MIRA INFORM REPORT
|
Report No. : |
349331 |
|
Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZENITH INDUSTRIAL RUBBER PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-2 Parekh Mahal, 80 Veer Nariman Road, Churchgate, Mumbai
- 400020, Maharashtra |
|
Tel. No.: |
91-22-67351929 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.01.1988 |
|
|
|
|
Com. Reg. No.: |
11-045900 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.300.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25190MH1988PTC045900 |
|
|
|
|
IEC No.: |
0388036303 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMZ01247B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA3874D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter, Importer of Rubber Sheets, Water Proofing
Sheets, Transit Flooring etc. |
|
|
|
|
No. of Employees
: |
280 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated on 15th January, 1988 by Mr. M F. Vohra
and his son, Mr. A M. Vohra. The company is a government recognised star
export house, which manufactures industrial and technical grade rubber
products such as rubber sheets, rubber mattings, rubber floorings,
water-proofing sheets and anti-skid floorings. It has satisfactory track
record. Reserves of the company is low. However, the company possesses a
decent networth base during FY2014. Liquidity of the company is fair marked
by favorable gap between trade receivables and payables. The rating also takes into consideration established market position,
supported by its promoter’s industry experience, its diversified product
profile and its strong relationship with customers. Trade relations are fair. Business is active. Payment are reported to
be slow but correct. The company can be considered 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 |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
09.02.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A3+ |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
09.02.2015 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Rehmat Ansari |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-22885888 |
LOCATIONS
|
Registered Office : |
A-2 Parekh Mahal, 80 Veer
Nariman Road, Churchgate, Mumbai - 400020, Maharashtra, India |
|
Tel. No.: |
91-22-67351929 / 22885888 |
|
Mobile No.: |
91-9619926066 (Mr. Manish) |
|
Fax No.: |
91-22-22885111 / 222 |
|
E-Mail : |
|
|
Area : |
24000 Sq. Ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory : |
Plot – C-15/16/17 MIDC Phase-1,
Dombivali (East), Thane - 421203, Maharashtra, India |
|
|
|
|
Showroom : |
Shop No.177, Nagdevi St, Chippi Chawl, Kalbadevi, Mumbai -
400003, Maharashtra, India |
|
|
|
|
Showroom : |
Located
at: Delhi |
|
|
|
|
Warehouse : |
Located
at: Bhiwandi |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Vohra Farooq Mazhar |
|
Designation : |
Director |
|
Address : |
26, 2701, DSK Durgamata Tower, 80 Prakash Peth Marg, Mumbai-400005,
Maharashtra, India |
|
Date of Birth/Age : |
29.07.1949 |
|
Date of Appointment : |
15.01.1988 |
|
DIN No. : |
00774511 |
|
PAN No.: |
ABKPV6728P |
|
|
|
|
Name : |
Mr. Vohra Mazhar Aamir |
|
Designation : |
Director |
|
Address : |
26, 2701, DSK Durgamata Tower, 80 Prakash Peth Marg, Mumbai-400005,
Maharashtra, India |
|
Date of Birth/Age : |
09.11.1977 |
|
Date of Appointment : |
16.061996 |
|
DIN No. : |
00774597 |
|
PAN No.: |
AAEPV6027G |
KEY EXECUTIVES
|
Name : |
Mr. Rehmat Ansari |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Vohra Farooq Mazhar |
1126950 |
37.57 |
|
Mr. Vohra Mazhar Aamir |
810200 |
27.01 |
|
Mrs. Vohra Mazhar Samina |
852850 |
28.43 |
|
Mrs. Vohra Mazhar Uzma |
210000 |
7.00 |
|
|
|
|
|
TOTAL |
3,000,000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer of Rubber Sheets, Water Proofing
Sheets, Transit Flooring etc. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Divulged |
|
|
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|
Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
|
Countries : |
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Imports : |
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|
Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
280 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Maya and Khatri |
|
|
Chartered Accountant |
|
Address : |
1014-15 Prasad Chamber, Tata Road No 1 and 2, Opera House, Mumbai – 400004, Maharashtra, India |
|
PAN No.: |
AABFM7138G |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
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Collaborators : |
Not Divulged |
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Associates : |
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Others : |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 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 |
300.000 |
300.000 |
250.000 |
|
(b) Reserves & Surplus |
235.076 |
156.839 |
66.096 |
|
(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) |
535.076 |
456.839 |
316.096 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.080 |
13.707 |
16.001 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
7.080 |
13.707 |
16.001 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
440.082 |
435.241 |
407.312 |
|
(b) Trade
payables |
174.723 |
104.536 |
116.197 |
|
(c) Other
current liabilities |
28.029 |
33.496 |
5.192 |
|
(d) Short-term
provisions |
28.536 |
26.099 |
2.448 |
|
Total Current
Liabilities (4) |
671.370 |
599.372 |
531.149 |
|
|
|
|
|
|
TOTAL |
1213.526 |
1069.918 |
863.246 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
373.847 |
349.218 |
251.232 |
|
(ii)
Intangible Assets |
0.000 |
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 |
2.187 |
2.187 |
0.666 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
44.581 |
89.090 |
8.471 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
