MIRA
INFORM REPORT
|
Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SMRITI APPARELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B - 92, Malviya Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.06.2003 |
|
|
|
|
Com. Reg. No.: |
55-120744 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.12.775
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101DL2003PTC120744 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Leather and Garments. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track record. Profitability position during 2012 has improved but there appears huge
external borrowings which affect the liquidity of the company. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. 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.
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 : |
B - 92, Malviya Nagar, New Delhi – 110017, India |
|
Tel. No.: |
91-11-4898401 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot No-124, Udyog Vihar, Phase-I, Gurgaon - 122016, Haryana, India |
|
Tel. No.: |
91-124-4898413 |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Tilak Raj Arora |
|
Designation : |
Director |
|
Address : |
1114, Sector-B, PKT.-1, Vasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
13.10.1938 |
|
Date of Appointment : |
05.06.2003 |
|
DIN No.: |
00234281 |
|
|
|
|
Name : |
Ms. Meenu Arora |
|
Designation : |
Director |
|
Address : |
1114, Sector-B, PKT.-1, Vasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
02.09.1966 |
|
Date of Appointment : |
05.06.2003 |
|
DIN No.: |
00234319 |
|
|
|
|
Name : |
Mr. Inder Arora |
|
Designation : |
Director |
|
Address : |
1114, Sector-B, PKT.-1, Vasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
22.11.1964 |
|
Date of Appointment : |
01.01.2007 |
|
DIN No.: |
01191051 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Inder Arora |
|
616250 |
|
Meenu Arora |
|
658750 |
|
Tilak Raj Arora |
|
2500 |
|
Total |
|
1277500 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Leather and Garments. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|||||||||||||||||||||||||||
|
Bankers : |
· Dena Bank, First Floor, Gopala Tower, 25, Rajendra Place, New Delhi - 110008, Delhi, India · Punjab National Bank, Fountain Chowk, Gurgaon - 122001, Haryana, India |
|||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Puneet Mishra and Company Chartered Accountants |
|
Address : |
118 B, G.F., Sector 30-33, Indraprastha Colony, Faridabad - 121003,
Haryana, India |
|
Tel. No.: |
91-129-2250343 |
|
Mobile No.: |
91-9811797396 |
|
E-Mail : |
|
|
PAN No.: |
AAHFP9830G |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1277500 |
Equity Shares |
Rs.10/- each |
Rs.12.775
Millions |
|
|
|
|
|
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 |
|
12.775 |
12.775 |
|
(b) Reserves & Surplus |
|
16.281 |
11.305 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
29.056 |
24.080 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
21.988 |
20.475 |
|
(b) Deferred tax liabilities (Net) |
|
0.196 |
0.368 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
22.184 |
20.843 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
123.937 |
79.812 |
|
(b) Trade payables |
|
28.057 |
23.615 |
|
(c) Expense Payable |
|
1.602 |
1.302 |
|
(d) Other current
liabilities |
|
1.314 |
0.629 |
|
(e) Short-term provisions |
|
2.714 |
2.101 |
|
Total Current Liabilities (4) |
|
157.624 |
107.459 |
|
|
|
|
|
|
TOTAL |
|
208.864 |
152.382 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
14.527 |
12.650 |
|
(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 |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
14.527 |
12.650 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
11.351 |
8.834 |
|
(c) Trade receivables |
|
135.821 |
111.276 |
|
(d) Cash and cash
equivalents |
|
4.802 |
2.417 |
|
(e) Short-term loans
and advances |
|
42.363 |
17.205 |
|
(f) Other current
assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
194.337 |
139.732 |
|
|
|
|
|
|
TOTAL |
|
208.864 |
152.382 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
12.775 |
|
|
2] Share Application Money |
|
|
8.636 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
21.411 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
32.121 |
|
|
2] Unsecured Loans |
|
|
17.740 |
|
|
TOTAL BORROWING |
|
|
49.861 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.016 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
71.288 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
