MIRA
INFORM REPORT
|
Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ELEGANZA JEWELLERY PRIVATE LIMITED(w.e.f.28.03.2012) |
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Formerly Known
As : |
ELEGANZA JEWELLERY LIMITED (w.e.f.12.02.1997) IBB DIAMONDS ( |
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Registered
Office : |
Unit No. 102 and 103, SDF - 4, Seepz, Andheri East – 400096, Mumbai, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.02.1997 |
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Com. Reg. No.: |
11- 105823 |
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Capital
Investment / Paid-up Capital : |
Rs.11.257 Millions |
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CIN No.: [Company Identification
No.] |
U36100MH1997PLC105823 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Studded Gold and Diamond
jewelry |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2600000 |
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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 records. The
company has recorded an increase in its sales and profits during 2011. Profitability
appears to be good. Financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Agency Name |
Rating |
|
CRISIL |
SME 1 |
SME 1 = HIGHEST
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Kaushik |
|
Designation : |
Manager |
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Contact No.: |
91-22-30882200 |
|
Date : |
23.07.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Unit No. 102 and 103, SDF - 4, Seepz, Andheri East – 400096, Mumbai, |
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Tel. No.: |
91-22-30882200 |
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Fax No.: |
91-22-28290206/ 66919739 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Shishir Balkrisna Nevatia |
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Designation : |
Additional Director |
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Address : |
33, |
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Date of Birth/Age : |
07.05.1954 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
00036519 |
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Name : |
Mr. Kapil Shishir Nevatia |
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Designation : |
Director |
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Address : |
33, |
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Date of Birth/Age : |
16.06.1978 |
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Date of Appointment : |
20.04.2000 |
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DIN No.: |
00036576 |
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Name : |
Mr. Neeraj Shishir Nevatia |
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Designation : |
Director |
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Address : |
33, |
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Date of Birth/Age : |
15.02.1982 |
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Date of Appointment : |
11.01.2007 |
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DIN No.: |
0036619 |
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Name : |
Mr. Vasudev Krishnamurti |
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Designation : |
Director |
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Address : |
Flat No. 601, 6th Floor, Riddhi Plot No.288- B,
Mumbai-400071, |
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Date of Birth/Age : |
18.03.1952 |
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Date of Appointment : |
27.06.2006 |
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DIN No.: |
00567672 |
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Name : |
Mr. Gopal |
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Designation : |
Director |
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Address : |
24/76, |
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Date of Birth/Age : |
24.02.1956 |
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Date of Appointment : |
11.01.2007 |
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DIN No.: |
00713098 |
KEY EXECUTIVES
|
Name : |
Mr. Kaushik |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shishir B Nevatia |
|
206800 |
|
Kavita S Nevatia |
|
89100 |
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Kapil S Nevatia |
|
57000 |
|
NSN Jewellers Private Limited, |
|
367500 |
|
Neeraj Nevatia |
|
37300 |
|
Neha Nevatia |
|
500 |
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KSN Trading Private Limited, |
|
367500 |
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Total |
|
1125700 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
65.30 |
|
Directors or relatives of Directors |
34.70 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Studded Gold and Diamond
jewelry |
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Products : |
ITC No. |
Product Description |
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711319.03 |
Studded Gold and Diamond Jewellery |
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Exports : |
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Products : |
·
Studded Gold ·
Diamond jewelry |
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Countries : |
·
US ·
·
·
·
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Imports : |
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Products : |
Machinery |
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Countries : |
·
·
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Terms : |
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Selling : |
Cash and Credit (30-60 Days) |
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Purchasing : |
Cash and Credit (30-60 Days) |
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PRODUCTION STATUS AS ON: 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Jewellery |
Nos. |
145400 |
145400 |
231680 |
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GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
Not Divulged |
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Bankers : |
ING Vysya Bank Limited, 103/ 104 A- Wing I Floor, Floral |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
A.K. Murarka and Company Chartered Accountants |
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Address : |
A 104, Hemu Classic, |
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PAN.: |
AADPM3709M |
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Sister Concern: |
Branaghan Corporates |
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Associates : |
·
Sunjewels International Limited ·
Sunjewels India Limited ·
KSN Trading Private Limited ·
NSN Jewellers Private Limited ·
Sadgun Jewellers Private Limited ·
Sunshine Jewellers Limited ·
Niyamit Metalizers Limited ·
Sunshine Renewable Energy Private Limited ·
Sunjewels ·
Sunjewels International Ltd. ·
Branaghan Corporates |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1125700 |
Equity Shares |
Rs.10/- each |
Rs.11.257
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 |
11.257 |
11.257 |
11.257 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
642.553 |
469.213 |
348.724 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
653.810 |
480.470 |
359.981 |
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LOAN FUNDS |
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1] Secured Loans |
56.221 |
16.167 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
56.221 |
16.167 |
0.000 |
