MIRA INFORM REPORT
|
Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
AGROCEL INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
4th
Floor, Doctor House, Lotus Colony, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
16.01.1985 |
|
|
|
|
Com. Reg. No.: |
04-7569 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24210GJ1985PLC007569 |
|
|
|
|
IEC No.: |
2088000739 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTA01170B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCA7205J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 610000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be correct and as per commitments. The company can be considered 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rituraj Ahintyo |
|
Designation : |
Commercial Manager |
|
Contact No.: |
91-22-28721862 |
|
Date : |
14.04.2011 |
LOCATIONS
|
Registered Office : |
4th Floor,
Doctor House, Lotus Colony, |
|
Tel. No.: |
91-2832-253429 |
|
Fax No.: |
91-2832-251429 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 sq. ft (Owned) |
|
|
|
|
Corporate/ Marketing Office : |
Plot No. B5, Gaiwadi Industrial Estate, |
|
Tel. No.: |
91-22-28721862/28766032 |
|
Fax No.: |
91-22-28766032 |
|
E-Mail : |
|
|
Area : |
2000 sq. ft. (Rented) |
|
|
|
|
Corporate Office 2 : |
Plot No. 13, 2nd Floor Aradhana Industrial Development Corporation,
Near Virwani Industrial Estate, Goregaon East, Mumbai-400063, |
|
Tel. No.: |
91-22-28721862/28761612 |
|
Fax No.: |
91-22-28766032 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Koday Char Rasta, Koday Mandvi, Kachchh-370460, |
|
Tel. No.: |
91-2834-295486/295448 |
|
Fax No.: |
91-2834-275423/223838 |
|
Email : |
|
|
|
|
|
Factory 2 : |
Near |
|
Tel. No.: |
91-2832-253429/222429 |
|
Fax No.: |
91-2832-251429 |
|
Email : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Prafulbhai Manilal Saraya |
|
Designation : |
Directors |
|
Address : |
4, View Villa, 425, |
|
Date of Birth/Age : |
08.12.1947 |
|
Date of Appointment : |
28.12.2000 |
|
|
|
|
Name : |
Mrs. Usha A. Shroff |
|
Designation : |
Directors |
|
Address : |
B – 15, Vasanta Theosophical Society, Juhu Road, Juhu, Mumbai 400049, Maharashtra,
India |
|
Date of Birth/Age : |
28.03.1947 |
|
Date of Appointment : |
26.06.1996 |
|
|
|
|
Name : |
Mr. Dipesh Kantisen Shorff |
|
Designation : |
Directors |
|
Address : |
Sanket, 39 Hatkesh Society, 6th
|
|
Date of Birth/Age : |
03.02.1960 |
|
Date of Appointment : |
26.06.1996 |
|
|
|
|
Name : |
Dr. Rajendra Prahlad Choudhari |
|
Designation : |
Directors |
|
Address : |
41 / B, Sukhada CHS., 4th Floor, Pandurang
wadi, |
|
Date of Birth/Age : |
23.11.1959 |
|
Date of Appointment : |
26.12.2002 |
|
|
|
|
Name : |
Mr. Vinayak Bhajibhai Buch IAS |
|
Designation : |
Director |
|
Address : |
‘Jhankar ‘ Plot No. 139, Sector No 8 , Gandhinagar 3822043 |
|
Date of Birth/Age : |
21.02.1940 |
|
Date of Appointment : |
26.03.1998 |
|
|
|
|
Name : |
Mr. Jagdish Ramanlal Naik |
|
Designation : |
Directors |
|
Address : |
6 , Padma , |
|
Date of Birth/Age : |
23.09.1958 |
|
Date of Appointment : |
26.06.1996 |
|
|
|
|
Name : |
Mr. Manoj Dhanshukhbhai Gohil |
|
Designation : |
Directors |
|
Address : |
Godavari Niwas, 15 Ambica Society, Bhuj, |
|
Date of Birth/Age : |
19.07.1958 |
|
Date of Appointment : |
26.06.1996 |
|
|
|
|
Name : |
Mr. Ninad Dwarkanath Gupte |
|
Designation : |
Director |
|
Date of Birth/Age : |
31.08.1953 |
|
Date of Appointment : |
18.07.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Janakrai Dhanwamtrai Raval |
|
Designation : |
Company Secretary |
|
Date of Birth/Age : |
14.11.1953 |
|
Date of Appointment : |
28.08.2000 |
|
|
|
|
Name : |
Mr. Rituraj Ahintyo |
|
Designation : |
Commercial Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anshul Specialty Molecules Limited |
|
31156 |
|
Kantisen Shroff |
|
12000 |
|
Chanda Shroff |
|
12000 |
|
Dipesh Kantisen Shroff |
|
19250 |
|
Pteeti Shroff |
|
24250 |
|
Ami Shroff |
|
2000 |
|
Pritami Investment Private Limited |
|
