MIRA INFORM REPORT

 

 

Report No. :

337873

Report Date :

24.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KUSUMGAR CORPORATES PRIVATE LIMITED (w.e.f. 21.11.2008)

 

 

Formerly Known As :

KUSUMGAR FINSTOCKS PRIVATE LIMITED

 

 

Registered Office :

101/102, Manjushree V M Road, Corner of N S Road No 5, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra

Tel. No.:

91-22-26184341

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.06.1990

 

 

Com. Reg. No.:

11-056871

 

 

Capital Investment / Paid-up Capital :

Rs. 19.900 Million

 

 

CIN No.:

[Company Identification No.]

U65990MH1990PTC056871

 

 

IEC No.:

0394008928

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM19576E

 

 

PAN No.:

[Permanent Account No.]

AAACK2030M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Technical Textiles.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1100000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The rating takes into consideration company’s above average financial risk profile, healthy capital structure, profitability backed by sound liquidity position of the company.

 

Rating further drives strength on established industry experience of promoters and its long track record, in the technical textiles industry which has high entry barriers.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

In view of sound financial base backed by experienced promoters, 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CRISIL

Rating

Long Term Bank Facilities = BBB

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

May 2015

 

 

Rating Agency Name

CRISIL

Rating

Short Term Bank Facilities = A3+

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

May 2015

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Karthik Bavishi

Designation :

Senior Accountant

Contact No.:

91-22-61125100

Date :

24.08.2015

 

 

LOCATIONS

 

Registered Office :

101/102, Manjushree V M Road, Corner of N S Road No 5, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Tel. No.:

91-22-26184341/ 26184350/ 61125100

Mob. No.:

91-9987267024 (Mr. Nilesh Mittal)

Fax No.:

91-22-26115651

E-Mail :

enquiries@kusumgar.com

kartik@kusumgar.com

Website :

www.kusumgar.com

Location :

Owned

 

 

Factory 1

Vasundhara Canin, Near Pardi Railway Station, Valsad – 396125, Gujarat, India

 

 

Factory 2

Plot No.2834, Phase-3, G.I.D.C., Umbergaon, District Valsad - 396171, Gujarat, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Yogesh Kantilal Kusumgar

Designation :

Director

Address :

22, Pransu, Jai Hind Society, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

26.12.1940

Date of Appointment :

15.06.1990

PAN No.:

AADPK8396G

DIN No. :

01080769

 

 

Name :

Mr. Kiran Nagindas Shah

Designation :

Director

Address :

377,Smit Kiran, S.V.Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

05.09.1950

Date of Appointment :

22.09.2008

PAN No. :

AAFPS2322C

DIN No. :

01082755

 

 

Name :

Mr. Jayant Nalinkant Gosalia

Designation :

Director

Address :

A/31, 7th Floor , Laxman Bldg., Azad Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

11.04.1950

Date of Appointment :

22.09.2008

PAN No. :

AAKPG7794F

DIN No. :

02394264

 

 

Name :

Mr. Siddharth Yogesh Kusumgar

Designation :

Director

Address :

22, Pransu, Jai Hind Society, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

07.05.1975

Date of Appointment :

01.08.2000

PAN No. :

AACPK3938M

DIN No. :

01676799

 

 

KEY EXECUTIVES

 

Name :

Mr. Karthik Bavishi

Designation :

Senior Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

Yogesh K kusumgar (HUF)

102166

51.34

Yogesh K Kusumgar

28667

14.41

Siddharth Y Kusumgar

26667

13.40

Indu Y Kusumgar

24000

12.06

Sapna S Kusumgar

9000

4.52

Siddharth Y Kusumgar (HUF)

8500

4.27

Total

199000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 31.03.2014

 

Category

Percentage of Holding

Directors or relatives of Directors

44.39

Others

55.61

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Technical Textiles.

 

 

Products :

Not divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • US
  • European Countries

 

 

Imports :

 

Products :

Raw Material and Machinery

Countries :
  • China
  • European countries

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Retailers and End Users

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

300 (Approximately) 

 

 

Bankers :
  • Bank of Baroda, Vile Parle West Branch, Somaiya Sadan, D. J. Road, Vile Parle West, Bombay - 400056, Maharashtra, India

 

Bank Name

State Bank of India

Branch

Industrial Finance Branch, Snehal Chambers, Telli Gully, Andheri (East), Mumbai - 400069, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Cash Credit = Rs. 132.500 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan from Bank

155.876

198.565

Less : Current maturities transferred to other current liabilities

(Secured by way of first charge over entire fixed assets, plant and machinery and other assets created out of term finance, personal guarantee of directors.)

 

(The above loan carries an interest of 14.40% p.a. This loan have following repayment schedules)

(42.188)

(42.689)

Vehicle Loan

6.125

7.821

Less : Current maturities transferred to other current liabilities

(Secured against the Vehicle and it carries an interest of 10.30% p.a.)

