MIRA INFORM REPORT
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Report No. : |
316967 |
|
Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHAKUN POLYMERS LIMITED |
|
|
|
|
Registered
Office : |
501-504, ISCON Heights Atria-2, Opposite Gujarat Energy Training and Research
Institute, Gotri Road, Vadodara – 390021, Gujarat |
|
Tel. No.: |
91-265-6196500/ 01 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
03.04.1995 |
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|
|
|
Com. Reg. No.: |
04-025304 |
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Capital
Investment / Paid-up Capital : |
Rs. 34.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1995PLC025304 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS01178C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS5500Q |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Electric Wire and Cable. |
|
|
|
|
No. of Employees
: |
165 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The company has seen a growth in its sales turnover as well as net
profitability during 2014. Financial position of the company seems to be
decent. However, trade relations are fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered for 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
14.04.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = “A3+” |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
14.04.2014 |
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. Ashok Bansal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-265-2335537 |
|
Date : |
10.04.2015 |
LOCATIONS
|
Registered Office : |
501-504, ISCON Heights Atria-2, Opposite Gujarat Energy Training and
Research Institute, Gotri Road, Vadodara – 390021, Gujarat, India |
|
Tel. No.: |
91-265-6196500/ 01 / 2335537 |
|
Fax No.: |
91-265-6196565 |
|
E-Mail : |
Sales: sales@shakunpolymers.com Technical: technical@shakunpolymers.com Exports: arun1971@shakunpolymers.com, enquiries: reception@shakunpolymers.com |
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. 2-3, Silver Industrial Estate, |
|
Tel. No.: |
91-265-2333807 |
|
Fax No.: |
91-265-2339402 |
|
|
|
|
Factory 2 : |
Plot No. 2104, GIDC, Halol, Gujarat, India |
|
|
|
|
Factory 3: |
Plot No. 1801, GIDC, Halol, Gujarat, India |
DIRECTORS
AS ON 19.08.2014
|
Name : |
Mr. Rajesh Dhanraj Bansal |
|
Designation : |
Whole-time director |
|
Address : |
18, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India |
|
Date of Birth/Age : |
03.03.1964 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
02.01.1996 |
|
PAN No.: |
ABXPB2131P |
|
DIN No.: |
00002176 |
|
|
|
|
Name : |
Mr. Rakesh Dhanraj Bansal |
|
Designation : |
Whole-time director |
|
Address : |
4, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India |
|
Date of Birth/Age : |
27.03.1966 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABXPB2129H |
|
DIN No.: |
00002179 |
|
|
|
|
Name : |
Mr. Geetesh Dhanraj Bansal |
|
Designation : |
Whole-time director |
|
Address : |
5, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India |
|
Date of Birth/Age : |
27.10.1967 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABXPB2127K |
|
DIN No.: |
00002180 |
KEY EXECUTIVE
|
Name : |
Mr. Ashok Bansal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.08.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 19.08.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
99.27 |
|
Other
top fifty shareholders |
0.73 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electric Wire and Cable. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Wire and Cables |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
165 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Shah Mehta and Bakshi Chartered Accountants |
|
Address : |
Vadodara, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFJ1738M |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associate : |
DYM Techcom Private Limited |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,460,000 |
Equity Shares |
Rs. 10/- each |
Rs. 34.600 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
34.600 |
34.600 |
34.600 |
|
(b) Reserves & Surplus |
356.561 |
283.714 |
235.604 |
|
(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) |
391.161 |
318.314 |
270.204 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
33.350 |
15.762 |
16.357 |
|
(b) Deferred tax liabilities (Net) |
21.338 |
17.672 |
15.497 |
|
(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) |
54.688 |
33.434 |
31.854 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
264.996 |
248.076 |
129.559 |
|
(b)
Trade payables |
78.967 |
44.108 |
35.750 |
|
(c)
Other current liabilities |
13.926 |
29.219 |
21.271 |
|
(d)
Short-term provisions |
32.257 |
29.177 |
22.205 |
|
Total
