MIRA
INFORM REPORT
|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PADMAVATI DIAMONDS CO., LTD. |
|
|
|
|
Registered Office : |
Bangkok Gem & Jewellery Tower, 322/59 Surawong Road, Siphya, Bangrak, Bangkok 10500, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.06.1994 |
|
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Com. Reg. No.: |
0105537072351 |
|
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|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Subject is engaged in
importing and distributing various
kinds of precious stones and
diamonds for jewelry
industry |
|
|
|
|
No. of Employees |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
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 |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 in 2013 implemented a nation-wide
300 baht ($10) per day minimum wage policy and deployed 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 recession severely cut Thailand's exports, with most sectors experiencing
double-digit drops. In late 2011 Thailand's recovery was interrupted by
historic flooding in the industrial areas in Bangkok and its five surrounding
provinces, crippling the manufacturing sector. The government 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 following seven years. This was expected to lead to an economic upsurge but
growth has remained slow, in part due to ongoing political unrest and resulting
uncertainties. Spending on infrastructure will require re-approval once a new
government is seated
|
Source
: CIA |
Company name and address
PADMAVATI DIAMONDS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
A, 22nd FLOOR,
BANGKOK
GEM & JEWELLERY TOWER,
322/59
SURAWONG ROAD, SIPHYA,
BANGRAK, BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2267-1198,
081 833-4870
FAX :
[66] 2267-1211
E-MAIL
ADDRESS : vnsah21@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537072351 [Former : 1621/2537]
TAX
ID NO. : 3011443071
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT. 6,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.73%
INDIAN :
48.27%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VIPUL KUMAR
NAVIN CHANDRA SHAH, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : DIAMONDS
IMPORTER AND
DISTRIBUTOR
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 June 27,
1994 as a
private limited company
under the name
style PADMAVATI DIAMONDS
CO., LTD. by
Thai and Indian
groups, in order
to import and
distribute diamonds to
local jewelry industry.
It currently employs
4 staff.
The subject’s registered address
is Unit A, 22nd Floor,
Bangkok Gem &
Jewellery Tower, 322/59 Surawong Rd.,
Siphya, Bangrak, Bangkok 10500, and this
is the company’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vipul Kumar Navin
Chandra Shah |
|
Indian |
47 |
|
Mr. Pankaj Vahalchand
Chhatrani |
|
Indian |
- |
|
Ms. Pakpichapat Prommin |
|
Thai |
38 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vipul Kumar
Navin Chandra Shah
is the Managing
Director.
He is Indian
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and distributing various
kinds of precious stones and
diamonds for jewelry
industry.
PURCHASE
90% of the products
is imported from
India, Hong Kong,
Belgium, Republic of
China, and South
Africa, the remaining
10% is purchased
from local suppliers.
MAJOR SUPPLIER
Padmavati Gems Ltd.
: India
Vama Gems BVBA. : Belgium
SALES [LOCAL]
100% of the
products is sold by
wholesale to traders
and jewelry manufactures
in Thailand.
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 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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 4 staff.
LOCATION DETAILS
The premise
is rented for
administrative office at the
heading address. Premise is
located in a
prime commercial area.
COMMENT
Subject is an importer
and distributor of diamonds
and precious stones
to local jewelry
industry. The subject’s operating
performance in 2013
was satisfactory with
an increase in
both sales revenue and net profit
comparing to the
previous years. This
was mainly due to
company’s effective market
expansion and improvement
in local jewelry
industry in the past
year. Despite of
many unfavourable factors
such as economic
sluggish, low consumer
spending and political
unrest, subject’s business
outlook remains moderately fair.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each.
