MIRA INFORM REPORT
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Report No. : |
304858 |
|
Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CORRTECH ENERGY LIMITED (w.e.f.14.05.2009) |
|
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|
|
Formerly Known
As : |
MJB INDIA GAS TURBINE SERVICES LIMITED IEC INTERNATIONAL LIMITED |
|
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Registered
Office : |
22, Dhara Centre Near Vijay Charrastra, Navrangpura - 380009, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.05.2000 |
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Com. Reg. No.: |
04-037925 |
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Capital
Investment / Paid-up Capital : |
Rs. 21.000 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U52330GJ2000PLC037925 |
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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.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing, sale and services of gas turine
products. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Management has failed to file latest financial of financial year 2014,
with the statutory authorities. Trade relations are reported as fair. Business is active. Payment are
reported to be usually correct. The company can be considered
normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB- |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
November 27, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3 |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
November 27, 2012 |
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 DENIED
Management non-cooperative (Tel No.: 91-2717-668800)
LOCATIONS
|
Registered Office : |
22, Dhara Centre Near Vijay Charrastra, Navrangpura - 380009, Gujarat,
India |
|
Tel. No.: |
91-79-26563443/ 26420119 |
|
Fax No.: |
91-79-26431615 |
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E-Mail : |
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|
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|
Factory : |
Shed No. 7, Survey No. 407, SP-3, New Ahmedabad Industrial Estate,
Sarkhej Bavla Highway, Changodar, Ahmedabad-382213, Gujarat, India |
|
Tel. No.: |
91-2717-304100 |
|
Fax No.: |
91-2717-304150 |
|
|
|
|
Repair Shop : |
Plot No. 15, Mahagujarat Industrial Estate, Opposite Nova
Petrochemicals, Sarkhej Bavla Highway, Changodar, Ahmedabad-382213, Gujarat,
India |
|
Tel. No.: |
91-2717-304100 |
|
Fax No.: |
91-2717-304150 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Sandeep Indrasen Mittal |
|
Designation : |
Managing Director |
|
Address : |
D-33, Aryaman Bunglows, Next to Railway Crossing, Thaltej Shilaj Road,
Shilaj, Ahmedabad – 380059, Gujarat, India |
|
Date of Appointment : |
02.05.2000 |
|
DIN No.: |
01643818 |
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|
|
|
Name : |
Mr. Amit Indrasen Mittal |
|
Designation : |
Director |
|
Address : |
38, Akashneem Opposite Nehru Foundation, Bodakdev, Ahmedabad – 380054,
Gujarat, India |
|
Date of Appointment : |
02.05.2000 |
|
DIN No.: |
01644010 |
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|
|
|
Name : |
Ms. Kavita Amitbhai Mittal |
|
Designation : |
Director |
|
Address : |
38, Akashneem Opposite Nehru Foundation, Bodakadev, Ahmedabad –
380054, Gujarat, India |
|
Date of Appointment : |
02.05.2000 |
|
DIN No.: |
01643876 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Corrtech International Private Limited, Gujarat |
|
2099994 |
|
Amit Mittal |
|
1 |
|
Sandeep Mittal |
|
1 |
|
Harini Mittal |
|
1 |
|
Kavita Mittal |
|
1 |
|
Shailesh Javia |
|
1 |
|
Yogesh Trivedi |
|
1 |
|
|
|
|
|
Total |
|
21,00,000 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing, sale and services of gas turine
products. |
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Products : |
Gas turine products |
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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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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
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PAN No.: |
AAIFB4734C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Corrtech International Private Limited, India [U29130GJ1982PTC038664] |
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Subsidiaries : |
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Fellow Subsidiary : |
Control Plus Oil and Gas Solutions Private Limtied |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2100000 |
Equity Shares |
Rs. 10/-
each |
Rs. 21.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
21.000 |
21.000 |
21.000 |
|
(b) Reserves & Surplus |
291.543 |
270.505 |
270.066 |
|
(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) |
312.543 |
291.505 |
291.066 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
93.195 |
103.856 |
22.666 |
|
(b) Deferred tax liabilities (Net) |
14.206 |
14.136 |
4.688 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.604 |
|
Total Non-current
Liabilities (3) |
107.401 |
117.992 |
27.958 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
110.873 |
122.519 |
83.147 |
|
(b) Trade payables |
166.938 |
100.837 |
59.364 |
|
(c) Other
current liabilities |
71.116 |
57.554 |
33.987 |
|
(d) Short-term
