MIRA INFORM REPORT
|
Report No. : |
328856 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BRISTOL-MYERS
SQUIBB INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
The India Bulls Finance
Centre, 6th Floor, Tower 1, Senapati Bapat Marg, Elphinstone
(West), Mumbai – 400 013, Maharashtra |
|
Tel. No.: |
91-22-66534200 |
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|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-147232 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs.2469.090
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH2004FTC147232 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB14500D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB4313Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of trading in pharmaceutical products. |
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|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “Bristol-Myers Squibb Pharmaceuticals
International Holdings Netherlands BV”. It is an established company having moderate track record. The company is continuously incurring heavy losses from its
operational activities. However, company is operating on its own funds. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Shah |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66534200 |
|
Date : |
24.06.2015 |
LOCATIONS
|
Registered Office : |
The India Bulls
Finance Centre, 6th Floor, Tower 1, Senapati Bapat Marg,
Elphinstone (West), Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-66534200/ 66288600 |
|
Fax No.: |
91-22-66103739/ 79 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Jitendra Satya Tyagi |
|
Designation : |
Managing Director |
|
Address : |
A-25-608, Happy Valley Homes, Near Tikkuji Ni Wadi, Manpada, Thane
(West), Thane – 400 607, Maharashtra, India |
|
Date of Birth/Age : |
14.07.1965 |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
06945785 |
|
|
|
|
Name : |
Mr. Mukesh Surendra Agarwal |
|
Designation : |
Director |
|
Address : |
12 OAK Place Princeton New Jersey - 08540 United States of America |
|
Date of Birth/Age : |
15.01.1966 |
|
Date of Appointment : |
19.11.2011 |
|
DIN No.: |
05125036 |
|
PAN No.: |
AZIPA8317P |
|
|
|
|
Name : |
Mr. Raghavendra Agarwal |
|
Designation : |
Director |
|
Address : |
B-503
Matoshree Pearl, S. Keer Marg, Near Kakkar Industrial Estate, Mahim (West),
Mumbai – 400 016, Maharashtra, India |
|
Date of Appointment : |
09.10.2014 |
|
DIN No.: |
02569460 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Bristol-Myers Squibb Pharmaceuticals International Holdings
Netherlands BV, Netherlands |
246908998 |
|
BMS Bermuda Nominees LLC, United States of America |
01 |
|
Total |
246908999 |
AS ON 30.09.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of trading in pharmaceutical products. |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
|
|
Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli,
Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD2337G |
|
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|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
|
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|
|
Holding Company : |
Bristol-Myers Squibb
Pharmaceuticals International Holdings Netherlands BV, Netherlands |
|
|
|
|
Other Related Parties : |
·
Lawrence Laboratories, Ireland ·
Swords Laboratories, Ireland ·
BMS Holdings Pharma Limited, United States ·
Bristol Myers Squibb Company, United States ·
E. R. Squibb and Sons LLC, United States ·
BMS Thailand ·
Bristol-Myers Squibb Australia Pty Limited,
Australia ·
Bristol-Myers Squibb (Singapore) Pte Limited, Singapore |
CAPITAL STRUCTURE
AFTER 30.09.2014
Authorised Capital : Rs.3000.000
million
Issued, Subscribed & Paid-up Capital : Rs.2949.090 million
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
246908999 |
Equity Shares |
Rs.10/- each |
Rs.2469.090
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
2469.090 |
2069.090 |
988.690 |
|
(b) Reserves & Surplus |
(2015.687) |
(1438.082) |
(1048.120) |
|
(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) |
453.403 |
631.008 |
(59.430) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(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 |
99.035 |
111.267 |
54.498 |
|
Total Non-current Liabilities (3) |
99.035 |
111.267 |
54.498 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
341.787 |
716.428 |
961.775 |
|
(c) Other current liabilities |
132.398 |
123.361 |
59.236 |
|
(d) Short-term provisions |
37.212 |
35.238 |
77.950 |
|
Total Current Liabilities (4) |
511.397 |
875.027 |
1098.961 |
|
|
|
|
|
|
TOTAL |
1063.835 |
