MIRA
INFORM REPORT
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Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ESJAY INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
48-A, Laxmi Industrial Estate, Hanuman Gally, Shankar Rao Naram Path, Lower Parel (West), Mumbai – 400 013,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.02.1993 |
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Com. Reg. No.: |
11-070656 |
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Capital
Investment / Paid-up Capital : |
Rs.28.850 Millions |
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CIN No.: [Company Identification
No.] |
U18101MH1993PTC070656 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Readymade Garments. |
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No. of Employees
: |
1950 [In Office 200 + 1750 In Factory] Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3760000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are
reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal 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.
INFORMATION PARTED BY
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Name : |
Mr. Ajay |
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Designation : |
Finance Executive |
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Contact No.: |
91-22-40329300 |
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Date : |
10.01.2012 |
LOCATIONS
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Registered / Corporate Office : |
48-A, Laxmi Industrial Estate, Hanuman Gally, Shankar Rao Naram Path, Lower Parel (West), Mumbai – 400 013,
Maharashtra, India |
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Tel. No.: |
91-22-40329300 |
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Fax No.: |
91-22-24932627 |
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E-Mail : |
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Website : |
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Area : |
3500 sq ft |
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Location : |
Owned |
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Factory 1 : |
SARIGAM |
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Tel. No.: |
91-260-2781083 / 2780022 |
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Fax No.: |
91-260-2781083 |
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Factory 2 : |
KOPERKHAIRANE |
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Tel. No.: |
91-22-27780592 / 94 |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Sunil Gobind Jhangiani |
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Designation : |
Managing Director |
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Address : |
7, Laxmi Niwas, 4th Floor, West Field Estate, |
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Date of Birth/Age : |
16.10.1957 |
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Date of Appointment : |
04.02.1993 |
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DIN No.: |
00077526 |
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Other Directorship : |
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Name : |
Mr. Gobind Himatsing Jhangiani |
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Designation : |
Director |
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Address : |
124, Atur Terrace, Cuffe Parade, Colaba, Mumbai – 400 005, |
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Date of Birth/Age : |
12.07.1923 |
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Date of Appointment : |
24.04.1993 |
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DIN No.: |
00094277 |
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Other Directorship : |
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Name : |
Mrs. Shaila Sunil Jhangiani |
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Designation : |
Director |
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Address : |
7, Laxmi Niwas, 4th Floor, West Field Estate, |
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Date of Birth/Age : |
05.07.1962 |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
00080002 |
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Other Directorship : |
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KEY EXECUTIVES
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Name : |
Mr. Ajay |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Sunil Gobind Jhangiani |
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2749800 |
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Gobind Himatsing Jhangiani |
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100 |
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Shaila Sunil Jhangiani |
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52600 |
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Padma Jhangiani |
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2500 |
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Shernaz Jhangiani |
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5000 |
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Dilip Jhangiani |
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75000 |
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Total
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|
2885000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Readymade Garments. |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1950 [In Office 200 + 1750 In Factory] Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Tam and Company Chartered Accountants |
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Address : |
H4, |
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PAN : |
AAHK6772G |
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Subsidiary Company : |
CIN : U18101MH1995PTC092021
CIN : U26100MH1995PTC094342
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Companies under same management : |
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Proprietorship /
Partnership Firm : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,750,000 |
Equity Shares |
Rs.10/- each |
Rs.57.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,885,000 |
Equity Shares |
Rs.10/- each |
Rs.28.850
millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
28.850 |
28.850 |
27.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
912.062 |
873.922 |
765.215 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
940.912 |
902.772 |
792.715 |
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LOAN FUNDS |
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1] Secured Loans |
301.075 |
230.496 |
241.273 |
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2] Unsecured Loans |
6.534 |
7.873 |
0.791 |
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TOTAL BORROWING |
307.609 |
238.369 |
242.064 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1248.521 |
1141.141 |
1034.779 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
235.739 |
247.540 |
141.463 |
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Capital work-in-progress |
0.000 |
2.761 |
1.351 |
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INVESTMENT |
630.865 |
581.211 |
594.206 |
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DEFERREX TAX ASSETS |
23.994 |
16.312 |
16.571 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
162.531
|
112.765
|
100.012 |
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Sundry Debtors |
228.992
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158.908
|
185.482 |
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Cash & Bank Balances |
8.732
|
43.822
|
30.142 |
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Other Current Assets |
17.507
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20.463
|
23.478 |
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Loans & Advances |
135.198
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91.858
|
95.954 |
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Total
Current Assets |
552.960
|
427.816
|
435.068 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
