MIRA INFORM REPORT
|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
KINJAL STAR CO.,
LTD. |
|
|
|
|
Registered Office : |
Room 2812, 28th Floor, Jewelry Trade Center, 919/361 Silom Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.05.1994 |
|
|
|
|
Com. Reg. No.: |
0105537057530 [Former: 1299/2537] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor & Exporter of
Diamonds and Gemstones. |
|
|
|
|
No. of Employees : |
3 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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Litigation : |
Clear |
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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand achieved steady growth due largely to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand is trying to maintain growth by encouraging
domestic consumption and public investment to offset weak exports in 2012.
Unemployment, at less than 1% of the labor force, stands as one of the lowest levels
in the world, which puts upward pressure on wages in some industries. Thailand
also attracts nearly 2.5 million migrant workers from neighboring countries.
The Thai government is implementing a nation-wide 300 baht ($10) per day
minimum wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In 2009, the
economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its five
surrounding provinces, crippling the manufacturing sector. Industry recovered
from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The
government has approved flood mitigation projects worth $11.7 billion, which
were started in 2012, to prevent similar economic damage, and an additional $75
billion for infrastructure over the next seven years with a plan to start in
2013.
Source
: CIA
Company Name
KINJAL STAR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
2812, 28th FLOOR, JEWELRY TRADE CENTER,
919/361 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-2208,
081 638-8107, 081
922-2849
FAX :
[66] 2630-2300
E-MAIL
ADDRESS : pravinpatel70@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537057530 [Former :
1299/2537]
TAX
ID NO. : 3011420805
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PATEL PRAVINBHAI BALUBHAI,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : DIAMONDS AND
GEMSTONES
IMPORTER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 18, 1994
as a private
limited company under the
name style KINJAL STAR CO.,
LTD., by Thai
and Indian groups, with
the objective to
be engaged in
jewelry business. It
currently employs 3 staff.
The
subject’s registered address
is Room 2812, 28th Flr.,
Jewelry Trade Center,
919/361 Silom Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Patel Pravinbhai Balubhai |
|
Indian |
43 |
|
Mr. Bipinkumar Gopalbhai Borad |
|
Indian |
31 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Patel Pravinbhai Balubhai
is the Managing
Director.
He is Indian nationality
with the age of 43 years
old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of diamonds and
gemstones for jewelry
trading and productions,
as well as
exporting of Thai
jewelry products.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
India and Hong
Kong.
SALES
Diamonds and gemstones
are sold locally
by wholesale to
traders and manufacturers.
EXPORT
Thai jewelry is
exported to India.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to have
any subsidiary or
affiliated company here
in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no litigation on
bankruptcy and receivership
cases filed against
the subject found
at Legal Execution
Department for the
past five years.
Others
There are no
legal suits filed
against the subject
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject
employs 3 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
Subject
was formed in 1994 as an
importer and distributor of diamonds and gemstones,
as well as
exporter of Thai
jewelry. Subject was able to maintain a moderate business in the past year. The
current business outlook remains
promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100
each.
On
December 8, 1995, the
capital was increased
to Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Patel Pravinbhai Balubhai Nationality: Indian Address : India |
19,600 |
49.00 |
|
Mr. Sombat Jaiharn Nationality: Thai Address :
80/149 Serithai Rd.,
Klongkum,
Buengkum, Bangkok |
5,100 |
12.75 |
|
Mr. Manus Liabsaeng Nationality: Thai Address : 7
Moo 6, Donyor,
Muang, Nakornnayok |
5,100 |
12.75 |
|
Ms. Zorba Boonmalert Nationality: Thai Address : 45
Moo 5, Yothaka,
Bangnampriew,
Chachoengsao |
5,100 |
12.75 |
|
Ms. Suree Thuanjeen Nationality: Thai Address : 33
Moo 2, Klongdarn,
Bangbor,
Samutprakarn |
5,100 |
12.75 |
Total Shareholders : 5
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,400 |
51.00 |
|
Foreign-Indian |
1 |
19,600 |
49.00 |
|
Total |
5 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Wasana Tanmongkol No.
