MIRA
INFORM REPORT
|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
VENKATESHWARA DISTRIBUTORS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
308, Regent Chamber, 208, Nariman Point, Mumbai – 400021, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
22.01.1971 |
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|
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Com. Reg. No.: |
11-014970 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.823 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21000MH1971PTC014970 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Trader of Readymade Garments, Nokia Phone and Accessories and Bags. |
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|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 34000 |
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|
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|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to huge external
borrowing which act as a threat to liquidity position of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-22831588)
LOCATIONS
|
Registered Office : |
308, Regent Chamber, 208, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No. : |
91-22-22831588 |
|
Fax No. : |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Nand Kishore Karwa |
|
Designation : |
Director |
|
Address : |
195, Tagore Park, Model Town, New Delhi – 110009, India |
|
Date of Birth/Age : |
09.07.1954 |
|
Date of Appointment : |
16.10.1990 |
|
DIN No. : |
00436708 |
|
|
|
|
Name : |
Mr. Nilesh Karwa |
|
Designation : |
Director |
|
Address : |
195, Tagore Park, Model Town, New Delhi – 110009, India |
|
Date of Birth/Age : |
16.10.1977 |
|
Date of Appointment : |
23.03.2004 |
|
DIN No. : |
00436820 |
|
|
|
|
Name : |
Mr. Narayan Karwa |
|
Designation : |
Director |
|
Address : |
87-B, Kamal Kunj, Bomanji Petit Road Cum Balla Hill Gamdevi, Mumbai –
400036, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1955 |
|
Date of Appointment : |
26.06.2003 |
|
DIN No. : |
00445608 |
|
|
|
|
Name : |
Mr. Nitin Karwa |
|
Designation : |
Director |
|
Address : |
87-B, Kamal Kunj, Bomanji Petit Road Cum Balla Hill Gamdevi, Mumbai –
400036, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1981 |
|
Date of Appointment : |
25.03.2004 |
|
DIN No. : |
00445685 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Narayan Jaichandlal Karwa |
120 |
|
Sulochana Karwa |
550 |
|
Pramod Karwa |
520 |
|
Manju Karwa |
640 |
|
Nitin Karwa |
610 |
|
Nilesh Karwa |
650 |
|
Manju Karwa |
10 |
|
Jaichandlal S Karwa |
10 |
|
Narayan Karwa Huf |
10 |
|
Narayan Jaichndlal Karwa |
10 |
|
Nandkishore J. Karwa |
261 |
|
Nand Kishore Karwa-HUF |
520 |
|
Narayan Karwa-HUF |
300 |
|
Jaichandlal Karwa HUF |
151 |
|
Nilesh Karwa-HUF |
300 |
|
Pramod Karwa-HUF |
300 |
|
Nitin Karwa-Huf |
300 |
|
Raasi Karwa |
400 |
|
Rajshree Karwa |
410 |
|
Seema Karwa |
410 |
|
Shaurya Karwa (Minor) |
350 |
|
Arjun Karwa (Minor) |
350 |
|
Arya Karwa (Minor) |
350 |
|
Shiven Karwa (Minor) |
350 |
|
Yana Karwa (Minor) |
350 |
|
Total |
8232 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Readymade Garments, Nokia Phone and Accessories and Bags. |
GENERAL INFORMATION
|
Suppliers : |
· Aggarwal Computers Neotec TCNS Clothing Company Private Limited Samsonite South Asia (Private) Limited DS Enterprises Ingram Micro India Limited Basic Clothing Chauhan Enterprises Ennar Financial Services Private Limited Rajindra Iron Traders |
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No. of Employees : |
Information declined by management |
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Bankers : |
· Bank of Baroda, Darya Ganj, New Delhi - 110002, India HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg,
Lower Parel (West), Mumbai - 400013, Maharashtra, India · Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Manv and Associates Chartered Accountants |
|
Address : |
1649, Ist Floor Main Bazar, Paharganj – 110055, New Delhi, India |
|
Tele Fax No. : |
91-11-23582743/ 23583743 |
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E-Mail : |
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Website : |
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Income-tax
PAN of auditor or auditor's firm : |
AARFM5645C |
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Enterprises where control exists : |
