MIRA INFORM REPORT
|
Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEGA FINE PHARMA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sethna Building, 4th Floor, 55, Maharshi Carve Road, Marine
Lines, Mumbai-400002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.08.1995 |
|
|
|
|
Com. Reg. No.: |
11-092028 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.209 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239MH1995PTC092028 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Active Pharmaceutical Ingredients (APIs) and
Advanced Intermediates. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Latest financial i.e. 2011-12 are missing from the government department.
However, from the previous record it seems that the company is performing
well. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB Long Term (upgraded from BBB-) |
|
Rating Explanation |
The moderate credit quality. It carry higher
than average credit risk. |
|
Date |
March 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3+ Short Term (Upgraded from A3) |
|
Rating Explanation |
The moderate credit quality. It carry higher
credit risk. |
|
Date |
March 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Nilesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-22090666 |
|
Date : |
01.02.2013 |
LOCATIONS
|
Registered Office : |
Sethna Building, 4th Floor, 55, Maharshi Carve Road, Marine
Lines, Mumbai-400002, Maharashtra, India |
|
Tel. No.: |
91-22-61461111/ 26302513/ 22090666 |
|
Fax No.: |
91-22-61461109 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Nashik Site: |
31-35 and 48-51/201 Lakhmapur, Dindori, Nashik - 422202, Maharashtra,
India |
|
Tel. No.: |
91-2557-250121 |
|
Fax No.: |
91-2557-250586 |
|
E-Mail : |
|
|
|
|
|
Vapi Site: |
911, 3rd Phase, GIDC, Vapi - 396195, Gujarat, India |
|
Tel. No.: |
91-260-2400685 |
|
Fax No.: |
91-260-2424622 |
|
E-Mail : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Ashok Kirtilal Jhaveri |
|
Designation : |
Director |
|
Address : |
193/B, Heera Panna, Bhulabhai Desai Road, Haji Ali, Mumbai - 400026,
Maharashtra, India |
|
Date of Birth/Age : |
23.03.1953 |
|
Date of Appointment : |
22.08.1995 |
|
Din No.: |
00187516 |
|
|
|
|
Name : |
Mr. Shailesh Jethmal Sanghvi |
|
Designation : |
Director |
|
Address : |
801, Jogani Apartments, 29-B, Dongarshi Road, Walkeshwar, Mumbai -
400006, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1968 |
|
Date of Appointment : |
22.08.1995 |
|
Din No.: |
00194775 |
|
|
|
|
Name : |
Mr. Hasmukh Purshottam Gandhi |
|
Designation : |
Director |
|
Address : |
Flat No. 82, Tower-A, Kalpataru Residency, Opposite Cine Planet, Sion
(East), Mumbai - 400022, Maharashtra, India |
|
Date of Birth/Age : |
08.08.1951 |
|
Date of Appointment : |
14.04.2000 |
|
Din No.: |
00193181 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kirtilal Jhaveri |
|
428551 |
|
Rupal Ashok Jhaveri |
|
55882 |
|
Kunal Ashok Jhaveri |
|
55882 |
|
Hasmukh Purshottam Gandhi |
|
324247 |
|
Meeta Hasmukh Gandhi |
|
54014 |
|
Arun Purshottam Gandhi |
|
54022 |
|
Dharmesh Purshottam Gandhi |
|
54010 |
|
Prafulchandra Gamanlal Soni |
|
54022 |
|
Shailesh Jethmal Sanghvi |
|
327520 |
|
Meena Shailesh Sanghvi |
|
65470 |
|
Neena Mukesh Sanghvi |
|
65478 |
|
Kamala Jethmal Sanghvi |
|
81847 |
|
|
|
|
|
Total |
|
1620945 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
96.67 |
|
Other top fifty shareholders |
|
3.33 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Active Pharmaceutical Ingredients (APIs)
and Advanced Intermediates. |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|||||||||||||||||||||||||||
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No. of Employees : |
300 (Approximately) |
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Bankers : |
|
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain Ambavat and Associates Chartered Accountants |
|
Address : |
302, Niranjan, 99, Marine Drive, Mumbai - 400002, Maharashtra, India |
|
Tel. No.: |
91-22-43473635/ 40/ 22817463/ 22820549 |
|
Pan No.: |
AAAFJ1780E |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued & Subscribed
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1620945 |
Equity Shares |
Rs.10/- each |
Rs.16.209
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1620945 |
Equity Shares |
Rs.10/- each |
Rs.16.209
Millions |
|
|
|
|
|
Note: Out of the above, 420905 shares are issued for consideration other than cash in pursuance of the scheme of merger and demerger.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.209 |
