MIRA INFORM REPORT
|
Report Date : |
14.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TUBE TURN INDIA PRIVATE LIMITED (w.e.f. 14.07.1999) |
|
|
|
|
Formerly Known
As : |
DESAL WATER TREATMENT COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
93-A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.03.1989 |
|
|
|
|
Com. Reg. No.: |
11-051005 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U41000MH1989PTC051005 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09059B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD2189E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Carbon Steel, Alloy Steel, Stainless Steel, Fittings
for all Industries. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 190000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company possesses a moderate financial profile marked by modest
networth base as well as slight working capital intensive operations. Management has witnessed a dip in its revenue base and a stagnant net
profitability during FY13, from its modest scale of operations. However, trade relations seem to be fair. Business is active. Payments
term are reported as slow but correct. In view of vast experience of the promoters in the industry and various
requisite certification, the company can be considered for business dealings
with caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based facilities “BB-“ |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial
obligations |
|
Date |
September, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based facilities “A4“ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
September, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ram |
|
Designation : |
General Manager |
|
Contact No.: |
91-22-27695430 |
|
Date : |
12.11.2014 |
LOCATIONS
|
Registered Office : |
93-A, |
|
Tel. No.: |
91-22-27695430 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
R-808, TTC Industrial Area, |
|
Tel. No.: |
91-22-27695430/ 65162295 |
|
Fax No.: |
91-22-27695431 |
|
|
|
|
Factory 2 : |
A-432, TTC Industrial Area, MIDC Mahape, Navi Mumbai - 400 705, |
|
Tel. No.: |
91-22-27782323 |
|
Fax No.: |
91-22-27782323 |
|
|
|
|
Factory 3 : |
R-945, TTC Industrial Area, |
|
Tel. No.: |
91-22-27642013/ 27642014 |
|
Fax No.: |
91-22-27695431 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Ashit Pravinchandra Kadakia |
|
Designation : |
Director |
|
Address : |
6F, Happy Home
Apartment, 6th Floor 28A, |
|
Date of Birth/Age : |
31.07.1964 |
|
Date of Appointment : |
14.03.1989 |
|
DIN No.: |
00663849 |
|
|
|
|
Name : |
Ms. Alpa Ashit Kadakia |
|
Designation : |
Director |
|
Address : |
6F, Happy Home
Apartment, 6th Floor 28A, |
|
Date of Birth/Age : |
26.01.1969 |
|
Date of Appointment : |
14.03.1989 |
|
DIN No.: |
00664086 |
|
|
|
|
Name : |
Mr. Pravinchandra Kadakia Ochavalal |
|
Designation : |
Director |
|
Address : |
6F, Happy Home
Apartment, 6th Floor 28A, |
|
Date of Birth/Age : |
15.01.1934 |
|
Date of Appointment : |
14.03.1989 |
|
DIN No.: |
00663906 |
KEY EXECUTIVES
|
Name : |
Mr. Ram |
|
Designation : |
General manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Kadakia Ashit |
|
123386 |
|
Kadakia Alpa |
|
43106 |
|
Kadakia Pravinchandra |
|
30982 |
|
Kadakia Sanjay |
|
8 |
|
Kadakia Sarlaben |
|
2510 |
|
Kadakia Aarti |
|
8 |
|
Total
|
|
200000 |
As on 30.09.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Carbon Steel, Alloy Steel, Stainless Steel, Fittings
for all Industries. |
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|
|
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Exports : |
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Products : |
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Countries : |
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GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
v
Bank of
India, Panchpakhadi Branch, Vandana House, Near Vandana Theatre, Thane – 400
602, Maharashtra, India v
Bank
of India, Mid Corporate Branch, Bank of India Building, Shivaji Path, Thane –
400 601, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Bhupendra Shroff and Company Chartered Accountants |
|
Address : |
402, Auto Commerce House, |
|
Tel. No.: |
91-22-23868570 |
|
Fax No.: |
91-22-23855762 |
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E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB2028B |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
205000 |
Equity Shares |
Rs.100/- each |
Rs.20.500 millions |
|
|
|
|
|
|
|
Total |
|
Rs.20.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000
millions |
|
|
Total |
|
Rs.20.000 millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
|
5000 |
