MIRA
INFORM REPORT
|
Report Date : |
26.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
MACHINO AUTO COMP LIMITED (w. e. f. 05.10.2010) |
|
|
|
|
Formerly Known
As : |
MACHINO AUTO COMP PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.2, Sector-33, Delhi-Jaipur Highway, Gurgaon- 122001, Haryana. |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.09.2008 |
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Com. Reg. No.: |
05-038361 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.50.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51103HR2008PLC038361 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKM05624D |
|
|
|
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PAN No.: [Permanent Account No.] |
AAFCM7461F |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Plastic Automotive Parts for Volkswagen and Mahindra |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (23) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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|
Comments : |
Subject is a company having moderate track. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payment terms are unknown. The company can be considered for business dealings on a secured trade
terms and conditions. Profit and Loss Accounts are not available. |
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) |
|
|
A1 |
A1 |
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|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.2, Sector-33, Delhi-Jaipur Highway, Gurgaon-122001, Haryana,
India. |
|
Tel. No.: |
91-124-4648200 |
|
Fax No.: |
91-124-4648299 |
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E-Mail : |
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Factory : |
F 1 Chakan Industrial Area, Village Kharabwadi, Taluka Khed, Pune
410501, Maharashtra, India |
DIRECTORS
AS ON 17.06.2010
|
Name : |
Mr. Rajiv Murli Dhar Jindal |
|
Designation : |
Director |
|
Address : |
Jindal House, 8A, Alipore Road, Kolkata-700027, West Bengal, India |
|
Date of Birth/Age : |
03.12.1954 |
|
Date of Appointment : |
31.12.2009 |
|
DIN No.: |
00710742 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U51909WB1974PTC029686 |
Rajiv
Export Industries Private Limited |
Director |
4/10/1974 |
4/10/1974 |
Active |
NO |
|
2 |
U27109WB1965PTC026332 |
Machino
Finance Private Limited |
Director |
1/11/1974 |
1/11/1974 |
Active |
NO |
|
3 |
U51909WB1985PTC039586 |
Machino
Motors Private Limited |
Director |
4/10/1985 |
4/10/1985 |
Active |
NO |
|
4 |
U28939WB1955PLC022441 |
Machino
Techno Sales Limited |
Director |
1/10/1995 |
1/10/1995 |
Active |
NO |
|
5 |
U51103HR2008PLC038361 |
Machino
Auto Comp Limited |
Director |
31/12/2009 |
17/12/2009 |
Active |
NO |
|
6 |
U35900HR2010PTC040899 |
Machino
Auto Comp Tooling Private Limited |
Director |
14/07/2010 |
14/07/2010 |
Active
|
|
|
Name : |
Mr. Arjun Jindal |
|
Designation : |
Director |
|
Address : |
Jindal House, 8A, Alipore Road, Kolkata-700027, West Bengal, India |
|
Date of Birth/Age : |
12.03.1980 |
|
Date of Appointment : |
19.09.2008 |
|
DIN No.: |
00729879 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U22122WB2003PTC095631 |
Machino
Media Private Limited |
Director |
9/1/2003 |
9/1/2003 |
Active |
NO |
|
2 |
U80302DL2005PTC137045 |
Machino
Animation Private Limited |
Director |
1/6/2005 |
1/6/2005 |
Active |
NO |
|
3 |
U25201HR1996PLC033306 |
Machino
Polymers Limited |
Whole-time
director |
1/11/2007 |
16/01/2007 |
Active |
NO |
|
4 |
U51909WB1985PTC039586 |
Machino
Motors Private Limited |
Director |
1/12/2007 |
1/12/2007 |
Active |
NO |
|
5 |
U51909WB1974PTC029686 |
Rajiv
Export Industries Private Limited |
Director |
1/12/2007 |
1/12/2007 |
Active |
NO |
|
6 |
U51103HR2008PLC038361 |
Machino
Auto Comp Limited |
Director |
19/09/2008 |
19/09/2008 |
Active |
NO |
|
7 |
U28939WB1955PLC022441 |
Machino
Techno Sales Limited |
Director |
1/12/2008 |
1/12/2008 |
Active |
NO |
|
8 |
U50102DL2009PTC190368 |
Argentum
Machino Private Limited |
