MIRA
INFORM REPORT
|
Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAURAV CHEMICALS LIMITED |
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Registered
Office : |
Village Saidpura, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.12.1993 |
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Com. Reg. No.: |
16-014017 |
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Capital
Investment / Paid-up Capital : |
Rs.45.000
Millions |
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CIN No.: [Company Identification
No.] |
U24112PB1993PLC014017 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLS13480F |
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PAN No.: [Permanent Account No.] |
AACCS4745B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing and Trading of Industrial Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 539000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
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 |
LOCATIONS
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Registered Office/ Factory : |
Village Saidpura, |
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Tel. No.: |
91-1762-280334/ 522311-12 |
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Fax No.: |
91-1762-280734/ 522313 |
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E-Mail : |
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Website: |
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Head / Corporate
Office : |
Plot No.370, Industrial
Area, Phase-II, Panchkula – 134 109, |
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Tel. No.: |
91-172-5054817-18, 2595762-63 |
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Fax No.: |
91-172-2595767 |
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E-Mail : |
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International Division: |
308, Phase-IV, Udyog Vihar, Gurgaon – 122 016, |
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Tel. No.: |
91-124-4967500 / 4967502 |
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Fax No.: |
91-124-4967510 |
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E-Mail : |
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Administrative Office: |
S.C.F. 287, Motor Market, Manimajra, |
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Tel No.: |
91-172-2732878 / 2733082 |
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Fax No.: |
91-172-2734549 |
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Branch Office : |
Located at : |
DIRECTORS
As on 07.07.2011
|
Name : |
Mr. Hari Chand Goyal |
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Designation : |
Chairman |
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Address : |
# 466, Sector 6, Panchkula, |
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Date of Birth/Age : |
15.02.1927 |
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Date of Appointment : |
19.07.2001 |
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DIN No: |
00155481 |
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Name : |
Mr. Praveen Goyal |
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Designation : |
Managing Director |
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Address : |
# 466, Sector 6, Panchkula, |
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Date of Birth/Age : |
08.02.1961 |
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Date of Appointment : |
01.04.2002 |
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DIN No: |
00155519 |
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Other Directorship :
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Name : |
Mr. Udayan Sengupta |
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Designation : |
Whole Time Director |
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Address : |
182, IInd Floor, |
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Date of Birth/Age : |
11.07.1960 |
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Date of Appointment : |
04.10.2005 |
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DIN No: |
00155415 |
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Name : |
Mr. Kripal Singh Pal |
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Designation : |
Whole-time Director |
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Address : |
# H-82, Sarita Vihar, |
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Date of Birth/Age : |
15.02.1941 |
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Date of Appointment : |
04.02.2004 |
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DIN No: |
00155148 |
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Name : |
Mr. Avtar Singh |
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Designation : |
Director |
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Address : |
# 5411, Sector 38 (W), |
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Date of Birth/Age : |
04.10.1958 |
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Date of Appointment : |
01.08.2002 |
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DIN No: |
00063569 |
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Other Directorship :
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Name : |
Mr. Sameer Saingla |
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Designation : |
Whole Time Director |
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Address : |
# 9, Poorvi Marg, Vasant Vihar, |
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Date of Birth/Age : |
01.03.1974 |
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Date of Appointment : |
01.07.2007 |
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DIN No: |
01072489 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.07.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
Praveen Goyal |
1203298 |
26.74 |
|
Sunita Goyal |
337510 |
7.50 |
|
Gaurav Goyal |
258904 |
5.75 |
|
Saurav Goyal |
258904 |
5.75 |
|
Neha Goyal |
231404 |
5.14 |
|
Hari Chand Goyal |
4830 |
0.11 |
|
Kesro Devi |
150 |
0.01 |
|
Praveen Goyal and Sons (HUF) |
225000 |
5.00 |
|
Sameer Singla |
1423500 |
31.63 |
|
Udayan Sengupta |
225000 |
5.00 |
|
Indian Voice (Private) Limited, |
331500 |
7.37 |
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Total
|
4500000 |
100.00 |
As on 07.07.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
7.37 |
|
Directors or relatives of Directors |
92.63 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Industrial Chemicals. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Rs. in Millions |
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Facilities : |
Notes: Term Loans: - SBI Term Loans secured by primary security of First Pari Passu
charge with PNB on all the fixed and moveable assets, both present and
Future, of the company located at Village Saidpura, Village Bhagwanpura and
Panchkula with equitable mortgage of factory land and building in the name of
the company with collateral security of extension of exclusive first charge
on the entire current assets, present and future, of Unit of the company at
village Saidpura and equitable mortgage of residential property bearing No.
