MIRA INFORM REPORT

 

 

Report No. :

347095

Report Date :

31.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SWARAJ SUITING PRIVATE LIMITED

 

 

Registered Office :

B-333, R.K. Colony, Bhilwara- 311001, Rajasthan

Tel. No.:

91- 1482-260477

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

09.06.2003

 

 

Com. Reg. No.:

17-018359

 

 

Capital Investment / Paid-up Capital :

Rs.11.731 Million

 

 

CIN No.:

[Company Identification No.]

U18101RJ2003PTC018359

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Suppliers synthetics fabrics, textile, cotton fabrics, synthetic fabrics, textile fabrics.

 

 

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

 

Maximum Credit Limit :

USD 340000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2003, having satisfactory track.

 

Management has field financials for the year 2015 with Registrar of companies, but it could not be made available from any source.

 

For the FY 2014, the company has achieved decent sales turnover but reported low profit margin and there is huge decline in the same compared to previous year.

 

However, the company has sound networth base marked by increase in its reserves and there is favorable gap between trade payables and receivables.

 

Trade relations are fair. Business is active. Payments are 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.

 

 

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

CARE

Rating

Long Term Bank Facilities = BB-

Rating Explanation

Inadequate credit quality and high credit risk.

Date

02.02.2015

 

 

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 DENIED BY

 

Name :

Mr. Sabir

Designation :

Director

Contact No.:

91-9414112677

Date :

28.10.2015

 

 

 

LOCATIONS

 

Registered Office :

B-333, R.K. Colony, Bhilwara– 311001, Rajasthan, India

Tel. No.:

91- 1482-260477

Fax No.:

Not Available

E-Mail :

swarajsuiting@gmail.com

sktcoca@gmail.com

 

 

Factory:

Biliya Khurd, Pur Road, Bhilwara – 311 001, Rajasthan, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mohammad Sabir

Designation :

Director

Address :

B-333, R.K. Colony, Bhilwara. – 311001, Rajasthan, India

Date of Birth/Age :

05.07.1974

Date of Appointment :

09.06.2003

DIN No.:

00561917

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U18101RJ2003PTC018359

SWARAJ SUITING PRIVATE LIMITED

Director

09-06-2003

09-06-2003

-

Active

NO

2

U17119RJ2009PTC028069

SWARAJ SULZ PRIVATE LIMITED

Director

05-01-2009

05-01-2009

21-08-2014

Active

NO

3

U18101RJ2009PTC029118

SWARAJ PROCESSORS PRIVATE LIMITED

Director

10-06-2009

10-06-2009

30-06-2014

Active

NO

4

U17119RJ2010PTC031458

SAKINA TEXTILE PRIVATE LIMITED

Director

12-04-2010

12-04-2010

-

Active

NO

5

U17119RJ2011PTC036010

AHINSA BUSINESS VENTURE PRIVATE LIMITED

Director

28-07-2011

28-07-2011

26-07-2014

Active

NO

6

U45209RJ2011PTC036009

SATYAMAN TEXPARK PRIVATE LIMITED

Director

28-07-2011

28-07-2011

26-07-2014

Active

NO

7

U18101RJ2005PTC021376

SUN MOON GARMENTS PRIVATE LIMITED

Director

10-08-2013

10-08-2013

-

Active

NO

8

U17110RJ2011PTC036037

DIVINE SUITING PRIVATE LIMITED

Director

21-08-2014

21-08-2014

-

Active

NO

 

 

Name :

Samar Khan

Designation :

Director

Address :

C-333, R.K. COLONY, Bhilwara – 311001, Rajasthan, India

Date of Birth/Age :

13.05.1979

Date of Appointment :

09.06.2003

DIN No.:

01124399

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U18101RJ2003PTC018359

SWARAJ SUITING PRIVATE LIMITED

Director

09-06-2003

09-06-2003

-

Active

NO

2

U17119RJ2010PTC031458

SAKINA TEXTILE PRIVATE LIMITED

Director

12-04-2010

12-04-2010

-

Active

NO

3

U17119RJ2011PTC036010

AHINSA BUSINESS VENTURE PRIVATE LIMITED

Director

28-07-2011

28-07-2011

26-07-2014

Active

NO

4

U45209RJ2011PTC036009

SATYAMAN TEXPARK PRIVATE LIMITED

Director

28-07-2011

28-07-2011

26-07-2014

Active

NO

5

U18101RJ2005PTC021376

SUN MOON GARMENTS PRIVATE LIMITED

Director

31-01-2014

31-01-2014

-

Active

NO

6

U17110RJ2011PTC036037

DIVINE SUITING PRIVATE LIMITED

Director

21-08-2014

21-08-2014

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Mohammad Sabir

 

362146

Samar Khan

 

27500

Haven Vincom Private Limited, India

 

8750

Sakina Textile Private Limited, India

 

377730

Ahinsa Business Venture Private Limited, India

 

182750

Satyaman Tex Park Private Limited, India

 

183250

Alim Khan Parihar

 

15000

Gannet Vintrade Private Limited, India

 

16000

Abdul Rajjak Khan

 

1

Caliber Textile

 

1

Jyoti Suiting

 

1

Mewar Textile Trade, India

 

1

Total

 

1173130

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Bodies corporate

65.50

Directors or relatives of Directors

34.50

Total

100.00

 

 

 

AS ON 30.06.2015

 

Names of Shareholders

 

No. of Shares

Abdul Rajjak Khan; business

 

50000

Divine Suiting Private Limited

 

100000

 

 

 

Total

 

150000

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Suppliers synthetics fabrics, textile, cotton fabrics, synthetic fabrics, textile fabrics.

