MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SYNEFRA ENGINEERING AND CONSTRUCTION LIMITED (w.e.f. 07.05.2009) |
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Formerly Known
As : |
SUZLON INFRASTRUCTURE LIMITED |
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Registered
Office : |
One Earth – Tree Lounge, Hadapsar, Pune – 411028, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.04.1998 |
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Com. Reg. No.: |
25 - 016516 |
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Capital Investment
/ Paid-up Capital : |
Rs. 843.500 Millions |
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CIN No.: [Company Identification
No.] |
U45202PN1998PLC016516 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES07011E |
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PAN No.: [Permanent Account No.] |
AACCS6871Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Operating and Maintenance of Wind Energy. |
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No. of Employees : |
10000 (Group) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Suzlon Group having satisfactory track. The
company is incurring some losses in the current year. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
One Earth – Tree Lounge, Hadapsar, Pune – 411028, |
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Tel. No.: |
91-20-40122000 |
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Fax No.: |
91-20-40122100/ 2200 |
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E-Mail : |
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Website : |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Kirtilumar Jasvantlal Vagadia |
|
Designation : |
Director |
|
Address : |
D-302, Kalptaru Regency – 2, Phase – 2, Kalyani Nagar, Near Joggers
Park, Pune – 411006, Maharasahtra, India |
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Date of Birth/Age : |
12.03.1965 |
|
Date of Appointment : |
25.09.2010 |
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DIN No.: |
00605991 |
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Name : |
Mr. Jitendra Ranchhodbhai Tanti |
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Designation : |
Managing Director |
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Address : |
A-1102, Ssilver Woods, Mundhwa, Pune – 411036, |
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Date of Birth/Age : |
13.04.1964 |
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Date of Appointment : |
01.04.2003 |
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DIN No.: |
00002257 |
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Name : |
Mr. Ranjitsinh Abhaysinh Parmar |
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Designation : |
Director |
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Address : |
Plot No.27 A, Acacia – I, |
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Date of Birth/Age : |
26.08.1955 |
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Date of Appointment : |
15.12.1999 |
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DIN No.: |
00002613 |
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Name : |
Mr. Harish Himatlal Mehta |
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Designation : |
Director |
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Address : |
402, Pushkar Apartments, Oposite Shakti Enclave, |
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Date of Birth/Age : |
13.10.1952 |
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Date of Appointment : |
19.02.2005 |
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DIN No.: |
00002753 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Amrisnh Parmer |
|
23270 |
|
Bakul Rathod |
|
600 |
|
Rambhaben Ukabhai |
|
2693400 |
|
Gita Tanti |
|
860000 |
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Nidhi T. Tanti |
|
210000 |
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Pravan T. Tanti |
|
1432000 |
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Tulsi R. Tanti karta of Tulsi Ranchhodbhai HUF |
|
498000 |
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Sangita Tanti |
|
750000 |
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Rajan V. Tanti through M/G Sangita V. Tanti |
|
750000 |
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Vinod R. Tanti karta of Vinod Ranchodbhai HUF |
|
750000 |
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Jintendra Tanti |
|
540000 |
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Lina Tanti |
|
750000 |
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Brij J. Tanti through M/G Lina J. Tanti |
|
750000 |
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Trisha J. Tanti through M/G Lina J Tanti |
|
210000 |
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Jitendra R. Tanti karta of Jitendra Ranchhodbhai HUF |
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750000 |
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Girish R. Tanti karta of Girish Ranchhodbhai HUF |
|
48000 |
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Tulsi R. Tanti karta of Ranchhodbhai Ramjibhai HUF |
|
48000 |
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Nilesh Dhanani |
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30000 |
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Jayaben A. Parmer |
|
4800 |
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Vasantben Parmer |
|
16290 |
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List of Preference share Holders (As on 25.09.2010) |
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No. of Shares |
|
SE Energy Park Limited, |
|
3000000 |
|
Tanti Holdings Private Limited |
|
3685000 |
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Total |
|
6685000 |
As on 25.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
27.37 |
|
Directors or relatives of Directors |
72.45 |
|
Other top fifty shareholders |
0.18 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Operating and Maintenance of Wind Energy. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
10000 (Group) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
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Auditors : |
