MIRA
INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
APOTEX PHARMACHEM INDIA PRIVATE LIMITED |
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|
|
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Formerly Known
As : |
BRANTFORD CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
Site No. 1 A, Bommasandra Industrial Area, IVth Phase, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.06.2003 |
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Com. Reg. No.: |
08-032104 |
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Capital
Investment / Paid-up Capital : |
Rs.763.054 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231KA2003PTC032104 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB03762D |
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|
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PAN No.: [Permanent Account No.] |
AACCB1658E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is involved in providing Research and Development
services in the field of generic science and manufacturing of bulk drugs. |
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|
|
No. of Employees
: |
Information denied by management |
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 5050000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track
record. There seems a significant growth in the profits of the company during
2013. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period with
an annualized return of 20 % ! Equities came in second with annualized return
of 15.5 % ! However, while these returns may seem mouthwatering, the fact is
that the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
.
. Ukrain’s clashes with rebels hinder MH17 crash investigation
.
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
03.06.2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No. 91-80-22891000)
LOCATIONS
|
Registered Office : |
Site No. 1 A, Bommasandra Industrial Area (Post Office), IV th Phase, |
|
Tel. No.: |
91-80-22891000 |
|
Fax No.: |
91-80-22891034 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Jim Berhalter |
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|
Designation : |
Director |
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Address : |
2163, |
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Date of Birth/Age : |
05.12.1958 |
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Date of Appointment : |
24.06.2004 |
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DIN No.: |
00198596 |
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Other Directorship:
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Name : |
Mr. Baxter Craig Robert |
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Designation : |
Director |
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Address : |
108, |
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Date of Birth/Age : |
27.12.1955 |
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Date of Appointment : |
24.06.2004 |
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DIN No.: |
00202338 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Rajesh Kumar Goel |
|
Designation : |
Secretary |
|
Address : |
Flat No. A – 007, |
|
Date of Birth/Age : |
23.12.1968 |
|
Date of Appointment : |
25.06.2007 |
|
PAN No.: |
ACXPG3393H |
MAJOR SHAREHOLDERS
As on 27.09.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Apotex Pharmachem Inc., |
4999 |
0.07 |
|
Apotex Pharmaceutical Holding Inc., |
7625544 |
99.93 |
|
Total |
7630543 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is involved in providing Research and Development
services in the field of generic science and manufacturing of bulk drugs. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· State Bank of India, Specialized Commercial Branch, Krishi Bhavan, First Floor, Hudson Circle, Bangalore-560001, Karnataka, India ·
The Hongkong and Shanghai Banking Corporation
Limited |
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Facilities : |
Notes : Long Term Borrowings a)
External commercial borrowings are taken for a
period of 6 to 8 years. These loans are repayable in three equal yearly instalments
on completion of 3 to 5 years from the initial drawdown date. b)
The above external commercial borrowings
aggregating to Rs.542.679 Millions (As at 31 March, 2012 Rs.559.586 Millions)
is secured by second charge on the movable and immovable fixed assets of the
Company as per the Reserve Bank of |
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|
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Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Deloitte Centre, |
|
PAN No.: |
AACFD3771D |
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|
|
|
Holding Company : |
·
Apotex Pharmaceuticals Holdings Inc, |
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|
|
|
Fellow Subsidiary
Company : |
· Apotex Research Private Limited CIN No.: U73100KA2003PTC032103 · Apotex Pharmachem Inc · Apotex Inc ·
Apotex Pharmachem ( |
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.100/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7630543 |
Equity Shares |
Rs.10/- each |
