MIRA
INFORM REPORT
|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
CORRTECH ENERGY LIMITED [w.e.f. 14.05.2009] |
|
|
|
|
Formerly Known
As : |
MJB INDIA GAS TURBINE SERVICES LIMITED IEC INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
22 Dhara Centre, Near Vijay Char Rasta, Navrangpura, Ahmedabad-380009,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
02.05.2000 |
|
|
|
|
Com. Reg. No.: |
04-037925 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.21.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52330GJ2000PLC037925 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Gas Turbine Spare Parts and On Field Servicing and
Repairing of Gas Turbines. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1160000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. There
appears some minor dip in the turnover and major dip in the profitability of
the company. However, networth appears to be satisfactory. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. 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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB – [Cash Credit - Suspended] |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
28.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 + [Bank Guarantee - Suspended] |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
28.11.2012 |
NOTE: Reason for suspended is not available.
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 BY
Management non co-operative. [91-2717-304100 / 91-79-26563443]
LOCATIONS
|
Registered Office : |
22 Dhara Centre, Near Vijay Char Rasta, Navrangpura, Ahmedabad-380009,
Gujarat, India |
|
Tel. No.: |
91-79-26563443/26420119 |
|
Fax No.: |
91-79-26431615 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Shed No. 7, Survey No. 407, SP-3, New Ahmedabad Industrial Estate,
Sarkhej Bavla Highway, Changodar, Ahmedabad-382213, Gujarat, India |
|
Tel. No.: |
91-2717-304100 |
|
Fax No.: |
91-2717-304150 |
|
|
|
|
Repair Shop : |
Plot No. 15, Mahagujarat Industrial Estate, Opposite Nova
Petrochemicals, Sarkhej Bavla Highway, Changodar, Ahmedabad-382213, Gujarat,
India |
|
Tel. No.: |
91-2717-304100 |
|
Fax No.: |
91-2717-304150 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Sandeep Indrasen Mittal |
|
Designation : |
Managing Director |
|
Address : |
D-33, Aryaman Bunglows, Next to Railway Crossing, Thaltej Shilaj Road,
Shilaj, Ahmedabad-380059, Gujarat, India |
|
Date of Birth/Age : |
02.04.1968 |
|
Date of Appointment : |
02.05.2000 |
|
Din No.: |
01643818 |
|
|
|
|
Name : |
Ms. Kavita Amitbhai Mittal |
|
Designation : |
Director |
|
Address : |
38, Akashneem Opposite Nehru Foundation, Bodakdev, Ahmedabad-380054,
Gujarat, India |
|
Date of Appointment : |
02.05.2000 |
|
Din No.: |
01643876 |
|
|
|
|
Name : |
Mr. Amit Indrasen Mittal |
|
Designation : |
Director |
|
Address : |
38, Akashneem Opposite Nehru Foundation, Bodakdev, Ahmedabad-380054,
Gujarat, India |
|
Date of Appointment : |
02.05.2000 |
|
Din No.: |
01644010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Corrtech
International Private Limited, India |
|
2099994 |
|
Amit Mittal
(Nominee of Corrtech International Private Limited, India ) |
|
1 |
|
Sandeep Indrasen Mittal (Nominee of Corrtech International Private
Limited, India ) |
|
1 |
|
Harini Mittal (Nominee of Corrtech International Private Limited,
India ) |
|
1 |
|
Kavita Mittal (Nominee of Corrtech International Private Limited,
India ) |
|
1 |
|
Shailesh Javia (Nominee of Corrtech International Private Limited,
India ) |
|
1 |
|
Yogesh Trivedi (Nominee of Corrtech International Private Limited,
India ) |
|
1 |
|
|
|
|
|
TOTAL
|
|
2100000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Gas Turbine Spare Parts and On Field Servicing and
Repairing of Gas Turbines. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
2010-11 |
|
Installed Capacity |
Nos. |
26 Sets of
Compressor Blades |
|
Manufactured |
Nos. |
Equivalent 22
Sets of Compressor Blades |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||||||||
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Bankers : |
·
The Kalupur Commercial Co-operative Bank Limited,
'Kalupur Bank Bhavan', Income - Tax Circle,, Ashram Road, Ahmedabad-380014,
Gujarat, India ·
ICICI Bank ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage 3rd Floor, Near Gujarat Vidyapith, Off Ashram Road,
Ahmedabad-380014, Gujarat, India |
|
Tel. No.: |
91-79-27582542/27582543 |
|
Fax No.: |
91-79-27582551 |
|
PAN No: |
AABFD7919A |
|
|
|
|
Holding Company : |
Corrtech International Private Limited, India [U29130GJ1982PTC038664] |
|
|
|
|
Subsidiaries : |
·
Crosstown Power (India) Private Limited
[U74990GJ2004PTC045060] ·
MJB India Technical Services Private Limited
[U29197GJ2006PTC047603] ·
MJB India Industrial Repairs Private Limited |
|
|
|
|
Fellow Subsidiary : |
Control Plus Oil and Gas Solutions Private Limtied |
|
|
|
|
Other Related Party : |
IEC Projects Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2100000 |
