MIRA INFORM REPORT
|
Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
AVI ELECTRONICS AND NETWORKS PRIVATE LIMITED |
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Registered
Office : |
103/B, Prabhat Chambers, 685, Budhwar Peth, Pune – 411002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.08.2001 |
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Com. Reg. No.: |
11-016372 |
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Capital
Investment / Paid-up Capital : |
Rs.8.800 Millions |
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CIN No.: [Company Identification
No.] |
U30007PN2001PTC016372 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA03313C |
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PAN No.: [Permanent Account No.] |
AADCA2707Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT Networking Solution, Security Solution, Telecom Solution
and Services of Consultancy, Integration and Training. |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 61000 |
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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. The company possesses an acceptable financial profile marked by modest
networth base as well as has reported a deterioration in its cash reserves
during 2013. Further, the management has reported a decent sales turnover as well
as net profitability in its books. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of limited scale of its operations, the subject 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.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Pravin Meshram |
|
Designation : |
Finance Officer |
|
Contact No.: |
91-20-24265100 |
|
Date : |
13.05.2014 |
LOCATIONS
|
Registered Office : |
103/B, Prabhat Chambers, 685, Budhwar Peth, Pune – 411002,
Maharashtra, India |
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Tel. No.: |
91-20-24265100 |
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Fax No.: |
91-20-24262700 |
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E-Mail : |
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Website : |
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Corporate Office : |
302-303, Poonam Plaza, 694/2B, Market Yard Road, Pune – 411037,
Maharashtra, India |
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E-Mail : |
DIRECTORS
As on: 21.09.2013
|
Name : |
Pushpa Shirolkar |
|
Designation : |
Director |
|
Address : |
Flat No. 4, Pushpanjali Appt. 694/2B, Market Yard Road, Pune – 411037, Maharashtra, India |
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Date of Birth/Age : |
14.08.1953 |
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Date of Appointment : |
07.08.2001 |
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DIN No.: |
00946834 |
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|
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Name : |
Mr. Vijaykumar Kothalikar |
|
Designation : |
Director |
|
Address : |
Flat No. 4, Pushpanjali Appt. 694/2B, Market Yard Road, Pune – 411037, Maharashtra, India |
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Date of Birth/Age : |
09.01.1959 |
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Date of Appointment : |
07.08.2001 |
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DIN No.: |
00634435 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Meshram |
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Designation : |
Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 21.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Pushpa Shirolkar |
|
484000 |
|
Vijaykumar Kothalikar |
|
396000 |
|
|
|
|
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Total |
|
880000 |
Equity Share Break up (Percentage of Total Equity)
As on: 21.09.2013
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Networking Solution, Security Solution, Telecom Solution
and Services of Consultancy, Integration and Training. |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
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Customers : |
Retailers and End Users |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
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Facilities : |
Total Rs. 43.500 Millions (From State
Bank of India) (Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A. V. Iyer and Company Chartered Accountants |
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Address : |
2 Shree Apts Shivajinagar, 1194/21 Ghole Road, Pune – 411005,
Maharashtra, India |
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PAN No.: |
AADPI7818P |
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Related Parties : |
Juvi Exports Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
880000 |
Equity Shares |
Rs.10/- each |
Rs.8.800 Millions |
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|
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 |
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|
|
|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
8.800 |
8.800 |
8.800 |
|
(b) Reserves & Surplus |
6.657 |
3.170 |
2.002 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
15.457 |
11.970 |
10.802 |
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|
|
|
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|
(3) Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
1.735 |
2.113 |
2.455 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1.735 |
2.113 |
2.455 |
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|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
31.366 |
26.865 |
3.603 |
|
(b) Trade payables |
2.643 |
8.242 |
22.377 |
|
(c) Other current liabilities |
1.244 |
0.080 |
0.249 |
|
(d) Short-term provisions |
3.307 |
1.232 |
11.032 |
|
Total
Current Liabilities (4) |
38.560 |
36.419 |
37.261 |
|
|
|
|
|
|
TOTAL |
55.752 |
50.502 |
50.518 |
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|
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II.
