MIRA INFORM REPORT
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Report No. : |
323926 |
|
Report Date : |
26.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SONALI ENERGEES PRIVATE LIMITED (w.e.f. 29.04.2009) |
|
|
|
|
Formerly Known
As : |
SONALI
ENERGY PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
C-208, Belgium Chambers, Opposite Linear Bus Stand, Ring Road, Surat –
395003, Gujarat |
|
Tel. No.: |
91-261-2601208 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.03.2009 |
|
|
|
|
Com. Reg. No.: |
056444 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.53.686 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40100GJ2009PTC056444 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAMCS9288F |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
The company is engaged in manufacturing, fabrication and trading of Solar Photo Voltaic Modules. |
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|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 350000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a private limited company established in the year 2009, having
moderate track. The company has recorded profit after 2 years of continuous losses
because of efficient management and strong outlook. However, rating also takes into consideration the company’s limited
track record small scale of operations, and intense competitive pressures
from large established players in domestic and international market. However, trade relations are fair. Business is active. Payment terms
are 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term : B+ |
|
Rating Explanation |
Risk prone credit quality and carries very high credit risk. |
|
Date |
November, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term : A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
November, 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. Mukti |
|
Designation : |
Assistant Sales Manager |
|
Contact No.: |
91-80-49440577 |
|
Date : |
22.05.2015 |
LOCATIONS
|
Registered Office : |
C-208, Belgium Chambers, Opposite Linear Bus Stand, Ring Road, Surat – 395003, Gujarat, India |
|
Tel. No.: |
91-261-2601208 / 2399910 |
|
Fax No.: |
91-261-2452501 |
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E-Mail : |
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|
Website : |
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|
|
|
Factory : |
Plot No. 180-199, Surat Special Economic Zone, Sachin, Surat - 394230 Gujarat, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Jayaben Harilal Desai |
|
Designation : |
Director |
|
Address : |
10, City Light Society, City Light Road, Parle Point, Athwalines, Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
15.08.1945 |
|
Date of Appointment : |
03.03.2010 |
|
DIN No.: |
00334344 |
|
|
|
|
Name : |
Nitesh Hiralal Desai |
|
Designation : |
Director |
|
Address : |
10, City Light Society, City Light Road, Parle Point, Athwalines, Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
10.12.1967 |
|
Date of Appointment : |
24.12.2012 |
|
DIN No.: |
00334459 |
|
|
|
|
Name : |
Rachanaben Nitesh Desai |
|
Designation : |
Director |
|
Address : |
10 City Light SOC Parle Point, Atwa Lines, SVR Post Office,, Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
19.08.1974 |
|
Date of Appointment : |
26.03.2009 |
|
DIN No.: |
02354308 |
|
|
|
|
Name : |
Maulesh Harilal Desai |
|
Designation : |
Director |
|
Address : |
10, City Light Society, Parle Point, Surat - 395002, Gujarat, India |
|
Date of Birth/Age : |
27.03.1974 |
|
Date of Appointment : |
11.11.2009 |
|
DIN No.: |
02784602 |
|
|
|
|
Name : |
Pankaj Desai Harilal |
|
Designation : |
Director |
|
Address : |
10, City Light Soc., Parle Point, Athwalines, Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
26.06.1966 |
|
Date of Appointment : |
11.11.2009 |
|
DIN No.: |
02784610 |
KEY EXECUTIVES
|
Name : |
Mr. Mukti |
|
Designation : |
Assistant Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Nitesh Desai |
|
312150 |
|
Rachanaben Desai |
|
27500 |
|
Jayaben Desai |
|
249244 |
|
Pankaj Desai |
|
1630465 |
|
Maulesh Desai |
|
1158601 |
|
Jash Diamond Inc., New York |
|
794700 |
|
Maulesh Desai Jh: Kashmira Desai |
|
576855 |
|
Pankaj Desai Jh:Maulesh Desai |
|
319546 |
|
Pankaj Desai Jh: Varsha Desai |
|
299585 |
|
Total |
|
5368646 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
14.80 |
|
Directors or relatives of Directors |
85.20 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing, fabrication and trading of Solar Photo Voltaic Modules. |
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|
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Products : |
Not Divulged |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
US UK Europe |
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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, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Shah Mehta and Associates Chartered Accountants |
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Address : |
D-313, International Trade Centre, Majura Gate, Surat – 395001, Gujarat, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAJFS8456K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,368,646 |
