|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
EMTICO |
|
|
|
|
Registered
Office : |
40, DLF Industrial Area, Kirti Nagar, Alishan Complex, 2nd
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
09.05.1988 |
|
|
|
|
Com. Reg. No.: |
55-31605 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.130
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1988PTC031605 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE04319A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE0122D |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Automobiles Tyres and Tubes |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 164000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. 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 with some caution.
|
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 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
40, DLF Industrial Area, Kirti Nagar, Alishan Complex, 2nd
Floor, |
|
Tel. No.: |
91-11-45026553 |
|
Fax No.: |
91-11-45026553 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No 251,252, Village Laxmipura, Near Nandashan, |
|
Location : |
Owned |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Davender Kumar Malhotra |
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|
Designation : |
Director |
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|
Address : |
Plot No.36, |
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|
Date of Birth/Age : |
18.02.1954 |
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Date of Appointment : |
09.08.1988 |
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DIN No.: |
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|
Other Directorship :
|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Anita Malhotra |
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|
Designation : |
Director |
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|
Address : |
Plot No.36, |
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|
Date of Birth/Age : |
02.10.1955 |
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|
Date of Appointment : |
01.11.2006 |
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|
DIN No.: |
00960241 |
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Other Directorship :
|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Pulkit Malhotra |
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|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Plot No.36, |
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Date of Birth/Age : |
31.10.1986 |
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|
Date of Appointment : |
01.11.2006 |
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|
DIN No.: |
00961605 |
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|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Ramdas |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
|
|
Davinder Kumar Malhotra |
|
157352 |
|
Pulkit Malhotra |
|
1801 |
|
Anita Malhotra |
|
20250 |
|
Pacific Rubbers (Private) Limited, |
|
2900 |
|
Emtico Automotive Private Limited, |
|
4000 |
|
|
|
|
|
TOTAL |
|
186303 |
|
Names of Shareholders |
No. of
Preference Shares |
|
Davinder Kumar Malhotra |
150000 |
|
|
|
|
TOTAL |
150000 |
(AS ON 30.09.2011)
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
3.70 |
|
Directors
or relatives of directors |
|
96.30 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automobiles Tyres and Tubes |
GENERAL INFORMATION
|
Suppliers : |
· Airven Tools and Steel · Anil Engineering Works · Avin Enterprises · K J Electric Corporation · Sawan Engineering Works · Technosys Automation and Services · Bajaj Industries · Bajaj Rubber Company Private Limited · Industrial Steel Corporation · M V Enterprises · Radhika International · Sanjay Oil Company · Santosh Chemicals and Polymers · Comet Chemicals · Vijay Trading Company, Ahmedabad · Yen Traders, Ahmedabad |
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|
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|
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|
Customers : |
·
Ëmaarp Tyre Private Limited ( · Fouzi Tyre services · Kapoor Marketing · Kutty Traders · New Malik Automobiles, Pakisthan ·
New Raj ·
Nilesh Auto Distributor, ·
Noble Tyres, · Sanmati Iron Traders, Ajmeer |
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|
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No. of Employees : |
Not Available |
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|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
UCO Bank, Mid Corporate Branch, ·
State Bank of Highway Road Branch, Universal Complex, Near ONGC Workshop, Mehasana –
384002, |
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|
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Facilities : |
|
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|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Kapoor Goyal and Company Chartered Accountant |
|
Address : |
B -7, Hans Bhavan, Bhadur Shah Zaffar Marg, New Delhi – 110002, Delhi,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFK2688J |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235000 |
Equity Shares |
Rs.100/- each |
Rs.23.500 millions |
|
150000 |
Non Cumulative Preference Share |
Rs.10/- each |
Rs.1.500 millions |
|
|
|
|
|
|
|
Total |
|
Rs.25.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
186303 |
Equity Shares |
Rs.100/- each |
Rs.18.630
millions |
|
150000 |
11% Non Cumulative Preference Shares |
Rs.10/- each |
Rs.1.500
millions |
|
|
|
|
|
|
|
Total |
|
Rs.20.130 millions |
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 |
20.130 |
20.130 |
20.130 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
29.170 |
29.170 |
29.170 |
|
|
4] (Accumulated Losses) |
(8.305) |
(9.533) |
(5.224) |
|
|
NETWORTH |
40.995 |
39.767 |
44.076 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
54.049 |
53.658 |
33.906 |
|
|
2] Unsecured Loans |
6.643 |
6.188 |
7.539 |
|
|
TOTAL BORROWING |
60.692 |
59.846 |
41.445 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
