MIRA
INFORM REPORT
|
Report Date : |
25.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
BINDAL SILK MILLS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
J. B. BINDAL SILK MILLS PRIVATE
LIMITED (w.e.f.23.11.1994) |
|
|
|
|
Registered
Office : |
Bindal House, Kumbharia, Surat-Kadodara Road, Surat – 394210, Gujarat |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.09.1984 |
|
|
|
|
Com. Reg. No.: |
04-007227 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.23.030 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1984PTC007227 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Textiles. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 760000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company appears seems to be above
average. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit Fund Based Limits = BBB- |
|
Rating Explanation |
Moderate credit quality and average credit
risk |
|
Date |
May 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Bank Guarantee Non Fund Based = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
May 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Poddar |
|
Designation : |
Manager |
|
Contact No.: |
91-9909900395 |
|
Date : |
22.11.2013 |
LOCATIONS
|
Registered Office : |
Bindal House, Kumbharia, Surat-Kadodara Road, Surat – 394210, Gujarat,
India |
|
Tel. No.: |
91-261-2640700 |
|
Mobile No.: |
91-9909900395 (Mr. Poddar) |
|
Fax No.: |
91-261-2640705 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
P-216, Kadodara, Char Rasta, Kadodara, Taluka Palsana, Surat – 394327,
Gujarat, India |
DIRECTORS
As on 06.09.2013
|
Name : |
Mr. Ravindrakumar Kanhaiyalal Arya |
|
Designation : |
Managing Director |
|
Address : |
R-1133, Ashirwad Palace, Swami Vivekanand Marg, Behind Jivkor Nagar,
Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
08.08.1960 |
|
Date of Appointment : |
04.08.1994 |
|
DIN No.: |
00033067 |
|
|
|
|
Name : |
Mr. Avichal Ritapriya Ayra |
|
Designation : |
Director |
|
Address : |
104 Sunny Appartment Behind Mohan Park, Ghod Dod Road, Surat – 395007,
Gujarat, India |
|
Date of Birth/Age : |
20.03.1981 |
|
Date of Appointment : |
12.12.2009 |
|
DIN No.: |
02859216 |
KEY EXECUTIVES
|
Name : |
Mr. Poddar |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS
As on 06.09.2013
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Ravindra Kumar Arya |
|
7815 |
|
Ravindra Kumar Arya Re: Avindra Kumar Arya - HUF |
|
490 |
|
Savita Arya |
|
450 |
|
Jay Bharat Finstock Private Limited, India |
|
12640 |
|
Bindal Exim Private Limited |
|
185 |
|
Anupam Arya |
|
50 |
|
Total |
|
21630 |
|
Names of Shareholders (Preference) |
|
No. of Shares |
|
Jay Bharat Finstock Private Limited, India |
|
1400 |
|
Total |
|
1400 |
Equity Share Break up (Percentage of Total Equity)
As on 06.09.2013
|
Category |
Percentage |
|
Bodies corporate |
59.29 |
|
Directors or relatives of Directors |
40.71 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textiles. |
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|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
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|
|
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
· State Bank of India, Mid Corporate Branch, Trade House, Opposite Man Darwaja, Fire Station, Ring Road,, Surat - 395002, Gujarat, India |
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Facilities : |
Note: Long Term Borrowings a.
The
term avail is availed from State Bank of India and is secured by hypothecation
of plant and machinery, electrocution factory building and hypothecation of
book debts, raw material and other consumables. It is secured by way of
equitable mortgage over factory land and building at Kadodara. It is secured
by personal guarantee of directors. b.
