MIRA
INFORM REPORT
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Report No. : |
307581 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
DANONE NARANG BEVERAGE PRIVATE LIMITED (w.e.f. 30.12.2010) |
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Formerly Known
As : |
NARANG BEVERAGES PRIVATE LIMITED |
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Registered
Office : |
Hall No.3, Sarkar Heritage, Kane and |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
24.08.2007 |
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Com. Reg. No.: |
11-173425 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.214 Millions |
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CIN No.: [Company Identification
No.] |
U155200MH2007PTC173425 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of EMCG Product (Mineral Water). |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has incurred huge accumulated losses which has eroded the
net worth of the company during December 2013. However, business is active. Payment terms are slow. The company can be considered for business dealings on safe and
secured 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.
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 DENIED BY
|
Name : |
Mr. Rahul Parikh |
|
Designation : |
Finance Department |
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Contact No.: |
91-9167415404 |
|
Date : |
11.02.2015 |
LOCATIONS
|
Registered Office : |
Hall No.3, Sarkar Heritage, Kane and B.J. Road, Bandstand, Bandra
(West), Mumbai – 400 050, Maharashtra, India |
|
Tel. No.: |
91-22-61330605 / 61330508 / 61330624 |
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Mobile No.: |
91-9167211812 (Mr. Somnath Sarkar) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Leased |
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Factory : |
Adhya Himalaya Water Plot 81 D1 EPIP, Phase I, Jharmjri, Baddi, District Solan, Himachal
Pradesh, India |
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Tel. No.: |
91-1795-271600 |
DIRECTORS
AS ON 27.08.2014
|
Name : |
Mr. Rahul Rama Narang |
|
Designation : |
Director |
|
Address : |
Narang House, 40, Pali Hill, Zig Zag Road, Bandra (West), Mumbai – 400
050, Maharashtra, India |
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Date of Birth/Age : |
10.04.1974 |
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Date of Appointment : |
24.08.2007 |
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DIN No.: |
00029995 |
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Name : |
Mrs. Mona Rama Narang |
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Designation : |
Additional Director |
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Address : |
Narang Villa, 40, Pali Hill, Zig Zag Road, Bandra (West), Mumbai – 400
050, Maharashtra, India |
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Date of Birth/Age : |
13.03.1947 |
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Date of Appointment : |
02.03.2009 |
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DIN No.: |
02966597 |
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|
Name : |
Mr. Vincent Robert |
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Designation : |
Director |
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Address : |
09, |
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Date of Birth/Age : |
20.09.1958 |
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Date of Appointment : |
16.07.2010 |
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DIN No.: |
03187008 |
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Name : |
Mr. Bernard Alain Marie Ducros |
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Designation : |
Nominee Director |
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Address : |
JL Cilandak Bawah I No.65, Jakarta Selatan, Indonesia-12430 |
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Date of Birth/Age : |
19.04.1949 |
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Date of Appointment : |
16.07.2010 |
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DIN No.: |
03128257 |
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Name : |
Mr. Pierre Marie Stevens |
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Designation : |
Additional director |
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Address : |
26, Cassia Drive Singapore – 289719, India |
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Date of Birth/Age : |
27.06.1974 |
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Date of Appointment : |
31.01.2012 |
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DIN No.: |
05234852 |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Parikh |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Rahul Rama Narang |
|
11450 |
|
Myen Pte Limited |
|
11921 |
|
Narang Buzz Services Private Limited, India |
|
2 |
|
Total |
|
23373 |
AS ON 27.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
51.00 |
|
Directors or relatives of Directors |
49.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of EMCG Product (Mineral Water). |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
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 : |
Not Available |
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Facilities : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
Plot No. Y-14, Block –EP, Sector – V, Salt Lake Electronic Complex, Bidhan
Nagar, Kolkata – 700091, West Bengal, India |
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PAN No.: |
AAFHP0187A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21373 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.214
Million |
|
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AS ON 27.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
|
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23373 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.234
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
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|
|
(1)Shareholders' Funds |
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(a) Share Capital |
0.214 |
0.204 |
0.204 |
|
(b) Reserves & Surplus |
(75.624) |
68.480 |
197.783 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(75.410) |
68.684 |
197.987 |
|
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(3)
Non-Current Liabilities |
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|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
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(4) Current Liabilities |
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|
(a) Short term borrowings |
82.869 |
0.000 |
0.000 |
|
(b) Trade payables |
116.398 |
89.583 |
39.518 |
|
(c) Other current
liabilities |
8.959 |
8.626 |
5.218 |
|
(d) Short-term provisions |
0.788 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
209.014 |
98.209 |
44.736 |
|
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|
|
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TOTAL |
133.604 |
166.893 |
242.723 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
12.580 |
15.568 |
16.814 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.832 |
0.000 |
0.947 |
|
(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 |
61.025 |
62.246 |
62.236 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
74.437 |
77.814 |
79.997 |
|
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|
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|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
13.817 |
7.122 |
5.140 |
|
(c) Trade receivables |
7.838 |
0.874 |
14.468 |
|
(d) Cash and cash
equivalents |
0.653 |
38.167 |
117.352 |
|
(e) Short-term loans and
advances |
35.531 |
41.965 |
25.247 |
|
(f) Other current assets |
1.328 |
0.951 |
0.519 |
|
Total Current Assets |
59.167 |
89.079 |
162.726 |
|
|
|
|
|
|
TOTAL |
133.604 |
166.893 |
242.723 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL INCOME |
279.063 |
113.932 |
106.907 |
|
|
|
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|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL EXPENDITURE |
583.182 |
243.235 |
165.089 |
|
|
|
|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX |
(304.119) |
(129.303) |
(58.182) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
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|
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|
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|
|
PROFIT/
(LOSS) AFTER TAX |
(304.119) |
(129.303) |
(58.182) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(13011.55) |
(5532.15) |
(2489.28) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(108.97)
|
(114.49) |
(54.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(229.05) |
(77.48) |
(24.06) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
4.03 |
(1.88) |
(0.29) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.10) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.28 |
0.91 |
3.64 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.204 |
0.204 |
0.214 |
|
Reserves & Surplus |
197.783 |
68.480 |
(75.624) |
|
Net
worth |
197.987 |
68.684 |
(75.410) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
82.869 |
|
Total
borrowings |
0.000 |
0.000 |
82.869 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
(1.099) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
106.907 |
113.932 |
279.063 |
|
|
|
6.571 |
144.938 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
106.907 |
113.932 |
279.063 |
|
Profit/ (Loss) |
(58.182) |
(129.303) |
(304.119) |
|
|
(54.42%) |
(113.49%) |
(108.98%) |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT
MATURITY LONG TERM DEBT DETAILS ARE NOT AVAILABLE.