· Karwa Marketing Private Limited Kalpana Marketing Private Limited Excel Agencies Private Limited NK Overseas Private Limited SNC Agencies Private Limited Karwa Commercial Private Limited Jai Chand Lal Karwa Charitable Trust Visan Trading Private Limited Sardi Investment Private Limited Arya Karwa Benefit Trust Chemolite Agencies Shree Narayan and Company |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,232 |
Equity Shares |
Rs.100/- each |
Rs. 0.823 Million |
|
|
|
|
|
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 |
0.823 |
0.823 |
0.823 |
|
(b) Reserves & Surplus |
7.802 |
6.263 |
5.282 |
|
(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) |
8.625 |
7.086 |
6.105 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
47.568 |
46.929 |
31.247 |
|
(b) Deferred tax liabilities (Net) |
0.066 |
0.086 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
47.634 |
47.015 |
31.247 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3.289 |
20.688 |
3.301 |
|
(b) Trade payables |
58.485 |
54.095 |
34.867 |
|
(c) Other current
liabilities |
1.773 |
1.357 |
1.415 |
|
(d) Short-term provisions |
0.707 |
0.779 |
0.220 |
|
Total Current Liabilities (4) |
64.254 |
76.919 |
39.803 |
|
|
|
|
|
|
TOTAL |
120.513 |
131.020 |
77.155 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8.011 |
6.807 |
6.195 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.012 |
|
(d) Long-term Loan and Advances |
1.508 |
4.931 |
0.455 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
9.519 |
11.738 |
6.662 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
71.618 |
78.814 |
49.285 |
|
(c) Trade receivables |
4.265 |
0.680 |
0.424 |
|
(d) Cash and cash
equivalents |
7.050 |
7.044 |
3.769 |
|
(e) Short-term loans and
advances |
28.061 |
32.744 |
17.015 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
110.994 |
119.282 |
70.493 |
|
|
|
|
|
|
TOTAL |
120.513 |
131.020 |
77.155 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
389.399 |
350.895 |
271.871 |
|
|
|
Other Income |
75.449 |
79.706 |
54.287 |
|
|
|
TOTAL (A) |
464.848 |
430.601 |
326.158 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
368.570 |
386.918 |
319.426 |
|
|
|
Changes in inventories of Stock-in-Trade |
7.195 |
-29.529 |
-42.528 |
|
|
|
Employees benefits expense |
22.949 |
17.811 |
10.189 |
|
|
|
Other expenses |
54.278 |
45.142 |
32.831 |
|
|
|
TOTAL (B) |
452.992 |
420.342 |
319.918 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
11.856 |
10.259 |
6.240 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.940 |
8.096 |
5.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.916 |
2.163 |
1.240 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.627 |
0.633 |
0.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2.289 |
1.530 |
0.779 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.750 |
0.549 |
0.173 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1.539 |
0.981 |
0.606 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
186.93 |
119.12 |
121.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.33 |
0.23 |
0.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.59 |
0.44 |
0.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.90 |
1.17 |
1.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.22 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.90 |
9.54 |
5.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73 |
1.55 |
1.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.823 |
0.823 |
0.823 |
|
Reserves & Surplus |
5.282 |
6.263 |
7.802 |
|
Net
worth |
6.105 |
7.086 |
8.625 |
|
|
|
|
|
|
long-term borrowings |
31.247 |
46.929 |
47.568 |
|
Short term borrowings |
3.301 |
20.688 |
3.289 |
|
Total
borrowings |
34.548 |
67.617 |
50.857 |
|
Debt/Equity
ratio |
5.659 |
9.542 |
5.896 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
271.871 |
350.895 |
389.399 |
|
|
|
29.067 |
10.973 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
271.871 |
350.895 |
389.399 |
|
Profit |
0.606 |
0.981 |
1.539 |
|
|
0.22% |
0.28% |
0.40% |
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 |
Yes |
|
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 |
CURRENT MATURITIES OF
LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10434508 |
31/05/2013 |
20,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B78572302 |
FIXED ASSETS
· Land
Furniture
and Fixture
Plant
and Equipment
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.60.26 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.