MIRA INFORM REPORT
|
Report No. : |
321436 |
|
Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZYDUS TAKEDA HEALTHCARE PRIVATE LIMITED [w.e.f.19.06.2013] |
|
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|
|
Formerly Known
As : |
ZYDUS NYCOMED HEALTHCARE PRIVATE LIMITED [w.e.f.07.07.2007] ZYDUS ALTANA HEALTHCARE PRIVATE LIMITED |
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|
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Registered
Office : |
C-4, MIDC, Village Pawne, Thane Belapur Road, Vashi, Navi Mumbai –
400705, Maharashtra |
|
Tel. No.: |
91-22-27682666 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.03.1999 |
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Com. Reg. No.: |
11-119171 |
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Capital
Investment / Paid-up Capital : |
Rs. 200.000 Million |
|
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CIN No.: [Company Identification
No.] |
U24231MH1999PTC119171 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACZ0736D |
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|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Active Pharmaceuticals
Ingredients. |
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|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s strong financial risk profile marked by
adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Sanjay Kulkarni |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-27682666 |
|
Date : |
07.05.2015 |
LOCATIONS
|
Registered Office : |
C-4, MIDC, Village Pawne, Thane Belapur Road, Vashi, Navi Mumbai –
400705, Maharashtra, India |
|
Tel. No.: |
91-22-27682666 |
|
Fax No.: |
91-22-27670223 |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 23.09.2014
|
Name : |
Dr. Krishnan Ravichandran |
|
Designation : |
Managing director |
|
Address : |
16/201, Bansri Bhuvan, Above Union Bank of India, Sion (East), Mumbai - 400022, Maharashtra, India |
|
Date of Birth/Age : |
17.03.1957 |
|
Qualification : |
B.Sc.(Tech) Ph.D. (Medicinal Chem.) |
|
Experience : |
31 years |
|
Date of Appointment : |
01.11.2002 |
|
DIN No.: |
00295481 |
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|
|
|
Name : |
Dr. Rainer Wiartalla |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Randegger Strasse 19, 78244 Gottmadingen Germany |
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Date of Birth/Age : |
24.11.1950 |
|
Date of Appointment : |
19.06.2012 |
|
DIN No.: |
05320021 |
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|
|
|
Name : |
Dr. Jorg Heiner Michaelis |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Hohenstrasse 177 Germany, Orsingen Nenzingen, 78359, Germany |
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Date of Birth/Age : |
26.08.1965 |
|
Date of Appointment : |
19.06.2012 |
|
DIN No.: |
05320005 |
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|
|
|
Name : |
Mr. Pankaj Ramanbhai Patel |
|
Designation : |
Nominee director |
|
Address : |
16. Azad Society, Ambawadi, Ahmedabad - 380015, Gujarat, India |
|
Date of Birth/Age : |
16.03.1953 |
|
Date of Appointment : |
30.03.1999 |
|
DIN No.: |
00131852 |
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|
|
|
Name : |
Mr. Ganesh Narayan Nayak |
|
Designation : |
Nominee director |
|
Address : |
3, Ashwamegh Part V, Satellite, Ahmedabad - 380015, Gujarat, India |
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Date of Birth/Age : |
18.05.1955 |
|
Date of Appointment : |
28.04.1999 |
|
DIN No.: |
00017481 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kulkarni |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Srinivas Papagudi Sankaranarayanan |
|
Designation : |
Secretary |
|
Address : |
Parag Plot 48, Ground Floor, Brahmanwada Matunga (Cr), Mumbai - 400019, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1968 |
|
Date of Appointment : |
16.06.2007 |
|
PAN No.: |
ABFPS0670J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Pankaj Ramanbhai Patel jointly with Cadila Healthcare Limited, India |
|
100 |
|
Cadila Healthcare Limited, India |
|
9999900 |
|
Nycomed Asset Management GmbH, Germany
|
|
9700000 |
|
Takeda GmbH, Germany |
|
300000 |
|
|
|
|
|
Total |
|
20000000 |
AS ON 23.09.2014
|
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] |
50.00 |
|
Bodies
corporate |
50.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceuticals
Ingredients. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
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 : |
·
Deutsche Bank ·
Axis Bank Limited |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus |
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Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Joint venture : |
Cadila Healthcare Limited [L24230GJ1995PLC025878] |
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Enterprises where
control exists : |
Nycomed Asset Management GmbH ('NAM') (holds 48.50% of the equity share capital as at March 31, 2014) |
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Ultimate Holding
Company of Nycomed Asset Management GmbH : |
Takeda Pharmaceutical Company Limited |
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Fellow
subsidiaries : |
·
Takeda GmbH (formerly known as Nycomed
Gmbh) ·
Nycomed Pharma Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Million |
