MIRA INFORM REPORT

 

 

Report No. :

338656

Report Date :

31.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ALLY PHARMA OPTIONS PRIVATE LIMITED

 

 

Registered Office :

301, 3rd Floor, Maxheal House, Plot No. 169, CST No. 1043, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra

Tel. No.:

91-22-67347749/7718

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

02.01.2003

 

 

Com. Reg. No.:

11-138511

 

 

Capital Investment / Paid-up Capital :

Rs. 28.954 Million

 

 

CIN No.:

[Company Identification No.]

U24230MH2003PTC138511

 

 

IEC No.:

0303069317

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA18020C

 

 

PAN No.:

[Permanent Account No.]

AAECA0450D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Pharmaceuticals Formulations.

 

 

No. of Employees :

45 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 200000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2003. It is the manufacturer, exporter and importer of pharmaceuticals formulation. It is a holding company of Maxheal Pharmaceuticals (India) Ltd. It has a satisfactory track record.

 

For the financial year 2014, the company has healthy operational activity marked by impressive revenue profile along with profitability margin of 8.2%.

 

Further, the company possesses strong financial risk profile and efficient net worth position along with favorable gap between trade payables and receivables.

 

Trade relations are fair. Business is active. Payment terms are reported as usually correct.

 

In view of healthy financial risk profile, 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 – 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

 

Name :

Mr. Sandeep Panchal

Designation :

Senior Accountant

Contact No.:

91-22-67347749

Date :

28.08.2015

 

 

LOCATIONS

 

Registered Office :

301, 3rd Floor, Maxheal House, Plot No. 169, CST No. 1043, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India

Tel. No.:

91-22-67347749/7718

Fax No.:

91-22-67347777

E-Mail :

info@maxheal.in

Website :

http://www.maxheal.in

Location:

Owned

Location :

Commercial

 

 

Corporate Office:

401, 4th floor, Maxheal House, plot No. 169, opposite Aiyapppa temple, off Link Road, Bangur Nagar, Goregaon (West), Mumbai-400090, Maharashtra, India

Tel. No:

91-22-67347718

 

 

Factory  :

J – 7, MIDC, Tarapur Industrial Area, Boisar, Thane – 401506, Maharashtra, India

Tel. No.:

91-2525-271329/271273

Fax No.:

91-2525-271329

Area:

7540 Sq. Ft

Location :

Leased

 

 

DIRECTORS

 

AS ON: 30.09.2013

 

Name :

Mr. Madan M Sakhala

Designation :

Director

Address :

A-702, Rushi Tower, Plot No.1, Near Green Acres, Samarth Nagar, Andheri (West), Mumbai-400 053, Maharashtra, India

Date of Birth/Age :

04.11.1948

Qualification :

Graduate

Date of Appointment :

14.10.2008

DIN No. :

00475606

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

U24230MH2004PTC150120

MAXHEAL LABORATORIES PRIVATE LIMITED

Director

21/12/2004

21/12/2004

-

Active

NO

2

U24230MH2003PTC138511

ALLY PHARMA OPTIONS PRIVATE LIMITED

Director

14/10/2008

14/10/2008

-

Active

NO

3

U73100MH2009PLC193624

MAXHEAL PHARMACEUTICALS (INDIA) LIMITED

Managing director

01/07/2012

29/06/2009

-

Active

NO

 

 

Name :

Mrs. Hemlata M Sakhala

Designation :

Director

Address :

A-702, Rushi Tower, Plot No.1, Near Green Acres, Samarth Nagar, Andheri (West), Mumbai-400 053, Maharashtra, India

Date of Birth/Age :

26.09.1951

Qualification :

Graduate

Date of Appointment :

14.10.2008

DIN No. :

00475674

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

U24230MH2004PTC150120

MAXHEAL LABORATORIES PRIVATE LIMITED

Director

21/12/2004

21/12/2004

-

Active

NO

2

U24230MH2003PTC138511

ALLY PHARMA OPTIONS PRIVATE LIMITED

Director

14/10/2008

14/10/2008

-

Active

NO

3

U73100MH2009PLC193624

MAXHEAL PHARMACEUTICALS (INDIA) LIMITED

Director

29/06/2009

29/06/2009

-

Active

NO

 

 

Name :

Mr. Mehul M Sakhala

Designation :

Director

Address :

A-702, Rushi Tower, Plot No.1, Near Green Acres, Samarth Nagar, Andheri (West), Mumbai-400 053, Maharashtra, India

Date of Birth/Age :

03.06.1985

Qualification :

MBA Intn. Business London

Date of Appointment :

01.07.2012

DIN No. :

00475715

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

U24230MH2004PTC150120

MAXHEAL LABORATORIES PRIVATE LIMITED

Director

01/04/2006

01/04/2006

-

Active

NO

2

U24230MH2003PTC138511

ALLY PHARMA OPTIONS PRIVATE LIMITED

Whole-time director

01/07/2012

14/10/2008

-

Active

NO

3

U73100MH2009PLC193624

MAXHEAL PHARMACEUTICALS (INDIA) LIMITED

Director

29/06/2009

29/06/2009

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

K. C. Suthar and Company

Designation :

Company Secretary

Address:

14, Supariwala House, 1st Floor, 293, Princess Street, Marine Lines, Mumbai-400002, Maharashtra, India

Tel. No:

91-22-22016781

E-Mail:

sutharkc@gmail.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 30.09.2013

 

Names of Shareholders

 

