|
Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CITIZEN INDUSTRIES LIMITED |
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|
Registered Office : |
No. 401, Sarthak Complex, Behind Urja House, Near |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Year of Incorporation : |
07.08.1995 |
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Com. Reg. No.: |
04-027009 |
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Capital
Investment / Paid-up Capital : |
Rs.4.016
Millions |
|
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|
|
CIN No.: [Company
Identification No.] |
U29190GJ1995PLC027009 |
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|
IEC No.: |
0896001458 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMC00356G |
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PAN No.: [Permanent
Account No.] |
AAACC7814P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer
of Air Handling Unit. |
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|
No. of Employees : |
400 (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 723000 |
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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. The
latest financials of the company are not made available. As per previous year’s. The company as found to be performing well.
Trade relations are reported as fair. Business is active. Payments terms are
usually correct. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
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.
LOCATIONS
|
Registered Office : |
No. 401, Sarthak Complex, Behind Urja House, Near |
|
Tel. No.: |
91-79-26445155 / 26431869 / 26441492 / 26441598 / 26441471 / 26441557
/ 26441581 |
|
Fax No.: |
91-79-26565642 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
636, Laxmi Industrial Estate, Village Rakanpur, Santej,
District-Gandhinagar, Gujarat, India |
|
Tel. No.: |
91-2764-286373 / 286650 |
|
Fax No.: |
91-2764-286374 |
|
E-Mail : |
|
|
Location : |
Owned |
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|
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Branch Office : |
106 First Cross, Hal III Stage, Banglore-560075, Karnataka, India |
|
Tel. No.: |
91-80-41154546 |
|
Location : |
Rented |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Kamalesh Rasiklal Mehta |
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Designation : |
Managing Director |
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|
Address : |
14, Darshan Society, Near |
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Date of Birth/Age : |
05.07.1959 |
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Qualification : |
B.E. Chemical |
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Date of Appointment : |
07.08.1995 |
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DIN No. |
00238024 |
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Other Directorship:
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Name : |
Mr. Prafulbhai Kantilal Patel |
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Designation : |
Whole time Director |
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Address : |
4/B, Tulip Bungalows, Thaltej, Ahmedabad-380054, |
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Date of Birth/Age : |
21.03.1962 |
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Date of Appointment : |
07.08.1995 |
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DIN No. |
00412852 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||||||
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Name : |
Mr. Arvind Shivlal Patel |
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|
Designation : |
Director |
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|
Address : |
1021, Kolleblvde, Secaucus, N. J. 07094 (U.S.A) |
||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
06.01.1957 |
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Date of Appointment : |
02.11.1995 |
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DIN No. |
00413004 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kamalesh Rasiklal Mehta |
|
131800 |
|
Rasiklal S. Mehta |
|
1000 |
|
Praful Kantilal Patel |
|
132500 |
|
Arvindbha Shivlal Patel |
|
133300 |
|
Kantilal V. Patel |
|
1000 |
|
Hareshbhai P. Kamdar |
|
1000 |
|
Nirmala A. Shah |
|
1000 |
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TOTAL
|
|
401600 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
99.50 |
|
Other
|
|
0.50 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Air Handling Unit. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
AHU and Ventilation Unit and Components Parts |
Nos. |
1984 |
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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|
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|
Auditors : |
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|
Name : |
Anil N. Shah and company Chartered Accountants |
|
Address : |
201-205, Sarthak Complex, B/H Urja House, C. G. Road, Navrangpura,
Ahmedabad-380009, Gujarat, India |
|
Tel. No.: |
91-79-26446107 / 26430497 / 40076107 |
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Mobile No.: |
91-9825174950 / 9327004626 |
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Fax No.: |
91-79-26446107 / 26430497 / 40076107 |
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E-Mail : |
|
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PAN No: |
AAFFA3776N |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
401600 |
Equity Shares |
Rs.10/- each
|
Rs.4.016
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 |
4.016 |
4.016 |
4.016 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
176.861 |
165.227 |
137.430 |
|
|
4] (Accumulated Losses) |
0.00 |
0.000 |
0.000 |
|
|
NETWORTH |
180.877 |
169.243 |