(Reliance Capital Limited paid with monthly installment of Rs. 0.043 which ends on 10th April, 2014)

(Kotak Mahindra Prime Limited paid with monthly installment of Rs. 0.158 which ends on 1st February, 2018)

(1.348)

(1.713)

 

 

 

SHORT TERM BORROWING

 

 

Repayable on demand

From Bank (Working Capital Loan)

118.295

107.912

Total

236.760

269.896

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

K.B Mehta and Company

Chartered Accountants

Address :

106 Unique Apartment, Irla, Vile Parle West, Mumbai – 400056, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AABFM9871E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates:

(As on 31.03.2012)

·         Concord Weaving and Preparatory Private Limited

·         Kusumgar Technomic Fabrics Private Limited

·         Priya Fabric Private Limited

·         Shubhita Fabrics Private Limited

·         V B Kusumgar and Company Private Limited

·         Saati Kusumgar India Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

300,000

Equity Shares

Rs.100/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

199,000

Equity Shares

Rs.100/- each

Rs. 19.900 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

19.900

19.900

19.900

(b) Reserves & Surplus

358.262

348.266

339.849

(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)

378.162

368.166

359.749

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

229.538

276.157

278.521

(b) Deferred tax liabilities (Net)

42.066

39.258

33.682

(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)

271.604

315.415

312.203

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

118.295

107.912

138.474

(b) Trade payables

70.593

53.893

70.481

(c) Other current liabilities

73.934

98.818

87.981

(d) Short-term provisions

3.477

4.690

2.004

Total Current Liabilities (4)

266.299

265.313

298.940

 

 

 

 

TOTAL

916.065

948.894

970.892

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

512.527

530.498

542.992

(ii) Intangible Assets

31.384

38.686

45.988

(iii) Capital work-in-progress

2.903

10.293

2.848

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.013

0.013

0.012

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

12.707

20.086

18.874

(e) Other Non-current assets

0.350

0.478

0.534

Total Non-Current Assets

559.884

600.054

611.248

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

176.703

158.199

150.276

(c) Trade receivables

150.812

159.333

162.763

(d) Cash and cash equivalents

9.542

11.134

22.861

(e) Short-term loans and advances

11.817

11.019

12.770

(f) Other current assets

7.307

9.155

10.974

Total Current Assets

356.181

348.840

359.644

 

 

 

 

TOTAL

916.065

948.894

970.892

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 642.800

(Approximately)

 576.100

(Approximately)

565.227

 

Other Income

 NA

NA 

4.952

 

TOTAL (A)

NA

NA

570.179

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

 

332.346

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

 

(26.802)

 

Profit on Sale of Assets

 

 

(0.331)

 

Employees benefits expense

 

 

60.091

 

Other expenses

 

 

118.188

 

TOTAL (B)

NA

NA

483.492

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

86.687

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

 

 

28.379

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

 

 

58.308

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

NA

NA

35.784

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

 

 

22.524

 

 

 

 

 

Less

TAX (H)

 

 

12.380

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

9.997

7.245

10.144

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

NA

NA

119.683

 

 

 

 

 

 

IMPORTS

 

 

 

 

Yarn Import

 

 

152.85

 

Chemical

 

 

5.118

 

Nylon Staple Fiber

 

 

2.924

 

Fabric

 

 

6.95

 

Capital Goods

 

 

22.909

 

Spares for Repairs

 

 

0.795

 

TOTAL IMPORTS

NA

NA

191.546

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 50.24

36.41

50.98

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

834.900

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

39.236

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

NA

NA

1.79

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

NA

NA

15.34

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.00

0.00

2.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.00

0.00

0.06

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.03

1.16

1.26

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.34

1.31

1.20

 

 

 

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

19.900

19.900

19.900

Reserves & Surplus

339.849

348.266

358.262

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

359.749

368.166

378.162

 

 

 

 

long-term borrowings

278.521

276.157

229.538

Short term borrowings

138.474

107.912

118.295

Total borrowings

416.995

384.069

347.833

Debt/Equity ratio

1.159

1.043

0.920

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE:  The registered office of the company has been shifted from 14/15, Aradhana Apartments, Besant Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India, to the present address w.e.f. 14.01.2010. 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Body Corporate

39.972

37.044

Less : Current maturities transferred to other current liabilities

(0.399)

(0.726)

Shareholder

44.696

47.235

Less : Current maturities transferred to other current liabilities

(2.196)

(3.230)

Directors

30.538

36.328

Less : Current maturities transferred to other current liabilities

(1.538)

(2.478)

Total

111.073

114.173

 

 

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10176203

03/01/2012 *

511,700,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, SNEHAL CHAMBERS,, TELLI GULLY, ANDHERI (EAST),, MUMBAI, Maharashtra - 400069, INDIA

B29837382

 

*Date of charge modification

 

 

 

FIXED ASSETS

Tangible Assets

·         Land

·         Building

·         Leasehold – Building

·         Electrical Installation

·         Plant and Machinery

·         Furniture and Fixtures

·         Office Equipment

·         Vehicles

·         Computers

 

Intangible Assets

·         Computers Software

·         Goodwill

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.65.83

UK Pound

1

Rs.103.39

Euro

1

Rs.74.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KSH

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.