|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
WALLACE PHARMACEUTICALS PRIVATE LIMITED [w.e.f. 31.08.2001] |
|
|
|
|
Formerly Known
As : |
WALLACE PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Dempo Trade Centre Building, Patto Plaza, EDC
Complex, Panaji-403001, Goa |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 |
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|
|
|
Line of Business
: |
Subject is engaged in the manufacturing and selling of medicinal
preparations. |
|
|
|
|
No. of Employees
: |
Not Available |
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 4200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject belongs to “Wallace Group”. The Wallace Group privately owned by Pharmaceutical and Biotechnology
group in Goa, it is a well established and a reputed company having a fine
track record. The financial strength of the company is sound. Performance capacity
appears to be good. Trade relations are reported to be decent. 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 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
|
Registered Office/ Headquarter : |
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 : |
cesarmenezes@wallacepharma.net
|
|
|
|
|
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: 29.09.2012
|
Name : |
Mr. 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 |
|
PAN No.: |
ACLPM6506G |
|
Date of Appointment : |
15.06.2005 |
|
DIN No.: |
00407272 |
|
|
|
|
Name : |
Dr. 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 |
|
PAN No.: |
AABTM1709K |
|
Date of Appointment : |
09.12.1997 |
|
DIN No.: |
00419902 |
|
|
|
|
Name : |
Mrs. Rashmi Cesar Menezes |
|
Designation : |
Director |
|
Address : |
10, Vin-Rita Apartments, Opposite Prof Almeida Park, Bandra,
Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1974 |
|
PAN No.: |
ADKPM5014B |
|
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 |
|
PAN No.: |
ABTPA9898E |
|
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 |
|
PAN No.: |
ACZPM9041J |
|
Date of Appointment : |
25.02.2002 |
|
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 |
|
PAN No.: |
AAJPP1095K |
|
Date of Appointment : |
25.02.2002 |
|
DIN No.: |
01005975 |
|
|
|
|
Name : |
Mr. Karl Pinto |
|
Designation : |
Director |
|
Address : |
26, Windmere, BJ Road, Bandra, Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
17.01.1970 |
|
PAN No.: |
AKAPP0562E |
|
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 |
|
PAN No.: |
AEQPG5981G |
|
Date of Appointment : |
27.05.2011 |
|
DIN No.: |
03534115 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Cesar Pascoal Jose Menezes |
|
2625000 |
|
Maria Emilia Menezes |
|
560000 |
|
Divya Cesar Menezes |
|
980000 |
|
Rashmi Cesar Menezes |
|
979900 |
|
Rekha Charvdatt Daru |
|
100 |
|
Total
|
|
5145000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing and selling of medicinal preparations. |
PRODUCTION STATUS [AS ON 31.03.2012]
|
PARTICULARS |
Unit |
Installed Capacity
on Single shift basis |
Actual
Production |
|
Pharmaceutical Formulations
|
|
|
|
|
Tablets |
000 Nos. |
565200 |
646677 |
|
Liquids |
Lts. |
1879500 |
1930622 |
|
Injections |
Lts. |
* |
46104 |
|
Capsules |
000 Nos. |
* |
24726 |
|
Ointments |
Kgs. |
* |
12277 |
|
Creams |
Kgs. |
* |
61619 |
|
Granules |
Kgs. |
* |
308432 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, Opposite Azad Maidan, Post Box No. 236, Panaji-403001,
Goa, India |
|||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Y.N. Upadhyaya and Company Chartered Accountants |
|
Address : |
F - 12, SOUZA TOWERS, Panaji-403001, Goa, India |
|
PAN No.: |
AAEPU8189N |
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|
|
|
Associates : |
CIN No.: U24232GA1984PTC000556
CIN No.: U33112GA1996PTC002077
CIN No.: U24232GA1998PTC002526
CIN No.: U70200GA1996PTC002078
CIN No.: U52311GA1997PTC002273
|
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Others : |
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|
|
|
|
Other Entities In
which significant influence is exercised by Key Management : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5250000 |
Equity Shares |
Rs.10/- each |
Rs.52.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5145000 |
Equity Shares |
Rs.10/- each |
Rs.51.450
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
51.450 |
51.450 |
51.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1006.700 |