Equity Shares |
Rs.10/- each
|
Rs.21.000
Millions |
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 |
21.000 |
21.000 |
21.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
270.505 |
270.065 |
222.126 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
291.505 |
291.065 |
243.126 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
226.375 |
105.813 |
90.441 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
22.837 |
|
|
TOTAL BORROWING |
226.375 |
105.813 |
113.278 |
|
|
DEFERRED TAX LIABILITIES |
14.135 |
4.687 |
3.830 |
|
|
|
|
|
|
|
|
TOTAL |
532.015 |
401.565 |
360.234 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
234.819 |
85.795 |
86.087 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
26.580 |
26.580 |
27.580 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
219.201
|
148.382 |
121.410 |
|
|
Sundry Debtors |
125.817
|
110.586 |
279.431 |
|
|
Cash & Bank Balances |
7.806
|
32.875 |
27.771 |
|
|
Other Current Assets |
10.756
|
4.742 |
0.000 |
|
|
Loans & Advances |
66.697
|
92.035 |
21.664 |
|
Total
Current Assets |
430.277
|
388.620 |
450.276 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
100.837
|
59.364 |
168.865 |
|
|
Other Current Liabilities |
56.339
|
33.987 |
15.333 |
|
|
Provisions |
2.485
|
6.079 |
19.511 |
|
Total
Current Liabilities |
159.661
|
99.430 |
203.709 |
|
|
Net Current Assets |
270.616
|
289.190 |
246.567 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
532.015 |
401.565 |
360.234 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
430.209 |
466.172 |
689.650 |
|
|
|
Other Income |
7.489 |
1.895 |
2.749 |
|
|
|
TOTAL (A) |
437.698 |
468.067 |
692.399 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
45.234 |
44.972 |
|
|
|
|
Job Work Charges |
128.107 |
105.576 |
|
|
|
|
Purchases of Trading Materials |
187.558 |
130.906 |
554.492 |
|
|
|
Employee Benefits Expenses |
39.869 |
37.234 |
|
|
|
|
Other Expenses |
60.897 |
51.079 |
|
|
|
|
Changes in Inventories |
(76.783) |
(2.479) |
|
|
|
|
TOTAL (B) |
384.882 |
367.288 |
554.492 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
52.816 |
100.779 |
137.907 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.168 |
9.165 |
9.393 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.648 |
91.614 |
128.514 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.760 |
13.344 |
13.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
9.888 |
78.270 |
114.747 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.448 |
30.331 |
42.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
0.440 |
47.939 |
71.825 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
226.065 |
178.126 |
106.301 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
226.505 |
226.065 |
178.126 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
175.028 |
152.294 |
123.629 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.504 |
0.237 |
2.753 |
|
|
|
Trading Goods |
149.293 |
57.746 |
61.792 |
|
|
|
Capital Goods |
3.993 |
0.408 |
3.004 |
|
|
TOTAL IMPORTS |
157.790 |
58.391 |
67.549 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.21 |
22.83 |
34.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.10
|
10.24 |
10.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.30
|
16.79 |
16.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.49
|
16.50 |
21.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.27 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.78
|
0.36 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
3.91 |
2.21 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
100.837
|
59.364 |
168.865 |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U52330GJ2000PLC037925 |
|
Name of the
company |
CORRTECH ENERGY
LIMITED |
|
Address of the
registered office or of the principal place of business in |
22 Dhara Centre, Near Vijay Char Rasta, Navrangpura, Ahmedabad-380009,
Gujarat, India |
|
Type of charge |
Movable Property
[not being pledge] Others |
|
Particular of
charge holder |
The Kalupur
Commercial Co-operative Bank Limited, 'Kalupur Bank Bhavan', Income - Tax
Circle,, Ashram Road, Ahmedabad-380014, Gujarat, India Email: mauli@kalupurbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Movable Vehicle
Commercial Bus. |
|
Date of
instrument Creating the charge |
03.10.2012 |
|
Amount secured by
the charge |
Rs.0.980 Million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50% p.a. Terms of Repayment 60 Number of
Monthly Installments starting from November 2012 Extent and Operation of the charge The bank has
first and exclusive charge on vehicle of the company till repayment of credit
facilities extended by bank to the company. |
|
Short particulars
of the property charged |
Commercial bus |
FIXED ASSETS:
·
Residential Buildings
·
Office Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer and Printers
·
Office Equipments
·
Vehicles
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.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.