Equity Shares |
Rs.10/- each |
Rs.53.686
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
53.686 |
53.686 |
41.727 |
|
(b) Reserves &
Surplus |
69.720 |
58.861 |
88.855 |
|
(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) |
123.406 |
112.547 |
130.582 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
273.374 |
236.801 |
126.359 |
|
(b) Deferred tax
liabilities (Net) |
3.305 |
3.275 |
0.006 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
276.679 |
240.076 |
126.365 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8.651 |
8.651 |
1.154 |
|
(b) Trade payables |
10.422 |
7.085 |
1.477 |
|
(c) Other current
liabilities |
5.225 |
3.177 |
0.051 |
|
(d) Short-term provisions |
4.742 |
1.418 |
0.000 |
|
Total Current Liabilities
(4) |
29.040 |
20.331 |
2.682 |
|
|
|
|
|
|
TOTAL |
429.125 |
372.954 |
259.629 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
225.664 |
255.651 |
18.222 |
|
(ii) Intangible Assets |
4.136 |
5.514 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
192.919 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.571 |
2.896 |
21.073 |
|
(e) Other Non-current
assets |
16.162 |
16.162 |
22.777 |
|
Total Non-Current Assets |
248.533 |
280.223 |
254.991 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
9.132 |
1.182 |
0.197 |
|
(b) Inventories |
117.578 |
47.702 |
1.484 |
|
(c) Trade receivables |
50.146 |
30.758 |
0.049 |
|
(d) Cash and cash
equivalents |
0.469 |
2.857 |
2.588 |
|
(e) Short-term loans and
advances |
3.267 |
10.232 |
0.320 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
180.592 |
92.731 |
4.638 |
|
|
|
|
|
|
TOTAL |
429.125 |
372.954 |
259.629 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
215.134 |
45.486 |
7.118 |
|
|
Other Income |
2.334 |
0.165 |
0.016 |
|
|
TOTAL |
217.468 |
45.651 |
7.134 |
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
TOTAL |
170.501 |
44.856 |
7.127 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
46.967 |
0.795 |
0.007 |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
33.328 |
28.413 |
0.015 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
13.639 |
(27.618) |
(0.024) |
|
|
|
|
|
|
|
|
TAX |
2.780 |
3.270 |
0.006 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
10.859 |
(30.888) |
(0.014) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
Nil |
21.700 |
0.189 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
2.54 |
(5.75) |
-- |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.05 |
(67.91) |
(0.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.18 |
(7.41) |
(0.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
(0.25) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.29 |
2.18 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.22 |
4.56 |
1.73 |
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 |
41.727 |
53.686 |
53.686 |
|
Reserves & Surplus |
88.855 |
58.861 |
69.720 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
130.582 |
112.547 |
123.406 |
|
|
|
|
|
|
long-term borrowings |
126.359 |
236.801 |
273.374 |
|
Short term borrowings |
1.154 |
8.651 |
8.651 |
|
Current Maturities of
Long Term Debt |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
127.513 |
245.452 |
282.025 |
|
Debt/Equity ratio |
0.976 |
2.181 |
2.285 |
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 |
7.118 |
45.486 |
215.134 |
|
|
|
539.028 |
372.968 |
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 |
7.118 |
45.486 |
215.134 |
|
Profit/Loss |
(0.014) |
(30.888) |
10.859 |
|
|
(0.20%) |
(67.91%) |
5.05% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from others |
43.694 |
11.426 |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
8.461 |
8.461 |
|
Total |
52.155 |
19.887 |
INDEX OF CHARGES :
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10289668 |
25/05/2011 |
441,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL BRANCH, 1ST FLOOR, KIRAN C |
B14012041 |
|
2 |
10316707 |
11/04/2011 |
441,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL BRANCH, 1ST FLOOR, KIRAN C |
B13996855 |
PERFORMANCE AND
PROSPECTS
During the year, company has achieved turnover of Rs. 215.134 Million as against turnover of Rs. 453.486 Million in previous year. The Company has earned net profit after tax of Rs. 10.859 Million during the year. It is due to the efforts put in by the directors of the company towards efficient management, strong outlook and dedication to work that have resulted into improved performance of the company.
The directors are devising various new strategies to further improve the profitability and performance of the company and are hopeful that the company will grow manifold in coming years.
GENERAL INFORMATION
ABOUT COMPANY
The company was incorporated in Surat, India on 26.03.2009. The main objective of the company is to carry on the business of manufacturing/ Fabrication and trading of Solar Photovaltic Module at Surat Special Economic Zone, Sachin, Surat.
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.63.62 |
|
|
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
3 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.