MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAGAR SPRINGS PRIVATE LIMITED |
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Registered
Office : |
104, Angan Towes, 1st Floor, Near |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.08.1981 |
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Com. Reg. No.: |
04-004574 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.500 Millions |
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CIN No.: [Company Identification
No.] |
U31110GJ1981PTC004574 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS01864C |
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PAN No.: [Permanent Account No.] |
AACCS5494F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Helical Coil Springs for Automotive Applications. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There appears some continuous dip in the profitability of the company.
However, general financial position of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic
product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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. Parvesh Panchal |
|
Designation : |
Accounts Department |
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Contact No.: |
91-2676-223904 |
|
Date : |
12.12.2013 |
LOCATIONS
|
Registered Office : |
104, Angan Towes, 1st Floor, Near Bhavans School Makarpura Orad,
Vadodara, Gujarat – 390004, India |
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Tel. No.: |
91-2676-223904 |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
2000 sq ft |
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Location : |
Owned |
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Factory : |
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Tel. No.: |
91-2676-223904/ 220061 |
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Fax No.: |
91-2676-223904 |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Suryankant Motichand Shah |
|
Designation : |
Managing director |
|
Address : |
4, Manisha Bunglow, Productivity Road, Near Dodsal, Soceity, Akota, Vadodara – 390020, Gujarat, India |
|
Date of Appointment : |
24.08.1981 |
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DIN No.: |
00219180 |
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Name : |
Mr. Sagar Suryankant Shah |
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Designation : |
Managing director |
|
Address : |
4, Manisha Bunglow, Productivity Road, Near Dodsal, Soceity, Akota, Vadodara – 390020, Gujarat, India |
|
Date of Appointment : |
24.08.1981 |
|
DIN No.: |
00219188 |
KEY EXECUTIVES
|
Name : |
Mr. Parvesh Panchal |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shah Suryakant Motichand |
|
77500 |
|
Shah Suryakant Motichand Huf |
|
32500 |
|
Shah Kantaben Suryakant |
|
30000 |
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Shah Sagar Suryakant |
|
110000 |
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Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Helical Coil Springs for Automotive Applications. |
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Products : |
Coil Springs |
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Exports : |
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Products : |
·
Coil Springs |
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Countries : |
·
Italy |
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Imports : |
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Products : |
·
Raw Material Machinery |
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Countries : |
·
Brazil ·
Malaysia ·
Taiwan ·
China ·
Corea |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2012)
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Particulars |
Unit |
Actual
Production |
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Springs (Including D3) |
Kgs. |
13257570 |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India · Bank of India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Viral K. Shah and Associates Chartered Accountants |
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Address : |
Kshitij Level3, Opposite R.C. Patel Estate, Near Akota Garden, Akota,
Vadodara – 390020, Gujarat, India |
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Tel. No.: |
91-265-6589090 / 6569690 |
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PAN No.: |
AFGPS7070F |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
2.500 |
2.500 |
2.500 |
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(b) Reserves & Surplus |
424.533 |
400.864 |
367.064 |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds (1) + (2) |
427.033 |
403.364 |
369.564 |
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(3) Non-Current
Liabilities |
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(a) long-term
borrowings |
6.321 |
16.171 |
20.764 |
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(b) Deferred tax liabilities (Net) |
7.273 |
6.988 |
6.717 |
|
(c) Other long
term liabilities |
0.132 |
0.120 |
0.116 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
13.726 |
23.279 |
27.597 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
46.137 |
26.475 |
28.992 |
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(b)
Trade payables |
27.317 |
16.971 |
10.794 |
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(c)
Other current liabilities |
11.700 |
9.264 |
9.937 |
|
(d) Short-term
provisions |
2.906 |
2.906 |
2.500 |
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Total Current
Liabilities (4) |
88.060 |
55.616 |
52.223 |
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|
