|
Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPC LIFE SCIENCES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 284/1, GIDC Estate, Opposite Lucky Restaurant, Makarpura,
Vadodara - 390010, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.06.2005 |
|
|
|
|
Com. Reg. No.: |
04-046252 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 22.934
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230GJ2005PTC046252 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS04895C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Bulk Drugs and Other Pharmaceutical
Intermediates. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 299800 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There appears slight dip in profitability of the company during the
financial year 2013. However, general financial position of the company appears to be sound
and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. The company can be considered 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
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.
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 (GENERAL DETAILS)
|
Name : |
Mr. Rakesh |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-265-2658894 |
|
Date : |
13.11.2013 |
LOCATIONS
|
Registered/ Corporate Office : |
Plot No. 284/1, GIDC Estate, Opposite Lucky Restaurant,
Makarpura, Vadodara - 390010, Gujarat, India |
|
Tel. No.: |
91-265-2658894 |
|
Fax No.: |
91-265-2635692 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. 3611/1, 2, 3, 4, G.I.D.C Estate, Ankleshwar,
District Bharuch - 393002, Gujarat, India |
|
Tel. No.: |
91-2646-226060 |
|
Fax No.: |
91-2646-223364 |
|
E-Mail : |
DIRECTORS
AS ON 12.09.2013
|
Name : |
Mrs. Snehal Ravjibhai Patel |
|
Designation : |
Managing director |
|
Address : |
72, Alka Society, Near Akota Garden, Akota, Vadodara – 390020, Gujarat,
India |
|
Date of Birth/Age : |
01.06.1976 |
|
Date of Appointment : |
03.04.2006 |
|
DIN No.: |
00165190 |
|
|
|
|
Name : |
Mr. Ravjibhai Dudabhai Dudhat |
|
Designation : |
Director |
|
Address : |
72, Alka Society, J.P. Road, Akota, Vadodara - 390020, Gujarat, India |
|
Date of Birth/Age : |
20.12.1948 |
|
Date of Appointment : |
15.06.2005 |
|
DIN No.: |
00030853 |
|
|
|
|
Name : |
Mrs. Mili Snehal Patel |
|
Designation : |
Director |
|
Address : |
72, Alka Society, J.P. Road, Akota, Vadodara - 390020, Gujarat, India |
|
Date of Birth/Age : |
28.07.1979 |
|
Date of Appointment : |
15.06.2005 |
|
DIN No.: |
00030884 |
|
|
|
|
Name : |
Mrs. Sangitaben Ravjibhai Dudhat |
|
Designation : |
Director |
|
Address : |
72, Alka Society, Near Akota Garden, Akota, Vadodara – 390020,
Gujarat, India |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
03.04.2006 |
|
DIN No.: |
00161586 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Ravjibhai Dudhat |
|
325369 |
|
Mili Snehal Patel |
|
5000 |
|
Sangitaben Ravjibhai Dudhat |
|
522356 |
|
Snehal Ravjibhai Patel |
|
808547 |
|
Tejas Ravjibhai Patel |
|
302325 |
|
Genesis Organics Private
Limited, India |
|
329800 |
|
|
|
|
|
Total |
|
2293397 |
AS ON 12.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
14.38 |
|
Directors
or relatives of directors |
85.62 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bulk Drugs and Other Pharmaceutical
Intermediates. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30-60 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30-60 Days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
20 (Approximately) |
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|
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Bankers : |
State Bank of India, Specialized Commercial Branch, 2nd Floor, Trident, Near Race Course Circle, Vadodara - 390007, Gujarat, India Indian Overseas Bank Kotak Mahindra Bank Limited |
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Facilities : |
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|
|
|
Banking Relations : |
-- |
|
|
|
|
Financial Institutions : |
· India Bulls Financial Services Limited · Religare Finvest Limited · Tata Capital Limited |
|
|
|
|
Auditors : |
|
|
Name : |
H. Patel and Company Chartered Accountants |
|
Address : |
104, Deepam Residency, 26, Vishwas Colony, Behind National
Plaza, Alkapuri, Vadodara – 390007, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACQPP5827Q |
|
|
|
|
Associate Company : |
Genesis Organics Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,293,397 |
