|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
HEINZ INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D - Shivsagar, 7th Floors, Worli, Mumbai – 400018, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.06.1994 |
|
|
|
|
Com. Reg. No.: |
11-138918 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 104.170 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15200MH1994PTC138918 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH03167D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH0667B |
|
|
|
|
Legal Form : |
Private
Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturing,
trading and exporting of baby food, cereal based weaning food, instant energy
drinks, health beverages, energy food and talcum powder and other food
products like medicated powder, milk based foods, protein foods, sugar base
preparations, tomato ketchup, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 24000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company and part of Heinz Group. Available information indicates
high financial responsibility of the company. Financial position is good. Trade
relations are fair. Payments are usually current and as per commitments. The company can
be considered good for normal 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) |
|
|
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 / Head Office : |
D - Shivsagar, 7th Floors, Worli, Mumbai – 400018, |
|
Tel. No.: |
91-22-40085550 / 40085555 |
|
Fax No.: |
91-22-40085551 / 52 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
|
|
Tel. No.: |
91-571-2706621 |
|
|
|
|
Factory 2 : |
D – 99, A & B, Eldeco SIDCUL Industrial Park Sitarganj., Dist Uddham
Singh Nagar, Uttarakhand – 262405, India |
DIRECTORS
As on 19.09.2011
|
Name : |
Nellaiappan P
Thiruambalam |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
9 A, Manek L D, Ruparel
Marg, Mumbai – 400006, Maharashtra, India |
|
Date of
Birth/Age : |
16.09.1957 |
|
Date of
Appointment : |
01.05.2007 |
|
DIN No.: |
02121182 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U15200MH1994PTC138918 |
HEINZ INDIA
PRIVATE LIMITED |
Managing
director |
01-05-07 |
01-05-07 |
Active |
NO |
|
Name : |
Mr. Mohan Vegulaparanan
Iyer |
|
Designation : |
Whole time
Director |
|
Address : |
745, 2nd
Floor, Shri Rambhuvan Jehangir Vima Dalal Road, Parsi Colony, Dadar (East),
Mumbai – 400014, |
|
Date of
Birth/Age : |
07.05.1959 |
|
Date of Appointment
: |
21.11.2006 |
|
DIN No.: |
01431343 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U15200MH1994PTC138918 |
HEINZ INDIA
PRIVATE LIMITED |
Director |
21-11-06 |
21-11-06 |
Active |
NO |
|
Name : |
Mr. Nilesh
Chhotabhai Patel |
|
Designation : |
Director |
|
Address : |
The Pakubuwono
Residence, |
|
Date of
Birth/Age : |
01.12.1959 |
|
Date of
Appointment : |
01.05.2004 |
|
DIN No.: |
01805278 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U15200MH1994PTC138918 |
HEINZ INDIA
PRIVATE LIMITED |
Director |
01-05-04 |
01-05-04 |
Active |
NO |
|
Name : |
Emanuele Alberto
Vare |
|
Designation : |
Director |
|
Address : |
21, VIA Gorki, |
|
Date of
Birth/Age : |
21.03.1967 |
|
Date of
Appointment : |
10.09.2001 |
|
DIN No.: |
01718554 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U15200MH1994PTC138918 |
HEINZ INDIA
PRIVATE LIMITED |
Director |
10-09-01 |
10-09-01 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mohan
Vegulaparanan Iyer |
|
Designation : |
Secretary |
|
Address : |
745, 2nd
Floor, Shri Rambhuvan Jehangir Vima Dalal Road, Parsi Colony, Dadar (East), Mumbai
– 400014, |
|
Date of
Birth/Age : |
07.05.1959 |
|
Date of
Appointment : |
30.12.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Heinz Italia S P
A, |
|
10416998 |
|
H J Heinz Holding B V |
|
2 |
|
Total |
|
10417000 |
As on 19.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
|
|
|
|
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 : |
Manufacturing,
trading and exporting of baby food, cereal based weaning food, instant energy
drinks, health beverages, energy food and talcum powder and other food
products like medicated powder, milk based foods, protein foods, sugar base
preparations, tomato ketchup, etc. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity (@) *** |
Actual
Production |
|
Milk Based Foods (**): Own Manufacturing Outside Manufacturing |
Tonnes |
103100 -- |
25056.45 3602.65 |
|
Protein Foods Sugar Based Preparation: Own Manufacturing Outside Manufacturing |
Tonnes Tonnes |
64800 17500 -- |
19708.39 7942.49 -- |
|
Tomato Ketchup - Own |
Tonnes |
8,100 |
1207.86 |
|
Others Own Manufacturing Outside Manufacturing |
Tonnes Tonnes |
7200 -- |
34.87 1530.99 |
Note:
@ The installed capacity
is annual capacity as certified by the management and is not verified by the
auditors, being a technical matter.
*** The capacities
declared until 2010 were packing capacities and from FY11 we have shifted to
Bulking capacities.
** Milk based foods comprise of milk based nutritional foods and ghee.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Citibank
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountant |
|
Address : |
252 Veer Savarkar Marg, |
|
PAN No.: |
AABFL5878L |
|
|
|
|
Holding Company : |
Heinz Italia S.r.l. |
|
|
|
|
Ultimate Holding
Company : |
H.J. Heinz Company, |
|
|
|
|
Fellow
subsidiaries: |
|
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity shares |
Rs. 10 each |
Rs. 150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10417000 |
Equity Share |
Rs. 10/- each |
Rs.