Director |
18/05/2009 |
18/05/2009 |
Active |
NO |
|
9 |
U35900HR2010PTC040899 |
Machino
Auto Comp Tooling Private Limited |
Director |
14/07/2010 |
14/07/2010 |
Active |
NO |
|
|
|
|
Name : |
Mr. Murli Dhar Jindal |
|
Designation : |
Director |
|
Address : |
Jindal House, 8A, Alipore Road, Kolkata-700027, West Bengal, India |
|
Date of Birth/Age : |
28.01.1929 |
|
Date of Appointment : |
19.09.2008 |
|
DIN No.: |
00017753 |
|
|
|
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U28939WB1955PLC022441 |
Machino
Techno Sales Limited |
Director |
1/12/2008 |
27/06/1955 |
- |
Active |
NO |
|
2 |
U27109WB1965PTC026332 |
Machino
Finance Private Limited |
Director |
18/01/1965 |
18/01/1965 |
- |
Active |
NO |
|
3 |
U51909WB1974PTC029686 |
Rajiv
Export Industries Private Limited |
Director |
4/10/1974 |
4/10/1974 |
- |
Active |
NO |
|
4 |
U63022WB1979PTC032409 |
Machino
Transport Private Limited |
Director |
10/12/1979 |
10/12/1979 |
- |
Active |
NO |
|
5 |
U51909WB1985PTC039586 |
Machino
Motors Private Limited |
Director |
4/10/1985 |
4/10/1985 |
- |
Active |
NO |
|
6 |
U25201HR1996PLC033306 |
Machino
Polymers Limited |
Managing
director |
1/3/2010 |
30/09/1996 |
- |
Active |
NO |
|
7 |
L25209HR2003PLC035034 |
Machino
Plastics Limited |
Whole-time
director |
21/09/2011 |
24/01/2003 |
- |
Active |
NO |
|
8 |
U80302DL2005PTC137045 |
Machino
Animation Private Limited |
Director |
1/6/2005 |
1/6/2005 |
15/07/2008 |
Active |
NO |
|
9 |
U51103HR2008PLC038361 |
Machino
Auto Comp Limited |
Director |
19/09/2008 |
19/09/2008 |
- |
Active |
NO |
|
10 |
U22122WB2003PTC095631 |
Machino
Media Private Limited |
Director |
14/06/2010 |
14/06/2010 |
- |
Active |
NO |
|
11 |
U35900HR2010PTC040899 |
Machino
Auto Comp Tooling Private Limited |
Director |
14/07/2010 |
14/07/2010 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.06.2010
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
Arjun Jindal |
399096 |
|
Murli Dhar Jindal |
100000 |
|
Kamala Jindal |
1 |
|
Rajiv Jindal |
1 |
|
Sonal Jindal |
1 |
|
Radhika Jindal |
1 |
|
Machine Techno Sales Limited, India |
900 |
|
|
|
|
TOTAL |
500000 |
|
Names of Shareholders (Preference Shares) |
No. of Shares |
|
Machine Techno Sales Limited, India. |
4500000 |
|
|
|
|
TOTAL |
4500000 |
AS ON 17.06.2010
Equity Share Breakup
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
0.18 |
|
Directors or relatives of Directors |
99.82 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Automotive Parts for Volkswagen and Mahindra |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Allahabad Bank, International Branch, 17, Parliament Street, New Delhi 110001, India |
||||||||||||||||||
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Facilities : |
NOTE: Secured by way of first on fixed assets of the Company along with a collateral
security on current assets of the Company. |
||||||||||||||||||
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Goel Garg and Company Chartered Accountants |
|
Address : |
H-4, Masjid Moth, Greater Kailash-2, New Delhi-110048, India |
|
Tel. No.: |
91-11-46539501 / 46539502 |
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Fax No.: |
91-11-41636825 |
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E-Mail : |
|
|
PAN No: |
AAAFG6036E |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
4500000 |
12% Cumulative Preference Shares |
Rs.10/- each |
Rs. 45.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.50.000
Millions |
NOTE:
Authorized Share Capital of the company
increased from Rs. 0.100 million to 50.000 millions
-
490000 equity shares of
Rs. 10 each
-
4500000 12% Cumulative
Preference Shares of Rs. 10 each.
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
4500000 |
12% Cumulative Preference Shares |
Rs.10/- each |
Rs.45.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.50.000
Millions |
Note:
Of the above shares
Equity Shares capital increased by 490000 by issue of same class of
equity shares as per the companies Act 1956.
