MIRA INFORM REPORT
|
Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
KEVA FRAGRANCES PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.10.1980 |
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Com. Reg. No.: |
11-023362 |
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Capital
Investment / Paid-up Capital : |
Rs.3.224 Millions |
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CIN No.: [Company Identification
No.] |
U24244MH1980PTC023362 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11309E |
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PAN No.: [Permanent Account No.] |
AAACK0375P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Fragrances Flavours. |
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No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. There seems some dip in the profit of the company during financial
year 2013. However, net worth of the company is strong, financial position of
the company is sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and conditions. |
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 services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A |
|
Rating Explanation |
Adequate degree of safety. It carry very low
credit risk. |
|
Date |
06.02.2014 |
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. Sandesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-21649163/ 69 |
|
Date : |
10.03.2014 |
LOCATIONS
|
Registered Office : |
Dev Karan Mansion – 36, Mangaldas Road, Mumbai - 400002, Maharashtra,
India |
|
Tel. No.: |
91-22- 22609609 / 22019130 |
|
Fax No.: |
91-22-22081204 |
|
Mobile No. : |
91-9892537127 (Mr. P A Ghate) |
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E-Mail : |
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|
Website : |
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Area : |
300 Sq. ft. |
|
Location : |
Owned |
|
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|
Factory : |
Bal Rajeshwar Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Tel. No.: |
91-22-25645273/74 |
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Fax No.: |
91-22-25645271/25647334/25925249 |
|
E-Mail : |
DIRECTORS
As on 24.09.2013
|
Name : |
Mrs. Prabha Ramesh Vaze |
|
Designation : |
Director |
|
Address : |
C/o. S.H. Kelkar and Company Private Limited Liability Company
Limited, L.B.S. Marg, Mulund, Mumbai-400080, Maharashtra, India |
|
Date of Birth/Age : |
19/06/1946 |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
29.10.1980 |
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PAN No.: |
AACPV8072H |
|
DIN No.: |
00509817 |
|
|
|
|
Name : |
Mr. Ramesh Vinayak Vaze |
|
Designation : |
Director |
|
Address : |
C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund,
Mumbai-400080, Maharashtra, India |
|
Date of Birth/Age : |
30/04/1941 |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
11.02.1981 |
|
DIN No.: |
00509751 |
|
|
|
|
Name : |
Mr. Kedar Ramesh Vaze |
|
Designation : |
Director |
|
Address : |
C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund,
Mumbai-400080, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1973 |
|
Date of Appointment : |
27.08.2010 |
|
DIN No.: |
00511325 |
KEY EXECUTIVES
|
Name : |
Mr. Sandesh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 24.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
S.H. Kelkar and Company Private Limited, India |
|
32239 |
|
Ramesh Vinayak Vaze – Nominee of S.H. Kelkar and Company Private Limited,
India |
|
1 |
|
Total |
|
32240 |
Equity Share Break up (Percentage of Total Equity)
As on 24.09.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fragrances Flavours. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Singapore |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Singapore |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Others |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Batliboi and Purohit Chartered Accountants |
|
Address : |
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PAN No.: |
AJHPM5797Q |
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Holding Company : |
CIN No.: U74999MH1955PTC009593 |
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|
Fellow Subsidiary
Company : |
CIN No.: U24110MH1978PTC020545
CIN No.: U01117MH1999PTC120240
CIN No.: U15134MH1980PTC023361
|
CAPITAL STRUCTURE
As on 24.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/- Each |
Rs.4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32240 |
Equity Shares |
Rs.10/- each |
Rs.3.224 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 |
3.224 |
3.224 |
3.224 |
|
(b) Reserves & Surplus |
1,095.185 |
950.637 |
799.528 |
|
(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) |
1,098.409 |
953.861 |
802.752 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.568 |
1.542 |
1.622 |
|
Total Non-current
Liabilities (3) |
1.568 |
1.542 |
1.622 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
102.471 |
61.837 |
158.063 |
|
(b) Trade
payables |
68.980 |
62.938 |
15.762 |
|
(c) Other
current liabilities |
119.447 |
110.149 |
294.070 |
|
(d) Short-term
provisions |
2.109 |
0.212 |
78.219 |
|
Total Current
Liabilities (4) |
