MIRA
INFORM REPORT
|
Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MERIL LIFE SCIENCE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Bilakhia House, Survey No. 135/139, Muktanand Marg, Chala, Vapi –
396191, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.06.2007 |
|
|
|
|
Com. Reg. No.: |
04-051137 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.925.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239GJ2007PTC051137 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTM03995F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM1444G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Coronary Stents and Balloon Catheters. |
|
|
|
|
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 4752000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of Bilakhia Holding Private Limited. It is an
established company having fine track record. The ratings continue to take into account unconditional and
irrevocable corporate guarantee extended by BHPL. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. He company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated number
of jobs created during the second quarter of the current financial year. 50000
estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities A+(SO) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 25, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1+(SO) |
|
Rating Explanation |
Very strong degree of safety lowest credit
risk. |
|
Date |
October 25, 2013 |
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 / Corporate Headquarters: |
Bilakhia House, Survey No. 135/139, Muktanand Marg, Chala, Vapi –
396191, Gujarat, India |
|
Tel. No.: |
91-260-3052100 |
|
Fax No.: |
91-260-3052125 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
International Sales Office : |
612, B-Wing, Bonanza, Sahar Plaza, Andheri East), Mumbai 400 059,
Maharashtra, India |
|
Tel. No.: |
91-22-39350700 |
|
Fax No.: |
91-22-40479717 |
DIRECTORS
As on 23.09.2013
|
Name : |
Mr. Nanubhai Premjibhai Bambharolia |
|
Designation : |
Director |
|
Address : |
Plot No.147 and 148, Opposite Rofel College, GIDC, Vapi - 396195,
Gujarat, India |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
19. 06.2007 |
|
DIN No.: |
00089481 |
|
|
|
|
Name : |
Mr. Rajnikant Gandalal Vyas |
|
Designation : |
Director |
|
Address : |
B-602, Eternia, Main Street, Hiranandani Gardens, Powai, Mumbai –
400076, Maharashtra, India |
|
Date of Birth/Age : |
04.11.1945 |
|
Date of Appointment : |
20.10.2010 |
|
DIN No.: |
00837447 |
|
|
|
|
Name : |
Mr. Utpalkumar Devendrakumar Thakor |
|
Designation : |
Whole-time director |
|
Address : |
203, Samrajya Apr-1, Royal Residency, Gokulvihar Township, Chharwara
Road, Vapi – 396191, Gujarat, India |
|
Date of Birth/Age : |
04.01.1996 |
|
Date of Appointment : |
23.03.2011 |
|
DIN No.: |
03463537 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2013
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
|
|
|
Micro Life Sciences Private Limited, India |
59359999 |
|
Micro Life Sciences Private Limited jointly with Anjum Bilakhia |
1 |
|
Total |
59360000 |
|
Names of Shareholders (Preference Shares) |
No. of Shares |
|
|
|
|
Micro Life Sciences Private Limited, India |
33150000 |
|
Total
|
33150000 |
As on 23.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Coronary Stents and Balloon Catheters. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|||||||||||||||
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Bankers : |
Yes Bank Limited
9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,
Mumbai - 400018, Maharashtra, India Standard
Chartered Bank Abhijeet II, Ground Floor, Near Mithkali Six Roads, Ahmedabad
- 380006, Gujarat, India |
|||||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Gopalakrishnan Aiyer and Company Chartered Accountants |
|
Address : |
A-103 Hemu
Classic Shopping Centre, Opposite New Era Cinema, S V Road, Malad (West),
Mumbai - 400064 India |
|
PAN
No. : |
ABDPA7449K |
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|
|
|
|
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Ultimate Holding Company: |
Ø
Bilakhia Holdings Private Limited |
|
|
|
|
Holding Company: |
Ø
Micro Life Sciences Private Limited |
|
|
|
|
Subsidiary Company: |
Ø
Meril Life Sciences India Private Limited Ø
Meril GmbH, Germany Ø
Doc Med Comercio Importacao E Exportacao Ltda. -
Me, Brazil Ø
Meril T?bbi Cihazlar ?malat ve Ticaret Anonim
?irketi, Turkey |
|
|
|
|
Fellow Subsidiary of Holding Company: |
Ø
Mexus Corporation Private limited |
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|
|
|
