MIRA INFORM REPORT
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Report No. : |
311064 |
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Report Date : |
11.03.2015 |
IDENTIFICATION DETAILS
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Name : |
DALAS BIOTECH LIMITED |
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Formerly Known
As : |
SUDMAN LABORATORIES LIMITED (w.e.f. 26.06.1998) AIMIL MEDICAMENTS (INDIA) LIMITED (w.e.f. 11.12.1992) AIMIL MEDICAMENTS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
E-292, RIICO Industrial Area, Bhiwadi – 301019, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.07.1989 |
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Com. Reg. No.: |
17-005056 |
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Capital
Investment / Paid-up Capital : |
Rs.44.780 Million |
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CIN No.: [Company Identification
No.] |
U24232RJ1989PLC005056 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JPRD02357F |
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PAN No.: [Permanent Account No.] |
AACCS4061Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Medicines Intermediates. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 760000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet (i.e.
financial file) is shown as 31.03.2014 but the document related to the
financial for the 2014 could not be made available from any source. As per previous financial record of 2013, the rating is constrained on
account of company’s moderate financial risk profile and low profitability
margins of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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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
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating: BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
20.08.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating: A3 |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
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Date |
20.08.2014 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Kamal |
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Designation : |
Account Executive |
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Contact No.: |
91-1493-222527 |
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Date : |
09.03.2015 |
LOCATIONS
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Registered Office/ Factory : |
E-292, RIICO Industrial Area, Bhiwadi – 301019, Rajasthan, India |
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Tel. No.: |
91-1493-222527 |
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Fax No.: |
91-1493-222547 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Head Office : |
D-34 , 2nd Floor Gulmohar Park, New Delhi-110049,
India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Anil Kumar Rajani |
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Designation : |
Director |
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Address : |
D-34, Gulmohar Park, 2nd Floor, New Delhi , India |
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Date of Appointment : |
15.05.1998 |
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DIN No.: |
01965248 |
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Name : |
Mr. Atul Rajani |
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Designation : |
Director |
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Address : |
D-34, Gulmohar Park, 2nd Floor, New Delhi , India |
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Date of Appointment : |
26.11.2001 |
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DIN No.: |
02664208 |
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Name : |
Ms. Lekha Rajani |
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Designation : |
Director |
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Address : |
D-34, Gulmohar Park, 2nd Floor, New Delhi , India |
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Date of Appointment : |
31.05.2006 |
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DIN No.: |
02654340 |
KEY EXECUTIVES
|
Name : |
Mr. Kamal |
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Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Anil Kumar Rajani |
297329 |
|
Deepika Rajani |
53302 |
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Sangeeta Rajani |
49668 |
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Lekha Rajani |
47042 |
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Atul Rajani |
413 |
|
Raj Ram Kumar |
20 |
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Asha Yogi |
20 |
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Arjun Dass Lund |
10 |
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Total |
447804 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
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Directors or relatives of Directors |
99.99 |
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Other top fifty shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Medicines Intermediates. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Vietnam ·
Sri Lanka ·
Nigeria ·
Thailand |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Vijaya Bank, Dda Shopping Complex, Defence Colony, Delhi - 110024, Delhi, India
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Singhal and Company Chartered Accountant |
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Address : |
E-127, Industrial Area, Bhiwadi – 301019, Rajasthan, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFS2873Q |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
900000 |
Equity Shares |
Rs.100/- each |
Rs.90.000 Million |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 Million |
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Total |
|
Rs.100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
447804 |
Equity Shares |
Rs.100/- each |
Rs.44.780 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
44.780 |
44.780 |
34.279 |
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(b) Reserves & Surplus |
219.603 |
208.270 |
99.289 |
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(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 |
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Total
Shareholders’ Funds (1) + (2) |
264.383 |
253.050 |
133.568 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
52.667 |
117.244 |
205.458 |
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(b) Deferred tax liabilities (Net) |
3.676 |
0.000 |
19.950 |
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(c) Other long term
liabilities |
8.364 |
10.893 |
4.299 |
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(d) long-term
provisions |
1.849 |
2.032 |
1.099 |
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Total Non-current
Liabilities (3) |
66.556 |
130.169 |
230.806 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
246.808 |
216.192 |
145.332 |
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(b) Trade
payables |
259.842 |
149.491 |
262.901 |
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(c) Other
