1. Summary Information
|
|
|
Country |
|
|
Company Name |
RAJKAMAL
ELECTRONICS PRIVATE LIMITED |
Principal Name 1 |
Mr. Kamlesh H. Shah |
|
Status |
Moderate |
Principal Name 2 |
Mr. Rajesh H. Shah |
|
|
|
Registration # |
01-013880 |
|
Street Address |
1-1-188/13, |
||
|
Established Date |
20.02.1992 |
SIC Code |
-- |
|
Telephone# |
91-40-23445353 |
Business Style 1 |
Trading |
|
Fax # |
91-40-23445356 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
Electronic Goods |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.25,792,000/- |
Product Name 3 |
-- |
|
Shareholders |
DIRECTORS OR RELATIVES OF DIRECTORS – 100% |
Banking |
Centurion Bank of Punjab Limited |
|
Public Limited Corp. |
NO |
Business Period |
20 Years |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
--
|
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
46,469,000
|
Current Liabilities |
50,987,000
|
|
Inventories |
114,968,000
|
Long-term Liabilities |
98,881,000 |
|
Fixed Assets |
36,540,000 |
Other Liabilities |
--
|
|
Deferred Assets |
-- |
Total Liabilities |
149.868,000 |
|
Invest& other Assets |
-- |
Retained Earnings |
14,884,000 |
|
|
|
Net Worth |
48,109,000 |
|
Total Assets |
197,977,000 |
Total Liab. & Equity |
197,977,000 |
|
Total Assets (Previous Year) |
205,140,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
511,646,000 |
Net Profit |
1,756,000 |
|
Sales(Previous yr) |
482,599,000 |
Net Profit(Prev.yr) |
2,197,000 |
|
Report Date : |
28.03.2012 |
|
|
|
|
Tel. No.: |
91-40-23445353 |
|
Fax No.: |
91-40-23445356 |
IDENTIFICATION DETAILS
|
Name : |
RAJKAMAL ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1-1-188/13, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.02.1992 |
|
|
|
|
Com. Reg. No.: |
01-013880 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.25.792 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29309AP1992PTC013880 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDR01053D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading in Electronic Goods. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 190000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record.
Profitability of the company appears to be low. However, trade relations are reported
as 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
1-1-188/13, |
|
Tel. No.: |
91-40-23445353 /
54 / 33 / 44 |
|
Fax No.: |
91-40-23445356 |
|
E-Mail : |
|
|
Location : |
Rented |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Kamalesh Himmalal Shah |
|||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||
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Address : |
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|||||||||||||||||||||||||||
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Date of Birth/Age : |
04.09.1957 |
|||||||||||||||||||||||||||
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Date of Appointment : |
20.02.1992 |
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DIN No.: |
01286411 |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
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Name : |
Mr. Rajesh Himatlal Shah |
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|
Designation : |
Director |
|||||||||||||||||||||||||||
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Address : |
|
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.08.1958 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
20.02.1992 |
|||||||||||||||||||||||||||
|
DIN No.: |
02556875 |
|||||||||||||||||||||||||||
|
Other
Directorship
|
||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh H. Shah |
|
33938 |
|
Kamalesh H. Shah |
|
42729 |
|
Parabhavathi H. Shah |
|
6620 |
|
Komal K. Shah |
|
9714 |
|
Pooja R. Shah |
|
3933 |
|
N1mita R. Shah |
|
13450 |
|
Veeral K. Shah |
|
3720 |
|
Mithil K. Shah |
|
24198 |
|
Prerna R. Shah |
|
1198 |
|
Hc Shah and Sons HUF |
|
17000 |
|
Kamalesh H. Shah HUF |
|
13770 |
|
Rajesh H. Shah Huf |
|
20200 |
|
CV Mehtha |
|
800 |
|
Gourav C. Shah |
|
750 |
|
Mayuri C. Shah |
|
450 |
|
Chintan Mehta |
|
1150 |
|
Harshil Mehta |
|
2950 |
|
Anish P. Chedda |
|
4100 |
|
Ketki. K Desai |
|
2900 |
|
|
|
2250 |
|
Rajmal Raghuchandra |
|
2750 |
|
Praful Kamdar, and Others |
|
11000 |
|
Popatlal Chedda and Others |
|
10250 |
|
Manual Vora |
|
3650 |
|
Dirgesh R. Shah and Heena D. Shah |
|
5800 |
|
Hasmukh Bhai Vora and Munnavora |
|
8300 |
|
Vrajlal R. Patel and Party |
|
10350 |
|
Total |
|
257920 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Electronic Goods. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|||||||||||||||
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Bankers : |
Centurion Bank of Punjab Limited, |
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|
|||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
3i Infotech Trusteeship Services Limited , 3rd to 6th
Floor, International Infotech Park, Tower No. 5, Vashi Railway Station
Complex, Vashi, Navi Mumbai-400703, Maharashtra, India. |
|
|
|
|
Auditors : |
|
|
Name : |
Venkataram and Company Chartered Accountants |
|
Address : |
1-10-63/16, |
|
Tel. No.: |
91-40-27762235 |
|
PAN.: |
AAUPN9039L |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
540000 |
Equity Shares |
Rs.100/- each |
Rs.54.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
209770 |
Equity Shares |
Rs.100/-
each |
Rs.20.977
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
540000 |
Equity Shares |
Rs.100/- each |
Rs.54.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
