|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KALYANI THERMAL SYSTEMS LIMITED |
|
|
|
|
Formerly Known
As : |
PUNE FURNAGES AND EQUIPMENTS COMPANY LIMITED |
|
|
|
|
Registered
Office : |
72-76, Behind Siporex Mundhawa, Pune – 411036, Maharashtra |
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
01.02.1979 |
|
|
|
|
Com. Reg. No.: |
11-020973 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 49.799 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29141MH1979PLC020973 |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
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|
|
Line of Business
: |
Subject is engaged in the business of manufacturer of steel forgings,
supply, erection and commissioning of special purpose furnaces on turn-key
basis and general engineering. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2200000 |
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|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct 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 DECLINED BY
|
Name : |
Mr. Jayant Patil |
|
Designation : |
Accounts Manger |
|
Contact No.: |
91-20-66215255 |
|
Date : |
28.02.2012 |
LOCATIONS
|
Registered Office / Plant 1 : |
72-76, Behind Siporex Mundhawa, Pune – 411036, Maharashtra, India |
|
Tel. No.: |
91-20-66441000/ 66215000 |
|
Fax No.: |
91-20-66441009 / 66441034 |
|
Website : |
|
|
|
|
|
Admin Office : |
Corporate Building, Kalyani Carpenter Steel Limited, Mundhwa,
Pune-411036, Maharashtra, India |
|
|
|
|
Plant 2 : |
P No. E. 84, MIDC Ranjangaon Industrial Estate, Village Karegaon,
District Shirur, Pune – 412220, Maharashtra, India |
|
Tel. No.: |
91-2138-674000 |
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Fax No.: |
91-2138-674001 |
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|
|
|
Plant 3: |
Manesar Plant Plot No.103, Sector 8, IMT, Manesar, Gurgaon
– 122001, MIDC, Haryana, India |
|
Tel. No.: |
91-124-4679500 |
|
Fax no.: |
91-124-4679518 |
|
e-mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Charuchandra Ganesh Patankar |
|
Designation : |
Director |
|
Address : |
Sindh Coop Housing Society, |
|
Date of Birth/Age : |
06.06.1956 |
|
Date of Appointment : |
07.12.1992 |
|
DIN No.: |
07.12.1992 |
|
|
|
|
Name : |
Mrs. Sunita B. Kalyani |
|
Designation : |
Whole Time Director |
|
Address : |
221, Amit Kalyani Nagar, Pune – 411006, |
|
Date of Birth/Age : |
18.04.1951 |
|
Date of Appointment : |
01.04.1993 |
|
DIN No.: |
00089496 |
|
|
|
|
Name : |
Mr. Shriniwas Balwant Kanade |
|
Designation : |
Additional Director |
|
Address : |
20, Nityanand Housing Society, Dhankawdi, Pune-411043, Maharashtra,
India |
|
Date of Birth/Age : |
04.03.1953 |
|
Date of Appointment : |
28.02.2011 |
|
DIN No.: |
00089063 |
|
|
|
|
Name : |
Mr. Shivkumar Jayabasappa Tatti |
|
Designation : |
Director |
|
Address : |
G-11, |
|
Date of Birth/Age : |
15.07.1946 |
|
Date of Appointment : |
10.03.2003 |
|
DIN No.: |
02421231 |
|
|
|
|
Name : |
Mr. Karamveersing S Ajmani |
|
Designation : |
Director |
|
Address : |
Flat No.106, Sonata |
|
Date of Birth/Age : |
16.10.1950 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
02427523 |
|
|
|
|
Name : |
Mr. Satish Sekhri |
|
Designation : |
Additional Director |
|
Address : |
R 6, Sacred Heart Town, Wanwari, Pune-411040, Maharashtra, India |
|
Date of Birth/Age : |
28.03.1950 |
|
Date of Appointment : |
11.04.2011 |
|
DIN No.: |
00211478 |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Patil |
|
Designation : |
Accounts Manger |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Peach Blossom Investment Private Limited, India |
947159 |
|
Hibiscus Investment and Finance Limited, India |
931507 |
|
Yokoha Investment Private Limited, India |
934206 |
|
Rosario Investment Private Limited, India |
929586 |
|
S. B. Kalyani |
103200 |
|
A. B. Kalyani |
10200 |
|
B.N. Kalyani |
3200 |
|
Ashokkumar Kheny |
2000 |
|
Sadguru Investment and trading company, India |
475000 |
|
Sundaram trading and investment Private Limited, India |
641666 |
|
Total
|
4977724 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
97.63 |
|
Directors or relatives of Directors |
2.37 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturer of steel forgings, supply,
erection and commissioning of special purpose furnaces on turn-key basis and
general engineering. |
||||||||
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|
|
||||||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
|
|
|
|