104.170 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 |
104.170 |
104.170 |
104.170 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6055.760 |
4104.522 |
3045.468 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6159.930 |
4208.692 |
3149.638 |
|
|
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 |
45.208 |
24.568 |
172.926 |
|
|
|
|
|
|
|
|
TOTAL |
6205.138 |
4233.260 |
3322.564 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1404.712 |
1480.336 |
1100.924 |
|
|
Capital work-in-progress |
24.022 |
54.120 |
104.963 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.028 |
0.028 |
0.028 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
89.755 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1639.800
|
1130.243 |
851.683 |
|
|
Sundry Debtors |
457.735
|
295.289 |
248.631 |
|
|
Cash & Bank Balances |
4335.588
|
3012.911 |
2172.584 |
|
|
Other Current Assets |
60.361
|
22.544 |
0.000 |
|
|
Loans & Advances |
295.982
|
206.698 |
177.442 |
|
Total
Current Assets |
6789.466
|
4667.685 |
3450.340 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1872.085
|
1847.535 |
1049.799 |
|
|
Other Current Liabilities |
72.360
|
47.191 |
30.306 |
|
|
Provisions |
68.645
|
74.183 |
343.341 |
|
Total
Current Liabilities |
2013.090
|
1968.909 |
1423.446 |
|
|
Net Current Assets |
4776.376
|
2698.776 |
2026.894 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6205.138 |
4233.260 |
3322.564 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11972.920 |
9331.700 |
7206.550 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
8445.227 |
6714.080 |
5142.893 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3527.693 |
2617.620 |
2063.657 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1201.433 |
1046.170 |
933.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2326.260 |
1571.450 |
1129.740 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
375.020 |
512.400 |
394.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1951.240 |
1059.050 |
735.310 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3396.920 |
2337.860 |
1910.050 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
73.500 |
|
|
|
Dividend |
0.000 |
0.000 |
200.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
33.990 |
|
|
BALANCE CARRIED
TO THE B/S |
5348.160 |
3396.910 |
2337.870 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
227.142 |
179.142 |
|
|
TOTAL EARNINGS |
0.000 |
227.142 |
179.142 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
114.319 |
96.980 |
|
|
|
Stores & Spares |
0.000 |
2.173 |
0.607 |
|
|
|
Capital Goods |
0.000 |
17.365 |
4.544 |
|
|
|
Others |
0.000 |
54.538 |
47.952 |
|
|
TOTAL IMPORTS |
0.000 |
188.395 |
150.083 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
187.31 |
101.67 |
70.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
19.43
|
16.84 |
15.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.39
|
25.56 |
24.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.37 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.33
|
0.47 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.37
|
2.37 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info Agents
|
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
No |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
-------------- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----------- |
|
Litigations that the firm/ Promoters Involved in |
------------- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
------------- |
|
Buyer visit details |
--------------- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
REVIEW OF
OPERATIONS
The Company achieved
a growth of 28% in the net pre-tax sales and a pre-tax profit growth of 48%
over the previous year. The sales growth was primarily driven by Complan (28%),
Glucon D (35%) and Nycil (22%). Despite the overall downturn in the world
economy leading to subdued consumer spending the company’s performance has been
noteworthy. Further there was high food inflation reflected in prices of
commodities, fuels and other input materials which adversely affected the cost
structure.
The new plant at
Sitarganj, Uttarakhand which commenced production in December 2009 has
stabilized and has shown considerable improvement its operation in the last
year. They have used their experience and implemented the good practices at the
new plant from day one. One of the new concepts is the Self Managed Team (SMT)
program which envisages the employment of XII standard pass students for their
manufacturing activities. The students can earn and study at the same time.
This program envisages creating skill sets and retaining talent. With the
support of these SMTs and the contract workforce the plant has successfully run
three shifts to cater to the market demand.
During the year,
the Company test launched Complan NutriGro targeted at toddlers aged 2+ to 4
years in three variants – Home Style Badam Kheer, Fruity Strawberry and Premium
Chocolate in the States of Tamil Nadu, Karnataka and
OUTLOOK
The year Financial
Year 2012 began on a cautious note but the early onset rainy season did impact
their sales of seasonal products adversely. Moreover, intense competition has
resulted in reduced margins. However, the management is fully alive to the
situation and has worked out necessary strategies to regain momentum. Following
resounding success of Complan NutriGro and Complan with Memory Chargers, the
same were launched nation-wide in M1 and M4, respectively. The Company recently
launched Complan Pista Badam in the States of Tamil Nadu and
CONTINGENT
LIABILITIES:
|
Particulars |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
|
|
|
|
|
Bills discounted with Bank |
0.000 |
0.000 |
|
Claims against the Company not acknowledged as debts: |
67.222 |
35.372 |
|
Sales tax and trade tax related matters |
126.46 |
1.142 |
|
Bank Guarantees |
79.868 |
36.514 |
|
Total |
273.550 |
73.028 |
Note:
(i) Future cash
outflow in respect of the above claims are determinable only on receipt of
judgments/decisions pending with various forums/authorities.
(ii) Future cash outflows can be determined only when guarantees are invoked
by parties to whom it is given.
FIXED ASSETS:
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. 54.88 |
|
|
1 |
Rs. 86.84 |
|
Euro |
1 |
Rs. 70.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.