MIRA INFORM REPORT
|
Report No. : |
305497 |
|
Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPRAY ENGINEERING DEVICES LIMITED |
|
|
|
|
Registered
Office : |
Plot No 25 Industrial Area, Phase II, Chandigarh – 160002, Uttar
Pradesh |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
08.11.2004 |
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|
Com. Reg. No.: |
20-027625 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs. 221.214 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U00000CH2004PLC027625 |
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|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
PAN No.: [Permanent Account No.] |
AAICS5252M |
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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 business of manufacturing of Cooling
and Condensing System and Energy Efficient Equipments for the Sugar Industry. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 900000 |
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|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Management of the company has not filed its financial i.e. 2014 with
the government department. As per the available financial of 2013, there seems drastic dip in the
turnover and profit of the company. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
ICRA |
|
Rating |
Fund Based Limit = B |
|
Rating Explanation |
High risk of default non fund based limit |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limit = A4 |
|
Rating Explanation |
Minimal degree of safety. It carry very high credit risk. |
|
Date |
March 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 (GENERAL DETAILS)
|
Name : |
Mr. Sachin Anand |
|
Designation : |
Secretary |
|
Contact No.: |
91-172-3029811 |
|
Date : |
30.01.2015 |
LOCATIONS
|
Registered Office : |
Plot No. 25, Industrial Area, Phase II, Chandigarh – 160002, India |
|
Tel. No.: |
91-712-2389000 |
|
Fax No.: |
91-712-2898001 |
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E-Mail : |
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|
Website : |
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Head Office : |
“Spray House”, Plot No.C-82, Industrial Area, Phase-VII, Mohali – 160
055, Punjab, India |
|
Tel. No.: |
91-172-3029999/ 3029703 |
|
Fax No.: |
91-172-3029774 |
|
|
|
|
Factory 1 : |
Unit I # 76, HPSIDC Industrial Area, Baddi, District Solan – 173 205,
Himachal Pradesh, India |
|
Tel. No.: |
91-1795-245321/ 308284 |
|
Fax No.: |
91-1795-245316/ 308264 |
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|
|
|
Factory 2 : |
Unit II # 245-246, HPSIDC, Industrial Area, Baddi, District Solan – 173 205,
Himachal Pradesh, India |
|
Tel. No.: |
91-1795-247421/ 308705 |
|
Fax No.: |
91-1795-308722 |
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|
|
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Factory 3 : |
Unit III # 395-399, HPSIDC, Industrial Area, Baddi, District Solan – 173 205,
Himachal Pradesh, India |
|
Tel. No.: |
91-1795-308235 |
|
Fax No.: |
91-1795-308257 |
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|
|
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Corporate Office : |
C-82, Phase – 7, Industrial Area, Mohali - 160055, Punjab, India |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Vivek Verma |
|
Designation : |
Managing Director |
|
Address : |
House No.485, Sector – 8, Panchkula – 134 109, Haryana, India |
|
Date of Birth/Age : |
28.09.1966 |
|
Qualification : |
B. Tech |
|
PAN No.: |
AAPPV4136M |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00032970 |
|
|
|
|
Name : |
Mr. Prateek Verma |
|
Designation : |
Whole-Time Director |
|
Address : |
House No.485, Sector – 8, Panchkula – 134 109, Haryana, India |
|
Date of Birth/Age : |
08.01.1968 |
|
Qualification : |
B.E. (Mechanical) |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00024740 |
|
|
|
|
Name : |
Mr. Satish Vasant Deshpande |
|
Designation : |
Nominee Director |
|
Address : |
House No.101, Glorisoa Apartment, NM – Kale Marg, Dadar (West),
Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1960 |
|
Date of Appointment : |
08.08.2007 |
|
DIN No.: |
00023871 |
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|
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KEY EXECUTIVES
|
Name : |
Mr. Sachin Anand |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
25.00 |
|
Directors or relatives of directors |
|
70.77 |
|
Other top fifty shareholders |
|
4.17 |
|
Others |
|
0.06 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing of
Cooling and Condensing System and Energy Efficient Equipments for the Sugar Industry. |
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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 : |
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Products : |
Finished Goods |
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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 : |
250 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Auditors : |
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|
Name 1 : |
S.R. Batlibai and Company Chartered Accountants |
|
Address : |
Golf View, Corporate Tower B, Sector 42, Sector Road,
Gurgaon – 122 002, Haryana, India |
|
PAN No.: |
AALFS0506L |
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|
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|
Name 2 : |
SGCO and Company Chartered Accountants |
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Address : |
