MIRA
INFORM REPORT
|
Report No. : |
353720 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNICHARM INDIA PRIVATE LIMITED (w.e.f.01.10.2008) |
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|
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Formerly Known
As : |
UNICHARM |
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Registered
Office : |
Office No. 222 and 244, 246 and 247, 2nd Floor, Centrum
Plaza Building, Golf Course Road, Sector – 53, Gurgaon - 122002, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
10.07.2008 |
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Com. Reg. No.: |
05-038151 |
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Capital
Investment / Paid-up Capital : |
Rs.7193.000 Million |
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|
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CIN No.: [Company Identification
No.] |
U51391HR2008FTC038151 |
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|
|
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IEC No.: |
0508080908 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKU00799B |
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PAN No.: [Permanent Account No.] |
AABCU0113A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacturing and
selling personal hygiene products like baby diapers, baby wipes and sanitary
napkins. (Registered
Activity) |
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|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8860000 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Unicharm Corporation’, Japan. The company is engaged in the business of manufacturing and selling personal hygiene products like baby diapers, baby wipes and sanitary napkins. The ratings also take into consideration the adverse financial metrics of the company as reflected by its loss making nature of operations, leverage aggressive capital structure and moderate debt coverage metrics during FY 2013-14. However, rating takes into consideration strong financial and managerial support that company receives from its holding entity backed by its well experience management team. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view aforesaid, the company can be considered for business dealings at usual trade terms and condition. Note: as per registrar of companies the date of balance sheet (i. e. financial filed) is shown as 31.03.2015 but the documents related to the financial for the year 31.03.2015 are not available from any source. |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Santosh Srivastava |
|
Designation : |
Assistant Manager / Account finance |
|
Contact No.: |
91-124-4351300 / 9871256020 |
|
Date : |
08.12.2015 |
LOCATIONS
|
Registered Office : |
Office No.222 and 244, 246 and 247, 2nd Floor, Centrum
Plaza Building, Golf Course Road, Sector – 53, Gurgaon - 122002, Haryana,
India |
|
Tel. No.: |
91-124-4351314 / 4351300 /308 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
402, Centrum Plaza, Sector - 53, Golf Course Road, Gurgaon – 122001, Haryana, India |
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Tel. No.: |
91-124-4351300 |
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|
|
|
Factory 1 : |
Plot No. SP3- 67 to 70, Neemarana
Industrial State, Majrakath, Phase-3, Japanese Investors Zone, Neemrana - 301705,
Rajasthan, India |
|
Tel. No.: |
91-149-4670151 |
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|
|
|
Factory 2 : |
Located At : Tamilnadu, India |
DIRECTORS
As on 30.09.2015
|
Name : |
Mr. Yukihiro Kimura |
|
Designation : |
Managing director |
|
Address : |
1-5-4-604, Shimo Meguro Ku, Tokyo – 1530064, Japan |
|
Date of Birth/Age : |
28.09.1960 |
|
Date of Appointment : |
25.07.2013 |
|
DIN No.: |
02183976 |
|
|
|
|
Name : |
Mr. Makoto Sasaki |
|
Designation : |
Director |
|
Address : |
705 Park Nova, Fujisaw A, 545-48, Fujisawas Hi-Tokyo, Japan 2510052 |
|
Date of Birth/Age : |
27.05.1967 |
|
Date of Appointment : |
10.07.2008 |
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DIN No.: |
02184058 |
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|
|
|
Name : |
Tsutomu Kido |
|
Designation : |
Director |
|
Address : |
1412-6, Himehaman, Toy Kagawa - 7691602 |
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Date of Birth/Age : |
04.01.1965 |
|
Date of Appointment : |
15.04.2013 |
|
DIN No.: |
06555682 |
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|
|
|
Name : |
Kazuhiro Shiomi |
|
Designation : |
Director |
|
Address : |
A-13, Greenwood City, Sector – 45, Gurgaon – 122001, Haryana, India |
|
Date of Appointment : |
18.03.2015 |
|
DIN No.: |
07127301 |
|
|
|
|
Name : |
Yoshihiro Miyabayashi |
|
Designation : |
Director |
|
Address : |
Apartmen Plaza, Residence Unit 35B, Jind Sudhirman, Kay Jakarta |
|
Date of Birth/Age : |
26.04.1955 |
|
Date of Appointment : |
25.07.2013 |
|
DIN No.: |
06646652 |
KEY EXECUTIVES
|
Name : |
Mr. Shalini Chawla |
|
Designation : |
Company Secretary |
|
Address : |
House No. 599, Sector-14, Gurgaon, Haryana, India |
|
Date of Birth/Age : |
24.10.1985 |
|
Date of Appointment : |
11.05.2009 |
|
PAN No: |
AKCPC5589J |
|
|
|
|
Name : |
Mr. Aadhar Girotra |
|
Designation : |
Senior Executive Finance |
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|
|
|
Name : |
Mr. Santosh Srivastava |
|
Designation : |
Assistant Manager / Account finance |
MAJOR SHAREHOLDERS
As on 30.09.2015
|
Names of Shareholders |
|
No. of Shares |
|
Unicharm Corporation, Japan |
|
71929999 |
|
Yukihiro Kimura |
