|
Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
VASCULAR CONCEPTS LIMITED |
|
|
|
|
Registered
Office : |
Flat No. 201, Second Floor, Jyothi Apartments, 66,
Nehru Place, New Delhi – 110019, Delhi |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
25.05.1992 |
|
|
|
|
Com. Reg. No.: |
141596 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.785 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33119DL2005PLC141596 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Processing and trading in various kinds of Medical Devices
consisting of Bare Metal and Drug Eluting Stents, Catheters, Balloons,
Occlusion Devices and their Accessories. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2102940 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a principal operating company of the Vascular Concepts
Group, Which is engaged in the design, development and manufacturer of
Endovascular medical devices that address the treatment of arterial diseases.
It is an established company having a satisfactory track record. There appears drastic dip in the profitability of the company.
However, the net worth of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered normal 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 (31.12.2012) |
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
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the traqde deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new government
will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been named
the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
Flat No. 201, Second Floor, Jyothi Apartments, 66, Nehru
Place, New Delhi – 110019, Delhi, India
|
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
2 Deans Hall Business
Park, Oak Road, Little Maplestead, Halstead, Essex C09 2RT, United Kingdom |
|
Tel. No.: |
01787-477199 |
|
Fax No.: |
01787 477510 |
|
E-Mail : |
|
|
|
|
Asian Sales Headquarters: |
No. 19, SV Complex (1st
Floor), Bellary Road, Hebbal, Bangalore 560 024 India |
|
Tel. No.: |
91-80-23438146-49 |
|
Fax No.: |
91-80-23439205 |
|
E-Mail : |
DIRECTORS
AS ON 11.09.2013
|
Name : |
Mr. Jayaraman Mayuram Swaminathan |
|
Designation : |
Director |
|
Address : |
No 32-3-2 11th Cross 8th Main Malleshwaram, Bangalore – 560003, Karnataka, India |
|
Date of Birth/Age : |
04.12.1964 |
|
Date of Appointment : |
25.05.1992 |
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. Anurag Dubey |
|
Designation : |
Director |
|
Address : |
C-3/3, Mangla Appt., Plot No. 53,, Ip Extension,
Patparganj, New Delhi - 110092, India |
|
Date of Birth/Age : |
05.04.1974 |
|
Date of Appointment : |
20.07.2004 |
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. Swaminathan Kala |
|
Designation : |
Director |
|
Address : |
GF 3, Renaissaissance Krishna No. 13, 5th Main,, 9th
Cross, Malleswaram, Bangalore -
560003, India |
|
Date of Birth/Age : |
19.01.1969 |
|
Date of Appointment : |
10.12.2010 |
|
DIN No.: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Vascular Concepts Holdings
Ltd, British Isles |
|
137404 |
|
Vascular Concepts Limited, United Kingdom |
|
20400 |
|
P S Subramanian |
|
10 |
|
Deepak Wadhwa |
|
10 |
|
N K Zaveri |
|
10 |
|
Piyush Dwivedi |
|
10 |
|
Alok Arora |
|
10 |
|
Total |
|
157854 |
AS ON 11.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.97 |
|
Other top fifty shareholders |
0.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing and trading in various kinds of Medical Devices
consisting of Bare Metal and Drug Eluting Stents, Catheters, Balloons, Occlusion
Devices and their Accessories. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
State Bank of Mysore, Mid Corporate Central Processing
Centre, Ground Floor Head Office Kempe Gowda Road, Bangalore - 560009, Karnataka,
India |
|||||||||||||||
|
|
|
|||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SVR and Associates Chartered Accountant |
|
Address : |
S -3, II Floor, Manga l am Chambers, #25, KH Road,
Bangalore- 560027, India |
|
|
|
|
Holding Company : |
Vascular Concepts (Holdings) Limited, United Kingdom |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
157854 |
Equity Shares |
Rs.100/-
each |
Rs.15.785
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
15.785 |
15.785 |
15.785 |
|
(b) Reserves & Surplus |
509.950 |
496.802 |
360.788 |
|
(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) |
525.735 |
512.587 |
376.573 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.950 |
4.777 |
31.295 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
16.162 |
|
(d) long-term provisions |
28.554 |
22.293 |
0.000 |
|
Total Non-current Liabilities (3) |
31.504 |
27.070 |
47.457 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
182.624 |
118.864 |
119.510 |
|
(b) Trade payables |