29690 |
|
Dipkanti Investment Fin. Private Limited |
|
28560 |
|
Ashwin Shroff |
|
6000 |
|
Usha A. Shroff |
|
5000 |
|
Madison Investment Private Limited |
|
6625 |
|
Transpek Industry Limited |
|
10000 |
|
Trnsmetal Limited |
|
12500 |
|
Manoj Dhanshukhbhai Gohil |
|
1250 |
|
Anjuben Gohil |
|
1250 |
|
Hrishit A. Shroff |
|
1700 |
|
|
|
3000 |
|
Pritami Investment Private Limited |
|
10310 |
|
Dipkanti Investment Private Limited |
|
11440 |
|
Hrishit Ashwin Shroff |
|
10000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
38.00 |
|
Directors
or relatives of directors |
|
52.00 |
|
Other
top fifty shareholders |
|
10.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Chemicals. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Seeds, Fertilizers |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Material |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C / Cash / Credit (30 days / 60 days / 90 days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C / Cash / Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Bromine and NS Components |
Tonnes |
23475 |
7152 |
4106 |
|
Ginned Cotton Bales |
Tonnes |
11900 |
11900 |
1992 |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
300 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
Kotak Mahindra Prime Limited, 36-38A, Nariman Bhavan, 227, Nariman Point,
Mumbai-400021, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Madhusudan C. Mashruwala and Company Chartered Accountant |
|
Address : |
301-303, Akik, Opposite Lions Hall, |
|
Tel. No.: |
91-79-26462430/26467183 |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
40.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
1.800 |
|
|
3] Reserves & Surplus |
114.525 |
97.608 |
67.710 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
154.525 |
137.608 |
94.510 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
168.844 |
154.765 |
95.834 |
|
|
2] Unsecured Loans |
81.029 |
67.640 |
79.125 |
|
|
TOTAL BORROWING |
249.873 |
222.405 |
174.959 |
|
|
DEFERRED TAX LIABILITIES |
38.926 |
35.026 |
30.254 |
|
|
|
|
|
|
|
|
TOTAL |
443.324 |
395.039 |
299.723 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
291.148 |
286.227 |
235.114 |
|
|
Capital work-in-progress |
16.930 |
18.720 |
16.380 |
|
|
|
|
|
|
|
|
INVESTMENT |
17.839 |
17.841 |
15.345 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
121.177
|
146.115 |
135.743 |
|
|
Sundry Debtors |
118.956
|
95.543 |
78.294 |
|
|
Cash & Bank Balances |
28.369
|
12.784 |
44.507 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
45.423
|
48.486 |
33.225 |
|
Total
Current Assets |
313.925
|
302.928 |
291.769 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
144.545
|
161.248 |
178.768 |
|
|
Other Current Liabilities |
25.237
|
42.941 |
66.584 |
|
|
Provisions |
26.997
|
26.836 |
13.533 |
|
Total
Current Liabilities |
196.779
|
231.025 |
258.885 |
|
|
Net Current Assets |
117.146
|
71.903 |
32.884 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.261 |
0.348 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
443.324 |
395.039 |
299.723 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
757.422 |
854.139 |
654.907 |
|
|
|
Other Income |
27.282 |
41.059 |
17.140 |
|
|
|
TOTAL (A) |
784.704 |
895.198 |
672.047 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
681.576 |
863.074 |
629.307 |
|
|
|
Amortization of Expense |
0.087 |
0.087 |
0.000 |
|
|
|
Increase / Decrease in Stocks |
22.254 |
(40.027) |
(21.419) |
|
|
|
TOTAL (B) |
703.917 |
823.134 |
607.888 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
80.787 |
72.064 |
64.159 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.335 |
20.071 |
15.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
56.452 |
51.993 |
48.851 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.946 |
20.064 |
12.427 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
33.506 |
31.929 |
36.424 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.600 |
12.457 |
13.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22.906 |