155.218 |
105.244 |
126.540 |
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Other Current Liabilities |
33.444
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23.582
|
21.180 |
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Provisions |
6.375
|
5.673
|
6.160 |
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Total
Current Liabilities |
195.037
|
134.499
|
153.880 |
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Net Current Assets |
357.923
|
293.317
|
281.188 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1248.521 |
1141.141 |
1034.779 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
968.577 |
795.877 |
729.188 |
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Other Income |
1.500 |
0.387 |
23.835 |
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Investment Income |
28.274 |
21.719 |
0.000 |
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TOTAL |
998.351 |
817.983 |
753.023 |
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Less |
EXPENSES |
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Material Consumed |
346.786 |
294.467 |
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Purchase of Trading Goods |
7.223 |
0.295 |
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Manufacturing Expenses |
296.695 |
247.718 |
745.683 |
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Administrative and Selling Expenses |
277.652 |
195.766 |
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Increase / [Decrease] in Stocks |
[19.346] |
[17.894] |
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TOTAL |
909.010 |
720.352 |
745.683 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
89.341 |
97.631 |
NA |
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Less |
FINANCIAL
EXPENSES |
25.930 |
24.272 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
63.411 |
73.359 |
7.340 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
20.632 |
21.155 |
19.963 |
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PROFIT BEFORE
TAX |
42.779 |
52.204 |
(12.623) |
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Less |
TAX |
0.616 |
8.659 |
0.378 |
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PROFIT AFTER TAX
|
42.163 |
43.544 |
(13.001) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
773.740 |
733.565 |
NA |
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Less |
Adjustment in respect of prior years |
0.000 |
0.006 |
NA |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
2.500 |
0.000 |
- |
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Dividend |
3.462 |
2.884 |
- |
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Tax on Dividend |
0.562 |
0.479 |
- |
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BALANCE CARRIED
TO THE B/S |
809.379 |
773.740 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Export of Goods and Services, etc.[FOB] |
687.038 |
597.383 |
587.617 |
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Sampling Export Sales |
2.051 |
1.716 |
8.518 |
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Foreign Dividend |
0.000 |
6.005 |
0.000 |
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TOTAL EARNINGS |
689.089 |
605.104 |
596.135 |
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IMPORTS |
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Capital Goods Import of Plant and Machinery |
2.669 |
4.683 |
1.719 |
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Repairs to plant and machinery |
0.000 |
0.000 |
0.219 |
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Accessories |
20.916 |
14.052 |
9.029 |
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Fabrics |
21.423 |
11.818 |
9.390 |
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Garments |
9.197 |
0.000 |
0.000 |
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TOTAL IMPORTS |
51.536 |
25.870 |
20.357 |
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Earnings Per
Share (Rs.) |
15.01 |
15.09 |
(4.73) |
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Expected Sales (2011-2012): Rs.1050.000 millions
The above information has been parted by Mr. Ajay [Finance Executive].
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.22
|
5.32
|
(1.73) |
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Net Profit Margin (PBT/Sales) |
(%) |
4.42
|
6.56
|
(1.73) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.42
|
7.73
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(2.19) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.06
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(0.02) |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.53
|
0.41
|
0.50 |
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Current Ratio (Current Asset/Current Liability) |
|
2.83
|
3.18
|
2.83 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
a) For Raw
Materials |
84.836 |
67.541 |
82.401 |
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b) For Expenses |
70.382 |
37.703 |
44.139 |
|
|
155.218 |
105.244 |
126.540 |
|
Check List by Info Agents |
Available in Report [Yes/No] |
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Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
|
Construction of the firm |
Yes |
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Premises details |
Yes |
|
Type of Business |
Yes |
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Line of Business |
Yes |
|
Promoters background |
- |
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No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of contact
person |
Yes |
|
Turnover of firm for last
three years |
Yes |
|
Profitability for last
three years |
No |
|
Reasons for variation
<> 20% |
- |
|
Estimation for coming
financial year |
Yes |
|
Capital the business |
No |
|
Details of sister
concerns |
Yes |
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Major Suppliers |
No |
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Major Customers |
No |
|
Payment Terms |
Yes |
|
Export / Import Details
[If Applicable] |
Yes |
|
Market Information |
- |
|
Litigations that the firm
/ promoter involved in |
- |
|
Banking Details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the banking
account |
- |
|
Buyer visit details |
- |
|
Financials, if provided |
No |
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Incorporation details, if
applicable |
- |
|
Last accounts filed at
ROC |
- |
|
Major Shareholders, if
applicable |
- |
Operational
Overview
Management Review : 2010-11
The Global textile and apparels trade Increased from US $ 510 billion in
2009 to US $612 billion in 2010.There was some correction in this trade in
2008-09 due to global economics crisis. However the industry has recovered and is expected to grow with US,. Europe and
Operations of the company compared to last year have shown higher
revenues however decreased in profitability of the company is due to
appropriation of shop renovation expenses under heads "Repairs and
Maintenance A/c
Export
Turnover of the company is steadily improving. During the year Export Sales increased from last years
Rs.599.100 millions to Rs.689.000 millions, showing a growth 15%
The export order position of the company is very good in the current
financial year from different countries despite heavy economic downturn /
competition and is expected to perform better during the ensuing year. The
company managed to increase production volume and entered into newer regions
along with the growing presence in the international market.
Retail
The company has continued with its retail expansion plan during the
current financial year and increased its presence from 17 outlets to 25 outlets
at the year end. The Company has also embarked upon increasing its point of
sale through Multi Brand Outlet. During the year the company has added up a new
Exclusive retail store in each of the following cities Mumbai,
The Brand "Chemistry" loyal customer's base has increased
significantly In the market and is receiving tremendous response from its
customers which is evident from the ever increasing database of the loyal
customers.