16.209 |
16.209 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
326.832 |
281.958 |
263.640 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
343.041 |
298.167 |
279.849 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
249.601 |
175.239 |
225.564 |
|
|
2] Unsecured Loans |
60.000 |
70.000 |
67.371 |
|
|
TOTAL BORROWING |
309.601 |
245.239 |
292.935 |
|
|
DEFERRED TAX LIABILITIES |
1.521 |
5.284 |
14.298 |
|
|
|
|
|
|
|
|
TOTAL |
654.163 |
548.690 |
587.082 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
316.433 |
293.324 |
316.868 |
|
|
Capital work-in-progress |
6.698 |
27.920 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.216 |
1.217 |
1.217 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
162.442
|
133.110 |
81.625 |
|
|
Sundry Debtors |
242.365
|
124.022 |
184.212 |
|
|
Cash & Bank Balances |
12.791
|
11.796 |
23.577 |
|
|
Other Current Assets |
85.826
|
75.044 |
60.783 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
503.424
|
343.972 |
350.197 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
153.642
|
97.384 |
|
|
|
Other Current Liabilities |
1.571
|
20.579 |
81.642 |
|
|
Provisions |
18.395
|
0.000 |
|
|
Total
Current Liabilities |
173.608
|
117.963 |
81.642 |
|
|
Net Current Assets |
329.816
|
226.009 |
268.555 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.220 |
0.442 |
|
|
|
|
|
|
|
|
TOTAL |
654.163 |
548.690 |
587.082 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
944.116 |
655.504 |
701.342 |
|
|
|
Other Income |
7.831 |
12.629 |
NA |
|
|
|
TOTAL (A) |
951.947 |
668.133 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
536.103 |
387.608 |
|
|
|
|
Manufacturing Expenses |
147.921 |
101.126 |
|
|
|
|
Salary |
62.486 |
45.654 |
|
|
|
|
Directors Remuneration |
7.920 |
7.020 |
NA |
|
|
|
Auditors Remuneration |
1.233 |
1.029 |
|
|
|
|
Other Expenses |
62.621 |
51.947 |
|
|
|
|
Donation |
1.812 |
0.101 |
|
|
|
|
Increase or Decrease in Stock |
(29.331) |
(51.485) |
|
|
|
|
TOTAL (B) |
790.765 |
543.000 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
161.182 |
125.133 |
128.118 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.840 |
25.172 |
29.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
127.342 |
99.961 |
98.159 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
67.835 |
71.172 |
71.672 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
59.507 |
28.789 |
26.487 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.632 |
10.472 |
8.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
44.875 |
18.317 |
17.757 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
263.043 |
244.726 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
307.918 |
263.043 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
787.403 |
575.239 |
NA |
|
|
|
Commission Received |
0.451 |
4.950 |
NA |
|
|
TOTAL EARNINGS |
787.854 |
580.189 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.68 |
43.51 |
10.95 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1400.000 |
|
|
|
|
|
The above information has been parted by Mr. Nilesh
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.71
|
2.74 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.30
|
4.39 |
3.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.25
|
4.52 |
3.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.10 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.90
|
0.82 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.92 |
4.29 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors for Goods |
127.714 |
70.480 |
|
|
Sundry Creditors for Expenses |
25.928 |
26.904 |
|
|
|
|
|
|
|
Total |
153.642 |
97.384 |
NA |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
|
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 |
FINANCIAL RESULTS:
During the year the company has made a profit of Rs.59.507 Millions
(before tax) as against a profit of Rs.28.789 Millions (before tax) in the
previous year.
UNSECURED LOAN
(Rs. In Millions)
|
Unsecured Loan |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
From Shareholders and Directors |
57.400 |
66.739 |
|
From Others |
2.600 |
3.261 |
|
|
|
|
|
Total |
60.000 |
70.000 |
FIXED ASSETS:
- Air Conditioner
- Computer
- Electrification
- Erection and Insul
- Factory Building
- Fire Fighting Equipments
- Furniture and Fixtures
- Laboratory Equipments
- Land
- Motor Car
- Plant and Machinery
- Type Writer
- Staff Safety Equipments
- 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.53.29 |
|
|
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.