MIRA
INFORM REPORT
|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHARGAVA PHYTOLAB PRIVATE LIMITED (w.e.f. 21.12.2012) |
|
|
|
|
Formerly Known
as : |
R.S. BHARGAVA PHARMACY PRIVATE LIMITED |
|
|
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Registered
Office : |
A-249, New Friends Colony, New Delhi – 110 065 |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.01.2001 |
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|
|
|
Com. Reg. No.: |
55-109392 |
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Capital
Investment / Paid-up Capital : |
Rs.13.159 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL2001PTC109392 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Homeopathic Medicines. |
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|
|
No. of Employees
: |
67 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 73000 |
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|
|
|
Status : |
Small company |
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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 a small company in its field. Its scale of activities are
limited. However, trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for small to medium 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 worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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. Sneh Sharma |
|
Designation : |
Account Manager |
|
Contact No.: |
91-120-4671000 |
|
Date : |
18.02.2014 |
LOCATIONS
|
Registered Office : |
A-249, New Friends Colony, New Delhi – 110 065, India |
|
Tel. No.: |
91-120-4671000 |
|
Fax No.: |
91-120-4671043 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
|
|
Corporate Office : |
B-92, Sector-2, Noida – 201 301, Uttar Pradesh, India |
|
Location : |
Owned |
|
|
|
|
Factory : |
E-1216, Phase-I, Ghatal, Bhiwandi Industrial Area, Bhiwadi, Rajasthan,
India |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Rajeshwar Sahai Bhargava |
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|
Designation : |
Director |
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|
Address : |
A-249, New Friends Colony, New Delhi – 110 025, India |
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Date of Birth/Age : |
28.02.1958 |
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Date of Appointment : |
25.01.2001 |
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DIN No.: |
00195071 |
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Other Directorship:
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||||||||||||||||||||||||||||||||
|
Name : |
Ms. Kalpana Bhargava |
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|
Designation : |
Director |
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|
Address : |
A-249, New Friends Colony, New Delhi – 110 025, India |
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Date of Birth/Age : |
25.03.1961 |
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Date of Appointment : |
25.01.2001 |
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DIN No.: |
00195047 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Karan Bhargava |
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Designation : |
Director |
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|
Address : |
A-249, New Friends Colony, New Delhi – 110 025, India |
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Date of Birth/Age : |
01.12.1983 |
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Date of Appointment : |
01.11.2002 |
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DIN No.: |
00195097 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Sneh Sharma |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Rajeshwar Sahai Bhargava |
95,210 |
72.36 |
|
Kalpana Bhargava |
13,096 |
9.95 |
|
Navin Goel |
1,000 |
0.76 |
|
Rajesh Bhargava |
500 |
0.38 |
|
Sandeep Kumar |
1,000 |
0.76 |
|
Rajeshwar Sahai Bhargava Karta |
6,250 |
4.75 |
|
Ashok Kumar Bhargava |
10 |
0.01 |
|
Roop Chand Hansraj HUF |
10 |
0.01 |
|
Manisha Bothra |
10 |
0.01 |
|
Harikant Bhargava |
2,000 |
1.52 |
|
Karan Bhargava |
3,500 |
2.66 |
|
Deepti Bhargava |
9,000 |
6.84 |
|
Total |
131,586 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
97.00 |
|
Others |
3.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Homeopathic Medicines. |
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Exports : |
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Products : |
Homeopathic Medicines |
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Countries : |
·
Kazakisthan ·
Russia |
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Imports : |
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Products : |
Packing Material |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, TT |
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Purchasing : |
L/C, TT |
GENERAL INFORMATION
|
No. of Employees : |
67 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
