MIRA
INFORM REPORT
|
Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
APOLLO HOSPITALS ENTERPRISE LIMITED |
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|
|
|
Registered
Office : |
19 Bishop Gardens, R A Puram, Chennai 600028, Tamil Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
05.12.1979 |
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|
|
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Com. Reg. No.: |
008035 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 623.550 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110TN1979PLC008035 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA00465D / CHEA09347C /
CHEA08844D |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACA5443N |
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|
|
|
Legal Form : |
Public Limited Liability Company, Company's Shares are Listed on Stock
Exchange |
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|
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Line of Business
: |
Providing Healthcare Services |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (71) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 70886600 |
|
|
|
|
Status : |
Excellent |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed health care service provider
company having excellent track. Financial position of the company appears to
be sound. Fundamentals are strong and healthy. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
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 : |
19 Bishop Gardens, Raja Annamalaipuram, Chennai 600028, Tamil Nadu,
India |
|
E-Mail : |
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|
Website : |
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Administrative Office : |
Ali Towers, III Floor, No. 55 Greams
Road, Chennai - 600 006, Tamilnadu, India |
|
Tel. No.: |
91-44-28290956 / 28293896 |
|
Fax No.: |
91-44-28290956 |
DIRECTORS
|
Name : |
Mr. K. Padmanabhan |
|
Designation : |
Group President |
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|
|
|
Name : |
Mr. Krishnan Akhileswaran |
|
Designation : |
Chief Financial Officer |
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Name : |
Mr. S.K. Venkataraman |
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Designation : |
Chief Strategy Officer |
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Name : |
Dr. Prathap Reddy |
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Designation : |
Executive Chairman |
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Name : |
Mr. T K Balaji |
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Designation : |
Director |
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|
Name : |
Mr. Deepak Vaidya |
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Designation : |
Director |
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|
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|
Name : |
Mr. Habibullah Badsha |
|
Designation : |
Director |
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Name : |
Mr. Khairil Anuar Abdullah |
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Designation : |
Director |
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|
Name : |
Mrs.Preetha Reddy |
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Designation : |
Director |
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|
Name : |
Mr. Rafeeque Ahamed |
|
Designation : |
Director |
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|
Name : |
Mr. Raj Kumar Menon |
|
Designation : |
Director |
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|
Name : |
Mr. Sandeep Naik |
|
Designation : |
Director |
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Name : |
Mr. N Vaghul |
|
Designation : |
Director |
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Name : |
Mr. G. Venkatraman |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S.M. Krishnan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mrs. Sangita
Reddy |
|
Designation : |
Executive Director – Operation |
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|
Name : |
Mrs. Shobana
Kamineni |
|
Designation : |
Executive Director – Special Initiative |
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Name : |
Mrs. Suneeta
Reddy |
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Designation : |
Joint Managing Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
24,807,693 |
18.45 |
|
|
19,703,924 |
14.65 |
|
|
44,511,617 |
