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Report No. : |
483492.2 |
|
Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
GOVIND METAL INDUSTRIES |
|
|
|
|
Registered
Office : |
Room No 12, 1st Floor, Building No 14, Greater Mumbai, Pandurang Bhavan,
C P Tank, 2nd Carpenter Street, Near
Nanu Bhai Desai Road, Girgaon, Mumbai – 400004, Maharashtra |
|
Tel. No.: |
91-22-67439739 / 40 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Year of
Establishment : |
13.08.2008 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 52.670 Million |
|
|
|
|
IEC No.: |
Not Applicable (As informed by the management that firm
does not have export and import) |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
GSTIN/UIN : |
27ATQPP0618Q1ZW |
|
|
|
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PAN No.: [Permanent Account No.] |
ATQPP0618Q |
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Legal Form : |
Sole Proprietary Concern |
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|
|
|
Line of Business
: |
Trader of SS pipe fitting and pipe, sheet
plate aluminium bronze nut, aluminium nut bolt, aluminium bronze fastener,
aluminium bronze, steel coils, plates, sheets and other metal
components. [Confirmed by management] |
|
|
|
|
No. of Employees
: |
7 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a proprietorship concern established in the year 2008. It is a trader of SS pipe fitting and pipe, sheet plate aluminium bronze nut, aluminium nut bolt, aluminium bronze fastener, aluminium bronze, steel coils, plates, sheets and other metal components. For the financial year ended 2017, the revenue of the firm has decreased by 74% but has managed to maintain average profit margin of 1.03%. There has been massive growth in its profitability by 891.40% during the FY 2017 as compared to the previous year. The moderate financial profile of the firm is marked by average capital base along with negligible debt level. However, we have received satisfactory feedback regarding the business transactions from its supplier (Bhagyalaxmi Steel Manufacturing Co) Customer (Patel Engineering Limited) also gave positive feedback and claimed that they are satisfied with subject’s product quality and delivery. Trade relations are reported as fair. Payment terms are reported to be slow. In view of the aforesaid, the firm 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
|
Name : |
Mr. Girdharilal Choparamji
Prajapati |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9322918581 |
|
Date : |
28.12.2017 |
LOCATIONS
|
Registered Office : |
Room No 12, 1st Floor, Building No 14, Greater Mumbai, Pandurang
Bhavan, C P Tank, 2nd Carpenter Street, Near Nanu Bhai Desai Road, Girgaon, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-67439739/ 40 |
|
Mobile No.: |
91-9322918581 [Mr. Girdharilal
Choparamji Prajapati] |
|
Fax No.: |
91-22-66102756 |
|
E-Mail : |
|
|
Area : |
200 sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
SOLE PROPRIETOR
|
Name : |
Mr. Girdharilal Choparamji
Prajapati |
|
Designation : |
Proprietor |
|
PAN No.: |
ATQPP0618Q |
BUSINESS DETAILS
|
Line of Business : |
Trader of SS pipe fitting and pipe, sheet
plate aluminium bronze nut, aluminium nut bolt, aluminium bronze fastener,
aluminium bronze, steel coils, plates, sheets and other metal
components. [Confirmed by management] |
|
|
|
|
Products : |
·
SS Pipe Fitting and
Pipe ·
Sheet Plate
Aluminium Bronze Nut ·
Aluminium Nut Bolt ·
Aluminium Bronze
Fastener ·
Aluminium Bronze ·
Steel Coils ·
Plates ·
Sheets ·
Other Metal Components |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
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|
|
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Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30 / 60 / 90 / 180 Days) |
|
|
|
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Purchasing : |
L/C, Cash and Credit (30 / 60 / 90 / 180 Days) |
GENERAL INFORMATION
|
Suppliers : |
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||||||||||||||||||||||
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Customers : |
Retailers, End Users, OEM’s
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No. of Employees : |
7 (Approximately) |
||||||||||||||||||||||
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||||||||||||||||||||||
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Bishnoi and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
Membership No.: |
147783 |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Membership : |
Not Available |
|
|
|
|
Sister Concern : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2017
|
Particulars |
INR in Million |
|
Proprietor’s
capital account |
|
|
Mr.
