1. Summary Information
|
|
|
Country |
|
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Company Name |
AQUATIC REMEDIES PRIVATE LIMITED |
Principal Name 1 |
Mr. Bharat Nyalchand Mehta |
|
Status |
Moderate |
Principal Name 2 |
Mr. Hitendra Nyalchand Mehta |
|
|
|
Registration # |
11-097828 |
|
Street Address |
218/219, |
||
|
Established Date |
04.03.1996 |
SIC Code |
-- |
|
Telephone# |
91-22-67255555 |
Business Style 1 |
Importer |
|
Fax # |
91-22-67991766 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Macrolides |
|
|
# of employees |
-- |
Product Name 2 |
Ethambutol |
|
Paid up capital |
Rs.
96,700,000/- |
Product Name 3 |
Pyrazinamide |
|
Shareholders |
Directors or relatives
of Directors -53.77 Bodies corporate -28.85 Others -17.38 |
Banking |
Bank of |
|
Public Limited Corp. |
NO |
Business Period |
15 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (34) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
674,134,000 |
Current Liabilities |
444,497,000 |
|
Inventories |
110,901,000 |
Long-term Liabilities |
220,806,000 |
|
Fixed Assets |
4,374,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
665,303,000 |
|
Invest& other Assets |
21,518,000 |
Retained Earnings |
48,924,000 |
|
|
|
Net Worth |
145,624,000 |
|
Total Assets |
810,927,000 |
Total Liab. & Equity |
810,927,000 |
|
Total Assets (Previous Year) |
542,285,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales/ Total Income |
1,789,181,000 |
Net Profit |
12,704,000 |
|
Sales/ Total Income (Previous yr) |
1,496,074,000 |
Net Profit(Prev.yr) |
13,334,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
AQUATIC REMEDIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
218/219, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.03.1996 |
|
|
|
|
Com. Reg. No.: |
11-097828 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 96.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1996PTC097828 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA11886A |
|
|
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Importers, Exporter and Trader of Pharmaceutical Raw Materials and
Bulk Active Ingredients. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 580000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. 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 dealing
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 : |
218/219, |
|
Tel. No.: |
91-22-67255555 (5 Lines) / 55958111 |
|
Mobile No.: |
91-9821262142 (Mr. Bharat N Mehta) |
|
Fax No.: |
91-22-67991766 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. Ft. Super build up |
|
Location : |
Owned |
|
|
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|
Corporate Office : |
36, Amul Estate, Near Railway Crossing, Sarkhej, Ahmedabad – 382 210, |
|
Location : |
Owned |
|
|
|
|
Warehouse : |
Bhiwandi Sobhagya Ware Housing Complex, |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Bharat Nyalchand Mehta |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
255/11, Prity,
R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1960 |
|
Qualification : |
B Pharm |
|
Date of Appointment : |
04.03.1996 |
|
DIN No : |
00580554 |
|
|
|
|
Name : |
Mr. Hitendra Nyalchand Mehta |
|
Designation : |
Director |
|
Address : |
255/11, Prity, R.N.N,
Road, Gathkopar (East), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1969 |
|
Qualification : |
BE |
|
Date of Appointment : |
04.03.1996 |
|
DIN No : |
00580562 |
|
|
|
|
Name : |
Mr. Kirti Bhogilal Mehta |
|
Designation : |
Director |
|
Address : |
255/11, Prity,
R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
31.12.1970 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
04.03.1996 |
|
DIN No : |
00580572 |
|
|
|
|
Name : |
Mr. Darshan Bhogilal Mehta |
|
Designation : |
Director |
|
Address : |
255/11, Prity,
R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
07.07.1977 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
04.03.1996 |
|
DIN No : |
00580585 |
|
|
|
|
Name : |
Mr. Hemant Bhogilal Mehta |
|
Designation : |
Director |
|
Address : |
255/11, Prity,
R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
31.05.1979 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No : |
00580653 |
|
|
|
|
Name : |
Mr. Bhogilal Maneklal Mehta |
|
Designation : |
Director |
|
Address : |
255/11, Prity,
R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
27.06.1945 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No : |
00580668 |
|
|
|
|
Name : |
Mr. Nyalchand Maneklal Mehta |
|
Designation : |
Director |
|
Address : |
255/11, Prity,
R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1936 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No : |
02728277 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Bharat Mehta |
278735 |
|
Hitendra Nyalchand Mehta |
226370 |
|
Kirti Bhogilal Mehta |
371870 |
|
Darshan Bhogilal Mehta |
429870 |
|
Daksha B. Mehta |
145500 |
|
Priti H Mehta |
128000 |
|
Bijal K Mehta |
146460 |
|
Nyalchand M Mehta |
379870 |
|
Bhogilal M Mehta |
359825 |
|
Jayshree Mehta |
132500 |
|
Chandrika B Mehta |
143000 |
|
Purvi Mehta |
115000 |
|
Aquatic Formulations Private Limited, India |
2790000 |
|
Hemant Mehta |
472500 |
|
Bharat Mehta (HUF) |
299500 |
|
Kirti Mehta (HUF) |
351500 |
|
Nyalchand M Mehta (HUF) |
349500 |
|
Bhogilal M Mehta (HUF) |
350000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
28.85 |
|
Directors or relatives of Directors |
53.77 |
|
Others |
17.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers, Exporter and Trader of Pharmaceutical Raw Materials and
Bulk Active Ingredients. |
||||
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||||
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Products : |
|
GENERAL INFORMATION
|
Bankers : |
·
ING Vysya Bank Limited, Unit No.2/3/4, Marathon
Max Building, Opposite Nirmal Lifestyle, Mulund Goregaon Link Road (West),
Mumbai-400080, Maharashtra, India ·
Bank of Maharashtra, Lokmangal 1501,
Shivajinagar, Pune – 411 005, Maharashtra, India ·
HDFC Bank ·
Bank of Maharashtra ·
ING Vysya Bank |
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Notes: The above loans
are secured against Hypothecation of Stocks and Book debts, Equitable
Mortgage of two office Premises and Equitable Mortgage of six Residential
Flats located in Mumbai The above
facilities are further guaranteed by the Personal Guarantees of Directors and
Shareholders of the Company and Corporate guarantee given by Aquatic
Formulations ( India ) Limited.