provisions |
1.838 |
1.270 |
5.475 |
|
Total Current
Liabilities (4) |
350.765 |
282.180 |
181.973 |
|
|
|
|
|
|
TOTAL |
770.709 |
691.677 |
500.997 |
|
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|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
213.495 |
234.819 |
85.796 |
|
(ii)
Intangible Assets |
0.513 |
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 |
14.005 |
26.580 |
26.580 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
35.211 |
35.968 |
80.738 |
|
(e) Other
Non-current assets |
11.880 |
7.667 |
2.900 |
|
Total Non-Current
Assets |
275.104 |
305.034 |
196.014 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
172.729 |
219.201 |
148.383 |
|
(c) Trade
receivables |
207.812 |
125.818 |
110.586 |
|
(d) Cash
and cash equivalents |
13.179 |
7.806 |
32.875 |
|
(e)
Short-term loans and advances |
88.340 |
30.728 |
11.297 |
|
(f) Other
current assets |
13.545 |
3.090 |
1.842 |
|
Total
Current Assets |
495.605 |
386.643 |
304.983 |
|
|
|
|
|
|
TOTAL |
770.709 |
691.677 |
500.997 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
513.914 |
430.209 |
466.172 |
|
|
|
Other Income |
1.659 |
7.489 |
1.895 |
|
|
|
TOTAL (A) |
515.573 |
437.698 |
468.067 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
69.682 |
46.278 |
44.972 |
|
|
|
Job works charges |
36.624 |
128.107 |
105.576 |
|
|
|
Purchases of Stock-in-Trade |
105.444 |
187.558 |
130.906 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
49.129 |
(76.783) |
(2.479) |
|
|
|
Employees benefits expense |
64.057 |
39.869 |
37.233 |
|
|
|
Other expenses |
105.826 |
60.519 |
51.079 |
|
|
|
TOTAL (B) |
430.762 |
385.548 |
367.287 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
84.811 |
52.150 |
100.780 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.536 |
21.502 |
9.165 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
59.275 |
30.648 |
91.615 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
33.018 |
20.761 |
13.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
26.257 |
9.887 |
78.270 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.220 |
9.448 |
30.331 |
|
|
|
|
|
. |
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
21.037 |
0.439 |
47.939 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.02 |
0.21 |
22.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
4.09
|
0.10 |
10.28 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
16.50
|
12.12 |
21.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.47 |
1.49 |
16.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.03 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.65 |
0.78 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.37 |
1.68 |
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 |
21.000 |
21.000 |
21.000 |
|
Reserves & Surplus |
270.066 |
270.505 |
291.543 |
|
Net
worth |
291.066 |
291.505 |
312.543 |
|
|
|
|
|
|
long-term borrowings |
22.666 |
103.856 |
93.195 |
|
Short term borrowings |
83.147 |
122.519 |
110.873 |
|
Total
borrowings |
105.813 |
226.375 |
204.068 |
|
Debt/Equity
ratio |
0.364 |
0.777 |
0.653 |
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 |
466.172 |
430.209 |
513.914 |
|
|
|
-7.715 |
19.457 |
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 |
466.172 |
430.209 |
513.914 |
|
Profit |
47.939 |
0.439 |
21.037 |
|
|
10.28% |
0.10% |
4.09% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT MARUTIY OF LONG TERM DEBT DETAILS ARE NOT AVAILABLE.
|
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 |
No |
|
8] |
No.
of employees |
No |
|
9] |
Name
of person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
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 |
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 |
No |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10501551 |
23/05/2014 |
2,960,000.00 |
DEWAN HOUSING FINANCE CORPORATION LIMITED |
WARDEN HOUSE 2ND
FLOORSIR P M ROAD, FORT, MUMBAI, |
C05746227 |
|
2 |
10500600 |
23/05/2014 |
3,100,000.00 |
DEWAN HOUSING FINANCE CORPORATION LIMITED |
WARDEN HOUSE 2ND FLOORSIR
P M ROAD, FORT, MUMBAI, |
C05745799 |
|
3 |
10500601 |
23/05/2014 |
3,940,000.00 |
DEWAN HOUSING FINANCE CORPORATION LIMITED |
WARDEN HOUSE 2ND
FLOORSIR P M ROAD, FORT, MUMBAI, |
C05743794 |
|
4 |
10490619 |
01/04/2014 |
8,000,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Bengal - 700046, INDIA |
C03648557 |
|
5 |
10383841 |
03/10/2012 |
980,000.00 |
THE KALUPUR COMMERCIAL CO-OP BANK LIMITED |
'KALUPUR BANK BHAVAN', INCOME - TAX CIRCLE, ASHRAM ROAD, AHMEDABAD, Gujarat - 380014, INDIA |
B60800588 |
|
6 |
10337822 |
01/04/2013 * |
490,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G Gujarat - 380006, INDIA |
B75077859 |
|
7 |
10138804 |
03/03/2012 * |
294,879,000.00 |
AXIS BANK LIMITED |
'Trishul', 3rd
Floor, Opposite Samartheshwar Mahadev, INDIA |
B34719575 |
* DATE OF CHARGE MODIFICATION
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
From related parties |
1.460 |
0.000 |
|
|
|
|
|
Total |
1.460 |
0.000 |
FIXED ASSETS
- Office Buildings
- Plant and
Machinery
- Furniture and
Fixture
- Computers and
Printers
- Vehilcles
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. 61.46 |
|
|
1 |
Rs. 92.77 |
|
Euro |
1 |
Rs. 69.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.