Forgings |
MTS |
17534.37 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda, Corporate Financial Services
Branch, Mantri Court Ambedkar Road, Pune – 411001, Maharashtra, India ·
Citi Bank N A, 2413, Kumar Capital, East Street,
Pune-411001, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S. B. Sabne Chartered Accountants |
|
Address : |
1, Vasant Apartment, Off |
|
Tel. No.: |
91-20-25435388 / 25423302 |
|
E-Mail : |
|
|
|
|
|
Joint Ventures : |
Hirschvogel Kalyani India Private Limtied |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4982124 |
Equity Shares |
Rs.10/- each |
Rs. 49.821
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4977724 |
Equity Shares |
Rs.10/- each |
Rs. 49.777
Millions |
|
|
Forfeited Shares |
|
Rs. 0.022
Million |
|
|
Total |
|
Rs. 49.799 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 |
49.799 |
49.799 |
49.798 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
513.029 |
480.676 |
418.878 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
562.828 |
530.475 |
468.678 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1036.755 |
1297.240 |
1099.630 |
|
|
2] Unsecured Loans |
205.601 |
91.380 |
61.123 |
|
|
TOTAL BORROWING |
1242.356 |
1388.620 |
1160.753 |
|
|
DEFERRED TAX LIABILITIES |
91.798 |
57.133 |
37.620 |
|
|
|
|
|
|
|
|
TOTAL |
1896.982 |
1976.228 |
1667.051 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1377.287 |
1316.034 |
872.920 |
|
|
Capital work-in-progress |
0.025 |
125.023 |
503.361 |
|
|
|
|
|
|
|
|
INVESTMENT |
117.877 |
5.486 |
5.252 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
505.691
|
417.930 |
255.682
|
|
|
Sundry Debtors |
459.961
|
316.457 |
326.400
|
|
|
Cash & Bank Balances |
15.630
|
57.748 |
4.956
|
|
|
Other Current Assets |
34.535
|
18.162 |
16.995
|
|
|
Loans & Advances |
242.232
|
277.874 |
176.128
|
|
Total
Current Assets |
1258.049
|
1088.171 |
780.161 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
731.681
|
425.789 |
418.674
|
|
|
Other Current Liabilities |
63.427
|
67.731 |
70.954
|
|
|
Provisions |
61.148
|
64.966 |
5.015
|
|
Total
Current Liabilities |
856.256
|
558.486 |
494.643 |
|
|
Net Current Assets |
401.793
|
529.685 |
285.518
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1896.982 |
1976.228 |
1667.051 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2871.329 |
1999.347 |
1437.409 |
|
|
|
Other Income |
54.409 |
26.835 |
19.571 |
|
|
|
TOTAL (A) |
2925.738 |
2026.182 |
1456.980 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1632.933 |
1099.429 |
0.000 |
|
|
|
Material Consumed and Manufacturing Expenses |
531.962 |
308.087 |
1035.747 |
|
|
|
Employee’s Related Cost |
201.257 |
149.610 |
126.395 |
|
|
|
Administrative, Selling and Other Expenses |
191.276 |
115.216 |
74.148 |
|
|
|
Exceptional Income Expenses |
(1.178) |
(0.095) |
0.000 |
|
|
|
TOTAL (B) |
2556.250 |
1672.247 |
1236.290 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
369.488 |
353.935 |
220.690 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
141.603 |
128.370 |
76.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
227.885 |
225.565 |
144.583 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
158.041 |
123.217 |
65.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
69.844 |
102.348 |
79.008 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.491 |
40.551 |
23.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
32.353 |
61.797 |
55.037 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
260.613 |
198.816 |
143.779 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
292.966 |
260.613 |
198.816 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
516.583 |
599.218 |
527.574 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.50 |
12.41 |
12.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.11
|
3.05 |
3.77
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.43
|
5.12 |
5.49
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.65
|
4.26 |
4.77
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.19 |
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.89
|
3.78 |
3.53
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.95 |
1.57
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due others |
731.681
|
425.789 |
418.674 |
|
Total |
731.681
|
425.789 |
418.674 |
COMPANY OVERVIEW
Subject is engaged
in the business of manufacture of steel forgings, supply, erection and commissioning
of special purpose furnaces on turn-key basis and general engineering.
