MIRA INFORM REPORT

 

 

Report No. :

336857

Report Date :

17.08.2015

 

IDENTIFICATION DETAILS

 

Name :

REMIDEX PHARMA PRIVATE LIMITED

 

 

Registered Office :

B-249/250, II Stage, Peenya Industrial Area, Bangalore, Industrial Area, Bangalore-560058, Karnataka

Tel. No.:

91-80-28361565

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.06.1981

 

 

Com. Reg. No.:

08-004260

 

 

Capital Investment / Paid-up Capital :

Rs. 25.000 Million

 

 

CIN No.:

[Company Identification No.]

U24231KA1981PTC004260

 

 

IEC No.:

0791007219

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRR00576C

 

 

PAN No.:

[Permanent Account No.]

AAACR7006C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing of Formulated Drugs.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 328000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Remidex Pharma Private Limited incorporated on 15th June, 1981 it is well established company having a satisfactory track record.

 

The rating on company reflect its established distribution network, and above-average financial risk profile, marked by healthy debt protection metrics and low gearing.

 

Rating further take into account on company established track record, extensive experience of the promoters into formulation of drug business.

 

These rating strengths are partially offset by the company’s exposure to intense competition in the domestic formulations industry, and its working-capital-intensive operations.

 

However, trade relations are fair. Business is active. Payments terms are reported to be usually correct.

 

In view of sound financial base backed by its experienced promoters, the company can be considered for business dealing with its 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Ms. Lusy

Designation :

Accounts Department

Contact No.:

91-80-23322515

Date :

14.08.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

B-249/250, II Stage, Peenya Industrial Area, Bangalore, Industrial Area, Bangalore-560058, Karnataka, India

Tel. No.:

91-80-28361565/ 28362848

Fax No.:

91-80-28362755

E-Mail :

sudha@remidexpharma.com

Website :

www.remidexpharma.com

Area :

25000 Sq. Ft

Location :

Owned

 

 

Administrative Office :

90/B, 19th Main, 1st Floor, 1st Block, Rajaji Nagar, Bangalore – 500010, Karnataka, India

Tel. No.:

91-80-23327452/ 23322515/ 23321703

Fax No.:

91-80-23322515

E-Mail :

remidex@blr.vsnl.net.in

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mr. Venkatram Subramony

Designation :

Director

Address :

56, 6th Main , 5th Block, Jayanagar,, Bangalore-560041, Karnataka, India

Date of Birth/Age :

11.06.1934

Date of Appointment :

01.04.1994

DIN No.:

00287344

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24231KA1981PTC004260

REMIDEX PHARMA PRIVATE LIMITED

Director

01-04-1994

01-04-1994

-

Active

NO

2

L85110KA1993PLC014742

NATURAL CAPSULES LIMITED

Director

29-06-1994

29-06-1994

18-05-2013

Active

NO

 

 

Name :

Mrs. Mohini Dayanand Rao

Designation :

Managing director

Address :

74, 'Sachidananda' Sharada Colony, Basaveswaranagar, Bangalore-560079, Karnataka, India

Date of Birth/Age :

23.10.1935

Qualification :

B. Sc

Experience :

33 Years

Date of Appointment :

15.06.1981

DIN No.:

00330718

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U24231KA1981PTC004260

REMIDEX PHARMA PRIVATE LIMITED

Managing director

15-06-1981

15-06-1981

Active

NO

2

U85110KA1995PTC019049

SACHIDANAND CASSETTES PRIVATE LIMITED

Director

25-10-1995

25-10-1995

Strike off

NO

3

U24239KA1989PTC010426

SANIL PHARMACEUTICALS PRIVATE LIMITED

Director

29-05-2006

29-05-2006

Active

NO

4

U24233KA1995PTC018262

ISHAAN LABS PRIVATE LIMITED

Director

29-09-2012

19-03-2012

Active

NO

 

 

Name :

Mr. Girish Chandra

Designation :

Director

Address :

S.2, Reliance Manor, Hariram Aildas Layout, Vijayanagar, Bangalore-560040, Karnataka, India

Date of Birth/Age :

03.01.1967

Date of Appointment :

12.05.2003

DIN No.:

00330881

 

 

Name :

Mr. Annasagaram Balagurunath Ramkumar

Designation :

Additional Director

Address :

13, 13th Mainroad, N. H. C. S. Layout, Binnipete, Bangalore-560040, Karnataka, India

Date of Birth/Age :

20.06.1967

Date of Appointment :

30.09.2011

DIN No.:

02558303

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U24233KA1995PTC018262

ISHAAN LABS PRIVATE LIMITED

Director

19-11-2002

19-11-2002

Active

NO

2

U24231KA1981PTC004260

REMIDEX PHARMA PRIVATE LIMITED

Director

30-09-2011

27-05-2011

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Ms. Lusy

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Nilima D Rao

1687

0.67

Mohini D Roa

248313

99.33

Total

250000

100.00

 

