MIRA
INFORM REPORT
|
Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZYDUS NYCOMED HEALTHCARE PRIVATE LIMITED (w.e.f.07.07.2007) |
|
|
|
|
Formerly Known
As : |
ZYDUS ALTANA HEALTHCARE PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
C-4, MIDC Estate, Village Pawne, Thane-Belapur Road, Vashi, Navi
Mumbai – 400705, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.03.1999 |
|
|
|
|
Com. Reg. No.: |
11-119171 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 200.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231MH1999PTC119171 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMZ01073C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ0736D |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of broad range of Healthcare Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 8076000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having a good track record. The
company enjoys a comfortable financial risk profile. It operates on its own
funds. Performance capacity seems high. Trade relations are reported to be
trustworthy. Business is active. Payments are reported to be regular and as
per commitments. The company can be considered good 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.
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 [91-22-27682666]
LOCATIONS
|
Registered Office : |
C-4, MIDC Estate, Village Pawne, Thane-Belapur Road, Vashi, Navi
Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-27682666/ 65163859 |
|
Fax No.: |
91-22-27670223/ 27670224 |
|
E-Mail : |
srinavas.shankar@zydusnycomed.com
|
|
Website : |
DIRECTORS
AS ON 06.09.2012
|
Name : |
Mr. Krishnan Ravichandran |
|
Designation : |
Managing director |
|
Address : |
16201, Bansari Bhuvan, Sion East, Mumbai-400022, Maharashtra, India |
|
Date of Birth/Age : |
17.03.1957 |
|
Qualification : |
B.Sc.(Tech)
Ph.D. (Medicinal Chem.) |
|
Experience : |
26 years |
|
Date of Appointment : |
01.11.2002 |
|
DIN No.: |
00295481 |
|
|
|
|
Name : |
Dr. Barthold Piening |
|
Designation : |
Director |
|
Address : |
Feursteinstr 55, 78479, |
|
Date of Birth/Age : |
19.11.1958 |
|
Date of Appointment : |
08.12.2006 |
|
DIN No.: |
00418019 |
|
|
|
|
Name : |
Mr. Ganesh Narayan Nayak |
|
Designation : |
Nominee director |
|
Address : |
3, Ashwamegh Part-5, Jodhpur Satellite Road, Ambawadi,
Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
18.05.1955 |
|
Date of Appointment : |
28.04.1999 |
|
DIN No.: |
00017481 |
|
|
|
|
Name : |
Mr. Pankaj Ramanbhai Patel |
|
Designation : |
Nominee director |
|
Address : |
16, Azad Society, Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
16.03.1953 |
|
Date of Appointment : |
30.03.1999 |
|
DIN No.: |
00131852 |
|
|
|
|
Name : |
Dr. Rainer Wiartalla |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Randegger Strasse 19, 78244, Germany |
|
Date of Birth/Age : |
24.11.1950 |
|
Date of Appointment : |
19.06.2012 |
|
DIN No.: |
05320021 |
|
|
|
|
Name : |
Dr. Jorg Heiner Michaelis |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Germany-78359 |
|
Date of Birth/Age : |
26.08.1965 |
|
Date of Appointment : |
19.06.2012 |
|
DIN No.: |
05320005 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivas Sankaranarayanan |
|
Designation : |
Secretary |
|
Address : |
Parag Plot 48, Ground Floor, Brahmanwada, Matunga-Central,
Mumbai-400019, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1968 |
|
Date of Appointment : |
16.06.2007 |
|
PAN No.: |
ABFPS0670J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.09.2012
|
Names of Shareholders |
No. of Shares |
|
Pankajbhai Ramanbhai Patel Jointly with Cadila Healthcare Limited,
India |
100 |
|
Cadila Healthcare Limited, |
9999900 |
|
Nycomed Asset Management |
9700000 |
|
Nycomed |
300000 |
|
|
|
|
Total |
20000000 |
AS ON 06.09.2012
|
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] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of broad range of Healthcare Products. |
||||||||||||||
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|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity * |
Actual
Production |
|
KSM-6 (2 Chloromethyl 3-4 Dimethoxy Puridum Chloride) |
Metric Tonnes |
75.00 |
60.00 |
63.88 |
|
KSM-14 (5 Ditluromethoxy-2-Mercapto-1H-Benzimidazole) |
Metric Tonnes |
75.00 |
60.00 |
65.63 |
* As certified by the Management.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Axis Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
|
|
|
|
Enterprises where
control exists:: |
Ø Nycomed Asset
Management GmbH ('NAM') (holds 48.50% of the equity share capital as at March
31, 2012) Ø Cadila
Healthcare Limited (CHL) (holds 50% of the equity share capital as at March
31, 2012 along with Nominee) [L24230GJ1995PLC025878] |
|
|
|
|
Fellow
Subsidiaries : |
Ø Nycomed GmbH Ø Nycomed Pharma
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (15
Months) |
31.12.2010 (12
Months) |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
200.000 |
200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1819.086 |
1673.961 |
1523.370 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2019.086 |
1873.961 |
