MIRA INFORM REPORT
|
Report No. : |
320270 |
|
Report Date : |
30.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHENDRA ALUMINIUM COMPANY LIMITED (w.e.f.17.04.2013) |
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Formerly Known
As : |
ARFIN ENTERPRISES LIMITED |
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Registered
Office : |
B-302, 3rd Floor, Pelican House, GCCI Building, Near Natraj
Cinema, Ashram Road, Ahmedabad – 380009, Gujarat |
|
Tel. No.: |
91-79-26583791 |
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Country : |
India |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
25.04.1995 |
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Com. Reg. No.: |
04-025589 |
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Capital
Investment / Paid-up Capital : |
Rs. 11.850 Millions |
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CIN No.: [Company Identification
No.] |
U65910GJ1995PLC025589 |
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IEC No.: |
0895006171 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCA6409P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the activity of manufacturing and trading of
Aluminum and Stainless Steel Castings and related products only. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100000 |
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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. Trade relations seem to be fair. Business is active. Payment terms are
reported as 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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. Vijay Lathi |
|
Designation : |
Accounts Department |
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Contact No.: |
91-9824088021 |
|
Date : |
28.04.2015 |
LOCATIONS
|
Registered Office : |
B-302, 3rd Floor, Pelican House, GCCI Building, Near Natraj
Cinema, Ashram Road, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26583791 |
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Mobile No.: |
91-9824088021 (Mr. Vijay Lathi) |
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Fax No.: |
91-79-25620620 |
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E-Mail : |
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Area : |
2 Lakh sq.ft. |
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Location : |
Owned |
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Warehouse : |
117/123, Raul Industrial Estate, Billeshpura, Behind Hotel Prestige,
Taluka Kalol, District Gandhidham, Gujarat, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mahendrakumar Rikhavchand Shah |
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Designation : |
Director |
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Address : |
Khandwala Bunglow, Near Post Office, Hirani Haveli, Dharam Nagar,
Sabarmati, Ahmedabad – 380005, Gujarat, India |
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Date of Birth/Age : |
09.03.1963 |
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Date of Appointment : |
25.04.1995 |
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DIN No.: |
00182746 |
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Other
Directorship :
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Name : |
Jatin Mahendrakumar Shah |
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Designation : |
Director |
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Address : |
Khandwala Bunglow, Near Post Office, Hirani Haveli, Dharam Nagar,
Sabarmati, Ahmedabad – 380005, Gujarat, India |
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Date of Birth/Age : |
09.12.1983 |
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Date of Appointment : |
25.09.2012 |
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DIN No.: |
00182683 |
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Other
Directorship :
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Name : |
Rani Jatin Shah |
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Designation : |
Director |
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Address : |
Khandwala Bunglow, Near Post Office, Hirani Haveli, Dharam Nagar,
Sabarmati, Ahmedabad – 380005, Gujarat, India |
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Date of Birth/Age : |
10.07.1983 |
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Date of Appointment : |
25.09.2012 |
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DIN No.: |
03641294 |
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Other
Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Vijay Lathi |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Shri Mahendra Rikhavchand Shah |
|
98900 |
|
Krish Ferro Industries Limited, Ahmedabad |
|
230000 |
|
Smt. Pushpaben Mahendra Shah |
|
7600 |
|
Shri M.R. Shah As Karta of Mahaendra R. Shah (HUF) |
|
75900 |
|
Sunderdevi G. Nahta |
|
60000 |
|
Jyotikadevi J. Nahta |
|
60000 |
|
Krutarth Projects Private Limited |
|
35000 |
|
Alton Infrastructure Private Limited |
|
20000 |
|
Aayurshi Infraprojectts Private Limited |
|
15000 |
|
Jatin M. Shah |
|
293400 |
|
Rani J. Shah |
|
289200 |
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|
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Total |
|
1185000 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
25.32 |
|
Directors or relatives of Directors |
64.56 |
|
Other top fifty shareholders |
10.12 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the activity of manufacturing and trading of
Aluminum and Stainless Steel Castings and related products only. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Products : |
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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 : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
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Facilities : |
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Financial Institution : |
Citi Corp Finance (India) Limited, 402/403-Rembrandl, Aear Panchwati
Circle, C.G. Road, Ahmedabad – 380006, Gujarat, India |
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Auditors : |
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Name : |
Kothari and Gupta Associates Chartered Accountant |
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Address : |
18, Ground Floor, National Chambers, Near City Gold Cinema, Ashram
Road, Ahmedabad – 380009, Gujarat, India |
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PAN No.: |
AACFK5999G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises significantly influenced by Key Managerial Personnel or
their relatives : |
|
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,185,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 11.850
Millions |
|
|
|
|
|
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 |
11.850 |
11.850 |
11.850 |
|
(b) Reserves & Surplus |
31.225 |
27.864 |
25.446 |
|
(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) |
43.075 |
39.714 |
37.296 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.661 |
2.959 |
2.152 |
|
(b) Deferred tax liabilities (Net) |
0.449 |
0.113 |
0.097 |
|
(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) |
8.110 |
3.072 |
2.249 |
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
98.291 |
97.315 |
93.881 |
|
(b) Trade
payables |
45.616 |
86.398 |
54.437 |
|
(c) Other
current liabilities |
0.435 |
0.320 |
3.173 |
|
(d) Short-term
provisions |
0.246 |
0.092 |
1.750 |
|
Total Current
Liabilities (4) |
144.588 |
184.125 |
153.241 |
|
|
|
|
|
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TOTAL |
195.773 |
226.911 |
192.786 |
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II.