917, Sector- 2 , Panchkula measuring 325 sq Mts. in the name of promoter
director Mr. Parveen Gloyal along with his Personal Guarantee. - PNB Term Loans secured by primary security of First Passu Charge
with SBI on all the fixed and moveable assets, both present and future. of
Unit of the company located at Village Saidpura, Village Bhagwanpura and
Panchkula with equitable mortgage of factory land and building in the name of
the company with collateral security of Extension of exclusive first charge
on the entire current assets, present and future. of Unit of the company at
village Bhagwanpura and Equitable mortgage of Immovable Property at Plot No.
370 , Industrial Area, Phase— II,
Panchkula in the name of company and personal Guarantee of the
promoter director Mr. Parveen Goyal. - Shyam Equities Private Limited Term Loan secured by security of
Third Charge on all the Fixed Assets of the company. Working Capital
Loans: - SBI Working Capital Loans secured by primary security of First
charge on the entire current assets, present and future, of Unit of the
company at village Saidpura with collateral security of second charge on all
the fixed and moveable assets, both present and future, of Unit of the
company located at Village Saidpura, Village Bhagwanpura and Panchkula along
with Personal Guarantee of the promoter director Mr. Parveen (loyal. - PNB Working Capital Loans secured by primary security of First
charge on the entire current assets, present and future, of Unit of the
company at village Bhagwanpur4 with collateral security of Second charge on
all the fixed and moveable assets, both present and future, of Unit of the
company located at Village Saidpura, Village Bhagwanpura and Panchkula
atongwith personal Guarantee of the promoter director Mr. Parveen Goyal. Vehicle Loans: - Vehicle Loans are secured against hypothecation of Vehicles. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. Tandon and Associates Chartered Accountants |
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Address : |
SCO 201-203, 3rd Floor, Sector 34-A, |
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Tel. No.: |
91-172-2623888/5088888 |
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Fax No.: |
91-172-2623888, Ext. 250 |
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E-Mail : |
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PAN No: |
AASFS7956F |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000
Millions |
|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.000 |
36.500 |
35.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
89.645 |
57.951 |
43.771 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
134.645 |
94.451 |
78.771 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
226.866 |
243.108 |
210.770 |
|
|
2] Unsecured Loans |
41.789 |
67.630 |
78.958 |
|
|
TOTAL BORROWING |
268.655 |
310.738 |
289.728 |
|
|
DEFERRED TAX LIABILITIES |
37.800 |
35.537 |
33.687 |
|
|
|
|
|
|
|
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TOTAL |
441.100 |
440.726 |
402.186 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
267.035 |
250.834 |
256.313 |
|
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Capital work-in-progress |
1.055 |
16.843 |
2.823 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
147.187
|
122.867
|
85.967 |
|
|
Sundry Debtors |
103.543
|
84.945
|
86.207 |
|
|
Cash & Bank Balances |
8.448
|
5.785
|
4.824 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
22.027
|
30.043
|
18.421 |
|
Total
Current Assets |
281.205
|
243.640
|
195.419 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
106.078
|
72.580 |
44.734 |
|
|
Other Current Liabilities |
19.643
|
19.667
|
21.981 |
|
|
Provisions |
8.510
|
4.057
|
4.060 |
|
Total
Current Liabilities |
134.231
|
96.304
|
70.775 |
|
|
Net Current Assets |
146.973
|
147.336
|
124.644 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
26.037 |
25.713 |
18.406 |
|
|
|
|
|
|
|
|
TOTAL |
441.100 |
440.726 |
402.186 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
632.991 |
511.975 |
549.045 |
|
|
|
Other Income |
2.142 |
4.058 |
7.854 |
|
|
|
TOTAL (A) |
635.133 |
516.033 |
556.899 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
|
274.490 |
339.535 |
|
|
|
Manufacturing expenses |
|
88.104 |
97.549 |
|
|
|
Personnel expenses |
|
66.147 |
61.365 |
|
|
|
Administrative expenses |
|
28.062 |
28.614 |
|
|
|
Selling expenses |
|
9.018 |
6.281 |
|
|
|
Deferred expenditure amortized |
|
0.179 |
0.000 |
|
|
|
Product development expenditure amortized |
|
8.219 |
5.256 |
|
|
|
Prior period adjustment |
|
(0.094) |
0.028 |
|
|
|
Increase or decrease of stock |
|
(18.362) |
(19.549) |
|
|
|
TOTAL (B) |
613.748 (Including
Financial expenses and deprecation) |
455.763 |
519.079 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
60.270 |
37.820 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
39.411 |
38.635 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
20.859 |
(0.815) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
17.867 |
17.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
21.385 |
2.992 |
(17.859) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.691 |
2.312 |
2.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
14.694 |
0.680 |
(20.593) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
13.771 |
34.364 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
14.451 |
13.771 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
92.424 |
88.205 |
16.860 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
72.141 |
95.025 |
71.700 |
|
|
|
Traveling Expenses |
0.000 |
2.480 |
2.129 |
|
|
|
Capital Goods |
2.751 |
0.000 |
0.000 |
|
|
|
Others |
0.000 |
0.000 |
1.060 |
|
|
|
TOTAL |
74.892 |
97.505 |
74.889 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
3.95 |
0.19 |
(5.88) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.31
|
0.13
|
(3.70) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.38
|
0.58
|
(3.25) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.90
|
0.61
|
(3.95) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.03
|
(0.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
4.31
|
4.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
2.53
|
2.76 |
LOCAL AGENCY FURTHER INFORMATION
CORPORATE
OVERVIEW:
Company Operates in four segments as below;
- Manufacturing of Active Pharmaceutical Ingredients
- Manufacturing of Pharmaceutical Intermediates
- Domestic and International Trading and Distribution]
- Biotechnology Research and development
RESULTS OF
OPERATIONS:
Sales and other income for the year was Rs.635.133 millions as against Rs.516.033
millions during the previous period. The details of the company compared with
last year as per details below:
Rs.
