MIRA
INFORM REPORT
|
Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHIVPAD ENGINEERS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
No. 7, 2nd |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
28.02.1994 |
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Com. Reg. No.: |
18-026898 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.350 Millions |
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|
CIN No.: [Company Identification
No.] |
U33112TN1994PTC026898 |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Subject is engaged in design, manufacture and supply of equipment as
well as plant supply as a total system for Water Treatment, Waste Water Treatment
and Sewage Treatment Plants. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 62000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of ‘Jash Engineering Limited’. It is an established company having a satisfactory track record. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered for normal 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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 : |
#7, 2nd |
|
Tel. No.: |
91-44-24919052/ 42187980 |
|
Fax No.: |
91-44-24915342 |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 23.07.2012
|
Name : |
Mr. Balasubramaniam Sathanur Kalyanasundaram |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
09.01.1949 |
|
Date of Appointment : |
28.02.1994 |
|
DIN No.: |
00352437 |
|
|
|
|
Name : |
Mr. Murthi Gajapathi |
|
Designation : |
Director |
|
Address : |
16, |
|
Date of Birth/Age : |
04.09.1945 |
|
Date of Appointment : |
28.02.1994 |
|
DIN No.: |
00697537 |
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|
|
|
Name : |
Mrs. Laxmi Nandan Amin |
|
Designation : |
Director |
|
Address : |
149, Kanchan Baug, |
|
Date of Birth/Age : |
16.11.1937 |
|
Date of Appointment : |
01.11.2011 |
|
DIN No.: |
00007735 |
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|
|
|
Name : |
Mr. Pratik Patel |
|
Designation : |
Director |
|
Address : |
150-B, Kanchan Baug, South Tukoganj, |
|
Date of Birth/Age : |
02.02.1964 |
|
Date of Appointment : |
01.11.2011 |
|
DIN No.: |
00780920 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Jash Engineering Limited, |
|
135010 |
|
Laxmi Nandan Amin |
|
10 |
|
Pratik Patel |
|
10 |
|
Total |
|
135030 |
AS ON 23.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in design, manufacture and supply of equipment as well
as plant supply as a total system for Water Treatment, Waste Water Treatment
and Sewage Treatment Plants. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Axis Bank Limited, CBB, Karumuthu Nilayam, No. 192, Anna Salai,
Chennai – 600002, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
R. Sundararaman and Company Chartered Accountants |
|
Address : |
New No. 30/2, Old No. 67/2, Indira Colony, Ashok Nagar, Chennai -
600083, Tamilnadu, India |
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Tel. No.: |
91-44-24749101/ 24749069 |
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Fax No.: |
91-44-43054239 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAHFR5192F |
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Holding Company : |
Jash Engineering Limited, |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135030 |
Equity Shares |
Rs. 10/- each |
Rs. 1.350
Millions |
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|
|
|
|
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 |
1.350 |
1.350 |
1.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14.178 |
8.358 |
6.687 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.528 |
9.708 |
8.037 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.713 |
1.601 |
0.220 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.713 |
1.601 |
0.220 |
|
|
DEFERRED TAX LIABILITIES |
0.012 |
0.016 |
0.049 |
|
|
|
|
|
|
|
|
TOTAL |
18.253 |
11.325 |
8.306 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
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|
|
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|
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FIXED ASSETS [Net Block] |
2.214 |
0.110 |
0.194 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.537
|
4.610 |
4.153 |
|
|
Sundry Debtors |
21.919
|
7.729 |
6.245 |
|
|
Cash & Bank Balances |
1.397
|
1.439 |
1.717 |
|
|
Other Current Assets |
0.630
|
0.478 |
0.000 |
|
|
Loans & Advances |
0.540
|
0.267 |
2.923 |
|
Total
Current Assets |
29.023
|
14.523 |
15.038 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.886
|
2.249 |
2.345 |
|
|
Other Current Liabilities |
4.127
|
1.059 |
2.381 |
|
|
Provisions |
0.971
|
0.000 |
2.200 |
|
Total
Current Liabilities |
12.984
|
3.308 |
6.926 |
|
|
Net Current Assets |
16.039
|
11.215 |
8.112 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18.253 |
11.325 |
8.306 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
55.239 |
45.009 |
|
|
|
|
Other Income |
0.144 |
0.415 |
|
|
|
|
TOTAL (A) |
55.383 |
45.424 |
33.902 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
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|
|
Administrative Expenses |
|
|
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Advertising Expenses |
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|
|
|
|
|
TOTAL (B) |
46.087 |
42.540 |
31.878 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.296 |
2.884 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.561 |
0.329 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.735 |
2.555 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.135 |
0.128 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.600 |
2.427 |
2.024 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.765 |
0.767 |
0.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.835 |
1.660 |
1.322 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.973 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
43.21 |
12.29 |
98.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.54
|
3.65 |
3.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.57
|
5.39 |
N.A. |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.53
|
16.59 |
13.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.25 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.17
|
0.16 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
4.39 |
2.17 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: The registered
address of the company has been shifted from 7,
CORPORATE
INFORMATION:
Subject, incorporated under the Companies Act, 1956, in the year 1994,
is engaged in design, manufacture and supply of equipment as well as plant
supply as a total system for Water Treatment, Waste Water Treatment and Sewage
Treatment Plants. The Company is a subsidiary of Jash Engineering Limited and
its nominees, based in
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U33112TN1994PTC026898 |
|
Name of the
company |
SHIVPAD ENGINEERS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7, Email: shipad@md2.vsnl.net.in |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10082231 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Axis Bank
Limited, CBB, Karumuthu Nilayam, No. 192 Anna Salai, Chennai – 600002,
Tamilnadu, India Email: S.Shanmugavel@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of hypothecation
of current assets. |
|
Date of
instrument Creating the charge |
24.04.2012 |
|
Amount secured by
the charge |
Rs. 17.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: Base Rate +
3% (Current Base Rate 10%) Terms of Repayment CC: On demand. Margin As per sanction
letter and as determined by banker from time to time. Extent and Operation of the charge As per
instruments executed |
|
Short particulars
of the property charged |
Hypothecation of
all stocks, raw materials, stock in process, finished goods, book debts and
other current assets of the Company, both present and future. |
|
Particulars of
the present modification |
a) The amount secured
by the charge has been modified from Rs.22.500 Millions to Rs.17.500
Millions. b) Hypothecation
of all stocks, raw materials, stock in process, finished goods, book debts
and other current assets of the Company both present and future. c) All other
terms and conditions of the original charge remain unchanged. |
CONTINGENT
LIABILITIES:
Guarantees give by Bank on behalf of the Company is Rs. 6.675 Millions
(Previous Years is Rs. 1.875 Millions).
FIXED ASSETS:
v
Computer
v
Vehicles
v
Furniture
v
Refrigerator
v
Typewriter
v
Air Conditioner
v
Fax Machine
v
Telephone Instruments
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. 53.57 |
|
|
1 |
Rs. 84.25 |
|
Euro |
1 |
Rs. 71.79 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
|
TOTAL |
|
47 |
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.