443.299 |
337.325 |
259.247 |
|
(c) Other current
liabilities |
12.700 |
38.540 |
38.492 |
|
(d) Short-term provisions |
61.146 |
118.120 |
89.458 |
|
Total Current Liabilities (4) |
699.769 |
612.849 |
506.707 |
|
|
|
|
|
|
TOTAL |
1257.008 |
1152.506 |
930.737 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
78.398 |
77.840 |
61.518 |
|
(ii) Intangible Assets |
1.035 |
4.242 |
6.123 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
9.079 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
7.798 |
3.419 |
1.387 |
|
(d) Long-term Loan and Advances |
18.263 |
20.595 |
15.800 |
|
(e) Other Non-current assets |
1.212 |
1.515 |
0.128 |
|
Total Non-Current Assets |
106.706 |
107.611 |
94.035 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
383.417 |
312.016 |
305.409 |
|
(c) Trade receivables |
730.955 |
697.493 |
501.632 |
|
(d) Cash and cash
equivalents |
27.600 |
25.975 |
21.469 |
|
(e) Short-term loans and
advances |
8.330 |
9.411 |
8.192 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1150.302 |
1044.895 |
836.702 |
|
|
|
|
|
|
TOTAL |
1257.008 |
1152.506 |
930.737 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1332.189 |
1445.231 |
1429.937 |
|
|
|
Other Income |
2.380 |
2.547 |
2.028 |
|
|
|
TOTAL (A) |
1334.569 |
1447.778 |
1431.965 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
592.301 |
497.049 |
392.059 |
|
|
|
Purchases of stock-in-trade |
61.444 |
37.862 |
37.130 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(73.487) |
8.139 |
(26.171) |
|
|
|
Employee benefit expense |
178.370 |
162.793 |
130.801 |
|
|
|
Other Expenses |
518.456 |
477.475 |
769.011 |
|
|
|
Exceptional Items |
0.764 |
0.266 |
0.102 |
|
|
|
TOTAL (B) |
1277.848 |
1183.584 |
1302.932 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
56.721 |
264.194 |
129.033 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.590 |
45.343 |
11.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.131 |
218.851 |
117.903 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.690 |
9.618 |
8.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.441 |
209.233 |
109.082 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
7.293 |
72.006 |
48.355 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
13.148 |
137.227 |
60.727 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
496.802 |
359.574 |
298.847 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
509.950 |
496.802 |
359.574 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
48.409 |
27.308 |
17.786 |
|
|
TOTAL EARNINGS |
48.409 |
27.308 |
17.786 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
613.524 |
534.340 |
412.449 |
|
|
|
Capital Goods |
1.375 |
0.049 |
0.734 |
|
|
|
Others |
0.205 |
1.445 |
13.515 |
|
|
TOTAL IMPORTS |
615.104 |
535.834 |
426.698 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
83.29 |
869.33 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.99
|
9.48 |
4.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.53
|
14.78 |
7.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.64
|
18.21 |
11.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.41 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.35
|
0.24 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.70 |
1.65 |
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 |
No |
|
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 |
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 |
No |
|
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 |
CORPORATE
INFORMATION :
Subject was incorporated as a Private Limited Company 0n 25th May 1992
and was subsequently converted into a Public Limited Company on 15th Sept 2006.
The Subject is primarily focused on Processing and trading in various kinds of
Medical Devices consisting of Bare Metal and Drug Eluting Stents, Catheters,
Balloons, Occlusion Devices and their Accessories. The Company has its
registered office at New Delhi, Head Office and factory at Bangalore and
branches all over India. As On 31st March 2013, Vascular Concepts
Holding Ltd along with its Subsidiary Company Vascular Concepts Ltd U.K. owned
99.97% of the Company’s Equity Share Capital.
YEAR UNDER REVIEW
During the year the Subject has achieved a gross turnover (Total Income) of Rs.1332.189 millions as against Rs.14,45.231 millions in the previous year.
Net Profit/(Loss) After Tax for the year was Rs. 13.148 millions as against net profit of was Rs. 1,37.227 millions in the previous Year. The Directors of the subject view the future with optimism.
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.61.21 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
-- |
|
|
|
|
Report Prepared
by : |
SDA |
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 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.