MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
VARDHMAN HEALTH SPECIALITIES PRIVATE LIMITED (w.e.f. 06.07.1998) |
|
|
|
|
Formerly Known
As : |
RANAKPUR PHARMA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.199/ 5, (New 912), 7th Main, 2nd Block,
Jayanagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.03.1997 |
|
|
|
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Com. Reg. No.: |
08-022000 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.55.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1997PTC022000 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV00977E |
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|
|
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PAN No.: [Permanent Account No.] |
AABCV0550E |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Distributor of Speciality Drugs. |
|
|
|
|
No. of Employees
: |
180 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 720000 |
|
|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There appears dip in profitability of the company during the financial
year 2013. However, general financial position of the company seems to be sound
and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be slow but 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
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. Vikram Bhatt |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-80-40836666 |
|
Date : |
07.02.2014 |
LOCATIONS
|
Registered Office : |
No.199/ 5, (New 912), 7th Main, 2nd Block,
Jayanagar, |
|
Tel. No.: |
91-80-40836609/ 41506699/ 41126126/ 40836600/ 40836666 |
|
Fax No.: |
91-80-40836613 |
|
E-Mail : |
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|
Website : |
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Area : |
16000 Sq. Ft |
|
Location : |
Rented |
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|
Corporate Office
: |
#25 , Chanchal Smruthi Building Basement, Unit:18, Katrak
Road, Dadar East, G.D Ambekar Marg, Wadala West, Mumbai – 400031,
Maharashtra, India |
|
Tel. No.: |
91-22-43441234 / 43441216 /
43441217 |
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Fax No.: |
91-22-43441214 |
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E-Mail : |
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Branch Office : |
Located at: ·
·
Pune ·
Mumbai ·
·
Ahmedabad ·
Chennai ·
·
Kolkata |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Jayantilal Bhoormal Chowhan |
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|
Designation : |
Managing Director |
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|
Address : |
No. 19, |
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Date of Birth/Age : |
12.10.1954 |
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|
Date of Appointment : |
23.06.1998 |
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DIN No.: |
01737124 |
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Other Directorship:
|
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||||||||||||||||||||||||||||||||||||
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Name : |
Chandra Jayantilal Chowhan |
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Designation : |
Director |
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|
Address : |
No. 9, |
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Date of Birth/Age : |
22.11.1958 |
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|
Date of Appointment : |
01.08.2008 |
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DIN No.: |
00331607 |
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Other Directorship:
|
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||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Naresh Jayantilal Chowhan |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
No. 19, |
||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
07.08.1962 |
||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
21.03.1997 |
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DIN No.: |
01737116 |
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Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kalpesh Jayantilal Chowhan |
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Designation : |
Director |
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|
Address : |
No. 9, |
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|
Date of Birth/Age : |
16.08.1982 |
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Date of Appointment : |
08.11.2004 |
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DIN No.: |
01737119 |
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Other Directorship:
|
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||||||||||||||||||||||||||||||||||||
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Name : |
Ms. Nita Kumari Parmar |
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|
Designation : |
Director |
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|
Address : |
64, 1st Floor, Flat No. 104, Brigade Vintage Apartments, Kanakapura
Main Road, Basavangudi, Bangalore – 560 004, Karnataka, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.04.1978 |
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|
Date of Appointment : |
01.08.2008 |
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|
DIN No.: |
02399878 |
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KEY EXECUTIVES
|
Name : |
Mr. Vikram Bhatt |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
As on 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Jayantilal B. Chowhan |
