MIRA
INFORM REPORT
|
Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
STYROLUTION INDIA PRIVATE LIMITED (w.e.f. 10.12.2010) |
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Formerly Known
As : |
BASF STYRENICS PRIVATE LIMITED PUSHPA POLYMERS PRIVATE LIMITED |
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Registered
Office : |
1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.07.1990 |
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Com. Reg. No.: |
11-149830 |
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Capital
Investment / Paid-up Capital : |
Rs.615.446 Millions |
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CIN No.: [Company Identification
No.] |
U25202MH2004FTC149830 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB07252A |
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PAN No.: [Permanent Account No.] |
AAACP2766R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Polystyrene. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3568000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of STYROLUTIONS HOLDING COMPANY, MAURITIUS. It
is an established company having moderate track record. Profitability of the company seems to be low. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 PARTED BY
|
Name : |
Mr. Harshed |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9004983482 (Mr. Harshed) |
|
Date : |
26.12.2013 |
LOCATIONS
|
Registered Office : |
1st Floor, Vibgyor Towers, Plot No. C-62, 'G' Block, Bandra Kurla Complex,
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-42630100/ 200 |
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Mobile No.: |
91-9004983482 |
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Fax No.: |
91-22-40415312 |
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E-Mail : |
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Website : |
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Area : |
4500 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
Equinox Business Park, Peninsula Techno Park, Equinox Commercial
Centre, Tower 3, 1st Floor, Suit No. 5, Off B.K.C. LBS Marg, Kurla
(West), Mumbai – 400071, Maharashtra, India
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Factory: |
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Sales Office: |
Located At:
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DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Sushil Roy Ernest Fonseca |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 101, Olar Building, 95 St. Sebastian Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
06.08.1950 |
|
Date of Appointment : |
16.03.1949 |
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DIN No.: |
02583710 |
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Name : |
Mr. Bhagwan Digamberrao Deshmukh |
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Designation : |
Alternate Director |
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Address : |
Fiat C - 22, Building CD – 64, Shreerang Society, Thane – 400601, Maharashtra, India |
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Date of Birth/Age : |
05.11.1949 |
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Date of Appointment : |
30.04.2012 |
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DIN No.: |
02583229 |
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|
|
Name : |
Yiu On Tam |
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Designation : |
Director |
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Address : |
101F, Me1 Foo Sun Cheun, 65 D Broadway, Kln, Hong Kong |
|
Date of Birth/Age : |
25.11.1955 |
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Date of Appointment : |
30.04.2012 |
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DIN No.: |
05278557 |
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|
|
|
Name : |
Mr. Dipak Jayantilal Shah |
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Designation : |
Director |
|
Address : |
2 Khushnuma Society, Behind Ajanta Society, Ellora Park, Race Course, Vadodara – 390023, Gujarat, India |
|
Date of Birth/Age : |
03.10.1952 |
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Date of Appointment : |
11.06.2012 |
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DIN No.: |
05286517 |
KEY EXECUTIVES
|
Name : |
Mr. Harshed |
|
Designation : |
Accounts Executive |
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|
Name : |
Ketki S Parikh |
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Designation : |
Secretary |
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Address : |
A-201, Venu Residency, Behind Gangotri Fiats, Opposite Yash Complex, Gotri Road, Vadodara – 390021, Gujarat, India |
|
Date of Birth/Age : |
03.10.1952 |
|
Date of Appointment : |
01.09.2013 |
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PAN No.: |
BBAPS2175L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Styrolution Holding Company,
Mauritius |
|
61544576 |
|
Styrolution GMBH, Germany |
|
64 |
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|
|
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Total |
|
61544640 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polystyrene. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Manufacturers |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
HSBC Bank Limited, Fort Mumbai, Maharashtra, India Tel. No.: 91-22-226749521 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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PAN No.: |
AAAFB9852F |
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Fellow Subsidiaries
: |
· BASF India Limited · BASF Chemicals and amp; Polymers Pakistan · BASF Asia-Pacific Service Centre Sdn Bhd · BASF Catalysts India Private Limited · BASF IT Services GMBH · Styrolution Korea Limited · Styrolution GmbH · Styrolution Group GmbH · BASF South East Asia Pte Limited · BASF Lanka Private Limited · BASF Bangladesh Limited · BASF China Company Limited · BASF Limited Aegypten · Styrolution South East Asia Pte. Limited ·
