MIRA INFORM REPORT
|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
OMNOVA SOLUTIONS INDIA PRIVATE LIMITED (w.e.f. 22.12.2011) |
|
|
|
|
Formerly Known
As : |
ELIOKEM INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
707/ 708, Meadows, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.11.2011 |
|
|
|
|
Date of
Incorporation : |
04.10.2007 |
|
|
|
|
Com. Reg. No.: |
11-174698 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24296MH2007PTC174698 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE8488J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Synthetic Rubber. |
|
|
|
|
No. of Employees
: |
325 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of ‘OMNOVA Solutions India France Holding
SAS’. It is an established company having a moderate track record. The
company has been incurring loss from its operations past some years. There appears
huge external borrowings which is a threat to company’s liquidity. There
appears huge accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings on a secured trade
terms and conditions. Note: The financial year of the company was changed to end on November
30, 2011. |
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 |
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 : |
707/ 708, Meadows, |
|
Tel. No.: |
91-22-66840900/ 66840912 |
|
Fax No.: |
91-22-66840901 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Head Office : |
14, Avenue Des Tropiques Z.A. de Courtaboeuf 2 Villejust, 91955
Courtaboeuf Cedex - |
|
Tel. No.: |
+33 1 69 29 27 00 |
|
Fax No.: |
+33 1 69 29 27 01 |
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|
|
|
Production Sites : |
|
|
Factory 1 : |
Eliokem - Le Havre Plant |
|
Tel. No.: |
+33 2 32 79 22 00 |
|
Fax No.: |
+33 2 32 79 23 94/5 |
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|
|
|
Factory 2 : |
Eliokem - |
|
Tel. No.: |
+1 (330) 869 4323 |
|
Fax No.: |
+1 (330) 869 4338 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Eliokem - 308 Jiangbin Road United Development Zone, Xiaogang, Ningbo Economic
and Technical Development Zone, Zhejiang Province, P.R. China Post Code:
315803 |
|
Tel. No.: |
+86 (574) 86 18 37 19 |
|
Fax No.: |
+86 (574) 86 22 66 73 |
|
|
|
|
Factory 4 : |
Eliokem - Valia Plant Village Dungri, Taluka Valia, Ankleshwar 393 135, District Bharuch, |
|
Tel. No.: |
91-2643-270442/ 43/ 45 |
|
Fax No.: |
91-2643-270010 |
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|
|
|
Overseas Office : |
Located at: v
v
|
|
|
|
|
Technology Centers : |
Located at: v
v
v
v
Bharuch, |
|
|
|
|
Representative Office : |
Located at: v
v
v
v
v
Mumbai |
DIRECTORS
As on 30.03.2012
|
Name : |
Olivier Faussadier |
|
Designation : |
Director |
|
Address : |
3 Chemin D’Houjarray, Bazoches |
|
Date of Birth/Age : |
14.05.1966 |
|
Date of Appointment : |
13.12.2007 |
|
DIN No.: |
01879982 |
|
|
|
|
Name : |
Mr. Deepak Gopinath Birje |
|
Designation : |
Whole Time Director |
|
Address : |
B 36, B Wing, 201 Gokuldham, Goregaon
(East), Mumbai – 400 063, |
|
Date of Birth/Age : |
26.07.1958 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
08.02.2008 |
|
DIN No.: |
00694998 |
|
|
|
|
Name : |
Mr. Anupkumar Sriram Srivastava |
|
Designation : |
Whole Time Director |
|
Address : |
Ftb-3, Fr 4th, BI/Shrinagar CHS PLL Marg, Chembur, Mumbai –
400089, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1955 |
|
Date of Appointment : |
04.05.2011 |
|
DIN No.: |
03122445 |
|
|
|
|
Name : |
Mr. Michael Eugene Hicks |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
10.06.1958 |
|
Date of Appointment : |
04.05.2011 |
|
DIN No.: |
03363683 |
|
|
|
|
Name : |
Kevin Michael McMullen |
|
Designation : |
Director |
|
Address : |
541 Falls Road, |
|
Date of Birth/Age : |
04.07.1960 |
|
Date of Appointment : |
04.05.2011 |
|
DIN No.: |
03344618 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.03.2012
|
Names of Shareholders |
|
No. of Shares |
|
OMNOVA Solutions India France Holding S.A.S., France |
|
9999 |
|
OMNOVA Solutions S.A.S., France
|
|
1 |
|
Total |
|
10000 |
As on 08.02.2013
|
Names of Allottee |
|
No. of Shares
Allotted |
|
OMNOVA Solutions India France Holding S.A.S., France |
|
12000000 |
|
Total |
|
12000000 |
As on 30.03.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Synthetic Rubber. |
PRODUCTION STATUS (As On 30.11.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Dry Rubber |
MT |
48400 |
24875 |
13080 |
GENERAL INFORMATION
|
No. of Employees : |
325 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
India Glycols Limited, Commercial Complex, 2B Sector – 126, Noida Expressway, Next To Lotus Valley School Noida – 201304, Uttar Pradesh, India |
|
PAN.: |
ABSFS4151K |
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|
|
|
Ultimate Holding Company : |
OMNOVA Solutions International SAS (Formerly Eliokem International
SAS) |
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|
|
|
Holding Company : |
OMNOVA Solutions India France Holding SAS (Formerly Eilokerm India
France Holding SAS) |
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|
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Fellow Subsidiaries : |
OMNOVA Solutions SAS (Formerly Eliokerm SAS) |
CAPITAL STRUCTURE
After 30.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12050000 |
Equity Shares |
Rs.10/- each |
Rs.120.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12010000 |
Equity Shares |
Rs.10/- each |
Rs.120.100 Million |
|
|
|
|
|
As on 30.11.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
|
|
10,000 equity shares of Rs.10 each, fully paid up (Out of the above, 9,999 equity shares are held by OMNOVA Solutions India France Holding SAS, France (Previously known as Eliokem India France Holding SAS, France) the holding company).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
01.01.2011 to
30.11.2011 |
01.01.2010 to
