MIRA INFORM REPORT
|
Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAM FASHION EXPORTS PRIVATE LIMITED |
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Formerly Known
As : |
VALSON FABRICS PRIVATE LIMITED |
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Registered Office
: |
135/142-A, White House, Marol Cooperative Industrial Estate, J B
Nagar, Andheri (East), Mumbai-400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.08.1985 |
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Com. Reg. No.: |
11-037032 |
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Capital
Investment / Paid-up Capital : |
Rs.1.890 Millions |
|
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CIN No.: [Company Identification
No.] |
U19129MH1985PTC037032 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR16378F |
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PAN No.: [Permanent Account No.] |
AAACR1955L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Casual and Dressy Boots, Shoes and
Sandals. |
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|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 74000 |
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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. External borrowing of the company seems to be huge during 2013 However, trade relations are reported to be fair. Business is active.
Payment terms are reported as slow but correct. The company can be considered for business dealings 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.2453.2 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 (GENERAL DETAILS)
|
Name : |
Mr. Anil Patil |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-394304000 |
|
Date : |
11.06.2014 |
LOCATIONS
|
Registered Office / Factory 1 : |
135/142-A, White House, Marol Cooperative Industrial Estate, J B
Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-28509272 |
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Fax No.: |
91-22-28506140 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Factory 2 : |
Plot No. A - 463, TTC Industrial Area, MIDC, Mahape, Navi Mumbai –
400710, Maharashtra, India |
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Tel No.: |
91-22-394304000//01/29/27782967 |
DIRECTORS
As on 24.09.2013
|
Name : |
Mr. Naresh Shivlal Bhasin |
|
Designation : |
Director |
|
Address : |
203-204, 2nd Floor, Freen Acres, Lokhandwala Complex,
Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
12.02.1956 |
|
Date of Appointment : |
12.01.1993 |
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PAN No.: |
AADPB0720F |
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DIN No.: |
00217914 |
|
|
|
|
Name : |
Mr. Suresh Shivlal Bhasin |
|
Designation : |
Director |
|
Address : |
303-304, 3rd Floor, Freen Acres, Lokhandwala Complex, Andheri
(West), Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
12.02.1950 |
|
Date of Appointment : |
12.01.1993 |
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PAN No.: |
AADPB0721E |
|
DIN No : |
00218386 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Patil |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS
As on 24.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Shivlal Bhasin |
|
6300 |
|
Naresh Shivlal Bhasin |
|
6300 |
|
Suresh Shivlal Bhasin |
|
6300 |
|
Total |
|
18900 |
Equity Share Break up (Percentage of Total Equity)
As on 24.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Casual and Dressy Boots, Shoes and
Sandals. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Dena Bank, 67-A Krishna Bhavan, Nehru Road, Vile Parle (East), Mumbai
- 400057, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil Kumar Sharma and Associates Chartered Accountant |
|
Address : |
03, Trimurti Tower, Vridh Ashrm Marg, Mahakali Caves Road, Andheri (East),
Mumbai-400093, Maharashtra, India |
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PAN No.: |
AACPS0436L |
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Associate : |
Ram Exports |
CAPITAL STRUCTURE
As on 24.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18900 |
Equity Shares |
Rs.100/- each |
Rs.1.890
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 |
1.890 |
1.890 |
1.890 |
|
(b) Reserves & Surplus |
182.498 |
163.453 |
146.002 |
|
(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) |
184.388 |
165.343 |
147.892 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
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|
(a) long-term borrowings |
183.119 |
206.507 |
180.533 |
|
(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 |
8.789 |
5.571 |
1.576 |
|
Total Non-current
Liabilities (3) |
191.908 |
212.078 |
182.109 |
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
977.398 |
674.111 |
432.750 |
|
(b) Trade
payables |
203.003 |
152.452 |
220.408 |
|
(c) Other current
liabilities |
45.491 |
42.853 |
24.671 |
|
(d) Short-term
provisions |
10.000 |
9.200 |
5.400 |
|
Total Current
Liabilities (4) |
1,235.892 |
878.616 |
683.229 |
|
|
|
|
|
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TOTAL |
1,612.188 |
1,256.037 |
1,013.230 |
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II.
