|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
CONTOUR AUTOMOTIVE PRODUCTS LIMITED |
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|
Registered
Office : |
# 651, Top Floor, Sector 8-B, Chandigarh – 160009 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.02.1990 |
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Com. Reg. No.: |
53-010133 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300CH1990PLC010133 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLC10181D |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Iron Casting. |
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No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 75000 |
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|
|
Status : |
Satisfactory |
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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 PARTED BY
|
Name : |
Mr. Girish Kapoor |
|
Designation : |
Director |
|
Contact No.: |
91-9216197658 |
|
Date : |
03.03.2012 |
LOCATIONS
|
Registered Office : |
# 651, Top Floor, Sector 8-B, Chandigarh – 160009, India |
|
Tel. No.: |
91-172-4644288 |
|
Mobile No.: |
91-9216197658 (Mr. Girish Kapoor) |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Location : |
Rented |
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|
Factory : |
Mubarak Pur Road, Near Dera Bassi Toll, Dera Bassi – 140507, Punjab,
India |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mrs. Sheetal Seth |
|
Designation : |
Director |
|
Address : |
H.No.66, Sector-12, Panchkula, Haryana, India |
|
Date of Appointment : |
24.08.1994 |
|
DIN No.: |
01326983 |
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|
|
|
Name : |
Mr. Anil Seth |
|
Designation : |
Director |
|
Address : |
H.No.66, Sector-12, Panchkula, Haryana, India |
|
Date of Appointment : |
27.02.1990 |
|
DIN No.: |
01481386 |
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|
|
|
Name : |
Mr. Girish Kapoor |
|
Designation : |
Director |
|
Address : |
#1439, Sector-4, Panchkula, Haryana, India |
|
Date of Appointment : |
27.02.1990 |
|
DIN No.: |
02674648 |
|
|
|
|
Name : |
Mr. Ramesh Kumar Seth |
|
Designation : |
Director |
|
Address : |
H.No.66, Sector-12, Panchkula, Haryana, India |
|
Date of Appointment : |
08.01.2010 |
|
DIN No.: |
02679087 |
|
|
|
|
Name : |
Mr. Ashish Seth |
|
Designation : |
Director |
|
Address : |
H.No.65, Sector-12, Panchkula, Haryana, India |
|
Date of Appointment : |
27.06.2011 |
|
DIN No.: |
03392509 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Anil Seth |
|
20000 |
|
Girish Kapoor |
|
15000 |
|
Sheetal Seth |
|
2700 |
|
R.K. Seth |
|
8925 |
|
R. K. Seth And Sons (HUF) |
|
3375 |
|
Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Iron Casting. |
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Terms : |
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Selling : |
Cash/ Credit |
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|
|
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Purchasing : |
Cash/ Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
|
|
|
Licensed Capacity |
|
N.A |
|
Installed Capacity# |
|
3600MT |
|
Actual Production |
|
3319.362 MT |
# As certified by the Management and relied on
by the Auditors
GENERAL INFORMATION
|
Customers : |
·
End Users ·
OEM’s ·
Manufacturing Company |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
·
Punjab and Sind Bank, Industrial Area, Phase- 1,
Chandigarh – 160001, India ·
HDFC Car Loan ·
ABN Amro Bank Limited ·
Kotak Mahindra Bank Limited ·
ICICI Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
Financial Institute : |
·
Kotak Mahindra Prime
Limited ·
Reliance Capital
Limited ·
Seed Capital from PSIDC
Limited ·
M and M Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain Suresh and Company Chartered Accountants |
|
Address : |
1057, Sector 4, Panchkula – 134109, Haryana, India |
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PAN.: |
AATPJ3376R |
|
|
|
|
Sister Concerns : |
Contours C and S Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.100/- each |
Rs.6.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/-
each |
Rs.5.000
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 |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.752 |
11.557 |
9.817 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
18.752 |
16.557 |
14.817 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
33.931 |
32.596 |
36.226 |
|
|
2] Unsecured Loans |
1.814 |
3.801 |
0.951 |
|
|
TOTAL BORROWING |
35.745 |
36.397 |
37.177 |
|
|
DEFERRED TAX LIABILITIES |
4.310 |
4.310 |
4.310 |
|
|
DEFERRED CREDITORS |
9.391 |
9.803 |
5.922 |
|
|
|
|
|
|
|
|
TOTAL |
68.198 |
67.067 |
62.226 |
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|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
57.195 |
48.988 |
46.919 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.550
|
5.958 |
6.703 |
|
|
Sundry Debtors |
16.324
|
23.384 |
30.596 |
|
|
Cash & Bank Balances |
0.491
|
0.353 |
0.194 |
|
|
