MIRA INFORM REPORT
|
Report No. : |
302876 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
NIK-SAN ENGINEERING COMPANY LIMITED (w.e.f 28.09.2012) |
|
|
|
|
Formerly Known
As : |
NIK-SAN ENGINEERING COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
102, Saral Apartment, Vanshree Compound, Marve Road, Malad (West),
Mumbai – 400064, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
21.01.2004 |
|
|
|
|
Com. Reg. No.: |
11-235017 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 46.916 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31102MH2004PLC235017 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDN00990D |
|
|
|
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PAN No.: [Permanent Account No.] |
AAABCN8963D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Electrical Transformers. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (21) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
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|
Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Management has reported modest scale of operations along with high
working capital intensity due to elongated receivables and high inventory
levels which exerts modest pressure on the liquidity profile of the company. As per indirect source i.e. ICRA we found that the management is
incurring continuous delays in honoring debt obligations. However, business is active. Payment terms are slow and delayed. In view of experienced promoters and various cost control measures
implemented the management the company can be considered for business
dealings on a safe and secured 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 – 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 |
Term Loan = D |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery |
|
Date |
July 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit = D |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery |
|
Date |
July 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. Abhishek Choudhary |
|
Designation : |
Director |
|
Contact No.: |
91-22-28880495 |
|
|
|
|
Name : |
Mr. Sunil Deshmukh |
|
Designation : |
Chief Accountant |
|
Contact No.: |
91-265-2310437 |
|
Date : |
13.01.2015 |
LOCATIONS
|
Registered Office : |
102, Saral Apartment, Vanshree Compound, Marve Road, Malad (West),
Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-28880495 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 Sq. Ft. |
|
|
|
|
Factory : |
Block No. 1129, GIDC Por Ramangamdi Road, Near sloar Sun Induatries,
Vadodara – 391243, Gujarat, India |
|
Tel. No.: |
91-265-2830757/759 |
DIRECTORS
As on 22.09.2014
|
Name : |
Mr. Naresh Kumar Choudhary |
|
Designation : |
Director |
|
Address : |
102, Saral Apt. Vanshree Comd., |
|
Date of Birth/Age : |
07.04.1959 |
|
Date of Appointment : |
21.01.2004 |
|
DIN No.: |
00678497 |
|
|
|
|
Name : |
Mr. Abhishek Naresh Choudhary |
|
Designation : |
Director |
|
Address : |
102, Saral Apt. Vanshree Comd., |
|
Date of Birth/Age : |
06.06.1984 |
|
Date of Appointment : |
18.08.2008 |
|
DIN No.: |
02014857 |
|
|
|
|
Name : |
Mr. Sureshkumar Anandilal Choudhary |
|
Designation : |
Director |
|
Address : |
59, Sunrise Park, Vasuna road, Vadodara – 390015, Gujarat, India |
|
Date of Appointment : |
21.01.2004 |
|
DIN No.: |
00494510 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Deshmukh |
|
Designation : |
Chief Accountant |
SHAREHOLDING PATTERN
As on 22.09.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Suresh Kumar Choudhary |
1044200 |
22.26 |
|
Naresh Kumar Choudhary |
1359400 |
28.98 |
|
Bilpower Limited |
400000 |
8.53 |
|
Choudhary Global Limited, India |
188000 |
4.01 |
|
Vishnu Lamination Private Limited, India |
300000 |
6.39 |
|
Nikunj Alloys and Steels Private Limited, India |
1170000 |
24.94 |
|
Shobha Nair |
50000 |
1.07 |
|
Abhishek N. Choudhary |
140000 |
2.98 |
|
R V Mohanan Nair |
40000 |
0.85 |
|
|
|
|
|
Total |
4691600 |
100.00 |
As on 22.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
43.87 |
|
Directors or relatives of Directors |
56.13 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electrical Transformers. |
|
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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 Divulged |
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|
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Imports : |
Not Divulged |
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|
|
|
Terms : |
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Selling : |
Cash and Credit |
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|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
Auditors : |
|
|
Name : |
MVK Associates Chartered Accountants |
|
Address : |
800, Sangita Ellipse, sahakar Road, Vile Parle, Mumbai - – 400057,
Maharashtra, India |
|
Tel. No.: |
91-22-40482500 |
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Fax No.: |
91-22-40482525 |
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E-Mail : |
|
|
Website : |
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PAN No.: |
AAGFM5009H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
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Enterprises under common control with whom transaction have taken place
: |
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|
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|
