MIRA
INFORM REPORT
|
Report Date : |
28.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEKAERT INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
B-1, MIDC Ranjangaon, Taluka, Shirur, Pune – 412 209, Maharashtra |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
13.09.1996 |
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Com. Reg. No.: |
11-102569 |
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Capital
Investment / Paid-up Capital : |
Rs. 1780.000 millions |
|
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CIN No.: [Company Identification
No.] |
U27104PN1996PTC102569 |
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|
|
PAN No.: [Permanent Account No.] |
AAACB8571E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Wire and Wire Products. |
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|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2142000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of NV BEKAERT SA, BELGIUM It is an established company having a moderate track record. There
appears huge accumulated losses recorded by the company during the current
year. However, the capital base of the company seems to be strong. Subject
gets good support from its holding company. The performance capability of the
company appears to be high. Trade relations are reported to be fair. Business is active. Payments are reported to be slow. 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.
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.
INFORMATION PARTED BY
|
Name : |
Mr. Rajendra Jagtap |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-20-66276600 |
|
Date : |
25.01.2013 |
LOCATIONS
|
Registered Office / Factory : |
B-1, MIDC Ranjangaon, Taluka, Shirur, Pune – 412 209, Maharashtra,
India |
|
Tel. No.: |
91-20-66276600 |
|
Fax No.: |
91-20-66276601 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
|
|
|
|
Regional Office : |
Sai Trinity Building, Unit No. 9 and 10, 5th Floor, Central
Wing, S No. 146, Pashan, Pune – 411 021, Maharashtra, India |
DIRECTORS
As on 28.06.2012
|
Name : |
Mr. Kevin Mansell |
|
Designation : |
Managing Director |
|
Address : |
Apartment 501, Building No. A1, bramha Suncity, Vadgaonsheri, Pune –
411 014, Maharashtra, India |
|
Date of Birth/Age : |
06.06.1960 |
|
Qualification : |
B.Sc. Metallurgy and Material Science, Diploma in Management Science |
|
Date of Appointment : |
05.01.2009 |
|
DIN No.: |
02423271 |
|
PAN No.: |
AWRPM3804H |
|
|
|
|
Name : |
Mr. Frenc Roment |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Sten Vanesta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Lieven J A Larmuseau |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Hoogland 10, 8550, Zwevegem, Belgium |
|
Date of Birth/Age : |
28.06.1962 |
|
Date of Appointment : |
23.06.2009 |
|
DIN No.: |
02669868 |
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|
|
|
Name : |
Mr. Stijn R J Vanneste |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Duikerstraat 4, 8770 Ingelmunster, Belgium |
|
Date of Birth/Age : |
05.05.1972 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.04.2011 |
|
DIN No.: |
03374527 |
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|
|
|
Name : |
Mr. Frank Camiel Jozef Vromant |
|
Designation : |
Director |
|
Address : |
Abdijweg, 30, Wevelgem, Belgium |
|
Date of Birth/Age : |
07.11.1957 |
|
Date of Appointment : |
22.12.2011 |
|
DIN No.: |
05140768 |
KEY EXECUTIVES
|
Name : |
Mr. Mandar Bhalchandra Ratnaparkhi |
|
Designation : |
Secretary |
|
Address : |
Sukhakarta, 5A/2B/1, Vidisha Society, Near Vedant Nagari, karvenagar,
Pune – 411 052, Maharashtra, India |
|
Date of Birth/Age : |
16.03.1969 |
|
Date of Appointment : |
02.01.2008 |
|
PAN No.: |
AAUPR6348C |
|
|
|
|
Name : |
Mr. Rajendra Jagtap |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
NV Bekaert SA, Belgium |
|
128999980 |
|
Bekaert Coordinatie Centrum NV, Belgium |
|
20 |
|
|
|
|
|
TOTAL |
|
129000000 |
As on 17.12.2012
|
Names of Allottees |
|
No. of Shares |
|
|
|
|
|
NV Bekaert SA, Belgium |
|
49000000 |
|
|
|
|
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Wire and Wire Products. |
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Products : |
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Exports : |
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Products : |
·
Wire ·
Wire Products |
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Countries : |
·
European Countries |
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Imports : |
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Products : |
·
Raw Material |
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Countries : |
·
China ·
Belgium |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers ·
J. K. Tires ·
Bekaert Advance Product Company Limited |
|
|
|
|
No. of Employees : |
700 (Approximately) |
|
|
|
|
Bankers : |
·
Royal bank of Scotland, Pune Branch, Maharashtra,
India ·
City Bank |
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|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706 B Wing, 7th Floor ICC Trade Tower, International
Convention Centre, Senapati Bapat Road, Pune - 411 016, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
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|
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Holding company : |
NV Bekaert SA, Belgium |
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|
|
|
Fellow subsidiaries and associates with whom the company has had
transactions during the year. |
·
Bekaert Advanced Filtration, Belgium ·
PT Bekaert Advanced Filtration, Indonesia ·
Belgo Bekaert Arames Ltda, Brazil ·
Bekaert Binjiang Steel Company ·
Bekaert Holding BV., Belgium ·
Bekaert Limited, United Kingdom ·
Belgo Mineira Bekaert, China ·
Bekaert Management (Shanghai) ·
Bekaert (China) Technology, China ·
Bekaert New Materials (Suzhou), China ·
Bekaert-Shenyang Steel Co. ·
Bekaert Shandong Tire Cord, China ·
China Bekaert Steel Cord, China ·
Cold Drawn Products Limited, United Kingdom ·
Bekaert Singapore Pte Limited, Singapore ·
PT Bekaert Indonesia ·
