|
Report Date : |
18.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
DALAS BIOTECH LIMITED |
|
|
|
|
Registered
Office : |
E-292, RIICO Industrial Area, Bhiwadi – 301019, Rajasthan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
18.07.1989 |
|
|
|
|
Com. Reg. No.: |
005056 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 34.279 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24232RJ1989PLC005056 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRD02357F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS4061Q |
|
|
|
|
Legal Form : |
Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Medicines Intermediates. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 534272 |
|
|
|
|
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. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
E-292, RIICO Industrial Area, Bhiwadi – 301019, Rajasthan, India |
|
Tel. No.: |
91-1493-222527/222123/223478 |
|
Fax No.: |
91-1493-222547 |
|
Website : |
|
|
|
|
|
Branches: |
DELHI LONDON |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Anil Kumar Rajani |
|
Designation : |
Director |
|
Address : |
D-34, Gulmohar Park, 2nd Floor, New Delhi , India |
|
Date of Appointment : |
15.05.1998 |
Other Directorship:
|
|
Name : |
Mr. Atul Rajani |
|
Designation : |
Director |
|
Address : |
D-34, Gulmohar Park, 2nd Floor, New Delhi , India |
|
Date of Appointment : |
26.11.2001 |
|
Name : |
Ms. Lekha Rajani |
|
Designation : |
Director |
|
Address : |
D-34, Gulmohar Park, 2nd Floor, New Delhi , India |
|
Date of Appointment : |
31.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Babi Investment Limited |
|
35000 |
|
Anil Kumar Rajani |
|
291377 |
|
Manish Sharma |
|
10 |
|
C S Beri |
|
10 |
|
Asha Yogi |
|
10 |
|
Arjun Dass Lund |
|
10 |
|
Deepika Rajani |
|
8180 |
|
Sangeeta Rajani |
|
8183 |
|
P C Yogi |
|
10 |
|
Total |
|
342790 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
10.00 |
|
Directors or relatives of Directors |
90.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Medicines Intermediates. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
PGA Enzyme |
Kgs. |
36000 (36000) |
9251.60 (11331.49) |
|
Simvastatin USP |
Kgs |
6000 (6000) |
975.25 (611) |
|
Cefixime |
Kgs |
120000 (102000) |
61772 (71383) |
|
Amoxicillin/ Ampicillin |
Kgs |
180000 (30000) |
-- (1550) |
|
7 AVCA |
Kgs |
-- |
6000 |
|
Cefpodoxime Proxeitle |
Kgs |
60000 |
100 |
|
PAVEST |
Kgs |
-- |
25500 |
* ( ) = Previous Year
* Re-assessed and Certified by the management and being a technical
matter relied upon by the auditors.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Oriental Bank of Commerce, M1/2/3, Connaught
Circus, New Delhi – 110001, Delhi, India ·
ICICI Bank |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note:- (Secured by way of equitable mortage of the land & building
AT Plot No. E 292,RIICO industrial Area, Bhiwadi & hypothecation of plant
& machinery & hypothecation of stock & debts of the company and
also guaranted personally by the directors.)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Singhal and Company Chartered Accountant |
|
Address : |
E-127, Industrial Area, Bhiwadi – 301019, Rajasthan, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs.100/- each |
Rs. 90.000 Millions |
|
100000 |
10% Non Cumulative redeemable Preference Shares |
Rs.100/- each |
Rs. 10.000 Millions |
|
|
Total |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
342790 |
Equity Shares |
Rs.100/-
each |
Rs. 34.279
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 |
34.279 |
42.458 |
42.289 |
|
|
2] Share Application Money |
0.000 |
0.000 |
2.845 |
|
|
3] Reserves & Surplus |
99.289 |
82.759 |
51.016 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
133.568 |
125.217 |
96.150 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
228.079 |
74.630 |
82.877 |
|
|
2] Unsecured Loans |
141.305 |
141.797 |
135.813 |
|
|
TOTAL BORROWING |
369.384 |
216.427 |
218.690 |
|
|
DEFERRED TAX LIABILITIES |
19.950 |
17.618 |
13.026 |
|
|
|
|
|
|
|
|
TOTAL |
522.902 |
359.262 |
327.866 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
353.269 |
229.880 |
216.882 |
|
|
Capital work-in-progress |
4.281 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
150.096
|
49.416 |
72.373 |
|
|
Sundry Debtors |
249.337
|
185.087 |
139.708 |
|
|
Cash & Bank Balances |
27.923
|
44.439 |
21.886 |
|
|
Other Current Assets |
0.000
|
0.000 |
28.908 |
|
|
Loans & Advances |
74.211
|
40.426 |
0.000 |
|
Total
Current Assets |
501.567
|
319.368 |
262.875 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
267.199
|
125.638 |
118.282 |
|
|
Other Current Liabilities |
66.267
|
51.643 |
32.110 |
|
|
Provisions |
2.749
|
12.705 |
1.499 |
|
Total
Current Liabilities |
336.215
|
189.986 |
151.891 |
|
|
Net Current Assets |
165.352
|
129.382 |
110.984 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
522.902 |
359.262 |
327.866 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
868.970 |
773.421 |
431.942 |
|
|
|
Other Income |
1.385 |
4.104 |
5.634 |
|
|
|
TOTAL (A) |
870.355 |
777.525 |
437.576 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
733.999 |
591.803 |
331.668 |
|
|
|
Diff in Excise Duty on Clo.& Op Stock of FG |
0.883 |
(0.955) |
1.075 |
|
|
|
Manufacturing Expenses |
66.319 |
58.852 |
44.157 |
|
|
|
Payment to & Provisions for Employees |
34.386 |
21.230 |
9.898 |
|
|
|
Administrative Expenses |
25.153 |
15.505 |
9.452 |
|
|
|
Selling & Distribution exp. |
9.222 |
13.528 |
7.710 |
|
|
|
Increase ( Decrease ) in stock |
(49.645) |
12.552 |
(4.191) |
|
|
|
TOTAL (B) |
820.317 |
712.515 |
399.769 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
50.038 |
65.010 |
37.807 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.848 |
12.166 |
17.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.190 |
52.844 |
20.508 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.395 |
