|
Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAJOR BRANDS ( |
|
|
|
|
Registered
Office : |
401, 4th Floor, Skyline Icon, Near Mittal Estate, Andheri
Kurla Road, Andheri (East), Mumbai-400059, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.05.2001 |
|
|
|
|
Com. Reg. No.: |
11-131895 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 44.459 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101MH2001PTC131895 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM14472D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM4949B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
They are into Retail Brand Industry |
|
|
|
|
No. of Employees
: |
500 (In office) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 840000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Jitin Doshi |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-24975051 |
|
Date : |
18.10.2012 |
LOCATIONS
|
Registered Office : |
401, 4th Floor, Skyline Icon, Near Mittal Estate, Andheri
Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-24975050 / 24975051 |
|
Fax No.: |
91-22-24975052 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 20.09.2011
|
Name : |
Mr. Govind Bharwani |
|
Designation : |
Director |
|
Address : |
Flat No.507, 317-22A, Zabebat Dole, DM 3, Post Box, 27401, |
|
Date of Birth/Age : |
17.07.1968 |
|
Date of Appointment : |
25.05.2010 |
|
DIN No.: |
01655708 |
|
|
|
|
Name : |
Mr. Kamal Prakashbhai Kotak |
|
Designation : |
Director |
|
Address : |
Plot No.52, Shakti Nagar Society, Dabhure Road, Veraval, Junagadh,
Gujarat, India |
|
Date of Birth/Age : |
12.11.1976 |
|
Date of Appointment : |
24.12.2007 |
|
DIN No.: |
01993075 |
|
|
|
|
Name : |
Mr. Neeraj Bherumal Teckchandani |
|
Designation : |
Director |
|
Address : |
G-289, Shastri Nagar, Jodhur – 342003, Rajasthan, India |
|
Date of Birth/Age : |
23.08.1972 |
|
Date of Appointment : |
24.12.2007 |
|
DIN No.: |
01995441 |
KEY EXECUTIVES
|
Name : |
Mr. Jitin Doshi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2011
|
Names of Shareholders |
No. of Shares |
|
Nilesh Ved |
2507027 |
|
Sima Ganwani Ved |
1839888 |
|
European Apparels Limited, Mauritius |
33444 |
|
Govind Bharwani |
65538 |
|
TOTAL
|
4445897 |
AS ON 20.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
98.53 |
|
Directors or relatives of Directors |
1.47 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They are into Retail Brand Industry |
GENERAL INFORMATION
|
No. of Employees : |
500 (In office) (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloittle Haskins and Sells Chartered Accountant |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai–
400018, Maharashtra, India |
|
|
|
|
Related Party : |
Fashion Brands (India) Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4445897 |
Equity Shares |
Rs.10/- each |
Rs. 44.459
Millions |
|
|
|
|
|
NOTE
Of the above 1310772 equity shares of Rs. 10/-
each were allotted to the shareholders of Fashions Brands (India) Private Limited
for consideration otherwise than in cash as per the Scheme of Arrangement
approved by Bombay High Court vide under dated 13.02.2009.
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 |
44.459 |
26.110 |
26.110 |
|
|
2] Share Application Money |
0.000 |
61.382 |
0.000 |
|
|
3] Reserves & Surplus |
165.828 |
86.535 |
25.549 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
210.287 |
174.027 |
51.659 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.068 |
1.384 |
0.000 |
|
|
2] Unsecured Loans |
435.102 |
157.360 |
296.343 |
|
|
TOTAL BORROWING |
437.170 |
158.744 |
296.343 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
647.457 |
332.771 |
348.002 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
219.194 |
218.076 |
160.234 |
|
|
Capital work-in-progress |
28.796 |
6.259 |
13.011 |
|
|
|
|
|
|
|
|
INVESTMENT |
63.488 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.623 |
12.596 |
9.564 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
482.014
|
272.229
|
241.990 |
|
|
Sundry Debtors |
17.321
|
4.381
|
22.515 |
|
|
Cash & Bank Balances |
5.219
|
6.346
|
3.199 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
229.903
|
146.394
|
131.490 |
|
Total
Current Assets |
734.457
|
429.350 |
399.194 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
332.543
|
234.497
|
223.685 |
|
|
Other Current Liabilities |
16.787
|
56.694
|
11.609 |
|
|
Provisions |
53.771
|
42.319
|
2.822 |
|
Total
Current Liabilities |
403.101
|
333.510 |
238.116 |
|
|
Net Current Assets |
331.356
|
95.840
|
161.078 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.115 |
|
|
|
|
|
|
|
|
TOTAL |
647.457 |
332.771 |
348.002 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1826.632 |
1349.334 |
1001.440 |
|
|
|
Compensation from Brand Owners |
42.048 |
1.262 |
58.097 |
|
|
|
Other Income |
33.805 |
28.778 |
