MIRA INFORM REPORT
|
Report No. : |
300901 |
|
Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PROCTER AND GAMBLE HOME PRODUCTS LIMITED (w.e.f. 10.04.1997) |
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Formerly Known
As : |
PERSONAL CARE PRODUCTS LIMITED (w.e.f.17.08.1993) PERSONAL CARE PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
P and G Plaza, Cardinal Gracias Road, Chakala, Andheri (East), Mumbai
- 400099, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.01.1989 |
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Com. Reg. No.: |
11-050398 |
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Capital
Investment / Paid-up Capital : |
Rs. 525.000 Millions |
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CIN No.: [Company Identification
No.] |
U24240MH1989PLC050398 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP10704B |
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PAN No.: [Permanent Account No.] |
AAACP4072C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the manufacturing and selling of
branded packaged fast moving consumer goods in the fabric and home care, baby
care, skin care and hair care businesses. |
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|
No. of Employees
: |
Information denied by management |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Procter and Gamble Overseas India BV,
Netherlands It is an established company having satisfactory track record. The company is continuously incurring losses from its operation.
However, net worth of the company is good. It also enjoys established market
position and reputation. It has huge customer base. Trade relation reported to be fair. Business is active. Payment terms
are reported to be usually correct and as per commitment. The company can be considered normal for business dealing at usual
trade terms and condition. |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative (Tel No.: 91-22-28266000)
LOCATIONS
|
Registered Office : |
P and G Plaza, Cardinal Gracias Road, Chakala, Andheri (East), Mumbai
- 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-28266000 / 40543618 |
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Fax No.: |
91-22-66939696 / 66939698 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.182, Sector A, Industrial Area, Mandideep, District Raisen –
462 010, Madhya Pradesh, India |
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Factory 2 : |
Located At: Baddi, Himachal Pradesh, India |
DIRECTORS
As on 17.09.2014
|
Name : |
Mr. Shantanu Maharaj Khosla |
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Designation : |
Managing Director |
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Address : |
Gool Rukh, Ground Floor, Plot No.83, Khan Abdul Gaffar Road, Mumbai –
400 018, Maharashtra, India |
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Date of Birth/Age : |
25.01.1960 |
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Qualification : |
B. Tech (Mech. Engg), MBA |
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Date of Appointment : |
01.08.2012 |
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DIN No.: |
00059877 |
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Other Directorship :
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Name : |
Mr. Tapan Janardan Buch |
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Designation : |
Director |
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Address : |
Odessey 1, Flat No.1001, 10th Floor, Hiranandani Gardens,
Powai, Mumbai – 400 076, Maharashtra, India |
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Date of Birth/Age : |
10.10.1972 |
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Qualification : |
CA, CWA, CFA |
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Date of Appointment : |
09.09.2010 |
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DIN No.: |
02910029 |
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Other directorship :
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Name : |
Mr. Amit Vyas |
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Designation : |
Director |
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Address : |
503, 3rd Valshali Nagar, 3/B, Mahalaxmi, Mumbai -400011,
Maharashtra, India |
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Date of Birth/Age : |
15.11.1967 |
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Date of Appointment : |
26.09.2013 |
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DIN No.: |
06685891 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Karthik Natarajan |
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Designation : |
Company Secretary |
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Address : |
Akruti Orchid Park, Flat No. 304 F, Andheri Kurla road, Sakinaka,
Mumbai – 400072, Maharashtra, India |
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Date of Birth/Age : |
23.06.1987 |
|
Date of Appointment : |
07.02.2014 |
MAJOR SHAREHOLDERS
As on 17.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Procter and Gamble Overseas India B.V., Netherland |
|
52497348 |
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Procter and Gamble Far East Inc., USA |
|
1 |
|
Procter and Gamble NDP Inc., USA |
|
1 |
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The Procter and Gamble Company, USA |
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1 |
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The Procter and Gamble Distribution Company Limited, USA |
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1 |
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The Procter and Gamble Manufacturing Company, USA |
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1 |
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Procter and Gamble Canada Holding B.V., Netherland |
|
1 |
|
|
|
|
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Total |
|
52497354 |
As on 17.09.2014
Equity Share Break up (Percentage of Total Equity)
|
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 |
100.0 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing and selling of
branded packaged fast moving consumer goods in the fabric and home care, baby
care, skin care and hair care businesses. |
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Products : |
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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 : |