Relatives of key management personnel and names of the enterprises
having same key management personnel and their relatives as the : |
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CAPITAL STRUCTURE
As on 22.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4691600 |
Equity Shares |
Rs.10/- each |
Rs. 46.916
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
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 |
46.916 |
46.916 |
46.916 |
|
(b) Reserves & Surplus |
103.061 |
97.202 |
118.056 |
|
(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) |
149.977 |
144.118 |
164.972 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
86.493 |
12.899 |
20.350 |
|
(b) Deferred tax liabilities
(Net) |
2.896 |
0.699 |
10.126 |
|
(c) Other long term
liabilities |
26.855 |
40.261 |
2.253 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
116.244 |
53.859 |
32.729 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
89.032 |
190.668 |
211.513 |
|
(b) Trade payables |
188.341 |
211.582 |
236.831 |
|
(c) Other current liabilities |
56.860 |
30.384 |
14.608 |
|
(d) Short-term provisions |
2.251 |
1.398 |
2.694 |
|
Total
Current Liabilities (4) |
336.484 |
434.032 |
465.646 |
|
|
|
|
|
|
TOTAL |
602.705 |
632.009 |
663.347 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
144.632 |
148.717 |
151.775 |
|
(ii) Intangible Assets |
2.524 |
2.524 |
2.524 |
|
(iii) Capital work-in-progress |
0.035 |
0.069 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.500 |
2.500 |
4.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28.669 |
26.403 |
30.172 |
|
(e) Other Non-current assets |
43.595 |
87.646 |
103.374 |
|
Total
Non-Current Assets |
221.955 |
267.859 |
292.345 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
179.607 |
175.142 |
189.351 |
|
(c) Trade receivables |
134.114 |
105.596 |
97.883 |
|
(d) Cash and cash equivalents |
25.998 |
27.975 |
26.019 |
|
(e) Short-term loans and
advances |
26.544 |
42.822 |
42.925 |
|
(f) Other current assets |
14.487 |
12.615 |
14.824 |
|
Total
Current Assets |
380.750 |
364.150 |
371.002 |
|
|
|
|
|
|
TOTAL |
602.705 |
632.009 |
663.347 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
426.110 |
456.691 |
459.114 |
|
|
Other Income |
5.226 |
5.148 |
4.298 |
|
|
TOTAL
(A) |
431.336 |
461.839 |
463.412 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
329.719 |
370.417 |
354.211 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(26.970) |
(16.795) |
(0.057) |
|
|
Employees benefits expense |
17.492 |
21.803 |
8.910 |
|
|
Other expenses |
49.474 |
60.724 |
47.875 |
|
|
TOTAL
(B) |
369.715 |
436.149 |
410.939 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
61.621 |
25.690 |
52.473 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.107 |
49.770 |
42.775 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.514 |
(24.080) |
9.698 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
6.295 |
6.156 |
5.643 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
7.219 |
(30.236) |
4.055 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
1.360 |
(9.383) |
0.732 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
5.859 |
(20.853) |
3.323 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.348 |
1.369 |
0.439 |
|
|
TOTAL
EARNINGS |
0.348 |
1.369 |
0.439 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
35.304 |
76.886 |
67.914 |
|
|
TOTAL
IMPORTS |
35.304 |
76.886 |
67.914 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.25 |
(4.44) |
0.71 |
Expected Sales (2014-15) : Rs. 500.000 Millions
The above information has been parted by Mr. Sunil Deshmukh
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.37 |
(4.57) |
0.72 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
14.46 |
5.63 |
11.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.20 |
(4.80) |
0.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
(0.21) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.17 |
1.41 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
0.84 |
0.80 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
46.916 |
46.916 |
46.916 |
|
Reserves & Surplus |
118.056 |
97.202 |
103.061 |
|
Net
worth |
164.972 |
144.118 |
149.977 |
|
|
|
|
|
|
long-term borrowings |
20.350 |
12.899 |
86.493 |
|
Short term borrowings |
211.513 |
190.668 |
89.032 |
|
Total
borrowings |
231.863 |
203.567 |
175.525 |
|
Debt/Equity
ratio |
1.405 |
1.413 |
1.170 |
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 |
459.114 |
456.691 |
426.110 |
|
|
|
(0.528) |
(6.696) |
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 |
459.114 |
456.691 |
426.110 |
|
Profit |
3.323 |
(20.853) |
5.859 |
|
|
0.72% |
(4.57%) |
1.37% |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note:
Registered office of the company has been shifted from 201 –
204, Vikas Chambers, JN of Link and Marve Road, Malad (West), Mumbai – 400064,
Maharashtra, India to the present address w.e.f.25.02.2014
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand |
|
|
|
From Bank |
5.606 |
8.780 |
|
From Other Parties |
0.800 |
0.000 |
|
Total |
6.406 |
8.780 |
FIXED ASSETS
- Land
- Building
- Furniture and Fixture
- Office Equipment
- Computers and Printers
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.62.15 |
|
|
1 |
Rs.94.24 |
|
Euro |
1 |
Rs.73.29 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
21 |
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.