 

 

Products :
  • Synthetics Fabrics
  • Textile
  • Cotton Fabrics
  • Synthetic Fabrics
  • Textile Fabrics Etc.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Commercial Branch, Pur Road, Bhilwara - 311001, Rajasthan, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

Term loan from bank financial institutions

140.547

149.898

SHORT TERM BORROWINGS

 

 

Loans Repayable on Demands - From banks

 

 

Working capital loans banks secured

58.673

58.973

Total

199.220

208.871

 

Auditors :

 

Name :

S.K. Toshniwal and Company

Chartered Accountants

Address :

G-5-6-7 Satyaman Shopping Mall, Indra Market, Bhilwara – 311001, Rajasthan, India

PAN N Income-tax PAN of auditor or auditor's firm :

ABHFS4656E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Other Related Concerns:
  • Swaraj Sulz Private Limited
  • Divine Suitings Private Limited
  • Sakina Textiles Private Limited
  • Swaraj Processors Private Limited
  • Ahinsa Business Venture Private Limited
  • Sun moon garments Private Limited

 

 

CAPITAL STRUCTURE

 

After 30.09.2014

 

Authorised Capital: Rs.14.825 Million

 

Issued, Subscribed & Paid-up Capital: Rs.14.731 Million

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1182500

Equity Shares

Rs.10/- each

Rs.11.825 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1173130

Equity Shares

Rs.10/- each

Rs.11.731 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

11.731

11.731

11.731

(b) Reserves & Surplus

108.255

93.140

88.868

(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)

119.986

104.871

100.599

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

152.198

179.178

3.332

(b) Deferred tax liabilities (Net)

2.757

1.488

3.704

(c) Other long term liabilities

1.002

1.774

1.433

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

155.957

182.440

8.469

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

58.673

58.973

19.434

(b) Trade payables

2.167

3.078

0.690

(c) Other current liabilities

21.318

16.987

1.009

(d) Short-term provisions

0.699

0.509

0.367

Total Current Liabilities (4)

82.857

79.547

21.500

 

 

 

 

TOTAL

358.800

366.858

130.568

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

241.952

258.840

32.263

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4.774

4.493

0.443

(e) Other Non-current assets

11.370

1.370

31.781

Total Non-Current Assets

258.096

264.703

64.487

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

(b) Inventories

85.366

93.751

36.018

(c) Trade receivables

9.159

2.361

29.625

(d) Cash and cash equivalents

0.210

0.475

0.324

(e) Short-term loans and advances

5.969

5.568

0.114

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

100.704

102.155

66.081

 

 

 

 

TOTAL

358.800

366.858

130.568

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

TOTAL INCOME

261.712

251.021

185.272

 

 

 

 

 

 

TOTAL EXPENSES

233.403

235.714

183.526

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION

28.309

15.307

1.746

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

24.872

12.767

0.482

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3.437

2.540

1.264

 

 

 

 

 

Less

TAX

1.938

(1.732)

0.347

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

1.499

4.272

0.917

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.28 

3.64 

0.78

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

15.760

12.015

0.850

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

0.57

1.70

0.49

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.96

0.69

0.97

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.02

0.01

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.89

2.39

0.23

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.22

1.28

3.07

 

 

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

11.731

11.731

11.731

Reserves & Surplus

88.868

93.140

108.255

Net worth

100.599

104.871

119.986

 

 

 

 

long-term borrowings

3.332

179.178

152.198

Short term borrowings

19.434

58.973

58.673

Current maturities of long-term debts

0.850

12.015

15.760

Total borrowings

23.616

250.166

226.631

Debt/Equity ratio

0.235

2.385

1.889

 

 

 

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)

Total Income

185.272

251.021

261.712

 

 

35.488

4.259

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

185.272

251.021

261.712

Profit

0.917

4.272

1.499

 

0.49%

1.70%

0.57%

 

 

 

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

 

 

NOTE: Registered office of the company has been shifted from B-33, R.K. Colonybhilwara, Rajastahan, India to the present address w.e.f. 30.05.2012

 

 

OPERATION:

 

The company has achieved turnover of Rs. 261.712 Million for year 2013-2014 in comparison with Rs. 251.021 Million for year 2012-13.

 

 

FINANCIAL- PARTNER:

 

The company is dealing exclusively with State Bank of India, Commercial Branch, and Bhilwara. The company is thankful to the bank for providing the finance for our expansion projects.

 

 

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

Loans and advances from related parties

 

 

Loans directors

9.671

29.279

Other Loans and advances

 

 

Loan from financial institution

1.979

0.000

Total

11.650

29.279

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10579072

30/06/2015

64,500,000.00

STATE BANK OF BIKANER AND JAIPUR

INDRA MARKET, GODAWARI HALL, BHILWARA, RAJASTHAN - 311001, INDIA

C58487869

2

10579194

30/06/2015

64,500,000.00

STATE BANK OF BIKANER AND JAIPUR

INDRA MARKET, GODAWARI HALL, BHILWARA, RAJASTHAN - 311001, INDIA

C58541236

3

10300440

14/07/2011

160,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, PUR ROAD, BHILWARA, RAJASTHAN - 311001, INDIA

B18152710

4

10300454

14/07/2011

63,200,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, PUR ROAD, BHILWARA, RAJASTHAN - 311001, INDIA

B18156604

 

 

FIXED ASSETS

 

Tangible assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.65.15

UK Pound

1

Rs.99.36

Euro

1

Rs.71.25

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT`

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--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

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.