|
3557250 |
|
Chandra J. Chowhan |
|
615750 |
|
Naresh J. Chowhan |
|
433500 |
|
Kalpesh J. Chowhan |
|
532500 |
|
Nita N. Chowhan |
|
411000 |
|
Total |
|
5550000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Speciality Drugs. |
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Products : |
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Imports : |
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Products : |
Specialty Drugs |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Astellas Pharmaceuticals India Private Limited |
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|
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Customers : |
·
Command Hospital ·
Kidwai Memorial Institute of Oncology |
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No. of Employees : |
180 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.S. Javali and Associates Chartered Accountants |
|
Address : |
No.19, Kaveriappa Layout, |
|
Tel. No.: |
91-80-41205857/ 41327773 |
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Fax No.: |
91-80-41327773 |
|
E-Mail : |
|
|
PAN No.: |
ABBPJ1895J |
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|
|
|
Associates : |
Novogene Life Science CIN No.: U24239MH2007PTC166700 |
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5550000 |
Equity Shares |
Rs.10/- each |
Rs.55.500 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 |
55.500 |
55.500 |
55.500 |
|
(b) Reserves & Surplus |
124.200 |
100.068 |
61.223 |
|
(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) |
179.700 |
155.568 |
116.723 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.485 |
6.193 |
2.594 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.382 |
|
(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) |
2.485 |
6.193 |
2.976 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
325.381 |
290.949 |
246.243 |
|
(b) Trade payables |
68.587 |
105.265 |
138.024 |
|
(c) Other current
liabilities |
3.708 |
4.592 |
2.090 |
|
(d) Short-term provisions |
14.484 |
21.877 |
21.411 |
|
Total Current Liabilities (4) |
412.160 |
422.683 |
407.768 |
|
|
|
|
|
|
TOTAL |
594.345 |
584.444 |
527.467 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14.487 |
15.552 |
14.338 |
|
(ii) Intangible Assets |
2.116 |
1.282 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
0.076 |
0.154 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
16.679 |
16.988 |
14.338 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
190.837 |
206.636 |
242.228 |
|
(c) Trade receivables |
290.087 |
283.823 |
210.117 |
|
(d) Cash and cash
equivalents |
16.209 |
11.220 |
3.926 |
|
(e) Short-term loans and
advances |
80.533 |
65.777 |
56.858 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
577.666 |
567.456 |
513.129 |
|
|
|
|
|
|
TOTAL |
594.345 |
584.444 |
527.467 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1355.926 |
1524.103 |
1297.983 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
1315.868 |
1462.377 |
1247.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
40.058 |
61.726 |
50.660 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
15.926 |
22.883 |
18.784 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
24.132 |
38.843 |
31.876 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
100.066 |
61.223 |
29.347 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
124.198 |
100.066 |
61.223 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.35 |
NA |
NA |
|
Expected Sales (2013-2014): Rs.1450.000 Millions
Above information has been parted by Mr. VIkram Bhatt (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.78 |
2.55 |
2.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.74 |
10.56 |
9.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.40 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.82 |
1.91 |
2.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.34 |
1.26 |
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Rupee term loan
from others |
1.035 |
3.998 |
|
Short Term Borrowings |
|
|
|
Loans repayable
on demand |
0.699 |
0.870 |
|
Total |
1.734 |
4.868 |
REVIEW OF OPERATIONS:
During the year
the turnover of the company is decreased by 11% to Rs.1355.900 Millions as
compared to Rs.1524.100 Millions of previous year and the Profit before tax is
Rs.40.058 Millions compared to Rs.61.726 Millions of the last year. The
Management of the company took conscious decision of cutting down supplies to
certain customers who were giving low margin and demanding longer credit
period. This resulted in lower turnover. The management has enforced strict
control on cost of operation and during the year current year management
expects to perform better.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10220644 |
08/01/2014 * |
165,000,000.00 |
CITIBANK N. A. |
UB City, 3rd Floor, Canberra
Block, 24 Vittal Mallya Road, Bangalore, Karnataka - 560001, INDIA |
B94658044 |
|
2 |
10197741 |
12/10/2013 * |
160,000,000.00 |
Axis Bank Limited |
Corporate Banking Branch,
Express Building, Second Floor, No.1, Queen's Road, Bangalore, Karnataka -
560001, India |
B91108167 |
|
3 |
10042717 |
08/12/2009 * |
100,000,000.00 |
CITIBANK N. A. |
Trent House, 2nd Floor, G
Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra |
A74508698 |
*Date of modification Charges
FIXED ASSETS:
·
Plant and Machinery
·
Computer and Peripherals
·
Furniture and Fixtures
·
Vehicles
·
Computer
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.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.