MIRA
INFORM REPORT
|
Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASHLAND INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
601, 606-608, Platinum Technopark, Plot No. 17-18, Sector - 30A,
Vashi, Navi Mumbai – 400705, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.07.2007 |
|
|
|
|
Com. Reg. No.: |
172506 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2007FTC172506 |
|
|
|
|
IEC No.: |
0307056198 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA30926A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCA5023J |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturing, processing, packing, distributing, supplying, selling, importing,
exporting and trading of chemicals, chemical compounds, oil and oil
derivatives, plastics, technical equipment and technical components, as well
as the rendering of technical services and business support services. |
|
|
|
|
No. of Employees
: |
Information declined by the 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 110000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ASHLAND HOLDINGS B.V. It is an established
company having moderate track record. There seems accumulated losses recorded by the company. However, the
company has achieved profitability during the financial year 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of strong holding, 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry
retained its status as the favourable venture capital investors in 2013.
Pakistan has temporarily banned gold imports for the second time in six months,
as it tries to stem smuggling into India. India’s import duty on gold is 10 %
and curbs on purchases have dried up legal imports into what used to be the
world’s biggest bullion buyers. The World Gold Council puts the amount smuggled
into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed
that unclaimed bank deposits estimated to be about Rs 35000 mn be used for
education and awareness among depositors. According to the plan, deposits
that have not been claimed for at least 10 years will be transferred to the
scheme.
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 DENIED BY
|
Name : |
Mr. Deepak Saxena |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-61489655 |
|
Date : |
05.03.2014 |
LOCATIONS
|
Registered Office : |
601, 606-608, Platinum Technopark, Plot No. 17-18, Sector - 30A,
Vashi, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-61489696 / 61489613 / 61489655 |
|
Mobile No.: |
91-9920472211 (Mr. Sharma) |
|
Fax No.: |
91-22-61712514 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Vivek Kumar Singh |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 62, 1st Floor, Block – III, Erose Garden,
Faridabad – 121001, Haryana, India |
|
Date of Birth/Age : |
04.08.1970 |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
01317510 |
|
Name : |
Frank Adriaan Jumelet |
|
Designation : |
Director |
|
Address : |
T Vrije 53, JX Zierikzee – 4301, Netherland |
|
Date of Birth/Age : |
14.02.1960 |
|
Date of Appointment : |
19.07.2007 |
|
DIN No.: |
01126173 |
|
Name : |
Lynn Pannell Freeman |
|
Designation : |
Director |
|
Address : |
2321, Summer Woods, Drive, Hebron, Kentucky – 40148, U.S.A. |
|
Date of Birth/Age : |
14.05.1962 |
|
Date of Appointment : |
29.03.2012 |
|
DIN No.: |
05252005 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Saxena |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Nagendra Pal Goel |
|
Designation : |
Secretary |
|
Address : |
Flat No. 801, Building 57, Seawoods Estate, NRI Complex, Phase – II, Nerul
(West), Navi Mumbai, Thane – 400705, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1973 |
|
PAN No.: |
AARPP9811D |
|
Date of Appointment : |
08.08.2013 |
MAJOR SHAREHOLDERS
AS ON 27.09.2013
|
Names of Shareholders |
No. of Shares |
|
Ashland Holding B.V., Netherlands |
49999999 |
|
Ashland Canada Holding B.V., Netherlands |
1 |
|
|
|
|
Total |
50000000 |
AS ON 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
|
|
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, processing, packing, distributing, supplying, selling,
importing, exporting and trading of chemicals, chemical compounds, oil and
oil derivatives, plastics, technical equipment and technical components, as
well as the rendering of technical services and business support services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
·
Citi Bank NA - 6th Floor, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor Tower
"D", The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore - 560008, Karnataka,
India |
|
PAN
No. : |
AAEFP5579P |
|
|
|
|
Ultimate Holding Company: |
·
Ashland Inc |
|
|
|
|
Holding Company : |
·
Ashland Holdings B.V. |
|
|
|
|
Fellow Subsidiaries : |
·
Aqualon Company ·
Hercules Inc. ·
Ashland (China) Holdings Company Limited ·
Ashland Performance Material ·
Iberia Ashland Chemicals S.A. ·
Hercules Chemicals Taiwan Company Limited ·
Ashland Industries Europe Gmbh ·
Ashland UK Limited ·
Ashland Poland SP ZOO ·
Ashland (Changzhou) Advanced Chemicals Company
Limited ·
Ashland France SAS ·
Hercules Industrial Chemicals Private Limited ·
Ashland Chemical Hispania SL ·