The capital was
increased later as
follows:
Bht. 4,000,000
on May 8,
1996
Bht. 6,000,000
on November 3,
2004
The latest
registered capital was increased
to Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Pakpichapat Prommin Nationality: Thai Address : 322/59 Surawong Rd., Siphya, Bangrak, Bangkok 10500 |
21,040 |
35.07 |
|
Mr. Vipul Kumar Navin Chandra Shah Nationality: Indian Address : 322/59 Surawong Rd., Siphya, Bangrak, Bangkok 10500 |
21,000 |
35.00 |
|
Ms. Panadda Narkjai Nationality: Thai Address : 458/1 Moo 8, Laemrang, Buengnarang, Pijit |
10,000 |
16.66 |
|
Mr. Pankaj Vahalchand Chhatrani Nationality: Indian Address : 322/59 Surawong Rd., Siphya, Bangrak, Bangkok 10500 |
4,000 |
6.67 |
|
Mrs. Shandna Vipul Kumar Shah Nationality: Indian Address : 322/59 Surawong Rd., Siphya, Bangrak,
Bangkok 10500 |
3,960 |
6.60 |
Total Shareholders : 5
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
31,040 |
51.73 |
|
Foreign-Indian |
3 |
28,960 |
48.27 |
|
Total |
5 |
60,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Viroj Narisranont No.
3748
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
466,331.16 |
68,778.69 |
134,196.05 |
|
Trade Accounts Receivable |
42,824,265.45 |
5,700,948.57 |
19,800,153.72 |
|
Inventories |
60,252,148.40 |
120,604,641.08 |
71,827,310.98 |
|
Other Current Assets
|
27,640.56 |
2,136,411.10 |
1,794,799.96 |
|
|
|
|
|
|
Total Current Assets
|
103,570,385.57 |
128,510,779.44 |
93,556,460.71 |
|
|
|
|
|
|
Fixed Assets |
6,367.87 |
10,852.58 |
15,837.51 |
|
Total Assets |
103,576,753.44 |
128,521,632.02 |
93,572,298.22 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other Payable |
17,514,942.95 |
21,034,639.25 |
19,272,760.02 |
|
Short-term Loans |
24,337,662.00 |
51,207,300.00 |
16,807,300.00 |
|
Other Current Liabilities |
223,318.40 |
30,780.50 |
173,208.41 |
|
|
|
|
|
|
Total Current Liabilities |
42,075,923.35 |
72,272,719.75 |
36,253,268.43 |
|
Total Liabilities |
42,075,923.35 |
72,272,719.75 |
36,253,268.43 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning -
Unappropriated |
55,500,830.09 |
50,248,912.27 |
51,319,029.79 |
|
Total Shareholders' Equity |
61,500,830.09 |
56,248,912.27 |
57,319,029.79 |
|
Total Liabilities &
Shareholders' Equity |
103,576,753.44 |
128,521,632.02 |
93,572,298.22 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
99,211,326.09 |
36,739,694.50 |
45,851,941.41 |
|
Other Income |
1,578,007.04 |
- |
1,635,669.33 |
|
Total Revenues |
100,789,333.13 |
36,739,694.50 |
47,487,610.74 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
95,586,204.83 |
34,053,730.96 |
43,869,110.92 |
|
Selling Expenses |
341,325.13 |
421,288.15 |
367,663.92 |
|
Administrative Expenses |
3,213,252.03 |
3,055,978.20 |
2,588,664.26 |
|
Other Expenses |
- |
82,602.14 |
- |
|
Total Expenses |
99,140,781.99 |
37,613,599.45 |
46,825,439.10 |
|
Profit / [Loss] before Financial Cost & Income Tax |
1,648,551.14 |
[873,904.95] |
662,171.64 |
|
Financial Cost |
- |
[196,212.57] |
[72,574.28] |
|
Profit / [Loss] before Income
Tax |
1,648,551.14 |
[1,070,117.52] |
589,597.36 |
|
Income Tax |
[427,271.32] |
- |
[222,911.09] |
|
Net Profit / [Loss] |
1,221,279.82 |
[1,070,117.52] |
366,686.27 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.46 |
1.78 |
2.58 |
|
QUICK RATIO |
TIMES |
1.03 |
0.08 |
0.55 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
15,579.99 |
3,385.34 |
2,895.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.96 |
0.29 |
0.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
230.08 |
1,292.68 |
597.62 |
|
INVENTORY TURNOVER |
TIMES |
1.59 |
0.28 |
0.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
157.55 |
56.64 |
157.62 |
|
RECEIVABLES TURNOVER |
TIMES |
2.32 |
6.44 |
2.32 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.88 |
225.46 |
160.35 |