|
1 |
|
Total |
|
71930000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.90 |
|
Directors or relatives of Directors |
0.10 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing and
selling personal hygiene products like baby diapers, baby wipes and sanitary
napkins. (Registered
Activity) |
|
|
|
|
Products : |
· Baby Diapers · Baby Wipes ·
Sanitary Napkins |
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Building No.8, 7th Floor and 8th Floor Tower B,
DLF Cyber City, Gurgaon – 122002, Haryana, India |
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PAN No.: |
AAFFP3698A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Unicharm Corporation - Japan |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
After 30.09.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.100/- each |
Rs.10000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95679350 |
Equity Shares |
Rs.100/- each |
Rs.9567.935 Million |
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.100/- each |
Rs.8000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71930000 |
Equity Shares |
Rs.100/- each |
Rs.7193.000 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 |
7,193.000 |
5,026.000 |
3,385.000 |
|
(b) Reserves & Surplus |
(4,090.962) |
(2,741.917) |
(1,632.117) |
|
(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) |
3,102.038 |
2,284.083 |
1,752.883 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,244.535 |
2,153.368 |
2,219.550 |
|
(b) Deferred tax liabilities (Net) |
156.456 |
118.940 |
54.590 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
11.562 |
8.671 |
3.219 |
|
Total Non-current Liabilities (3) |
2,412.553 |
2,280.979 |
2,277.359 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
806.797 |
519.098 |
183.035 |
|
(c) Other current
liabilities |
1,768.558 |
762.501 |
211.491 |
|
(d) Short-term provisions |
1.308 |
0.096 |
0.070 |
|
Total Current Liabilities (4) |
2,576.663 |
1,281.695 |
394.596 |
|
|
|
|
|
|
TOTAL |
8,091.254 |
5,846.757 |
4,424.838 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3,338.741 |
3,426.742 |
1,817.481 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1,895.332 |
233.076 |
253.572 |
|
(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 |
430.101 |
227.143 |
206.064 |
|
(e) Other Non-current assets |
22.736 |
14.315 |
14.300 |
|
Total Non-Current Assets |
5,686.910 |
3,901.276 |
2,291.417 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
976.101 |
598.913 |
436.548 |
|
(c) Trade receivables |
197.698 |
54.707 |
45.154 |
|
(d) Cash and cash
equivalents |
1,029.314 |
1,261.519 |
1,638.496 |
|
(e) Short-term loans and
advances |
66.952 |
27.476 |
10.718 |
|
(f) Other current assets |
134.279 |
2.866 |
2.505 |
|
Total Current Assets |
2,404.344 |
1,945.481 |
2,133.421 |
|
|
|
|
|
|
TOTAL |
8,091.254 |
5,846.757 |
4,424.838 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4530.504 |
2057.564 |
1346.593 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
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|
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EXPENSES |
NA |
NA |
NA |
|
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|
|
|
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|
|
|
PROFIT/(LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(1349.046) |
(1109.799) |
(872.149) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(24.37) |
(28.25) |
(34.80) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
451.935 |
128.750 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(29.78) |
(53.94) |
(64.77) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.87 |
1.00 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.52 |
5.41 |
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 |
3385.000 |
5026.000 |
7193.000 |
|
Reserves & Surplus |
(1632.117) |
(2741.917) |
(4090.962) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1752.883 |
2284.083 |
3102.038 |
|
|
|
|
|
|
long-term borrowings |
2219.550 |
2153.368 |
2244.535 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of
Long Term Debt |
0.000 |
128.750 |
451.935 |
|
Total borrowings |
2219.550 |
2282.118 |
2696.470 |
|
Debt/Equity ratio |
1.266 |
0.999 |
0.869 |
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 |
1346.593 |
2057.564 |
4530.504 |
|
|
|
52.798 |
120.188 |
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 |
1346.593 |
2057.564 |
4530.504 |
|
Profit / (Loss) |
(872.149) |
(1109.799) |
(1349.046) |
|
|
(64.77%) |
(53.94%) |
(29.78%) |
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 |
No |
|
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
Registered address has been shifted from the Office No. 222 and 244,
246,247,248, 2nd Floor, Centrum Plaza Building, Golf Course Road,
Sector – 53, Gurgaon – 122002, Haryana, India
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Other external commercial borrowings |
2,244.535 |
2,153.368 |
|
Total |
2,244.535 |
2,153.368 |
GENERAL
INFORMATION (As on 31.03.2014)
The Company incorporated on July 10, 2008, is a wholly owned subsidiary of Unicharm Corporation Japan. The Company is engaged in the business of manufacturing and selling personal hygiene products like baby diapers, baby wipes and sanitary napkins in India.
INDEX OF CHARGES:
NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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. 66.75 |
|
|
1 |
Rs. 100.29 |
|
Euro |
1 |
Rs. 72.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
41 |
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.