Other Current Assets |
3.637
|
6.038 |
3.315 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
28.002
|
35.733 |
40.808 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.393
|
5.789 |
11.325 |
|
|
Other Current Liabilities |
7.606
|
11.865 |
14.176 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
16.999
|
17.654 |
25.501 |
|
|
Net Current Assets |
11.003
|
18.079 |
15.307 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
68.198 |
67.067 |
62.226 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
160.700 |
115.130 |
95.449 |
|
|
|
Previous Year Adjustment (Excise duty) |
0.160 |
0.235 |
0.524 |
|
|
|
Miscellaneous Income |
0.080 |
0.012 |
0.008 |
|
|
|
Cessation of Liability |
0.000 |
0.274 |
0.000 |
|
|
|
TOTAL (A) |
160.940 |
115.651 |
95.981 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
(2.574) |
2.304 |
1.063 |
|
|
|
Raw Materials, Additives and Stores Consumed |
94.924 |
64.257 |
57.701 |
|
|
|
Manufacturing Expenses |
44.657 |
34.069 |
25.618 |
|
|
|
Administrative Expenses |
3.787 |
2.893 |
3.079 |
|
|
|
Selling and Distribution Expenses |
2.507 |
3.379 |
1.063 |
|
|
|
TOTAL (B) |
143.301 |
106.902 |
88.524 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.639 |
8.749 |
7.457 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.390 |
5.421 |
6.182 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.249 |
3.328 |
1.275 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.793 |
1.589 |
1.504 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
2.456 |
1.739 |
(0.229) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
2.456 |
1.739 |
(0.229) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
49.12 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.53
|
1.50 |
0.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.53
|
1.51 |
0.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.88
|
2.05 |
0.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.11 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.81
|
3.26 |
4.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
2.02 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Trade Creditors |
4.279 |
3.186 |
7.125 |
|
Other Creditors including for capital goods |
5.114 |
2.603 |
4.200 |
|
Total |
9.393 |
5.789 |
11.325 |
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U34300CH1990PLC010133 |
|
Name of the
company |
CONTOUR
AUTOMOTIVE PRODUCTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
# 651, Top Floor,
Sector 8-B, Chandigarh – 160009, India Email : vickyvishal@rediffmail.com |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10048612 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Punjab and Sind Bank, Branch Office, Industrial Area, Phase- 1, Chandigarh
– 160001, India Email : vickyvishal@rediffmail.com |
|
Nature of
instrument creating charge |
Sanction Letter Agreement For
Hypothecation of Debts and Assets |
|
Date of
instrument Creating the charge |
27.07.2011 |
|
Amount secured by
the charge |
Rs.40.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BR+4.05 at present
in terms of IDC 1628 dt.01.07.2010 and subject to change in terms of
circulars issued by HO thereafter from time to time Terms of
repayment On Demand Margin 50% Extent and
operation of the charge 100% |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Primary Security:
ODP Limit:- i) EM of House No. 65, Sector-12, Panchkula in the name of Sh.
Anil Seth valued Rs. 34.200 Millions as per valuation dated 02.09.2010. ii)
EM of land measuring Kh/Kh No. 351/1/51 new no. 425/617, Khasra No.
79/23(5-6), 24/1/1(1-10),24/2/1(4-10)kite3, tadadi 11K6M and building constructed thereon, situated at Village
Bhankerpur, Teh Derabassi, District Mohali in the name of the Company valued 76.000 Millions and Rs. 69.700
Millions by Bm/actt. TL-I-P and M valued 0.100 Million, TL-II, M and Shed
valued 7.981 Millions, TL-III M and Shed Vauled 7.475 Millions Additional
Security: i) Residual value of factory land mesuring lh/lh no.350/1/510, new
no. 425/617, khasra no. 79/23(5-6),24/1/1(1-10),24/2/1(4-10),kite3, tadadi
11, kanal 6, marla and building constructed theron, situated at Village
Bhankerpur, Teh Derabassi, District Mohali in the name of the Company dated
6.6.2011 and Rs. 69.700 Millions by Bm/actt. and ii) Residential House no.
65, Sec-12, Pkl in the name of Anil Seth valued at Rs. 34.200 Millions as per
valuation dated 02.09.2010. |
|
Particulars of
the present modification |
ODP Limit has
been enhanced from Rs. 9.000 Millions to Rs. 40.000 Millions |
TRADE REFERENCES
·
Mahindra and Mahindra
·
International Tractor
FIXED ASSETS
·
Land
·
Land Development
·
Building
·
Sand Plant
·
Plant & Machinery
·
Tubewell
·
Electrical Installation and Power distribution
System
·
Furniture and Fixture
·
Laboratory Equipment
·
Pollution Control Equipment
·
Miscellaneous Fixed Assets
·
Genset
·
Computers and Printers
·
Other Vehicles
·
Motor Cars
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.65.63 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.