MIRA INFORM REPORT
|
Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZENARA PHARMA PRIVATE LIMITED [ w.e.f. 23.07.2008] |
|
|
|
|
Formerly Known
As : |
DANMED PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 87-95, Phase – III, Industrial Dvelopment Area, Cherlapally,
Hyderabad – 500051, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
18.03.2004 |
|
|
|
|
Com. Reg. No.: |
01-042894 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.334.934 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239AP2004PTC042894 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDD01366B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD9399K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Drug Formulation. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1239000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company and there is continuous fall
in the sales turnover from last three years. However, network of the company seem to be strong. Trade relations are
reported to be fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
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.
LOCATIONS
|
Registered Office : |
Plot No. 87-95, Phase – III, Industrial Development Area, Cherlapally,
Hyderabad – 500051, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27260848 |
|
Fax No.: |
91-40-27260830 |
|
E-Mail : |
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|
Website : |
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|
DIRECTORS
As On 15.09.2011
|
Name : |
Mr. Gandarvakottai Rangaswamy Srinivasa Raghavan |
|
Designation : |
Director |
|
Address : |
43, Sagar Tarang, 81/83 Bhulabhai Desai Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
23.08.1965 |
|
Date of Appointment : |
06.12.2007 |
|
Qualification : |
B.Sc |
|
DIN No.: |
01855204 |
|
|
|
|
Name : |
Mr. Chalapathirao Venkata Naraparaju |
|
Designation : |
Director |
|
Address : |
69, Srinivasa Hills, Parvathapura, Uppal, Hyderabad – 500039, Andhra
Pradesh, India |
|
Date of Birth/Age : |
22.06.1952 |
|
Date of Appointment : |
02.11.2010 |
|
DIN No.: |
03270178 |
|
|
|
|
Name : |
Mr. Jaison Vazhakal Abraham |
|
Designation : |
Director |
|
Address : |
Flat – 4, Heather Society Bamanwada, Andheri (East) Mumbai – 400099
Maharashtra, India |
|
Date of Birth/Age : |
04.08.1961 |
|
Date of Appointment : |
17.10.2010 |
|
Qualification : |
B. Pharm |
|
DIN No.: |
01817600 |
|
|
|
|
Name : |
Mr. Arun Narayan |
|
Designation : |
Director |
|
Address : |
91, Stamford Green Road, Epsom , Surrey – KT187SR, United Kingdom |
|
Date of Birth/Age : |
19.02.1971 |
|
Date of Appointment : |
02.11.2010 |
|
DIN No.: |
01855201 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Sogani |
|
Designation : |
Company Secretary |
|
Address : |
C – 403, Panchsheel Apartment 493 B/1, G.T. Road, South Shibpur, Howrah
– 711102, West Bengal, India |
|
Date of Birth/Age : |
1.01.1979 |
|
Date of Appointment : |
23.03.2011 |
|
PAN No.: |
BAXPS5940M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 15.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nulife (Cyprus) Limited, Cyprus |
|
16411151 |
|
Zenara Pharma Limited, London, United Kingdom |
|
10 |
|
Camzena Holdings Limited, Mauritius |
|
17082258 |
|
Total |
|
33493419 |
Equity Share Break up (Percentage of Total Equity)
As On 15.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Drug Formulation. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
----- |
|
|
|
|
Auditors : |
|
|
Name : |
Akasam and Associates Chartered Accountants |
|
Address : |
“Akasam”, 10 – 1 – 17/1/1, Masab Tank, Hyderabad – 500004, Andhra
Pradesh, India |
|
PAN No.: |
AADFA6112E |
|
|
|
|
Holding Company: |
Nulife (Cyprus) Limited, Cyprus (As on 31.03.2010) |
|
|
|
|
Ultimate Holding Company: |
Cambrex Charles City Inc., Mauritius |
|
|
|
|
Other Related Party: |
[CIN NO.-
U24233MH2001PTC130909]
|
CAPITAL STRUCTURE
As On 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38000000 |
Equity Shares |
Rs.10/- each |
Rs.380.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33493419 |
Equity Shares |
Rs.10/- each |
Rs.334.934 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 |
334.934 |
323.901 |
40.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
283.901 |
|
|
3] Reserves & Surplus |
45.074 |
0.942 |
0.942 |
|
|
4] (Accumulated Losses) |
(70.289) |
(70.884) |
(40.562) |
|
|
NETWORTH |
309.719 |
253.959 |
284.281 |
|
|
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 |
17.103 |
12.350 |
|
|
|
|
|
|
|
|
TOTAL |
309.719 |
271.062 |
296.631 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
245.378 |
265.467 |
230.119 |
|
|
Capital work-in-progress |
0.632 |
0.000 |
9.304 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
7.233 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.531
|
5.617 |
40.136 |
|
|
Sundry Debtors |
9.526
|
5.419 |
7.098 |
|
|
Cash & Bank Balances |