4500000 12% Cumulative Preference Shares issued and fully subscribed as
per the company Act 1956.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
01.07.2009 to
31.03.2010 |
19.09.2008 to
31.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
50.000 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(1.317) |
0.000 |
|
|
NETWORTH |
|
48.683 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
24.378 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
24.378 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
73.061 |
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
18.882 |
0.000 |
|
|
Capital work-in-progress |
|
5.932 |
0.093 |
|
|
Pre-Operative Expenses |
|
13.496 |
2.841 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
45.572
|
0.309 |
|
|
Sundry Debtors |
|
1.324
|
0.019 |
|
|
Cash & Bank Balances |
|
7.698
|
0.304 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
57.255
|
33.590 |
|
Total
Current Assets |
|
111.849
|
34.222 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
7.057
|
0.206 |
|
|
Other Current Liabilities |
|
69.815
|
36.866 |
|
|
Provisions |
|
0.226
|
0.000 |
|
Total
Current Liabilities |
|
77.098
|
37.072 |
|
|
Net Current Assets |
|
34.751
|
(2.853) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.019 |
|
|
|
|
|
|
|
|
TOTAL |
|
73.061 |
0.100 |
|
KEY RATIOS
|
PARTICULARS |
|
|
01.07.2009 to
31.03.2010 |
19.09.2008 to
31.06.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.08 |
370.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.45 |
0.92 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The Company is in the process to start commercial production and getting
the work done on job work basis.
FORM 8
|
Corporate identity
number of the company |
U51103HR2008PLC038361 |
|
Name of the
company |
MACHINO AUTO COMP LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 2, Sector 33, Delhi – Jaipur Highway, Gurgaon 122001,
Haryana, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10187055 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Allahabad Bank, International Branch, 17, Parliament Street, New Delhi
110001, India Email: br.del_ibl@allahabadbank.in |
|
Nature of instrument
creating charge |
Term loan
Agreement, General Letter of Hypothecation |
|
Date of
instrument Creating the charge |
23.12.2010 |
|
Amount secured by
the charge |
Rs. 335.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest shall be
charge at the floating rate of 13% p. a. i.e.4% over the bank's Base Rate (
which is presently 9% ) both with monthly rates subject to change by the bank
form time to time. Terms of repayment Cash Credit -
Payable on Demand. ILC/FLC/BG- As
per norms. TL- I - As per
existing terms and conditions. Term Loan-II -
First Two Quarterly Installments of Rs.2.000 millions each starting from
December, 2011 thereafter. Next four quarterly Installment of Rs.4.500
millions each and thereafter. Next four quarterly installments of Rs.6.250
millions each and thereafter. Next Twelve Quarterly Installment of Rs.7.500
millions. Margin Cash Credit-25%
on stocks and book-debts up to 90days. ILC/FLC/LOC 10%
(Cash Credit) for purchase of raw material and spares. 21.71% Cash Margin)
for purchase of machinery. BG-25% ( Cash margin ) TL -I 25% TL-II 21.71% Extent and operation of the charge The Exclusive
charge on entire current assets and fixed assets and equitable mortgage of property of the
company is to secure following credit limits granted by the Bank to the
company.1.Cash Credit limit of Rs.30.000 millions 2.ILC/FLC limit of
Rs.13.500 millions .3. Bank Guarantee limit of Rs.5.000 millions .4. Term
Loan -I of Rs.150.000 millions. (sub limit of FLC Rs.0.645 million) Term Loan
-II (Fresh) 137.000 millions.( Sub limit of FLC Rs.0.852 million) aggregate total of
Rs.335.500 millions. |
|
Short particulars
of the property charged (Including location of the property) |
Exclusive charge
on following securities ;- 1. Hypothecation
of plant and machinery and other fixed assets of the company. 2. Hypothecation
of entire current assets of the company. 3. Hypothecation of
book-debts/ receivables both present and future of the company. 4.Equitble
mortgage of property being facroty land and building at F-1 Chakan Industrial
Area, Ph-III, Vill, Kharabwadi Tuluka, distt, Pune Maharashtra, measuring
7937sq.mtrs |
|
Particulars of
the present modification |
Extent of
operation of the charge on current assets and fixed assets of the company as
reduce form Rs.407.000 millions to Rs.335.500 millions. Other terms and
condition remains the same. |
FIXED ASSETS:
·
Freehold Land
·
Computers
·
Furniture and Fixtures
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 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.52.16 |
|
|
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.69.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
23 |
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.