|
Report Date : |
19.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
AVARAN PACKAGING PRIVATE LIMITED (w.e.f. 07.02.1994) |
|
|
|
|
Formerly Known
As : |
ROTO POLYMERS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
2-A Suja Apartments, IC Colony, Near Corporation Bank, Borivali
(West), Mumbai – 400103, |
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|
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.05.1992 |
|
|
|
|
Com. Reg. No.: |
11-066838 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.1.373 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1992PTC066838 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA09127G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Flexible Packing.
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|
|
|
No. of
Employees: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 34000 |
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|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has incurred a loss in the current year. However, trade relations are reported
to be fair. Business is active. Payments are reported to be slow but correct.
The company can be considered for business dealings with some
cautions. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Shan |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-28953159 |
|
Date : |
15.06.2012 |
LOCATIONS
|
Registered Office : |
2-A Suja Apartments, IC Colony, Near Corporation Bank, Borivali
(West), Mumbai – 400103, Maharashtra, India |
|
Tel. No.: |
91-22-28953159 |
|
Fax No.: |
91-22-28915274 |
|
E-Mail : |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mrs. Avantika Stanly Bulsari |
|
Designation : |
Director |
|
Address : |
B/1002, Shantivan, 10th Floor, |
|
Date of Birth/Age : |
15.01.1953 |
|
Date of Appointment : |
19.05.1992 |
|
DIN No.: |
00803857 |
|
|
|
|
Name : |
Mr. Nelson Maganlal Bulsari |
|
Designation : |
Director |
|
Address : |
B/1002, Shantivan, 10th Floor, |
|
Date of Birth/Age : |
05.07.1959 |
|
Date of Appointment : |
19.05.1992 |
|
DIN No.: |
00803721 |
|
|
|
|
Name : |
Mrs. Stanly Maganlal Bulsari |
|
Designation : |
Director |
|
Address : |
B/1002, Shantivan, 10th Floor, |
|
Date of Birth/Age : |
20.12.1951 |
|
Date of Appointment : |
28.09.1994 |
|
DIN No.: |
00803594 |
|
|
|
|
Name : |
Mrs. Sheryl Stanly Bulsari |
|
Designation : |
Additional director |
|
Address : |
B/1002, Shantivan, 10th Floor, |
|
Date of Birth/Age : |
02.04.1984 |
|
Date of Appointment : |
13.02.2012 |
|
DIN No.: |
05198727 |
KEY EXECUTIVES
|
Name : |
Mr. Shan |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nelson M. Bulsari |
|
1010 |
|
Avantika S. Bulsari |
|
1000 |
|
Stanley M. Bulsari |
|
1277 |
|
Sheryl Bulsari |
|
1400 |
|
Cybil Bulsari |
|
350 |
|
Shirtey Bulsari |
|
900 |
|
Maganlal Bulsari |
|
1420 |
|
Roto Convertors (Limited), India |
|
220 |
|
Manju Gupta |
|
10 |
|
Uma Agarwal |
|
10 |
|
N. K. Ramarao |
|
10 |
|
Veeshaka Bulsari |
|
1450 |
|
Navil Bulsari |
|
1360 |
|
Melvin Bulsari |
|
1020 |
|
Trueman Corporate Services Private Limited, India |
|
750 |
|
Roto Polymers Limited, India |
|
1000 |
|
Kalpesh Parmar |
|
540 |
|
|
|
|
|
Total |
|
13727 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
14.35 |
|
Directors or relatives of directors |
|
85.43 |
|
Other top fifty shareholders |
|
0.22 |
|
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible Packing.
