MIRA INFORM REPORT
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Report No. : |
329807 |
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Report Date : |
06.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PAYAL POLYPLAST PRIVATE LIMITED |
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Registered
Office : |
E-24, Netaji Subhash Marg, Darya Ganj, New Delhi – 110002 |
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Tel. No.: |
91-11-47112100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.03.2008 |
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Com. Reg. No.: |
55-175847 |
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Capital
Investment / Paid-up Capital : |
Rs.30.100 Million |
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CIN No.: [Company Identification
No.] |
U25200DL2008PTC175847 |
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IEC No.: |
0599018372 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP14504A |
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PAN No.: [Permanent Account No.] |
AAECP5884A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and dealing of various Plasticizers and other related Polymer products. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 280000 |
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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 established as a partnership firm with the name of “PAYAL
POLYMERS” and firm was reconstituted as a “PAYAL POLYPLAST PRIVATE LIMITED”.
It is an established company having moderate track record. For the financial year ended 2014, company possesses moderate
operational performance and reported dip in sales turnover growth by 14.72%
along with low profitability margins at 0.40%. Rating further constrained on account of company’s moderate financial
risk profile marked by huge external borrowing taken which leverage balance
sheet profile and weak debt protection metrics of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. In view of leverage balance sheet profile, the company can be
considered for business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating= B |
|
Rating Explanation |
Risk prone credit quality and carries very
high credit risk. |
|
Date |
28.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
28.05.2014 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. R. K. Garg |
|
Designation : |
Finance Manager |
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Contact No.: |
91-11-47112100 |
|
Date : |
04.07.2015 |
LOCATIONS
|
Registered Office : |
E-24, Netaji Subhash Marg, Darya Ganj, New Delhi – 110002, India |
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Tel. No.: |
91-11-47112100 |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
Plot No. 87/88, 102/103, Panchal Udhyog Nagar, Bhimpore, Daman –
396210, Daman and Diu, India |
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Tel. No.: |
91-260-2221636 |
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Fax No.: |
91-260-2220637 |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Mr. Rajender Prasad Gupta |
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Designation : |
Whole-time Director |
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Address : |
C-9, C. C. Colony, Model Town, Delhi – 110007, India |
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Date of Birth/Age : |
06.11.1956 |
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Date of Appointment : |
26.09.2014 |
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DIN No.: |
00137056 |
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Other Directorship :
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Name : |
Mrs. Poonam Gupta |
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Designation : |
Director |
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Address : |
C-9, C. C. Colony, Model Town, Delhi – 110007, India |
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Date of Birth/Age : |
30.11.1959 |
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Date of Appointment : |
25.03.2008 |
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DIN No.: |
00137169 |
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Other Directorship :
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Name : |
Mr. Nikhil Gupta |
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Designation : |
Additional Director |
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Address : |
6/A, Shankaracharya Marg, Civil Lines, Delhi – 110054, India |
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Date of Appointment : |
07.01.2015 |
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DIN No.: |
02062242 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. R. K. Garg |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
AS ON 26.09.2014
|
Names of Shareholders |
No. of Shares |
|
Rajender Prasad Gupta |
1504980 |
|
Poonam Gupta |
1505000 |
|
Subhash Chander Gupta (Trust) |
10 |
|
Vijay Gupta |
5 |
|
Manju Gupta |
5 |
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Total |
3010000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and dealing of various Plasticizers and other related Polymer products. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 |
PRODUCTION STATUS – NOT AVAILABLE
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 : |
Ravik Aggarwal and Associates Chartered Accountants |
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Address : |
31-32, 1st Floor, CSC, DDA Shopping Complex, New Delhi, India |
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PAN No.: |
AAKPA5649R |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associate Enterprises in which Key Management
Personnel and their Relatives exercise significant influence and with whom
transaction have taken place during the year : |
· Payal Petro pack Private Limited · Payal Petrochem Private Limited · Subhash Chand Gupta Trust (One of the Directors is trustee) |
CAPITAL STRUCTURE
AS ON 26.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
3010000 |
Equity Shares |
Rs.10/- each |
Rs.30.100 Million |
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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 |
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
30.100 |
30.100 |
30.100 |
|
(b) Reserves & Surplus |
68.048 |
57.930 |
45.046 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
98.148 |
88.030 |
75.146 |
|
|
|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
0.051 |
3.194 |
15.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1.937 |
2.118 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.106 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1.157 |
5.131 |
17.118 |
|
|
|
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(4) Current
Liabilities |
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|
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|
(a) Short
term borrowings |
561.280 |
761.481 |
715.213 |
|
(b) Trade
payables |
499.376 |
266.486 |
251.456 |
|
(c) Other
current liabilities |
17.985 |
19.289 |
15.725 |
|
(d) Short-term
provisions |
3.381 |
10.121 |
4.589 |
|
Total Current
Liabilities (4) |
1082.022 |
1057.377 |
986.983 |
|
|
|
|
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TOTAL |
1181.327 |
1150.538 |
1079.247 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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|
|
|
(i)
Tangible assets |
112.929 |
89.269 |
78.606 |
|
(ii)
Intangible Assets |
0.162 |
0.023 |
0.025 |
|
(iii)
Capital work-in-progress |
