|
Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
VASHI ELECTRICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A/6, Plot No.74, Shree Ganesh Complex, Behind Gupta Compound, Gundavli
Village, Dapode Road, Mankoli Naka, Bhiwandi, Thane 421305, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2011 |
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|
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Date of Incorporation : |
22.03.1991 |
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Com. Reg. No.: |
11-060890 |
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CIN No.: [Company
Identification No.] |
U3190MH1991PTC060890 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.489
Millions |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV03532E |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
|
Line of Business : |
Manufacture of Electro Magnet Brakes etc. |
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|
|
No. of Employees : |
300 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1614936 |
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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 an established company having fine track. Financial
position of the company appears to be sound. Trade relations are fair. Business
is active. Payments are reported to be regular 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
Ms. Jeniliya |
|
Designation : |
Accountant |
|
Contact No.: |
91-2522-661658 |
|
Date : |
27.04.2012 |
LOCATIONS
|
Registered: |
A/6, Plot No.74, Shree Ganesh Complex, Behind Gupta Compound, Gundavli
Village, Dapode Road, Mankoli Naka, Bhiwandi, Thane 421305, Maharashtra,
India |
|
Tel. No.: |
91-2522-661658 /277343 |
|
Mobile No.: |
91-9820519364 (Mr. Suraj) |
|
Fax No.: |
91-2522-661634 |
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E-Mail : |
|
|
Website : |
|
|
Area : |
120000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Sagar Ratan Industrial Estate, Plot No. D-265, MIDC, Turbhe, Navi
Mumbai-400705, |
|
Tel. No.: |
91-22-67911445/6 |
|
Fax No.: |
91-22-27681977 |
|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
NOTE:
As confirmed by management, the registered
office has been shifted from 165-A, Bijlee Ghar, Cardinal Gracious Road, Andheri
(E), Chakala, Mumbai-400099, Maharashtra, India to present address, but the
same has not been updated in the Registrar of Companies.
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Madan Baldev Dodeja |
|
Designation : |
Chairman |
|
Address : |
1401/B, 14th Floor, Vallencia, |
|
Date of Appointment : |
22.03.1991 |
|
|
|
|
Name : |
Mr. Mohan Baldev Dodeja |
|
Designation : |
Director |
|
Address : |
1401/B, 14th Floor, Vallencia, |
|
Date of Appointment : |
22.03.1991 |
|
|
|
|
Name : |
Mrs. Uma Madan Dodeja |
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Designation : |
Director |
|
Address : |
|
|
Date of Appointment : |
26.02.2002 |
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|
|
|
Name : |
Mrs. Anita Mohan Dodeja |
|
Designation : |
Director |
|
Address : |
|
|
Date of Appointment : |
26.02.2002 |
|
|
|
|
Name : |
Mr. Suraj M. Dodeja |
|
Designation : |
Director |
|
Address : |
1401/B, 14th Floor, Vallencia, |
|
Date of Appointment : |
12.11.2005 |
|
|
|
|
Name : |
Mr. Ameet Dodeja |
|
Designation : |
Director |
|
Address : |
1401/B, 14th Floor, Vallencia, |
|
Date of Birth: |
04.06.1986 |
|
Date of Appointment : |
04.06.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Jeniliya |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Madan Baldev Dodeja |
14800 |
|
Mohan Baldev Dodeja |
13600 |
|
Anita Mohan Dodeja |
9100 |
|
Pushpa Dodeja |
500 |
|
Kiran Dodeja |
100 |
|
Suraj Dodeja |
14000 |
|
Amit Dodeja |
5000 |
|
Pratik Dodeja |
4250 |
|
Madan Dodeja (Karta of Baldev Dodeja HUF) |
10010 |
|
Mohan Dodeja (Karta of Mohan Dodeja HUF) |
10010 |
|
Madan Dodeja (Karta of Madan Dodeja HUF) |
10 |
|
Uma Madan Dodeja |
3510 |
|
Total |
84890 |
AS ON 30.09.2011
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Electro Magnet Brakes Etc. |
||||
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||||
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Products : |
Ø
Siemens Motors and Switchgears Ø
Legrand Switchgears Ø
Finolex Cables Ø
Wires Ø
V Belts Ø
Bonfiglioli Motors and Gears Boxes Ø
Ø
Polycab Wires Ø
Castrol Industrial Lubricants |
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Exports : |
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Products : |
Electrical Products |
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Countries : |
UAE |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Singapore |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
·
Retailers ·
End Users |
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No. of Employees : |
300 Approximately |
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Bankers : |
Andhra Bank,
116-Saurabh, |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Vinod S. Mehta and Company Chartered Accountant |
|
Address : |
114, Jolly Bhavan-1, 10 New Marine Lines, Mumbai-400020, |
|
Tel. No.: |
91-22-66333501/02/03/04 |
|
Fax No.: |
91-22-66333506 |
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E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Ø
Western Lube Company Address: 165-A, Bijlee Ghar, Cardinal
Gracious Road, Andheri (E), Chakala, Mumbai
