|
Report Date : |
23.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIRAN MEDICAL SYSTEMS LIMITED (w.e.f.21.06.2011) |
|
|
|
|
Formerly Known
As : |
KIRAN X RAY SCREENS LIMITED |
|
|
|
|
Registered
Office : |
Kiran Chamber, 303-A, Linking Road, Khar (West), Mumbai - 400052,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.05.1974 |
|
|
|
|
Com. Reg. No.: |
11-017458 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1.689
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33111MH1974PLC017458 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11894B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK2100O |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Imaging Enhancement Accessories i.e.
Intensifying Screens, Cassettes and Anti Scatter Grids, Computed Radiography
Systems and Radiation Protection Apparel. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1706600 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Profitability of the company seems to be fair. General financial
position of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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-COOPERATIVE
(CONTACT NO.: 91-22-26007090)
LOCATIONS
|
Registered Office : |
Kiran Chamber, 303-A, Linking Road, Khar, Mumbai - 400052,
Maharashtra, India |
|
Tel. No.: |
91-22-26007090 |
|
Fax No.: |
91-22-26007093 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
D-134, TTC Industrial Area, Village, Shirvane, Nerul, Navi Mumbai -
400706, Maharashtra, India. |
|
Tel. No.: |
91-22-27689145 |
|
Fax No.: |
91-22-27689147 |
DIRECTORS
AS ON 02.07.2013
|
Name : |
Mr. Ramesh Purshottam Modi |
|
Designation : |
Director |
|
Address : |
303 Modi House,
Linking Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1954 |
|
Date of Appointment : |
17.12.1986 |
|
DIN No.: |
00204107 |
|
|
|
|
Name : |
Mr. Anil Valera |
|
Designation : |
Additional director |
|
Address : |
Valera
Apartment, Ram Gully, Kandivili (West), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1940 |
|
Date of Appointment : |
19.02.2007 |
|
DIN No.: |
00225834 |
|
|
|
|
Name : |
Gomathi Babu Sadacharam Kulandai Velu |
|
Designation : |
Director |
|
Address : |
25, First Main Road, Cit Colony, Mylapore, Chennai – 600004,
Tamilnadu, India |
|
Date of Birth/Age : |
30.06.1967 |
|
Date of Appointment : |
05.08.2011 |
|
DIN No.: |
00894980 |
|
|
|
|
Name : |
Mr. Ramesh Verkot |
|
Designation : |
Director |
|
Address : |
No. 11, Vinayaka
Verkot, 7th Cross, 2nd Main Dinnur Main Road, R T Nagar , Post Dinnur,
Bangalore – 560032, Karnataka, India |
|
Date of Birth/Age : |
04.09.1970 |
|
Date of Appointment : |
05.08.2011 |
|
DIN No.: |
03594581 |
|
|
|
|
Name : |
Mr. Prem Venkatachalam Pavoor |
|
Designation : |
Director |
|
Address : |
1704/3C,
Whispering Palms, Lokhandawala Complex, Akurli Road, Kandivali (East), Mumbai
– 400101, Maharashtra, India |
|
Date of Birth/Age : |
22.08.1978 |
|
Date of Appointment : |
02.07.2013 |
|
DIN No.: |
05268309 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Anuradha Modi |
|
20660 |
|
Ashok Agarwal joint with Ramesh Modi |
|
5 |
|
Meena Shroff joint with Dilipkumar Shroff |
|
10 |
|
Megha R. Modi joint with Sudha Agarwal |
|
5 |
|
Ramesh P. Modi joint with Anuradha R. Modi |
|
50890 |
|
Rams Radiografix Private Limited, India |
|
11200 |
|
Trivitron Healthcare Private Limited, India |
|
86148 |
|
|
|
|
|
Total |
|
168918 |
AS ON 02.07.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
57.63 |
|
Directors
or relatives of directors |
42.36 |
|
Other
top fifty shareholders |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Imaging Enhancement Accessories i.e.
