MIRA
INFORM REPORT
|
Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ISINOX STEELS LIMITED |
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Registered
Office : |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone
(West), Lower Parel, Mumbai-400013, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
31.07.1990 |
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Com. Reg. No.: |
11-057523 |
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Capital Investment
/ Paid-up Capital : |
Rs. 15.459 millions |
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|
CIN No.: [Company Identification
No.] |
U27100MH1990PLC057523 |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturers of Bright Bars and Wires. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 510000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-22-49102000)
LOCATIONS
|
Registered Office : |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone
(West), Lower Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-49102000 |
|
Fax No.: |
91-22-49102099 |
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E-Mail : |
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Website: |
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Factory : |
Village Savroli, Taluka Khalapur, District Raigad, Khopoli-410202,
Maharashtra, India |
|
Tel. No.: |
91-2192-274080 |
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Fax No.: |
91-2192-274053 |
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|
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|
Bright Bars
Division: |
C-63, MIDC Estate, Turbhe, Navi Mumbai – 400705,
Maharashtra, India |
|
Tel. No.: |
91-22-27686437 |
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Fax No.: |
91-22-27633888 |
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|
Special Steel
Division : |
Khopoli, Dist. Raigad – 410 203, Maharashtra, India |
|
Tel. No.: |
91-2192-265812 |
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Fax No.: |
91-2192-264061 |
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|
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|
Stainless Steel
Wire Plant: |
Savroli, Taluka Khalapur, Khopoli, District Raigad,
Maharashtra – 410202, India |
|
Tel. No.: |
91-2192-274053 |
|
Fax No.: |
91-2192-274080 |
DIRECTORS
As on 29.09.2012
|
Name : |
Ms. Anita Ashwinkumar Gupta |
|
Designation : |
Director |
|
Address : |
Ashiana, Bunglow 13, Vasant Vihar Complex, Dr. C. Gidwani Road, Chembur, Mumbai- 400074, Maharashtra, India |
|
Date of Birth/Age : |
08.08.1954 |
|
Date of Appointment : |
19.01.2004 |
|
DIN No.: |
01301447 |
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|
Name : |
Ms. Priya Sudhir Gupta |
|
Designation : |
Director |
|
Address : |
Ashok Building, 541/C,
Adenwala Road, King Circle, Matunga (West), Mumbai-400019, Maharashtra, India |
|
Date of Birth/Age : |
24.03.1963 |
|
Date of Appointment : |
19.01.2004 |
|
DIN No.: |
00084305 |
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|
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|
Name : |
Mr. Sundeep Lakshmikant Mulik |
|
Designation : |
Director |
|
Address : |
Sundew Building, Flat No. 23, 4th Floor, Angelore Society, Pestom Sagar Road, Chembur, Mumbai-400089, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1965 |
|
Date of Appointment : |
16.08.2006 |
|
DIN No.: |
01127415 |
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|
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|
Name : |
Mr. Siddharth Sudhir Gupta |
|
Designation : |
Director |
|
Address : |
Ashok Building, 541/C, Adenwala
Road, King Circle, Matunga (West),
Mumbai-400019, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1987 |
|
Date of Appointment : |
12.10.2011 |
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DIN No.: |
03640615 |
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|
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|
Name : |
Ms. Revti Ashwinkumar Gupta |
|
Designation : |
Director |
|
Address : |
Ashiana, Bunglow 13, Vasant Vihar Complex, Dr. C. Gidwani Road, Chembur, Mumbai- 400074, Maharashtra, India |
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Date of Birth/Age : |
20.04.1987 |
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Date of Appointment : |
29.09.2012 |
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DIN No.: |
05357397 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Harbanslal Bansidhar Gupta |
|
100 |
|
Ashwinkumar Harbanslal Gupta |
|
100 |
|
Sudhirkumar Harbanslal Gupta |
|
50 |
|
Anita Ashwinkumar Gupta |
|
772650 |
|
Priya Sudhirkumar Gupta |
|
772650 |
|
Varun Sudhir Gupta |
|
50 |
|
Sandeep Laxmikant Mulik |
|
300 |
|
Total |
|
1545900 |
Allottees as on 28.02.2013
|
Names of Allottees |
|
No. of Shares |
|
Isisales (India) Private Limited, India |
|
680000 |
|
Isimetals (India) Private Limited, India |
|
680000 |
|
Total |
|
1360000 |
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 : |
Manufacturers of Bright Bars and Wires. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
Dombivli Nagari Sahakari Bank Limited Fort Branch, Sambhava Chambers, 1st Floor, Sir P M Road, Mumbai - 400001, Maharashtra, India |
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Facilities : |
Note: Above debts are
secured by first mortgage and charge on all immovable and moveable properties
both present and future, and personal guarantees of some of the promoter
directors of the company |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Thanawala and Company Chartered Accountants |
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Address : |
505 Abhay Steel, Fifth Floor, 22 Baroda Street, Mumbai-400009,
Maharashtra, India |
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Tel. No.: |
91-22-23486679 / 23484336 |
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Fax No.: |
91-22-23481151 |
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PAN No.: |
AAAPT3237C |
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Associates : |
·
India Steel Works Limited ·
India Steel International Private Limited ·
Isiworld Steel (India) Private Limited ·
Insicom Traders Private Limited ·
Isistar Exports Private Limited ·
Isimetal (India)Private Limited ·
Yeotmal Land Development and Trading Company
Private Limited ·
Emges Homes Private Limited ·
Gupta Housing Private Limited |
|
|
|
|
Enterprises over which Key Management Personnel are able to exercise
significant influence : |
· India Steel Industries · India Steel International |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
3200000 |
Preference Shares |
Rs.10/- each |
Rs. 32.000 Millions |
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|