ASSETS |
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|
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|
(1)
Non-current assets |
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|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
391.877 |
325.632 |
218.305 |
|
(ii)
Intangible Assets |
0.581 |
0.852 |
0.003 |
|
(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) |
6.111 |
1.485 |
-1.255 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
398.569 |
327.969 |
217.053 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.391 |
|
(b)
Inventories |
597.518 |
488.063 |
355.528 |
|
(c) Trade
receivables |
279.581 |
199.418 |
283.604 |
|
(d) Cash
and cash equivalents |
180.842 |
128.552 |
42.762 |
|
(e)
Short-term loans and advances |
48.727 |
37.412 |
27.607 |
|
(f) Other
current assets |
106.951 |
74.623 |
86.285 |
|
Total Current
Assets |
1,213.619 |
928.068 |
796.177 |
|
|
|
|
|
|
TOTAL |
1,612.188 |
1,256.037 |
1,013.230 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
123.500 |
1177.100 |
956.400 |
|
|
|
|
Other Income |
NA |
NA |
1.829 |
|
|
|
|
TOTAL |
NA |
NA |
958.229 |
|
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|
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EXPENSES |
|
|
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
123.500 |
138.800 |
103.400 |
||
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|
|
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||
|
Less |
FINANCIAL
EXPENSES |
65.100 |
87.100 |
65.000 |
||
|
|
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|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
58.400 |
51.700 |
38.400 |
||
|
|
|
|
|
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||
|
Less |
DEPRECIATION/ AMORTISATION |
33.600 |
27.700 |
25.400 |
||
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||
|
|
PROFIT/(LOSS)
BEFORE TAX |
24.800 |
24.000 |
13.000 |
||
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|
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||
|
Less |
TAX |
5.400 |
6.500 |
7.100 |
||
|
|
|
|
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||
|
|
PROFIT/(LOSS)
AFTER TAX |
19.400 |
17.500 |
5.900 |
||
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||
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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||
|
|
|
Export Earnings |
1212.552 |
1040.429 |
852.213 |
|
|
|
TOTAL EARNINGS |
1212.552 |
1040.429 |
852.213 |
||
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IMPORTS |
|
|
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||
|
|
|
Raw Materials |
20.224 |
13.219 |
NA |
|
|
|
|
Capital Goods |
2.772 |
21.589 |
NA |
|
|
|
TOTAL IMPORTS |
22.996 |
34.808 |
NA |
||
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|
|
|
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||
|
|
Earnings Per
Share (Rs.) |
1025.00 |
925.93 |
312.17 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
NA |
0.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.08 |
2.04 |
1.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.54 |
1.91 |
1.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.15 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
6.29 |
5.33 |
4.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.06 |
1.17 |
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 |
1.890 |
1.890 |
1.890 |
|
Reserves & Surplus |
146.002 |
163.453 |
182.498 |
|
Net
worth |
147.892 |
165.343 |
184.388 |
|
|
|
|
|
|
long-term borrowings |
180.533 |
206.507 |
183.119 |
|
Short term borrowings |
432.750 |
674.111 |
977.398 |
|
Total
borrowings |
613.283 |
880.618 |
1160.517 |
|
Debt/Equity
ratio |
4.147 |
5.326 |
6.294 |
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 |
956.400 |
1,177.100 |
123.500 |
|
|
|
23.076 |
(89.508) |
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
|
956.400 |
1,177.100 |
123.500 |
|
Profit |
5.900 |
17.500 |
19.400 |
|
|
0.62% |
1.49% |
15.71% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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) |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Loans and advances from related parties |
180.826 |
160.253 |
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
61.709 |
29.376 |
|
Total |
242.535 |
189.629 |
NATURE OF OPERATIONS
Subject is an ISO 9001:2000 Certified company and one of the
major manufacturer and exporters in India, engaged in the business of exports of
Casual and Dressy Boots, Shoes and Sandals.
OPERATING
PERFORMANCE:
During the year the company reported a net sales of Rs.1396.100 Millions as compared to Rs.1177.100 Millions for the last year representing 19% growth over the previous year. Profit before tax for the year ended 31st March
2013 was at Rs.24.800 Millions as against Rs.24.000 Millions for the previous year.
AWARD:
The company won Best Export Performance Award in Leather Product Category from Govt of Maharashtra for the year 2010-11.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10155097 |
14/08/2013 * |
915,500,000.00 |
DENA BANK |
67-A Krishna Bhavan, Nehru Road, Vile Parle (East), Mumbai, Maharashtra - 400057, India |
B84021864 |
|
2 |
10085259 |
13/08/2013 * |
915,500,000.00 |
DENA BANK |
67-A Krishna Bhavan, Nehru Road, Vile Parle (East), Mumbai, Maharashtra - 400057, India |
B84021500 |
|
3 |
90242592 |
27/11/2004 |
110,000,000.00 |
CITI BANK |
Bandra Complex, Mumbai, Maharashtra, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.59.33 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
27 |
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.