MIRA
INFORM REPORT
|
Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL COLOURS AND FRITS LIMITED |
|
|
|
|
Registered
Office : |
E-522, G-553 and 554 Sitapura Industrial Area, Sanganerm,
Jaipur-302022, Rajasthan |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.02.1993 |
|
|
|
|
Com. Reg. No.: |
17-007231 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.911 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26933RJ1993PLC007231 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRE01373B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE3870D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Tiles, Sanitary, Wares, Potteries, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 121000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears slight – dip in sales and profitability during 2012. However, general financial position seems to be good. 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 condition. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
E-522, G-553 and 554 Sitapura Industrial Area, Sanganerm,
Jaipur-302022, |
|
Tel No.: |
91-141-2771131 / 2770207 |
|
Fax. No.: |
91-141-2770124 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Surendra Kumar Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
Flat No - 208, Status Enclave, D-241, Devi Marg, Bani Park,
Jaipur-302016, Rajasthan, India |
|
Date of Birth/Age : |
61 Years |
|
Date of Appointment : |
17.02.1993 |
|
DIN No. : |
00365998 |
|
|
|
|
Name : |
Mr. Siddharth Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
36 Years |
|
Date of Appointment : |
30.09.2003 |
|
DIN No. : |
01851084 |
|
|
|
|
Name : |
Mr. Aditya Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
Deo Niwas 2, R N Singh, Deo Marg, Bhubaneshwar-751012, |
|
Date of Birth/Age : |
27 Years |
|
Date of Appointment : |
22.05.2009 |
|
DIN No. : |
02613423 |
|
|
|
|
Name : |
Ms. Rekha Devi Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
Deo Niwas-2, Vidyut Marg, Bhoi Nagar, Nayapalli, Bhubaneswar-751012, |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
30.09.2003 |
|
DIN No. : |
02656171 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Surendra Jhunjhunwala |
369700 |
|
Sidharth Jhunjhunwala |
100 |
|
Shiv Ratan Kanodia |
100 |
|
Ravin Jhunjhunwala |
10100 |
|
Rekha Devi Jhunjhunwala |
310000 |
|
Sheela Jhunjhunwala |
10000 |
|
Amit Kumar De |
50000 |
|
Advance Refractory Technologies Private Limited |
127650 |
|
Bidar Investments and Finance Private Limited |
13500 |
|
|
|
|
Total |
891150 |
As on: 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
15.84 |
|
Directors or relatives of Directors |
78.54 |
|
Other top fifty shareholders |
5.62 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tiles, Sanitary, Wares, Potteries, etc. |
||||
|
|
|
||||
|
Products : (As on: 31.03.2011) |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda, Sitapura Branches, G – 168, EPIP,
RIICO Industrial Area, Sitapura, Jaipur – 302020, Rajasthan, India ·
The Bank of Rajasthan Limited, M.I. Road, Jaipur,
Rajasthan , India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
NOTE: a) Loans from
ICICI Bank together with interest and other charges there on, are secured by
hypothecation of property by deposition of Title Deeds. b) Term Loan
from Bank carries interest at floating rate which is currently 14% per annum.
Interest is charged on monthly basis. Monthly EMI of the Term Loan is Rs.
