MIRA INFORM REPORT
|
Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SERA ISPAT AND FABRICATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
162/4, Belilious Road, Howrah – 711101, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.11.2009 |
|
|
|
|
Com. Reg. No.: |
139621 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.0.457
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100WB2009PTC139621 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS25784D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Fabricators of Material Handling Engineering
Products. |
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|
|
|
No. of Employees
: |
22 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000 |
|
|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has incurred a loss in the current year. However, trade relations are
reported as fair. Business is active.
Payments are reported to be slow. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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.
INFORMATION PARTED BY
|
Name : |
Mr. Aaryatik Ghosh |
|
Designation : |
Accountant |
|
Contact No.: |
91-33-26430067 |
|
Date : |
16.10.2012 |
LOCATIONS
|
Registered Office/ Factory : |
162/4, Belilious Road, Howrah – 711101, West Bengal, India |
|
Tel. No.: |
91-33-26430067/ 26435689/ 26435085 |
|
Mobile No.: |
91-9836663372 (Mr. Soumitra Ghosh) |
|
Fax No.: |
91-33-26435689/ 26438640 |
|
E-Mail : |
|
|
Area : |
7000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
(AS ON 28.09.2011)
|
Name : |
Mr. Soumitra Ghosh |
|
Designation : |
Director |
|
Address : |
162/4, Belilious Road, Howrah – 711101, West Bengal, India |
|
Date of Birth/Age : |
16.08.1965 |
|
Date of Appointment : |
20.11.2009 |
|
DIN No.: |
02731947 |
|
|
|
|
Name : |
Mrs. Rupali Haradhan Ghosh |
|
Designation : |
Director |
|
Address : |
New Nabanaritala, Buxarah, Howrah – 711110, West Bengal, India |
|
Date of Birth/Age : |
27.02.1970 |
|
Date of Appointment : |
20.11.2009 |
|
DIN No.: |
02731940 |
KEY EXECUTIVES
|
Name : |
Mr. Aaryatik Ghosh |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Soumitra Ghosh |
|
40720 |
|
Rupali Ghosh |
|
5000 |
|
|
|
|
|
Total |
|
45720 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Fabricators of Material Handling Engineering
Products. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days) |
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|
|
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Manufactured
Goods |
|
|
|
|
|
Machinery Spare Parts |
Nos. Set |
-- -- |
-- -- |
867.00 435.00 |
|
Trade Goods |
|
|
|
|
|
Machinery Spares Parts |
Nos. Set |
-- -- |
-- -- |
3507.00 25.00 |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers · Jindal Steel Power Limited |
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No. of Employees : |
22 (Approximately) |
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Bankers : |
· Bank of India Jawaharlal Nehru Road Branch, 44, Jawaharlal Nehru Road, Kolkata –
700071, West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Burman Bohra and Associates Chartered Accountant |
|
Address : |
2-A, Ganesh Chandra Avenue, Commerce House, Room No.4, 5th
Floor, Kolkata - 700013, West Bengal, India |
|
Tel. No.: |
91-33-30281070/ 30281072/ 26530329/ 32903913 |
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Fax No.: |
91-33-26533207 |
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E-Mail : |
|
|
PAN No.: |
AACFB3317P |
CAPITAL STRUCTURE
(AS ON 28.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45720 |
Equity Shares |
Rs.10/- each |
Rs.0.457
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.457 |
0.100 |
|
|
2] Share Application Money |
|
0.990 |
0.000 |
|
|
3] Reserves & Surplus |
|
1.419 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2.866 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
6.985 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
6.985 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
9.851 |
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.015 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
14.422 |
0.000 |
|
|
Sundry Debtors |
|
6.126 |
0.000 |
|
|
Cash & Bank Balances |
|
0.071 |
0.100 |
|
|
Other Current Assets |
|
1.087 |
0.000 |
|
|
Loans & Advances |
|
1.388 |
0.000 |
|
Total
Current Assets |
|
23.094 |
0.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
14.177 |
0.000 |
|
|
Other Current Liabilities |