33.10 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
44,511,617 |
33.10 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
724,073 |
0.54 |
|
|
6,136 |
- |
|
|
323,708 |
0.24 |
|
|
2,463,401 |
1.83 |
|
|
42,794,578 |
31.83 |
|
|
46,311,896 |
34.44 |
|
|
|
|
|
|
1,608,102 |
1.20 |
|
|
|
|
|
|
7,134,878 |
5.31 |
|
|
322,466 |
0.24 |
|
|
32,817,659 |
24.41 |
|
|
118,470 |
0.09 |
|
|
91,606 |
0.07 |
|
|
1,927,688 |
1.43 |
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|
16,199 |
0.01 |
|
|
73,469 |
0.05 |
|
|
121,040 |
0.09 |
|
|
30,469,187 |
22.66 |
|
|
41,883,105 |
31.15 |
|
Total Public
shareholding (B) |
88,195,001 |
65.59 |
|
Total (A)+(B) |
132,706,618 |
98.69 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
1,760,000 |
1.31 |
|
|
1,760,000 |
1.31 |
|
Total
(A)+(B)+(C) |
134,466,618 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million BUSINESS DETAILS
|
Line of Business : |
Providing Healthcare Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Indian Overseas
Bank ·
Andhra Bank ·
Canara Bank ·
Indian Bank ·
Bank of India ·
Citibank ·
IDBI Bank ·
HDFC Bank ·
ICICI Bank ·
State Bank of
Travancore ·
Axis Bank ·
Oriental Bank of
Commerce ·
Standard
Chartered Bank |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S Viswanatha Chartered Accountant |
|
Address : |
Chennai 600004, Tamilnadu, India |
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Subsidiary Companies : |
·
Unique Home Health Care Limited ·
AB Medical Centres Limited ·
Samudra Healthcare Enterprise Limited ·
Apollo Hospital UK Limited ·
Apollo health and Lifestyle Limited ·
Imperial Hospital and Research Centre Limited ·
Pinakini Hospital Limited ·
Apollo Cosmetic Surgical Centre Private Limited ·
Alliance Medicorp India Limited ·
ISIS Healthcare India Private Limited ·
Alliance Dental Care Private Limited ·
Mera Healthcare Private Limited |
|
|
|
|
Joint Venture : |
·
Apollo Gleneagles Hospital Limited ·
Apollo Gleneagles PET-CT Private Limited ·
Western Hospital Corporation Private Limited ·
Apollo Munich Health Insurance Company Limited ·
Apollo Lavasa Health Corporation Limited ·
Quintiles Phase One Clinical Trials India Private
Limited |
|
|
|
|
Associates : |
·
Family Health Plan Limited ·
Apollo Health Street Limited ·
Indraprastha Medical Corporation Limited ·
Stemcyte India Therapautics Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 5 each |
Rs.1000.000 millions |
|
|
|
|
|
|
1000000 |
Preference Shares |
Rs. 100 each |
Rs. 100.000 millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125243728 |
Equity Shares |
Rs. 5 each |
Rs. 626.220 millions |
Subscribed & Paid-up Capital : *
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124710710 |
Equity Shares |
Rs. 5 each |
Rs. 623.550 millions |
A) Includes 1836596 equity shares of Rs. 5 each fully paid up allotted on
conversion of first 2 years interest on debenture, 20% on the face value of
debentures and 41624462 equity shares of RS. 5 each fully paid up allotted to
the shareholders of amalgamated companies for consideration other than cash.
B) Includes 4159860 equity shares of Rs. 5 each fully paid up allotted on
preferenctial basis during the year 2004-05.
C) Includes 3062800 underlying equity shares of Rs. 5 each fully paid up ,
representing Global Depository Receipts issued during the year 2005-06.
D) Includes 2079930 equity shares of Rs. 5 each fully paid up allotted
during the year 2006-07 on conversion of equity shares warrants issued on
preferenctial basis during the year 2005-06.
E) Includes 14094238 equity shares of Rs. 5 each fully paid up allotted to
Apax Mauritius FDI One limited during the year 2007-08 on preferential basis.
F) Includes 3100000 equity shares of Rs. 5 each fully paid up allotted
during the year 2008-09 on conversion of equity shares warrants issued on
preferenctial basis during the year 2006-07.
G) Includes 3098314 equity shares of Rs. 5 each fully paid up allotted
during the year 2009-10 on conversion of equity shares warrants issued on
preferenctial basis during the year 2007-08.
H) Includes 1140992 equity shares of Rs. 5 each fully paid up allotted
during the year 2010-11 on conversion of FCCBs amounting US $ 7,500,000 issued
to International Finance Corporation (IFC), Washington.
Equity shares of
face value of Rs. 10 each subdivided into 2shares of Rs. 5 each on rd September
2010. The number of equity shares allotted prior to 3rd September,
2010 are adjusted to face value of Rs. 5 per shares.