current liabilities |
75.538 |
51.246 |
80.420 |
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(d) Short-term
provisions |
4.479 |
3.605 |
6.091 |
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Total Current
Liabilities (4) |
586.667 |
420.534 |
494.744 |
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TOTAL |
917.606 |
803.753 |
859.118 |
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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 |
378.661 |
390.766 |
353.269 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
6.778 |
30.880 |
4.281 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
3.976 |
0.000 |
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(d) Long-term Loan and Advances |
9.339 |
3.291 |
3.231 |
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(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
394.778 |
428.913 |
360.781 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
186.517 |
112.003 |
150.096 |
|
(c) Trade
receivables |
281.434 |
186.444 |
249.338 |
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(d) Cash
and cash equivalents |
24.676 |
24.122 |
27.924 |
|
(e)
Short-term loans and advances |
8.108 |
5.666 |
68.011 |
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(f) Other
current assets |
22.093 |
46.605 |
2.968 |
|
Total
Current Assets |
522.828 |
374.840 |
498.337 |
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|
|
|
|
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TOTAL |
917.606 |
803.753 |
859.118 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
1216.477 |
775.425 |
868.971 |
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Other Income |
1.797 |
7.340 |
2.818 |
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TOTAL (A) |
1218.274 |
782.765 |
871.789 |
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Less |
EXPENSES |
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Cost of Materials Consumed |
1058.405 |
667.374 |
745.472 |
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Purchase of Stock-in-trade |
6.340 |
0.000 |
0.000 |
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Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(69.231) |
18.066 |
(49.646) |
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Employee Benefits Expenses |
31.134 |
32.626 |
40.574 |
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Other Expenses |
86.978 |
77.741 |
84.917 |
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TOTAL (B) |
1113.626 |
795.807 |
821.317 |
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Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
104.648 |
(13.042) |
50.472 |
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Less |
FINANCIAL
EXPENSES (D) |
66.197 |
48.500 |
23.283 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
38.451 |
(61.542) |
27.189 |
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Less |
DEPRECIATION/
AMORTISATION (F) |
22.215 |
19.325 |
13.396 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
16.236 |
(80.867) |
13.793 |
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Less |
TAX (H) |
7.652 |
(23.926) |
5.443 |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
8.584 |
(56.941) |
8.350 |
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EARNINGS IN
FOREIGN CURRENCY |
175.400 |
40.387 |
NA |
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Earnings/(Loss)
Per Share (Rs.) |
19.17 |
(163.32) |
24.73 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.71 |
(7.34) |
0.96 |
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Operating Profit Margin (PBIDT/Sales) |
(%) |
8.60 |
(1.68) |
5.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.78 |
(10.52) |
1.61 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
(0.32) |
0.10 |
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Debt Equity Ratio (Total Debt /Networth) |
|
1.13 |
1.32 |
2.63 |
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Current Ratio (Current Asset/Current Liability) |
|
0.89 |
0.89 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
34.279 |
44.780 |
44.780 |
|
Reserves & Surplus |
99.289 |
208.270 |
219.603 |
|
Net
worth |
133.568 |
253.050 |
264.383 |
|
|
|
|
|
|
long-term borrowings |
205.458 |
117.244 |
52.667 |
|
Short term borrowings |
145.332 |
216.192 |
246.808 |
|
Total
borrowings |
350.790 |
333.436 |
299.475 |
|
Debt/Equity
ratio |
2.626 |
1.318 |
1.133 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
868.971 |
775.425 |
1,216.477 |
|
|
|
(10.765) |
56.879 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
868.971 |
775.425 |
1216.477 |
|
Profit |
8.350 |
(56.941) |
8.584 |
|
|
0.96% |
(7.34%) |
0.71% |
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 |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
Yes |
FINANCIAL HIGHLIGHTS:
·
The turnover of the Company increased to
Rs.1216.477 Million, during the financial year ended on 31st March, 2013, as
compared to last turnover of Rs.775.425 Million, thereby registering a growth
of 56% as compared to last year.
·
The Profit before tax stood at Rs.16.236 Million,
for the current financial year, as compared to loss of (Rs.80.867 Million) in
the last financial year.
·
The profit after tax (PAT) is Rs.8.584 Million, in
the current financial year as compared to loss of (Rs.56.942 Million) in the
last financial year.
BUSINESS HIGHLIGHTS:
The Company has
successfully launched, new Product, Amoxicillin, via enzymatic route in the
financial year 2012-13. The product was well received in the market resulting
thereby increased margin in the current financial year. The Company has been
focusing on developing new products during the year under review which will
increase the turnover and operating margins of the Company in the coming years.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Million |
31.03.2012 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Loans and
Advances from Related Parties |
0.004 |
0.004 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Other Loans and
Advances |
22.798 |
0.000 |
|
|
|
|
|
Total |
22.802 |
0.004 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10299543 |
01/06/2013
* |
98,200,000.00 |
ORIENTAL
BANK OF COMMERCE |
HARSHA
BHAWAN, E-BLOCK, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B80144157 |
|
2 |
10274373 |
21/03/2011 |
250,000,000.00 |
UNION
BANK OF INDIA |
SME
BRANCH, 173-174 DSIDC, OKHLA INDUSTRIAL AREA |
B08823544 |
|
3 |
10241193 |
01/06/2013
* |
132,700,000.00 |
ORIENTAL
BANK OF COMMERCE |
HARSHA
BHAWAN, E-BLOCK, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B80182876 |
|
4 |
10218856 |
01/06/2013
* |
50,300,000.00 |
ORIENTAL
BANK OF COMMERCE |
HARSHA
BHAWAN, E-BLOCK, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B80143563 |
|
5 |
10172622 |
01/06/2013
* |
405,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
HARSHA
BHAWAN, E-BLOCK, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B80184807 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Lab Equipments
·
Computer
·
Office Equipment
·
Vehicle
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.62.70 |
|
|
1 |
Rs.94.55 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.