |
174.726
|
122.706
|
85.272 |
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Total
Current Liabilities |
6113.648
|
3277.341
|
2759.711 |
|
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Net Current Assets |
1157.300
|
1941.995
|
1095.027 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
9491.001 |
7407.012 |
5267.985 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
28329.418 |
21041.694 |
12743.527 |
|
|
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Other Income |
305.225 |
457.174 |
111.135 |
|
|
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TOTAL (A) |
28634.643 |
21498.868 |
12854.662 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
15140.951 |
9370.984 |
5923.907 |
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|
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Manufacturing service costs |
4073.615 |
1848.242 |
1073.655 |
|
|
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Employee related expenses |
1500.306 |
1204.242 |
714.827 |
|
|
|
Administrative selling other expenses |
10522.240 |
6031.759 |
5162.341 |
|
|
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TOTAL (B) |
31237.112 |
18455.227 |
12663.269 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(2602.469) |
3043.641 |
191.393 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
380.287 |
207.124 |
243.843 |
|
|
|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2982.756) |
2836.517 |
(52.450) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
532.441 |
406.326 |
217.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(3515.197) |
2430.191 |
(269.830) |
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|
|
|
|
|
|
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Less |
TAX (I) |
(179.418) |
519.093 |
(152.060) |
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|
|
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|
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|
PROFIT AFTER TAX
(G-I) (J) |
(3335.779) |
1911.098 |
(117.770) |
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|
|
|
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3144.377 |
1233.279 |
1351.049 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(191.402) |
3144.377 |
1233.279 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
73.416 |
|
|
|
Other Earnings |
NA |
NA |
4.281 |
|
|
TOTAL EARNINGS |
NA |
NA |
77.697 |
|
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
849.121 |
|
|
|
Packing Materials |
|
|
70.669 |
|
|
|
Stores & Spares |
|
|
37.528 |
|
|
|
Capital Goods |
|
|
182.141 |
|
|
TOTAL IMPORTS |
NA |
NA |
1139.459 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(272.11) |
169.24 |
(10.43) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(11.65) |
8.89 |
(0.92) |
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Net Profit Margin (PBT/Sales) |
(%) |
(12.41) |
11.55 |
(2.12) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(27.96) |
25.07 |
(3.79) |
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
1.10 |
0.64 |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.90 |
1.75 |
3.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.59 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
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8) No. of employees |
No |
|
9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
5823.658
|
2903.352
|
2452.891 |
|
|
|
|
|
PERFORMANCE
During the
Financial Year, sales at Rs. 28329.400 Millions were up by 35% against sales of
Rs. 21041.700 Millions of the previous Financial Year, driven by all round
growth in all the categories we operate in.
Loss Before Tax
(LBT) at Rs. 3515.200 Millions was up when compared to a PBT of Rs. 2430.200
Millions for the previous Financial Year
BUSINESS REVIEW:
During the year
the Company’s products in Laundry categories recorded an strong growth on sales
and volumes. The Company introduced value tier “Tide Natural” during the fiscal
and now has coverage and penetration at an all time high.
In the Hair Care
categories also the Company recorded an increase in the sale and the volume
share. Both brands “Pantene” and “Head and Shoulders” contributed to the
increase in sales.
In the Diaper
category, sales of “Pampers” continue to grow in sales and volume share.
“Pampers” continues to be most widely available brand in the category. The
Finance Bill 2010 introduced excise duty on Baby Care with effect from March 1,
2010. This has impacted the results negatively for the year.
The Skin Care
business of the Company continues to record increase both in value and volume
share.
Earnings are
negative because of:
1. Drop in margin
laundry and baby care business.
2. Introduction of
excise duty on Baby care and increase in excise rates for Laundry.
3. Higher Advertisement
and promotion expenditure.
4. Introduction of royalty payments to the parent company.
CONTINGENT LIABILITIES (AS ON 31.03.2011):
(i) In respect of
Income Tax demands for which the company has preferred appeals with appropriate
authorities - Rs. 691.863 Millions (Previous year : Rs. 201.071 Millions)
The contingent
liability is in respect of income tax matters relating to disallowances on
account of suppression of gross profit, media production cost and other
matters.
(ii) In respect of
Sales tax matters for which the company has preferred appeals with appropriate
authorities - Rs. 387.382 Millions (Previous year Rs. 265.012 Millions) The
liability is in respect to matters related to non submission of "C" /
"F" forms Rs. 48.443 Millions (Previous year Rs. 83.454 Millions),
Incomplete accounts books Rs. 16.607 Millions (Previous year Rs. 16.761
Millions), Brand holder issues Rs. 116.932 Millions (Previous year Rs 0.814
Millions), Valuation Rs. 145.073 Millions (Previous year Rs. 145.073 Millions)
and Others Rs 60.327 Millions (Previous year Rs. 18.910 Millions).
(iii) In respect
of Excise and Service tax matters for which the company has preferred appeals
with appropriate authorities - Rs. 127.690 Millions (Previous year Rs. 134.587 Millions)
'The liability is in respect to matters related to valuation of detergents Rs
95.099 Millions (Previous year Rs 102.481 Millions) applicability of service
tax on foreign payments Rs. 16.098 Millions (Previous year Rs. 16.098 Millions)
denial of cenvat credit Rs. 11.794 Millions (Previous year Rs. 11.794 Millions)
and others Rs. 4.214 Millions (Previous year Rs. 4.214 Millions)
(iv) In respect of
counter guarantees given to bank against guarantees given by bank - Rs. 20.359
Millions (Previous year Rs. 16.080 Millions) At the request of the Company, its
banks have issued guarantees in the event of the Company failing to fulfill its
performance obligation under various commercial agreements. The Company has
issued counter guarantees to the banks in respect of these guarantees.
(v) In respect of
other claims - Rs. 12.500 Millions (Previous year : Rs. 15.697 Millions) The
Company is a party to various legal proceedings in the normal course of
business. The Company does not expect the outcome of these proceedings to have
a material adverse effect on the Company's financial conditions, results of
operations or cash flows.
(vi) Contractual
commitments in terms of various agreements entered with vendors for production
of goods Rs. 31.500 Millions ( Previous year Rs. 38.145 Millions)
(vii) In respect of demand from Employees State Insurance Corporation -
Rs. 27.196 ( Previous year Rs. Nil).
FIXED ASSETS
- Land – Freehold
- Land- Leasehold
- Building
- Plant and Machinery
- Furniture and Fixture
- Computer and Office Equipments
- Moulds and Dies
- Vehicles
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.52.23 |
|
|
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.