Andheri (East), Mumbai, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Spray Engineering Sugars Limited U15420CH2006PLC029976 |
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Subsidiary Company : |
Sustainable Environment Developers Limited U74990CH2008PLC031137 |
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Associate : |
IPRO Sugar Engineering Private Limited U01403CH2007PTC030679 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,050,000 |
Equity Shares |
Rs.10/- each |
Rs.240.500 Millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22586781 |
Equity Shares |
Rs.10/- each |
Rs.225.868
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22121391 |
Equity Shares |
Rs.10/- each |
Rs.221.214
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
221.214 |
221.214 |
221.214 |
|
(b) Reserves & Surplus |
108.147 |
95.513 |
15.029 |
|
(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) |
329.361 |
316.727 |
236.243 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
79.434 |
0.000 |
30.494 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
66.908 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
48.709 |
51.056 |
1137.802 |
|
Total Non-current
Liabilities (3) |
128.143 |
51.056 |
1235.204 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
151.744 |
322.220 |
684.536 |
|
(b) Trade payables |
314.440 |
113.804 |
437.153 |
|
(c) Other current liabilities |
21.464 |
26.509 |
451.900 |
|
(d) Short-term provisions |
125.372 |
124.448 |
109.785 |
|
Total Current Liabilities
(4) |
613.020 |
586.981 |
1683.374 |
|
|
|
|
|
|
TOTAL |
1070.524 |
954.764 |
3154.821 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
328.124 |
353.842 |
649.363 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
6.921 |
|
(iii) Capital work-in-progress |
0.614 |
0.435 |
0.153 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.750 |
35.750 |
1398.649 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.818 |
3.457 |
6.031 |
|
(e) Other Non-current assets |
7.685 |
15.555 |
65.115 |
|
Total Non-Current
Assets |
339.991 |
409.039 |
2126.232 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
275.183 |
166.866 |
431.756 |
|
(c) Trade receivables |
221.267 |
157.297 |
246.655 |
|
(d) Cash and cash equivalents |
3.214 |
4.492 |
52.090 |
|
(e) Short-term loans and advances |
229.502 |
215.918 |
295.147 |
|
(f) Other current assets |
1.367 |
1.152 |
2.941 |
|
Total Current
Assets |
730.533 |
545.725 |
1028.589 |
|
|
|
|
|
|
TOTAL |
1070.524 |
954.764 |
3154.821 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
318.990 |
1456.236 |
1363.629 |
|
|
|
Other Income |
52.495 |
108.833 |
31.141 |
|
|
|
TOTAL (A) |
371.485 |
1565.069 |
1394.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
133.674 |
366.398 |
592.838 |
|
|
|
Purchases of stock-in-trade |
26.491 |
414.690 |
409.892 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
0.220 |
128.513 |
(89.949) |
|
|
|
Employee benefit expense |
46.976 |
82.794 |
128.326 |
|
|
|
Other expenses |
87.617 |
372.861 |
439.294 |
|
|
|
Exceptional items |
(13.190) |
45.300 |
1461.999 |
|
|
|
TOTAL (B) |
281.788 |
1410.556 |
2942.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
89.697 |
154.513 |
(1547.630) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.852 |
98.185 |
146.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.845 |
56.328 |
(1693.930) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.211 |
43.653 |
37.393 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
14.634 |
12.675 |
(1731.323) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.000 |
(67.809) |
29.296 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
12.634 |
80.484 |
(1760.619) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.57 |
3.64 |
(79.59) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
3.96
|
5.53 |
129.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
28.12
|
10.61 |
(113.49) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37 |
1.38 |
(98.59) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.04 |
(7.33) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.70 |
1.02 |
3.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
0.93 |
0.61 |
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 |
221.214 |
221.214 |
221.214 |
|
Reserves & Surplus |
15.029 |
95.513 |
108.147 |
|
Net
worth |
236.243 |
316.727 |
329.361 |
|
|
|
|
|
|
long-term borrowings |
30.494 |
0.000 |
79.434 |
|
Short term borrowings |
684.536 |
322.220 |
151.744 |
|
Total
borrowings |
715.030 |
322.220 |
231.178 |
|
Debt/Equity
ratio |
3.027 |
1.017 |
0.702 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1363.629 |
1456.236 |
318.990 |
|
|
|
6.791 |
(78.095) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1363.629 |
1456.236 |
318.990 |
|
Profit |
(1760.619) |
80.484 |
12.634 |
|
|
(129.11%) |
5.53% |
3.96% |
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
5.500 |
0.000 |
|
|
|
|
|
Total |
5.500 |
0.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90183393 |
16/05/2013 * |
531,300,000.00 |
CANARA BANK (LEAD BANKER) AND BANK OF INDIA |
SCO 255-256, SECTOR 44C, CHANDIGARH (CANARA BANK), |
B75409698 |
* Date of charge modification
FIXED ASSETS:
· Residential Flat
· Factory Building
· Plant and Machinery
· Data Processing Equipments
· Vehicles
· Furniture
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. 61.76 |
|
|
1 |
Rs. 93.13 |
|
Euro |
1 |
Rs. 70.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.