15.113 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
63.585 |
|
|
Sundry Debtors |
|
|
37.622 |
|
|
Cash & Bank Balances |
|
|
4.683 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
39.958 |
|
Total
Current Assets |
|
|
145.848 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
50.148 |
|
|
Other Current Liabilities |
|
|
36.209 |
|
|
Provisions |
|
|
3.316 |
|
Total
Current Liabilities |
|
|
89.673 |
|
|
Net Current Assets |
|
|
56.176 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
71.288 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
260.606 |
224.937 |
218.272 |
|
|
|
Other Income |
NA |
26.717 |
21.540 |
|
|
|
TOTAL (A) |
NA |
251.654 |
239.812 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
156.807 |
151.636 |
|
|
|
Manufacturing Expenses |
|
39.437 |
35.819 |
|
|
|
Administrative and Other Expenses |
|
7.199 |
10.918 |
|
|
|
Personnel Expenses |
|
32.370 |
19.155 |
|
|
|
Selling Expenses |
|
10.338 |
15.069 |
|
|
|
Preliminary Expenses |
|
0.000 |
0.019 |
|
|
|
Increase (Decrease) in Work in Progress |
|
(10.350) |
(6.130) |
|
|
|
TOTAL (B) |
NA |
235.801 |
226.486 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
15.853 |
13.326 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
7.787 |
5.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
8.066 |
7.566 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
2.571 |
1.364 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
5.495 |
6.202 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
2.826 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.976 |
2.669 |
6.202 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
8.636 |
2.435 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
11.305 |
8.636 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods FOB Basis |
237.152 |
208.189 |
NA |
|
|
TOTAL EARNINGS |
237.152 |
208.189 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
108.508 |
82.348 |
NA |
|
|
TOTAL IMPORTS |
108.508 |
82.348 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.90 |
2.09 |
4.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.06 |
2.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.44 |
2.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.61 |
3.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.23 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.02
|
4.16 |
2.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.30 |
1.63 |
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 |
No |
|
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 |
UNSECURED LOAN:
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
From Directors and Shareholders (Mr. Inder Arora, Ms. Meenu Arora, Mr. Inder Arora (HUF) |
19.197 |
19.197 |
|
SHORT TERM
BORROWING |
|
|
|
Bank Overdraft |
0.709 |
8.268 |
|
Unsecured Loan from friend and relatives |
1.150 |
3.550 |
|
Total |
21.056 |
31.015 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U18101DL2003PTC120744 |
|
Name of the
company |
SMRITI APPARELS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B - 92, Malviya Nagar,
New Delhi - 110017, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10199788 |
|
Type of charge |
· Immovable property · Book debts · Movable property (not being pledge) ·
Others (Current Assets / hypothecation of
Stock) |
|
Particular of
charge holder |
Punjab National
Bank, Fountain Chowk, Gurgaon - 122001, Haryana, India |
|
Nature of
instrument creating charge |
Hypothecation of
Moveable Assets forming part of Fixed/Block Assets. Hypothecation of
Current Assets. Deed of
Hypothecation to secure ILC/FLC(DA/DP). Packing Credit Agreement. General Counter
Indemnity Hypothecation of
Assets to Secure Term Loan |
|
Date of
instrument Creating the charge |
12.10.2012 |
|
Amount secured by
the charge |
Rs.125.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As Per Sanction
Letter Terms of Repayment As Per Sanction
Letter Margin As Per Sanction
Letter Extent and Operation of the charge The charge has been
created to secure the aggregate limit of Rs. 125.500 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Factory Land and Building at 852, udyog Vihar, Phase-V,
Gurgaon (Hr), India |
|
Particulars of
the present modification |
Increase in
overall exposure from Rs. 100.000 Millions to Rs. 125.500 Millions vide
sanction letter dated 12.10.2012 |
FIXED ASSETS:
· Land and Building
· Plant and Machineries
· Furniture and Fixture
· Vehicles
· Computers
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.59.35 |
|
|
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.