Valvoline Cummins Limited(VCL) CIN No.: U74899DL1994PLC062425 ·
Valvoline International ·
ISP Sales UK Limited ·
Ashland Finland OY ·
Ashland Singapore Private Limited |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Share |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Share |
Rs.10/- each |
Rs.500.000 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 |
500.000 |
500.000 |
465.000 |
|
(b) Reserves & Surplus |
(161.203) |
(226.861) |
(196.488) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
35.000 |
|
Total
Shareholders’ Funds (1) + (2) |
338.797 |
273.139 |
303.512 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
638.745 |
460.539 |
180.250 |
|
(d) long-term provisions |
6.754 |
3.679 |
1.731 |
|
Total Non-current Liabilities (3) |
645.499 |
464.218 |
181.981 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
550.430 |
258.149 |
40.000 |
|
(b) Trade payables |
401.532 |
398.047 |
249.280 |
|
(c) Other current
liabilities |
45.842 |
32.643 |
9.967 |
|
(d) Short-term provisions |
0.282 |
0.260 |
0.701 |
|
Total Current Liabilities (4) |
998.086 |
689.099 |
299.948 |
|
|
|
|
|
|
TOTAL |
1982.382 |
1426.456 |
785.441 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
259.274 |
154.570 |
69.367 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
525.146 |
346.707 |
26.606 |
|
(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) |
8.945 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
45.566 |
55.401 |
111.297 |
|
(e) Other Non-current assets |
1.853 |
0.000 |
0.000 |
|
Total Non-Current Assets |
840.784 |
556.678 |
207.270 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
329.950 |
171.600 |
151.547 |
|
(c) Trade receivables |
628.793 |
542.052 |
325.397 |
|
(d) Cash and cash
equivalents |
35.102 |
28.210 |
30.571 |
|
(e) Short-term loans
and advances |
147.753 |
114.845 |
57.675 |
|
(f) Other current
assets |
0.000 |
13.071 |
12.981 |
|
Total Current Assets |
1141.598 |
869.778 |
578.171 |
|
|
|
|
|
|
TOTAL |
1982.382 |
1426.456 |
785.441 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Sales |
2542.627 |
1752.354 |
1098.722 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
72.856 |
(23.479) |
(41.705) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
16.143 |
6.892 |
5.318 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
56.713 |
(30.372) |
(47.023) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(8.945) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
65.658 |
(30.372) |
(47.023) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/-) |
1.31 |
0.60 |
--- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.92
|
(2.81) |
(6.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
(0.11) |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.62
|
0.94 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.26 |
1.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
465.000 |
500.000 |
500.000 |
|
Reserves & Surplus |
(196.488) |
(226.861) |
(161.203) |
|
Share Application money
pending allotment |
35.000 |
0.000 |
0.000 |
|
Net
worth |
303.512 |
273.139 |
338.797 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
40.000 |
258.149 |
550.430 |
|
Total
borrowings |
40.000 |
258.149 |
550.430 |
|
Debt/Equity
ratio |
0.132 |
0.945 |
1.625 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Gross Sales |
1,098.722 |
1,752.354 |
2,542.627 |
|
|
|
59.490 |
45.098 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Gross Sales |
1,098.722 |
1,752.354 |
2,542.627 |
|
Profit After Tax |
(47.023) |
(30.372) |
65.658 |
|
|
(4.28%) |
(1.73%) |
2.58% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT: 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 |
No |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
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 |
NOTE:
Registered office of the company has been shifted from 306, Devavrata
Building, 83, Sector – 17, Vashi, Navi Mumbai – 400705, Maharashtra, India to
the present address w.e.f. 07.12.2009.
GENERAL
INFORMATION:
Ashland India Private
Limited (‘AIPL’ or the ‘Company’) was incorporated on July 19, 2007 and is
owned by Ashland Holdings BV Netherlands. The Company has been established to
carry on the business of manufacturing, processing, packing, distributing,
supplying, selling, importing, exporting and trading of chemicals, chemical
compounds, oil and oil derivatives, plastics, technical equipment and technical
components, as well as the rendering of technical services and business support
services. The ultimate holding company is Ashland Inc. which is a technology
leader in metal casting consumables and design services of unsaturated
polyester, vinyl ester resins, gel coats high-performance adhesives and
specialty resins.
UNSECURED LOAN
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Foreign Currency Term Loan From Bank |
0.000 |
108.149 |
|
Working Capital Loans From Bank |
530.430 |
130.000 |
|
Loans Repayable on Demand From Others |
0.000 |
20.000 |
|
Loans and Advances From Related Parties |
20.000 |
0.000 |
|
|
|
|
|
Total |
550.430 |
258.149 |
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.61.32 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.