In Millions
|
Sales |
Previous
Year |
Current
Years |
%
Age Increase/ Decrease |
|
Manufacturing |
475.873 |
630.692 |
32.53 |
|
Trading and Distribution |
36.101 |
2.299 |
-93.63 |
|
Other Income |
4.058 |
2.142 |
-47.21 |
|
Total |
516.032 |
635.133 |
23.08 |
Company has added fixed assets during the year worth Rs.36.397 millions and
has deleted/adjusted fixed assets during the period for Rs.2.307 millions
thereby the gross block of fixed assets is Rs.366.596 millions.
The earning per shares has increased from Rs.0.19 to Rs.3.95.
Contingent Liabilities: (As on 31.03.2011)
·
Counter Guarantees to
Banks – Rs.0.100 million
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10109225 |
|
Corporate
identity number of the company |
U24112PB1993PLC014017 |
|
Name of the
company |
SAURAV CHEMICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Saidpura, |
|
Type of charge |
Book Debts Movable Property Immovable
Property Any Interest in
Immovable Property |
|
Particular of
charge holder |
Punjab National Bank, Large Corporate Branch, Sector-17-B, |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
Goods and Book Debts to secure cash credit facility dated 21.02.2011. Hypothecation of
movable assets forming part of fixed/ block assets. Deed of
Hypothecation on secure LC on DA basis. Hypothecation of Current
Assets. Title Deed
register. Letter of
continuity. Sanction Letter Sanction of
addition FB credit facilities of Rs10.000 Millions and addition NFB credit
facilities of Rs15.000 Millions |
|
Date of
instrument Creating the charge |
21.02.2011 |
|
Amount secured by
the charge |
Rs 134.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest FBWC at existing
ROI Base rate +5% i.e. 14.5% p.a. at present Term loan at existing
ROI base rate +3% + TP i.e. 12.5% P.a. at present Terms of
Repayment As per repayment
schedule executed with the Bank Margin 25% for fund
based Working capital 10% for non fund
base Extent and
Operation of the charge For term loan of
PNB and SBI 1st
pari passu charge with SBI on all fixed (Immovable and Movable) assets
including P and M of the company of all units including mortgage of factory
Land and Building. For the working
capital of PNB and SBI 1st
and executive charge on current assets (Present and Future) of respective
units at Bhagwanpura for PNB and Saidpura for SBI consisting of stocks goods
in transit etc. 2nd
pari passu charge with SBI an all fixed including (Immovable and Movable)
assets of both units of company including mortgage of |
|
Short particulars
of the property charged |
i) Factory Land
and Building measuring 30 bigha 4 biswa at Village Bhagwanpura, Tehsil
Derabassi, Punjab ii) Factory Land and
Building measuring 7 bigha 10 biswa at Village Bhagwanpura, Tehsil Derabassi,
Punjab iii) Factory Land
and Building measuring 2 bigha 18 biswa at Village Bhagwanpura, Tehsil
Derabassi, Punjab iv) Factory Land
and Building measuring 2 bigha 19 biswa at Village Bhagwanpura, Tehsil
Derabassi, Punjab v) Plot No. 370
Industrial Area, Phase – II, Panchkula |
|
Date of latest
modification prior to the present modification |
09.12.2010 |
|
Particulars of
the present modification |
The company has been
sanctioned additional FB credit facilities of Rs 10.000 Millions and
additional NFB credit facilities of Rs 15.000 Millions |
FIXED ASSETS:
v Land
v Buildings
v Plant and Machinery
v Data Processing Equipments
v Electrical Equipments
v Furniture and Fixtures
v Office Equipments
v Car
v Commercial Vehicles
v Scooter
v Cycle
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.53.57 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.69.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.