Hire
purchase vehicle loans availed for the purchase of vehicles is secured by
hypothecation of respective vehicles. Short Term Borrowings The cash credit
facilities is availed from availed
from State Bank of India and is secured by hypothecation of plant and
machinery, electrocution factory building and hypothecation of book debts,
raw material and other consumables. It is collaterally secured by way of
equitable mortgage over factory land and building at Kadodara. It is secured
by personal guarantee of directors |
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|
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|
Banking
Relations : |
-- |
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|
|
|
Financial
Institutions : |
M P Financial Corporation, Finance House, A B Road, Indore – 452001,
Madhya Pradesh, India |
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|
|
|
Auditors : |
|
|
Name : |
Chartered Accountants |
|
Address : |
SNK House, 31-A, Adarsh Society, Opposite Seventh Day Adventist High
School, Surat – 395001, Gujarat, India |
|
Tel No.: |
91-261-2656273/4/6544791/2/3299541/47 |
|
Fax No.: |
91-26-2656868 |
|
Email ID : |
|
|
PAN No.: |
AAJFS8455L |
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|
|
|
Jointly Controlled Entity : |
·
Jaybharat Filaments Private Limited ·
Jaybharat Finstock Private Limited ·
Bindal Exports Private Limited ·
Bindal Exim Private Limited |
CAPITAL STRUCTURE
As on 06.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23600 |
Equity Shares |
Rs.1000/- each |
Rs.23.600 Millions |
|
1400 |
Preference Shares |
Rs.1000/- each |
Rs.1.400 Millions |
|
|
Total |
|
Rs.25.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21630 |
Equity Shares |
Rs.1000/- each |
Rs.21.630 Millions |
|
1400 |
Preference Shares |
Rs.1000/- each |
Rs.1.400 Millions |
|
|
Total |
|
Rs.23.630
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
23.030 |
22.300 |
20.629 |
|
(b) Reserves & Surplus |
165.829 |
143.446 |
108.430 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
188.859 |
165.746 |
129.059 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
85.827 |
130.412 |
89.492 |
|
(b) Deferred tax liabilities (Net) |
12.648 |
12.122 |
11.821 |
|
(c) Other long term liabilities |
0.358 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
(e) Non-Current Trade Payable |
3.685 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
102.518 |
142.534 |
101.313 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
127.217 |
87.474 |
93.247 |
|
(b) Trade payables |
111.414 |
94.267 |
83.095 |
|
(c) Other current
liabilities |
6.326 |
7.445 |
5.442 |
|
(d) Short-term provisions |
23.419 |
14.324 |
16.399 |
|
Total Current Liabilities (4) |
268.376 |
203.510 |
198.183 |
|
|
|
|
|
|
TOTAL |
559.753 |
511.790 |
428.555 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
239.384 |
219.795 |
186.830 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
4.774 |
15.668 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15.482 |
12.462 |
12.562 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.812 |
13.366 |
8.882 |
|
(e) Trade
Receivables |
4.452 |
7.539 |
0.000 |
|
(e) Other Non-current assets |
15.436 |
10.011 |
7.645 |
|
Total Non-Current Assets |
287.340 |
278.841 |
215.919 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
79.188 |
70.052 |
48.875 |
|
(c) Trade receivables |
157.253 |
122.289 |
129.067 |
|
(d) Cash and cash
equivalents |
10.719 |
6.986 |
2.077 |
|
(e) Short-term loans and
advances |
8.364 |
18.079 |
19.891 |
|
(f) Other current assets |
16.889 |
15.543 |
12.726 |
|
Total Current Assets |
272.413 |
232.949 |
212.636 |
|
|
|
|
|
|
TOTAL |
559.753 |
511.790 |
428.555 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
670.552 |
556.253 |
529.414 |
|
|
|
Other Income |
0.849 |
0.529 |
0.541 |
|
|
|
TOTAL (A) |
671.401 |
556.782 |
529.955 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
133.069 |
144.617 |
|
|
|
Purchase of Stock-in-trade |
|
0.000 |
38.740 |
|
|
|
Employee Benefits Expenses |
|
85.531 |
70.762 |
|
|
|
Other manufacturing and Operating Expenses |
|
242.704 |
195.017 |
|
|
|
Sales and administrative expenses |
|
24.114 |
23.854 |
|
|
|
TOTAL (B) |
610.607 |
485.418 |
472.990 |
|
|
|
(Including |
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Finance Expenses) |
71.364 |
56.964 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
19.850 |
15.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
60.794 |
51.514 |
41.701 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
36.812 |
31.003 |
21.125 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
23.982 |
20.511 |
20.576 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.004 |
6.157 |
12.951 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
15.978 |
14.354 |
7.625 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
74.608 |
60.178 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
90.586 |
74.532 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
693.79 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.38 |
2.58 |
1.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.58 |
3.69 |
3.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.68 |
8.62 |
9.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.12 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.45 |
0.79 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.14 |
1.07 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
From Body
corporate |
0.000 |
23.207 |
|
Total |
0.000 |
23.207 |
NOTE: CURRENT
MATURITIES OF LONG TERM DEBT NOT AVAILABLE
PERFORMANCE AND
FUTURE OUTLOOK:
The Company has recorded turnover of Rs.670.552 Millions and has
earned healthy net profit of Rs.15.978 Millions during the year. The company
has posted impressive results during the year with growth of almost 21% and
corresponding yields and earnings. These results are endeavored to the sustainable business strategy, commitment towards quality production, improving operating
efficiencies and cost control and various other initiatives of the Management.
The Management is taking various steps to negotiate the current challenges and
bring out the Company with commendable performance.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90101158
|
18/01/2013
* |
260,300,000.00
|
State
Bank of India |
Mid
Corporate Branch, Trade House, Opp. Man Darwaja, Fire Station, Ring Road,
Surat, Gujarat - 395002, INDIA |
B68063528 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
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.63.03 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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.