MIRA INFORM REPORT
|
Report No. : |
346627 |
|
Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZENARA PHARMA PRIVATE LIMITED (w.e.f. 23.07.2008) |
|
|
|
|
Formerly Known
As : |
DANMED PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 83/B, 84, 87-96, Phase-III, IDA, Cherlapally,
Hyderabad-500051, Telangana |
|
Tel. No.: |
91-40-27260848 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.03.2004 |
|
|
|
|
Com. Reg. No.: |
042894 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 334.934 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239TG2004PTC042894 |
|
|
|
|
IEC No.: |
0904005089 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD9399K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Drug Formulations for Nicotine Replacement
Therapy. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 334400 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company and it having a moderate track
record. The rating is constrained on account of company’s weak financial risk
profile marked by below average operational performance and huge accumulated
losses incurred by the company. Rating is further constrained as company has incurred loss from its
operation, which has accumulated over the years and resulting in
deterioration of the capital structure of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow. 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-40-27260848)
LOCATIONS
|
Registered Office : |
Plot No. 83/B, 84, 87-96, Phase-III, IDA, Cherlapally,
Hyderabad-500051, Telangana, India |
|
Tel. No.: |
91-40-27260848 |
|
Fax No.: |
91-40-27260830 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 18.09.2014
|
Name : |
Mr. Gandarvakottai Rangaswamy Srinivasa Raghavan |
|
Designation : |
Director |
|
Address : |
43, Sagar Tarang, 81/83 Bhulabhai Desai Road, Mumbai-400026,
Maharashtra, India |
|
Date of Birth/Age : |
23.08.1965 |
|
Date of Appointment : |
13.12.2012 |
|
DIN No.: |
01855204 |
|
|
|
|
Name : |
Mr. William Merwin Haskel |
|
Designation : |
Director |
|
Address : |
93, Bernard Drive, Basking Ridge, New Jersey – 0719202695, United
States of America |
|
Date of Birth/Age : |
25.03.1961 |
|
Date of Appointment : |
15.05.2012 |
|
DIN No.: |
03620379 |
|
|
|
|
Name : |
Mr. Steven Mark Klosk |
|
Designation : |
Director |
|
Address : |
852, High Woods DR, Franklin Lakes, New Jersey – 074172257, United
States of America |
|
Date of Birth/Age : |
25.03.1961 |
|
Date of Appointment : |
15.05.2012 |
|
DIN No.: |
03620382 |
|
|
|
|
Name : |
Mr. Gregory Paul Sargen |
|
Designation : |
Director |
|
Address : |
26, Crest Drive, Basking Ridge, New Jersey – 0719202695, United States
of America |
|
Date of Birth/Age : |
16.06.1965 |
|
Date of Appointment : |
15.05.2012 |
|
DIN No.: |
03620384 |
KEY EXECUTIVES
|
Name : |
Mr. Phani Kumar Ganapavarapu |
|
Designation : |
Manager |
|
Address : |
Plot No. 86,87 Sai Purnodaya Abode, SBI Colony, Gandhi
Nagar, Hyderabad- 500080, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.06.1979 |
|
Date of Appointment : |
17.07.2014 |
|
PAN No.: |
AGOPG1108R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Nulife (Cyprus) Limited |
|
16411151 |
|
Zenara Pharma Limited |
|
10 |
|
Camzena Holdings Limited, Mauritius |
|
17082258 |
|
Total |
|
33493419 |
AS ON 20.02.2015
|
Names of Allottee |
|
No. of Shares |
|
Camzena Holdings Limited, Mauritius |
|
1785748 |
|
Total |
|
1785748 |
AS ON 02.07.2015
|
Names of Allottee |
|
No. of Shares |
|
Camzena Holdings Limited, Mauritius |
|
1062813 |
|
Total |
|
1062813 |
AS ON 18.09.2014
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Drug Formulations for Nicotine Replacement
Therapy. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
MZSK
and Associates Chartered Accountants |
|
Address : |
Suite 211, White House,
Second Block, Second Floor, Begumpet, Hyderabad-500016, Telangana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFK3470E |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Zenara
Pharma Limited (UK), United Kingdom |
|
|
|
|
Associates : |
Nulife(Cyprus)
Limited, Mauritius |
CAPITAL STRUCTURE
AFTER 18.09.2014
Authorised Capital : Rs. 500.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 407.010 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 380.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33,493,419 |
Equity Shares |
Rs. 10/- each |
Rs. 334.934
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 |
334.934 |
334.934 |
334.934 |
|
(b) Reserves & Surplus |
(217.883) |
(139.971) |
(75.736) |
|
(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) |
117.051 |
194.963 |
259.198 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.553 |
