|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
WALLACE PHARMACEUTICALS PRIVATE LIMITED [w.e.f. 31.08.2001] |
|
|
|
|
Formerly Known
As : |
WALLACE PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.02.1998 |
|
|
|
|
Com. Reg. No.: |
24-000080 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.51.450
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239GA1968PTC000080 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRW00502F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW1667Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Pharmaceutical Formulations. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a privately owned by Pharmaceutical and Biotechnology group
in Goa, It is a joint venture with Caster Wallace Inc. and Menezes Family. It
is having good track record. Financially company has performed well. Performance capacity appears
to be good. Trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade and
condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE 1A |
|
Rating Explanation |
Performance capability is at highest and financial strength is high. |
|
Date |
December 2011 |
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.
INFORMATION DECLINED
Management non co-operative.
LOCATIONS
|
Registered Office : |
3rd Floor, Dempo Trade Centre Building, Patto Plaza, EDC
Complex, Panaji-403001, Goa, India |
|
Tel. No.: |
91-832-2438156/7/8/9/60/61 |
|
Fax No.: |
91-832-2438151 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
C.M. Menezes Building, Ru-De- Qurem, Panaji-403001, Goa, India |
|
|
|
|
Marketing and Sales Office : |
B-307/312, Floral Deck Plaza, Off Central Central, MIDC Road, Andheri
(East), Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-28390681/2/3 |
|
Fax No.: |
91-22-28390733 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Cesar Pascoal Jose Menezes |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
C-22, H. No. 304, Vainguinim Valley, Dona Paula-403004, Goa, India |
|
Date of Birth/Age : |
14.10.1943 |
|
Date of Appointment : |
15.06.2005 |
|
Din No.: |
00407272 |
|
|
|
|
Name : |
Ms. Maria Emilia Menezes |
|
Designation : |
Director |
|
Address : |
C-22, H. No. 304, Vainguinim Valley, Dona Paula-403004, Goa, India |
|
Date of Birth/Age : |
08.11.1946 |
|
Date of Appointment : |
09.12.1997 |
|
Din No.: |
00419902 |
|
|
|
|
Name : |
Ms. Rashmi Cesar Menezes |
|
Designation : |
Director |
|
Address : |
10, Vin-Rita Apartments, Opposite Prof Almeida Park, Bandra,
Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1974 |
|
Date of Appointment : |
31.05.2001 |
|
Din No.: |
01006018 |
|
|
|
|
Name : |
Mr. Mahendra Kusta Alve |
|
Designation : |
Director |
|
Address : |
Kamal Kust, Behind PWD Quarters, Borda Margao-403601, Goa, India |
|
Date of Birth/Age : |
21.03.1951 |
|
Date of Appointment : |
01.12.1997 |
|
Din No.: |
00951576 |
|
|
|
|
Name : |
Ms. Divya Cesar Menezes |
|
Designation : |
Director |
|
Address : |
26, Windmere, BJ Road, Bandra, Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
28.07.1971 |
|
Date of Appointment : |
25.02.2005 |
|
Din No.: |
01854660 |
|
|
|
|
Name : |
Mr. Vinay Pinto |
|
Designation : |
Director |
|
Address : |
10, Vin-Rita Apartments, Opposite Prof Almeida Park, Bandra,
Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
31.03.1971 |
|
Date of Appointment : |
25.02.2002 |
|
Din No.: |
01005975 |
|
|
|
|
Name : |
Karl Pinto |
|
Designation : |
Director |
|
Address : |
26, Windmere, BJ Road, Bandra, Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
17.01.1970 |
|
Date of Appointment : |
29.07.2005 |
|
Din No.: |
01201333 |
|
|
|
|
Name : |
Mr. Naveen Chamanlal Gupta |
|
Designation : |
Director |
|
Address : |
H. No. 6705, GH-4A, Jalvayu Vihar, Sector 20, Panchkula-134109,
Haryana, India |
|
Date of Birth/Age : |
20.04.1972 |
|
Date of Appointment : |
27.05.2011 |
|
Din No.: |
03534115 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Cesar Pascoal Jose Menezes |
|
262500 |
|
Maria Emilia Menezes |
|
56000 |
|
Divya Cesar Menezes |
|
98000 |
|
Rashmi Cesar Menezes |
|
97990 |
|
Neela K. Bhojane |
|
5 |
|
Rekha Charvdatt Daru |
|
5 |
|
|
|
|
|
TOTAL
|
|
514500 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Pharmaceutical Formulations. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
PARTICULARS |
Unit |
Installed
Capacity |
Actual
Production |
|
Pharmaceutical
Formulations |
|
|
|
|
Tablets |
000 Nos. |
565200 |
516401 |
|
Liquids |
Lts. |
1879500 |
1760526 |
|
Injections |
Lts. |
* |
51618 |
|
Capsules |
000 Nos. |
* |
24095 |
|
Ointments |
Kgs. |
* |
10256 |
|
Creams |
Kgs. |
* |
55654 |
|
Granules |
Kgs. |
* |
311633 |
NOTE:
* Manufactured for
the Company on Loan Licence basis.