141.446 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
57.183 |
41.419 |
26.906 |
|
|
2] Unsecured Loans |
0.500 |
2.900 |
2.900 |
|
|
TOTAL BORROWING |
57.683 |
44.319 |
29.806 |
|
|
DEFERRED TAX LIABILITIES |
3.829 |
3.486 |
2.944 |
|
|
DEFERRED PAYMENT LIABILITIES |
2.479 |
4.032 |
2.027 |
|
|
|
|
|
|
|
|
TOTAL |
244.868 |
221.080 |
176.223 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
119.718 |
114.208 |
77.150 |
|
|
Capital work-in-progress |
0.000 |
0.085 |
0.946 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.889 |
12.819 |
12.819 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
95.688
|
59.929
|
53.756
|
|
|
Sundry Debtors |
62.127
|
44.445
|
50.485
|
|
|
Cash & Bank Balances |
3.821
|
9.817
|
4.942
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
24.589
|
24.690
|
34.614
|
|
Total
Current Assets |
186.225
|
138.881
|
143.797
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.867
|
26.837 |
|
|
|
Other Current Liabilities |
13.204
|
0.155
|
42.274
|
|
|
Provisions |
13.893
|
17.921
|
16.215
|
|
Total
Current Liabilities |
66.964
|
44.913
|
58.489
|
|
|
Net Current Assets |
119.261
|
93.968
|
85.308
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
244.868 |
221.080 |
176.223 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
279.295 |
270.176 |
241.810 |
|
|
|
Other Income |
5.651 |
2.141 |
3.444 |
|
|
|
TOTAL (A) |
284.946 |
272.317 |
245.254 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
192.447 |
159.782 |
137.151 |
|
|
|
Manufacturing, Administrative and Other Expenses |
71.170 |
52.201 |
44.204 |
|
|
|
Extra Ordinary Items |
6.732 |
0.000 |
0.000 |
|
|
|
Increase / Decrease in Stocks |
(32.938) |
(7.456) |
2.579 |
|
|
|
TOTAL (B) |
237.411 |
204.527 |
183.934 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
47.535 |
67.790 |
61.321 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.111 |
5.555 |
3.619 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.424 |
62.235 |
57.701 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.840 |
12.582 |
6.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
27.584 |
49.653 |
51.473 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.259 |
16.797 |
18.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
15.325 |
32.856 |
33.347 |
|
|
|
|
|
|
|
|
|
Add/ Less |
PRIOR PERIOD ADJUSTMENTS
|
0.042 |
(0.360) |
(1.383) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
130.527 |
109.730 |
88.524 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
7.000 |
7.000 |
|
|
|
Dividend |
3.213 |
4.016 |
0.546 |
|
|
|
Tax on Dividend |
0.521 |
0.683 |
3.212 |
|
|
BALANCE CARRIED
TO THE B/S |
139.160 |
130.527 |
109.730 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
3.808 |
0.138 |
|
|
TOTAL EARNINGS |
0.000 |
3.808 |
0.138 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
23.539 |
20.014 |
NA |
|
|
TOTAL IMPORTS |
23.539 |
20.014 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
38.27 |
80.91 |
79.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.37
|
12.07 |
13.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.87
|
18.37 |
21.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.02
|
19.62 |
23.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.29 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.69
|
0.52 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78
|
3.09 |
2.46 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
Registered Office
of the company has been shifted No. 301, Sarthak Complex, Behind Urja House, C. G.
Road, Navrangpura, Ahmedabad-380009, and Gujarat, India to the present address w.e.f. 26.02.2005.
OPERATIONS:
During the year, the company has achieved
sales of Rs.279.295 Millions inclusive of export sales and have made profit of
Rs.15.368 Millions after providing depreciation of Rs.13.841 Millions and
income tax Rs.11.078 Millions.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29190GJ1995PLC027009 |
|
Name of the
company |
CITIZEN
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 401, Sarthak Complex, Behind Urja House, Near |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
State Bank of India, Naroda Industrial Estate Branch,
Naroda, Ahmedabad - 382330,Gujarat, India Email: sachin.arora@sbi.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of Loan
cum Hypothecation and Letter of Arrangement dated 28.12.2010 |
|
Date of
instrument Creating the charge |
28.12.2010 |
|
Amount secured by
the charge |
Rs.99.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital:
BR + 3.50% i.e. 11.10% Term Loan: BR +
3.75% i.e. 11.35% (Presently BR
7.60%) Terms of Repayment Working Capital:
Payable on Demand Term Loan: As per
the repayment Margin RM Imported : 25% RM Indigenous:
25% Semi FG : 40% F G : 40% Receivables
(Cover 90 days) : 50% Export Packing
Credit: 10% Letter of Credit:
10% Bank Guarantee:
10% Extent and Operation of the charge Credit facilities
of Rs.99.300 Millions secured by way of Hypothecation of entire stock of Raw
materials, Semi Finished Goods, Finished Goods, Consumable Spares and Parts,
Book Debts, Receivables, all other current assets of the company both present
and future and hypothecation of all Plant and Machineries / Equipment both
present and future of the company acquired / or to be acquired out of Bank's
Finance. |
|
Short particulars
of the property charged |
All the Movable
assets both present and future of the company located at Block No. 636 (Old
Block No. 636, 637, 639, 647 and 648) Ranakpur (SIM), Taluka: Kalol, District
Mehsana |
FIXED ASSETS:
·
Land
·
Factory Building
·
Plant and
Machinery
·
Electrical Installation
·
Dies and
Tools
·
Furniture and
Fixture
·
Computer
·
Office Equipments
·
Vehicles
·
Office Building
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.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
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.