838.811 |
632.864 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1058.150 |
890.261 |
684.314 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
258.460 |
286.599 |
327.267 |
|
|
2] Unsecured Loans |
86.421 |
97.421 |
93.522 |
|
|
TOTAL BORROWING |
344.881 |
384.020 |
420.789 |
|
|
DEFERRED TAX LIABILITIES |
0.407 |
1.530 |
2.941 |
|
|
|
|
|
|
|
|
TOTAL |
1403.438 |
1275.811 |
1108.044 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
424.455 |
432.033 |
437.288 |
|
|
Capital work-in-progress |
0.000 |
1.811 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
447.915 |
405.434 |
337.916 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
363.697
|
315.894 |
277.053 |
|
|
Sundry Debtors |
226.714
|
199.916 |
164.549 |
|
|
Cash & Bank Balances |
74.323
|
61.121 |
52.597 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
219.279
|
208.431 |
211.708 |
|
Total
Current Assets |
884.013
|
785.362 |
705.907 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
84.494
|
84.604 |
293.366 |
|
|
Other Current Liabilities |
134.848
|
168.004 |
31.460 |
|
|
Provisions |
133.603
|
96.221 |
48.241 |
|
Total
Current Liabilities |
352.945
|
348.829 |
373.067 |
|
|
Net Current Assets |
531.068
|
436.533 |
332.840 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1403.438 |
1275.811 |
1108.044 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2322.044 |
2147.113 |
1930.242 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
168.101 |
204.777 |
75.918 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.212 |
(1.170) |
(17.798) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
167.889 |
205.947 |
93.716 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
755.311 |
549.364 |
455.648 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
923.200 |
755.311 |
549.364 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
42.721 |
25.552 |
19.272 |
|
|
|
Exchange Gain |
0.000 |
1.638 |
24.870 |
|
|
TOTAL EARNINGS |
42.721 |
27.19 |
44.142 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
230.745 |
184.567 |
197.790 |
|
|
TOTAL IMPORTS |
230.745 |
184.567 |
197.790 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.63 |
400.29 |
182.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
7.24
|
9.54 |
3.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.85
|
16.82 |
6.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.23 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.33
|
0.43 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
2.25 |
1.89 |
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 |
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 |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
DETAILS OF LITIGATION:
HIGH COURT OF
BOMBAY AT GOA
Case Information
System
|
Reg. No. :- AUE / 4
/ 2009 |
Stamp No. :- STM /
1896 / 2009 |
||||
|
Case Status : |
Pending (Pre-Admitted) |
||||
|
Petitioner : |
1. THE REGIONAL DIRECTOR EMPLOYEES STATE INSURANCE CORP |
||||
|
Respondent : |
1. M/S WALLACE PHARMACEUTICALS PVT LTD THROUGH VICE PRESIDENT AND 3 ORS |
||||
|
Petitoner
Adv. : |
MRS. A. A. AGNI |
||||
|
Respondent
Adv. : |
SHRI VIJAY PALEKAR FOR RESPONDENT |
||||
|
District : |
North Goa |
||||
|
Bench : |
Single |
||||
|
Act : |
C.P.C. |
||||
|
Category : |
Appeal under E.S.I. |
||||
|
Case Stage : |
FOR ADMISSION - AFTER NOTICE |
||||
|
Hearing Date : |
Wednesday, February 08, 2012 |
||||
|
|||||
|
This Case is
updated on : Monday, February 11, 2013 |
|||||
OPERATIONS:
The Revenue from Operations for the year having amounted to Rs.2322.044 Millions as compared to Rs.2147.113 Millions achieved for the year ended 31st March, 2011. The Company realized a profit before tax of Rs.168.101 Millions as compared to Rs.204.777 Millions for the year ended 31st March, 2011.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
86.421 |
97.421 |
|
Total |
86.421 |
97.421 |
Contingent
Liabilities in respect of:
i. Excise Duty matters net off deposits Rs. 26.608 Millions.
ii. Counter Guarantees given to the bank in respect of guarantees given by them Rs.9.139 Millions.
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 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.54.29 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
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 |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.