MIRA
INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SPANSULES PHARMATECH PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Plot No. 59, G-3, Sri Venkateshwara, Towers, Bhagyanagar Colony, Opposite
K.P.H.B Hyderabad – 500072, Andhra Pradesh |
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|
|
Country : |
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
09.10.2000 |
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|
|
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Com. Reg. No.: |
01-035421 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.19.756 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230AP2000PTC035421 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS04126D |
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|
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PAN No.: [Permanent Account No.] |
AAFCS7057K |
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|
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Pharmaceuticals Formulations,
Pharmaceuticals Pallets and Granules |
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|
|
No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 170000 |
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|
Status : |
Moderate |
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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 moderate track record. The company possesses an acceptable financial profile marked by adequate
net worth base along with modest working capital intensive operations. Management has reported a marginal reduction in the sales turnover due
to inconsistence in power supply and hefty competition in the pharmacy
market. Further, the net profitability has seen a drastic hit as a result of
heavy increase in interest burden during FY13. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. The subject 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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 DECLINED BY
|
Name : |
Mr. Guttikonda Venkata Subba |
|
Designation : |
Director |
|
Contact No.: |
91-9000544189 |
|
Date : |
23.06.2014 |
LOCATIONS
|
Registered Office / Corporate Office : |
Plot No. 59, G-3, |
|
Tel. No.: |
91-40-46679999 |
|
Mobile No.: |
91-9000544189 (Mr. Guttikonda Venkata Subba) |
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Fax No.: |
91-40-23050443 / 23061979 |
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E-Mail : |
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|
Website : |
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|
|
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Factory: |
Plot No.163, Subhash Nagar, IDA, Jeedmetala, Hyderabad – 500055,
Andhra Pradesh, India |
|
Tel No.: |
91-4023194045 |
|
Fax No.: |
91-40-23095782 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Guttikonda Venkata Subba Rao |
|
Designation : |
Managing Director |
|
Address : |
Plot No.59, G-3, Sri Venkateshwara, Towers, Bhagyanagar Colony,
Kukatpally, District Rangareddy, Hyderabad – 500072, Andhra Pradesh, India |
|
Date of Birth/Age : |
15.021964 |
|
Date of Appointment : |
09.10.2000 |
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DIN No.: |
01900749 |
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|
|
|
Name : |
Mrs. Guttikonda Rama Devi |
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Designation : |
Director |
|
Address : |
Plot No.59, G-3, Sri Venkateshwara, Towers, Bhagyanagar Colony,
Kukatpally, District Rangareddy, Hyderabad - 500072, Andhra Pradesh, India |
|
Date of Birth/Age : |
30.03.1971 |
|
Date of Appointment : |
09.10.2000 |
|
DIN No.: |
02019526 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Name
of Shareholders |
No.
of Shares |
%age |
|
Guttikonda Venkata Subba Rao |
1,255,620 |
63.56 |
|
Guttikonda Rama Devi |
720,000 |
36.44 |
|
TOTAL |
1,975,620 |
100.00 |
AS ON 30.09.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceuticals Formulations,
Pharmaceuticals Pallets and Granules |
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|
|
|
Products : |
Drugs and Medicines |
GENERAL INFORMATION
|
No. of Employees : |
80 (Approximately) |
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Bankers : |
Canara Bank, SME Branch, Plot
No. 74, Prashanthi Nagar, Kukatpally, Hyderabad – 500072, Andhra Pradesh,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Rao and Siva Associates Chartered Accountants |
|
Address : |
Plot No. 121/7, 19th Road, Vivekannanda Nagar, Colony, Kukat Pally,
Hyderabad - 500072, Andhra Pradesh, India |
|
Mobile No.: |
9948749499/9491049499 |
|
PAN No.: |
AGPPM3948Q |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1975620 |
Equity Shares |
Rs.10/- each |
Rs. 19.756
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 |
19.756 |
10.150 |
10.150 |
|
(b) Reserves & Surplus |
22.438 |
22.278 |
19.340 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
1.000 |
11.066 |
3.947 |
|
Total
Shareholders’ Funds (1) + (2) |
43.194 |
43.494 |
33.437 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6.565 |
9.581 |
