MIRA
INFORM REPORT
|
Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
LONSEN KIRI CHEMICAL INDUSTRIES LIMITED (w.e.f. 31.07.2008) |
|
|
|
|
Formerly Known
As : |
LONSEN KIRI CHEMICAL INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Hasubhai Chambers, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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|
|
Date of
Incorporation : |
09.04.2008 |
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|
|
|
Com. Reg. No.: |
04-053537 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 830.000 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24114GJ2008PLC053537 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHML01153F |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer of Dye Stuffs |
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|
|
|
No. of Employees
: |
100 (office-30, Factory-70) Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3400000 |
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|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Kiri Dyes and Chemicals Limited and
well Prospering Limited. It is an established company having moderate track. The company has
imported its performance in the year 2010. The company has successful in
wiping off the accumulated losses of previous year. Trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small to mediocre 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 |
LOCATIONS
|
Registered Office : |
7th Floor, Hasubhai Chambers, |
|
Tel. No.: |
91-79-26574371/72/ 73 |
|
Fax No.: |
91-79-26475374 |
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E-Mail : |
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|
Website : |
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Factory : |
Plot No.498, 577/B, 584/B, 585, 586, 587, 588, 589 Village Dushwada, Padra,
Vadodara- 391 450, |
DIRECTORS
AS ON 30.06.2011
|
Name : |
Mr. Manish Pravinbhai Kiri |
|
Designation : |
Managing Director |
|
Address : |
53, Manekbaug society, |
|
Date of Birth/Age : |
26.12.1972 |
|
Date of Appointment : |
09.04.2008 |
|
DIN No.: |
00198284 |
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 |
L24231GJ1998PLC034094 |
Kiri
Industries Limited |
Managing
director |
01-04-10 |
14-05-98 |
- |
Active |
NO |
|
2 |
U24114GJ2008PLC053537 |
Lonsen
Kiri Chemical Industries Limited |
Managing
director |
01-09-08 |
09-04-08 |
- |
Active |
NO |
|
3 |
U45201GJ2008PTC053728 |
Kiri
Infrastructure Private Limited |
Director |
29-04-08 |
29-04-08 |
01-01-11 |
Active |
NO |
|
4 |
U24100GJ2011PLC065068 |
Kiri
Peroxide Limited |
Director |
20-04-11 |
20-04-11 |
- |
Active |
NO |
|
Name : |
Mr. Pravinbhai Amratlal Kiri |
|
Designation : |
Director |
|
Address : |
53, Manekbaug society, |
|
Date of Birth/Age : |
01.11.1945 |
|
Date of Appointment : |
09.04.2008 |
|
DIN No.: |
00198275 |
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 |
L24231GJ1998PLC034094 |
Kiri
Industries Limited |
Whole-time
director |
01-04-10 |
14-05-98 |
- |
Active |
NO |
|
2 |
U24114GJ2008PLC053537 |
Lonsen
Kiri Chemical Industries Limited |
Director |
09-04-08 |
09-04-08 |
- |
Active |
NO |
|
3 |
U45201GJ2008PTC053728 |
Kiri
Infrastructure Private Limited |
Director |
29-04-08 |
29-04-08 |
01-01-11 |
Active |
NO |
|
4 |
U24100GJ2011PLC065068 |
Kiri
Peroxide Limited |
Director |
20-04-11 |
20-04-11 |
- |
Active |
NO |
|
5 |
U74140GJ2011PTC066155 |
Apk
Advisory Services Private Limited |
Director |
02-07-11 |
02-07-11 |
- |
Active |
NO |
|
6 |
U51109GJ2011PTC066697 |
Chemhub
Exim Private Limited |
Director |
09-08-11 |
09-08-11 |
- |
Active |
NO |
|
7 |
U51109GJ2011PTC066911 |
Chemhub
Tradelink Private Limited |
Director |
27-08-11 |
27-08-11 |
- |
Active |
NO |
|
Name : |
Han J. Gong |
|
Designation : |
Director |
|
Address : |
8-701, No.567, East Jin, AN- Road, |
|
Date of Birth/Age : |
19.09.1971 |
|
Date of Appointment : |
09.07.2008 |
|
DIN No.: |
02147775 |
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|
|
|
Name : |
Mr. Sheng B. Chang |
|
Designation : |
Director |
|
Address : |
No.20, Zheda road, |
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Date of Birth/Age : |
17.03.1974 |
|
Date of Appointment : |
09.07.2008 |
|
DIN No.: |
02147753 |
KEY EXECUTIVES
|
Name : |
Mr. Mital Ramniklal Jani |
|
Designation : |
Secretary |
|
Address : |