Rs.763.054 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 |
763.054 |
763.054 |
625.494 |
|
(b) Reserves & Surplus |
500.326 |
327.030 |
261.736 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
137.560 |
|
Total
Shareholders’ Funds (1) + (2) |
1,263.380 |
1,090.084 |
1,024.790 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
617.711 |
519.456 |
503.378 |
|
(b) Deferred tax liabilities (Net) |
11.508 |
15.408 |
23.387 |
|
(c) Other long term liabilities |
6.410 |
0.032 |
0.232 |
|
(d) long-term provisions |
20.579 |
15.951 |
13.587 |
|
Total Non-current Liabilities (3) |
656.208 |
550.847 |
540.584 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
316.419 |
230.220 |
47.030 |
|
(b) Trade payables |
240.316 |
90.723 |
48.987 |
|
(c) Other current
liabilities |
259.015 |
84.549 |
36.333 |
|
(d) Short-term provisions |
41.670 |
8.372 |
9.334 |
|
Total Current Liabilities (4) |
857.420 |
413.864 |
141.684 |
|
|
|
|
|
|
TOTAL |
2,777.008 |
2,054.795 |
1,707.058 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
936.212 |
765.818 |
764.040 |
|
(ii) Intangible Assets |
0.984 |
1.023 |
1.432 |
|
(iii) Capital
work-in-progress |
173.523 |
51.441 |
29.711 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
110.840 |
82.935 |
28.181 |
|
(e) Other Non-current assets |
9.693 |
9.046 |
0.555 |
|
Total Non-Current Assets |
1,231.252 |
910.263 |
823.919 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,112.743 |
647.529 |
508.185 |
|
(c) Trade receivables |
366.698 |
414.700 |
196.891 |
|
(d) Cash and cash
equivalents |
7.106 |
27.252 |
133.153 |
|
(e) Short-term loans and
advances |
59.209 |
54.860 |
44.910 |
|
(f) Other current assets |
0.000 |
0.191 |
0.000 |
|
Total Current Assets |
1,545.756 |
1,144.532 |
883.139 |
|
|
|
|
|
|
TOTAL |
2,777.008 |
2,054.795 |
1,707.058 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1,525.303 |
1,048.374 |
932.731 |
|
|
|
Other Income |
16.348 |
4.764 |
1.054 |
|
|
|
TOTAL (A) |
1,541.651 |
1,053.138 |
933.785 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
1,149.450 |
838.998 |
717.196 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
392.201 |
214.140 |
216.589 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.032 |
20.725 |
21.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
359.169 |
193.415 |
195.233 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
102.773 |
94.101 |
89.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
256.396 |
99.314 |
106.063 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.100 |
34.020 |
22.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
173.296 |
65.294 |
83.698 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1505.849 |
551.431 |
513.525 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.71 |
8.56 |
13.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.24 |
6.20 |
8.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.81 |
9.47 |
11.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.85 |
4.96 |
6.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.09 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74 |
0.69 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80 |
2.77 |
6.23 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
625.494 |
763.054 |
763.054 |
|
Reserves & Surplus |
261.736 |
327.030 |
500.326 |
|
Share Application money
pending allotment |
137.560 |
0.000 |
0.000 |
|
Net
worth |
1024.790 |
1090.084 |
1263.380 |
|
|
|
|
|
|
long-term borrowings |
503.378 |
519.456 |
617.711 |
|
Short term borrowings |
47.030 |
230.220 |
316.419 |
|
Total
borrowings |
550.408 |
749.676 |
934.130 |
|
Debt/Equity
ratio |
0.537 |
0.688 |
0.739 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Sales |
932.731 |
1,048.374 |
1,525.303 |
|
|
|
12.398 |
45.492 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
932.731 |
1,048.374 |
1,525.303 |
|
Profit |
83.698 |
65.294 |
173.296 |
|
|
8.97% |
6.23% |
11.36% |
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Other external commercial borrowings |
269.900 |
0.000 |
|
Total |
269.900 |
0.000 |
BACKGROUND
The Company was incorporated under the provisions of the
Companies Act, 1956 as a Private Limited Company on June 16, 2003. The Company
is involved in providing Research and Development services in the field of generic
science and manufacturing of bulk drugs.
OPERATIONS
In the year the company recorded a total net turnover of
Rs.1525.303 Millions (excluding other income) as against Rs.1048.374 Millions
in the previous year. Net profit after tax during the year was Rs.173.296
Millions.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10503185 |
24/04/2014 |
198,000,000.00 |
The Hongkong And Shanghai Banking Corporation Limited |
No 7, M |
C06740104 |
|
2 |
10452552 |
27/09/2013 |
198,000,000.00 |
The Hongkong And Shanghai Banking Corporation Limited |
No 7, |
B86474392 |
|
3 |
10205214 |
04/07/2012 * |
320,000,000.00 |
STATE BANK OF |
Specialised
Commercial Branch, Krishi Bhavan, First Floor, |
B44022747 |
|
4 |
10004977 |
10/09/2008 * |
650,000,000.00 |
Apotex Pharmaceutical Holdings Inc |
150, |
A46183471 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
|
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.