MIRA INFORM REPORT
|
Report No. : |
303289 |
|
Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
NUTRAPLUS INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
NUTRAPLUS PRODUCTS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
7/A, Vakil Villa, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.02.1990 |
|
|
|
|
Com. Reg. No.: |
11-055347 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.65.950 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1990PLC055347 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing bulk drug products and their intermediates,
human Active Pharma ingredients (API) products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings 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 |
|
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
31-03-2014.
LOCATIONS
|
Registered Office : |
7/A, Vakil Villa, |
|
Tel. No.: |
91-22-28212191 / 28348587 |
|
Fax No.: |
91-22-28212192 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. N-92 MIDC Tarapur, Boisar, Thane - 401506, Maharashtra,
India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mukesh Naik |
|
Designation : |
Chairman and Managing Director |
|
Address : |
A/A Monami Apartment, Behind Chandan Cinema Silver Beach Road, Juhu,
Mumbai – 400049, Maharashtra |
|
Date of Birth/Age : |
20.03.1966 |
|
Date of Appointment : |
08.02.1990 |
|
|
|
|
Name : |
Mr. Mahesh Doshi |
|
Designation : |
Director |
|
Address : |
10-32 Varma Nagar, |
|
Date of Birth/Age : |
26.10.1956 |
|
Date of Appointment : |
30.04.1996 |
|
|
|
|
Name : |
Mr. Mukesh Desai |
|
Designation : |
Director |
|
Address : |
AT and PO Amadpor, Navsari-396445,
Balsari, |
|
Date of Birth/Age : |
13.08.1981 |
|
Date of Appointment : |
15.03.1996 |
|
|
|
|
Name : |
Mr. Uday Desai |
|
Designation : |
Director |
|
Address : |
A/A Monami Apartment, Behind Chandan Cinema Silver Beach Road, Juhu,
Mumbai – 400071, Maharashtra |
|
Date of Birth/Age : |
08.07.1983 |
|
Date of Appointment : |
16.03.2002 |
|
|
|
|
Name : |
Mr. Dilip K. Pimple |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prameshkumar B. Mehta |
|
Designation : |
Director |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3207500 |
54.41 |
|
|
3207500 |
54.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3207500 |
54.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3800 |
0.06 |
|
|
100 |
0.00 |
|
|
3900 |
0.07 |
|
|
|
|
|
|
132380 |
2.25 |
|
|
|
|
|
|
1624886 |
27.56 |
|
|
672494 |
11.41 |
|
|
253840 |
4.31 |
|
|
244533 |
4.15 |
|
|
9307 |
0.16 |
|
|
2683600 |
45.52 |
|
Total Public shareholding (B) |
2687500 |
45.59 |
|
Total (A)+(B) |
5895000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
Total (A)+(B)+(C) |
5895000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing bulk drug products and their intermediates,
human Active Pharma ingredients (API) products. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
The Saraswat
Co-operative Bank Limited, Raja Shopping Center, New Nagardas Road, Andheri
(East), Mumbai – 400069, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: Long Term Borrowings 3. a.i Term loan is availed from the bank is secured against the equitable mortgage of office premises (Mumbai), factory land , factory building , plant & machinery situated at MIDC, Tarapore, Maharashtra. It is also secured against the personal guarantee of two director and two guarantee of related party guarantee to the extent of mortgaged collateral securities and Corporate guarantee of group concern. The term loan availed is having moratium of 12 months and are payable in 60 installments from date of their respective sanction. Repayment & Other terms of the
Bank Borrowing are as follows:-
3. a.ii Term loan from nine NBFC is taken and will be repayable in 36 installments. Repayment & Other terms of the NBFC
Borrowing are as follows:-
3. a.iii Loans availed from the above referred related party were taken for the long term working capital requirements. The loan from related party is interest free. (ii) Details of
long-term borrowings guaranteed by some of the directors or others:
(iii) The Company has not defaulted in repayment of loans and interest in respect of any of the secured or unsecured loans referred above. (iv) For the current maturities of long-term borrowings, refer items (a) in Note 8 Other current liabilities. Short-Term Borrowings i) Working capital loan is secured by way of hypothecation of stock and debtors. During the year, the company had availed the additional working capital loan from bank for Rs.25.000 Millions. (ii) Details of short-term borrowings guaranteed by some of the director is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
AMPAC and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Company in which KMP / Relatives of KMP
can exercise significant influence : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
Rs. 10/- each |
Rs.65.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5895000 |
Equity Shares |
Rs. 10/- each |
Rs.58.950 Millions |
Note:
1.1 In the financial year 2009-10, the Company had issued 320000 (Three Lakh Twenty Thousand) Equity Shares of Rs. 10/= each fully paid, to the promoter’s group on preferential basis under Section 81(1A) of the Companies Act’ 1956. The said shares are in lock-in-period up to 24th March, 2013.