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Name : |
SNK and Company Chartered Accountant |
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Address : |
E-2-B, 4th Floor, The Fifth Avenue, Near Hotel Regency,
Dhole Patil Road, Pune – 411001, Maharasahtra, India |
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Address : |
Snk House, 31-A, Adarsh Socirty, Opposite Seventh Day Adventist High
School, Athwalines, Surat – 395001, Gujarat, India |
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Tel. No.: |
91-261-2656273 – 4/ 6544791-2/
3299540-47 |
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E-Mail : |
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PAN.: |
AAJFS8455L |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
10500000 |
Preference Share |
Rs.100/- each |
Rs. 1050.000 Millions |
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|
Total |
|
Rs. 1300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17500000 |
Equity Shares |
Rs.10/- each |
Rs. 175.000 Millions |
|
6685000 |
Preference Share |
Rs.100/-
each |
Rs. 668.500 Millions |
|
|
Total |
|
Rs. 843.500 Millions |
Note:
Equity
- 17500000 (16000000) equity shares of Rs. 10 each fully paid up (Out
of which 5000000 (5000000) equity shares of Rs. 10 each issued as fully paid
bonus shares by utilization of Rs. 30.000 Millions (Rs. 30.000 Millions)
from general Reserve and Rs. 20.000 Millions (Rs. 20.000 Millions) from
Capital Redemption Reserve)
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 |
843.500 |
610.000 |
610.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1632.083 |
1717.037 |
1094.272 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2475.583 |
2327.037 |
1704.272 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1740.000 |
3490.000 |
3490.000 |
|
|
2] Unsecured Loans |
1259.658 |
1223.674 |
67.500 |
|
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TOTAL BORROWING |
2999.658 |
4713.674 |
3557.500 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
5475.241 |
7040.711 |
5261.772 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1089.658 |
722.146 |
396.977 |
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|
Capital work-in-progress |
1422.956 |
1776.625 |
1393.790 |
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INVESTMENT |
110.144 |
160.133 |
31.435 |
|
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DEFERREX TAX ASSETS |
0.000 |
48.470 |
31.132 |
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
3022.150
|
2900.609 |
2549.276 |
|
|
Sundry Debtors |
167.895
|
625.112 |
451.625 |
|
|
Cash & Bank Balances |
141.542
|
181.724 |
194.608 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
395.474
|
1468.004 |
864.475 |
|
Total
Current Assets |
3727.061
|
5175.449 |
4059.984 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
633.902
|
692.196 |
564.315 |
|
|
Other Current Liabilities |
235.564
|
145.256 |
84.968 |
|
|
Provisions |
5.112
|
4.660 |
2.263 |
|
Total
Current Liabilities |
874.578
|
842.112 |
651.546 |
|
|
Net Current Assets |
2852.483
|
4333.337 |
3408.438 |
|
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5475.241 |
7040.711 |
5261.772 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
861.868 |
2080.643 |
3091.810 |
|
|
|
Other Income |
70.371 |
70.518 |
62.114 |
|
|
|
TOTAL (A) |
932.239 |
2151.161 |
3153.924 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales and services |
433.448 |
835.026 |
2286.274 |
|
|
|
Operating and Other Expenses |
209.578 |
266.567 |
539.887 |
|
|
|
Employee’s remuneration and Benefits |
133.642 |
107.201 |
62.590 |
|
|
|
TOTAL (B) |
776.668 |
1208.794 |
2888.751 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
155.571 |
942.367 |
265.173 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
287.354 |
318.185 |
135.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
131.783 |
624.182 |
129.604 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.132 |
10.833 |
29.884 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(179.915) |
613.349 |
99.720 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
31.383 |
(9.416) |
52.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(211.298) |
622.765 |
47.581 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
647.037 |
24.272 |
(20.421) |
|
|
|
|
|
|
|
|
|
Less |
Transitional
effect on account of AS 15 (Revised 2005) “ Employee Benefits” |
0.000 |
0.000 |
2.888 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
211.500 |
0.000 |
0.000 |
|
|
|
Dividend |
8.654 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
215.585 |
647.037 |
24.272 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from Ocean freight |
0.000 |
0.000 |
542.422 |
|
|
|
|
0.000 |
0.000 |
461.342 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
1003.764 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
0.000 |
459.065 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
459.065 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(14.23) |
38.36 |
2.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(22.66)
|
28.95 |
1.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(20.87)
|
29.48 |
3.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.73)
|
10.40 |
2.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
0.26 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
2.39 |
2.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.26
|
6.14 |
6.23 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
Registered office of the company has been shifted from Godrej Millenium,
5th Floor, 9,
Business Review:
The company is fully focusing on its core business activities pertaining
to infrastructure development, viz; development of Special Economic Zone
(‘SEZ’) for hi- tech engineering sector in Padubidri,
Form 8:
|
Corporate
identity number of the company |
U45202PN1998PLC016516 |
|
Name of the
company |
SYNFRA ENGINEERING
AND CONSTRUCTION LIMITED |
|
Address of the
registered office or of the principal place of business in |
One Earth – Tree Lounge, Hadapsar, Pune – 411028, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Immovable
Property Any Interest in
Immovable Property |
|
Particular of
charge holder |
IDBI Trusteeship Service Limited, Asian Building, Ground Floor, 17, R.