 

 

 

 

AS ON 29.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Formulated Drugs.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Others (Depend)

 

 

Purchasing :

Others (Depend)

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

Bank Name:

Canara Bank

Branch:

Rajajinagar III Block Branch, Rajajinagar III Block, Bangalore - 560010, Karnataka, India

Person Name (with Designation):

Not Divulged

Contact Number:

91-80-26636388 (Ringing)

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Kotak Mahindra Bank Limited 

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Working capital loan from Canara bank

20.879

30.752

Bills discounting from Kotak Mahindra Bank Limited 

19.879

13.075

 

 

 

Total

40.758

43.827

 

Banking Relations :

--

 

 

Auditors :

 

Name :

K.V. Narasimhan and Company

Chartered Accountants

Address :

No.25, 3rd Floor, Padmashree Mansions, I Cross, Sampige Road,Malleshwaram, Bangalore-560003, Karnataka, India

Tel. No.:

91-80-23344527

Fax No.:

91-80-23366673

E-Mail :

kvn.company@gmail.com

Income-tax PAN of auditor or auditor's firm :

AABFK4027E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

300000

Equity Shares

Rs. 100/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250000

Equity Shares

Rs. 100/- each

Rs. 25.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

25.000

25.000

25.000

(b) Reserves & Surplus

89.687

77.906

66.490

(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)

114.687

102.906

91.490

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

4.089

4.234

4.594

(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)

4.089

4.234

4.594

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

44.121

48.267

70.907

(b) Trade payables

94.799

105.342

85.261

(c) Other current liabilities

24.326

11.415

9.378

(d) Short-term provisions

0.210

2.032

2.601

Total Current Liabilities (4)

163.456

167.056

168.147

 

 

 

 

TOTAL

282.232

274.196

264.231

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

94.434

91.365

97.927

(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

6.321

6.110

10.413

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

100.755

97.475

108.340

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

35.671

31.079

53.392

(c) Trade receivables

104.679

108.095

66.220

(d) Cash and cash equivalents

30.906

33.880

27.239

(e) Short-term loans and advances

10.221

3.667

9.040

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

181.477

176.721

155.891

 

 

 

 

TOTAL

282.232

274.196

264.231

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                     (A)

609.873

641.797

535.091

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

576.689

603.837

506.257

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

33.184

37.960

28.834

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

4.495

7.309

7.581

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

28.689

30.651

21.253

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

11.042

12.190

12.869

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

17.647

18.461

8.384

 

 

 

 

 

Less

TAX                                                                  (H)

5.865

7.045

2.388

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

11.782

11.416

5.996

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

21.094

24.636

17.076

 

TOTAL IMPORTS

21.094

24.636

17.076

 

 

 

 

 

 

Earnings Per Share (Rs.)

47.13

45.66

23.98

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

46.979

24.459

 

 

 

 

Net Cash Generated from Operating Activities

NA

46.979

24.459

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

6.25

6.73

3.17

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.18

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.38

0.47

0.78

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.11

1.06

0.93

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

25.000

25.000

25.000

Reserves & Surplus

66.490

77.906

89.687

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

91.490

102.906

114.687

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

70.907

48.267

44.121

Total borrowings

70.907

48.267

44.121

Debt/Equity ratio

0.775

0.469

0.385

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

535.091

641.797

609.873

 

 

19.942

-4.974

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

535.091

641.797

609.873

Profit

5.996

11.416

11.782

 

1.12%

1.78%

1.93%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

80047323

15/04/2011 *

38,500,000.00

CANARA BANK

RAJAJINAGAR III BLOCK BRANCH, RAJAJINAGAR III BLO
CK, BANGALORE, KARNATAKA - 560010, INDIA

B14107759

2

90191951

16/05/1998

11,000,000.00

CANARA BANK

628. 629. III BLOCK, RAJAJINAGAR, BANGALORE, Karn
ataka - 560010, INDIA

-

3

90191869

14/11/1997

6,000,000.00

CANARA BANK

III BLOCK, RAJAJINAGAR, BANGALORE, KARNATAKA - 56
0010, INDIA

-

4

90193253

14/11/1997 *

750,000.00

CANARA BANK

III BLOCK, RAJAJINAGAR, BANGALORE, KARNATAKA - 56
0010, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Loan from Axis Bank

0.000

0.569

Directors

3.363

3.871

 

 

 

Total

3.363

4.440

 

 

NATURE OF OPERATIONS:

 

Remidex Pharma Private Limited. (hereinafter referred to as “The Company’’) is a Pharmaceutical Company engaged in the manufacture of Formulated Drugs.

 

 

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings

·         Plant and Machinery

·         Electrical Installation

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer

·         Air Conditioners

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 65.12

UK Pound

1

  Rs. 101.62

Euro

1

Rs. 72.56

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.