Current Liabilities (4) |
390.146 |
350.580 |
208.785 |
|
|
|
|
|
|
TOTAL |
835.995 |
702.328 |
510.843 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
325.829 |
222.713 |
204.243 |
|
(ii)
Intangible Assets |
2.699 |
3.272 |
3.911 |
|
(iii)
Capital work-in-progress |
14.709 |
87.943 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.800 |
0.800 |
0.800 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
16.251 |
15.470 |
12.230 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
360.288 |
330.198 |
221.184 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
223.017 |
187.068 |
158.492 |
|
(c)
Trade receivables |
192.828 |
139.670 |
113.292 |
|
(d)
Cash and cash equivalents |
32.084 |
16.662 |
5.208 |
|
(e)
Short-term loans and advances |
16.775 |
21.780 |
3.755 |
|
(f)
Other current assets |
11.003 |
6.950 |
8.912 |
|
Total
Current Assets |
475.707 |
372.130 |
289.659 |
|
|
|
|
|
|
TOTAL |
835.995 |
702.328 |
510.843 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1489.113 |
1220.296 |
989.470 |
|
|
|
Other Income |
32.197 |
28.941 |
37.819 |
|
|
|
TOTAL (A) |
1521.310 |
1249.237 |
1027.289 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1063.547 |
910.833 |
739.059 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
7.318 |
(15.350) |
5.042 |
|
|
|
Employees benefits expense |
31.816 |
26.835 |
22.673 |
|
|
|
Other expenses |
212.469 |
181.864 |
149.566 |
|
|
|
Prior Period Items |
0.029 |
0.045 |
0.003 |
|
|
|
TOTAL (B) |
1315.179 |
1104.227 |
916.343 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
206.131 |
145.010 |
110.946 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.111 |
27.096 |
21.391 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
173.020 |
117.914 |
89.555 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.678 |
22.575 |
18.826 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
142.342 |
95.339 |
70.729 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
49.255 |
31.037 |
24.519 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
93.087 |
64.302 |
46.210 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
827.159 |
689.403 |
461.585 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.90 |
18.58 |
13.36 |
|
Expected Sales ( 2014-2015 ) : Rs.1800.000 Million
The above information has been parted by Mr. Ashok Bansal.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.25 |
5.27 |
4.67 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.84 |
11.88 |
11.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.35 |
15.54 |
13.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.30 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.76 |
0.83 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.06 |
1.39 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
34.600 |
34.600 |
34.600 |
|
Reserves & Surplus |
235.604 |
283.714 |
356.561 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
270.204 |
318.314 |
391.161 |
|
|
|
|
|
|
long-term borrowings |
16.357 |
15.762 |
33.350 |
|
Short term borrowings |
129.559 |
248.076 |
264.996 |
|
Total borrowings |
145.916 |
263.838 |
298.346 |
|
Debt/Equity ratio |
0.540 |
0.829 |
0.763 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
989.470 |
1220.296 |
1489.113 |
|
|
|
23.328 |
22.029 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
989.470 |
1220.296 |
1489.113 |
|
Profit |
46.210 |
64.302 |
93.087 |
|
|
4.67% |
5.27% |
6.25% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Million) |
||
|
Current maturities of long-term debt |
11.100 |
16.488 |
20.818
|
|
|
|
|
|
|
Total |
11.100 |
16.488 |
20.818
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
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) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10017708 |
29/05/2014 * |
473,500,000.00 |
BANK OF BARODA |
ATMAJYOTI ASHRAM ROAD BRANCH,INDRAPRASTHA BUILDING |
C05466776 |
|
2 |
90101121 |
24/06/2014 * |
473,500,000.00 |
BANK OF BARODA |
ATMAJYOTI ASHRAM ROAD BRANCH,INDRAPRASTHA BUILDING |
C09068412 |
|
3 |
90100720 |
10/07/2000 |
67,000,000.00 |
BANK OF BARODA |
ATMA JYOTI ASHRAM ROAD BRANCH, ELLORA PARK, BAROD |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
4.000 |
3.500 |
|
Deposits |
27.200 |
3.500 |
|
Loans and advances from related parties |
21.000 |
15.500 |
|
Other loans and advances |
51.600 |
6.400 |
|
|
|
|
|
Total |
103.800 |
28.900 |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Factory equipments
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
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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. 62.37 |
|
|
1 |
Rs. 91.60 |
|
Euro |
1 |
Rs. 66.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
50 |
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.