|
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 |
Ye |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
No |
|
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 |
No |
|
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
NO CHARGES EXIST FOR THE COMPANY.
UNSECURED LOANS
|
PARTICULAR |
31.12.2013 (Rs.
in Millions) |
31.12.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loan from bank, repayable on demand |
82.869 |
0.000 |
|
Total |
82.869 |
0.000 |
FIXED ASSETS
·
Plant and Machinery
·
Office Equipment
·
Computer
·
Vehicles
PRESS RELEASE
DANONE MAY PART WAYS WITH
JOINT VENTURE PARTNER RAHUL NARANG GROUP
Mumbai/New Delhi: Nearly five years after Groupe Danone broke up with Britannia Industries Limited, the French food and beverage maker is looking to part ways with its current joint venture (JV) partner, the Rahul Narang Group, two people familiar with the development said.
Danone wants full control
of the beverage brands Qua and B’lue, which are manufactured and distributed by
two JVs—Danone Narang Beverages Pvt. Ltd and Narang Danone Access Private
Limited said one of the two people, both of whom spoke on condition of
anonymity.
But as in the case of Britannia, a part of the Wadia group, Danone is headed for a legal battle with the Narang Group.
On 9 October, Rahul Narang, promoter of the group, filed a petition in the company law board against Danone Narang Beverages under Sections 397 and 398 of the Companies Act, alleging mismanagement of funds, misconduct towards the company members and oppression by the firm in which Danone has a majority stake.
An email sent to the global communication team of Groupe
Danone and phone calls made to the company remained unanswered. Repeated phone
calls and messages to Rahul Narang also went unanswered.
Danone Narang Beverages manufactures and markets beverages in India such as B’lue and Qua. Danone has a minority stake in other venture, Narang Danone Access, which distributes these beverages and other international brands such as Twinings Tea, Monster energy drink and Perrier sparkling water in India.
According to the first person cited above, Danone and the Narang Group have been unsuccessfully negotiating valuations for the buyout of the brands by the French company for the last eight months.
Qua and B’lue together had sales of Rs.1000.000 millions in the last calendar year, said the person.
“There was a clear mismatch in expectations. It’s clear that Danone wants to come in on its own in the beverage market,” said the second person.
Danone entered India through a JV with Britannia Industries
but the companies ended their 13-year partnership in 2009, with the Indian
partner buying out the French food giant and gaining ownership of the Tiger
brand of biscuits.
“Joint ventures collapse when there is no clarity in contract and lack of trust or difference in objectives crops up between two partners,” said Sunil Alagh, founder and chairman of consultancy firm SKA Advisors and a former managing director of Britannia.
To be sure, not every joint venture split is messy.
“When Hero Honda split in 2010, it was very clear which company owned which brand for the Munjal family and Japan’s Honda Motor Co.,” said Alagh.
According to a July 2014 report by research firm Euromonitor International, Qua has a 0.5% market share in the ready-to-drink market in which Bisleri is the largest brand with a 22.5% market share followed by Aquafina at 10.4% for the year 2013.
“The soft drinks market in India, which includes all ready-to-drink beverages grew at 14.55% to Rs.362942.900 Millions (in 2013) from Rs.316831.000 Millions,” said Anand Ramanathan, associate director, KPMG Advisory Services Ltd, citing the same Euromonitor report.
On Wednesday, the global market capitalization of Groupe Danone stood at €32.4 billion, according to Bloomberg data.
The French company operates globally in four business segments—dairy, bottled water, medical nutrition and infant food—and is present in all of these segments in India.
Danone Food runs the company’s dairy operations in the country
and is still relatively small, selling products in Mumbai, Delhi, Bangalore,
Pune and Hyderabad. It also runs an equal joint venture with Japanese probiotic
products company Yakult—Yakult Danone India Private Limited, based in New
Delhi.
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 records 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. 62.43 |
|
|
1 |
Rs. 95.02 |
|
Euro |
1 |
Rs. 70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
20 |
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.