293.007 |
235.136 |
546.114 |
|
|
|
|
|
|
TOTAL |
1,392.984 |
1,190.539 |
1,350.488 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
13.870 |
8.308 |
7.149 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
4.843 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
107.950 |
107.950 |
107.950 |
|
(c) Deferred tax assets (net) |
13.629 |
5.506 |
0.351 |
|
(d) Long-term Loan and Advances |
15.219 |
15.147 |
15.036 |
|
(e) Other
Non-current assets |
0.000 |
2.326 |
2.180 |
|
Total Non-Current
Assets |
150.668 |
144.080 |
132.666 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
514.828 |
574.970 |
517.817 |
|
(c) Trade
receivables |
609.777 |
368.187 |
335.773 |
|
(d) Cash
and cash equivalents |
16.625 |
59.778 |
260.202 |
|
(e)
Short-term loans and advances |
98.030 |
43.524 |
104.030 |
|
(f) Other
current assets |
0.056 |
0.000 |
0.000 |
|
Total
Current Assets |
1,239.316 |
1,046.459 |
1,217.822 |
|
|
|
|
|
|
TOTAL |
1,389.984 |
1,190.539 |
1,350.488 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1232.600 |
1050.700 |
779.322 |
|
|
|
|
|
|
|
|
|
EXPENSES |
1014.500 |
786.400 |
658.862 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX AND EXCEPTIONAL ITEMS |
218.000 |
264.300 |
120.459 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
0.000 |
0.000 |
19.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
218.000 |
264.300 |
101.157 |
|
|
|
|
|
|
|
|
|
|
TAX |
73.400 |
81.800 |
33.398 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
144.500 |
182.500 |
67.759 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1010.700 |
802.400 |
634.920 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4482.01 |
NA |
NA |
|
Expected Sales (2013-2014): Rs.1400.000 Millions
The above information has been parted by Mr. Sandesh, Accounts
Department
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.72 |
17.37 |
8.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.19 |
24.65 |
8.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.28 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.06 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.23 |
4.45 |
2.23 |
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 |
3.224 |
3.224 |
3.224 |
|
Reserves & Surplus |
799.528 |
950.637 |
1095.185 |
|
Net
worth |
802.752 |
953.861 |
1098.409 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
158.063 |
61.837 |
102.471 |
|
Total
borrowings |
158.063 |
61.837 |
102.471 |
|
Debt/Equity
ratio |
0.197 |
0.065 |
0.093 |
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 |
|
Total Income |
779.322 |
1,050.700 |
1,232.600 |
|
|
|
34.822 |
17.312 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
779.322 |
1,050.700 |
1,232.600 |
|
Profit |
67.759 |
182.500 |
144.500 |
|
|
8.69% |
17.37% |
11.72% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: 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 |
Yes |
|
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 |
Yes |
|
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 |
|
|
24] |
Banking facility details |
|
|
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 |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
2.250 |
|
Total |
0.000 |
2.250 |
FINANCIAL RESULTS
AND REVIEW:
Despite the global economic challenges, the Company was able to deliver
a healthy topline. The Company continued to focus on creating innovative and
distinctive products that drive consumer preference for your Company’s customer’s
brands. The Company’s business continued to grow, driven by a combination of
new business and volume gains with key clients. Your Company successfully
tapped the potential in emerging markets especially South East Asia (SEA) which
helped broaden its customer base.
Operational revenue during the year amounted to Rs.1227.600 Millions as
compared to Rs.1013.800 Millions during the previous year. There was a
remarkable rise of 21.16% in sales contributed primarily by increase in demand
by existing customers and by introduction new products. The Company invested
extensively in perfumery development to further strengthen its platforms by
leveraging its knowledge of consumer trends to better anticipate and address
consumer’s future needs.
The Company revamped its inventory policy and receivables policy during
the year under review. These factors coupled with exchange rate fluctuations
impacted the EBITDA by Rs.43.400 Millions. Excluding these one-off adjustments,
the profit before tax of your Company grew by 12.19% over previous year.
By focusing on core competencies of consumer insight, research &
development and creative expertise, the Company shall continue to be an
integral part in helping its customers drive consumer preference and grow the
equity of their brands.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10231929 |
24/06/2011 * |
200,000,000.00 |
St Helen's
Nominees India Private Limited |
Standard
Chartered Bank Building 23-25 M G Road, Fort, Mumbai, Maharashtra - 400001,
India |
B17103623 |
*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.60.98 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
54 |
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.