Intensifying Screens, Cassettes and Anti Scatter Grids, Computed Radiography
Systems and Radiation Protection Apparel. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Oriental Bank of Commerce |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B B S R and Company Chartered Accountants |
|
Address : |
Lodha Exelus 1st Floor, Apollo Mills Compound, N.M. Joshi Marg,
Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-30902511 |
|
Income-tax
PAN of auditor or auditor's firm : |
AGRPM3643C |
|
|
|
|
Holding Company : |
Trivitron Healthcare Private Limited |
|
|
|
|
Enterprises over which significant influence exercised by key
management personnel : |
· Imaging Products India Private Limited Rams Radiografix Private Limited (formerly Kiran Radiografix
Private Limited) |
|
|
|
|
Other related party : |
Kiran Medical Systems |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400,000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
168,918 |
Equity Shares |
Rs. 10/- each |
Rs. 1.689
Millions |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1.689 |
1.689 |
1.250 |
|
(b) Reserves & Surplus |
424.961 |
320.917 |
56.883 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
426.650 |
322.606 |
58.133 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.738 |
|
(d) long-term
provisions |
12.225 |
6.091 |
0.000 |
|
Total Non-current
Liabilities (3) |
12.225 |
6.091 |
0.738 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
46.802 |
31.023 |
0.714 |
|
(c)
Other current liabilities |
15.435 |
10.672 |
1.843 |
|
(d) Short-term
provisions |
61.383 |
32.891 |
2.233 |
|
Total Current
Liabilities (4) |
123.620 |
74.586 |
4.790 |
|
|
|
|
|
|
TOTAL |
562.495 |
403.283 |
63.661 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
58.385 |
65.641 |
20.279 |
|
(ii)
Intangible Assets |
2.044 |
2.725 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.184 |
0.184 |
0.184 |
|
(c) Deferred tax assets (net) |
3.675 |
1.969 |
0.000 |
|
(d) Long-term Loan and Advances |
1.193 |
1.261 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
62.293 |
2.270 |
|
Total Non-Current
Assets |
65.481 |
134.073 |
22.733 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
245.320 |
76.000 |
5.000 |
|
(b)
Inventories |
90.450 |
78.792 |
10.586 |
|
(c)
Trade receivables |
61.747 |
74.893 |
10.711 |
|
(d) Cash
and cash equivalents |
83.473 |
28.315 |
12.195 |
|
(e)
Short-term loans and advances |
14.529 |
11.210 |
2.214 |
|
(f)
Other current assets |
1.495 |
0.000 |
0.222 |
|
Total
Current Assets |
497.014 |
269.210 |
40.928 |
|
|
|
|
|
|
TOTAL |
562.495 |
403.283 |
63.661 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
616.996 |
381.125 |
108.977 |
|
|
|
Other Income |
32.201 |
10.336 |
0.674 |
|
|
|
TOTAL |
649.197 |
391.461 |
109.651 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
286.167 |
202.158 |
50.900 |
|
|
|
Purchase of stock in trade |
3.310 |
6.445 |
0.000 |
|
|
|
Changes in inventories of finished goods, work in progress and stock
in trade |
(0.166) |
(2.870) |
1.379 |
|
|
|
Employee benefits expenses |
68.382 |
42.241 |
19.950 |
|
|
|
Manufacturing and Other Expenses |
61.733 |
44.367 |
20.352 |
|
|
|
TOTAL |
419.426 |
292.341 |
92.581 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
229.771 |
99.120 |
17.070 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.133 |
8.010 |
4.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
220.638 |
91.110 |
12.423 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
71.069 |
30.292 |
4.248 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
149.569 |
60.818 |
8.175 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
460.676 |
252.366 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
180.653 |
104.860 |
14.893 |
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
885.45 |
395.44 |
65.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
23.04
|
15.54 |
7.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
35.76
|
23.91 |
11.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
39.50
|
22.71 |
19.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.28 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.02
|
3.61 |
8.54 |
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 |
No |
|
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 |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CHANGE OF ADDRESS:
The registered office of the company has been shifted from
1418
OPERATIONS:
During the year,
Income increased by 165.6% to Rs.649.200 Millions. Profits before Taxes
improved by 242.2% to Rs.220.600 Millions. The Company better utilized
available opportunities in the global market to its advantage, and thus
significantly improved the position of its product lines of Radiation
Protection Products and Imaging Accessories and Systems. The Company expects to
continue this momentum during 2013-14.
BACKGROUND
Kiran Medical Systems Limited formerly
known as Kiran X Ray Screens Limited (the Company') was
incorporated under the provision of Companies Act, 1956 on 10 May 1974 as a
public company.
The Company is in the business of manufacture and sale of imaging enhancement
accessories i.e. intensifying screens, Cassettes and Anti Scatter Grids,
Computed Radiography Systems and Radiation Protection Apparel.
During the previous year, the Company had acquired Kiran Medical Systems
a proprietorship concern owned by the director Mr. Ramesh Modi.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank Guarantees |
8.181 |
8.850 |
|
Dues on excise duty disputed in appeal |
16.900 |
16.900 |
|
Duty forgone on import of goods |
23.046 |
58.357 |
|
|
|
|
|
Total |
48.127 |
84.107 |
FIXED ASSETS:
· Leasehold Land
Building
Plant
and machinery
Computers
Vehicles
Furniture
and Fixture
Office
Equipments
Goodwill
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.24 |
|
|
1 |
Rs. 101.81 |
|
Euro |
1 |
Rs. 84.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.