MIRA
INFORM REPORT
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Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
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Name : |
AKUMS DRUGS AND PHARMACEUTICALS LIMITED |
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Registered
Office : |
304, Mohan Place, LSC, Saraswati Vihar, New Delhi-110 034 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.04.2004 |
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Com. Reg. No.: |
55-125888 |
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Capital
Investment / Paid-up Capital : |
Rs. 11.750 Millions |
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CIN No.: [Company Identification
No.] |
U24239DL2004PLC125888 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELA13882B |
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PAN No.: [Permanent Account No.] |
AAECA7090B |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of pharmaceutical products and services |
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No. of Employees
: |
5500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 14000000 |
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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 and a reputed company having a fine track
record. It has achieved better growth in its sales turnover and profits
during 2012. Financial position of the company appears to be sound. Trade
relations are reported as 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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.
LOCATIONS
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Registered Office / Corporate Office : |
304, |
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Tel. No.: |
91-11-47511000 (30 lines) |
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Fax No.: |
91-11-27023256 |
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E-Mail : |
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Website : |
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Manufacturing Unit I |
19-20-21, Sector-6A, I.I.E., SIDCUL, Ranipur, Haridwar -
249403, Uttarakhand |
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Tel. No.: |
91-1334-239220 – 224, 325982, 84, 85,86 |
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Fax No.: |
91-1334-239219 |
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E-Mail : |
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Website : |
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Manufacturing Unit II |
22, Sector-6A, IIE, SIDCUL, Ranipur, Haridwar - 249403 |
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Tel. No.: |
91-1334-239220 – 224, 325982, 84 ,85, 86 |
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Fax No.: |
91-1334-239219 |
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E-Mail : |
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Manufacturing Unit III |
2,3,4,5 Sector-6B, IIE, SIDCUL, Ranipur, Haridwar - 249403
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Tel. No.: |
91-1334- 237100 – 104 |
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Fax No.: |
91-1334-237105 |
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E-Mail : |
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Website : |
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Manufacturing Unit IV : |
47, Sector 6B, SIDCUL, Ranipur, Haridwar - 249403 |
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Manufacturing Unit V : |
48, Sector 6B, SIDCUL, Ranipur, Haridwar - 249403 |
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Manufacturing Unit VI : |
13, Sector – 6A, SIDCUL, Intergrated Industrial Estate
Ranipur, Haridwar – 249403, |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Sanjeev Jain |
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Designation : |
Whole-time Director |
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Address : |
E – 1052, Saraswati Vihar, Dehli – 110 034, |
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Date of Birth/Age : |
11.04.1966 |
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Qualification : |
MBBS (BIO) MBA |
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Date of Appointment : |
19.04.2004 |
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Voter ID No.: |
DL/03/018/273610 |
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DIN No.: |
00323433 |
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Name : |
Mr. Sandeep Jain |
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Designation : |
Whole-time Director |
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Address : |
E – 1052, Saraswati Vihar, Dehli – 110 034, |
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Date of Birth/Age : |
05.08.1967 |
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Qualification : |
BCom MBA FMSPI AMIMA |
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Date of Appointment : |
19.04.2004 |
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Voter ID No.: |
DL/03/018/273693 |
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DIN No.: |
00323476 |
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Name : |
Mr. Narendra Dev Sachdeva |
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Designation : |
While-time Director |
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Address : |
40/22, 3rd Floor, |
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Date of Birth/Age : |
15.10.1950 |
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Qualification : |
B Pharma (Hons) |
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Date of Appointment : |
27.08.2004 |
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DIN No.: |
00330005 |
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Name : |
Mr. Mata Pher Singh |
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Designation : |
Whole-time Director |
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Address : |
Plot No. 19,20,21, Sector – 6A, IIE, SIDCUL, Haridwar – 249 403, |
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Date of Birth/Age : |
28.06.1957 |
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Qualification : |
BA LLB |
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Date of Appointment : |
23.05.2004 |
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DIN No.: |