BUSINESS ACTIVITIES
The year gone by
witnessed heavy pressures on the margins. Profitability was affected especially
because of some escalations in maintenance costs and administrative and selling
costs. As a result the company’s profits decreased to Rs. 32.35 millions as
against a profit of Rs. 61.80 millions in the previous year. The Board of
Directors has already undertaken steps for cost control. Implementation of SAP
is one of the many measures identified by the Management. The Directors are
confident that the Company would bounce back from this position and would be
able to improve its profitability in the years to come.
FORM 8
|
Corporate identity
number of the company |
U29141MH1979PLC020973 |
|
Name of the
company |
KALYANI THERMAL
SYSTEMS LIMITED |
|
Address of the
registered office or of the principal place of business in |
72-76, Mundhawabehind
Siporex, Pune – 411036, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Bank of Baroda, Corporate Financial Services Branch, Mantri Court
Ambedkar Road, Pune – 411001, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
composite agreement of hypothecation of goods, book debts, movables machinery
and vehicles Dated10.10.2011 |
|
Date of instrument
Creating the charge |
10.10.2011 |
|
Amount secured by
the charge |
Rs. 1795.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per agreement
and sanction letter Terms of repayment As per agreement
and sanction letter Margin As per agreement
and sanction letter Extent and operation of the charge The revised and
restructure limits are as follows: fund base: TL IV: 50.000
Millions. TL V: 150.000
Millions. TL VII: 375.000
Millions. TL VIII: 300.000
Millions. TL IX: 120.000
Millions. line of credit:
750.000 Millions. sub limit for a)
CC
(hypothecation of stock and book debts): (350.000 Millions.) b)
Bill
discounting/ Drawee Bill Discounting (group companies and others): (50.000
Millions.) c) Inland/Import
DA LC (usance 90 days for inland LC/ up to 120 days for import LC) for
purchase of raw material: (400.000 Millions) Other Non fund based
limit: inland bank
guarantee (per for /financial): 50.000 Millions. Total: 1795.000
millions The charge
operate as a security for the said limit thereby crating further charge |
|
Short particulars
of the property charged (Including location of the property) |
All the
borrower’s stock of raw materials, stock in process, finish goods, consumable
spares and packing materials, all the book debts All the book
debts now owing to borrower and owing to borrower at any time in the course
of business All the movable
machinery of the borrower including all stores and spare parts, both present
and future belonging to the borrower being and lying in the borrower’s
premises or godowns of or rented by The borrower or
otherwise used in connection with the business of the borrower and all the
vehicles and also as stated in the agreement |
|
Charge
identification number of the charge to be modified |
80010652 |
|
Date of
instrument modifying the charge |
01.08.2011 |
|
Particulars of
the present modification |
By current
modification the revised and restructure limits are as follows: FUND BASE: Sub Total of Term
loans: 995.000 Millions. Line of credit:
750.000 Millions. Sub Total for
working capital (fund base): 1745.000 Millions. NON FUND BASED
LIMITS: Sub Total for Non
Fund base: 50.000 Millions. Total: 1795.000
Millions. All other terms
and conditions remains the same. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
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. 49.35 |
|
|
1 |
Rs. 78.68 |
|
Euro |
1 |
Rs. 65.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.