1617.302 |
1094.029 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
127.345 |
153.375 |
11.655 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
Loan and Advances |
53.966 |
49.314 |
61.642 |
|
(e) Other Non-current assets |
7.866 |
11.627 |
8.582 |
|
Total Non-Current Assets |
189.177 |
214.316 |
81.879 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
282.104 |
555.921 |
406.543 |
|
(c) Trade receivables |
212.034 |
207.544 |
285.782 |
|
(d) Cash and cash equivalents |
241.412 |
442.809 |
87.096 |
|
(e) Short-term loans and advances |
137.803 |
194.330 |
207.398 |
|
(f) Other current assets |
1.305 |
2.382 |
25.331 |
|
Total Current Assets |
874.658 |
1402.986 |
1012.150 |
|
|
|
|
|
|
TOTAL |
1063.835 |
1617.302 |
1094.029 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2260.870 |
2120.794 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2577.762 |
2260.870 |
2120.794 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3106.396 |
2621.760 |
2183.854 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(528.634) |
(360.890) |
(63.060) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
7.675 |
0.646 |
35.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(536.309) |
(361.536) |
(98.075) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
41.296 |
28.425 |
9.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(577.605) |
(389.961) |
(107.383) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(577.605) |
(389.961) |
(107.383) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
614.586 |
637.464 |
133.757 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.34) |
(1.88) |
(1.09) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(540.575) |
(602.774) |
148.275 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Total Income) |
(%) |
(22.41) |
(17.25) |
(5.06) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Total Income) |
(%) |
(20.51) |
(15.96) |
(2.97) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(54.29) |
(24.11) |
(9.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.27) |
(0.62) |
1.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
1.60 |
0.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
988.690 |
2069.090 |
2469.090 |
|
Reserves & Surplus |
(1048.120) |
(1438.082) |
(2015.687) |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
(59.430) |
631.008 |
453.403 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
2120.794 |
2260.870 |
2577.762 |
|
|
|
6.605 |
14.016 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
2120.794 |
2260.870 |
2577.762 |
|
Profit |
(107.383) |
(389.961) |
(577.605) |
|
|
(5.06%) |
-17.25% |
(22.41%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
The registered address of the company has been shifted from 1st
Floor, 'A' Block, Shiv Sagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400
018, Maharashtra, India to the present w.e.f. 06.08.2012.
PERFORMANCE DURING
THE FINANCIAL YEAR:
Business performance
and future developments
The Company has earned an income of Rs.2577.762 million during the
financial year as against Rs.2260.870 million during the previous Financial
Year. However, the Company had incurred loss of Rs.577.605 million during the
period 1st April, 2013 to 31st March, 2014 as compared to
389.961 million during the previous Financial Year.
MATERIAL CHANGES
DURING THE YEAR:
Increase in
Authorised Capital
During the year, the Authorised Capital of the Company has been increased
from Rs.2125.000 million to Rs.2500.000 million.
Allotment of Equity
Shares
During the year, the Company made further allotment of 40000000 Equity
Shares of Rs.10 each to Bristol Myers Squibb Pharmaceuticals International
Holding Netherlands B.V, shareholder of the Company.
Sale of business
On December 19, 2013, Bristol Myers Squibb Company (ultimate parent
company) (BMS) decided to sell Bristol Myers Squibb’s stake in global diabetes
collaboration to AstraZeneca.
INDEX
OF CHARGES
No Charges Exist for Company.
CONTINGENT LIABILITY NOT PROVIDED FOR IN
RESPECT OF:
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Claims against the Company not acknowledged
as debts comprises of: |
|
|
|
-
Income Tax demand relating to Tax Deducted at source |
8.556 |
3.949 |
|
- Sales Tax claims
disputed by the Company relating to classifications and issue of declaration
forms |
8.630 |
-- |
FIXED ASSETS:
œ Furniture and Fixtures
œ Office Equipment
œ Leasehold Improvements
œ Computers, Peripherals and
Software
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.63.66 |
|
UK Pound |
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.