MIRA INFORM REPORT
|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
MYLAN PHARMACEUTICALS PRIVATE LIMITED (w. e. f. 08.08.2011) |
|
|
|
|
Formerly Known
As : |
MYLAN INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
One India Bulls Centre, Tower 2-B, 7th Floor, 841, Senapati Bapat
Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra |
|
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|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2011 |
|
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|
Date of
Incorporation : |
03.03.1997 |
|
|
|
|
Com. Reg. No.: |
11.106287 |
|
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Capital
Investment / Paid-up Capital : |
Rs. 199.050 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100MH1997PTC106267 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM9323J |
|
|
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
To carry on the business of research and development of
products, processes and systems, investigation and experiment on drugs,
pharmaceuticals and chemicals of any nature and kind whatsoever for and on
behalf of Group Companies, production of bulk pharmaceuticals and chemicals,
trading in pharmaceutical products, provide consultancy services and
manufacture on loan licensing. |
|
|
|
|
No. of Employees
: |
Information Denied By Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established of ‘Mylan Group B. V., Netherlands. It is an
established company having moderate track. The Latest financials are not made available. The management has also
denied to disclose any details of the subject to us. As per previous year’s record, the company has incurred loss from its
operations. However, trade relations are reported as fair. Business is active.
Payments terms are unknown in absence of latest financials. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
STANDARD AND POOR |
|
Rating |
BBB : LONG TERM CREDIT RATINGS |
|
Rating Explanation |
Adequate protection parameters. However, adverse economic conditions or charging circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. |
|
Date |
November 20, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Jignesh Dave |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-33021000 |
|
Date : |
12.12.2012 |
LOCATIONS
|
Registered Office : |
One India Bulls Centre, Tower 2-B, 7th Floor, 841, Senapati Bapat
Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-33021000 |
|
Fax No.: |
91-22-32021090 |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Abhay Sudhir Gaitonde |
|
Designation : |
Director |
|
Address : |
B 1102, Vikas Palms, Dr. Ambedkar Road, Charai, Thane (West), Mumbai –
400602, Maharashtra, India |
|
Date of Birth/Age : |
27.10.1966 |
|
Date of Appointment : |
01.02.2008 |
|
DIN No.: |
02058773 |
|
|
|
|
Name : |
Mr. Ramamoorthy Jayakumar |
|
Designation : |
Director |
|
Address : |
101, Creative Palace, 10-2-88, R. No. 3, SR. No. 7, W. Marredpally,
Secunderabad, Andhra Pradesh, India |
|
Date of Birth/Age : |
09.04.1971 |
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Qualification : |
B. Sc |
|
Experience : |
18 Years |
|
Date of Appointment : |
07.10.2009 |
|
DIN No.: |
02819800 |
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|
|
|
Name : |
Mr. Anirudh Raghavender Deshpande |
|
Designation : |
Director |
|
Address : |
2-1-415/A, St No. 4 Nallakuna, Hyderabad – 500044, Andhra Pradesh,
India |
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Date of Birth/Age : |
14.04.1963 |
|
Date of Appointment : |
28.09.2012 |
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DIN No.: |
03256804 |
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|
|
|
Name : |
Mr. Preetish Mohan Toraskar |
|
Designation : |
Whole-time director |
|
Address : |
B-6, Greenland, Plot No. 32, Sector 16-A, Vashi, Navi Mumbai – 400703,
Maharashtra, India |
|
Date of Birth/Age : |
11.09.1970 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05299763 |
|
|
|
|
Name : |
Mr. Gopalji Mehrotra |
|
Designation : |
Director |
|
Address : |
26, Hill Ridge Villas ISB Road, Gachibowli , Hyderabad – 500032,
Andhra Pradesh, India |
|
Date of Birth/Age : |
28.01.1967 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05302378 |
KEY EXECUTIVES
|
Name : |
Mr. Ashwini Khandlikar |
|
Designation : |
Secretary |
|
Address : |
House No. 3-4-512/58 Barkatpura, Himayatnagar, Hyderabad – 500027,
Andhra Pradesh, India |
|
Date of Birth/Age : |
01.02.1980 |
|
Date of Appointment : |
16.09.2011 |
|
PAN No.: |
AQAPK5399L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mylan Group B. V, Netherlands |
|
9999998 |
|
Mylan B.V , Netherlands |
|
2 |
|
Total |
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of research and development of
products, processes and systems, investigation and experiment on drugs,
pharmaceuticals and chemicals of any nature and kind whatsoever for and on
behalf of Group Companies, production of bulk pharmaceuticals and chemicals,
trading in pharmaceutical products, provide consultancy services and
manufacture on loan licensing. |
||
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|
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||
|
Products : |
|
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Active Pharmaceuticals Ingredients |
Kg |
|
504-6240 |
123.76 |
Note :
- Licensed capacity is not applicable in terms of the Government of India Notification No. 477(E) dated 25thJuly 1991.