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 |
623.550 |
617.850 |
602.357 |
|
|
2] Preferential Issue of Equity Share Warrants |
685.070 |
0.000 |
77.099 |
|
|
3] Reserves & Surplus |
16413.030 |
14799.930 |
13029.112 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17721.650 |
15417.780 |
13708.568 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5496.070 |
4714.300 |
4365.524 |
|
|
2] Unsecured Loans |
1914.040 |
2185.570 |
129.291 |
|
|
TOTAL BORROWING |
7410.110 |
6899.870 |
4494.815 |
|
|
DEFERRED TAX LIABILITIES |
1071.060 |
751.460 |
626.560 |
|
|
|
|
|
|
|
|
TOTAL |
26202.820 |
23069.110 |
18829.943 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10457.510 |
9240.370 |
6626.751 |
|
|
Capital work-in-progress |
3523.960 |
2734.120 |
2372.642 |
|
|
|
|
|
|
|
|
INVESTMENT |
6241.120 |
4897.880 |
6292.795 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1505.210
|
1343.440 |
1088.417 |
|
|
Sundry Debtors |
2696.430
|
2055.340 |
1607.354 |
|
|
Cash & Bank Balances |
1413.760
|
2855.580 |
646.160 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
5714.980
|
5170.720 |
3693.223 |
|
Total
Current Assets |
11330.380
|
11425.080 |
7035.154 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1684.240
|
1781.070 |
750.048 |
|
|
Other Current Liabilities |
973.830
|
848.770 |
776.957 |
|
|
Provisions |
2692.080
|
2598.620 |
1970.851 |
|
Total
Current Liabilities |
5350.150
|
5228.460 |
3497.856 |
|
|
Net Current Assets |
5980.230
|
6196.620 |
3537.298 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.120 |
0.457 |
|
|
|
|
|
|
|
|
TOTAL |
26202.820 |
23069.110 |
18829.943 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
23319.620 |
18257.790 |
14579.776 |
|
|
|
Other Income |
213.700 |
329.660 |
223.725 |
|
|
|
TOTAL (A) |
23533.320 |
18587.450 |
14803.501 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operative Expenses |
12788.040 |
9944.640 |
8096.509 |
|
|
|
Employees Remuneration |
3572.000 |
2863.810 |
2210.510 |
|
|
|
Other Expenses |
3.280 |
3.450 |
5.803 |
|
|
|
Administrative Expenses |
3186.860 |
2633.370 |
2065.738 |
|
|
|
TOTAL (B) |
19550.180 |
15445.270 |
12378.560 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3983.140 |
3142.180 |
2424.941 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
587.320 |
377.470 |
223.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3395.820 |
2764.710 |
2201.781 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
702.580 |
543.060 |
439.203 |
|
|
|
|
|
|
|
|
|
|
Extraordinary
Item |
0.000 |
0.000 |
40.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2693.240 |
2221.650 |
1722.387 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
876.060 |
702.010 |
541.694 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1817.180 |
1519.640 |
1180.693 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1474.070 |
1208.760 |
1247.923 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
750.000 |
750.000 |
|
|
|
Dividend |
467.670 |
432.500 |
401.602 |
|
|
|
Tax on Dividend |
75.860 |
71.830 |
68.255 |
|
|
|
Transfer to Debenture Redemption Reserve |
100.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1647.720 |
1474.070 |
1208.760 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.66 |
12.31 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6410.100 |
6997.500 |
7147.500 |
|
Total Expenditure |
5350.800 |
5832.500 |
5963.800 |
|
PBIDT (Excl OI) |
1059.300 |
1165.000 |
1183.700 |
|
Other Income |
46.600 |
69.500 |
103.800 |
|
Operating Profit |
1105.900 |
1234.500 |
1287.500 |
|
Interest |
149.400 |
177.600 |
126.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
956.500 |
1056.900 |
1160.800 |
|
Depreciation |
197.700 |
227.900 |
242.500 |
|
Profit Before Tax |
758.800 |
829.000 |
918.300 |
|
Tax |
246.100 |
271.400 |
271.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
512.700 |
557.600 |
646.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
512.700 |
557.600 |
646.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.72
|
8.17 |
7.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.54
|
12.16 |
11.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.36
|
10.75 |
12.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
0.83 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
2.18 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
RESULTS OF OPERATIONS
The gross revenue of the company increased to
Rs. 23533 million compared to Rs. 18587 millions in the previous year,
registering an impressive growth of 27%. The profit after tax for the year
increased by 20% to Rs. 1817 million compared to Rs. 1520 millions in the
previous year.
During the year under review, the consolidated
gross revenue of the company increased to Rs. 26240 millions compared to Rs.
20587 millions in the previous year, registering an impressive growth of 27%.
Net profit after minority interest for the group increased to Rs. 1839 millions
from Rs. 1376 millions representing a growth of 34%.
FIXED ASSETS:
·
Land
·
Buildings
·
Medical Equipments and
Surgical Instruments
·
Electrical Installation
and Generators
·
Office Equipment
·
Furniture and Fixtures
·
Boilers
·
Vehicles
·
Computer Software
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.50.31 |
|
|
1 |
Rs.79.04 |
|
Euro |
1 |
Rs.65.82 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
71 |
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.