MIRA INFORM REPORT
|
Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPERRY PLAST LIMITED |
|
|
|
|
Registered
Office : |
H – 88, Kirti Nagar, New Delhi – 110015 |
|
|
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
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|
Date of
Incorporation : |
28.04.1992 |
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|
|
|
Com. Reg. No.: |
55-048504 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.78.960 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209DL1992PLC048504 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS09441F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS2623L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer, Importer and Exporter of Shoe Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1990000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears some dip in the profitability of the company during current
year. However, 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.
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 : |
H – 88, Kirti Nagar, New Delhi – 110015, India |
|
Tel. No.: |
91-11-25454063/
25442310/ 25412717/ 51424370 |
|
Fax No.: |
91-11-25455113/
25117362/ 51424375 |
|
E-Mail : |
marketing@sperryplastlimited.com
accountsbg@sperryplastlimited.net |
|
Website : |
|
|
|
|
|
Factory 1 : |
1121, M. I. E. Bahadurgarh – 124507, Haryana, Uttar Pradesh, India |
|
Tel. No.: |
91-1276-367154, 367552, 367553, 368040, 368552 |
|
|
|
|
Factory 2 : |
Unit II, Plot No. 16, Udyog Vihar, Greater Noida – 201306, Uttar
Pradesh, India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vikram Jain |
|
Designation : |
Managing Director |
|
Address : |
A – 41 and 42, Kirti Nagar, New Delhi – 110015, India |
|
Date of Birth/Age : |
03.10.1969 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
28.04.1992 |
|
PAN No.: |
AAAPJ3846R |
|
DIN No.: |
00110704 |
|
|
|
|
Name : |
Mr. Nawal Mal Jain |
|
Designation : |
Director |
|
Address : |
A – 41 and 42, Kirti Nagar, New Delhi – 110015, India |
|
Date of Birth/Age : |
07.11.1941 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
28.04.1992 |
|
DIN No.: |
00235990 |
|
|
|
|
Name : |
Shitul Dhirajlal Patel |
|
Designation : |
Director |
|
Address : |
303, Pushpak, 10th Road, JVPD Scheme, Mumbai – 400049, Maharashtra,
India |
|
Date of Birth/Age : |
11.11.1964 |
|
Qualification : |
BE/ MBA |
|
Date of Appointment : |
01.05.2007 |
|
DIN No.: |
00506534 |
|
|
|
|
Name : |
Mr. Deepak Sharma |
|
Designation : |
Director |
|
Address : |
H-69, Kirti Nagar, New Delhi – 110015, India |
|
Date of Birth/Age : |
26.08.1964 |
|
Qualification : |
MBA/ LLB/ BE |
|
Date of Appointment : |
07.01.2008 |
|
DIN No.: |
01980029 |
|
|
|
|
Name : |
Mr. Hemanshu Shah |
|
Designation : |
Director |
|
Address : |
R N 36, 4th Floor, New Mumbadevi, CHS 48, Khadilkar Road,
Girgaum, Mumbai – 400004, Maharashtra, India |
|
Date of Birth/Age : |
16.02.1973 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
02092440 |
|
|
|
|
Name : |
Mr. Himanshu Saremalji Shah |
|
Designation : |
Additional Director |
|
Address : |
F – 247, F. F., Mansarover Garden, New Delhi – 110015, India |
|
Date of Birth/Age : |
07.05.1977 |
|
Qualification : |
Master Degree |
|
Date of Appointment : |
16.08.2010 |
|
DIN No.: |
03132721 |
KEY EXECUTIVES
|
Name : |
Mr. Dhananjay Kumar |
|
Designation : |
Secretary |
|
Address : |
A – 5, II ND Floor, Shakarpur, Main Market, New Delhi – 110092, India |
|
Date of Birth/Age : |
01.06.1983 |
|
Date of Appointment : |
15.06.2010 |
|
PAN No.: |
BCIPK0899N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Chander Mohan Gandhi |
10 |
|
Sharda Gandhi |
10 |
|
Seema Gandhi |
10 |
|
Chaya Jain |
10 |
|
Vikram Jain |
4818938 |
|
Naina Jain |
1421900 |
|
Nawal Mal Jain |
423500 |
|
Damyanti Jain |
821820 |
|
Speery Builders and Developers Private Limited, India |
409800 |
|
Total |
7895998 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
5.18 |
|
Directors or relatives of Directors |
66.39 |
|
Other top fifty shareholders |
28.43 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importer and Exporter of Shoe Components. |
||||
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||||
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Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Actual
Production |
|
TPR Compound |
Kgs |
8183023 |
|
HIPS Compound |
Kgs |
394450 |
|
P. P. Filled |
Kgs |
810606 |
|
CPVC Pipe and Fittings |
Kgs |
1850174 |
|
Moulding |
Kgs |
3609748 |
|
EPS and Others |
Kgs |
4417590 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Industrial Complex Branch, Bahadurgarh-124507,
Haryana, India |
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Facilities : |
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|
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Banking Relations
: |
-- |
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|
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|
Auditors : |
|
|
Name : |
GSK and Associates Chartered Accountants |
|
Address : |
Delhi, India |
|
PAN No.: |
AADFG5824B |
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|
|
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Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7895998 |
Equity Shares |
Rs.10/- each |
Rs.78.960
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 |
78.960 |
78.960 |
76.512 |
|
|
2] Share Application Money |
36..543 |
0.000 |
22.030 |
|
|
3] Reserves & Surplus |
381.602 |
369.302 |
280.028 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
497.105 |
448.262 |
378.570 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
898.416 |
814.457 |
484.209 |
|
|
2] Unsecured Loans |
262.651 |
128.967 |
148.302 |
|
|
TOTAL BORROWING |
1161.067 |
943.424 |
632.511 |
|
|
DEFERRED TAX LIABILITIES |
74.360 |
53.865 |
42.004 |
|
|
|
|
|
|
|
|
TOTAL |
1732.532 |
1445.551 |
1053.085 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