2.645 |
|
(b) Deferred tax liabilities
(Net) |
1.246 |
1.132 |
0.620 |
|
(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) |
7.811 |
10.713 |
3.265 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
32.432 |
34.595 |
15.023 |
|
(b) Trade payables |
64.665 |
43.048 |
31.110 |
|
(c) Other current liabilities |
0.495 |
0.494 |
0.361 |
|
(d) Short-term provisions |
4.215 |
3.698 |
2.322 |
|
Total
Current Liabilities (4) |
101.807 |
81.835 |
48.816 |
|
|
|
|
|
|
TOTAL |
152.812 |
136.042 |
85.518 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
31.171 |
33.498 |
26.641 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
8.208 |
6.001 |
4.090 |
|
(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 |
2.211 |
1.705 |
1.382 |
|
(e) Other Non-current assets |
0.352 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
41.942 |
41.204 |
32.113 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
30.666 |
28.654 |
20.354 |
|
(c) Trade receivables |
75.173 |
59.321 |
30.758 |
|
(d) Cash and cash equivalents |
1.353 |
0.119 |
0.125 |
|
(e) Short-term loans and
advances |
3.678 |
6.744 |
2.168 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
110.870 |
94.838 |
53.405 |
|
|
|
|
|
|
TOTAL |
152.812 |
136.042 |
85.518 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
163.464 |
183.778 |
83.588 |
|
|
Other Income |
1.658 |
0.574 |
0.077 |
|
|
TOTAL
(A) |
165.122 |
184.352 |
83.665 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Material Consumed |
115.012 |
140.965 |
52.887 |
|
|
Employees benefits expense |
15.727 |
14.421 |
12.590 |
|
|
Other expenses |
24.581 |
19.453 |
11.052 |
|
|
TOTAL
(B) |
155.320 |
174.839 |
76.529 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
9.802 |
9.513 |
7.136 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.820 |
2.903 |
1.717 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.982 |
6.610 |
5.419 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
4.411 |
2.287 |
1.573 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
0.571 |
4.323 |
3.846 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.411 |
1.385 |
1.267 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
0.160 |
2.938 |
2.579 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.81 |
14.87 |
2.54 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
PAT / Total Income |
(%) |
0.10 |
1.59 |
3.08 |
|
|
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
0.35 |
5.17 |
4.60 |
|
|
|
|
|
|
|
|
|
Return on Total Assets |
(%) |
0.39 |
3.32 |
4.72 |
|
|
|
|
|
|
|
|
|
Return on Investment (ROI) |
|
0.01 |
0.10 |
0.12 |
|
|
|
|
|
|
|
|
|
Debt Equity Ratio |
|
0.90 |
1.02 |
0.53 |
|
|
|
|
|
|
|
|
|
Current Ratio |
|
1.09 |
1.16 |
1.09 |
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
10.150 |
10.150 |
19.756 |
|
Reserves & Surplus |
19.340 |
22.278 |
22.438 |
|
Net
worth |
29.490 |
32.428 |
42.194 |
|
|
|
|
|
|
long-term borrowings |
2.645 |
9.581 |
6.565 |
|
Short term borrowings |
15.023 |
34.595 |
32.432 |
|
Total
borrowings |
17.668 |
44.176 |
38.997 |
|
Debt/Equity
ratio |
0.599 |
1.362 |
0.924 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
83.588 |
183.778 |
163.464 |
|
|
|
119.862 |
(11.054) |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
83.588 |
183.778 |
163.464 |
|
Profit |
2.579 |
2.938 |
0.160 |
|
|
3.09% |
1.60% |
0.10% |
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 |
No |
|
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 |
No |
INDEX OF CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10249474 |
21/10/2010 |
300,000.00 |
CANARA BANK |
RETAIL ASSET HUB.CO., HYDERABAD, ANDHRA PRADESH - 500072, INDIA |
A98592751 |
|
2 |
90128291 |
23/05/2003 * |
300,000.00 |
CANARA BANK |
SPECIALICED SSI BRANCH, KUTATPALLY, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
3 |
90128215 |
02/06/2014 * |
56,000,000.00 |
CANARA BANK |
SME BRANCH, PLOT NO.74, PRASHANTHI NAGAR, KUKATPA LLY, HYDERABAD, TELANGANA - 500072, INDIA |
C06413454 |
|
* Date of charge modification |
||||||
OPERATIONS
The company turnover has reduced marginally due to inconsistence of
power supply and recession in the industry and competition in the pharmacy
market. The company is focused on ready to fill sustained release pellets in
capsules and supplying to top 10 clients in India and exporting to many cities
abroad. Now the company is diversifying in to finished dosage form of generic
and ethical. The company has also upgraded its existing facility to WHO GMP
standards located near Annaram Villge, Medak Dist, A.P. they have also started
Spansules Research center which will Boost the sales by delivering the New
Products in to the Market.
FIXED ASSETS
·
Land
·
Furniture and Fixtures
·
Plant and Machinery
·
Computers
·
Buildings
·
Electrical
Equipment
·
Office Equipment
·
Motor Car
·
Vehicle -
Splendor
·
Air Conditioner
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. 60.81 |
|
|
1 |
Rs. 100.06 |
|
Euro |
1 |
Rs. 78.47 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
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.