|
|
|
|
|
Total |
|
Rs. 62.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1545900 |
Equity Shares |
Rs.10/- each |
Rs. 15.459 Millions |
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|
|
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|
After 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
3200000 |
Preference Shares |
Rs.10/- each |
Rs. 32.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 62.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2905900 |
Equity Shares |
Rs.10/- each |
Rs. 29.059 Millions |
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|
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 |
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|
|
|
|
1] Share Capital |
15.459 |
15.459 |
15.459 |
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|
2] Share Application Money |
53.200 |
21.200 |
21.200 |
|
|
3] Reserves & Surplus |
58.714 |
55.642 |
54.551 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(2.113) |
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|
NETWORTH |
127.373 |
92.301 |
89.097 |
|
|
LOAN FUNDS |
|
|
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|
1] Secured Loans |
43.191 |
36.266 |
28.687 |
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|
2] Unsecured Loans |
10.983 |
11.896 |
12.396 |
|
|
TOTAL BORROWING |
54.174 |
48.162 |
41.083 |
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|
DEFERRED TAX LIABILITIES |
3.931 |
4.085 |
4.097 |
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|
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|
|
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TOTAL |
185.478 |
144.548 |
134.277 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.160 |
96.226 |
96.888 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
157.912
|
141.968 |
22.730 |
|
|
Sundry Debtors |
243.195
|
117.866 |
27.709 |
|
|
Cash & Bank Balances |
6.980
|
8.213 |
3.444 |
|
|
Other Current Assets |
8.818
|
30.336 |
11.646 |
|
|
Loans & Advances |
65.644
|
35.220 |
3.792 |
|
Total
Current Assets |
482.549
|
333.603 |
69.321 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
382.005
|
271.238 |
22.315 |
|
|
Other Current Liabilities |
2.265
|
9.911 |
9.618 |
|
|
Provisions |
6.962
|
4.133 |
0.000 |
|
Total
Current Liabilities |
391.232
|
285.282 |
31.933 |
|
|
Net Current Assets |
91.317
|
48.321 |
37.388 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
185.478 |
144.548 |
134.277 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
520.832 |
407.854 |
210.769 |
|
|
|
Other Income |
0.786 |
(1.040) |
0.554 |
|
|
|
TOTAL (A) |
521.618 |
406.814 |
211.323 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
435.289 |
|
|
|
|
|
Purchase of Stock-in-trade |
39.325 |
3.067 |
214.497 |
|
|
|
Employee benefits expense |
8.037 |
6.035 |
|
|
|
|
Other Expenses |
74.032 |
47.106 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(51.387) |
(27.772) |
|
|
|
|
TOTAL (B) |
505.296 |
393.935 |
214.497 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
16.322 |
12.879 |
(3.174) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.424 |
5.532 |
3.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.898 |
7.347 |
(6.194) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.097 |
3.055 |
3.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
6.801 |
4.292 |
(9.216) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.932 |
1.089 |
1.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
4.869 |
3.203 |
(10.547) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.090 |
(2.113) |
8.434 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.959 |
1.090 |
(2.113) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on FOB basis |
470.931 |
379.622 |
181.584 |
|
|
TOTAL EARNINGS |
470.931 |
379.622 |
181.584 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.15 |
2.07 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.93
|
0.79 |
(4.99) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.31
|
1.05 |
(4.37) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.18
|
1.00 |
(5.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.05 |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.43
|
0.52 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.17 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Trade Payables: |
|
|
|
|
Others |
382.005
|
271.238 |
22.315 |
|
|
|
|
|
|
Total |
382.005
|
271.238 |
22.315 |
|
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 |
No |
NOTE
The registered office of the company has been shifted from India Steel Industrial Comprailway, Gate No 4, Antop Hill, Wadala, Mumbai-400037, Maharashtra, India to the present address w.e.f. 05.11.2011
OPERATIONS REVIEW
During the year, the Company has achieved Sales Turnover of Rs.520.800 millions (Previous Year: Rs. 407.800 millions) registering a growth of 27.70 %.The Company has achieved Export Turnover of Rs.470.900 millions as against Rs.379.600 millions for the corresponding period last year, registering a growth of 24.05%. Profit /loss after tax has been Rs.4.800 millions (Previous Year Rs.3.200 millions).
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
From related parties |
10.983 |
11.896 |
|
Total |
10.983 |
11.896 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U27100MH1990PLC057523 |
|
Name of the company |
ISINOX STEELS LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg,
Elphinstone (West), Lower Parel, Mumbai-400013, Maharashtra E-mail: cs@iswl.in |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts |
|
Particular of charge holder |
Dombivli Nagari Sahakari Bank Limited Fort Branch, Sambhava Chambers,
1st Floor, Sir P M Road, Mumbai - 400001, Maharashtra, India E-mail: jpscs2007@gmail.com |
|
Nature of instrument creating charge |
Composite deed of hypothecation for Rs.10 CRS (Bills Discounting) |
|
Date of instrument Creating the charge |
08.03.2013 |
|
Amount secured by the charge |
Rs. 100.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest
14.75% P.A. Terms of
Repayment Validity 12 Months Margin 25% Extent and
Operation of the charge Rs.100.000 millions and operation of charge on hypothecated assets
including domestic receivables. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecated assets including domestic receivables . |
FIXED ASSETS
· Land
· Factory Building
· Office / Residential Buildings
· Plant and Machinery
· Data Processing Equipment
· Motor Vehicles
· Office Equipment and Appliances
· Furniture and Fixtures
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.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
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 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.