State Bank of India, New Friends Colony, New
Delhi – 110 025, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institutions : |
Rajasthan Financial Corporation, RIICO Chowk, Bhiwadi – 301 019,
Rajasthan, India |
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Auditors : |
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|
Name : |
Ahmad Shukla and Associates Chartered Accountants |
|
Address : |
203, 926/1, Naiwala, Karolbagh, New Delhi – 110 005, India |
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PAN No.: |
AAFFA5572Q |
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Sister Concern : |
R S Bhargava Pharmacy |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
132000 |
Equity Shares |
Rs.100/- each |
Rs.13.200 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
131586 |
Equity Shares |
Rs.100/- each |
Rs.13.159 Millions |
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|
|
|
|
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 |
13.159 |
13.159 |
8.859 |
|
(b) Reserves & Surplus |
4.969 |
4.791 |
0.377 |
|
(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) |
18.128 |
17.950 |
9.236 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18.058 |
17.309 |
9.157 |
|
(b) Deferred tax liabilities (Net) |
0.205 |
0.180 |
0.127 |
|
(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) |
18.263 |
17.489 |
9.284 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
15.093 |
14.172 |
9.708 |
|
(c) Other current
liabilities |
4.190 |
4.006 |
1.846 |
|
(d) Short-term provisions |
0.000 |
0.050 |
0.110 |
|
Total Current Liabilities (4) |
19.283 |
18.228 |
11.664 |
|
|
|
|
|
|
TOTAL |
55.674 |
53.667 |
30.184 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
44.317 |
39.547 |
17.175 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.477 |
0.477 |
0.177 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
44.794 |
40.024 |
17.352 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2.224 |
2.402 |
2.908 |
|
(c) Trade receivables |
7.285 |
9.237 |
8.402 |
|
(d) Cash and cash
equivalents |
0.629 |
1.122 |
1.170 |
|
(e) Short-term loans and
advances |
0.742 |
0.882 |
0.352 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
10.880 |
13.643 |
12.832 |
|
|
|
|
|
|
TOTAL |
55.674 |
53.667 |
30.184 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
31.825 |
25.997 |
15.566 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
31.622 |
25.832 |
15.269 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
0.203 |
0.158 |
0.297 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.025 |
0.043 |
0.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
0.178 |
0.115 |
0.208 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.35 |
0.87 |
2.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.56 |
0.44 |
1.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.36 |
0.29 |
0.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.01 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.00 |
0.96 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56 |
0.75 |
1.10 |
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 |
8.859 |
13.159 |
13.159 |
|
Reserves & Surplus |
0.377 |
4.791 |
4.969 |
|
Net
worth |
9.236 |
17.950 |
18.128 |
|
|
|
|
|
|
long-term borrowings |
9.157 |
17.309 |
18.058 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
9.157 |
17.309 |
18.058 |
|
Debt/Equity
ratio |
0.991 |
0.964 |
0.996 |
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 |
|
Total Income |
15.566 |
25.997 |
31.825 |
|
|
|
67.011 |
22.418 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
15.566 |
25.997 |
31.825 |
|
Profit |
0.208 |
0.115 |
0.178 |
|
|
1.34% |
0.44% |
0.56% |
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 |
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) |
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 |
NOTE: registered office
address of the company has been shifted from 115-A, 2nd Floor, Hari
Nagar, Ashram Chowk, Delhi – 110 014, India to the present address w.e.f.
31.03.2012
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
From Body
Corporate |
0.000 |
0.036 |
|
Manag Marketing
Private Limited |
0.403 |
0.094 |
|
From Directors,
Relatives, Others |
5.208 |
5.929 |
|
|
|
|
|
Total |
5.611 |
6.059 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10438136 |
05/07/2013 |
15,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013,, MAHARASHTRAINDIA |
B80164221 |
|
2 |
10319538 |
02/11/2011 |
15,000,000.00 |
RAJASTHAN
FINANCIAL CORPORATION |
RIICO
CHOWK, BHIWADI - 301019, RAJASTHAN, INDIA |
B25986258 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Car
·
Motor Cycle
·
Air Conditioner
·
Office Building
·
Office Equipment
·
Electric Fitting
·
Furniture and Fixture
·
Computer
·
Water Pump and Tank
·
Telephone and EPBX
·
Weighing Machine
·
Office Land
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.61.95 |
|
|
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
27 |
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.