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DEFERRED TAX LIABILITIES |
1.189 |
1.292 |
1.085 |
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TOTAL |
711.220 |
497.929 |
361.066 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.697 |
32.108 |
27.134 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
170.201 |
181.495 |
179.359 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
325.396
|
202.205 |
137.335 |
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Sundry Debtors |
259.087
|
213.082 |
115.782 |
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Cash & Bank Balances |
62.661
|
74.997 |
75.712 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
103.747
|
30.507 |
18.498 |
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Total
Current Assets |
750.891
|
520.791 |
347.327 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
109.082
|
110.886 |
65.807 |
|
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Other Current Liabilities |
20.926
|
16.460 |
17.054 |
|
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Provisions |
114.895
|
109.536 |
110.394 |
|
Total
Current Liabilities |
244.903
|
236.882 |
193.255 |
|
|
Net Current Assets |
505.988
|
283.909 |
154.072 |
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MISCELLANEOUS EXPENSES |
0.334 |
0.417 |
0.501 |
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TOTAL |
711.220 |
497.929 |
361.066 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1406.567 |
916.743 |
916.736 |
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Other Income |
23.155 |
33.213 |
10.452 |
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TOTAL (A) |
1429.722 |
949.956 |
927.188 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
859.837 |
564.13 |
|
|
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Manufacturing service costs |
22.847 |
10.693 |
|
|
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Employee related expenses |
119.269 |
80.207 |
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Administrative selling other expenses |
83.091 |
59.659 |
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TOTAL (B) |
1085.044 |
714.695 |
736.414 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
344.678 |
235.261 |
190.774 |
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Less |
FINANCIAL
EXPENSES (D) |
3.470 |
1.794 |
3.242 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
341.208 |
233.467 |
187.532 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.306 |
5.763 |
5.619 |
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PROFIT BEFORE
TAX (E-F) (G) |
334.902 |
227.704 |
181.913 |
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Less |
TAX (I) |
56.897 |
2.202 |
3.055 |
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PROFIT AFTER TAX
(G-I) (J) |
278.005 |
226.197 |
178.858 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
364.502 |
267.013 |
211.737 |
|
|
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|
|
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|
Less |
PRIOR
YEAR ADJUSTMENT |
0.000 |
0.463 |
0.000 |
|
|
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|
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|
Less |
INCOME
TAX AND FBT FOR EARLIER YEARS |
0.000 |
0.232 |
0.221 |
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
127.665 |
23.000 |
18.000 |
|
|
|
Dividend |
|
14.957 |
15.305 |
|
|
|
Tax on Dividend |
|
90.056 |
90.056 |
|
|
BALANCE CARRIED
TO THE B/S |
514.842 |
364.502 |
267.013 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Export Earnings |
1382.683 |
901.504 |
901.161 |
|
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TOTAL EARNINGS |
1382.683 |
901.504 |
901.161 |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
NA |
317.601 |
254.651 |
|
|
|
Capital Goods |
NA |
7.524 |
3.862 |
|
|
TOTAL IMPORTS |
NA |
325.125 |
258.513 |
|
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
246.96 |
200.32 |
158.69 |
|
%2025-Jul-2012_files/image001.gif){kind=small}
%2025-Jul-2012_files/image002.gif){kind=small}
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1420.000 (Increase sales
capacity) |
Expected Sales (2012-2013): Rs.1600.000 Millions
The above information has been parted by Mr. Kaushik – Manager
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
19.44
|
23.81 |
19.29 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
23.81
|
24.84 |
19.84 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
44.60
|
43.72 |
52.38 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.47 |
0.51 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.53 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.07
|
2.20 |
1.80 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Micro, Small and Medium Enterprise and
others |
0.000 |
4.239 |
2.999 |
|
Others |
109.082
|
106.647 |
62.808 |
|
Total |
109.082
|
110.886 |
65.807 |
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
DIAMOND INDUSTRY –
-
From time immemorial,
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
The diamond jewellery industry in
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 20000 millions lent to a dozen diamond firms in
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
REVIEW OF OPERATIONS:
Economic slowdown
in
SUBSIDIARY COMPANY:
The Companys
wholly owned subsidiary,
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U36100MH1997PLC105823 |
|
Name of the
company |
ELEGANZA
JEWELLERY LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No. 102 and
103, SDF - 4, Seepz, Andheri East – 400096, Mumbai, Email: accounts@sunjewels.com |
|
This form is for
|
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90351073 |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge Others Hypothecation of
Stock |
|
Particular of
charge holder |
ING Vysya Bank
Limited, 103/ 104 A- Wing I Floor, Floral Email: roc.charge@gmail.com |
|
Nature of
instrument creating charge |
Supplemental
deed of hypothecation |
|
Date of
instrument Creating the charge |
28.11.2011 |
|
Amount secured
by the charge |
Rs.370.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest PSL/EBRD : IVBR + 2.50% PCFC : IVBR + 2.50% Terms of Repayment PSL/EBRD : Usance period of 120 days PCFC : PCL will be allowed upto a max of 90 days,
beyond which it is considered overdue and PCL shall be liquidated out of
proceeds of export bill discounting / purchase or out Foreign Inward
Remittances (FIR) Margin PSL/EBRD : Nil PCFC : 10% Extent and Operation of the charge PSL/EBRD limit - Rs. 370.000 Millions PCFC (Sub limit of PSL/EBRD - Rs. 250.000 Millions) Exclusive charge on Hypothecation of Documents of Title to Goods i.e
BOL, AWB, BOE, Invoice, Packing List,Certificate of Origin (Coo) etc. and
Hypothecation of Plant and Machinery |
|
Short
particulars of the property or asset(s) charged (including complete address
and location of the property) |
Exclusive charge
on Hypothecation of Documents of Title to Goods i.e BOL, AWB, BOE, Invoice,
Packing List,Certificate of Origin (Coo) etc. Exclusive charge
on Hypothecation of Plant and Machinery |
|
Particulars of
the present modification |
The total limit
has been enhanced from Rs.60.000 Millions to Rs.370.000 Millions as follows: Limit Existing Modified (amount in Millions) PSL/EBRD
60.000 370.000 PCFC (Sublimit
to PSL/EBRD) NIL (250.000) All other terms
and conditions are same. |
Fixed Assets
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computer
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.56.01 |
|
|
1 |
Rs.86.89 |
|
Euro |
1 |
Rs.67.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.