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Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHIVPARAS ALLOY AND STEEL PRIVATE LIMITED |
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Formerly Known
As : |
SHIVPARAS ALLOY |
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Registered
Office : |
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Country : |
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Date of
Incorporation : |
01.06.2011 |
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Com. Reg. No.: |
11-218178 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company Identification
No.] |
U27100MH2011PTC218178 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS71302A |
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PAN No.: [Permanent Account No.] |
AAQCS0175F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Iron and Steel. |
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No. of Employees
: |
11 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject was established as a proprietory concern during 1998 by the
name ‘Shivparas Alloy’ and during June 2011 it got reconstituted into a
private limited company. It is an established company having a moderate track record. The
management of the company has not filed its financials with the government
department since its incorporation. Mr. Hitesh Sanghvi, Director has provided general information but
denied to disclose any financial detail to us. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. The company can be considered for business dealings with some caution.
Note: Mr. Hitesh Sanghvi was a C.E.O. in SKM Steels Limited. |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : BB |
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Rating Explanation |
Moderate risk of default |
|
Date |
September 04, 2012 |
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 (GENERAL DETAILS)
|
Name : |
Mr. Hitesh Sanghvi |
|
Designation : |
Director |
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Contact No.: |
91-9320081897/ 9821081897 |
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Date : |
09.02.2013 |
LOCATIONS
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Registered Office : |
|
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Tel. No.: |
91-22-28412808/ 28777257 |
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Mobile No.: |
91-9320081897/ 9821081897 (Mr. Hitesh Sanghvi) |
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Fax No.: |
91-22-28412808 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office
: |
Aarey (R), Goregaon (East), Mumbai – 400097, |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Hitesh Kishore Sanghavi |
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Designation : |
Director |
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Address : |
1501, |
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Date of Birth/Age : |
29.12.1972 |
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DIN No.: |
03384200 |
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Name : |
Mrs. Vanita Hitesh Sanghvi |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.10.1976 |
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DIN No.: |
03522672 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Hitesh Kishore Sanghavi |
|
5000 |
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Vanita Hitesh Sanghvi |
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5000 |
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Total |
|
10000 |
AS ON 23.01.2012
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Names of Allottees |
|
No. of Shares |
|
Mr. Hitesh Kishore Sanghavi |
|
4990000 |
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Total |
|
4990000 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Iron and Steel. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
v
Tata Motors v
Mahindra and Mahindra v
Bajaj |
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Customers : |
OEM’s |
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No. of Employees : |
11 (Approximately) |
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Bankers : |
Union Bank of India, Sant Tukaram Road Branch, Apeejay Surendra, 24,
Kranti Singh Nana Patil Marg, Baroda Street, Mumbai - 400009, Maharashtra,
India |
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Facilities : |
Cash Credit – Rs. 150.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MC Doshi and Company Chartered Accountants |
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Address : |
Mumbai, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW COMPANY
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact
person |
Yes |
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11] |
Turnover of firm for last
three years |
No |
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12] |
Profitability for last
three years |
No |
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13] |
Reasons for variation
<> 20% |
-- |
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14] |
Estimation for coming
financial year |
No |
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15] |
Capital in the business |
Yes |
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16] |
Details of sister
concerns |
No |
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17] |
Major suppliers |
Yes |
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18] |
Major customers |
No |
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19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
Yes |
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25] |
Conduct of the banking
account |
-- |
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26] |
Buyer visit details |
-- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if
applicable |
Yes |
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29] |
Last accounts filed at
ROC |
No |
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30] |
Major Shareholders, if
available |
Yes |
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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 |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27100MH2011PTC218178 |
|
Name of the
company |
SHIVPARAS ALLOY
AND STEEL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email: hiteshcrca@gmail.com |
|
This form is for |
Modification of charge |
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Charge identification
number of the modified |
10337686 |
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Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Union Bank of
India, Sant Tukaram Road Branch, Apeejay Surendra, 24,Kranti Singh Nana Patil
Marg, Baroda Street, Mumbai – 400009, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Deed |
|
Date of instrument
Creating the charge |
09.11.2012 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate +4.00% per
annum with monthly rests Terms of Repayment On Demand Margin As per sanction
terms Extent and Operation of the charge To secure Cash
Credit (Hypothecation) Stocks and Book-Debts under Union High Pride facility of
Rs.150.000 Millions granted by the Bank to the Company |
|
Short particulars
of the property charged |
The Borrower
hereby Hypothecates by way of First Charge in favour of the Bank:1.All
tangible movable machineries plant machinery fixtures fittings other
installations cranes furniture computers and other accessories vehicles
together with spares tools and accessories and all other articles lying on
the premises at Malad Mumbai or in the godowns of the Borrowers or in the
custody of any person who are Mercantile Agents of the Borrower or in the
course of transit which may hereinafter be brought stored or be lying in or
upon the said premises of the Borrower 2. The whole of
the Borrower's movable goods and assets both present and future and including
but without prejudice to generality of the foregoing words all stocks of raw
materials, work in progress semi finished goods and finished goods such as
T.M.T Bars, M.S. Angles, CR Sheets and H R Sheets etc packing materials
consumable stores and spares etc whatsoever and whersoever situate and/or in
transit whether now belonging to or that may at any time during the
continuance of this security belong to the Borrower or that may be held by
any party to the order and disposition of the Borrower 3. All the present
and future book-debts, outstanding, monies, receivable claims bills
contracts, engagements and securities
which are now due and owing or which may at any time hereafter during the
continuance of this security become due and7 owing to the Borrower in the
course of its business by any person
firm company or body corporate or by the Government of India or any State
Government or Indian Railways or any Government Department or Office or any
Municipal or Local or Public or Semi Government body or authority whatsoever
including those relating to the assets leased out and/or given on hire
purchase basis |
|
Particulars of
the present modification |
The Original
Charge Dated: 24.01.2012 for Rs.100.000 Millions is hereby modified by
granting an additional sum of Rs.50.000 Millions thereby enhancing the Cash
Credit (Hypothecation) Stocks and Book-Debts facility from Rs.100.000
Millions to Rs.150.000 Millions and the Borrower hereby Hypothecates by way
of First Charge in favour of the Bank: 1. All tangible movable machineries
plant machinery 2. The whole of the Borrower's movable goods and assets Stocks and 3 All the present and future
Book-Debts |
TRADE REFERENCES:
v
Tata Motors
v
Mahindra and Mahindra
v
Seman
v
Bajaj
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
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.