ASSETS |
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|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
30.560 |
2.218 |
1.284 |
|
(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 |
0.478 |
0.478 |
0.478 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
31.038 |
2.696 |
1.762 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
18.561 |
64.768 |
6.287 |
|
(c) Trade
receivables |
78.199 |
112.035 |
166.696 |
|
(d) Cash
and cash equivalents |
0.515 |
39.317 |
11.902 |
|
(e)
Short-term loans and advances |
67.460 |
8.095 |
6.139 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
164.735 |
224.215 |
191.024 |
|
|
|
|
|
|
TOTAL |
195.773 |
226.911 |
192.786 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
693.781 |
533.058 |
599.232 |
|
|
|
Other Income |
0.847 |
0.473 |
0.312 |
|
|
|
TOTAL (A) |
694.628 |
533.531 |
599.544 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
604.685 |
560.908 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
527.545 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
52.418 |
(58.481) |
43.384 |
|
|
|
Employees benefits expense |
2.648 |
2.391 |
2.552 |
|
|
|
Other expenses |
12.349 |
12.408 |
10.999 |
|
|
|
TOTAL (B) |
672.100 |
517.226 |
584.480 |
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|
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|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
22.528 |
16.305 |
15.064 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.253 |
13.056 |
13.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.275 |
3.249 |
1.919 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.467 |
0.185 |
0.172 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
4.808 |
3.064 |
1.747 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.447 |
0.916 |
0.639 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
3.361 |
2.148 |
1.108 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value of Import |
337.697 |
189.700 |
178.200 |
|
|
TOTAL IMPORTS |
339.697 |
189.700 |
178.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.84 |
0.18 |
0.09 |
|
Expected Sales (2014-15): Rs. 850.000 Million
The above information has been parted by Mr. Vijay Lathi (Accounts
Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
0.48
|
0.40 |
0.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.72
|
3.06 |
2.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.46 |
1.35 |
0.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.08 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.46 |
2.52 |
2.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.22 |
1.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
11.850 |
11.850 |
11.850 |
|
Reserves & Surplus |
25.446 |
27.864 |
31.225 |
|
Net
worth |
37.296 |
39.714 |
43.075 |
|
|
|
|
|
|
long-term borrowings |
2.152 |
2.959 |
7.661 |
|
Short term borrowings |
93.881 |
97.315 |
98.291 |
|
Total
borrowings |
96.033 |
100.274 |
105.952 |
|
Debt/Equity
ratio |
2.575 |
2.525 |
2.460 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
599.232 |
533.058 |
693.781 |
|
|
|
(11.043) |
30.151 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
599.232 |
533.058 |
693.781 |
|
Profit |
1.108 |
2.148 |
3.361 |
|
|
0.18% |
0.40% |
0.48% |
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 |
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 |
Yes |
|
18] |
Major
customers |
Yes |
|
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 |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
Yes |
|
26] |
Buyer
visit details |
----------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
Note: Registered office of
the company has been shifted from H-10, Madhupura Market Shahi Baug Road,
Ahmedabad – 380004, Gujarat, India to the present address w.e.f.30.06.2012.
REVIEW OF
OPREATIONS:
During the year, the company achieved a turnover of Rs.693.780 Millions compared toRs.533.058 Millions during previous year. The profit before depreciation and tax increased from Rs.28.712 Millions to Rs.34.878 Millions. Net profit after tax increased from Rs.2.148 Millions to Rs.3.361 Millions.
FUTURE PROSPECTS:
The Company's
sales for the year has increased as compared to previous year and in view of
infrastructural development of growing Indian economy the directors are hopeful
of increase in demand for company's products resulting into satisfactory top & bottom line growth
of the Company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10458288 |
26/02/2014 * |
98,600,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
C01022474 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Inter Corporate Deposits |
4.369 |
2.326 |
|
Other unsecured loans |
2.974 |
0.000 |
|
Total |
7.343 |
2.326 |
FIXED ASSETS
- Leasehold
Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Computer
- Office Equipment
- 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 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. 63.20 |
|
|
1 |
Rs. 97.00 |
|
Euro |
1 |
Rs. 69.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.