MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZIRCAR CRUCIBLES PRIVATE LIMITED |
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Registered
Office : |
402, Fourth Floor, Campus Corner, Near St Xaviers College Cross Road Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.03.1996 |
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Com. Reg. No.: |
04-029048 |
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Capital
Investment / Paid-up Capital : |
Rs.11.320
Millions |
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CIN No.: [Company Identification
No.] |
U26910GJ1996PTC029048 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of silicon carbide crucibles and clay -graphite refractory components |
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No. of Employees
: |
Not Available |
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 230000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitment. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
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 |
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 : |
402, Fourth Floor, Campus Corner, St Xaviers College Cross Road Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-264000457/ 58/ 32514700 |
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Fax No.: |
91-79-264000456 |
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E-Mail : |
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Corporate Office/ Factory : |
Vijapur Road, Near Shobhasan Char Rasta, Shobhasan, Mehsana – 384001, Gujarat, India |
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Tel. No.: |
91-79-26400457/ 458 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Hiralal Ramadhar Rai |
|
Designation : |
Managing director |
|
Address : |
43, Krishna Society, Jail Road, Mehsana – 384002, Gujarat, India |
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Date of Birth/Age : |
01.07.1955 |
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Date of Appointment : |
01.04.2003 |
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DIN No.: |
00062823 |
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Name : |
Mr. Alok Hiralal Rai |
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Designation : |
Director |
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Address : |
9, Netaji Park Society, B/H. Pashabhai Petrol Pump, 384002, Gujarat, India |
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Date of Birth/Age : |
22.11.1985 |
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Date of Appointment : |
09.09.2009 |
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DIN No.: |
02639848 |
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Name : |
Mr. Kamla Hiralal Rai |
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Designation : |
Director |
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Address : |
43, Krishna Society, Jail Road, 384002, Gujarat, India |
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Date of Birth/Age : |
18.02.1952 |
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Date of Appointment : |
16.03.2010 |
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DIN No.: |
02970600 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
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No. of Shares |
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Shri. Hiralal R. Rai |
|
518650 |
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Shri. Alok H. Rai |
|
90500 |
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Smt. Kamla H. Rai |
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414850 |
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Smt. Archana Rai |
|
30000 |
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Smt. Arpana Rai |
|
30000 |
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Smt. Shalini A. Rai |
|
48000 |
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Total |
|
1132000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of silicon carbide crucibles and clay -graphite refractory components |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
G. G. Patel and Company Chartered Accountants |
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Address : |
701, Samudra annex., Near Hotel Klassic Gold, Off. C. G. Road,
Ellissbridge, Ahmedabad – 380006, Gujarat, India |
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Tel. No.: |
91-79-26426881 |
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Mobile No.: |
91-9825454567 |
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E-Mail : |
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PAN No.: |
AFVPP8363B |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
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|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1132000 |
Equity Shares |
Rs.10/- each |
Rs.11.320
Millions |
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1. As on March 31, 2012 the Company has only one class of equity share having par value of Rs.10/- each. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding._
2. During FY 2009-10, the Company has redeemed its 3,80,000 Redeemable Preference shares of Rs.10/- each at a premium of Rs. 5/- each._
3. During FY 2010-11, the Company has re-classified (Authorised Share Capital) 3,80,000 Redeemable Preference Shares into Equity shares.
4. During FY 2011-12, the Company has issued 4,12,000 Equity Shares of Rs.10/- each at a premium of Rs.25/- per share.
5. Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Name of the
Shareholder |
As at 31st March, 2012 |
|
|
|
No. of Shares held |
% Holding |
|
Mr. H L Rai |
518,650 |
45.82 |
|
Mrs. Kamla Rai |
414,850 |
36.65 |
|
Mr. Alok Rai |
90,500 |
7.99 |
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 |
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|
|
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|
1] Share Capital |
11.320 |
7.200 |
7.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
48.285 |
21.564 |
16.941 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.605 |
28.764 |
24.141 |
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LOAN FUNDS |
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1] Secured Loans |
74.949 |
40.799 |
17.812 |
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2] Unsecured Loans |
15.960 |
6.761 |
16.328 |
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TOTAL BORROWING |
90.909 |
47.560 |
34.140 |
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DEFERRED TAX LIABILITIES |
7.013 |
4.934 |
4.634 |
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TOTAL |
157.527 |
81.258 |
62.915 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
83.531 |
51.572 |
35.431 |
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Capital work-in-progress |
7.981 |
5.253 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
81.468
|
19.351 |
15.566 |
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Sundry Debtors |
25.106
|
22.461 |
19.340 |
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Cash & Bank Balances |
17.199
|
5.327 |
9.863 |
|
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Other Current Assets |
1.784
|
0.636 |
0.000 |
|
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Loans & Advances |
36.271