1888
Note:
The 2012 financial statement was not submitted to Commercial
Registration Department during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
145,892.04 |
203,857.90 |
788,861.26 |
|
Trade Accounts &
Other Receivable |
7,811,685.91 |
11,273,341.59 |
7,238,505.71 |
|
Short-term Lending |
300,000.00 |
1,400,000.00 |
6,643,701.42 |
|
Inventories |
23,840,056.40 |
8,674,090.08 |
19,033.94 |
|
Total Current
Assets |
32,097,634.35 |
21,551,289.57 |
14,690,102.33 |
|
|
|
|
|
|
Office Equipment |
182,680.11 |
176,434.66 |
127,430.10 |
|
Other Non-current Assets |
6,000.00 |
6,000.00 |
6,000.00 |
|
Total Assets
|
32,286,314.46 |
21,733,724.23 |
14,823,532.43 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial
Institution |
6,112,640.91 |
7,882,997.88 |
- |
|
Trade Accounts & Other
Payable |
21,056,731.71 |
8,306,631.82 |
9,077,686.20 |
|
Pre-receipt Income from Goods |
- |
565,866.00 |
565,866.00 |
|
Accrued Income Tax |
44,013.09 |
24,583.56 |
186,638.95 |
|
Total Current
Liabilities |
27,213,385.71 |
16,780,079.26 |
9,830,191.15 |
|
Total Liabilities |
27,213,385.71 |
16,780,079.26 |
9,830,191.15 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 40,000
shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
1,072,928.75 |
953,644.97 |
993,341.28 |
|
Total
Shareholders' Equity |
5,072,928.75 |
4,953,644.97 |
4,993,341.28 |
|
Total Liabilities
& Shareholders' Equity |
32,286,314.45 |
21,733,724.23 |
14,823,532.43 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
42,254,866.41 |
34,150,341.19 |
30,772,548.75 |
|
Other Income |
19,114.37 |
1,376,825.97 |
546,853.05 |
|
Total Revenues
|
42,273,980.78 |
35,527,167.16 |
31,319,401.80 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
38,841,723.16 |
32,954,730.36 |
28,976,556.44 |
|
Selling Expenses |
413,264.25 |
389,030.90 |
479,654.64 |
|
Administrative Expenses |
1,739,234.21 |
1,760,527.67 |
1,714,805.66 |
|
Other Expenses |
546,202.70 |
- |
- |
|
Total Expenses |
41,540,424.32 |
35,104,288.93 |
31,171,016.74 |
|
Profit / [Loss] before Financial
Costs & Income Tax |
733,556.46 |
422,878.23 |
148,385.06 |
|
Financial Costs |
[549,559.59] |
[412,490.98] |
[11,267.02] |
|
Profit /[Loss] before Income
Tax |
183,996.87 |
10,387.25 |
137,118.04 |
|
Income Tax |
[64,713.09] |
[50,083.56] |
[52,985.07] |
|
Net Profit /[Loss] |
119,283.78 |
[39,696.31] |
84,132.97 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.18 |
1.28 |
1.49 |
|
QUICK RATIO |
TIMES |
0.30 |
0.77 |
1.49 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
231.31 |
193.56 |
241.49 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.31 |
1.57 |
2.08 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
224.03 |
96.07 |
0.24 |
|
INVENTORY TURNOVER |
TIMES |
1.63 |
3.80 |
1,522.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.48 |
120.49 |
85.86 |
|
RECEIVABLES TURNOVER |
TIMES |
5.41 |
3.03 |
4.25 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
197.87 |
92.00 |
114.35 |
|
CASH CONVERSION CYCLE |
DAYS |
93.63 |
124.56 |
(28.25) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.92 |
96.50 |
94.16 |
|
SELLING & ADMINISTRATION |
% |
5.09 |
6.29 |
7.13 |
|
INTEREST |
% |
1.30 |
1.21 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
8.12 |
7.53 |
7.61 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.74 |
1.24 |
0.48 |
|
NET PROFIT MARGIN |
% |
0.28 |
(0.12) |
0.27 |
|
RETURN ON EQUITY |
% |
2.35 |
(0.80) |
1.68 |
|
RETURN ON ASSET |
% |
0.37 |
(0.18) |
0.57 |
|
EARNING PER SHARE |
BAHT |
2.98 |
(0.99) |
2.10 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.77 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.36 |
3.39 |
1.97 |
|
TIME INTEREST EARNED |
TIMES |
1.33 |
1.03 |
13.17 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
23.73 |
10.98 |
|
|
OPERATING PROFIT |
% |
73.47 |
184.99 |
|
|
NET PROFIT |
% |
400.49 |
(147.18) |
|
|
FIXED ASSETS |
% |
3.54 |
38.46 |
|
|
TOTAL ASSETS |
% |
48.55 |
46.62 |
|
ANNUAL GROWTH: EXCELLENT
An annual sales growth is 23.73%. Turnover has increased from THB 34,150,341.19
in 2010 to THB 42,254,866.41 in 2011. While net profit has increased from THB
-39,696.31 in 2010 to THB 119,283.78 in 2011. And total assets has increased
from THB 21,733,724.23 in 2010 to THB 32,286,314.46 in 2011.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.12 |
Impressive |
Industrial
Average |
0.05 |
|
Net Profit Margin |
0.28 |
Impressive |
Industrial
Average |
0.03 |
|
Return on Assets |
0.37 |
Satisfactory |
Industrial
Average |
0.47 |
|
Return on Equity |
2.35 |
Impressive |
Industrial
Average |
2.25 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company’s figure is 8.12%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 0.28%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the
company's figure is 0.37%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 2.35%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.18 |
Acceptable |
Industrial
Average |
1.76 |
|
Quick Ratio |
0.30 |
|
|
|
|
Cash Conversion Cycle |
93.63 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.18 times in 2011, decreased from 1.28 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.3 times in 2011,
decreased from 0.77 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 94 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial
Average |
0.79 |
|
Debt to Equity Ratio |
5.36 |
Risky |
Industrial
Average |
3.79 |
|
Times Interest Earned |
1.33 |
Impressive |
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.34 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.84 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
231.31 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.31 |
Deteriorated |
Industrial
Average |
17.40 |
|
Inventory Conversion Period |
224.03 |
|
|
|
|
Inventory Turnover |
1.63 |
Deteriorated |
Industrial
Average |
54.52 |
|
Receivables Conversion Period |
67.48 |
|
|
|
|
Receivables Turnover |
5.41 |
Deteriorated |
Industrial
Average |
21.99 |
|
Payables Conversion Period |
197.87 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.41 and 3.03 in
2011 and 2010 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2011
increased from 2010. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 96 days at the
end of 2010 to 224 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 3.8 times in year 2010 to 1.63 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.31 times and 1.57
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.