MIRA
INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
TITAN LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
102, Titan House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-146928 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.681
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2004PTC146928 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM22848A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufactures of Sustained and Modified Release Pellets, DC Granules and
Taste Mask Granules. |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 337000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track. Trade relations are reported
as fair. Business is active. Payments are reported to be usually correct and
as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. Profit and Loss
account of the company for the current year is not available. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
102, Titan House, |
|
Tel. No.: |
91-22-67857000 |
|
Fax No.: |
91-22-67857070 |
|
E-Mail : |
Marketing Email: HR Email : Mr. Sadashiv-hrd1@titanpharma.com Ms. Arti-hrd2@titanpharma.com Purchase Email : Mr. Rushab-purchase@titanpharma.com Mr. Rakesh-purchase.ho@titanpharma.com |
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
210, A Wing, Kahara Business Centre, |
|
Tel. No.: |
91-22-67974849/ 67974850/ 67974852/ 55974850 |
|
Fax No.: |
91-22-67974851/ 25006678 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Factory : |
Plot No. E 27-1, E 27-2, MIDC Mahad, Village Jite, District Raigad, |
|
Location : |
Leased |
DIRECTORS
As on 10.09.2011
|
Name : |
Mr. Bhailal Babulal Shah |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Chairman-cum-Managing Director
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
F-6, |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
02.09.1945 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00133479 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Piyush Bhailal Shah |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
F6, |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.12.1977 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
14.06.2004 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00606740 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Virendra Babulal Shah |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
F-16, |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.02.1953 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2005 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02044691 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Deepak Bhailal Shah |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
F-6, Vasundhara, Opposite Vikrant Building, |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.03.1980 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02051891 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Hiromi Deepak Shah |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
F-6, Vasundhara, |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.02.1980 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2005 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02134510 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bhailal B. Shah jointly with Ranjan B. Shah |
|
372100 |
|
Piyush B. Shah jointly with Jigna P. Shah |
|
422100 |
|
Deepak B Shah jointly with Hiromi D. Shah |
|
315600 |
|
Anil V. Shah jointly with Khyati A. Shah |
|
147000 |
|
Virendra B. Shah jointly with Ranjan V. Shah |
|
138500 |
|
Jigna P. Shah jointly with Piyush B. Shah |
|
67500 |
|
Hiromi D. Shah jointly with Deepak B. Shah |
|
100500 |
|
Ranjan V. Shah jointly with Virendra B. Shah |
|
192500 |
|
Ranjan B. Shah jointly with Bhailal B. Shah |
|
98300 |
|
Puja V. Shah jointly with Virendra B. Shah |
|
35000 |
|
Ranjan B. Shah jointly with Deepak B. Shah |
|
79000 |
|
Total
|
|
1968100 |
As on 10.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of Sustained and Modified Release Pellets, DC Granules and
Taste Mask Granules. |
||||||
|
|
|
||||||
|
Products : |
Generic Names of principal Products of Company
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Details of
Capacity |
Licensed
Capacity |
Installed
Capacity |
|
Pellets |
108 M.T. |
108 M.T. |
|
Particulars |
Actual
Production Qty.
|
|
Omerprazole E/C Pellets |
5854.74 |
|
Tamsulosin HCL SR Pellets |
2117.78 |
|
Pantoprazole Pellets |
1.00 |
|
Domperidone Pellets |
5664.25 |
|
Orlistat Pellets |
10701.00 |
GENERAL INFORMATION
|
No. of Employees : |
60 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v HDFC Bank v Union Bank of India, Khand Bazar Branch, 109, Kazi Sayed Street, Khand Bazar, Mumbai - 400 003, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajesh J. Shah and Associates Chartered Accountants |
|
Address : |
B-401-404, 4th Floor, |
|
Tel. No.: |
91-79-26580664/ 26580765 |
|
Mobile No.: |
91-9824045695 (RJS) 91-9426008343 (KBP) |
|
Fax No.: |
91-79-26580765 |
|
E-Mail : |
|
|
PAN No.: |
AADFR0856J |
|
|
|
|
Related Parties : |
v
Titan Pharma ( v
Indian Tube Corporation v
Tonira Pharma Limited |
CAPITAL STRUCTURE
As on 10.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1968100 |
Equity Shares |
Rs.10/- each
|
Rs.19.681
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 |
19.681 |
19.681 |
19.681 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
64.471 |
27.817 |
2.607 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
84.152 |
47.498 |
22.288 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
41.746 |
41.206 |
42.227 |
|
|
2] Unsecured Loans |
54.249 |
36.291 |
8.898 |
|
|
TOTAL BORROWING |
95.995 |
77.497 |
51.125 |
|
|
DEFERRED TAX LIABILITIES |
27.716 |
8.427 |
4.303 |
|
|
|
|
|
|
|
|
TOTAL |
207.863 |
133.422 |
77.716 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
159.916 |
86.446 |
73.066 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.435 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
39.654
|
25.924 |
17.999
|
|
|
Sundry Debtors |
49.611
|
36.770 |
32.258
|
|
|
Cash & Bank Balances |
112.529
|
68.902 |
0.287
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans, Advances & Deposits |
43.804
|
19.862 |
6.753
|
|
Total
Current Assets |
245.598
|
151.458 |
57.297 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
162.604
|
73.847 |
43.782
|
|
|
Other Current Liabilities |
26.884
|
24.038 |
4.284
|
|
|
Provisions |
10.598
|
6.733 |
4.740
|
|
Total
Current Liabilities |
200.086
|
104.618 |
52.806 |
|
|
Net Current Assets |
45.512
|
46.840 |
4.491
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.136 |
0.159 |
|
|
|
|
|
|
|
|
TOTAL |
207.863 |
133.422 |
77.716 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
449.968 |
161.500 |
|
|
|
Other Income |
NA |
1.957 |
3.678 |
|
|
|
TOTAL (A) |
NA |
451.925 |
165.178 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
417.698 |
153.501 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
417.698 |
153.501 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
34.227 |
11.677 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
3.906 |
3.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
30.321 |
8.473 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
5.111 |
5.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
25.210 |
2.841 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
588.448 |
412.242 |
139.430 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
12.81 |
1.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
5.58 |
1.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
6.74 |
5.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
12.75 |
6.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.64 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.52
|
3.83 |
4.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.45 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 210, A Wing, Kahara Business Centre, Behind Everest Garden Building, Laxmi Nagar, Ghatkopar (East), Mumbai 400 075, Maharashtra to the present address w.e.f. 19.09.2009.