a) As certified by
the Director but not verified by the Auditors, being a technical matter.
b) Including
products manufactured for the company by third parties and excluding products
manufactured for the third parties.
c) The quantities and
values shown are exclusive of samples.
d) The quantities shown have been rounded off to the nearest
Nos./Lts./Kgs.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
Bank of Baroda, Opposite Azad Maidan, Post Box No. 236, Panaji-403001,
Goa, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Y.N. Upadhyaya and Company Chartered Accountants |
|
Address : |
1st Floor, Souza Towers, Panaji-403001, Goa, India |
|
PAN No: |
AAEPU8189N |
|
|
|
|
Associates/Subsidiaries : |
·
Indi Pharma Private Limited ·
Wallace Laboratories Private Limited ·
Wallace Medi Pharma Private Limited ·
Wallace Estate Private Limited ·
Wallace Medinova Private Limited ·
Wallace USA, LLC |
|
|
|
|
Related Parties : |
·
Prateek Menezes Memorial Foundation - Trust ·
Maria Crescencia Menezes Memorial Educational
Trust – Trust ·
Laxmi Devi Business Enterprises – Partnership
Firm ·
Elvina Enterprises – Partnership Firm ·
Cosme Matias Menezes Memorial Trust – Trust ·
Pascoal and Maria Menezes Benevolence Foundation
– Trust ·
Ace Packers – Partnership Firm |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
525000 |
Equity Shares |
Rs.100/- each |
Rs.52.500 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
514640 |
Equity Shares |
Rs.100/-
each |
Rs.51.464
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
514500 |
Equity Shares |
Rs.100/-
each |
Rs.51.450
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 |
51.450 |
51.450 |
51.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
838.811 |
632.864 |
539.147 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
890.261 |
684.314 |
590.597 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
286.599 |
327.267 |
311.227 |
|
|
2] Unsecured Loans |
97.421 |
93.522 |
101.637 |
|
|
TOTAL BORROWING |
384.020 |
420.789 |
412.864 |
|
|
DEFERRED TAX LIABILITIES |
1.530 |
2.941 |
20.855 |
|
|
|
|
|
|
|
|
TOTAL |
1275.811 |
1108.044 |
1024.316 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
432.033 |
437.288 |
441.752 |
|
|
Capital work-in-progress |
1.811 |
0.000 |
2.812 |
|
|
|
|
|
|
|
|
INVESTMENT |
405.434 |
337.916 |
230.032 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
326.078
|
277.053 |
272.497 |
|
|
Sundry Debtors |
199.916
|
164.549 |
137.985 |
|
|
Cash & Bank Balances |
61.121
|
52.597 |
73.115 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
207.667
|
211.708 |
145.052 |
|
Total
Current Assets |
794.782
|
705.907 |
628.649 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
312.984
|
293.366 |
206.920 |
|
|
Other Current Liabilities |
35.720
|
31.460 |
23.883 |
|
|
Provisions |
9.545
|
48.241 |
48.126 |
|
Total
Current Liabilities |
358.249
|
373.067 |
278.929 |
|
|
Net Current Assets |
436.533
|
332.840 |
349.720 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1275.811 |
1108.044 |
1024.316 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
SALES |
2192.174 |
1930.242 |
1720.780 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX |
204.777 |
75.918 |
48.437 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(1.170) |
(17.798) |
11.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
205.947 |
93.716 |
36.658 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
549.364 |
455.648 |
418.990 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
755.311 |
549.364 |
455.648 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
25.552 |
19.272 |
12.280 |
|
|
|
Exchange Gain |
1.638 |
24.870 |
0.000 |
|
|
TOTAL EARNINGS |
27.190 |
44.142 |
12.280 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
184.567 |
197.790 |
184.504 |
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
400.29 |
182.15 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
9.34
|
3.93 |
2.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.69
|
6.64 |
4.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.11 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
1.16 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.22
|
1.89 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
312.984
|
293.366 |
206.920 |
|
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 |
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS:
The sales for the
year under consideration having amounted to Rs.2192.174 Millions as compared to
Rs.1930.242 Millions achieved for the year ended 31st March, 2010. The Company
realized a profit before tax of Rs.204.777 Millions as compared to Rs.75.918 Millions
for the year ended 31st March, 2010.
CONTINGENT LIABILITIES IN RESPECT OF:
i. Excise Duty
matters net off deposits Rs. 26.608 Millions. (Rs. 26.608 Millions).
ii. Counter
Guarantees given to the bank in respect of guarantees given by them Rs. 5.678
Millions (Rs. 5.043 Millions).
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture, Fixtures and Equipments
·
Vehicles
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 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.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.