- 400099, Maharashtra, India. Line of Business: Trader and importer of
electrical products. Ø
Western Auto Spare Address: 165-A, Bijlee Ghar, Cardinal
Gracious Road, Andheri (E), Chakala, Mumbai
- 400099, Maharashtra, India. Line of Business: Trader and importer of
electrical products. |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/-each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
84890 |
Equity Shares |
Rs.100/-each |
Rs.8.489
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 |
8.489 |
8.489 |
8.489 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
395.245 |
301.435 |
254.430 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
403.734 |
309.924 |
262.919 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
29.786 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
286.643 |
134.515 |
98.934 |
|
|
TOTAL BORROWING |
316.429 |
134.515 |
98.934 |
|
|
DEFERRED TAX LIABILITIES |
3.057 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
723.220 |
444.439 |
361.853 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
74.701 |
64.584 |
52.476 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.323 |
0.323 |
0.323 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.004 |
0.178 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
228.050
|
223.460
|
177.683 |
|
|
Sundry Debtors |
506.452
|
282.787
|
240.973 |
|
|
Cash & Bank Balances |
(37.631)
|
(79.226)
|
0.089 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
195.866
|
152.202
|
75.406 |
|
Total
Current Assets |
892.737
|
579.223
|
494.151 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.351
|
6.999
|
51.634 |
|
|
Other Current Liabilities |
90.809
|
105.675
|
71.620 |
|
|
Provisions |
129.381
|
87.021
|
62.021 |
|
Total
Current Liabilities |
244.541
|
199.695
|
185.275 |
|
|
Net Current Assets |
648.196
|
379.528
|
308.876 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
723.220 |
444.439 |
361.853 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1743.731 |
1309.195 |
1295.711 |
|
|
|
Other Income |
29.014 |
9.202 |
18.947 |
|
|
|
TOTAL |
1772.745 |
1318.397 |
1314.658 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / Decrease in Stocks |
NA |
(45.777) |
(80.016) |
|
|
|
Other Expenses |
NA |
1290.753 |
1318.306 |
|
|
|
TOTAL |
NA |
1244.976 |
1238.290 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
73.421 |
76.368 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
26.416 |
26.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
93.744 |
47.005 |
50.232 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
553.72 |
591.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.28
|
3.56
|
3.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.61
|
5.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
10.15
|
13.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.23
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
1.33
|
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.65
|
2.36
|
2.67 |
LOCAL AGENCY FURTHER INFORMATION
WORKING RESULTS:
During the year under consideration, the Company has
attained Sales Turnover of Rs. 1743.731 Millions (Previous Year Rs.1309.195
Millions) and Other Income of Rs.18.031 Millions as compared to Rs. 9.202
Millions for corresponding previous year. The Company's Net Profit is Rs.93.744
Millions as compared to Rs. 48.246 Millions for the corresponding previous
year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U3190MH1991PTC060890 |
|
Name of the
company |
VASHI ELECTRICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A/6, Plot No.74, Shree Ganesh Complex, Behind Gupta Compound, Gundavli
Village, Dapode Road, Mankoli Naka, Bhiwandi, Thane 421305, Maharashtra,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Andhra Bank,
116-Saurabh, Andheri Kurla Road, Andheri (E), Mumbai – 400093, Maharashtra,
India. |
|
Nature of
instrument creating charge |
No instrument was
executed. However, the equitable mortgage has been created, by way of deposit
of title deeds |
|
Date of
instrument Creating the charge |
11.08.2010 |
|
Amount secured by
the charge |
Rs. 75.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As may be
decided, by the Bank, from time to time. Terms of repayment As may be
decided, from time to time, by the Bank. Margin As may be
decided, from time to time, by the Bank. Extent and operation of the charge To Secure the due
repayment of the following credit facilities aggregating Rs.75.000 millions,
together with interest, additional costs, charges, expenses and moneys
payable thereon, granted by the Bank to the Company. 1) Cash Credit
facility of Rs.35.000 millions 2) Performance or
Money Guarantee of Rs.20.000 millions 3) Letter of
Credit facility of Rs.20.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
Land and
warehouse with ground+2 Flrs, of area 5080 sq.fts., with total built-up RCC
building area of 24,192 sq.fts., at S.Nos.69,70/3, 71/2A, 74/2A and 74/4,
Gundavli, Tal:Bhivandi, Dist. Thane Limit No.1,2,3
and 4, D/265 TTC, Ground Floor, MIDC Vashi, belonging to the Compony |
|
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 |
Yes |
|
8) No. of employees |
Yes |
|
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% |
-- |
|
14) Estimation for coming financial year |
No |
|
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 |
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.