1.2In the financial year 2009-10, the Company had made preferential issue and allotted 825000 (Eight Lac Twenty Five Thosand) Optionally fully convertible warrant (OFCW) to the promoters group. Each warrant is convertible into 1 (One) fully paid-up Equity shares of the Company of face value Rs. 10/= each at execrable price of Rs. 10/= each. The said OFCW was converted into equity shares to the promoters group as under:
|
Sr. No |
Number of
warrant |
Rs. In Millions |
Date of
Allotment |
Lock-in-period |
|
1 |
375000 |
3.750 |
15/10/2010 |
up to 15/10/2013 |
|
2 |
450000 |
4.500 |
14/07/2011 |
up to 14/07/2014 |
1.3 In the financial year 2012-13, the Company has issued 400000 (Four Lakh) Equity Shares at face value of Rs. 10/- (Rupees Ten Only) each at a premium of Rs. 16 (Rupees Sixteen only) per share to the promoter’s group on preferntial basis under Section 81(1A) of the Companies Act’ 1956. The said shares are in lock-in-period up to 4th July’ 2015.
1.4 In the financial year 2012-13, the Company has passed the resolution for preferential issue of 300000(Three Lac ) Optionally fully convertible warrant (OFCW) to the promoters group. Each warrant is convertible into 1 (One) fully paid-up Equity shares of the Company of face value Rs. 10/= each at exercible price of Rs. 26/=(Rupees Twenty Six only) each aggregating to Rs.7.800 Millions (Rupees Seventy Eight Lakhs). The said OFCW shall be convertible at the option of the holder at anytime before the expiry of 18 months from the date of allotment. Amount to be paid up on Warrant at the time of allotment thereof shall not be less than 25% of the exercise price. The said shares were alloted on 26/04/2013 and Rs.4.800 Millions is transferred to share premium account. The said shares are in lock-in-period up to 25th April, 2016.
Reconciliation
of the number of shares and amount outstanding at the beginning and at the end
of the reporting period:
|
Equity Shares |
Opening Balance |
Fresh issue |
Closing Balance |
|
Shares issued during the year |
|
|
|
|
- Number of shares |
5595000 |
30000 |
5895000 |
|
- Amount (Rs. In Millions) |
55.950 |
3.000 |
58.950 |
Details of shares
held by each shareholder holding more than 5% shares
|
Name of Shareholder
|
Number
of Shares |
% holding |
|
Mukesh Naik (Promoter) |
1164800 |
19.76% |
|
Uday Desai (Promoter group) |
1102400 |
18.70% |
|
Gita Naik (Promoter Group) |
888100 |
15.07% |
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
58.950 |
55.950 |
51.950 |
|
(b) Reserves & Surplus |
143.530 |
107.419 |
76.139 |
|
(c) Money
received against share warrants |
0.000 |
4.800 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
202.480 |
168.169 |
128.089 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
144.515 |
94.655 |
66.869 |
|
(b) Deferred tax liabilities (Net) |
30.791 |
20.524 |
14.717 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.766 |
2.161 |
1.735 |
|
Total Non-current
Liabilities (3) |
178.072 |
117.340 |
83.321 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
143.310 |
94.054 |
62.934 |
|
(b) Trade
payables |
190.682 |
123.152 |
125.056 |
|
(c) Other
current liabilities |
29.194 |
31.364 |
25.261 |
|
(d) Short-term
provisions |
8.659 |
10.294 |
11.166 |
|
Total Current
Liabilities (4) |
371.845 |
258.864 |
224.417 |
|
|
|
|
|
|
TOTAL |
752.397 |
544.373 |
435.827 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
346.812 |
261.444 |
192.903 |
|
(ii)
Intangible Assets |
9.852 |
13.136 |
0.000 |
|
(iii)
Capital work-in-progress |
10.368 |
8.582 |
0.192 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.533 |
0.033 |
18.018 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.904 |
0.925 |
0.000 |
|
Total Non-Current
Assets |
368.469 |
284.120 |
211.113 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
192.603 |
109.211 |
68.205 |
|
(c) Trade
receivables |
147.735 |
105.301 |
120.596 |
|
(d) Cash
and cash equivalents |
14.293 |
14.738 |
13.659 |
|
(e)
Short-term loans and advances |
29.297 |
31.003 |
22.254 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
383.928 |
260.253 |
224.714 |
|
|
|
|
|
|
TOTAL |
752.397 |
544.373 |
435.827 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
616.927 |
395.173 |
447.132 |
|
|
|
Other Income |
0.958 |
1.492 |
1.699 |