|
0.125 |
0.044 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
14.302 |
0.044 |
|
|
Net Current Assets |
|
8.792 |
0.056 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.044 |
0.044 |
|
|
|
|
|
|
|
|
TOTAL |
|
9.851 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Contractual Receipts |
|
9.526 |
0.000 |
|
|
|
Other Income |
|
0.149 |
0.000 |
|
|
|
TOTAL (A) |
|
9.675 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
|
2.058 |
0.000 |
|
|
|
Manufacturer Expenses |
|
1.189 |
0.000 |
|
|
|
Increase/ Decrease in stock |
|
5.201 |
0.000 |
|
|
|
Administrative and Selling Expenses |
|
1.002 |
0.000 |
|
|
|
TOTAL (B) |
|
9.450 |
0.0.00 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.225 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.217 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.008 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.017 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(0.009) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(0.009) |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
38.400 |
|
|
|
|
|
Expected Sales (2012-13): Rs.45.000 Millions
The above information has been parted by Mr. Aaryatik Ghosh.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(0.09) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(0.09) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.04) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
7.43 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.61
|
2.27 |
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 |
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 two years |
Yes |
|
12] |
Profitability for last two 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 |
No |
|
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 |
No |
FINANCIAL PERFORMANCE
The total Income earned by the company
Rs.9.674 Millions and the company earned Profit/ (Loss) after tax of Rs.(0.009)
Million.
TRADE REFERENCE:
·
Jindal Steel Power Limited
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27100WB2009PTC139621 |
|
Name of the
company |
SERA ISPAT &
FABRICATION PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
162/4, Belilious
Road, Howrah – 711101, West Bengal, India |
|
Type of charge |
Book Debts Movable Property Others: Plant and
Machinery |
|
Particular of
charge holder |
· Bank of India Jawaharlal Nehru Road Branch, 44, Jawaharlal Nehru Road, Kolkata –
700071, West Bengal, India |
|
Nature of
description of the instrument creating or modifying the charge |
i) Hypothecation
Cum Loan Agreement (Plant And Machinery, Stocks And Book Debts), ii) Charge And
Hypothecation of Book Debts. |
|
Date of
instrument Creating the charge |
01/06/2012 |
|
Amount secured by
the charge |
Rs.9.000 Millions
|
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Interest will be charged
for Cash Credit at 3.50% over Base Rate, Presently 14.00% p.a. payable with
monthly rests. Terms of
Repayment Cash Credit
repayable on demand. Margin Cash Credit
(Stocks): 25%, Cash Credit (Book Debts): 40%, Bank Guarantee: 30%. Extent and Operation
of the charge Hypothecation of
Stock, Book Debts and Plant and Machinery of the Company. Others Amount Secured by
the Charge:- Facilities Amount Cash Credit
(Stock) Rs.7.000 Millions Cash Credit (Book
Debts) Rs.1.500 Millions Maximum Cash Credit Rs.7.000 Millions Bank Guarantee Rs.2.000 Millions Total limit Rs.9.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of
materials handling equipments industrial fans, blowers etc or about the
borrowers premises and godowns at 162/4, Belilious Road, Howrah – 711101. Hypothecation of
iron angles, ERW pipes, iron plates etc. All the present
and future book debts, outstanding, money receivables, claims and bills etc. |
FIXED ASSETS:
· Air Conditioner Machine
· Computer
· Cycle
· Electric Motor
· Fan
· Fax Machine
· Furniture and Fixture
· Gold Coin
· Inventor
· Land
· Mobile Phone
· Motor Car
· Motor Cycle
· Pattern and Mould
· Plant and Machinery
· Printer
· Pump Set
· Telephone Set
· Tools and Implement
· Weight and Measure
· Welding Machine
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.52.97 |
|
|
1 |
Rs.85.46 |
|
Euro |
1 |
Rs.69.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
SLP |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
4 |
|
--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 |
|
27 |
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.