1. Summary Information
|
|
|
Country |
India |
|
Company Name |
INDIA SHOES
EXPORTS PRIVATE LIMITED |
Principal Name 1 |
Mr. Rafeeque Ahmed Mecca |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Israr Ahmed Mecca |
|
|
|
Registration # |
18-040339 |
|
Street Address |
151/4, Mount Poonamallee High Road, Ramapuram, Chennai – 600089,
Tamilnadu, India |
||
|
Established Date |
17.04.1998 |
SIC Code |
-- |
|
Telephone# |
91-44-22520710/ 22521515 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-22520358 |
Business Style 2 |
Exporter |
|
Homepage |
Not Available |
Product Name 1 |
Footwear |
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.88,177,200/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate -98.68% Directors or
relatives of Directors -1.32 % |
Banking |
State Bank of
India |
|
Public Limited Corp. |
NO |
Business Period |
15 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(42) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
-- |
Farida Holdings Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
325,515,000 |
Current Liabilities |
277,989,000 |
|
Inventories |
550,116,000 |
Long-term Liabilities |
491,445,000 |
|
Fixed Assets |
140,488,000 |
Other Liabilities |
8,331,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
777,765,000 |
|
Invest& other Assets |
13,521,000 |
Retained Earnings |
163,698,000 |
|
|
|
Net Worth |
251,875,000 |
|
Total Assets |
1,029,640,000 |
Total Liab. & Equity |
1,029,640,000 |
|
Total Assets (Previous Year) |
964,620,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
1,137,614,000 |
Net Profit |
11,804,000 |
|
Sales(Previous yr) |
849,926,000 |
Net Profit(Prev.yr) |
8,566,000 |
MIRA
INFORM REPORT
|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDIA SHOES EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
151/4, Mount Poonamallee High Road, Ramapuram, Chennai – 600089,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.04.1998 |
|
|
|
|
Com. Reg. No.: |
18-040339 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.88.177 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19201TN1998PTC040339 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5683A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Footwear. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Farida Group Company one of the biggest exporter
of leather and leather goods. It is an established company having satisfactory track record. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but 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 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Long Term) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
May 2012 |
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 : |
151/4, Mount Poonamallee High Road, Ramapuram, Chennai – 600089,
Tamilnadu, India |
|
Tel. No.: |
91-44-22520710/ 22521515/ 22521946/ 22521654/ 22522610 |
|
Fax No.: |
91-44-22520358 |
|
E-Mail : |
DIRECTORS
As on: 27.09.2012
|
Name : |
Mr. Rafeeque Ahmed Mecca |
|
Designation : |
Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
17.09.1947 |
|
Date of Appointment : |
17.04.1998 |
|
DIN No.: |
00013749 |
|
|
|
|
Name : |
Mrs. Israr Ahmed Mecca |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
25.01.1972 |
|
Date of Appointment : |
17.04.1998 |
|
DIN No.: |
0013799 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
M Rafeeque Ahmed Mecca |
|
116281 |
|
Farida Holding Private Limited, India |
|
6661199 |
|
Farida Classic Shoes Private Limited, India |
|
1109613 |
|
Delta Shoe Private Limited, India |
|
232947 |
|
Farida Shoes Private Limited, India |
|
232560 |
|
Farida Leatherwear Private Limited, India |
|
116280 |
|
Aston Shoes Private Limited, India |
|
116280 |
|
Farida Primer Tannery Private Limited, India |
|
116280 |
|
Kenmore Shoes Private Limited, India |
|
116280 |
|
|
|
|
|
Total |
|
8817720 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.09.2012
|
Category |
Percentage |
|
Bodies corporate |
98.68 |
|
Directors or relatives of Directors |
1.32 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Footwear. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||
|
|
|
||||||||||||||||
|
Bankers : |
State Bank of India, Leather and International Branch, MVJ Towers,
177/1, Poonamallee High Road, Kilpauk, Chennai – 600010, Tamilnadu, India |
||||||||||||||||
|
|
|
||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Akber Rifa and Company Chartered Accountants |
|
Address : |
C-8, Orchid, Manor Apartment, Diwan Rama Road, Purasawalkam, Chennai – 600084, Tamilnadu, India |
|
PAN No.: |
AAUFA5645D |
|
|
|
|
Holding Company : |
Farida Holdings Private Limited CIN No.: U65993TN1985PTC011781 |
|
|