|
10.237 |
15.587 |
|
Total
Current Assets |
161.828
|
58.012 |
60.356 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
Sundry Creditors |
28.835
|
18.847 |
19.256 |
|
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Other Current Liabilities |
56.196
|
4.954 |
13.616 |
|
|
Provisions |
10.782
|
9.778 |
0.000 |
|
Total
Current Liabilities |
95.813
|
33.579 |
32.872 |
|
|
Net Current Assets |
66.015
|
24.433 |
27.484 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
157.527 |
81.258 |
62.915 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
295.225 |
213.968 |
162.765 |
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Other Income |
1.011 |
1.092 |
0.700 |
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TOTAL (A) |
296.236 |
215.060 |
163.465 |
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Less |
EXPENSES |
|
|
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|
|
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|
Cost of Materials Consumed |
159.093 |
110.097 |
141.680 |
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|
Purchase of Stock-in-Trade |
0.106 |
0.086 |
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Manufacturing and Operating Costs |
50.968 |
40.328 |
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|
Changes in inventories of Finished Goods. Work-in-Progress and Stock-in-Trade |
(8.596) |
(1.516) |
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Employee Benefits Expenses |
36.082 |
22.898 |
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Other Expenses |
18.048 |
11.244 |
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TOTAL (B) |
255.701 |
183.137 |
141.680 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.535 |
31.923 |
21.785 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
9.540 |
6.327 |
4.354 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.995 |
25.596 |
17.431 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.698 |
3.537 |
2.942 |
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PROFIT BEFORE
TAX (E-F) (G) |
26.297 |
22.059 |
14.489 |
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Less |
TAX (H) |
8.979 |
7.389 |
4.809 |
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|
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PROFIT AFTER TAX
(G-H) (I) |
17.318 |
14.670 |
9.680 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
F.O.B. Value of Export |
64.684 |
49.166 |
45.624 |
|
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TOTAL EARNINGS |
64.684 |
49.166 |
45.624 |
|
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
1.176 |
0.516 |
0.676 |
|
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TOTAL IMPORTS |
1.176 |
0.516 |
0.676 |
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|
Earnings Per
Share (Rs.) |
22.39 |
20.38 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.85
|
6.82 |
5.92 |
|
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.91
|
10.31 |
8.90 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.72
|
20.13 |
15.13 |
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|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.77 |
0.60 |
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|
|
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|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.53
|
1.65 |
1.41 |
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.73 |
1.84 |
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 |
FINANCIAL RESULTS:
During the current year the company has achieved a reasonable level of growth. We are hoping that the phenomenal growth shall be achieved during the coming years.
During the year, Company has issued equity shares on preferential basis to prompters and relatives of promoters. In January, Company has issued 2,80,000 equity shares and after that in March, Company has issued 1,32,000 equity shares at same price of Rs. 35/- per share including premium of Rs. 25/- per share.
Company has filed necessary documents and relevant forms on MCA Portal in relation to aforesaid preferential allotment.
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand |
|
|
|
Dealer Deposits |
0.000 |
0.600 |
|
From Directors |
0.000 |
4.000 |
|
Loans against
Personal Guarantee of Directors |
|
|
|
Standard Chartered Bank |
1.463 |
1.761 |
|
Religare Finvest Limited |
1.455 |
0.000 |
|
TATA Capital Fin Ser. Limited |
1.623 |
0.000 |
|
Barclays Invest and Loans (India) Limited |
2.378 |
0.000 |
|
HDFC Bank - Secured against Directors Property |
0.891 |
0.000 |
|
Bajaj Finance Limited |
1.147 |
0.000 |
|
Shri Ram City Union Finance Limited |
1.339 |
0.000 |
|
Magma Fincorp Limited |
1.018 |
0.000 |
|
HDFC Bank |
2.329 |
0.140 |
|
Dhanlaxmi Bank Limited |
0.862 |
0.000 |
|
Kotak Mahindra Bank Limited |
1.455 |
0.260 |
|
Total |
15.960 |
6.761 |
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U26910GJ1996PTC029048 |
|
Name of the
company |
ZIRCAR CRUCIBLES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
402, Fourth Floor, Campus Corner, St Xaviers College Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai –
400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum
Recording Past Transactions of Creation of Mortgage by Deposit of Title
Deeds. |
|
Date of
instrument Creating the charge |
17.10.2012 |
|
Amount secured by
the charge |
Rs.131.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of Repayment Working Capital
facility shall be repayable on demand. Term Loan
facility shall be repayable in suitable installments. Margin As may be
stipulated by the Bank from time to time. Extent and Operation of the charge The Company
created an equitable mortgage by way of deposit of title deeds in respect of
its immovable properties as stated under item No.15 as security for the due
repayment of Rs.131.700 Millions granted by the Bank to Borrowers, viz Mrs.
Kamla Hiralal Rai, Mr. Alok Hiralal Rai, Mr. Hiralal Rai and Zicar Crucibles
Private Limited, together with principal, interest, liquidated damages,
costs, charges and expenses. Others NIL |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Immovable property situated at N. A. Land Adm-12950 Sq. mts along with shed thereon and the parking, road etc., forming part of Block No. 306 of Mouje Kukas, Sub-District Mehsana and **** **** Registration District Mehsana. |
CONTINGENT
LIABILITIES AND COMMITMENTS AS ON 31.03.2012
|
Particulars |
2011-2012 |
|
Contingent Liabilities |
|
|
Claims against the Company not acknowledged as debts in respect of |
|
|
-Service Tax |
0.228 |
|
Guarantees (Net of Margin Money) |
|
|
- Performance guarantees |
1.260 |
|
Commitments (Net of Advance) |
|
|
a. Estimated amount of contracts remaining to executed on capital account and not |
7.512 |
|
provided for |
|
|
b. Others |
34.815 |
|
Total |
43.816 |
FIXED ASSETS:
- Land
- Factory building
- Mumbai Office Building
- Machinery
- Dies and Tooling
- Electrical Instruments
- Lab Equipments
- Furniture and Fixtures
- Vehicles
- Computer, Printer and UPS
- Fax
- EPBX
- Borewell
- Office 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 records 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 : ed 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
--DEFAULTER |
|
|
|
--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.