|
CASH CONVERSION CYCLE |
DAYS |
320.74 |
1,123.86 |
594.88 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.35 |
92.69 |
95.68 |
|
SELLING & ADMINISTRATION |
% |
3.58 |
9.46 |
6.45 |
|
INTEREST |
% |
- |
0.53 |
0.16 |
|
GROSS PROFIT MARGIN |
% |
5.24 |
7.31 |
7.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.66 |
(2.38) |
1.44 |
|
NET PROFIT MARGIN |
% |
1.23 |
(2.91) |
0.80 |
|
RETURN ON EQUITY |
% |
1.99 |
(1.90) |
0.64 |
|
RETURN ON ASSET |
% |
1.18 |
(0.83) |
0.39 |
|
EARNING PER SHARE |
BAHT |
20.35 |
(17.84) |
6.11 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.56 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.68 |
1.28 |
0.63 |
|
TIME INTEREST EARNED |
TIMES |
- |
(4.45) |
9.12 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
170.04 |
(19.87) |
|
|
OPERATING PROFIT |
% |
(288.64) |
(231.98) |
|
|
NET PROFIT |
% |
214.13 |
(391.83) |
|
|
FIXED ASSETS |
% |
(41.32) |
(31.48) |
|
|
TOTAL ASSETS |
% |
(19.41) |
37.35 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 170.04%. Turnover has increased from THB
36,739,694.50 in 2012 to THB 99,211,326.09 in 2013. While net profit has
increased from THB -1,070,117.52 in 2012 to THB 1,221,279.82 in 2013. And total
assets has decreased from THB 128,521,632.02 in 2012 to THB 103,576,753.44 in
2013.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.24 |
Impressive |
Industrial
Average |
3.01 |
|
Net Profit Margin |
1.23 |
Impressive |
Industrial
Average |
0.58 |
|
Return on Assets |
1.18 |
Deteriorated |
Industrial
Average |
3.55 |
|
Return on Equity |
1.99 |
Deteriorated |
Industrial
Average |
14.14 |
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. Gross Profit Margin is 5.24%. 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. Net Profit Margin ratio is 1.23%, 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 1.18%.
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. When compared with the
industry average, it was lower, the company's figure is 1.99%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.46 |
Impressive |
Industrial
Average |
1.60 |
|
Quick Ratio |
1.03 |
|
|
|
|
Cash Conversion Cycle |
320.74 |
|
|
|
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 2.46 times in 2013, increase from 1.78 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.03 times in 2013,
increase from 0.08 times, although excluding inventory so the company still
have good short-term financial strength.
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 321 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
0.68 |
Impressive |
Industrial
Average |
2.73 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.41 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
15,579.99 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.96 |
Deteriorated |
Industrial
Average |
6.16 |
|
Inventory Conversion Period |
230.08 |
|
|
|
|
Inventory Turnover |
1.59 |
Deteriorated |
Industrial
Average |
12.03 |
|
Receivables Conversion Period |
157.55 |
|
|
|
|
Receivables Turnover |
2.32 |
Deteriorated |
Industrial
Average |
8.23 |
|
Payables Conversion Period |
66.88 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.32 and 6.44 in
2013 and 2012 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 2013
decreased from 2012. This would suggest the company had deteriorated 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 decreased from 1293 days at the end of 2012 to
230 days at the end of 2013. This represents a positive trend. And Inventory
turnover has increased from 0.28 times in year 2012 to 1.59 times in year 2013.
The company's Total Asset Turnover is calculated as 0.96 times and 0.29
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
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.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.