form 8:
|
Name of the company |
TITAL
LABORATORIES PRIVATE LIMITED |
|
Presented
By |
UNION
BANK OF |
|
1) Date and description of instrument creating the change |
Packing credit agreement Dated 19.04.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge of all those movable properties of the borrower ment or intended for export of goods such as pharmaceuticals and chemicals including raw materials, semi finished goods and finished goods and / or any other goods meant intended or being manufactured for export lying in the factory or stored at the borrower’s factory or in sheds whether situate in the main factory shed or godown at Mumbai, Maharashtra and Gujarat or at shed / godowns hired by the Borrower for storage wherever situate and / or in transit belonging to or that may at any time during the continuance of this security belong to the borrower and meant or intended or being manufactured for export or that may be held by any party to the order and disposition of the borrower all of which said properties, goods and assets both present and future (herinfafter referred to as “Hypothecated Goods” |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the rate of 7% p. a. for packing credit facility under L/C Contract for Rs. 1.500 Millions granted by the Bank to the Company. |
|
5) Name and Address and description of the person entitled to the charge. |
Union
Bank of Khand
Bazar Branch, 109, Kazi Sayed Street, Khand Bazar, Mumbai 400 003, |
Fixed Assets:
· Land at Mahad
·
· Electrical Fitting – Mahad
· Electrical Fitting – Office
· Plant and Machinery
· Laboratory Equipments
· Factory Equipments
· Air Conditioner
· Compressor
· Refrigerator
· Furniture and Fixture – Mahad
· Furniture and Fixture – Office
· Office Premises
· Computer and Printers
· Water Purifier
· Air Conditioner – Titan House
· Water Purifier – Titan House
· Electrical Fitting – Titan House
· Furniture and Fixture – Titan House
· Office Equipments – Titan House
· Motor Car
WEBSITE DETAILS:
PROFILE:
Subject is
the one of select few Company in
Titan is a speciality Pharmaceutical company engaged in developing and manufacturing Sustained and Modified Release Pellets using Innovative Drug Delivery Technologies Utilizing some of best and latest processing machineries like Fluid Bed Processor with inherent built in rotary unit coupled with Top And Bottom Spray arrangement. This is essential to achieve uniformity and efficiency in layering and/ coating process which in turn will ensure in consistent release characteristics. Facility of Extruder and spheronizer is also available for effective pelletizing selectivity depending upon dose requirements of actives.
Their specialized product development needs are well service by In-house R and D facilities comprising of Formulation and Analytical competencies.
The CGMP led manufacturing facility is approved by Indian Drug Authorities, while they are in state of preparedness for impending customer triggered inspection from their foreign clients. These activities are ably supported by their QA and Regulatory set-up for country /customer specific needs.
The Company’s Drug Delivery System development thrust is based on following principles
v Off Patent Generics
v Custom development
v Process Patenting of Technologies
v Customized Release as per Pharmacokinetic profile
Salient Features of
Manufacturing Facility
v
Manufacturing
facilities designed to conform to EU and FDA cGMP regulations.
v
Three
manufacturing modules – one for high volume products; other 2 for low volume
products.
v
Capsulation
section for Commercial Supply under P2P and
Loan License .
v
Purified
water distribution Pipeline from GEORGE FISCHER Switzerland. PLC based
distribution system
v
Facilities
conform to class 100,000 requirements, up-gradable to class 10,000.
Business Model
v
Supply
of pellets and granules in bulk
v
Development
of formulation dossiers
v
Joint
venture from development to commercialization of products
v
Contract
manufacturing for pellets and
finished form (capsules)
v
Out
license manufacturing technology
Technical package is available for each product and DMF (CTD format) is ready for key products. They are interested in developing new products exclusively for customer specific needs and produce them on commercial scale.
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.52.23 |
|
|
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.