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 : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Indiabulls Finance Centre Tower, 3/27-32 Floor, Elphistone Mill
Compound, Senapati Bapat Marg, Elphistone (West), Mumbai-400013, Maharashtra,
India |
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PAN No.: |
AACFD4815A |
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Holding Company : |
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Ultimate Holding Company : |
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Fellow Subsidiaries : |
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The Group Companies
of The Procter and Gamble Company USA include, among others : |
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CAPITAL STRUCTURE
As on 17.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs. 750.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
52497354 |
Equity Shares |
Rs.10/- each |
Rs. 524.973
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
|
|
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(a) Share Capital |
525.000 |
425.800 |
281.600 |
|
(b) Reserves & Surplus |
21839.400 |
15309.500 |
9320.800 |
|
(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) |
22364.400 |
15735.300 |
9602.400 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
55.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.200 |
|
(c) Other long term
liabilities |
21.000 |
21.000 |
16.500 |
|
(d) long-term provisions |
34.800 |
22.700 |
0.000 |
|
Total
Non-current Liabilities (3) |
110.800 |
43.700 |
16.700 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6363.800 |
5398.500 |
5821.400 |
|
(b) Trade payables |
8220.700 |
8154.000 |
6652.300 |
|
(c) Other current liabilities |
2557.600 |
3156.100 |
2345.500 |
|
(d) Short-term provisions |
583.100 |
587.400 |
65.500 |
|
Total
Current Liabilities (4) |
17725.200 |
17296.000 |
14884.700 |
|
|
|
|
|
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TOTAL |
40200.400 |
33075.000 |
24503.800 |
|
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|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
15822.100 |
14016.200 |
8808.500 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
8249.200 |
4971.200 |
5270.800 |
|
(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 |
2933.700 |
3340.200 |
1938.600 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
27005.000 |
22327.600 |
16017.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4601.400 |
4568.200 |
3794.900 |
|
(c) Trade receivables |
3167.300 |
2963.700 |
2593.400 |
|
(d) Cash and cash equivalents |
3407.500 |
1639.000 |
920.200 |
|
(e) Short-term loans and advances |
1916.600 |
1441.400 |
1134.800 |
|
(f) Other current assets |
102.600 |
135.100 |
42.600 |
|
Total
Current Assets |
13195.400 |
10747.400 |
8485.900 |
|
|
|
|
|
|
TOTAL |
40200.400 |
33075.000 |
24503.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
53811.100 |
48313.300 |
39303.900 |
|
|
Other Income |
163.000 |
159.300 |
210.300 |
|
|
TOTAL
(A) |
53974.100 |
48472.600 |
39514.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
25819.000 |
24,533.40 |
18045.100 |
|
|
Purchases of Stock-in-Trade |
1875.400 |
2,061.40 |
3479.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
126.400 |
(594.8) |
(220.800) |
|
|
Employees benefits expense |
2680.300 |
2,542.10 |
2195.100 |
|
|
Other expenses |
22452.000 |
22,830.60 |
18247.900 |
|
|
Profit before extra-ordinary
item |
0.000 |
13.000 |
0.000 |
|
|
TOTAL
(B) |
52953.100 |
51385.700 |
41746.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1021.000 |
(2913.100) |
(2232.300) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
635.800 |
641.7 |
576.600 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
385.200 |
(3554.800) |
(2808.900) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1385.100 |
1260.40 |
724.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(999.900) |
(4815.200) |
(3533.500) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
6.000 |
157.600 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(1005.900) |
(4972.800) |
(3533.500) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
(8697.700) |
(3724.900) |
(191.400) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
(9703.600) |
(8697.700) |
(3724.900) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(21.48) |
(149.37) |
(161.68) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(1.87) |
(10.29) |
(8.99) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
1.90 |
-6.03 |
-5.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.13) |
(17.13) |
(18.37) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
(0.31) |
(0.37) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.29 |
0.34 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74 |
0.62 |
0.57 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
281.600 |
425.800 |
525.000 |
|
Reserves & Surplus |
9320.800 |
15309.500 |
21839.400 |
|
Net
worth |
9602.400 |
15735.300 |
22364.400 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
55.000 |
|
Short term borrowings |
5821.400 |
5398.500 |
6363.800 |
|
Total
borrowings |
5821.400 |
5398.500 |
6418.800 |
|
Debt/Equity
ratio |
0.606 |
0.343 |
0.287 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
39303.900 |
48313.300 |
53811.100 |
|
|
|
22.922 |
11.379 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
39303.900 |
48313.300 |
53811.100 |
|
Profit |
(3533.500) |
(4972.800) |
(1005.900) |
|
|
(8.99%) |
(10.29%) |
(1.87%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
CORPORATE
INFORMATION
Procter and Gamble
Home Products Limited (the Company) is a public company incorporated under the
provisions of the Companies Act, 1956.
The company is
engaged in the manufacturing, trading and selling of branded packaged fast
moving consumer goods in the fabric and home care, baby care, skin care and
hair care businesses. The company's products are sold through retail operations
including mass merchandisers, grocery stores, membership club stores, drug
stores, department stores, and high frequency stores. The Company has its
manufacturing locations at Mandideep, Madhya Pradesh and Baddi - Himachal
Pradesh, apart from third party manufacturing locations spread across India.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
55.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans and advances from others |
6363.800 |
5398.500 |
|
|
|
|
|
Total |
6418.800 |
5398.500 |
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.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.