6.688 |
|
|
|
TOTAL (A) |
1902.485 |
1379.374 |
1066.225 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1041.535 |
737.303 |
555.840 |
|
|
|
Employees Costs |
124.289 |
86.008 |
78.045 |
|
|
|
Operating and Administrative Expenses |
630.027 |
434.697 |
376.994 |
|
|
|
Prior Period Items |
18.007 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1813.858 |
1258.008 |
1010.879 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
88.627 |
121.366 |
55.346 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.504 |
23.326 |
19.642 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
60.123 |
98.040 |
35.704 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.165 |
23.730 |
21.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
36.958 |
74.310 |
14.587 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.473 |
13.325 |
(2.255) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
18.485 |
60.985 |
16.842 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
81.548 |
20.563 |
(23.169) |
|
|
|
|
|
|
|
|
|
|
Transfer
from Securities Premium Account |
-- |
-- |
16.222 |
|
|
|
|
|
|
|
|
|
|
Transfer
from Foreign Currency Monetary Transitions |
-- |
-- |
(1.353) |
|
|
|
|
|
|
|
|
|
|
Excess from
takeover of Identified Retails Division of FBIPL |
-- |
-- |
12.021 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
100.033 |
81.548 |
20.563 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2.708 |
0.000 |
20.802 |
|
|
|
Compensation towards margins and delayed uplifment |
42.048 |
1.262 |
58.097 |
|
|
TOTAL EARNINGS |
44.756 |
1.262 |
78.899 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Items |
893.578 |
540.329 |
391.783 |
|
|
|
Capital Goods |
24.330 |
32.395 |
19.813 |
|
|
TOTAL IMPORTS |
917.908 |
572.724 |
411.596 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.55 |
23.36 |
7.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.97
|
4.42 |
1.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.02
|
5.51 |
1.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.86
|
11.26 |
2.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.43 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.99
|
2.83 |
10.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.29 |
1.68 |
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 |
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 |
No |
|
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 |
|
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 |
No |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
-
Total outstanding due to micro enterprises and
small enterprises |
0.000 |
0.000 |
0.000 |
|
-
Total outstanding due to creditors other than
micro enterprises and small enterprises |
332.543 |
234.497 |
223.685 |
|
TOTAL |
332.543 |
234.497 |
223.685 |
FORM 8
|
Corporate
identity number of the company |
U18101MH2001PTC131895 |
|
Name of the
company |
MAJOR BRANDS
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
401, 4th Floor, Skyline Icon, Near Mittal Estate, Andheri Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10258362 |
|
Type of charge |
|
|
Particular of charge
holder |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Fifth
Supplemental Deed of Hypothecation Dated 24.08.2012 |
|
Date of instrument
Creating the charge |
24.08.2012 |
|
Amount secured by
the charge |
Rs. 280.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As Per The
Agreement Dated 24.08.2012 And As Stipulated By Bank From Time To Time Terms of repayment As Per The
Agreement Dated 24.08.2012 And As Stipulated By Bank From Time To Time Margin As Per The
Agreement Dated 24.08.2012 And As Stipulated By Bank From Time To Time Extent and operation of the charge First Pari Passu
charge on credit card receivables both present and future |
|
Short particulars
of the property charged (Including location of the property) |
All Present and
Future Receivables of The Borrower Which May Now Arise from Transaction Which
are Paid Through Use of Debit or Credit Card Whether Visa, Master Card,
Dinner's Club, American Express (and Whether Arising From Use of Point of
Sale Terminals Provided by Bank or Any Other Person or Through any Other Mechanism
Including Traditional Swipe Machines or Otherwise Including All Receivables
and Other Receivables That May Arise In Favour of Borrower Up to A Maximum of
Rs. 280.000 Millions |
|
Date of
instrument modifying the charge |
22.08.2012 |
|
Particulars of the
present modification |
The Charge is
Hereby Modified for Enhancement of The Charge on Credit Card Receivable. by
This Modification The Charge on Credit Receivable has Been Enhanced from
Existing Rs. 180.000 Millions To Rs. 280.000 Millions. |
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. 52.96 |
|
|
1 |
Rs. 85.45 |
|
Euro |
1 |
Rs. 69.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.