13, Adarsh Society, Meghaninagar, Ahmedabad-380016, Gujarat, India |
|
Date of Birth/Age : |
14.11.1987 |
|
Date of Appointment : |
01.12.2010 |
|
PAN No.: |
AMFPJ5827K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Names of Shareholders |
No. of Shares |
|
Kiri Industries Limited, India |
29999998 |
|
Well Prospering Limited, |
44999997 |
|
Kiri Industries Limited, India
Jointly with Pravin Kiri |
1 |
|
Kiri Industries Limited, India Jointly with Manish Kiri |
1 |
|
Well Prospering Limited, |
1 |
|
Well Prospering Limited, |
1 |
|
Well Prospering Limited, Central Hong Kong Jointly with Han Gong |
1 |
|
|
|
|
Total |
75000000 |
AS ON 30.06.2011
|
Names of Preference Shareholders |
No. of Shares |
|
Kiri Industries Limited, India |
3200000 |
|
Well Prospering Limited, |
4800000 |
|
Total |
8000000 |
AS ON 16.08.2011
|
Names of Allottees (5% Non Cumulative Redeemable Preference Shares) |
No. of Shares |
|
Well Prospering Limited |
18000000 |
|
Kiri Industries Limited, India |
12000000 |
|
Total
|
30000000 |
AS ON 30.06.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
60.00 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dye Stuffs |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
100 (office-30, Factory-70) Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
V. D. Shukla and Company Chartered Accountants |
|
Address : |
22A Akruti Society, |
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Tel. No.: |
91-79-26445335 |
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E-Mail : |
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Holding Company : |
·
Well Prospering Limited |
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Joint Ventures : |
·
Kiri Industries Limited ·
Well Prospering Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 Millions |
|
70000000 |
Preference Shares |
Rs. 10/- each |
Rs. 700.000 millions |
|
|
Total |
|
Rs. 1500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs. 750.000
Millions |
|
8000000 |
6% Non Cumulative Redeemable Preference
Shares |
Rs. 10/-
each |
Rs. 80.00
millions |
|
|
Total |
|
Rs. 830.000 millions |
AS ON 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 Millions |
|
70000000 |
Preference Shares |
Rs. 10/- each |
Rs. 700.000 millions |
|
|
Total |
|
Rs. 1500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs. 750.000
Millions |
|
8000000 |
6% Non Cumulative Redeemable Preference
Shares |
Rs. 10/-
each |
Rs. 80.000
millions |
|
30000000 |
5% Non Cumulative Redeemable Preference Shares |
Rs. 10/-
each |
Rs. 300.00
millions |
|
113000000 |
Total |
|
Rs. 1130.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
830.000 |
550.000 |
83.075 |
|
|
2] Share Application Money |
18.576 |
0.000 |
81.576 |
|
|
3] Reserves & Surplus |
5.006 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(51.459) |
0.000 |
|
|
NETWORTH |
853.582 |
498.541 |
164.651 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
342.451 |
326.223 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.158 |
|
|
TOTAL BORROWING |
342.451 |
326.223 |
0.158 |
|
|
DEFERRED TAX LIABILITIES |
70.441 |
55.685 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1266.474 |
880.449 |
164.809 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
730.091 |
708.627 |
35.712 |
|
|
Capital work-in-progress |
62.389 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
376.941
|
289.295 |
0.000 |
|
|
Sundry Debtors |
150.236
|
270.443 |
0.000 |
|
|
Cash & Bank Balances |
64.102
|
21.357 |
0.000 |
|
|
Other Current Assets |
0.240
|
2.773 |
136.932 |
|
|
Loans & Advances |
146.069
|
53.233 |
0.000 |
|
Total
Current Assets |
737.588
|
637.101 |
136.932 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
132.845
|
226.171 |
11.739 |
|
|
Other Current Liabilities |
116.152
|
233.194 |
0.000 |
|
|
Provisions |
19.253
|
6.092 |
0.000 |
|
Total
Current Liabilities |
268.250
|
465.457 |
11.739 |
|
|
Net Current Assets |
469.338
|
171.644 |
125.193 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.656 |
0.178 |
0.200 |
|
|
Pre Operative Expenses |
0.000 |
0.000 |
3.704 |
|
|
|
|
|
|
|
|
TOTAL |
1266.474 |
880.449 |
164.809 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1260.466 |
398.745 |
0.000 |
|
|
|
Export Incentives and Other Income |
27.244 |
16.512 |
0.000 |
|
|
|
TOTAL (A) |
1287.710 |