966.873 |
718.967 |
677.171 |
|
|
Capital work-in-progress |
0.000 |
100.692 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
32.940 |
32.989 |
21.499 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
539.490
|
335.502 |
216.383 |
|
|
Sundry Debtors |
419.276
|
364.459 |
300.528 |
|
|
Cash & Bank Balances |
37.580
|
56.895 |
54.793 |
|
|
Other Current Assets |
6.518
|
1.968 |
0.000 |
|
|
Loans & Advances |
245.008
|
250.422 |
151.976 |
|
Total
Current Assets |
1247.872
|
1009.246 |
723.680 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
302.241
|
221.483 |
185.434 |
|
|
Other Current Liabilities |
208.996
|
174.574 |
176.204 |
|
|
Provisions |
3.916
|
20.286 |
12.142 |
|
Total
Current Liabilities |
515.153
|
416.343 |
373.780 |
|
|
Net Current Assets |
732.719
|
592.903 |
349.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.515 |
|
|
|
|
|
|
|
|
TOTAL |
1732.532 |
1445.551 |
1053.085 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2177.656 |
1632.240 |
1063.207 |
|
|
|
Other Income |
20.917 |
13.924 |
1.685 |
|
|
|
TOTAL (A) |
2198.573 |
1646.164 |
1064.892 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1816.899 |
1229.540 |
|
|
|
|
Purchases of stock-in-trade |
82.152 |
78.023 |
919.923 |
|
|
|
Employee benefit expense |
44.481 |
35.132 |
|
|
|
|
Other expenses |
222.952 |
195.129 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(174.407) |
(100.983) |
|
|
|
|
TOTAL (B) |
1992.077 |
1436.841 |
919.923 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
206.496 |
209.323 |
144.969 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
120.036 |
89.212 |
73.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.460 |
120.111 |
71.251 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.072 |
36.077 |
20.802 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
44.388 |
84.034 |
50.449 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.620 |
14.253 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
28.768 |
69.781 |
50.449 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment for Previous Year |
NA |
NA |
1.950 |
|
|
Add |
Adjustment of Advance Income tax |
NA |
NA |
1.879 |
|
|
Add |
Tax Provision (Income Tax/ Wealth Tax/ FBT) for the financial year
2008-09 written back |
NA |
NA |
0.000 |
|
|
Less |
Tax Provision (Income Tax/ Wealth Tax/ FBT) |
NA |
NA |
0.000 |
|
|
Less |
Gratuity Provision for current year |
NA |
NA |
0.865 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
139.983 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
176.567 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
124.106 |
117.398 |
88.272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.64 |
8.84 |
10.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.31
|
4.24
|
4.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.04
|
5.15
|
4.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.00
|
4.86
|
3.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.19
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.34
|
2.10
|
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
2.42
|
1.94 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATION
During the year, the Company has performed beyond the targeted results in terms of turnover and profitability despite of the volatile prices of raw materials and recession in the international economy. The main reason behind it is that the Company has expanded its customer base and diversion its business prospect. The Company has entered in manufacturing of adhesives for shoe industry and CPVC/UPVC Pipes and Fittings. The company has entered into a joint venture with Italian company to start a new business of adhesives as per the prospective demand in the industry. Company achieved instant growth through keeping its operational cost under control.
Subject is today one of the Largest Thermo Plastic Rubber Compounds Company in India.
FUTURE PROSPECTS
The Companies vision to enter in the adhesives and diversified pipes business comes in reality and its Greater Noida unit is in full swing. Units in Jammu and Chennai are also performing well. There Bahadurgarh Plant is also performing upto mark. Being masters of Compounds and molding, now they have entered into manufacturing the complete range of pipes & fittings and adhesives for industrial uses. To start with, they are successful in launching high end product CPVC (Chlorinated Poly Vinyl Chloride) pipes and fittings.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Term loans from banks |
6.229 |
10.558 |
|
Deposits |
51.878 |
4.434 |
|
Loans and advances from related parties |
204.544 |
113.975 |
|
Total |
262.651 |
128.967 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U25209DL1992PLC048504 |
|
Name of the company |
SPERRY PLAST LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
H – 88, Kirti Nagar, New Delhi – 110015, India E-mail: dhananjaymgr@gmail.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Others (Corporate Gaurantee) |
|
Particular of charge holder |
State Bank of India, Industrial Complex Branch, Bahadurgarh-124507, Haryana, India E-mail: mca@gskassociates.com |
|
Nature of instrument creating charge |
Guarantee Agreement |
|
Date of instrument Creating the charge |
30.07.2012 |
|
Amount secured by the charge |
Rs. 98.000 millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest N.A. Terms of Repayment N.A. Margin N.A. Extent and Operation of the charge N.A. |
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
Corporate guarantee to sperry international private limited to avail bank guarantee of Rs. 98.000 millions |
FIXED ASSETS
- Land
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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 : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
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 |
|
45 |
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.