31.12.2010 |
01.01.2009 to
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(233.843) |
(214.865) |
(114.944) |
|
|
NETWORTH |
(233.743) |
(214.765) |
(114.844) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1573.567 |
1449.893 |
1316.410 |
|
|
TOTAL BORROWING |
1573.567 |
1449.893 |
1316.410 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1339.824 |
1235.128 |
1201.566 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
609.893 |
666.529 |
693.169 |
|
|
Capital work-in-progress |
1.345 |
0.000 |
8.020 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.528 |
2.529 |
2.528 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
227.795
|
413.965 |
222.672 |
|
|
Sundry Debtors |
524.579
|
482.065 |
306.151 |
|
|
Cash & Bank Balances |
175.688
|
97.853 |
164.318 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
234.799
|
197.026 |
119.647 |
|
Total
Current Assets |
1162.861
|
1190.909 |
812.788 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
288.920
|
534.136 |
277.447 |
|
|
Other Current Liabilities |
140.238
|
84.105 |
25.621 |
|
|
Provisions |
7.645
|
6.598 |
11.871 |
|
Total
Current Liabilities |
436.803
|
624.839 |
314.939 |
|
|
Net Current Assets |
726.058
|
566.070 |
497.849 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1339.824 |
1235.128 |
1201.566 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
01.01.2011 to
30.11.2011 |
01.01.2010 to
31.12.2010 |
01.01.2009 to
31.12.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
2517.381 |
2151.037 |
1890.771 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2517.381 |
2151.037 |
1890.771 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
2543.363 |
2248.242 |
1827.054 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
2543.363 |
2248.242 |
1827.054 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(25.982) |
(97.205) |
63.717 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
2.716 |
7.286 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(25.982) |
(99.921) |
56.431 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(214.865) |
(114.944) |
(171.375) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(233.843) |
(214.865) |
(114.944) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
233.826 |
346.569 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
NA |
334.969 |
373.918 |
|
|
|
Spares |
NA |
1.292 |
2.158 |
|
|
|
Capital Goods |
NA |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
336.261 |
376.076 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1898.00) |
(9992.00) |
5643.05 |
|
KEY RATIOS
|
PARTICULARS |
|
01.01.2011 to
30.11.2011 |
01.01.2010 to
31.12.2010 |
01.01.2009 to
31.12.2009 |
|
PAT / Total Income |
(%) |
(1.03)
|
(4.65) |
2.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.47
|
(5.23) |
0.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.45 |
(0.55) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(6.73)
|
(6.75) |
(11.46) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
1.91 |
2.58 |
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 |
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 |
No |
|
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 23rd Floor, Express Towers, Nariman Point, Mumbai – 400 021, Maharashtra to the present address w.e.f. 07.02.2008.
BACKGROUND
Subject is a subsidiary of Eliokem International SAS, a Company incorporated under the laws of the Republic of France in 2001. On December 9, 2010 Omnova Solutions Inc. acquired all outstanding shares from the holders of outstanding equity securities of Eliokem International SAS. Post acquisition by Omnova, name of the Company was changed to Subject.
The Company is engaged in the business of producing Chemigum Nitrile Rubber and Polyblends (NBR/PVC) and Pliolite HSR Reinforcing Resins (high styrene-rubber master batch) for the rubber industry; and Chemigum Nitrile and Pliolite SB Latices for the latex industry.
The Company has incurred significant losses in the year which have resulted in erosion of its net worth. The Company has continuing financial and operational support from the parent Company, and therefore the management considers it appropriate to prepare these financial statements on a going concern basis.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 01.01.2011
to 30.11.2011 |
As on 01.01.2010
to 31.12.2010 |
|
|
|
|
|
Fully convertible debentures (A) |
1200.000 |
1200.000 |
|
Working capital loans (B) |
246.930 |
211.680 |
|
Other debt (C) |
10.582 |
9.081 |
|
Interest accrued due debentures |
114.016 |
27.222 |
|
Interest accrued due other debt |
2.039 |
1.910 |
|
Total |
1573.567 |
1449.893 |
|
(A) 1,20,00,000 10% Fully convertible debentures of Rs. 100 each . Each debenture shall be converted into 10 Equity shares of Rs.10/- each at any time at the option of the debenture holder within a period of 5 years from the date of allotment viz. February 8, 2008 and failing which they shall be compulsorily converted into equity shares as aforesaid at the expiry of 5 years from the date of allotment. (B) Cash Credit / Working Capital Demand Loans. The above loan is made available against standby letter of credit (SBLC) granted by BNP Paribas Bank, Paris out of the credit facility provided to Eliokem India France Holding SAS. (C) Included in Short-term loans and advances-others are dues to companies under the same management: OMNOVA Solutions India France Holding SAS of Rs.12.621 Millions |
||
FIXED ASSETS:
Intangible Assets Acquired
- Goodwill
- Software
Tangible Assets
- Land - Freehold
- Land - Leasehold
- Buildings
- Plant and Machinery
- Furniture and Fittings
- Office Equipments
- Computers
- Leasehold Improvements
- Vehicles
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.54.29 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
13 |
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.