12% Redeemable Preference Shares |
Rs.100/- each |
Rs.0.500 million |
|
|
Total |
|
Rs.10.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000
millions |
|
|
Total |
|
Rs.10.000 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 |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
55.181 |
45.104 |
34.024 |
|
(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) |
65.181 |
55.104 |
44.024 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.808 |
5.671 |
1.224 |
|
(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 |
4.500 |
|
Total Non-current
Liabilities (3) |
0.808 |
5.671 |
5.724 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
42.572 |
33.326 |
41.734 |
|
(b) Trade payables |
84.464 |
82.883 |
76.751 |
|
(c) Other current
liabilities |
44.974 |
27.181 |
36.384 |
|
(d) Short-term provisions |
5.800 |
6.551 |
0.000 |
|
Total Current Liabilities
(4) |
177.810 |
149.941 |
154.869 |
|
|
|
|
|
|
TOTAL |
243.799 |
210.716 |
204.617 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
43.583 |
42.373 |
14.320 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.488 |
0.338 |
0.217 |
|
(d) Long-term Loan and Advances |
60.293 |
58.413 |
36.530 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
104.364 |
101.124 |
51.067 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
21.273 |
24.447 |
25.722 |
|
(c) Trade receivables |
106.855 |
68.654 |
100.329 |
|
(d) Cash and cash
equivalents |
11.307 |
16.491 |
27.499 |
|
(e) Short-term loans
and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
139.435 |
109.592 |
153.550 |
|
|
|
|
|
|
TOTAL |
243.799 |
210.716 |
204.617 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
306.570 |
412.063 |
N.A |
|
|
|
Other Income |
3.783 |
4.405 |
N.A |
|
|
|
TOTAL |
310.353 |
416.468 |
N.A |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
294.853 |
399.010 |
N.A |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
15.500 |
17.458 |
12.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.423 |
6.639 |
4.431 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
10.077 |
10.819 |
8.014 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
100.77 |
--- |
--- |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
350.000 |
|
|
|
|
|
Expected Sales (2014-15) : Rs.400.000 Millions
The above information has been parted by Mr. Ram (General Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.29 |
2.63 |
N.A |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.37 |
8.30 |
6.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.32 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.67 |
0.71 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78 |
0.73 |
0.99 |
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 |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
34.024 |
45.104 |
55.181 |
|
Net
worth |
44.024 |
55.104 |
65.181 |
|
|
|
|
|
|
long-term borrowings |
1.224 |
5.671 |
0.808 |
|
Short term borrowings |
41.734 |
33.326 |
42.572 |
|
Total
borrowings |
42.958 |
38.997 |
43.380 |
|
Debt/Equity
ratio |
0.976 |
0.708 |
0.666 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
412.063 |
306.570 |
|
|
(25.601) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
412.063 |
306.570 |
|
Profit |
10.819 |
10.077 |
|
|
2.63% |
3.29% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
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 |
No |
|
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
|
Unsecured Loans |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowing |
|
|
|
From Financial
Institutions |
0.144 |
4.934 |
|
|
|
|
|
Short Term Borrowing |
|
|
|
Loans from
financial institutions |
9.030 |
14.771 |
|
Loans from
directors |
5.229 |
1.823 |
|
Loans from shareholders
|
18.273 |
1.512 |
|
|
|
|
|
Total |
32.676 |
23.040 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10241212 |
08/11/2013 * |
120,000,000.00 |
BANK OF INDIA |
Panchpakhadi Branch, Vandana House,, Near Vandana |
B90963083 |
|
2 |
10236891 |
29/10/2013 * |
120,000,000.00 |
BANK OF INDIA |
Panchpakhadi Branch, Vandana House,, Near Vandana |
B90962861 |
|
3 |
90236075 |
24/04/2003 * |
2,700,000.00 |
BANK OF BARODA |
NEPEAN SEA ROAD BRANCH, SIDDARTHA APPARTMENTS;21 |
- |
FIXED ASSETS:
v
Land
v
Building
v
Air Conditioner
v
Computer
v
Machinery
v
Electrical Installations
v
Fax Machine
v
Furniture and Fixture
v
Tools and Equipments
v
Dyes and Jigs
v
Motor Vehicle
v
Motor Car
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 records 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.61.47 |
|
|
1 |
Rs.97.92 |
|
Euro |
1 |
Rs.76.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
TOTAL |
|
32 |
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.