|
|
|
TOTAL (A) |
617.885 |
396.665 |
448.831 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
466.623 |
276.987 |
322.436 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(52.316) |
(36.260) |
(19.541) |
|
|
|
Employees benefits expense |
19.423 |
18.372 |
17.545 |
|
|
|
Other expenses |
81.235 |
62.542 |
63.875 |
|
|
|
Exceptional Items |
0.000 |
(0.526) |
0.000 |
|
|
|
TOTAL (B) |
514.965 |
321.115 |
384.315 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
102.920 |
75.550 |
64.516 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.702 |
24.013 |
15.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
67.218 |
51.537 |
48.994 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.137 |
12.986 |
6.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
51.081 |
38.551 |
42.690 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
19.769 |
14.251 |
12.972 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
31.312 |
24.300 |
29.718 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
100.433 |
76.133 |
46.415 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
131.745 |
100.433 |
76.133 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
0.000 |
0.000 |
0.777 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
0.777 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
51.746 |
23.214 |
31.645 |
|
|
TOTAL IMPORTS |
51.746 |
23.214 |
31.645 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
5.33 |
4.43 |
5.87 |
|
|
|
Diluted |
5.33 |
4.20 |
5.87 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st Quarter
|
2nd
Quarter |
|
Net Sales |
|
174.600 |
126.800 |
|
Total Expenditure |
|
149.400 |
182.800 |
|
PBIDT (Excl OI) |
|
25.200 |
(56.000) |
|
Other Income |
|
0.400 |
00.100 |
|
Operating Profit |
|
25.600 |
(55.900) |
|
Interest |
|
7.400 |
11.400 |
|
Exceptional Items |
|
0.000 |
(232.600) |
|
PBDT |
|
18.200 |
(299.800) |
|
Depreciation |
|
5.200 |
01.100 |
|
Profit Before Tax |
|
13.100 |
(300.900) |
|
Tax |
|
2.800 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
10.300 |
(300.900) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
10.300 |
(300.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.08 |
6.15 |
6.65 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
16.68 |
19.12 |
14.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.89 |
7.20 |
10.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.23 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.42 |
1.12 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.01 |
1.00 |
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 |
51.950 |
55.950 |
58.950 |
|
Reserves & Surplus |
76.139 |
107.419 |
143.530 |
|
Money received against share
warrants |
0.000 |
4.800 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
128.089 |
168.169 |
202.480 |
|
|
|
|
|
|
long-term borrowings |
66.869 |
94.655 |
144.515 |
|
Short term borrowings |
62.934 |
94.054 |
143.310 |
|
Total
borrowings |
129.803 |
188.709 |
287.825 |
|
Debt/Equity
ratio |
1.013 |
1.122 |
1.421 |
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 |
447.132 |
395.173 |
616.927 |
|
|
|
(11.621) |
56.116 |
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
|
447.132 |
395.173 |
616.927 |
|
Profit |
29.718 |
24.300 |
31.312 |
|
|
6.65% |
6.15% |
5.08% |
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 |
Yes |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
From other parties |
|
|
|
Unsecured from Non-Banking Financial Companies |
0.342 |
4.255 |
|
Loans and advances from related parties |
23.781 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Unsecured Loan from
Related Party |
|
|
|
Mukesh Naik |
2.500 |
0.000 |
|
Uday Desai |
2.585 |
0.000 |
|
Nidhi Naik |
1.150 |
0.000 |
|
Total |
30.358 |
4.255 |
CORPORATE
INFORMATION
The Company is presently manufacturing bulk drug products and their intermediates, human Active Pharma ingredients (API) products. In the current year, the Company has achieved the manufacturing sale of Rs.678.251 Millions and by way of job process activities of manufacturing various API of reputed Companies for Rs.5.926 Milliosn. The manufacturing facilities are located at MIDC, Tarapore, District, Thane and all other activities are carried on from the Registred office located at Mumbai.