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TOTAL |
528.819 |
482.259 |
449.384 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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|
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(i)
Tangible assets |
92.756 |
92.732 |
80.968 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.755 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4.112 |
3.462 |
3.250 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
23.122 |
20.054 |
18.093 |
|
(e) Other
Non-current assets |
16.482 |
16.482 |
1.331 |
|
Total Non-Current
Assets |
137.227 |
132.730 |
103.642 |
|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
1.718 |
2.927 |
4.381 |
|
(b)
Inventories |
45.330 |
34.718 |
24.695 |
|
(c)
Trade receivables |
156.467 |
144.541 |
170.188 |
|
(d) Cash
and cash equivalents |
44.037 |
52.421 |
9.843 |
|
(e) Short-term
loans and advances |
132.512 |
107.951 |
130.697 |
|
(f)
Other current assets |
11.528 |
6.971 |
5.938 |
|
Total
Current Assets |
391.592 |
349.529 |
345.742 |
|
|
|
|
|
|
TOTAL |
528.819 |
482.259 |
449.384 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Gross) |
444.491 |
354.949 |
371.732 |
|
|
|
Other Income |
NA |
23.709 |
7.966 |
|
|
|
TOTAL (A) |
NA |
378.658 |
379.698 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
222.244 |
219.369 |
|
|
|
Changes in inventories of finished goods and work in progress and
scrap |
|
0.814 |
(1.734) |
|
|
|
Employee benefit expenses |
|
12.177 |
8.396 |
|
|
|
Other expenses |
|
74.972 |
70.696 |
|
|
|
TOTAL (B) |
NA |
310.207 |
296.727 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
68.451 |
82.971 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
4.202 |
4.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
64.249 |
78.941 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
12.023 |
10.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
52.226 |
68.486 |
|
|
|
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|
|
|
|
Less |
TAX (H) |
NA |
15.521 |
21.448 |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
36.705 |
47.038 |
|
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|
|
|
|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
1.268 |
NA |
NA |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
74.871 |
76.985 |
|
|
|
Capital Goods |
NA |
25.132 |
35.067 |
|
|
TOTAL IMPORTS |
NA |
100.003 |
112.052 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
146.82 |
188.15 |
|
Expected Sales (2013-2014): Rs. 400.000 Millions
The above information has been parted by Mr. Parvesh Panchal
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
9.69 |
12.39 |
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
14.71 |
18.42 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
10.91 |
15.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.13 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12 |
0.11 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.45 |
6.29 |
6.62 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
From Director and Relatives |
0.000 |
12.183 |
|
|
|
|
|
Short term
borrowings |
|
|
|
From directors |
46.137 |
26.475 |
|
|
|
|
|
Total |
46.137 |
38.658 |
CASE DETAILS
|
STAMP NUMBER No. 2672 of 2013 |
|
In STAMP NUMBER/ 2670/ 2013 ( DISPOSED ) On : 29/11/2013 |
|
Status : |
PENDING |
CCIN No : |
001087201302672 |
|
Last Listing Date: |
|
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|
|
Coram |
|
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|
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
STATE OF GUJARAT |
GOVERNMENT PLEADER for: null |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
SAGAR SPRINGS PRIVATE LIMITED |
|
|
Presented On |
05/10/2013 |
Registered On |
|
|
Bench Category |
|
District |
PANCHMAHALS |
|
Case Originated
From |
THROUGH STATE |
Listed |
0 times |
|
Presented On |
05/10/2013 |
Registered On |
|
|
Stage Name: |
|
|
|
OFFICE OBJECTION
|
Filing Stage |
WHETHER DULY SIGNED AND AFFIRMED AFFIDAVIT IN SUPPORT IS FILED ? |
|
Filing Stage |
WHETHER II SET FILED ? |
|
Filing Stage |
BLANKS IN MEMO |
|
Classification |
DB - CIVIL APPLICATION - LIMITATION ACT, 1963 - CONDONATION OF DELAY |
|
Act |
LIMITATION ACT, 1963 |
OFFICE DETAILS
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
05/10/2013 |
APPEARANCE NOTE |
GOVERNMENT PLEADER for PETITIONER(s) |
0 |
GOVERNMENT PLEADER(1) for P:1 |
|
2 |
05/10/2013 |
MEMO OF APPEAL/PETITION/SUIT |
GOVERNMENT PLEADER for PETITIONER(s) |
20 |
GOVERNMENT PLEADER(1), for P:1 |
Note:
The registered office of the company has been shifted from 104, Chandrakala
Tower, 1st Floor, Indira Gandhi Marg, Near Bhavans School, Baroda –
390 004, Gujarat to the present address w.e.f. 01.03.2010.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10424387 |
18/03/2013 |
20,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B74663287 |
|
2 |
10380180 |
27/09/2012 |
60,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B59542308 |
|
3 |
10363482 |
29/06/2012 |
30,000,000.00 |
CITIBANK N. A. |
Pelican, 2nd Floor, Opp Race Course Tower,, Gotri Road, Baroda, Gujarat - 390007, INDIA |
B42806109 |
|
4 |
10208249 |
23/03/2010 |
17,500,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
LAND MARK BUILDING, RACE COURSE, VADODARA, Gujarat - 390007, INDIA |
A81391229 |
FIXED ASSETS:
v Air Conditioner
v Air Ventilator
v Business Assets
v Computers
v Electrical Installation
v
v Fax Machine
v Furniture and Fixtures
v Land
v
v Office Equipment
v Office Premises
v Plant and Machinery
v Vehicles
v
Windmill
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. 62.12 |
|
|
1 |
Rs. 101.53 |
|
Euro |
1 |
Rs. 85.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.