101.687 |
99.613 |
85.521 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
69.202 |
74.308 |
66.189 |
|
|
Capital work-in-progress |
1.785 |
1.122 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
1.500 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.021
|
23.537 |
11.768 |
|
|
Sundry Debtors |
2.882
|
4.391 |
2.257 |
|
|
Cash & Bank Balances |
0.282
|
10.131 |
5.482 |
|
|
Other Current Assets |
1.703
|
3.392 |
4.368 |
|
|
Loans & Advances |
0.329
|
2.320 |
2.268 |
|
Total
Current Assets |
51.217
|
43.771 |
26.143 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
20.362
|
18.370 |
9.135 |
|
|
Other Current Liabilities |
2.180
|
3.243 |
1.201 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
22.542
|
21.613 |
10.336 |
|
|
Net Current Assets |
28.675
|
22.158 |
15.807 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.025 |
2.025 |
2.025 |
|
|
|
|
|
|
|
|
TOTAL |
101.687 |
99.613 |
85.521 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
133.541 |
14.017 |
|
|
|
Other Income |
NA |
0.096 |
0.241 |
|
|
|
TOTAL |
NA |
133.637 |
14.258 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
NA |
116.812 |
13.279 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.03
|
2.05 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.03 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last two years |
Yes |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
----- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in the
business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
Yes |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
----- |
|
22) Litigations that
the firm / promoter involved in |
----- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
----- |
|
26) Buyer visit
details |
----- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
NOTE:
The Registered office of the company has been shifted from Kirti Nagar,
FORM 8
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10126915 |
|
Corporate
identity number of the company |
U74899DL1988PTC031605 |
|
Name of the
company |
EMTICO |
|
Address of the
registered office or of the principal place of business in |
40, DLF Industrial Area, Kirti Nagar, Alishan Complex, 2nd
Floor, |
|
Type of charge |
Immovable
Property Others: Extension
of over immovable property the company. |
|
Particular of
charge holder |
State Bank of Highway Road Branch, Universal Complex, Near ONGC Workshop, Mehasana –
384002, |
|
Nature of
description of the instrument creating or modifying the charge |
Extension Deed of
Mortgage (Simple Mortgage), Dated 10.02.2010. |
|
Date of
instrument Creating the charge |
10.02.2010 |
|
Amount secured by
the charge |
Rs.76.612
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital:
Interest at SBAR, present effective rate 11.75% p.a. with monthly rests Term Loan:
Interest at SBAR, present effective rate 11.75% p.a. with monthly rests Terms of
Repayment A) Working
Capital-Repayable on demand with validity of 1 year from the date of sanction (B)Term Loan
(Outstanding)-No change in the terms and conditions of repayment schedule and
repaid as per originally sanctioned. (C) Open Term
Loan - Repayable in 36 monthly installments, first 35 installment of 0.417
millions each and last installment of Rs.0.405 millions plus interest, with
the first installment commencing on
Dec-2010 and last installment falling due on nov-2013. Margin Raw Materials
(Imported) : 25% Raw Materials
(Indigenous) : 25% Semi Finished
Goods : 30% Finished
Goods
: 30% Domestic
Receivables :
40% Letter Of
Credit
: 20% Extent and Operation
of the charge The Existing
Credit Facilities Enhanced to Rs.76.612 millions secured by extension of EM
over immovable properties of the company viz. (a) industrial use land
R.S.No.250/2, Adms 13759 sq. mts, R.S. No.251, adms.12444 Sq. Mts, R.S.No.252/1(P)1,
Adms 9074Sq.Mts,R.S.No.252/2,Adms 2833 Sq. Mts R.S.No.270/1(P)1,Adms 5639 Sq.
Mts, R.S.No.257 (P)1, Adms 4616 Sq. Mts At Nandasan, Tal-Kadi, District
Mehsana (B) Property No.36, Road No.56, Punjabi Bagh (W)New Delhi,
Adms.555.55 Sq. Yds I.E.464.49 Sq,
Mtrs. Others Individual Limits
Within Overall Limits As Under : (I)
Demand Cash Credit
: Rs.30.000 Millions (Ii) Term Loan (Outstanding) :
Rs.21.612 Millions (Iii) Open Term
Loan : Rs.15.000 Millions (Iv) Letter of
Credit : Rs.10.000 Millions Making Overall
Aggregate Credit Facilities Rs.76.612 millions. |
|
Short particulars
of the property charged |
·
All
the Piece and Parcels of industrial use Land Survey No.250/2,Adms 13759 Sq.Mts,
situate lying and being At Mouje Nandasan, Tal-Kadi, Dist-Mehsana ·
Survey
No.251,Adms 12444 Sq. Mtrs. Situate, Lying and being At Mouje Nandasan,
Tal-Kadi, Dist-Mehsana ·
Survey
No. 252/1(P)1, Adms 9074 Sq. Mts, Situate, Lying And Being At Mouje Nandasan,
Tal-Kadi, Dist- Mehsana ·
Survey
No.252/2,Adms 2833 Sq. Mts, Situate, lying and being At Mouje Nandasan,
Tal-Kadi, Dist-Mehsana ·
Survey
No.270/1(P)1, Adms 5639 Sq. Mtrs situate, lying and being At Mouje Nandasan,
Tal-Kadi, Dist-Mehsana ·
Survey
No.257(P)1,Adms 4616 Sq. Mts situate, lying and being At Mouje Nandasan,
Tal-Kadi, Dist-Mehsana ·
All
the Piece and Parcels of Property No.36, Road No.56, Punjabi Bagh (West) |
|
Particulars of
the present modification |
The Original
charge (ID No.10126915) created on 23.10.08 for Rs.67.500 Millions is now
being modified and enhanced to Rs.76.612 Millions as under (Rs in Millions) S.n.
Facilities Existing Proposed 1. Cash credit 300.00
30.000 2. Term loan (O/s) 275.00
21.612 3. Open term loan NIL 15.000 4. Letter of credit 100.00
10.000
Total
675.00 76.612 Now, the amount of
charge on immovable property extend to aggregate of Rs.76.612 Millions |
FIXED ASSETS
·
Land
·
Motor Cycle
·
Furniture and Fixture
·
Plant and Machinery
·
Computer
·
Air Conditioner
·
Tools and Equipment
·
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.51.89 |
|
|
1 |
Rs.83.18 |
|
Euro |
1 |
Rs.68.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
|
27 |
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.