OPERATIONS:
During the year, the Company earned a total Income of Rs.617.900 Millions comprising of Sales of Active Pharmaceutical Ingredients of Rs.616.900 Millions compared to Rs.395.200 Millions of the previous financial year. The Company has earned Net Profit of Rs.31.300 Millions compared profit of Rs.24.300 Millions for the previous year.
FUTURE OUTLOOK:
The Company is shifting towards manufacturing of Human API’s. The Company is presently manufacturing intermediates and chemicals and is focusing in developing new API’s. The Company has carried out laboratory trials of various API’s and will be launching new API’s in next year. The Company will be venturing into high volume and fast moving Active Pharmaceutical Ingredients. The Company has also been sanctioned Credit Facilities of Rs. 550.000 Millions for setting up of the new facility and the process for setting up new facility has been commenced.
The directors express their regret in informing the members that a fire had occurred on 3rd August, 2014 in the intermediate manufacturing facility in one block located at Tarapur, Thane. Considerable damage has occurred at site but since the Assets of the Company were insured, the damage would be compensated by the Insurance Company after making complete assessment of the same.
Their new manufacturing facility which was under erection will be starting in two months which will be contributing to our growth. The Company has made an arrangement to outsource the said intermediates from outside
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED
30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1. Income
from operations |
126.790 |
174.566 |
301.356 |
|
|
|
|
|
|
Total
income from Operations(net) |
|
|
|
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
134.802 |
114.514 |
249.316 |
|
b) Purchases of stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
9.678 |
15.004 |
24.682 |
|
d) Employees benefit expenses |
9.167 |
3.746 |
12.913 |
|
e) Depreciation and amortization expenses |
1.098 |
5.162 |
6.260 |
|
f) Other expenditure |
29.151 |
16.100 |
45.251 |
|
Total expenses |
183.896 |
154.526 |
338.422 |
|
3. Profit from operations before other income and
financial costs |
(57.106) |
20.040 |
(37.066) |
|
4. Other income |
0.100 |
0.380 |
0.480 |
|
5. Profit from ordinary activities before finance costs |
(57.106) |
20.420 |
(36.586) |
|
6. Finance costs |
11.356 |
7.362 |
18.718 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(68.362) |
13.058 |
(55.304) |
|
8. Exceptional item |
232.561 |
0.000 |
232.561 |
|
9. Profit from ordinary activities before tax
Expense: |
(300.923) |
13.058 |
(287.865) |
|
10.Tax expenses |
0.000 |
2.800 |
2.800 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(300.923) |
10.258 |
(290.665) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(300.923) |
10.258 |
(290.665) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
5.895 |
5.895 |
5.895 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(51.05) |
1.74 |
(49.31) |
|
(b) Diluted |
(51.05) |
1.74 |
(49.31) |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
2687500 |
2687500 |
2687500 |
|
- Percentage of shareholding |
45.59 |
45.59 |
45.59 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
3207500 |
3207500 |
3207500 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
54.41 |
54.41 |
54.41 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Receiving during the quarter |
|
Nil |
|
|
Disposed of during the quarter |
|
Nil |
|
|
Remaining unreserved at the end of the quarter |
|
Nil |
|
STATEMENT
OF ASSTES AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
58.950 |
|
(b) Reserves & Surplus |
|
|
(147.134) |
|
(c) Money
received against share warrants |
|
|
11.565 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