420.615 |
440.495 |
260.369 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
361.756 |
351.637 |
348.026 |
|
(c) Trade
receivables |
339.268 |
190.837 |
191.764 |
|
(d) Cash
and cash equivalents |
16.787 |
32.254 |
16.267 |
|
(e)
Short-term loans and advances |
36.927 |
44.299 |
33.568 |
|
(f) Other
current assets |
38.173 |
10.396 |
13.252 |
|
Total
Current Assets |
792.911 |
629.423 |
602.877 |
|
|
|
|
|
|
TOTAL |
1213.526 |
1069.918 |
863.246 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
SALES
(Approximately) |
1250.000 |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
112.405 |
134.561 |
40.512 |
|
|
|
|
|
|
|
Less |
TAX |
34.001 |
43.819 |
13.650 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
78.404 |
90.742 |
26.862 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.13 |
-- |
-- |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1430.000 |
Expected Sales (2015-2016): Rs.1800.000 million
The above information has been parted by Mr. Rehmat
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
66.946 |
135.351 |
(7.109) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
9.28 |
12.60 |
4.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.29 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.84 |
0.98 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.05 |
1.14 |
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 |
250.000 |
300.000 |
300.000 |
|
Reserves & Surplus |
66.096 |
156.839 |
235.076 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
316.096 |
456.839 |
535.076 |
|
|
|
|
|
|
long-term borrowings |
16.001 |
13.707 |
7.080 |
|
Short term borrowings |
407.312 |
435.241 |
440.082 |
|
Total
borrowings |
423.313 |
448.948 |
447.162 |
|
Debt/Equity
ratio |
1.339 |
0.983 |
0.836 |
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 |
Yes |
|
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 |
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 two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT’S DISCUSSION AND ANALYSIS
Overview:
The World Economy
has seen rough weather as there has been all around decline in the GDP Growth
of all the Countries across the World. India’s GDP growth has declined to 4.7% from
9%. Similarly GDP growth of China has come down from 12% to 7%. Due to such
recession all around the major raw materials used in the rubber industry have
shown decline of nearly 25% over the past one year while the prices of their
finished goods have declined nearly 10% thereby giving us a far better bottom
line, which is reflected in their results.
Current Growth
In spite of this
all-round decline, they have shown a 19% growth in their turn over as they have
added some new products and new markets. Once again the releases of their
Limits have been very much delayed by the Banks and this has become an annual
feature even though there has been no increase in the Limits but only an
adjustment in certain accounts. It is a sad commentary that the State Bank of
India has insisted on charging 0.25% processing fees in spite of the delay in
releasing these Limits and maintaining the status-quo of the overall total
volume of the Limits. The Standard Chartered Bank has been a total
non-performer as they were incompetent to operate their accounts due to which
reason they had to stop their operations with them from January 2014 onwards.
Future Outlook and new products development:
The Financial Year
has seen certain positives in consolidating their markets, development of new
products in the rubber sheeting line, adding products like Inflatable’s, Water
Storage Tanks, Air Cells(Import Substitution Item), Balloons, Pillow Tanks,
etc. Their Research and Development Wing has been very active due to which they
could file a Patent for Snake Bite Fabric which is very essential to offer
protection to humans from this dreaded menace which claims the 3rd largest
deaths after Malaria and Human Killings. They have also filed Patents for
developing a new grade of Irradiated Rubber which imparts stability to the
rubber compound thereby improving its physical properties and dimensional
stability.
They have also made
substantial progress in developing the Rubber Dam which is very cost effective
water conservation activity in a rain fed economy like theirs. They expect to
supply more than 1000 such dams within this financial year at various locations
in Maharashtra, Gujrat, Odisha Andhra Pradesh and Madhya Pradesh. Funds for
this project have been earmarked under the Water Shed Management program by the
Central Government.
The product for
protection from the Cell Tower Radiation has now been put on the back burner as
the Telecom Service Providers are not co-operating. They are shy to admit the
Cell Tower Radiation as this would show them in a bad light. However, this
product has been developed and can be activated at short notice.
They have taken the
trials for rubber tracks for speedy movement to the supply lines in the forward
areas where there are no roads. This has now been shelved for the time being as
the army has some reservations on the same.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Intercorporate borrowings |
27.399 |
0.000 |
|
|
|
|
|
Total |
27.399 |
0.000 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10546097 |
13/03/2015 * |
126,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
C48144026 |
|
2 |
90347316 |
20/01/2015 * |
770,600,000.00 |
State Bank of India |
Commercial Branch (Advance), N. G. N. Vaidya Marg, Gate No. 4, Horniman Circle, Fort, P. B. No. 10141, Mumbai, Maharashtra - 400001, India |
C41367863 |
*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.65.79 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
45 |
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.