0.096 |
0.000 |
12.131 |
|
(iv)
Intangible assets under development |
3.054 |
2.393 |
1.837 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
3.338 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.940 |
0.556 |
0.189 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
122.519 |
92.241 |
92.788 |
|
|
|
|
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(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
274.983 |
226.209 |
365.808 |
|
(c) Trade
receivables |
521.082 |
552.310 |
417.193 |
|
(d) Cash
and cash equivalents |
88.066 |
68.748 |
68.566 |
|
(e) Short-term
loans and advances |
174.677 |
211.030 |
134.892 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1058.808 |
1058.297 |
986.459 |
|
|
|
|
|
|
TOTAL |
1181.327 |
1150.538 |
1079.247 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2523.467 |
2959.354 |
2242.981 |
|
|
|
Other Income |
34.594 |
14.362 |
9.721 |
|
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TOTAL (A) |
2558.061 |
2973.716 |
2252.702 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
2490.789 |
2876.215 |
2172.915 |
|
|
|
Exceptional Items |
(16.194) |
(0.125) |
(0.063) |
|
|
|
TOTAL (B) |
2474.595 |
2876.090 |
2172.852 |
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|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
83.466 |
97.626 |
79.850 |
|
|
|
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
71.451 |
67.329 |
60.646 |
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
12.015 |
30.297 |
19.204 |
|
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|
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|
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|
Less |
DEPRECIATION/
AMORTISATION (F) |
7.010 |
11.144 |
12.352 |
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|
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|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
5.005 |
19.153 |
6.852 |
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|
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|
|
|
|
Less |
TAX (H) |
(5.113) |
6.269 |
2.160 |
|
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|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
10.118 |
12.884 |
4.692 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY ON FOB |
97.454 |
60.337 |
167.550 |
|
|
|
|
|
|
|
|
|
|
IMPORTS CIF
VALUE |
873.610 |
720.901 |
437.136 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.36 |
4.28 |
1.56 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
3.142 |
12.126 |
0.000 |
|
Cash generated from operations |
273.679 |
29.008 |
(127.369) |
|
Net cash flows from (used in) operations |
304.600 |
37.735 |
(161.881) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
0.40 |
0.44 |
0.21 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.31 |
3.30 |
3.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
0.43 |
1.67 |
0.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.22 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.75 |
8.82 |
9.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.00 |
1.00 |
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 |
30.100 |
30.100 |
30.100 |
|
Reserves & Surplus |
45.046 |
57.930 |
68.048 |
|
Net
worth |
75.146 |
88.030 |
98.148 |
|
|
|
|
|
|
long-term borrowings |
15.000 |
3.194 |
0.051 |
|
Short term borrowings |
715.213 |
761.481 |
561.280 |
|
Current Maturities of Long term debt |
0.000 |
12.126 |
3.142 |
|
Total
borrowings |
730.213 |
776.801 |
564.473 |
|
Debt/Equity
ratio |
9.717 |
8.824 |
5.751 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
2242.981 |
2959.354 |
2523.467 |
|
|
|
31.938 |
(14.729) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
2242.981 |
2959.354 |
2523.467 |
|
Profit |
4.692 |
12.884 |
10.118 |
|
|
0.21% |
0.44% |
0.40% |
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 |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
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 three 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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS AND OPERATIONS
Subject continued to carry on the business of manufacturing and dealing of various Plasticizers and other related Polymer products. During the year subject has successfully completed the expansion of the Plant as Unit II of the Company and started production of softener and other related products.
During the period the company had achieved and other revenue at Rs.2523.467 Million as against Rs.2959.354 Million achieved in the previous year. The turn over achieved by the company during the period was lower by around 17% as compared to previous year. The market of the Polymer and Plasticizers products continued to be competitive during the year. Though the economy as a whole in the financial year 2013-14 has shown sign of recovery and improvement but it was short of expectation. In the competitive market the company was unable to control the market price of the finished product and could not pass the increase in cost of imports and cost of production which has resulted in a lower Gross margin and Net margin during the year. The continuous fall in rupee value as against US Dollar has also resulted in heavy pressures on the margins during the period under review. The profit before interest, depreciation, exceptional Items and taxation was at Rs. 67.273 Million as against Rs. 97.501 Million. After considering excess depreciation on fixed assets written back on account of change in method of providing depreciation from written down value method to straight line value method amounting to Rs.21.800 Million and excess provision of Gratuity made in earlier year which is now based on Actuarial valuation as against management estimation up to the previous year amounting to Rs.0.748 Million and Foreign exchange Fluctuation amounting to Rs.5.794 Million, the profit after exceptional items and depreciation stood at Rs.5.005 Million as against Rs.19.153 Million in the previous year. The Company during the period had also recognized the benefit of Deferred Tax Assets as per accounting standard and Met Credit entitlement as per the provisions of the Income Tax Act. The Net surplus after making provisions for Current year taxation, Deferred Tax liabilities and Assets, and Met Credit entitlement stood at Rs.10.117 Million as against Rs.12.884 Million in the previous year.
FUTURE OUT LOOK
The directors hopeful that Plasticizer and other polymer products industry will grow as there is high degree of domestic consumption of these products in various applications, the rupee price against US dollar has witness the upward tread and more over stable in the current financial year. The economy and industrial development has also witnessed faster recovery in the current financial year. The directors are confident that polymer and Plasticizer industry will further grow with the increase of domestic consumption in various applications. The directors will be in advantageous positions to derive the full benefit from the growing domestic demand in the polymer industry. The directors are optimistic to achieve higher turnover and profitability in the current financial year.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Intercorporate borrowings |
61.380 |
10.573 |
|
Loans and advances from related parties |
10.573 |
0.545 |
|
|
|
|
|
Total |
71.953 |
11.118 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10173504 |
19/12/2014 * |
740,000,000.00 |
Canara Bank |
Darya Ganj, New Delhi - 110002, India |
C40124497 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.