00356220 |
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Name : |
Mr. Nandlal Karla |
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Designation : |
Additional Director |
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Address : |
4 B A 11, Jawahar Nagar, Jaipur – 302 004, |
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Date of Birth/Age : |
05.02.1950 |
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Date of Appointment : |
01.06.2012 |
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DIN No.: |
05268554 |
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KEY EXECUTIVES
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Name : |
Mrs.Prerna Suneja |
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Designation : |
Secretary |
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Address : |
R Block, 75 G |
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Date of Birth/Age : |
20.10.1984 |
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Date of Appointment : |
02.03.2010 |
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PAN No. |
BRHPS2940A |
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Email ID : |
prernacs@gmail.com |
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MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
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Sanjeev Jain |
478275 |
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Sanjeev Jain and Sons HUF |
22000 |
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Sanjeev Jain Joint with D C Jain and Sons
HUF |
85000 |
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Lata Jain |
75 |
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Sanjeev Jain Joint with Arushi Jain |
300 |
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Lata Jain Joint with Umang Jain |
50 |
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Sanjeev Jain Joint with Kiran Jain |
1800 |
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Sandeep Jain |
447425 |
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Sandeep Jain and Sons HUF |
52925 |
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Sandeep Jain Joint with D.C Jain and Sons HUF |
85000 |
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Sandeep Jain Joint with Kanishk Jain |
300 |
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Manan Jain U/G Sandeep Jain |
50 |
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Sandeep Jain Joint with Kiran Jain |
1800 |
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Total |
1175000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of pharmaceutical products and services |
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Products : |
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GENERAL INFORMATION
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Customers : |
· ABBOTT India Limited · Cipla Limited · Alkem Laboratories Limited · Zydus Cadila Healthcare Limited · Alembic Limited · FDC Limited · INTAS Pharmaceuticals Limited · Lupin Limited · Mankind Pharma Private Limited · Wockhardt Limited · Sun Pharmaceuticals Industries Limited |
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No. of Employees : |
5500 (Approximately) |
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Bankers : |
Credit Risk Control, Narain Manzil,
Commercial Branch, M-47, Connaught Circus,
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Facilities : |
Footnotes : a)
Cash credit from State Bank Of India and Standard
Chartered Bank. |
s
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil Jain D.D and Company Chartered Accountant |
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Address : |
611, |
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PAN No.: |
AAIPJ1313K |
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Associates/Subsidiaries : |
CIN No.: U72900DL2010PLC206414
CIN No.: U99999DL1998PLC095297
CIN No.: U24230DL2006PLC147642
CIN No.: U24232DL2009PLC186841
CIN No.: U24232DL2008PLC185686
CIN No.: U74899DL1994PLC057323
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CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1200000 |
Equity shares |
Rs.10/- each |
Rs. 12.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1175000 |
Equity shares |
Rs.10/- each |
Rs. 11.750 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11.750 |
11.750 |
11.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3469.073 |
2781.242 |
2165.538 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3480.823 |
2792.992 |
2177.288 |
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LOAN FUNDS |
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1] Secured Loans |
1312.306 |
1327.203 |
912.451 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1312.306 |
1327.203 |
912.451 |
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DEFERRED TAX LIABILITIES |
213.790 |
171.276 |
123.166 |
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TOTAL |
5006.919 |
4219.471 |
3212.905 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2425.678 |
2180.096 |
1778.659 |
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Capital work-in-progress |
112.352 |
61.909 |
3.668 |
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INVESTMENT |
6.150 |
6.150 |
5.650 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1203.254
|
1058.686 |
740.856
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Sundry Debtors |
1217.327
|
1054.084 |
971.172
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Cash & Bank Balances |
4.641
|
5.863 |
55.848
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Other Current Assets |
47.131
|
56.279 |
0.000
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Loans & Advances |
1102.793
|
695.408 |
372.131
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Total
Current Assets |
2575.146
|
2870.320 |
1880.746
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
798.882
|
482.505 |
540.839
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Other Current Liabilities |
276.476
|
297.835 |
76.636
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Provisions |
37.049
|
46.664 |
97.604
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Total
Current Liabilities |
1112.407
|
827.004 |
715.079