Styrolution ABS (India) Limited |
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|
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Holding Company : |
· Styrolution Holding Company · BASF SE · Styrolution Holdings GmbH |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
61544640 |
Equity Shares |
Rs.10/- each |
Rs.615.446 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 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
615.446 |
615.446 |
615.450 |
|
(b) Reserves & Surplus |
276.670 |
220.560 |
354.300 |
|
(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) |
892.116 |
836.006 |
969.750 |
|
|
|
|
|
|
(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 |
2.500 |
2.500 |
6.760 |
|
(d) long-term provisions |
7.850 |
4.890 |
6.280 |
|
Total Non-current Liabilities
(3) |
10.350 |
7.390 |
13.040 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
700.000 |
780.000 |
0.000 |
|
(b) Trade payables |
1527.140 |
1324.050 |
2061.750 |
|
(c) Other current liabilities |
117.720 |
90.000 |
97.580 |
|
(d) Short-term provisions |
5.780 |
3.810 |
2.620 |
|
Total Current
Liabilities (4) |
2350.640 |
2197.860 |
2161.950 |
|
|
|
|
|
|
TOTAL |
3253.106 |
3041.256 |
3144.740 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
636.560 |
661.540 |
740.210 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
51.720 |
0.000 |
|
(b) Non-current Investments |
0.120 |
0.120 |
0.120 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
32.460 |
43.410 |
19.310 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
669.140 |
756.790 |
759.640 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
660.760 |
614.340 |
684.730 |
|
(c) Trade receivables |
722.310 |
642.980 |
575.930 |
|
(d) Cash and cash equivalents |
299.580 |
227.860 |
406.070 |
|
(e) Short-term loans and advances |
893.760 |
787.680 |
698.400 |
|
(f) Other current assets |
7.556 |
11.606 |
19.970 |
|
Total Current
Assets |
2583.966 |
2284.466 |
2385.100 |
|
|
|
|
|
|
TOTAL |
3253.106 |
3041.256 |
3144.740 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6389.270 |
5322.240 |
4933.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
238.500 |
3.970 |
303.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
77.750 |
50.820 |
1.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
160.750 |
(46.850) |
302.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
89.640 |
86.890 |
86.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.110 |
(133.740) |
215.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.000 |
0.000 |
43.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
56.110 |
(133.740) |
172.900 |
|
|
|
|
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|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
207.120 |
340.900 |
168.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
263.230 |
207.120 |
340.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.91 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.11 |
(2.51) |
4.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.19 |
(4.47) |
6.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
(0.16) |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.78 |
0.93 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.04 |
1.10 |
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 |
Yes |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
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 |
-- |
|
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 |
Note:
The registered office of the company has been shifted from
RBC, Mahindra Towers, 1st Floor, A-Wing, Dr. G.M Bhosale Marg,
Worli, Mumbai-400018, Maharashtra, India to the present address w.e.f.
26.10.2009
UNSECURED
LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Term loans from banks |
100.000 |
780.000 |
|
Intercorporate deposits |
600.000 |
0.000 |
|
|
|
|
|
Total |
700.000 |
780.000 |
ACTIVITIES
The Company has shown increase in sales for the year ended 31st March, 2013 amounting to Rs.6389.27 million as compared to Rs.5322.240 millions for the year ended 31st March, 2012, representing an increase of 20%. The Company recorded a profit of Rs.56.110 millions for the year ended 31st March, 2013 as against a loss of Rs.133.740 millions in the previous year.
Demand growth for polystyrene was impacted by technological changes with LCD and LED TV using less polymer per unit. The company maintained focus on sectors where their products add value to the customer and thereby enhancing our margins.
Optimisation of distribution, grade portfolio helped meet the customer requirement better. Working capital management and strict adherence of commodity business model remained a focused area.
Efforts to make the operations more efficient, especially in energy conservation, were stepped up and several initiatives were implemented. In line with the Styrolution global EHS initiative Behavioral Safety was implemented in the organization as a path towards zero incident company.
Company helped create an environment where performance is rewarded, opportunities are provided for career growth and people are encouraged to realise their potential. Training to employees to enhance the individual and organization capabilities remained an area of focus.
Note: No Charges Exist for Company
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
·
Office Equipment
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 records 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] 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.61.78 |
|
|
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
30 |
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.