No. of Shares

Maxheal Pharmaceutical India Limited, India

 

289541

Pranita Mehul Sakhala

 

1

 

 

 

Total

 

289542

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 30.09.2013

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Pharmaceuticals Formulations.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :
  • Finished Goods

Countries :
  • South African Countries

 

 

Imports :

 

Products :
  • Raw Materials

Countries :
  • China

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

Purchasing :

L/C, Cash, Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

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 :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

45 (Approximately)

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Sir P. M. Road Branch, Gresham House, Ground Floor, Fort, Mumbai – 400001, Maharashtra, India 

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loans (With the State Bank of India)

3.446

7.846

Term Loan (With Kotak Mahindra Prime Limited)

0.102

0.490

Term Loan (With HDFC Bank Limited)

7.545

8.671

 

 

 

SHORT TERM BORROWING

 

 

Secured Loans Repayable on demand

0.000

0.018

Export Packing Credit (EPC) Facility

60.376

60.382

Loan (With State Bank of India)

3.996

3.996

Term Loan (With Kotak Mahindra Prime Limited)

0.396

0.359

Term Loan (With HDFC Bank Limited)

1.137

1.019

Term Loan (With Kotak Mahindra Bank)

0.000

1.975

 

 

 

Total

76.998

84.756

 

Auditors :

 

Name :

Phirodia Bafna and Associates

Chartered Accountants

Address :

101/A, Maxheal House, Bangur Nagar, Goregaon West, Mumbai-400090, Maharashtra, India

PAN No:

AAAFP2683E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concerns:

(As confirmed by the management)
  • Maxheal Pharmaceutical India Limited (U73100MH2009PLC193624)
  • Maxheal Laboratories Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2013

 

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

 

 

 

 

289542

Equity Shares

Rs.100/- each

Rs. 28.954 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

28.954

28.954

28.954

(b) Reserves & Surplus

44.082

21.151

(4.174)

(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)

73.036

50.105

24.780

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

47.840

61.633

72.367

(b) Deferred tax liabilities (Net)

13.680

12.064

2.203

(c) Other long term liabilities

0.200

0.200

0.200

(d) long-term provisions

0.048

0.113

0.058

Total Non-current Liabilities (3)

61.768

74.010

74.828

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

65.905

67.749

71.260

(b) Trade payables

71.011

74.902

60.160

(c) Other current liabilities

1.752

0.513

3.402

(d) Short-term provisions

10.283

9.889

2.479

Total Current Liabilities (4)

148.951

153.053

137.301

 

 

 

 

TOTAL

283.755

277.168

236.909

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

105.533

104.029

103.671

(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

0.050

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1.202

0.765

0.765

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

106.785

104.794

104.436

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

35.502

31.975

41.172

(c) Trade receivables

92.673

99.042

66.096

(d) Cash and cash equivalents

6.474

3.866

1.220

(e) Short-term loans and advances

1.838

1.688

2.442

(f) Other current assets

40.483

35.803

21.543

Total Current Assets

176.970

172.374

132.473

 

 

 

 

TOTAL

283.755

277.168

236.909

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

276.914

283.520

197.575

 

Other Income

 NA

NA

NA

 

TOTAL

NA

NA

NA

 

 

 

 

 

Less:

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less:

TAX

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

22.931

25.324

1.254

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

223.861

NA

NA

 

TOTAL

223.861

NA

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials 

 25.507

NA

NA

 

TOTAL

25.507

NA

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 79.20

 87.46

 4.33

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

385.000

 

 

Expected Sales (2015-2016): Rs. 420.000 Million

 

 

The above information has been parted by Mr. Sandeep Panchal (Senior Accountant)

 

 

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

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

8.28

8.93

0.63

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.56

2.58

5.80

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.19

1.13

0.96

 

 

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

28.954

28.954

28.954

Reserves & Surplus

(4.174)

21.151

44.082

Net worth

24.780

50.105

73.036

 

 

 

 

long-term borrowings

72.367

61.633

47.840

Short term borrowings

71.260

67.749

65.905

Total borrowings

143.627

129.382

113.745

Debt/Equity ratio

5.796

2.582

1.557

 

 

 

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)

Sales

197.575

283.520

276.914

 

 

43.500

(2.330)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

197.575

283.520

276.914

Profit

1.254

25.324

22.931

 

0.63%

8.93%

8.28%

 

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

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

 

 

NOTE: Registered office of the company has been shifted from 103, Tulsi Niwas, Pustikar Co-operative Housing Society Limited Jogeshwari (West) Mumbai-400102, Maharashtra, India to the present address w. e. f. 01.11.2013

 

 

UNSECURED LOAN:

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS:

 

 

Loans from Shareholders and Directors

36.747

44.626

 

 

 

Total

36.747

44.626

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10232163

23/02/2015 *

104,200,000.00

State Bank of India

SIR P. M. ROAD BRANCH, GRESHAM HOUSE, GROUND FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

C46947859

 

 

 

FIXED ASSETS:

 

  • Land
  • Plant and Machinery
  • Air Conditioner
  • Factory Electricity Installation
  • Computer
  • Furniture and Fixture
  • Electricity Fittings Office
  • Buildings
  • Motor Car
  • Plant and Machinery WIP

 

 

 

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. 66.08

UK Pound

1

 Rs. 101.92

Euro

1

Rs. 74.37

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

THR

 

 

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

--PROFITABILITY

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

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

 

45

 

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.