0.058 millions c) There is no default in respect of repayment of Loan and interest. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R K Akar and Company Chartered Accountants |
|
Address : |
1409, Akar Bhawan, Sangon Ka Rast, Kishanpole Bazar, Jaipur-302003, |
|
Tel No : |
91- 2311911, 2322911 |
|
PAN No. : |
AAEFR5990E |
|
|
|
|
Holding Company : |
Excel Colours and Frits Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
891150 |
Equity Shares |
Rs.10/- each |
Rs.8.911 Millions |
|
|
|
|
|
Right, Preferences and Restriction attached to Shares Equity shares:
The company has only
class of Equity shares having par value Rs. 10.00 each. Each shareholder have
right to attend and vote at all meeting of the company. Shareholders have right
to participate in the dividends (if any ) declared on that class of share. In a
winding up of the company the shareholders have right to repayment of capital,
paid up on such share and right to participate in the division of any surplus
assets or profits of the company
Holding More Than 5%
|
Particulars |
31.03.2012 |
% of holding the shares |
|
Advance Refractory Technologies Private Limited |
127650 |
14.32 |
|
Amit Kumar |
50000 |
5.61 |
|
Rekha Devi Jhunjhunwala |
310000 |
34.79 |
|
Surendra Jhunjhunwala |
369700 |
41.49 |
Reconciliation:
|
Particulars |
31.03.2012 |
|
|
Number of Shares |
|
Number of shares at the beginning |
891150 |
|
Add : Issue |
0 |
|
Less : Bought Back |
0 |
|
Add : Other |
0 |
|
Number of shares at the end |
891150 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
8.911 |
8.911 |
|
(b) Reserves & Surplus |
|
21.566 |
20.319 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
0.000 |
0.000 |
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
30.477 |
29.230 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4.691 |
5.943 |
|
(b) Deferred tax liabilities (Net) |
|
0.291 |
0.337 |
|
(c) Other long term liabilities |
|
0.126 |
0.126 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
5.108 |
6.406 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
2.165 |
1.545 |
|
(c) Other current
liabilities |
|
1.924 |
3.249 |
|
(d) Short-term provisions |
|
0.618 |
0.000 |
|
Total Current Liabilities (4) |
|
4.707 |
4.794 |
|
|
|
|
|
|
TOTAL |
|
40.292 |
40.430 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
10.958 |
11.491 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.050 |
0.050 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1.102 |
1.245 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
12.110 |
12.786 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
11.366 |
11.555 |
|
(c) Trade receivables |
|
11.307 |
12.461 |
|
(d) Cash and cash
equivalents |
|
1.993 |
1.204 |
|
(e) Short-term loans
and advances |
|
3.350 |
1.971 |
|
(f) Other current
assets |
|
0.166 |
0.453 |
|
Total Current Assets |
|
28.182 |
27.644 |
|
|
|
|
|
|
TOTAL |
|
40.292 |
40.430 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
8.911 |
|
|
2] Share Application Money |
|
|
18.595 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
27.506 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4.653 |
|
|
2] Unsecured Loans |
|
|
2.674 |
|
|
TOTAL BORROWING |
|
|
7.327 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.392 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
35.225 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
11.396 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.050 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
9.634 |
|
|
Sundry Debtors |
|
|
14.697 |
|
|
Cash & Bank Balances |
|
|
1.403 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
3.743 |
|
Total
Current Assets |
|
|
29.477 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2.625 |
|
|
Other Current Liabilities |
|
|
3.073 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
5.698 |
|
|
Net Current Assets |
|
|
23.779 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
35.225 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
46.286 |
50.108 |
47.279 |
|
|
|
Other Income |
1.861 |
0.377 |
0.178 |
|
|
|
TOTAL |
48.147 |
50.485 |
47.457 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
30.294 |
31.010 |
|
|
|
|
Changes in inventories of finished goods work-in-progress and
Stock-in-Trade |
(1.527) |
(0.321) |
|
|
|
|
Employee benefits expense |
5.519 |
5.557 |
|
|
|
|
Other expenses |
10.242 |
10.365 |
|
|
|
|
TOTAL |
44.528 |
46.611 |
42.521 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3.619 |
3.874 |
4.936 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.841 |
0.819 |
1.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.778 |
3.055 |
3.396 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.973 |
1.047 |
0.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXTRAORDINARY AND PRIOR PERIOD ITEMS AND TAX |
1.805 |
2.008 |
2.401 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEMS |
0.000 |
0.490 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.805 |
2.498 |
2.401 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.558 |
0.775 |
3.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.247 |
1.723 |
(0.717) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.115 |
4.392 |
5.109 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
7.362 |
6.115 |
4.392 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.00 |
1.93 |
(0.80) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.59
|
3.41 |
(1.51) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.90
|
4.98 |
5.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.52
|
6.38 |
5.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.08 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15
|
0.20 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.99
|
5.77 |
5.17 |
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 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10430050 |
21/05/2013 |
2,500000.00 |
Bank of Baroda |
Sitapura Branch, G-168, EPIP, RIICO Industrial Ar |
B76682376 |
FIXED ASSETS:
·
Land
·
Building
·
Factory Building
·
Plant and Machinery
·
Office Equipments
·
Factory Equipments
·
Computer Equipments
·
Furniture and Fixtures
·
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.59.69 |
|
|
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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 |
|
42 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.