Girdharilal C. Prajapati |
52.670 |
|
|
|
|
Total |
52.670 |
FINANCIAL DATA
[all figures are
INR Million]
Note: Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
1] Proprietor’s Capital |
52.670 |
53.010 |
52.023 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
52.670 |
53.010 |
52.023 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.120 |
0.120 |
0.120 |
|
|
TOTAL
BORROWING |
0.120 |
0.120 |
0.120 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
52.790 |
53.130 |
52.143 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.775 |
0.153 |
0.070 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.319 |
5.276 |
3.582 |
|
|
Sundry Debtors |
48.312 |
55.023 |
60.880 |
|
|
Cash & Bank Balances |
2.547 |
2.982 |
1.236 |
|
|
Other Current Assets |
3.069 |
1.157 |
0.106 |
|
|
Loans & Advances |
6.130 |
6.796 |
6.834 |
|
Total Current Assets |
64.377 |
71.234 |
72.638 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.627 |
14.722 |
12.668 |
|
|
Other Current Liabilities |
3.140 |
0.239 |
0.273 |
|
|
Provisions |
1.595 |
3.296 |
7.624 |
|
Total Current Liabilities |
13.362 |
18.257 |
20.565 |
|
|
Net Current
Assets |
51.015 |
52.977 |
52.073 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
52.790 |
53.130 |
52.143 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
951.151 |
3793.805 |
886.811 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
951.151 |
3793.805 |
886.811 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of goods sold |
921.426 |
3560.181 |
882.414 |
|
|
Other direct expenses |
15.792 |
213.569 |
0.000 |
|
|
Accounting charges |
0.080 |
0.080 |
0.060 |
|
|
Audit fees |
0.100 |
0.100 |
0.070 |
|
|
Bad debts |
0.120 |
0.479 |
0.281 |
|
|
Computer expenses |
0.012 |
0.049 |
0.016 |
|
|
Conveyance expenses |
0.000 |
0.000 |
0.000 |
|
|
Cutting expenses |
0.011 |
0.045 |
0.045 |
|
|
Discount and Rebate |
0.101 |
0.403 |
0.160 |
|
|
Donation |
0.013 |
0.053 |
0.021 |
|
|
Electricity expenses |
0.006 |
0.023 |
0.017 |
|
|
Hel-Hamali expenses |
0.101 |
0.404 |
0.190 |
|
|
Labour charges |
0.150 |
0.598 |
0.256 |
|
|
Legal fees |
0.009 |
0.036 |
0.025 |
|
|
Packing and forwarding charges |
0.119 |
0.475 |
0.192 |
|
|
Postage and courier charges |
0.012 |
0.049 |
0.037 |
|
|
Printing and stationery
expenses |
0.005 |
0.019 |
0.012 |
|
|
Salary |
0.167 |
0.667 |
0.259 |
|
|
Sales tax |
0.093 |
0.371 |
0.094 |
|
|
Sundry expenses |
0.023 |
0.094 |
0.038 |
|
|
Commission / Brokerage |
2.357 |
12.626 |
0.846 |
|
|
Telephone expenses |
0.019 |
0.076 |
0.059 |
|
|
Testing charges |
0.034 |
0.135 |
0.078 |
|
|
Transport charges |
0.513 |
2.055 |
0.827 |
|
|
TOTAL |
941.263 |
3792.587 |
885.997 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST AND DEPRECIATION |
9.888 |
1.218 |
0.814 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.050 |
0.202 |
0.156 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
DEPRECIATION |
9.838 |
1.016 |
0.658 |
|
|
|
|
|
|
|
Less |
DEPRECIATION |
0.033 |
0.027 |
0.011 |
|
|
|
|
|
|
|
|
NET PROFIT/ (LOSS) |
9.805 |
0.989 |
0.647 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
18.54 |
5.29 |
25.06 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
19.69 |
68.95 |
14.57 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
3.42 |
1.51 |
5.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.29 |
0.23 |
0.23 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
5.57 |
7.96 |
11.63 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.20 |
0.26 |
0.28 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.26 |
0.35 |
0.40 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.03 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
197.76 |
6.03 |
5.22 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
1.03 |
0.03 |
0.07 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
14.82 |
1.39 |
0.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.62 |
1.87 |
1.24 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
4.78 |
3.88 |
3.51 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
4.45 |
3.59 |
3.34 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.80 |
0.74 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
4.78 |
3.88 |
3.51 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Proprietor’s Capital |
52.023 |
53.010 |
52.670 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
52.023 |
53.010 |
52.670 |
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
0.120 |
0.120 |
0.120 |
|
Total
borrowings |
0.120 |
0.120 |
0.120 |
|
Debt/Equity
ratio |
0.002 |
0.002 |
0.002 |
%2006-Jan-2018_files/image018.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
886.811 |
3793.805 |
951.151 |
|
|
|
327.803 |
(74.929) |
%2006-Jan-2018_files/image020.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
886.811 |
3793.805 |
951.151 |
|
Profit/(Loss) |
0.647 |
0.989 |
9.805 |
|
|
0.07% |
0.03% |
1.03% |
%2006-Jan-2018_files/image022.gif)
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 |
Yes |
|
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
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 |
No |
|
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 |
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.