- The licensed and installed capacities are as certified by management.
- Includes captive consumption
GENERAL INFORMATION
|
No. of Employees : |
Information Denied By Management |
|
|
|
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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PAN No.: |
AACFD3771D |
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|
|
|
Related Parties : |
Mylan Laboratories India Limited, India CIN No.: U24231AP1984PLC005146 |
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|
|
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Fellow Subsidiaries
: |
CIN No.: U74140DL2007PTC157347
|
|
|
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Ultimate Holding
Company : |
Mylan Inc., U.S.A. |
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|
|
|
Holding Company : |
Mylan Group B. V., Netherlands |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
10000000 |
Preferences Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
9904986 |
Preferences Shares |
Rs.10/- each |
Rs. 99.050 Millions |
|
|
Total |
|
Rs. 199.050
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
199.050 |
199.050 |
199.050 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
189.157 |
322.042 |
322.042 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
388.207 |
521.092 |
521.092 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
42.696 |
42.696 |
|
|
|
|
|
|
|
|
TOTAL |
388.207 |
563.788 |
563.788 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.567 |
373.506 |
373.506 |
|
|
Capital work-in-progress |
214.742 |
7.985 |
7.985 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.939 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
88.456 |
88.456 |
|
|
Sundry Debtors |
135.426
|
136.894 |
136.894 |
|
|
Cash & Bank Balances |
151.405
|
33.724 |
33.724 |
|
|
Other Current Assets |
8.276
|
0.753 |
0.000 |
|
|
Loans & Advances |
39.453
|
48.527 |
49.280 |
|
Total
Current Assets |
334.560
|
308.354 |
308.354 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
93.605
|
65.352 |
67.571 |
|
|
Other Current Liabilities |
57.155
|
6.458 |
4.239 |
|
|
Provisions |
20.841
|
54.247 |
54.247 |
|
Total
Current Liabilities |
171.601
|
126.057 |
126.057 |
|
|
Net Current Assets |
162.959
|
182.297 |
182.297 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
388.207 |
563.788 |
563.788 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
484.805 |
548.723 |
548.723 |
|
|
|
Other Income |
7.943 |
11.035 |
11.035 |
|
|
|
TOTAL |
492.748 |
559.758 |
559.758 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
682.826 |
347.734 |
347.734 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(190.078) |
212.024 |
212.024 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
12.515 |
25.359 |
25.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(177.563) |
186.665 |
186.665 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(44.678) |
69.128 |
69.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(132.885) |
117.537 |
117.537 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
26.97 |
20.99 |
20.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
36.63 |
34.02 |
34.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
52.21 |
27.37 |
27.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46 |
0.36 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.44 |
0.24 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
2.45 |
2.45 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
(Rs in Millions)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Creditors |
93.605
|
65.352 |
67.571 |
|
Total
|
93.605
|
65.352 |
67.571 |
|
Sr. No. |
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 |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from Plot
1A/2, M.I.D.C. Industrial Estate Taloja, Panvel, District Raigad, Panvel –
410208, Maharashtra India to present address w.e.f. 30.06.2011
BACKGROUND
Mylan India Private Limited (‘the Company’) was incorporated on March 3, 1997 as a private limited company. The main objectives of the Company as amended on September 15, 2008 are to carry on the business of research and development of products, processes and systems, investigation and experiment on drugs, pharmaceuticals and chemicals of any nature and kind whatsoever for and on behalf of Group Companies, production of bulk pharmaceuticals and chemicals, trading in pharmaceutical products, provide consultancy services and manufacture on loan licensing. The object clause has been further amended to include purchase or otherwise acquire, maintain, sell and/or give on operating / finance lease all kinds of movable and /or immovable plant, machinery, equipment, medical equipment, office equipment or any other electronic and non electronic equipment relating to pharmaceutical and chemical industry.
Effective March 27, 2008 the name of the Company has been changed from Merck Development Centre Private Limited to Mylan Development Centre Private Limited. Effective September 15, 2008 the name of the Company was further changed from Mylan Development Centre Private Limited to Mylan India Private Limited. Effective August 08, 2011 the name of the Company has been changed from Mylan India Private Limited to Mylan Pharmaceuticals Private Limited. The amended Certificate of Incorporation was received from the Registrar of Companies.
During the year, Company has changed its statutory year from Calendar Year January to December to Financial Year April to March. As a result, the current statutory year is for a period from January 2010 to March 2011.
FIXED ASSETS
- Land
- Factory Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Computer
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. 54.23 |
|
|
1 |
Rs. 87.53 |
|
Euro |
1 |
Rs. 70.94 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
34 |
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.