|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
C. B. Chhajed and Company Chartered Accountant |
|
Address : |
DGP House, Ground Floor, 88-C, Old Prabhadevi Road, Mumbai-400025,
Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9670000 |
Equity Shares |
Rs.10/- each |
Rs. 96.700
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
96.700 |
79.900 |
59.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
48.924 |
36.220 |
22.886 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
145.624 |
116.120 |
82.786 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
211.271 |
98.960 |
92.162 |
|
|
2] Unsecured Loans |
9.535 |
6.162 |
2.994 |
|
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TOTAL BORROWING |
220.806 |
105.122 |
95.156 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.032 |
|
|
|
|
|
|
|
|
TOTAL |
366.430 |
221.242 |
177.974 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.374 |
4.032 |
4.539 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
21.518 |
36.717 |
25.235 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
110.901
|
52.431
|
67.182
|
|
|
Sundry Debtors |
600.290
|
422.942
|
290.485
|
|
|
Cash & Bank Balances |
34.235
|
3.727
|
3.330
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
39.609
|
22.436
|
18.476
|
|
Total
Current Assets |
785.035
|
501.536 |
379.473 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
418.916
|
269.537 |
219.601 |
|
|
Other Current Liabilities |
6.101
|
39.526
|
0.000
|
|
|
Provisions |
19.480
|
11.980
|
11.672
|
|
Total
Current Liabilities |
444.497
|
321.043 |
231.273 |
|
|
Net Current Assets |
340.538
|
180.493
|
148.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
366.430 |
221.242 |
177.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
NA |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1789.181 |
1496.074 |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
1782.486 |
1475.635 |
NA |
|
|
|
Financial Expenses |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
TOTAL |
1782.486 |
1475.635 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
20.204 |
20.439 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7.500 |
7.105 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12.704 |
13.334 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
380.963 |
47.714 |
33.370 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.31 |
1.67 |
1.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.71
|
0.89
|
NA
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.13
|
1.37 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.56
|
4.04
|
NA
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.18
|
NA
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.57
|
3.67
|
3.94
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.56
|
1.64
|
LOCAL AGENCY FURTHER INFORMATION
OPERATING AND
FINANCIAL RESULTS: -
The Financial
result of the company shows a net profit before tax of sum of Rs.20.204
Millions which the directors propose to retain for business purposes.
FORM 8
|
Corporate
identity number of the company |
U24230MH1996PTC097828 |
|
Name of the company
|
AQUATIC REMEDIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
218/219, |
|
This form is for |
Modification of
charge Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
ING Vysya Bank Limited, Unit No.2/3/4, Marathon Max Building, Opposite
Nirmal Lifestyle, Mulund Goregaon Link Road (West), Mumbai-400080,
Maharashtra, India |
|
Nature of
instrument creating charge |
Mortgage by
deposit of title deeds. |
|
Date of
instrument Creating the charge |
11.04.2011 |
|
Amount secured by
the charge |
Rs. 290.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest No Change Terms of repayment No Change Margin No Change Extent and operation of the charge First charge on the
immovable property of the company |
|
Short particulars
of the property charged (Including location of the property) |
Office No.18 and
19 in the building called Kailash Plaza, situate at the land bearing final
Plot No.355 situated at Village Vallabh Lane, Ghatkopar(E),Mumbai-400077. |
|
Charge
identification number of the charge to be modified |
10194635 |
|
Particulars of
the present modification |
There is no
change in the total limit of Rs.290.000 Millions. The limit has been additionally
secured by the immovable property of the company. All other terms
and conditions are remain same. |
FIXED ASSETS
·
Air conditioner
·
Cellular Phone
·
Cine System
·
Computer
·
Coffee Machine
·
Cycle
·
EPABX System
·
Fan
·
Fridge
·
Motor Car
·
Office Equipment
·
Printer / Fax
·
Scooter
·
Television
·
Washing Machine
·
Xerox Machine
WEB DETAILS:
PROFILE:
Subject story dates 2
decades back, as a small Pharmaceutical Formulations company started by Mr.
Bharat Mehta that is now grown into a large and dynamic business house, which
currently occupies a leading position in the fields of Bulk Drugs
Pharmaceutical Formulations in the Domestic as well as Export Market. These 2
decades of experience since 1985, have taken Subject from
strength to strength in the health care business to a next level.
They started their venture initially with domestic trading in bulk drugs
and gradually ventured into the areas of export, imports, and indenting. Their
innovation about Constant diversification and expansion has resulted in
creation of large clientele in domestic and international markets. Furthermore,
it is a contributing factor for the high turnover rate, which increased by 400%
in the last decade. Thus, The Company strides to achieve global standards in
the field of Pharmaceuticals and bulk drugs.
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. 46.02 |
|
|
1 |
Rs. 73.60 |
|
Euro |
1 |
Rs. 64.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
34 |
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.