MIRA
INFORM REPORT
|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PROWILL PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
J. P. House, Plot No. D-28/16, M.I.D.C., T.T.C Industrial Area,
Turbhe, Navi Mumbai – 400705, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.03.2012 |
|
|
|
|
Com. Reg. No.: |
11-229057 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.44.950 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2012PTC229057 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP30650E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCP5279D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of API’s and Formulation.
|
|
|
|
|
No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 179000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow bur correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having moderate track record. The company has achieved decent sales turnover in its first year of
business operation. However, the rating is constrained on account of low profitability of
the company. However, trade relations are improving, Business is active. Payment
terms are slow but correct. The company can be considered for business dealings with some caution.
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the end
of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 : |
Ms. Nisha |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-27816393 |
|
Date : |
08.05.2014 |
LOCATIONS
|
Registered Office : |
J. P. House, Plot No. D-28/16, M.I.D.C., T.T.C Industrial Area,
Turbhe, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-27816393 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Rasika Sanjay Patwardhan |
|
Designation : |
Director |
|
Address : |
863, Near Hotel Vihar Delux, Juna Mal Naka, Ratnagiri – 415612,
Maharashtra, India |
|
Date of Birth/Age : |
28.10.1971 |
|
Date of Appointment : |
14.02.2013 |
|
DIN No.: |
06509128 |
|
|
|
|
Name : |
Varsha Santosh Joshi |
|
Designation : |
Director |
|
Address : |
A.202, Gagangiri CHS, Plot-47-Sector-17, Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1975 |
|
Date of Appointment : |
22.10.2010 |
|
DIN No.: |
02043099 |
KEY EXECUTIVES
|
Name : |
Ms. Nisha |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Santosh Shrikrishna Joshi |
|
1025000 |
|
Varsha Santosh Joshi |
|
1025000 |
|
Sunil Shriram Gokhale |
|
10 |
|
Madhabhavi Narayanrao Ranchandra |
|
10 |
|
Balaram Vishwanathan |
|
10 |
|
Atul Dhatrak |
|
10 |
|
Shivswaroop Jagmohanlal Gupta |
|
10 |
|
|
|
0 |
|
Total |
|
2050050 |
As on: 10.03.2014
|
Names of Allottees |
|
No. of Equity
Shares |
|
Poorvi Investment Private Limited, India |
|
100000 |
|
|
|
|
|
Total |
|
100000 |
As on: 10.03.2014
|
Names of Allottees |
|
No. of
Preference Shares |
|
Jayshree Madhusudan |
|
15000 |
|
|
|
|
|
Total |
|
15000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of API’s and Formulation.
|
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
West Africa ·
Ghana ·
Pakistan |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
45 (Approximately) |
|
|
|
|
Bankers : |
Oriental Bank of Commence, Sector 28, Vashi, Navi Mumbai,
Maharashtrass, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. A. More and Company Chartered Accountants |
|
Address : |
Shop No-27, Vindhya Commercial Complex, Sector 11, CBD, Belapur, Navi
Mumbai – 400614, Maharashtra, India |
|
Tel. No.: |
91-22-27560660/ 27561268 |
|
E-Mail : |
|
|
PAN No.: |
AABPM3232D |
|
|
|
|
Associates Companies : |
·
Poorvi Enterprises ·
Sequel Pharmaceutical Private Limited |
CAPITAL STRUCTURE
After : 30.09.2013
Authorised Capital : Rs.51.600
Millions
Issued, Subscribed & Paid-up Capital : Rs. 51.500 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2600000 |
Equity Shares |
Rs.10/- each |
Rs.26.000 Millions |
|
240000 |
Preference Shares |
Rs.100/- each |
Rs.24.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2050050 |
Equity Shares |
Rs.10/- each |
Rs.20.500 Millions |
|
450000 |
Equity Shares |
Rs.1/- each |
Rs.0.450 Million |
|
240000 |
6 % Compulsory Convertible Preference Shares |
Rs.100/- each |
Rs.24.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.44.950 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
44.950 |
0.100 |
|
(b) Reserves & Surplus |
|
0.041 |
(0.012) |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
44.991 |
0.088 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
25.884 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
25.884 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
40.810 |
0.000 |
|
(c) Other current liabilities |
|
3.728 |
0.000 |
|
(d) Short-term provisions |
|
0.094 |
0.000 |
|
Total
Current Liabilities (4) |
|
44.632 |
0.000 |
|
|
|
|
|
|
TOTAL |
|
115.507 |
0.088 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
40.119 |
0.000 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
|
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
7.724 |
0.000 |
|
(e) Other Non-current assets |
|
6.680 |
0.000 |
|
Total
Non-Current Assets |
|
54.523 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
23.666 |
0.000 |
|
(c) Trade receivables |
|
30.280 |
0.000 |
|
(d) Cash and cash equivalents |
|
0.906 |
0.088 |
|
(e) Short-term loans and
advances |
|
6.132 |
0.000 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
60.984 |
0.088 |
|
|
|
|
|
|
TOTAL |
|
115.507 |
0.088 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
104.904 |
0.000 |
|
|
Other Income |
|
1.609 |
0.000 |
|
|
TOTAL
(A) |
|
106.513 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
106.570 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(23.666 |
0.000 |
|
|
Employees benefits expense |
|
8.365 |
0.000 |
|
|
Office and Administrative
Expenses |
|
10.807 |
0.012 |
|
|
Selling and Distribution
expenses |
|
2.645 |
0.000 |
|
|
TOTAL
(B) |
|
104.721 |
0.012 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
1.792 |
(0.012) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
1.714 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.078 |
(0.012) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
0.078 |
(0.012) |
|
|
|
|
|
|
|
Less |
TAX
(H) |
|
0.025 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
|
0.053 |
(0.012) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.012) |
0.000 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
|
0.041 |
(0.012) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
0.05 |
0.00 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
0.05 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.07 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.07 |
(13.64) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.58 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.37 |
0.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.100 |
44.950 |
|
Reserves & Surplus |
(0.012) |
0.041 |
|
Net
worth |
0.088 |
44.991 |
|
|
|
|
|
long-term borrowings |
0.000 |
25.884 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
25.884 |
|
Debt/Equity
ratio |
0.000 |
0.575 |
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 two years |
Yes |
|
12] |
Profitability for last two 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 |
No |
|
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 LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans From Directors |
0.450 |
0.000 |
|
Other Loans and Advances form Shareholders |
25.434 |
0.000 |
|
|
|
|
|
Total |
25.884 |
0.000 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixture
·
Vehicle
·
Office Equipment
·
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 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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis
Done by : |
KAR |
|
|
|
|
Report
Prepared by : |
VRN |
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 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
26 |
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.