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Net Current Assets |
2462.739
|
2043.316 |
1424.928
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5006.919 |
4291.471 |
3212.905 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
6463.783 |
5689.933 |
4109.312 |
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Other Income |
121.430 |
54.572 |
80.906 |
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Other operating revenue |
34.214 |
19.371 |
0.000 |
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Less : Excise Duty |
(1.684) |
(0.125) |
0.000 |
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TOTAL (A) |
6617.743 |
5763.751 |
4190.218 |
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Less |
EXPENSES |
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Cost raw material consumed |
4366.087 |
4147.709 |
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Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
68.053 |
(132.039) |
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Employee benefit expenses |
651.073 |
489.073 |
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Other expenses |
433.989 |
306.456 |
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TOTAL (B) |
5519.202 |
4811.199 |
3517.683 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1098.541 |
952.552 |
672.535 |
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Less |
FINANCIAL
EXPENSES (D) |
122.242 |
74.156 |
65.328 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
976.299 |
878.396 |
607.207 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.837 |
89.339 |
72.808 |
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PROFIT BEFORE
TAX (E-F) (G) |
866.462 |
789.057 |
534.396 |
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Less |
TAX (I) |
179.076 |
173.354 |
131.420 |
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PROFIT AFTER TAX
(G-I) (J) |
687.386 |
615.703 |
402.976 |
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BALANCE CARRIED
TO THE B/S |
687.386 |
615.703 |
402.976 |
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TOTAL EARNINGS |
24.305 |
141.064 |
28.900 |
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Earnings Per
Share (Rs.) |
585.00 |
542.00 |
342.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.39
|
10.68 |
9.62 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.09
|
13.69 |
12.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.32
|
15.62 |
14.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.28 |
0.25 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.38
|
0.47 |
0.42 |
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Current Ratio (Current Asset/Current Liability) |
|
2.31
|
3.47 |
2.63 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
---------------------- |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24239DL2004PLC125888 |
|
Name of the
company |
AKUMS DRUGS AND
PHARMACEUTICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
304, Email: legal@akums.net |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10019466 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank Of Commercial
Branch, M – 47, Connaught Circus, E-mail ID :
pawan,k.jha@sbi.co.in |
|
Nature of instrument
creating charge |
1. Letter
evidencing extension of deposit of title deeds and confirmation of mortgage
letter (Form B) (3 in no.) 2. Copy of
recital |
|
Date of
instrument Creating the charge |
30.01.2012 |
|
Amount secured by
the charge |
Rs.1500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per agreement Terms of
Repayment : Payable on demand Margin : As per
agreement Extent and
Operation of the charge : 100% Other : The above is to
secure the credit facilities o Rs. 1500.000
Millions i.e. CC (stocks) Rs. 1350.000
Millions with CC (B/D) sub limit with in CC (stock) (Rs.800.000 Millions), LC of Rs.50.000
Millions, Capex LC (Rs.
50.000 Millions), BG Rs.50.000 Millions
and SLC Rs. 50.000
Millions granted by the BAnk to the company. 100%
interchangeability between LC and BG limits. Copex LC of Rs.
50.000 Millions has been approved as a sub limit of Rs. 50.000 Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
i)
Equitable
Mortgage of the property situated at plots No. 19,20,21, Sector – 6A, IIE,
Ranipur, Haridwra, Uttrakhand. ii)
Equitable
Mortgage of the property situated at plots No. 22, Sector – 6A, IIE, Ranipur,
Haridwra, Uttrakhand. iii)
Equitable
Mortgage of the property situated at plots No. 2,3,4, and 5,Sector – 6A, IIE,
Ranipur, Haridwra, Uttrakhand. |
|
Date of
instrument modifying the charge |
28.01.2012 |
|
Particulars of the
present modification |
The credit
facilities Rs. 1500.000 Millions is further collaterally secured by EMT of
all that piece and parcel of plots no. 19,20,21, sector 6A, admeasuring
11979.60 sq.mtr.,Plot no. 22,sector – 6A, admeasuring 3200 sq.mtr., and plots
no.2,3,4 and 5, sector 6B, admeasuring 16000 sq.mtr.,IIE,BHEL,Ranipur, Distt
Haridwar, Uttrachal) existing or to be constructed thereon together with
easementary and appurtenants thereto incliuding all structures and machinery
items standing / installed thereon and to be put up in future. Refer annexure-1
for list of facilities extended. The other terms
and conditions continue to remain the same. |
Pharma
Industry Structure And Developments:
The Pharmaceuticals industry
in
The Indian pharmaceutical industry is the world’s second largest by
volume and is likely to lead the manufacturing sector of
Overview:
Subject was established and formed in the year 2004. Initially, Company
started the production with one manufacturing plant only. In eight years, the
company has growth and achieved greater heights with successfully running 6
plants in Haridwar, in addition to newly setting if centralized warehousing and
centralized R and D unit formulation development. The company was fully
equipped plants have made it, a largest pharmaceutical formulations
manufacturer in
Fixed Assets :
- Building
- Plant And Machinery
- Electrical Installation
- R And D And Laboratory Equipments
- Pollution Control Equipment
- Office Equipments
- Furniture and Fixtures
- 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. 54.299 |
|
|
1 |
Rs..82.877 |
|
Euro |
1 |
Rs. 70.801 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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.