|
Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
DEMAC TECHNOLOGIES PRIVATE LIMITED |
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|
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Registered
Office : |
SB-21, Ivory Terrace, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
01.08.1990 |
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|
|
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Com. Reg. No.: |
04-014109 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30006GJ1990PTC014109 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Providing Engineering Contractor, Turnkey Projects Services. |
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|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 70000 |
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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 record. Trade
relations are reported to be fair. Business is active. Payment are reported
to be usually correct and as per commitment. The company can be considered for business dealing at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE 3B (NSIC CRISIL) |
|
Rating Explanation |
Financial strength and performance capacity is moderate |
|
Date |
December, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. Pratibha |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-265-2337704 |
|
Date : |
26.11.2012 |
LOCATIONS
|
Registered Office : |
SB-21, Ivory Terrace, |
|
Tel. No.: |
91-265-2337704 |
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Fax No.: |
91-265-2331408 |
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E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Kanchan Karunakar Nidadavolu |
|
Designation : |
Director |
|
Address : |
302, Atalantic-II, Near Inox Multiplex, |
|
Date of Birth/Age : |
05.07.1960 |
|
Date of Appointment : |
01.08.1990 |
|
DIN No.: |
00674465 |
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|
|
|
Name : |
Mr. Rajarao Karunakar Nidadavolu |
|
Designation : |
Director |
|
Address : |
400, Atalantic-II, Near Inox Multiplex, |
|
Date of Birth/Age : |
27.07.1953 |
|
Date of Appointment : |
01.08.1990 |
|
DIN No.: |
00674505 |
KEY EXECUTIVES
|
Name : |
Ms. Pratibha |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nidadavolu Kanchan |
|
74510 |
|
Nidadavolu Karunakar |
|
225490 |
|
Total |
|
300000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Engineering Contractor, Turnkey Projects Services. |
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Terms : |
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Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Kamdhenu Enterprises |
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Customers : |
OEM’s ·
Toyo Engineering India Limited |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
·
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, ·
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
18 Haribhakti Colony, |
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Tel. No.: |
91-265-2340091 |
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Fax No.: |
91-265-2314495 |
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E-Mail : |
|
|
PAN No.: |
AAAFH6258F |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.10/- each |
Rs. 3.000 Millions |
|
|
|
|
|
Reconciliation of
share capital
|
Particulars |
31.03.2012 |
|
|
|
No. of Shares |
Rs. in millions |
|
Subscribed and fully paid at beginning of the year |
185,000 |
1.850 |
|
lssued during the year |
115,000 |
1.150 |
Shareholders holding more than 5% of equity shares as at the end of the
year
|
Particulars |
31.03.2012 |
|
|
|
No. of Shares |
In % |
|
Nidadavolu Karunakar |
225490 |
75.16 |
|
Kanchan Karunakar |
74510 |
24.84 |
Terms and Rights
attached to equity shares:
The company has
one class of equity shares having a par value of Rs.10 per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation. the equity shareholder are eligible to receive the remaining
assets after discharging all liabilities
of the company, in proportion to theirs shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.000 |
1.850 |
1.850 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14.579 |
8.019 |
4.302 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17.579 |
9.869 |
6.152 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.860 |
10.243 |
6.745 |
|
|
2] Unsecured Loans |
3.198 |
3.153 |
0.601 |
|
|
TOTAL BORROWING |
16.058 |
13.396 |
7.346 |
|
|
DEFERRED TAX LIABILITIES |
1.312 |
0.963 |
0.214 |
|
|
|
|
|
|
|
|
TOTAL |
34.949 |
24.228 |
13.712 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.962 |
12.118 |
6.729 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.00 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.136
|
9.674 |
1.033 |
|
|
Sundry Debtors |
23.940
|
16.300 |
5.875 |
|
|
Cash & Bank Balances |
5.134
|
6.577 |
3.715 |
|
|
Other Current Assets |
5.070
|
3.421 |
0.000 |
|
|
Loans & Advances |
6.862
|
5.143 |
4.903 |
|
Total
Current Assets |
42.142
|
41.115 |
15.526 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.423
|
21.133 |
3.312 |
|
|
Other Current Liabilities |
6.180
|
6.013 |
3.895 |
|
|
Provisions |
4.552
|
1.859 |
1.336 |
|
Total
Current Liabilities |
23.155
|
29.005 |
8.543 |
|
|
Net Current Assets |
18.987
|
12.110 |
6.983 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34.949 |
24.228 |
13.712 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
100.445 |
78.337 |
29.584 |
|
|
|
Other Income |
0.419 |
2.550 |
0.598 |
|
|
|
TOTAL (A) |
100.864 |
80.887 |
30.182 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
34.416 |
28.189 |
2.799 |
|
|
|
Employee Benefits Expenses |
33.385 |
24.054 |
14.608 |
|
|
|
Direct Expenses |
9.922 |
12.930 |
6.789 |
|
|
|
Sales, Administration and Other Expeses |
9.506 |
6.416 |
2.606 |
|
|
|
TOTAL (B) |
87.229 |
71.589 |
26.802 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.635 |
9.298 |
3.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.468 |
2.250 |
1.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.167 |
7.048 |
1.906 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.758 |
1.496 |
0.445 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.409 |
5.552 |
1.461 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.849 |
1.836 |
0.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.560 |
3.716 |
1.180 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.595 |
3.879 |
2.699 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
14.155 |
7.595 |
3.879 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.87 |
26.33 |
8.36 |
|
Expected Sales (2012-2013): Rs. 130.000 millions
The above information has been parted by Ms. Pratibha (Accounts Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.50
|
4.59 |
3.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.37
|
7.09 |
4.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.19
|
10.43 |
6.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.54
|
0.56 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
2.23
|
4.30 |
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.42 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditor |
12.423
|
21.133 |
3.312 |
|
|
|
|
|
|
Total |
12.423
|
21.133 |
3.312 |
|
Sr. No. |
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 |
No |
|
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 |
Yes |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
Yes |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
No |
|
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 |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from 52, Hari
Kunj, G Floor, Alkapuri, Baroda-390010,
BUSINESS ACTIVITY:
During the year, the gross receipts of the company has increased from
Rs. 78.337 millions to Rs. 100.445 millions. Further, there is a profit of Rs.
13.634 millions before depreciation and interest as compared to a profit of Rs.
9.298 millions in the immediately preceding year.
The directors of the company are constantly putting in their vigorous
efforts to improve the performance of the company in the ensuing year.
FUTURE OUTLOOK:
With its well established market base throughout the country it is
expected that the company will register substantial growth and will scale
greater heights in the years to follow. The management is continuing to focus
on cost reduction and improvement in efficiencies so as to enhance the
Company’s competitive advantage.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U30006GJ1990PTC014109 |
|
Name of the
company |
DEMAC
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
SB-21, Ivory Terrace, Email: misa@haribhaktica.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Kotak Mahindra
Bank Limited 36-38A, Nariman
Bhavan, 227,D, Nariman Point, Mumbai - 400021, Email: john.fernandes@kotak.com |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
17.03.2012 |
|
Amount secured by
the charge |
Rs. 1.645
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 13% p.a. Terms of
Repayment Tenure of 35
Months. Margin NIL Extent and
Operation of the charge First and
exclusive charge by way of Hypothecation on the assets financed in favour of
Kotak Mahindra Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
ACE 14 XW/
Shaktiman 55ELX. |
FIXED ASSETS:
·
Plant and Machinery
·
Electric Installation
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Office Equipment
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 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.55.69 |
|
|
1 |
Rs.89.20 |
|
Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
|
43 |
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.