415.257 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods sold |
904.938 |
460.539 |
0.000 |
|
|
|
Payment to and provisions for Employees |
21.617 |
7.422 |
0.152 |
|
|
|
Manufacturing Expenses |
159.476 |
60.294 |
0.061 |
|
|
|
Administrative Expenses |
14.420 |
20.338 |
3.048 |
|
|
|
Selling and Distribution Expenses |
35.305 |
11.804 |
0.051 |
|
|
|
Preliminary Expenses written/off |
0.022 |
0.022 |
0.021 |
|
|
|
Exceptional Items |
0.000 |
(9.763) |
0.000 |
|
|
|
Difference In inventories |
(6.687) |
(163.727) |
0.000 |
|
|
|
TOTAL (B) |
1129.091 |
386.929 |
3.333 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
158.619 |
28.328 |
(3.333) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.286 |
8.701 |
0.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
106.333 |
19.627 |
(3.663) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.129 |
15.401 |
0.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE TAX (E-F)
(G) |
73.204 |
4.226 |
(3.704) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.731 |
55.685 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX (G-H) (I) |
57.473 |
(51.459) |
(3.704) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
1.009 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(51.459) |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.005 |
(51.459) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
967.503 |
386.434 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
642.369 |
259.336 |
0.000 |
|
|
|
Stores & Spares |
0.000 |
49.432 |
0.000 |
|
|
TOTAL IMPORTS |
642.369 |
308.768 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.01 |
(1.36) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
4.46
|
(12.39) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.81
|
1.06 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.99
|
0.31 |
(2.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.01 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80
|
1.59 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
1.38 |
11.66 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE:
The Company has performed
with an impressive top line growth and high quality earnings. The net turnover
of the Company during the year 2010 increased to Rs. 1260.466 millions as
compared to Rs. 398.746 millions of previous year showing an increase of
216.11%. The Net Profit for the year 2010 stands to Rs. 56.464 millions as
compared Loss of Rs. 51.459 millions of previous year. The directors are
hopeful to achieve better performance in future.
FUTURE PROSPECTS:
The Company is in
process to set up the new plant for manufacturing of Levafix Special Dye with
an initial capacity of 3000 MTPA. The estimated cost of the entire project will
be Rs. 650.000 millions which will be funded by the shareholders fund by
issuing 5% Non Cumulative Redeemable Preference Shares of the Company. The
company is planning to start its commission from September, 2011.
FORM 8
|
Corporate
identity number of the company |
U24114GJ2008PLC053537 |
|
Name of the
company |
LONSEN KIRI
CHEMICAL INDUSTRIES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
7th Floor, Hasubhai Chambers, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Union Bank of India , Ashram Road Branch, C. U. Shah Chambers, Nr.
Gujarat Vidhyapith, Ashram Road,, Ahmedabad - 380014, Gujarat, India |
|
Nature of
instrument creating charge |
Term Loan
Agreement (Hypothecation of Movables) |
|
Date of
instrument Creating the charge |
27.06.2011 |
|
Amount secured by
the charge |
Rs. 37.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 16% p.a. with
monthly rests Terms of repayment 48 monthly
installments of Rs. 7,81,250/- commencing from October, 2011 Margin 25% Extent and operation of the charge First Charge |
|
Short particulars
of the property charged (Including location of the property) |
Storage/mixing
vessels purchased out of bank finance at company's premises at plot No. 498,
500, 545, 577/B,584/B, 585, 586, 587, 588, 589 at Village: Dudhwada, Taluka:
Padra, District :Vadodara, Gujarat. |
FIXED ASSETS:
·
Land
·
Furniture and Fixture
·
Computers
·
Vehicles
·
Office Equipments
·
Plant and Machinery
·
Building
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. 49.03 |
|
|
1 |
Rs. 76.59 |
|
Euro |
1 |
Rs. 66.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.