(76.619) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
180.621 |
|
(b) Deferred tax liabilities (Net) |
|
|
31.791 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
2.766 |
|
Total Non-current
Liabilities (3) |
|
|
215.178 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
175.008 |
|
(b) Trade
payables |
|
|
222.708 |
|
(c) Other current
liabilities |
|
|
23.149 |
|
(d) Short-term
provisions |
|
|
2.894 |
|
Total Current
Liabilities (4) |
|
|
423.759 |
|
|
|
|
|
|
TOTAL |
|
|
562.318 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
213.549 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
75.427 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.533 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
289.509 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
83.674 |
|
(c) Trade
receivables |
|
|
146.058 |
|
(d) Cash
and cash equivalents |
|
|
4.630 |
|
(e)
Short-term loans and advances |
|
|
37.652 |
|
(f) Other
current assets |
|
|
0.795 |
|
Total
Current Assets |
|
|
272.809 |
|
|
|
|
|
|
TOTAL |
|
|
562.318 |
Notes:
1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on November 14, 2014.
2. On 3rd August' 2014, fire occurred at N-92 plant at Tarapore, Boisar, Dist: Thane. The exceptional item referred in current quarter as well as six month ended 30/09/2014 include Rs.232.560 Millions towards loss by fire. The entire loss reported will increase or decrease after measurement of claim by surveyor, accordingly the final entry wilt be passed for fair accounting of loss of inventory and Implement of fixed assets. The Company is in process of filing the claim, as the measurement of loss is under process. Hence no insurance recovery entry is passed. On finalisation of claim by the insurance company, the insurance amount will be credited to profit & loss account and reported loss will be reduced to that extent. The loss of inventory by fire is also credited to profit & loss account for reducing its carrying value of stock & it is reflected in increase & decrease of stock in the above result of profit & loss statement in paragraph.
3. The Company operates only in one segment viz, Bulk drugs and their intermediate products, hence there are no other reportable segments as per the Accounting Standard 17.
4. Since the Company acquired 100% subsidiary from 3/10/2013, hence no consolidated account for the period for quarter 30/06/2013 & six month ended 30/09/2013 is applicable. The Company is holding 100% equity shares of subsidiary, there is no minority interest applicable in consolidation.
5. The subsidiary company is having project under construction, hence there is no impact on consolidation of profit of the Company.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10525667 |
22/09/2014 |
3,400,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
C29512415 |
|
2 |
10461176 |
16/11/2013 |
80,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B89917728 |
|
3 |
10411155 |
01/03/2013 |
12,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B70572615 |
|
4 |
10477526 |
03/02/2014 * |
37,800,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
C00245365 |
|
5 |
10388078 |
07/11/2012 |
24,000,000.00 |
The Saraswat Cooperative Bank Ltd |
SME
Vile Parle Branch, Bholanath Co-op Hsg Soc, S |
B62590427 |
|
6 |
10377152 |
03/09/2012 |
4,800,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B58366113 |
|
7 |
10355300 |
03/09/2012 * |
24,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B58365685 |
|
8 |
10346541 |
16/03/2012 |
4,500,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B36655488 |
|
9 |
10314577 |
14/10/2011 |
21,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B24084279 |
|
10 |
10275738 |
22/03/2011 |
15,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B09075995 |