19.472 |
22.915 |
|
|
|
|
|
|
|
|
|
Less/ Add |
SHORT PROVISION
FOR TAXATION FOR EARLIER YEARS |
0.392 |
0.380 |
0.418 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.682 |
7.284 |
7.461 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
4.500 |
20.000 |
|
|
|
Dividend |
4.800 |
3.585 |
3.000 |
|
|
|
Tax on Dividend |
0.797 |
0.609 |
0.510 |
|
|
BALANCE CARRIED
TO THE B/S |
24.599 |
17.682 |
7.284 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
57.26 |
55.66 |
NA |
|
Expected Sales (2010-2011) : Rs.850.000 Millions
Expected Sales (2011-2012) : Rs.900.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.92
|
2.17 |
3.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.27
|
3.74 |
5.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.98
|
5.42 |
6.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.23 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.89
|
3.30 |
4.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.31 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
144.545
|
161.248 |
178.768 |
Operation:
The company has achieved an income of
Rs.784.706 millions compared to Rs.896.199 millions in the preceding year
showing decline of 12.34% over previous year. The company also achieved exports
of Rs.42.321 millions compared to Rs.73.631 millions during the previous year.
Total turnover has increased in the operation of Marine Chemicals Division on
account of increased production of Bromine as a result of commissioning of new
plant at Dhordo Site while the turnover has slightly reduced in service
division the company ha achieved profit of Rs.33.547 millions before tax as
compared to profit of Rs.31.929 millions in the previous year showing increased
of 5.07% over previous year.
Service centre division of the company has
been rending excellent extension services to the farmers through existing
centers and continues to earn a lot of goodwill in the fair trade business.
Business of service division of the company has declined due to reduction in
business of fair trade cotton due to global recession and consequent suboptimal
utilization of its ginning unit.
New Project and Activities:
The company has received necessary approvals
form Gujarat Pollution Control Board at State level and MOEF from Central
Government to Commercial production at Avania site at
The company has set up R and D facility at new
upcoming site at Avania,
Company has been allotted 17975 acres of
additional land on lease in the Rann of Kutch near Dhordo by government of
Finance:
The company had again approached Bank of India
for additional term loan of Rs.10.000 millions for bromine plant which has been
granted by the bank during the current year.
The company has been regular in repayment of
dues of banks and financial institution.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24210GJ1985PLC007569 |
|
Name of the
company |
AGROCEL
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
4th
Floor, Doctor House, Lotus Colony, |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Kotak Mahindra Prime Limited, 36-38A, Nariman Bhavan, 227, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Loan Agreement
No. CF - 6393366 |
|
Date of
instrument Creating the charge |
13.10.2010 |
|
Amount secured by
the charge |
Rs.0.388 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.00% Terms of
Repayment 35 EMI of
Rs.0.013 million each commencing from 01/11/2010 Margin Rs.0.148 million. Extent and
Operation of the charge First charge by
way of hypothecation. |
|
Short particulars
of the property charged |
Automobiles -
Multi Utility Vehicle - Mahindra and Mahindra - MM - ARMADA BOLERO |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Furniture, Fixture and Equipments
- Vehicles
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 records 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 records 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.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.