9.860 |
8.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.793 |
42.984 |
11.778 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
5.445 |
17.297 |
3.394 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
8.350 |
25.687 |
8.384 |
|
|
Less/ Add |
MAT Credit
Availed |
0.000 |
3.386 |
0.000 |
|
|
Less/ Add |
Provision of Tax
(Short created in Earlier Years) |
0.000 |
0.000 |
(0.027) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.236 |
25.162 |
16.805 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
62.586 |
54.235 |
25.162 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
296.998 |
169.951 |
131.570 |
|
|
|
Raw Material |
276.403 |
208.235 |
0.000 |
|
|
TOTAL EARNINGS |
573.401 |
378.186 |
131.570 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
276.403 |
208.235 |
172.168 |
|
|
TOTAL IMPORTS |
276.403 |
208.235 |
172.168 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.73 |
76.00 |
25.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.95
|
3.30 |
1.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.58
|
5.55 |
2.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.61
|
7.82 |
2.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.34 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.28
|
3.24 |
3.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.68 |
1.73 |
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 |
|
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 |
No |
|
17)
Major suppliers |
No |
|
18)
Major customers |
No |
|
19)
Payments terms |
No |
|
20)
Export / Import details (if applicable) |
-- |
|
21)
Market information |
-- |
|
22)
Litigations that the firm / promoter involved in |
-- |
|
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 |
REDEMPTION OF PREFERENCE SHARES CAPITAL AND
ISSUE OF SHARES
During the year the
Company has redeemed 86970 preference shares of Rs. 100/- each. The Company has
redeemed the shares out the profits of the Company and transferred Rs.
8697000/- from Securities Premium account to Capital Redemption Reserve account
pursuant to provisions of Companies Act, 1956. The Company has also issued 5177
equity shares of Rs. 100/- each to Mr. Anil Kumar Rajani, promoter of the
Company.
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Furniture & Fixture
·
Mis. Fixed Assets
·
Lab Equipments
·
Computer
·
Office Equipment
·
Vehicle
Form 8
|
Corporate identity number of the company |
U24232RJ1989PLC005056 |
|
Name of the company |
DALAS BIOTECH
LIMITED |
|
Address of the registered office or of the
principal place of business in |
E-292, RIICO
Industrial Area, Bhiwadi – 301019, Rajasthan, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
Oriental Bank of
Commerce, M1/2/3, Connaught Circus, New Delhi – 110001, Delhi, India Email - delhiroc@jksco.in |
|
Nature of instrument creating charge |
Letter Evidencing Deposit of Title Deeds
For Creation of Equitable Mortgage (LTR-21) |
|
Date of instrument Creating the charge |
01.02.2012 |
|
Amount secured by the charge |
Rs. 37.500 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest As per sanction terms Terms of Repayment As per sanction terms Margin As per sanction terms Extent and Operation of the charge The company's immovable properties as
mentioned hereunder (as per Column no. 15) are mortgaged to collaterally
secure the Term Loan of Rs. 37.500 Millions granted by the bank to the borrower Others The modification of charge for Limit
aggregating to Rs. 475.000 millions (Consisting of CC, BG, TL & LC) and
Term Loan III of Rs. 45.000 millions has been filed separately at their
Charge ID 10172622 and 10241193 respectively |
|
Short particulars of the property charged |
Equitable mortgage by deposit of title
deeds of immovable properties situated at Plot No. SPA-501 A,Phase-1, RIICO
Industrial Area,Bhiwadi, District,Alwar |
|
Date of instrument modifying the charge |
24.09.2011 |
|
Particulars of the present modification |
The Term Loan of Rs.37.500 millions shall
now also be collaterally secured by equitable mortgage by deposit of title deeds
of immovable properties situated at Plot No. SPA-501 A,Phase-I,RIICO
Industrial Area, Bhiwadi,District Alwar |
AS PER WEBSITE
HISTORY
The
market for pharmaceuticals has been growing in India at an impressive rate, with
many predicting the country to become a leading force in this arena
Dalas Biotech was formed with the intention of
serving both the domestic and international markets, with an approach that
their customers have found to be both refreshing and professional.
Since their inception, they have grown into one of India's leading producers of
enzymes for the pharmaceutical industry, and they are moving forward with a
strong focus on expansion with a product range that has evolved to encompass
further levels of the value chain.
WHO THEY ARE
Subject is a leading
biotechnology and pharmaceutical healthcare company based in India, with a
vision to serve the pharmaceutical industry at multiple levels of the value
chain.
All senior management are currently from the UK, and their intention is to
provide a world-class level of service and products, with the efficiency and
capacities that are possible from their production base in India.
Since their inception three years ago, they have grown at an exceptional rate,
with a constant focus on the discovery, development, manufacture and marketing
of novel solutions.
Their products vary from fermentation-based enzymes, to both Penicillin based
bulk products and Non Penicillin based high value drugs. As well as a product
range that is continually growing, they are regularly supporting their
customers with a significant amount of production specifically dedicated for
contract manufacturing.
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.55.76 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.