Equity Shares |
Rs. 10/- each |
Rs. 22.934
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 |
22.934 |
22.934 |
20.000 |
|
(b) Reserves & Surplus |
52.025 |
34.837 |
16.034 |
|
(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) |
74.959 |
57.771 |
36.034 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
22.448 |
17.219 |
20.881 |
|
(b) Deferred tax liabilities (Net) |
0.486 |
0.436 |
0.408 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
22.934 |
17.655 |
21.289 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
55.992 |
59.396 |
51.438 |
|
(b)
Trade payables |
72.906 |
58.739 |
52.739 |
|
(c)
Other current liabilities |
13.813 |
14.169 |
11.873 |
|
(d)
Short-term provisions |
9.754 |
5.260 |
2.848 |
|
Total
Current Liabilities (4) |
152.465 |
137.564 |
118.898 |
|
|
|
|
|
|
TOTAL |
250.358 |
212.990 |
176.221 |
|
|
|
|
|
|
I.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
64.666 |
65.807 |
64.374 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
32.972 |
11.970 |
1.797 |
|
(iv) Intangible assets under development |
0.824 |
0.824 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
2.640 |
2.440 |
1.506 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
101.102 |
81.041 |
67.677 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
55.113 |
41.974 |
31.010 |
|
(c)
Trade receivables |
60.952 |
66.410 |
41.076 |
|
(d)
Cash and cash equivalents |
17.230 |
12.615 |
24.749 |
|
(e)
Short-term loans and advances |
11.378 |
7.814 |
8.877 |
|
(f)
Other current assets |
4.583 |
3.136 |
2.832 |
|
Total
Current Assets |
149.256 |
131.949 |
108.544 |
|
|
|
|
|
|
TOTAL |
250.358 |
212.990 |
176.221 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
340.401 |
375.718 |
192.135 |
|
|
|
Other Income |
2.207 |
3.369 |
2.629 |
|
|
|
TOTAL |
342.608 |
379.087 |
194.764 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
17.188 |
18.803 |
5.541 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings (FOB Value) |
202.989 |
193.124 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
142.832 |
167.320 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.49 |
8.20 |
2.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.02
|
4.96 |
2.84 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.05
|
1.33 |
2.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
0.96 |
0.91 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current Maturities
of Long-Term Debt |
|
|
|
|
State Bank of India - Building and Machinery |
4.200 |
4.200 |
0.000 |
|
State Bank of India |
0.625 |
0.000 |
0.000 |
|
State Bank of India - FCNRB |
2.656 |
2.599 |
0.000 |
|
Kotak Mahindra Bank Limited |
0.261 |
0.936 |
0.000 |
|
India Bulls Financial Services Limited |
0.339 |
0.915 |
0.000 |
|
Religare Finvest Limited |
0.609 |
1.284 |
0.000 |
|
Tata Capital Limited - Business Loan |
0.278 |
0.734 |
0.000 |
|
|
|
|
|
|
Current Maturities of Finance Lease Obligations |
|
|
|
|
Axis Bank Limited
- Car Loan |
0.000 |
0.000 |
0.086 |
|
TATA Capital Limited - Car Loan |
0.389 |
0.357 |
0.313 |
|
TATA Capital Limited - Car Loan |
0.338 |
0.532 |
0.000 |
|
|
|
|
|
|
Total |
9.695 |
11.557 |
0.399 |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10288484 |
28/02/2013 * |
130,100,000.00 |
STATE BANK OF INDIA |
SPECIALIZED COMMERCIAL BRANCH, 2ND FLOOR, TRIDENT, NEAR RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B70336532 |
|
2 |
10285661 |
11/12/2012 * |
130,100,000.00 |
STATE BANK OF INDIA |
SPECIALIZED COMMERCIAL BRANCH, 2ND FLOOR, TRIDENT, NEAR RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B65802233 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
A. Term Loans: (a) From Banks Rupee Loans Kotak Mahindra Bank Limited |
0.000 |
0.261 |
|
(b) From Others India Bulls Financial Services Limited |
0.000 |
0.339 |
|
Religare Finvest Limited |
0.000 |
0.609 |
|
Tata Capital Limited - Business Loan |
0.000 |
0.278 |
|
SHORT TERM BORROWINGS |
|
|
|
A. Other Loans and Advances Jagdish D. Parikh |
1.255 |
1.255 |
|
|
|
|
|
Total |
1.255 |
2.742 |
Note:
The Registered office of the company has been shifted from 102, Toran
Complex, Vikas Nagar,
FIXED ASSETS:
·
· Factory Building
· Office Building
· Plant and Machinery
· Furniture and Fixture
· Computers
· Vehicles
· Warehouse and Admin Building
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. 63.06 |
|
|
1 |
Rs. 101.15 |
|
Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.