0.834 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
160.653 |
72.595 |
10.349 |
|
(d)
long-term provisions |
3.612 |
2.490 |
2.131 |
|
Total
Non-current Liabilities (3) |
164.818 |
75.919 |
12.480 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
33.664 |
3.887 |
3.620 |
|
(c)
Other current liabilities |
27.849 |
18.016 |
10.670 |
|
(d)
Short-term provisions |
14.137 |
2.672 |
1.538 |
|
Total
Current Liabilities (4) |
75.650 |
24.575 |
15.828 |
|
|
|
|
|
|
TOTAL |
357.519 |
295.457 |
287.506 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
188.679 |
191.586 |
186.483 |
|
(ii)
Intangible Assets |
38.666 |
31.064 |
31.640 |
|
(iii)
Capital work-in-progress |
6.439 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
23.911 |
23.821 |
18.893 |
|
(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 |
15.484 |
16.027 |
19.932 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
273.179 |
262.498 |
256.948 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
43.739 |
22.534 |
14.174 |
|
(c)
Trade receivables |
23.189 |
3.685 |
1.489 |
|
(d)
Cash and cash equivalents |
3.628 |
0.401 |
10.447 |
|
(e)
Short-term loans and advances |
13.393 |
6.077 |
4.231 |
|
(f)
Other current assets |
0.391 |
0.262 |
0.217 |
|
Total
Current Assets |
84.340 |
32.959 |
30.558 |
|
|
|
|
|
|
TOTAL |
357.519 |
295.457 |
287.506 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
104.002 |
10.284 |
44.042 |
|
|
|
Other Income |
1.980 |
3.660 |
2.670 |
|
|
|
TOTAL |
105.982 |
13.944 |
46.712 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
183.894 |
78.179 |
89.999 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(77.912) |
(64.235) |
(43.287) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
7.234 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(77.912) |
(64.235) |
(50.521) |
|
|
|
|
|
|
|
|
|
|
Earnings/
(Loss) Per Share (Rs.) |
(2.33) |
(1.92) |
(1.51) |
|
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 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
NA |
(64.235) |
(43.287) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(74.91) |
(624.61) |
(114.71) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(23.81) |
(23.65) |
(16.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.67) |
(0.33) |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.34 |
1.93 |
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 |
334.934 |
334.934 |
334.934 |
|
Reserves & Surplus |
(75.736) |
(139.971) |
(217.883) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
259.198 |
194.963 |
117.051 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.834 |
0.553 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.834 |
0.553 |
|
Debt/Equity
ratio |
0.000 |
0.004 |
0.005 |
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) |
|
Sales |
44.042 |
10.284 |
104.002 |
|
|
|
(76.650) |
911.299 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
44.042 |
10.284 |
104.002 |
|
Profit |
(50.521) |
(64.235) |
(77.912) |
|
|
(114.71%) |
(624.61%) |
(74.91%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
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 |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
FINANCIAL REVIEW
This year there is a surge
in the business owing to contract manufacturing opportunity from Mylan for
Omeprazole Capsules. The directors expect this business to grow in the coming
years.
BUSINESS REVIEW
Plans for increase of
business are advancing, and with some orders coming in, there is optimism about
the future. The Directors are exploring various additional ways to improve the
Company’s business prospects. Plans for product diversification, new tie-ups
and over-all improvement of internal processes are at an advanced stage. With
the Indian economy showing no more than slow recovery, there is cautious
optimism about the business prospects of the company. However, the Directors
have faith in the fundamentals of the company and are aggressively working to
maximize opportunities to jumpstart business.
BACKGROUND
Subject was incorporated on
18th March, 2004. The Company is presently engaged in the manufacture of drug
formulations for Nicotine Replacement Therapy and also is in to contract
manufacturing. The Company’s corporate office is located in Cherlapally,
Hyderabad .
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Other Equipments
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. 64.96 |
|
|
1 |
Rs. 99.55 |
|
Euro |
1 |
Rs. 71.64 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
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 |
|
26 |
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.