The company’s retail domestic turnover has increased from Rs.128.600
millions to Rs.196.500 millions showing growth rate of more than 50% .During
the year Brand "CHEMISTRY"' also launched its new swim wears and
winter collection which was received very well by the market.
Future Outlook
Resources would continue to be a big Challenge in the textile and
clothing industry. Resources implies the high challenges with respect to
procurement of raw material. Since 2010, the prices of raw materials especially
cotton, has been increased to an uncontrollable level. The uncertainty of the
raw material Issue will continue to be higher in year 2011 until a solution is
being found to sort out this crisis. Further year 201 1 will also pose huge
currency risk in terms of downgrading of rating of major countries / currencies
of the world.
Domestic
The company is confident of maintaining a healthy growth rate for its domestic
business. Company is expected to open 'at least 10-15 new "CHEMISTRY”
exclusive business outlets and also-plan to increase its presence in the Multi
Brand outlet on Pan-India basis.
Company plans to enter into an ecommerce business by putting up a
cutting edge. ecommerce website Further, company plans to increase its products
mix so as to give its customers a wholistic shopping experience and also to
increase the revenue.
Beside,
Contingent Liabilities :
Contingent
Liabilities not provided for
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Guarantee issued by
the bank in favor of apparels Export promotion Council and others |
3.329 |
3.295 |
|
Income Tax
matters in appeals / pending rectifications |
Amount Uncertained |
Amount Uncertained |
|
Claim paid to
AEPC pending in appeal |
2.484 |
2.484 |
FORM 8:
|
Corporate
identity number of the company |
U18101MH1993PTC070656 |
|
Name of the
company |
ESJAY INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
48-A, Laxmi Industrial Estate, Hanuman Gally, Shankar Rao Naram Path, Lower Parel (West), Mumbai – 400 013,
Maharashtra, India E-Mail: esjay@vsnl.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10106933 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot NO. C – 38
and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai–400051, E-Mail: sme.form8@sc.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
entry [supplemental] |
|
Date of
instrument Creating the charge |
26.08.2011 |
|
Amount secured by
the charge |
Rs.378.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As agreed by and
with the Bank from time to time. Terms of
Repayment: As agreed by and
with the Bank from time to time. Margin: As applicable, if
any. Extent and
Operation of the charge: The Bank is
having first charge on security given by the Company. |
|
Short particulars
of the property charged |
First and
exclusive charge on Mortgage on A) Gala No. 11, 14, 14A, 18, 24, 32, 43 and
44 at Laxmi Industrial Estate, Hanuman Gully, Shankarrao Naram Path, Lower
Parel West, Mumbai 400 013 and Industrial Property located at plot no. 1243
and 1244, Sarigam Indl Estate, Umbergaon via, Bhilad, Dist Valsad, Gujarat.
(Owned by Esjay international Private Limited) B) Unit no.45,46 and 48A,
Laxmi Indl Premises, Lower Parel West, Mumbai 13. (Owned by Technique
Clothing Company LLP) |
|
Date of latest
modification prior to the present modification |
01.07.2010 |
|
Particulars of
the present modification |
The existing
charge amount of Rs.338.000 millions enhanced to Rs.378.000 millions against
the security of first and exclusive charge on Mortgage on A) Gala No. 11, 14,
14A, 18, 24, 32, 43 and 44 at Laxmi Industrial Estate, Hanuman Gully,
Shankarrao Naram Path, Lower Parel West, Mumbai 400 013 and Industrial
Property located at plot no. 1243 and 1244, Sarigam Indl Estate, Umbergaon
via, Bhilad, Dist Valsad, Gujarat. B) Unit no.45,46 and 48A, Laxmi Indl
Premises, Lower Parel West, Mumbai 13.(Described in agreement) |
|
Corporate
identity number of the company |
U18101MH1993PTC070656 |
|
Name of the
company |
ESJAY INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
48-A, Laxmi Industrial Estate, Hanuman Gally, Shankar Rao Naram Path, Lower Parel (West), Mumbai – 400 013,
Maharashtra, India E-Mail: esjay@vsnl.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10006849 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Standard Chartered Bank, SME Credit, 23-25, E-Mail: reenabang@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement - Supplemental |
|
Date of
instrument Creating the charge |
26/06/2010 |
|
Amount secured by
the charge |
Rs.319.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Credit Facility. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
Repayment: As agreed by and
with the Bank from time to time. Margin: As applicable, if
any. Extent and
Operation of the charge: The Bank is
having first charge on security given by the Company. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on: a) All the stock
in trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise. b) All the
present and future book debts, outstanding moneys receivable, claims and
bills. c) All the
movable fixed assets. |
|
Date of latest
modification prior to the present modification |
22/05/2009 |
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs.294.500 millions enhanced to
Rs.319.500 millions. |
FIXED ASSETS:
·
Trademark
·
·
Factory Premises
·
Electrical Installations
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
·
Computers
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.52.22 |
|
|
1 |
Rs.80.83 |
|
Euro |
1 |
Rs.66.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.