Subsidiary of Fellow Subsidiary Company of
Holding Company: |
Ø
Mexus Education Private limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
40000000 |
Preferences Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59360000 |
Equity Shares |
Rs.10/- each |
Rs.593.600 Millions |
|
33150000 |
Preferences Shares |
Rs.10/- eachs |
Rs.331.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.925.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
925.100 |
925.100 |
925.100 |
|
(b) Reserves & Surplus |
262.975 |
24.773 |
(85.090) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1188.075 |
949.873 |
840.010 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
325.860 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
31.116 |
22.868 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.522 |
2.782 |
1.581 |
|
Total Non-current Liabilities (3) |
364.498 |
25.650 |
1.581 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
316.561 |
255.000 |
0.000 |
|
(b) Trade payables |
107.399 |
47.500 |
13.875 |
|
(c) Other current
liabilities |
108.887 |
12.722 |
5.894 |
|
(d) Short-term provisions |
16.839 |
0.306 |
0.186 |
|
Total Current Liabilities (4) |
549.686 |
315.528 |
19.955 |
|
|
|
|
|
|
TOTAL |
2102.259 |
1291.051 |
861.546 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
378.438 |
299.349 |
218.864 |
|
(ii) Intangible Assets |
3.606 |
5.855 |
16.061 |
|
(iii) Capital
work-in-progress |
354.908 |
25.784 |
0.000 |
|
(iv)
Intangible assets under development |
65.583 |
0.489 |
0.463 |
|
(b) Non-current Investments |
238.188 |
154.210 |
121.292 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
190.205 |
157.567 |
167.843 |
|
(e) Other Non-current assets |
13.818 |
9.302 |
5.934 |
|
Total Non-Current Assets |
1244.746 |
652.556 |
530.457 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
309.297 |
126.992 |
70.920 |
|
(c) Trade receivables |
350.493 |
359.161 |
159.921 |
|
(d) Cash and cash equivalents |
153.075 |
19.372 |
4.146 |
|
(e) Short-term loans and
advances |
44.097 |
132.566 |
96.012 |
|
(f) Other current assets |
0.551 |
0.404 |
0.090 |
|
Total Current Assets |
857.513 |
638.495 |
331.089 |
|
|
|
|
|
|
TOTAL |
2102.259 |
1291.051 |
861.546 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1249.791 |
643.764 |
269.890 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
504.409 |
276.952 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
139.355 |
(7.062) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
29.491 |
(13.495) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
238.202 |
109.864 |
6.433 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.57 |
1.19 |
0.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
19.06
|
17.06 |
2.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
12.55 |
(0.95) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.15 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.54
|
0.27 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
2.02 |
16.59 |
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 |
----- |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE:
Registered office of the company has been shifted from “Kalpdeep, Plot
No. 147, H-1, Charwada Road, GIDC, Vapi - 396195, Gujarat, India” to the
present address w.e.f. 23.10.2010
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
199.061 |
0.000 |
|
Loans repayable on demand from others |
117.500 |
255.000 |
|
|
|
|
|
Total |
316.561 |
255.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10411264 |
29/08/2013 * |
190,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B85418846 |
|
2 |
10385705 |
10/11/2012 * |
476,000,000.00 |
Standard
Chartered Bank |
Abhijeet II, Ground
Floor, Near Mithkali Six Roads, Ahmedabad, Gujarat - 380006, INDIA |
B62175393 |
|
3 |
10373005 |
14/11/2013 * |
550,000,000.00 |
Standard
Chartered Bank |
Abhijeet II,
Ground Floor, Near Mithkali Six Roads, Ahmedabad, Gujarat - 380006, INDIA |
B89552426 |
* Date of charge modification
PERFORMANCE REVIEW:
The total revenue
for the year ended 31st March 2013 was Rs. 1249.791 millions against 643.764
millions for the previous year. The Company recorded profit of Rs. 238.202
millions during the year as against the profit of Rs. 109.864 millions in the
previous year.
FIXED ASSETS
Tangible Assets
·
Leasehold Improvements
·
Plant and Machinery
·
Office Equipments
·
Computers and Hardware
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Technical Know how
·
Designs (BMS and DES)
·
Trade Mark
·
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.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.