ASSETS |
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(1) Non-current assets |
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|
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(a) Fixed Assets |
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|
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(i) Tangible assets |
3.616 |
4.102 |
4.603 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.665 |
5.187 |
4.921 |
|
(c) Deferred tax assets (net) |
0.376 |
0.583 |
0.379 |
|
(d) Long-term Loan and Advances |
2.041 |
3.308 |
1.226 |
|
(e) Other Non-current assets |
0.032 |
0.032 |
0.062 |
|
Total
Non-Current Assets |
13.730 |
13.212 |
11.191 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
18.685 |
14.168 |
16.427 |
|
(c) Trade receivables |
19.537 |
15.758 |
15.316 |
|
(d) Cash and cash equivalents |
0.478 |
5.607 |
4.848 |
|
(e) Short-term loans and
advances |
0.564 |
0.858 |
1.584 |
|
(f) Other current assets |
2.758 |
0.899 |
1.152 |
|
Total
Current Assets |
42.022 |
37.290 |
39.327 |
|
|
|
|
|
|
TOTAL |
55.752 |
50.502 |
50.518 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42.269 |
51.363 |
226.477 |
|
|
|
Other Income |
4.283 |
1.745 |
10.599 |
|
|
|
TOTAL |
46.552 |
53.108 |
237.076 |
|
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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Administrative Expenses |
|
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Advertising Expenses |
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|
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TOTAL |
42.270 |
51.363 |
226.477 |
|
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|
|
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|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.282 |
1.745 |
10.599 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.588 |
0.661 |
0.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX |
3.694 |
1.084 |
9.895 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.207 |
(0.084) |
4.554 |
|
|
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|
|
|
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|
PROFIT AFTER TAX
|
3.487 |
1.168 |
5.341 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(12.830) |
(13.998) |
(19.339) |
|
|
|
BALANCE CARRIED
TO THE B/S |
(9.343)
|
(12.830) |
(13.998) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Basis |
0.000 |
0.000 |
0.763 |
|
|
|
Other Earnings |
5.633 |
14.697 |
0.000 |
|
|
TOTAL EARNINGS |
5.633 |
14.697 |
0.763 |
|
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|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.017 |
174.098 |
|
|
TOTAL IMPORTS |
0.000 |
0.017 |
174.098 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.96 |
1.33 |
6.07 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
50.000 |
|
|
|
|
|
Expected Sales (2014-2015): Rs.100.000 Millions
The above information has been parted by Mr. Pravin Meshram
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.49 |
2.20 |
2.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.74 |
2.11 |
4.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.08 |
2.42 |
21.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.09 |
0.91 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.14 |
2.42 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.02 |
1.06 |
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 |
8.800 |
8.800 |
8.800 |
|
Reserves & Surplus |
2.002 |
3.170 |
6.657 |
|
Net
worth |
10.802 |
11.970 |
15.457 |
|
|
|
|
|
|
long-term borrowings |
2.455 |
2.113 |
1.735 |
|
Short term borrowings |
3.603 |
26.865 |
31.366 |
|
Total
borrowings |
6.058 |
28.978 |
33.101 |
|
Debt/Equity
ratio |
0.561 |
2.421 |
2.141 |
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 |
226.477 |
51.363 |
42.269 |
|
|
|
(77.321) |
(17.705) |
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 |
226.477 |
51.363 |
42.269 |
|
Profit |
5.341 |
1.168 |
3.487 |
|
|
2.36% |
2.27% |
8.25% |
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 four 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) |
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 |
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Business Loan ‐ ABN Amro Bank |
|
|
|
Credit Card Dues |
0.147 |
0.089 |
|
|
|
|
|
Total |
0.147 |
0.089 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Operations and
Financial Performance
As is evident from the figures above, the Company’s Revenue from Operations and other Income has decreased to Rs.42.269 Millions .during the year, as compared lo Rs.51.362 Millions during the last financial year. The decrease in revenue has been mainly on account of lesser number of tenders issued by defence authorities. Who are their major customer and overall recessionary conditions.
However, the heartening fact is that the – the figure of Profit after fax was to the tune of Rs 3.487 Millions during the current year which a much higher than - Previous Years figure of Rs 1.168 Millions. This Increase was on account of higher margins on some orders particularly export consultancy income.
For the ensuing year. The director expect to achieve a turnover of Rs.100.000 Millions only as again the recessionary conditions and devaluation of Rupee In comparison to US Dollar are affecting the market
CONTINGENT
LIABILITIES (As on: 31.03.2013)
a.) Disputed demands in respect of Excise Duty, Customs Duty, Vat Tax or Income Tax pending with Appellate authorities – Rs. NIL (Previous Year Rs. NIL)
b) Guarantees given by Company’s Bankers, on behalf of the Company towards performance and other matters and remaining outstanding – Rs. 23.679 Millions (Previous Year Rs. 17.775 Millions)
c) Letter of Credit issued by Company’s Bankers, on behalf of the Company and remaining outstanding – Rs. NIL (Previous Year Rs. NIL)
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80049046 |
03/05/2010 * |
94,600,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411034, INDIA |
A86508041 |
* Date of charge modification
FIXED ASSETS
- Land and Building
- Plant and Machinery
- Mobile Phone
- Video Camera
- Computer and Laptop
- Fax Machine
- Xerox Machine
- UPS
- Furniture and Fixture
- Vehicles
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.59.88 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
29 |
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.