257920 |
Equity Shares |
Rs.100/-
each |
Rs.25.792
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 |
25.792 |
20.977 |
16.192 |
|
|
2] Share Application Money |
7.433 |
8.308 |
5.120 |
|
|
3] Reserves & Surplus |
14.884 |
13.128 |
10.931 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
48.109 |
42.413 |
32.243 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98.881 |
112.118 |
126.084 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
98.881 |
112.118 |
126.084 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
146.990 |
154.531 |
158.327 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
36.540 |
40.769 |
48.854 |
|
|
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 |
114.968
|
122.226 |
105.308
|
|
|
Sundry Debtors |
35.948
|
31.455 |
37.663
|
|
|
Cash & Bank Balances |
2.637
|
1.601 |
9.698
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
7.884
|
8.910 |
16.663
|
|
Total
Current Assets |
161.437
|
164.192 |
169.332 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.332
|
49.765 |
57.356 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000
|
|
|
Provisions |
0.655
|
0.844 |
2.682
|
|
Total
Current Liabilities |
50.987
|
50.609 |
60.038 |
|
|
Net Current Assets |
110.450
|
113.583 |
109.294
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.179 |
0.179 |
|
|
|
|
|
|
|
|
TOTAL |
146.990 |
154.531 |
158.327 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
511.464 |
482.599 |
601.619 |
|
|
|
Other Income |
1.778 |
2.730 |
3.080 |
|
|
|
TOTAL (A) |
513.242 |
485.329 |
604.699 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Advertisement |
2.893 |
3.099 |
8.508 |
|
|
|
Audit Fees |
0.020 |
0.019 |
0.015 |
|
|
|
Business Promotion |
0.253 |
0.092 |
0.099 |
|
|
|
Conveyance |
0.159 |
0.000 |
0.000 |
|
|
|
Commission and Brokerage |
0.002 |
0.200 |
0.225 |
|
|
|
Cost of Goods Sold |
461.821 |
419.872 |
525.594 |
|
|
|
House Keeping Charges |
0.000 |
0.155 |
0.347 |
|
|
|
Insurance |
0.543 |
0.768 |
0.643 |
|
|
|
Legal and Prof Charges |
0.031 |
0.010 |
0.053 |
|
|
|
Director's Remunerations |
0.756 |
2.160 |
3.439 |
|
|
|
Marketing Expenses |
0.720 |
1.800 |
1.800 |
|
|
|
Media Advertisement |
0.004 |
0.000 |
0.854 |
|
|
|
Misc. Expenses |
0.045 |
0.076 |
0.246 |
|
|
|
Newspapers and Periodicals |
0.192 |
0.060 |
0.062 |
|
|
|
Power and Fuel |
1.889 |
2.187 |
2.666 |
|
|
|
Postage and Telegrams |
0.161 |
0.169 |
0.213 |
|
|
|
Printing and Stationary |
0.582 |
0.974 |
1.241 |
|
|
|
Repairs and Maintenance |
0.180 |
0.478 |
0.514 |
|
|
|
Rent |
10.663 |
13.932 |
13.871 |
|
|
|
Rates and Taxes |
0.504 |
0.540 |
1.222 |
|
|
|
Salaries and Benefits |
5.882 |
10.672 |
10.585 |
|
|
|
Security Charges |
0.533 |
0.917 |
1.193 |
|
|
|
Shop and Showroom Expense |
1.166 |
1.127 |
1.019 |
|
|
|
Staff Lunch and Beverages |
0.198 |
0.315 |
0.293 |
|
|
|
Tele Marketing Expenses |
0.619 |
0.698 |
1.101 |
|
|
|
Telephone Charges and Internet |
0.437 |
0.125 |
0.066 |
|
|
|
Traveling Expenses |
0.026 |
0.002 |
0.057 |
|
|
|
Vehicle Maintaince |
0.076 |
0.087 |
0.044 |
|
|
|
Loss on |
0.000 |
0.003 |
0.000 |
|
|
|
TOTAL (B) |
490.355 |
460.537 |
575.970 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.887 |
24.792 |
28.729 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.352 |
17.304 |
19.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.535 |
7.488 |
9.694 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.229 |
4.541 |
5.124 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.306 |
2.974 |
4.570 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.550 |
0.750 |
1.122 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.756 |
2.197 |
3.448 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.756 |
2.197 |
3.448 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.81 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.34
|
0.45 |
0.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.45
|
0.62 |
0.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.16
|
1.45 |
2.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.07 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
3.84 |
5.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.17
|
3.24 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29309AP1992PTC013880 |
|
Name of the company
|
RAJKAMAL
ELECTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1-1-188/13, Chhikkadpally, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
3i Infotech Trusteeship Services Limited , 3rd to 6th
Floor, International Infotech Park, Tower No. 5, Vashi Railway Station
Complex, Vashi, Navi Mumbai-400703, Maharashtra, India. |
|
Nature of
instrument creating charge |
Hypothecation
Deed by way of exclusive charge on Credit Card Receivables both present and
future dated:20.08.2008 |
|
Date of
instrument Creating the charge |
20.08.2008 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest The ICICI Bank Benchmark
Advance Rate as on date is 17.25% P.A. and the Applicable Rate as on date is
14.50% P.A. Terms of
Repayment Repayable on
demand-Tenable for 12 Months Extent and
Operation of the charge Hypothecation by
way of exclusive charge on Credit Card Receivables both present and future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Credit card
Receivables of the company present and future. |
FIXED ASSETS:
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 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.50.91 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.