46.148
|
0.420 |
43.233 |
|
|
Other Current Assets |
4.100
|
0.000 |
0.000 |
|
|
Loans & Advances |
23.925
|
30.796 |
19.875 |
|
Total
Current Assets |
99.230
|
42.252 |
110.342 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
28.032
|
11.387 |
45.776 |
|
|
Other Current Liabilities |
13.222
|
22.684 |
4.992 |
|
|
Provisions |
1.500
|
2.586 |
2.401 |
|
Total
Current Liabilities |
42.754
|
36.657 |
53.169 |
|
|
Net Current Assets |
56.476
|
5.595 |
57.173 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.035 |
|
|
|
|
|
|
|
|
TOTAL |
309.719 |
271.062 |
296.631 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
41.710 |
65.396 |
109.308 |
|
|
|
Other Income |
N.A |
3.909 |
0.177 |
|
|
|
TOTAL (A) |
N.A |
69.305 |
109.485 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Manufacturing Expenses |
|
51.916 |
35.640 |
|
|
|
Payment to Employees |
N.A |
8.847 |
8.913 |
|
|
|
Admimistrative Expenses |
|
11.066 |
14.544 |
|
|
|
R & D Expenses |
|
9.372 |
5.784 |
|
|
|
Miscellenious Expense written off |
|
0.033 |
0.033 |
|
|
|
TOTAL (B) |
N.A |
81.234 |
64.914 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
N.A |
(11.929) |
44.571 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
N.A |
0.540 |
0.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(8.834) |
(12.469) |
44.269 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.807 |
13.087 |
12.488 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
(23.641) |
(25.556) |
31.781 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
N.A |
4.754 |
1.729 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
N.A |
(30.310) |
30.052 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT |
NA |
0.012 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(30.322) |
(30.052) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
(0.90) |
(0.89) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
N.A
|
43.73 |
27.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(56.68)
|
(39.08) |
29.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.41)
|
(8.30) |
9.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.10) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.14
|
0.14 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
1.15 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
Note: The Registered
Office of the Company has been shifted from No. 135, Siripuram Colony
Malakpet,
Hyderabad, Hyderabad – 500016 Andhra Pradesh India to the Plot No.
87-95, Phase – III, Industrial Dvelopment Area, Cherlapally, Hyderabad –
500051, Andhra Pradesh India w.e.f.29.09.2006.
COMPANY BACKGROUND:
Subject was incorporated
on 18th March, 2004. The company is presently engaged in the manufacture of
drug formulations. The Company’s corporate office is located in Hyderabad.
FINANCIAL REVIEW
The Directors are
glad to inform that the Commercial Activity is on to take care of overheads of
the company. The Company has earned a sales of Rs. 41.710 Millions and earned a
Loss of Rs.23.641 Millions after providing a depreciation of Rs. 14.807
Millions. During the year there has been change in the shareholding and management.
The majority shareholding is transferred to Camzena Holdings Limited. Fresh
allotment of shares has been done in favour of Nulife (Cyprus) Limited and
Camzena Holdings Limited.
OUT LOOK OF THE
COMPANY:
The company’s NRT
GUM product has launched in the Indian market under the Nicorette brand which
is the global brand name of the multinational company which is the leader in
the field of NRT, Johnson and Johnson/McNeil. Geographical expansion into ASEAN
countries has been planned and documentary requirements for doing so have been
initiated. The company’s NRT LOZENGE product is likely to be launched in
India in Q3 2011
and preparatory work is underway. In addition, the contract manufacturing
outlook looks strong on account of the European regulatory approval for the
facility, received earlier this year. The company expects substantial progress
in this front and discussions are on with leading American and European
generics companies. The Directors are exploring various other ways to improve
the Company’s prospects in the Pharmaceutical sector. There are plans for
product diversification, new tie ups for job work and over-all improvement of
internal processes.
DETAILS OF
CONTINGENT LIABILITIES:
(Rs.
in Millions)
|
Particulars |
31st
March, 2011 |
31st
March, 2010 |
|
Bank Guarantee |
0.529 |
0.529 |
|
Letter of Credit |
Nil |
Nil |
FIXED ASSETS:
TANGIBLE ASSETS
- Land and
building
- Technical
know how
- Computer
- Plant and
Machinery
- Office
Equipment
- Furniture and
Fixture
- Electrical
Installation
- Lab Equipment
- Water System
- Vehicles
INTANGIBLE ASSETS
- Goodwill
- Patent
- Trademark
- IP
- R AND D
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.54.38 |
|
|
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.