1723.370 |
|
|
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 |
14.662 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2033.748 |
1873.961 |
1723.370 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
782.770 |
385.783 |
209.547 |
|
|
Capital work-in-progress |
96.600 |
569.824 |
371.418 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
537.765
|
472.583 |
317.445 |
|
|
Sundry Debtors |
121.877
|
21.219 |
0.000 |
|
|
Cash & Bank Balances |
111.811
|
204.471 |
984.074 |
|
|
Other Current Assets |
0.000
|
1.354 |
0.000 |
|
|
Loans & Advances |
570.377
|
448.675 |
69.425 |
|
Total
Current Assets |
1341.830
|
1148.302 |
1370.944 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
128.289
|
203.075 |
192.669 |
|
|
Other Current Liabilities |
27.347
|
2.531 |
2.664 |
|
|
Provisions |
31.816
|
24.342 |
33.206 |
|
Total
Current Liabilities |
187.452
|
229.948 |
228.539 |
|
|
Net Current Assets |
1154.378
|
918.354 |
1142.405 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2033.748 |
1873.961 |
1723.370 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (15
Months) |
31.12.2010 (12
Months) |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1248.598 |
1312.695 |
1846.134 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
660.792 |
432.151 |
483.853 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
587.806 |
880.544 |
1362.281 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
127.899 |
33.789 |
30.992 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
459.907 |
846.755 |
1331.289 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
105.582 |
(3.875) |
191.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
354.325 |
850.630 |
1139.379 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
710.142 |
644.614 |
332.844 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
35.432 |
85.063 |
113.939 |
|
|
|
Interim Dividend I |
80.000 |
100.000 |
100.000 |
|
|
|
Interim Dividend II |
100.000 |
200.000 |
200.000 |
|
|
|
Interim Dividend III |
0.000 |
200.000 |
110.000 |
|
|
|
Interim Dividend IV |
0.000 |
100.000 |
200.000 |
|
|
|
Dividend Distribution Tax |
29.200 |
100.039 |
103.670 |
|
|
|
|
244.632 |
785.102 |
827.609 |
|
|
BALANCE CARRIED
TO THE B/S |
819.835 |
710.142 |
644.614 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
1286.225 |
1777.759 |
|
|
|
Reimbursement of expenses incurred on Trail Run Inventory |
|
16.095 |
0.000 |
|
|
TOTAL EARNINGS |
1341.776 |
1302.320 |
1777.759 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Materials |
|
59.876 |
83.360 |
|
|
|
Raw Materials (Validation Batches) |
|
10.096 |
48.262 |
|
|
|
Store parts and Components |
|
0.000 |
3.406 |
|
|
|
Capital Goods |
|
87.026 |
9.691 |
|
|
TOTAL IMPORTS |
NA |
156.998 |
144.719 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.72 |
42.53 |
56.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (15
Months) |
31.12.2010 (12
Months) |
31.12.2009 |
|
PAT / Total Income |
(%) |
28.38
|
64.80 |
61.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.65
|
55.20 |
84.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.45 |
0.77 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.16
|
4.99 |
6.00 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
31.12.2009 |
|
|
(Rs. In Millions) |
||
|
Trade payable |
128.289
|
203.075 |
192.669 |
|
|
|
|
|
|
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 |
No |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NATURE OF OPERATION:
Zydus Nycomed Healthcare
Private Limited (the Company), a private limited company registered under the
Companies Act 1956 is 100% export oriented unit engaged in manufacturing active
pharmaceuticals ingredients for Group Companies.
OPERATIONS
During the year
the unit has started commercial production of various generic API s like
Pantoprazole, Urapidil, Policresulen, Aprindine etc and exported to Europe
after successfully getting Approvals from Danish Medicine Agency after their
Regulatory Audits for different products. During the year the company
successfully underwent different European and Japanese customers audits also.
Unit had to overcome initial minor teething problems in quality and performance
because of the manufacture of these APIs in a different climatic zone and
supplying to regulatory markets.
CONTINGENT
LIABILITIES:
(Rs.
in millions)
|
Particulars |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
|
Income Tax matters in respect of which : |
1127.039 |
1127.039 |
|
Tax authorities have
appealed against Income tax orders which were ruled in favour of the Company
Company's appeals are pending before appropriate authorities |
1512.000 |
1137.842 |
FIXED ASSETS:
Ø
Land
Ø
Buildings
Ø
Office building
Ø
Factory building
Ø
Plant and equipment
Ø
Factory equipments
Ø
Other plant and equipment
Ø
Furniture and fixtures
Ø
Vehicles
Ø
Motor vehicles
Ø
Office equipment
Ø
Computer equipments
Ø
Other equipments
Ø 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 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. 54.33 |
|
|
1 |
Rs. 83.17 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.