Bekaert Corp.-Corp. Headquaters ·
Bekintex N.V., Belgium ·
Bekaert Corporation, Rome ·
Bekaert Hlohovec A.S. ·
P.T. Bekaert Indonesia ·
Bekaert Jiangyin Wire Products, China ·
Bekaert Shenyang Advance Products, China ·
Mukand Bekaert Wire Industries Private Limited,
India ·
Bekaert Carding Solutions Private Limited ·
Industrias Del Ubierna S., Spain ·
Bekaert GMBH,
Germany |
CAPITAL STRUCTURE
As on 31.12.2011
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
129000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1290.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
129000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1290.000
millions |
|
|
|
|
|
|
|
|
|
|
After 28.06.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1780.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1780.000 millions |
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1290.000 |
895.000 |
645.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(754.354) |
(287.573) |
(242.665) |
|
|
NETWORTH |
535.646 |
607.427 |
402.335 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3138.550 |
1844.267 |
536.803 |
|
|
TOTAL BORROWING |
3138.550 |
1844.267 |
536.803 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3674.196 |
2451.694 |
939.138 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2316.516 |
1072.966 |
664.169 |
|
|
Capital work-in-progress |
302.841 |
802.648 |
19.604 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
790.942
|
513.952 |
244.836 |
|
|
Sundry Debtors |
1013.423
|
576.829 |
293.558 |
|
|
Cash & Bank Balances |
1.068
|
33.843 |
19.738 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
428.990
|
271.669 |
174.143 |
|
Total
Current Assets |
2234.423
|
1396.293 |
732.275 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1047.121
|
764.118 |
450.431 |
|
|
Other Current Liabilities |
90.768
|
32.337 |
11.310 |
|
|
Provisions |
41.695
|
23.758 |
15.169 |
|
Total
Current Liabilities |
1179.584
|
820.213 |
476.910 |
|
|
Net Current Assets |
1054.839
|
576.080 |
255.365 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3674.196 |
2451.694 |
939.138 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
3282.254 |
1782.804 |
1082.632 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
3282.254 |
1782.804 |
1082.632 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
3497.413 |
1681.304 |
1081.691 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
3497.413 |
1681.304 |
1081.691 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(215.159) |
101.500 |
0.941 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
120.639 |
40.509 |
41.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
(335.798) |
60.991 |
(40.682) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
130.983 |
92.321 |
65.935 |
|
|
|
|
|
|
|
|
|
|
Impairment on
Fixed Assets |
0.000 |
13.578 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(466.781) |
(44.908) |
(106.617) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(466.781) |
(44.908) |
(106.617) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
NA |
29.501 |
13.300 |
|
|
|
Commission |
NA |
46.213 |
21.412 |
|
|
|
Design Service Charges |
NA |
35.674 |
25.958 |
|
|
|
Recovery of expenses |
NA |
30.271 |
25.952 |
|
|
TOTAL EARNINGS |
NA |
141.659 |
86.622 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
836.311 |
413.654 |
|
|
|
Trading Goods |
NA |
206.516 |
43.853 |
|
|
|
Capital Goods |
NA |
380.787 |
173.316 |
|
|
|
Stores and Spares |
NA |
52.596 |
20.780 |
|
|
TOTAL IMPORTS |
NA |
1476.210 |
651.603 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(4.28) |
(0.59) |
(1.66) |
|
Expected Sales ( 2012 ) : Rs. 4000.000 millions
Expected Sales ( 2013 ) : Rs. 5000.000 millions
The above information has been parted by Mr. Rajendra Jagtap.
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(14.22)
|
(2.52) |
(9.85) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.26)
|
(1.82) |
(7.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.87)
|
(0.07) |
(0.26) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.06
|
4.39 |
2.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.70 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
1.270 |
0.000 |
0.000 |
|
Creditors due others |
1045.851 |
764.118 |
450.431 |
|
Total |
1047.121
|
764.118 |
450.431 |
|
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN
|
Unsecured Loan |
31.12.2011 (Rs.
in Millions) |
31.12.2010 (Rs.
in Millions) |
|
Rupee term loans banks unsecured |
1811.632 |
1156.781 |
|
Other external commercial borrowings unsecured |
1326.918 |
687.157 |
|
Interest accrued due other debt unsecured |
0.000 |
0.329 |
|
Total |
3138.550
|
1844.267
|
EXPANSION
PROJECTS:
During the year, the Company has expanded its production capacity to
produce additional 12,000 tons of tyre cord. The commercial production from this
increased capacity started in phases during the current year.
The Company has started commercial production of Flat and Shaped wires
during the year under audit.
New warehouses and trading activity for Steel Cord, wire and building
products were started to ensure timely delivery and support to the customers.
As compared to last year this activity has resulted in higher trading turnover
for the year under audit.
Further, the Company also started various expansion projects during
2011, which will be completed and operational during 2012. These projects
include:
v 132 KVA Electrical Substation to support further expansion plan
v Production facility for new HiCarbon products - 5,000 tons
Considering the future potential growth in the Indian Market and
increasing customer base in the southern part of the country, the Company has
acquired 85 acres of Land near Chennai in the year 2010. The construction of
the plant on this land will be started during 2012.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Equipments
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.53.85 |
|
|
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NID & MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
27 |
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.