|
11 |
10232486 |
17/07/2010 |
10,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
A90800483 |
|
12 |
10235813 |
13/10/2011 * |
48,600,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B24079048 |
|
13 |
10162360 |
07/03/2014 * |
60,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
C00004531 |
|
14 |
10155363 |
22/04/2009 |
2,750,000.00 |
The Saraswat Cooperative Bank Limited |
Andheri
East Branch, Raja Shopping Centre, New Na |
A61396032 |
|
15 |
10143557 |
11/02/2009 |
21,000,000.00 |
The Saraswat Cooperative Bank Limited |
Andheri East Branch, Raja Shopping Centre, New Nagardas Road, Andheri (East), Mumbai, Maharashtra - 400069, India |
A57093452 |
|
16 |
10144393 |
03/02/2009 |
340,000.00 |
The Saraswat Cooperative Bank Limited |
Andheri East Branch, Raja Shopping Centre, New Nagardas Road, Andheri (East), Mumbai, Maharashtra - 400069, India |
A57480808 |
|
17 |
10098496 |
12/03/2008 |
8,000,000.00 |
The Saraswat Cooperative Bank Limited |
Raja Shopping Center; New Nagardas Road, Andheri (E), Mumbai, Maharashtra - 400069, India |
A36707412 |
|
18 |
10092823 |
24/01/2008 |
1,800,000.00 |
The Saraswat Cooperative Bank Limited |
Raja Shopping Center; New Nagardas Road, Andheri (E), Mumbai, Maharashtra - 400069, India |
A34566489 |
|
19 |
10092824 |
17/01/2008 |
1,580,000.00 |
The Saraswat Co-Operative Bank Limited |
Raja Shopping Center; New Nagardas Road, Andheri (E), Mumbai, Maharashtra - 400069, India |
A34567487 |
|
20 |
10083878 |
07/01/2008 |
2,000,000.00 |
The Saraswat Co-Operative Bank Limited |
Raja Shopping Center; New Nagardas Road, Andheri (E), Mumbai, Maharashtra - 400069, India |
A30768956 |
|
21 |
90154069 |
14/10/2004 |
10,000,000.00 |
The Saraswat Co-Operative Bank Limited |
Raja Shopping Center; New Nagardas Road, Andheri (E), Mumbai, Maharashtra - 400069, India |
- |
|
22 |
90152639 |
05/09/2012 * |
30,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME
Vile Parle Branch, Bholanath Co-op Hsg Soc, S |
B58366683 |
|
23 |
90154062 |
21/10/2013 * |
180,000,000.00 |
The Saraswat Cooperative Bank Limited |
SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India |
B88698501 |
|
24 |
90152501 |
17/03/1997 |
18,000,000.00 |
The Saraswat Co-Operative Bank Limited |
Central Administrative Office; Apsara Cinema Bldg., Dr. D. Bhadkamkar Marg, Bombay, Maharashtra - 400007, India |
- |
|
25 |
90153322 |
26/10/1996 |
4,000,000.00 |
The Saraswat Co-Operative Bank Limited |
Central Administrative Office; Apsara Cinema Bldg., Dr. D. Bhadkamkar Marg, Bombay, Maharashtra - 400007, India |
- |
|
26 |
90153203 |
01/11/1995 |
6,000,000.00 |
The Saraswat Co-Operative Bank Limited |
Central Administrative Office; Apsara Cinema Bldg., Dr. D. Bhadkamkar Marg, Bombay, Maharashtra - 400007, India |
- |
|
27 |
90153186 |
20/01/1998 * |
6,000,000.00 |
The Saraswat Co-Operative Bank Limited |
Central Administrative Office; Apsara Cinema Bldg., Dr. D. Bhadkamkar Marg, Bombay, Maharashtra - 400007, India |
- |
|
28 |
90154796 |
21/06/1993 |
6,000,000.00 |
The Maharashtra State Financial Corporation |
New Excelsior Building, A.K. Nayak Marg; Fort, Bombay, Maharashtra - 400001, India |
- |
|
29 |
90373442 |
16/01/1989 |
200,000.00 |
Bank Of India |
Santacruz West, Mumbai, Maharashtra, India |
- |
|
30 |
90373311 |
24/11/1986 * |
100,000.00 |
Corporation Bank |
Malad, Mumbai, Maharashtra, India |
- |
|
31 |
90373305 |
29/09/1986 |
140,000.00 |
Bank Of India |
Santacruz West, Mumbai, Maharashtra, India |
- |
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, 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.62.10 |
|
UK Pound |
1 |
Rs.94.09 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
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 |
|
48 |
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.