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|
|
|
|
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 |
200.000 |
200.000 |
200.000 |
|
(b) Reserves & Surplus |
2123.238 |
1892.439 |
1819.086 |
|
(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) |
2323.238 |
2092.439 |
2019.086 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
4.675 |
14.717 |
14.663 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
26.881 |
24.117 |
0.369 |
|
Total
Non-current Liabilities (3) |
31.556 |
38.834 |
15.032 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
175.327 |
146.570 |
128.289 |
|
(c)
Other current liabilities |
31.130 |
53.782 |
27.347 |
|
(d)
Short-term provisions |
149.479 |
13.005 |
31.447 |
|
Total
Current Liabilities (4) |
355.936 |
213.357 |
187.083 |
|
|
|
|
|
|
TOTAL |
2710.730 |
2344.630 |
2221.201 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
701.858 |
779.852 |
782.545 |
|
(ii)
Intangible Assets |
1.439 |
2.718 |
0.226 |
|
(iii)
Capital work-in-progress |
55.180 |
16.430 |
96.601 |
|
(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 |
775.186 |
532.235 |
513.786 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1533.663 |
1331.235 |
1393.158 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
621.337 |
530.322 |
537.766 |
|
(c)
Trade receivables |
120.805 |
236.654 |
121.877 |
|
(d)
Cash and cash equivalents |
326.344 |
74.624 |
111.810 |
|
(e)
Short-term loans and advances |
102.902 |
171.217 |
55.473 |
|
(f)
Other current assets |
5.679 |
0.578 |
1.117 |
|
Total
Current Assets |
1177.067 |
1013.395 |
828.043 |
|
|
|
|
|
|
TOTAL |
2710.730 |
2344.630 |
2221.201 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
1857.273 |
1330.565 |
1248.598 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
882.970 |
765.554 |
660.792 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
974.303 |
565.011 |
587.806 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
127.434 |
122.399 |
127.899 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
846.869 |
442.612 |
459.907 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
151.179 |
78.703 |
105.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
695.690 |
363.909 |
354.325 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1688.274 |
1331.225 |
1341.776 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.78 |
18.20 |
17.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.89 |
19.01 |
21.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.21 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.31 |
4.75 |
4.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
200.000 |
200.000 |
200.000 |
|
Reserves & Surplus |
1819.086 |
1892.439 |
2123.238 |
|
Net
worth |
2019.086 |
2092.439 |
2323.238 |
|
|
|
|
|
|
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 |
1248.598 |
1330.565 |
1857.273 |
|
|
|
6.565 |
39.585 |
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 |
1248.598 |
1330.565 |
1857.273 |
|
Profit |
354.325 |
363.909 |
695.690 |
|
|
28.38% |
27.35% |
37.46% |
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 |
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 |
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 |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
NATURE OF OPERATION:
Zydus Takeda Healthcare Private Limited (formerly known as Zydus Nycomed
Healthcare Private Limited) (the Company), a private limited company registered
under the Companies Act 1956 (the Act) is 100% export oriented unit engaged in
manufacturing active pharmaceuticals ingredients for Takeda Group Companies.
OPERATIONS:
The year involved the export of a gamut of Active Pharmaceutical Ingredients
resulting in increased sales. Due to higher demand, some of the capacities of
Active Pharmaceutical Ingredients being manufactured at the site was increased
by 80%. All external audits by various regulatory agencies were successful
without any major remarks/criticisms. There were no adverse remarks from local
agencies like Safety (DISH), Local FDA, and Pollution Control Depts. There were
no reportable accidents. A substantial amount was saved as a result of
implementation of the Continuous Improvement Program in the Operations.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Income
Tax matters in respect of which : |
|
|
|
Tax
authorities have appealed against Income tax orders which were ruled in
favour of the Company |
505.051 |
1127.039 |
|
Company's
appeals are pending before appropriate authorities |
1816.828 |
2042.555 |
|
In respect of demands raised
by the Central Excise, State Excise and Service Tax Dept. Against which the
company has preferred appeals. The company has been legally advised that the
demand is not tenable |
6.209 |
4.148 |
|
NOTE: Of the above contingent liabilities
aggregating Rs 1816.760 Million which are stated at gross, the Company has
made part payment of Rs 100.000 Million against demand order of AY 2008-09
and income tax authorities have adjusted refund of Rs 267.264 Million
pertaining to AY 2006-07 against demand order of AY 2009-10. |
||
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found guilty
or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.88 |
|
|
1 |
Rs. 97.21 |
|
Euro |
1 |
Rs. 72.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.