MIRA INFORM REPORT
|
Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT ALUMINIUM EXTRUSION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
82, GIDC Complex, Makarpura Industrial Area, Baroda – 390010, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.11.1971 |
|
|
|
|
Com. Reg. No.: |
04-001986 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.499 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310GJ1971PTC001986 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00602A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8442K |
|
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Aluminium Extrusions and Sections. |
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|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 PARTED BY
|
Name : |
Mr. Vinay Agarwal |
|
Designation : |
Director |
|
Contact No.: |
91-9324351265 |
|
Date : |
31.05.2014 |
LOCATIONS
|
Registered Office/ Factory : |
82, GIDC Complex, Makarpura Industrial Area, Baroda – 390010, Gujarat,
India |
|
Tel. No.: |
91-265-6585800 |
|
Mobile No.: |
91-9324351265 (Mr. Vinay Agarwal) |
|
Fax No.: |
91-265-6585800 |
|
E-Mail : |
|
|
|
|
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Branch Office: |
442, Duncan Road, Near Goldeval Temple, Opposite Dena Bank, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-23869007 / 66363340 |
|
Fax No.: |
91-22-23871557 |
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. Vivek Agarwal |
|
Designation : |
Director |
|
Address : |
B-73, Paschlamp Apartment, K'd Marg, Mumbai - 400208, Maharashtra,
India |
|
Date of Birth/Age : |
19.09.1977 |
|
Date of Appointment : |
16.01.2006 |
|
DIN No.: |
00305166 |
|
|
|
|
Name : |
Mr. Vinay V. Agarwal |
|
Designation : |
Director |
|
Address : |
B-73, Paschlamp Apartment, K'd Marg, Mumbai - 400208, Maharashtra,
India |
|
Date of Birth/Age : |
20.06.1947 |
|
Date of Appointment : |
16.01.2006 |
|
DIN No.: |
01961978 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Aluminium Extrusions and Sections. |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque, Credit |
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Purchasing : |
Cash, Cheque, Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
18, Haribhakti Colony, Race Course, Vadodara – 390007, Gujarat, India |
|
Tel. No.: |
91-265-2340091 |
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Fax No.: |
91-265-2314495 |
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E-Mail : |
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|
PAN No.: |
AAAFH6258F |
CAPITAL STRUCTURE
As on: 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Shares |
Rs.100/- each |
Rs. 9.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74994 |
Equity Shares |
Rs.100/- each |
Rs. 7.499
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 |
7.499 |
7.499 |
7.499 |
|
(b) Reserves & Surplus |
4.842 |
7.046 |
6.488 |
|
(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) |
12.341 |
14.545 |
13.987 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11.239 |
11.239 |
11.304 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
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) |
11.239 |
11.239 |
11.304 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
22.930 |
15.242 |
0.000 |
|
(b) Trade payables |
25.211 |
46.310 |
46.117 |
|
(c) Other current liabilities |
1.421 |
0.993 |
0.000 |
|
(d) Short-term provisions |
0.444 |
0.000 |
0.994 |
|
Total
Current Liabilities (4) |
50.006 |
62.545 |
47.111 |
|
|
|
|
|
|
TOTAL |
73.586 |
88.329 |
72.402 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11.626 |
10.192 |
9.609 |
|
(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 |
0.004 |
0.004 |
0.004 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
7.417 |
9.610 |
6.716 |
|
Total
Non-Current Assets |
19.047 |
19.806 |
16.329 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
16.924 |
30.058 |
16.470 |
|
(c) Trade receivables |
32.929 |
32.536 |
33.037 |
|
(d) Cash and cash equivalents |
0.540 |
0.674 |
1.084 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
4.146 |
5.255 |
5.482 |
|
Total
Current Assets |
54.539 |
68.523 |
56.073 |
|
|
|
|
|
|
TOTAL |
73.586 |
88.329 |
72.402 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
184.031 |
197.720 |
193.825 |
|
|
Other Income |
1.745 |
0.150 |
0.999 |
|
|
TOTAL
(A) |
185.776 |
197.870 |
194.824 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
140.351 |
159.389 |
159.522 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.901 |
(1.511) |
(3.171) |
|
|
Employees benefits expense |
1.527 |
1.589 |
1.725 |
|
|
Manufacturing Expenses |
32.786 |
30.295 |
26.154 |
|
|
Sales, administration and
other expenses |
6.647 |
5.489 |
8.739 |
|
|
TOTAL
(B) |
184.212 |
195.251 |
192.969 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1.564 |
2.619 |
1.855 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.270 |
0.654 |
0.122 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(0.706) |
1.965 |
1.733 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1.497 |
1.407 |
1.183 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(2.203) |
0.558 |
0.550 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
0.000 |
0.000 |
3.592 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
(2.203) |
0.558 |
(3.042) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4.141) |
(4.699) |
(1.657) |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
(6.344) |
(4.141) |
(4.699) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(29.38) |
7.44 |
7.34 |
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
190.300 |
|
|
|
|
|
The above information has been parted by Mr. Vinay Agarwal
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.19) |
0.28 |
(1.56) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.20) |
0.28 |
0.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.99) |
0.63 |
0.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18) |
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.77 |
1.82 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.10 |
1.19 |
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 |
7.499 |
7.499 |
7.499 |
|
Reserves & Surplus |
6.488 |
7.046 |
4.842 |
|
Net
worth |
13.987 |
14.545 |
12.341 |
|
|
|
|
|
|
long-term borrowings |
11.304 |
11.239 |
11.239 |
|
Short term borrowings |
0.000 |
15.242 |
22.930 |
|
Total
borrowings |
11.304 |
26.481 |
34.169 |
|
Debt/Equity
ratio |
0.808 |
1.821 |
2.769 |
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 |
193.825 |
197.720 |
184.031 |
|
|
|
2.010 |
(6.923) |
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 |
193.825 |
197.720 |
184.031 |
|
Profit |
(3.042) |
0.558 |
(2.203) |
|
|
(1.57)% |
0.28% |
(1.20)% |
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 four years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Loan from shareholders |
11.239 |
11.239 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Loan from directors |
7.272 |
0.000 |
|
|
|
|
|
Total |
18.511 |
11.239 |
OPERATIONS
During the year, the Company’s Turnover is Rs. 184.465 millions as compared to Rs. 210.583 millions in immediately preceding year. The company has suffered loss of Rs.2.204 millions against profit of Rs.0.558 million in the immediately preceding year. The primary producers of aluminum metal increased the price every month during the year. Further there has also been increase in cost of fuel.
The Company has been working with inadequate working capital finance. The liquidity problems increased significantly which affected company’s profitability.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10281779 |
31/03/2011 |
20,000,000.00 |
DENA BANK |
VIMAL SOCIETY, OPP ONGC, MAKARPURA ROAD, VADODARA, GUJARAT - 390009, INDIA |
B11229481 |
FIXED ASSETS
- Lease hold land
- Building
- Plant and Machinery
- Furniture and Fixture
- 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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.13 |
|
|
1 |
Rs. 99.02 |
|
Euro |
1 |
Rs. 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.