Kamani Marg, Ballard Estate, Mumbai – 400001, Maharasahtra, India |
|
Nature of instrument
creating charge |
Mortgage by
deposit of title deeds was created by the Company in favour of IDBI
Trusteeship, in respect of its immovable properties situate at Village
Piparia, Tal. Waghodia, Dist. Vadodara as security, inter alia, for due repayment
and discharge by the Company of its Rupee Loan of Rs.4000.000 Millions
together with interest and all other monies payable by the Company to IDFC as
per Loan Agreement dated 8/8/2008 as amended on 6/2/2009 and as modified by
the letter of restructuring dated 10/2/2011. |
|
Date of
instrument Creating the charge |
30.03.2011 |
|
Amount secured by
the charge |
Rs. 4000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.75% per annum over
and above IDFC's benchmark rate, prevailing on the date of each disbursement Terms of
Repayment 24 quarterly
installments starting from 15/4/2014 Margin The Company would
maintain as asset cover of 1.4 times during the tenor of the Loan. Extent and
Operation of the charge The charge
operates as security, inter alia, for the due repayment of the IDFC's Loan of
Rs.4000.000 Millions together with interest, additional interest, liquidated damages,
premia on pre repayment, costs, charges, expenses and all other monies
payable by the Company to IDFC in terms of the Loan Agreement dated 8/8/2008
as amended on 6/2/2009 entered into between the Company and IDFC. Others A charge under
CIN # 10117317 has already been registered in favour of IDFC for its term
loan of Rs.4000.000 Millions in terms of the loan agreement dated 8/8/2008 as
amended on 6/2/2009, however since the present mortgage charge over Vadodara
property having been created in favour of IDBI Trusteeship Services Limited,
trustees acting for and on behalf of IDFC, a separate charge is being
created. Thus there is no new loan of IDFC and this charge has to be read
with CIN # 10117317. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The immovable
property situated at Village Piparia, Taluka Waghodia, District Vadodara
bearing R.S.No.26 admeasuring 63-73-03 Hector. |
Contingent
Liabilities:
|
Particulars |
As on 31.03.2010 (Rs. in Millions) |
As on 31.03.2009 (Rs. in Millions) |
|
Unpaid dividend on cumulative preference shares inclusive of taxes |
45.541 |
21.456 |
|
Service tax matters in appeal. The company is of the opinion that the matters
will be decided in its favor # |
224.862 |
224.862 |
|
Claims against the company not acknowledged as debts * |
26.660 |
26.660 |
|
Payment of Income from Project management Consultancy, receivable
after Defect Liability Period ** |
0.000 |
7.430 |
|
Sales Tax matter pending in appeal |
36.491 |
0.000 |
|
Total |
333.554 |
280.408 |
(#) The Company has paid Rs. 80.000 Millions in financial year 2005-06 under
protest for the claimsagainst the company debting the said amount to the
concerned authority, which has been shown under “Loans and Advances” in the
Balance Sheet.
( * ) The company has paid Rs. 18.090 Millions in financial year 2005-06
under protest for the claims against the company debiting the said amount to
the concerned authority, which has been shown under “ Loans and Advances” in
the Balance Sheet.
( ** ) In case of some contracts for project Management consultancy,
certain percentage of payment is receivable on completion of defect liability
period. The income has been accounted for on accrual basis under ‘Income –
Project Management Consultancy.’
Fixed Assets:
·
·
·
Building
·
Plant and Machinery
·
Wind Mills
·
Office Equipment
·
Computers
·
Furniture and Fixture
·
Vehicles
WEBSITE DETAILS
PROFILE
Subject was founded in the year 1998, with a focus to
conceptualize, invest, develop and maintain Hi-Tech Industrial Infrastructure Globally.
Over a decade of Existence Company as a company has grown from a fledging
service provider to Suzlon Group to a company today with in house capability of
providing hi-tech solution - right from concept to completion for ready to use
world class infrastructure.
Subject is an ISO 9001 company, having developed large sized projects globally
(
Having developed large sized projects nationally and internationally, subject
is a certified ISO 9001 company and has the competence and experience as an
efficient and effective techno-commercial solutions provider backed by a team
of around 100 professionals comprising of engineers, architects, finance and
legal experts and ably supported by the HR, Admin and CSR team.
The company further aims to nurture an environment that facilitates the
development of technology, innovation, material science and its application to
infrastructure. The focus of the company is on Green Infrastructure with a
vision to leave behind a legacy that generations would be proud of.
Subject is conscious of its responsibility towards natural resources and the
impact on society and is focused to provide relevant, appropriate and
responsible infrastructure.
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.