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
·
Citizencredit Co-operative Bank Limited, Borivali
Branch, Rosario Apartments, I.C Colony Road, Borivali (West), Mumbai - 400103,
Maharashtra, India ·
ICICI
Bank ·
HDFC
Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Gupta Shyam and Company Chartered Accountants |
|
Address : |
11 Sukhsagar CHS Limited, Ground Floor, Akurli Road No. 1, Kandivali
East, Mumbai – 400101, Maharashtra, India |
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Tel. No.: |
91-22-28870869 |
|
Fax No.: |
91-22-28870869 |
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E-Mail : |
|
|
PAN No.: |
ACGPG0782P |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13727 |
Equity Shares |
Rs.100/- each |
Rs.1.373
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 |
1.373 |
1.373 |
1.373 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.323 |
8.852 |
8.348 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.696 |
10.225 |
9.721 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
107.023 |
79.633 |
50.539 |
|
|
2] Unsecured Loans |
2.450 |
3.227 |
2.813 |
|
|
TOTAL BORROWING |
109.473 |
82.860 |
53.352 |
|
|
DEFERRED TAX LIABILITIES |
3.794 |
1.631 |
1.632 |
|
|
|
|
|
|
|
|
TOTAL |
121.963 |
94.716 |
64.705 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
50.165 |
43.551 |
19.767 |
|
|
Capital work-in-progress |
3.790 |
7.313 |
17.827 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.041
|
10.823 |
1.874 |
|
|
Sundry Debtors |
90.954
|
58.003 |
18.217 |
|
|
Cash & Bank Balances |
6.736
|
3.187 |
1.344 |
|
|
Other Current Assets |
1.266
|
1.154 |
1.635 |
|
|
Loans & Advances |
13.909
|
9.711 |
9.046 |
|
Total
Current Assets |
131.906
|
82.878 |
32.116 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
42.005
|
38.221 |
5.510 |
|
|
Other Current Liabilities |
21.360
|
0.373 |
0.050 |
|
|
Provisions |
0.533
|
0.432 |
0.437 |
|
Total
Current Liabilities |
63.898
|
39.026 |
5.997 |
|
|
Net Current Assets |
68.008
|
43.852 |
26.119 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.992 |
|
|
|
|
|
|
|
|
TOTAL |
121.963 |
94.716 |
64.705 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Operational Income |
230.478 |
98.162 |
40.514 |
|
|
|
Profit on sale of depreciable assets |
0.000 |
0.047 |
0.497 |
|
|
|
TOTAL (A) |
230.478 |
98.209 |
41.011 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
44.845 |
31.269 |
20.440 |
|
|
|
Manufacturing other Expenses |
16.958 |
7.606 |
4.568 |
|
|
|
Purchases-trading |
156.118 |
54.951 |
8.815 |
|
|
|
Administrative and other Expenses |
7.070 |
5.099 |
2.749 |
|
|
|
Increase (Decrease) In Stock |
(5.606) |
(6.644) |
1.202 |
|
|
|
TOTAL (B) |
219.385 |
92.281 |
37.774 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.093 |
5.928 |
3.237 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.906 |
4.129 |
1.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.187 |
1.799 |
1.335 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.292 |
1.138 |
0.319 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.895 |
0.661 |
1.016 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.573) |
0.099 |
0.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1.468) |
0.562 |
0.478 |
|
|
|
|
|
|
|
|
|
|
SHORT/EXCESS
PROVISION OF LAST YEAR |
0.003 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.073 |
6.511 |
6.033 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.602 |
7.073 |
6.511 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(106.94) |
40.94 |
34.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.64)
|
0.57 |
1.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.39
|
0.68 |
2.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.49
|
0.52 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.06 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
19.94
|
11.92 |
6.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.12 |
5.36 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
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 |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
OPERATIONS:
The Company has achieved revenue receipts of Rs. 230.478 Millions in compare to last year of Rs.98.162 Millions and successfully started commercial production on the imported lamination machine which has improved both production and quality of various products of the company. The directors are hopeful to deliver more better growth and earning in the next financial year.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U25209MH1992PTC066838 |
|
Name of the
company |
AVARAN PACKAGING
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
2-A Suja Apartments, IC Colony, Near Corporation Bank, Borivali (West),
Mumbai – 400103, Maharashtra, India E-mail: rotopolymersindia@yahoo.com
|
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10091262 |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Citizencredit Co-operative Bank Limited, Borivali Branch, Rosario
Apartments, I.C Colony Road, Borivali (West), Mumbai - 400103, Maharashtra,
India E-mail: glen.office@gmail.com
|
|
Nature of
instrument creating charge |
Supplemental
agreement of hypothecation cum loan agreement (Stock and Book Debts) |
|
Date of
instrument Creating the charge |
2.03.2011 |
|
Amount secured by
the charge |
Rs133.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 11%
p.a (payable monthly), (Bank's PLR, subject to changes as per Bank's
discretion) on Overdraft Terms of
Repayment To repay
additional Overdraft of Rs.35.000 Millions (enhanced from Rs.35.000 Millions
to Rs.70.000 Millions on demand, facility to be made available for a period
of 12 months, subject to review thereafter and additional LC limit of
Rs.33.000 Millions (enhanced from Rs.30.000 Millions to Rs.63.000 Millions),
facility to be made available for a period of 12 months, subject to review
thereafter. Margin Margin is 25% of
paid stocks and 40% of debtors less than 120 days. Extent and
Operation of the charge Repayment of
additional Overdraft of Rs.35.000 Millions (enhanced from Rs.35.000 Millions
to Rs.70.000 Millions on demand, facility to be made available for a period
of 12 months, subject to review thereafter and additional LC limit of
Rs.33.000 Millions (enhanced from Rs.30.000 Millions to Rs.63.000 Millions),
facility to be made available for a period of 12 months, subject to review
thereafter. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All stocks, raw
materials, present and future. All book debts,
outstandings moneys receivables, claims, bills which are now due and owing or
which may any time hereafter become due and owing to the borrower present and
future. |
|
Date of
instrument modifying the charge |
18.02.2010 |
|
Particulars of
the present modification |
Repayment of
additional Overdraft of Rs.35.000 Millions (enhanced from Rs.35.000 Millions to
Rs.70.000 Millions on demand, additional LC limit of Rs.33.000 Millions
(enhanced from Rs.30.000 Millions to Rs.63.000 Millions),the total
outstanding amounts to Rs.133.000 Millions |
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.55.60 |
|
|
1 |
Rs.87.34 |
|
Euro |
1 |
Rs.70.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
30 |
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.