|
|
Associates : |
· Arcot Soles Private Limited CIN No.: U19112TN2005PTC055152 · Aston Shoes Private Limited CIN No.: U19201TN2004PTC053703 · Delta Shoes Private Limited CIN No.: U18209TN1987PTC014919 · Farida Classic Shoes Private Limited CIN No.: U18209TN1981PTC008805 · Farida Leatherware Private Limited CIN No.: U18209TN1992PTC022111 · Farida Prime Tannery Private Limited CIN No.: U19201TN2005PTC055925 · Farida Shoes Private Limited CIN No.: U19119TN1976PTC007207 · Jafra Insoles India Private Limited CIN No.: U19112TN2006PTC058989 · Kenmore Shoes Private Limited CIN No.: U19201KA2001PTC029147 · Mercury Shoes Private Limited CIN No.: U22121TN1994PTC029120 · Paalar Shoes Private Limited CIN No.: U19200TN2008PTC067408 |
CAPITAL STRUCTURE
As on: 27.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9200000 |
Equity Shares |
Rs.10/- each |
Rs.92.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8817720 |
Equity Shares |
Rs.10/- each |
Rs.88.177
Millions |
|
|
|
|
|
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8817720 |
Equity Shares |
Rs.10/- each |
Rs.88.177
Millions |
|
|
|
|
|
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 |
88.177 |
88.177 |
77.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
163.698 |
151.894 |
111.659 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
251.875 |
240.071 |
188.759 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
491.445 |
473.036 |
411.762 |
|
|
2] Unsecured Loans |
0.000 |
3.214 |
3.214 |
|
|
TOTAL BORROWING |
491.445 |
476.250 |
414.976 |
|
|
DEFERRED TAX LIABILITIES |
5.120 |
3.603 |
3.320 |
|
|
|
|
|
|
|
|
TOTAL |
748.440 |
719.924 |
607.055 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
140.488 |
129.007 |
89.741 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
13.521 |
13.666 |
0.161 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
550.116
|
436.112
|
373.640
|
|
|
Sundry Debtors |
201.429
|
135.895
|
66.079
|
|
|
Cash & Bank Balances |
18.400
|
16.181
|
19.596
|
|
|
Other Current Assets |
6.504
|
7.278
|
3.320
|
|
|
Loans & Advances |
99.182
|
226.481
|
172.279
|
|
Total
Current Assets |
875.631
|
821.947
|
634.914
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
185.548
|
240.159
|
81.868
|
|
|
Other Current Liabilities |
92.441
|
0.000
|
0.000
|
|
|
Provisions |
3.211
|
4.537
|
35.893
|
|
Total
Current Liabilities |
281.200
|
244.696
|
117.761
|
|
|
Net Current Assets |
594.431
|
577.251
|
517.153
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
748.440 |
719.924 |
607.055 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1137.614 |
849.926 |
|
|
|
|
Other Income |
118.507 |
111.054 |
|
|
|
|
TOTAL |
1256.121 |
960.980 |
1262.404 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1240.070 |
948.612 |
1248.409 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
16.051 |
12.368 |
13.995 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.247 |
3.802 |
2.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.804 |
8.566 |
11.955 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1099.578 |
816.036 |
1000.674 |
|
|
TOTAL EARNINGS |
1099.578 |
816.036 |
1000.674 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Consumables stores |
|
|
0.170 |
|
|
|
Capital goods |
|
|
4.452 |
|
|
TOTAL IMPORTS |
NA |
NA |
4.622 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.34 |
0.97 |
1.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.94 |
0.89 |
0.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.41 |
1.46 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.58 |
1.30 |
1.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05 |
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.95 |
1.98 |
2.20
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.11 |
3.36 |
5.39
|
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 |
No |
|
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 |
Yes |
|
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 |
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 |
PERFORMANCE
The company has made a Turnover of Rs.1256.121 Millions (including other income) when compare to the previous year turnover of Rs. 960.980. The Total expenditures is to Rs.1240.070 Millions when compare to the previous expenditure of Rs.948.612 Millions. During the current year the company has made profit before taxation of Rs. 16.051 Millions.
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As
on 31.03.2011 |
|
Other debt unsecured |
3.214 |
|
|
|
|
Total |
3.214 |
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
Intangible Assets
· Goodwill
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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.