Credit Risk Evaluation (CRE)€¦ · 19. Company Profile •Risk Methodology •Credit Risk Rationale Analyst Risk Assessment Revenue and Product Services Customer and Supplier Risk

Credit Risk Evaluation (CRE)For Credit Rating & Bank Loan

Term Loan ProposalNov 22, 2017CapAnalec Services Pvt Ltd.

1. Birds Eye View of Credit Risk

2. Credit Risk Assessment Summary

Interest Cover

3. Credit Risk Score Analysis

6. Operating Statement Analysis-Form-II

5. Operational Financial Risk Analysis

Risk Methodology•Risk Rationale•Analyst Risk Assement

Bankruptcy Probability◦Cash Flow Risk◦Profitability Risk◦Repayment Risk◦Credit Grading◦

•

Analyst Risk Mitigation View•

Bankruptcy Risk Score•Profitability Risk Score Analysis•Positive Contributor of Risk Score•Negative Contributor of Risk Score•CapAnalec Credit Score Analysis•

Funds Flow Analysis•TCA Funding Analysis•Cash Flow Sources•Maximum Credit Limit Risk Analysis•

Operating Ratio Analysis•Repayment Risk Analysis•Key Financial Data and Ratio•

13. Trend Analysis

15. Business Risk Assessment

17. Management Risk Assessment

16. Operational Risk Assessment

18. Market Value Add

19. Company Profile

Risk Methodology•Credit Risk Rationale•Analyst Risk Assessment

Revenue and Product Services◦Customer and Supplier Risk◦Market and Industry Position◦

•

Analyst Risk Mitigation View•Revenue Segment Growth Risk•Supplier Segment Growth Risk•Customer Segment Growth Risk•

Risk Methodology•Credit Risk Rationale•Analyst Risk Assessment

Operational Risk Efficiency◦Business Integration◦Operational Compliance◦

•


Risk Methodology•Risk Rationale•Analyst Risk Assessment

Promoter Team Evaluation◦Management Team◦Organization Evaluation◦

•


21. Annexure

20. Peer’ Benchmarking Analysis

12. Detailed Financial Analysis

7. Asset Liability Statement Analysis- Form-III

8. Comparative Statement of Current Asset & Current Liability –Form-IV

11. Key Financial Indicator for Banks

10. Funds Flow Statement Analysis – Form VI

9. Computation of Maximum Permissible Bank Finance of Working Capital-Form V

14. Summary Credit Risk Analysis- Banks View

Advisor CA & CA Associate

Powered by ORAC Platform Term Loan ProposalCompany Name : Sample Company

2Term Loan Proposal @ All rights reserved CapAnalec Services Pvt. Ltd.

CapAnalec Predictive Credit Risk Rating Analytics, Performance BenchmarkingAnalytics, Business Valuation Analytics, Vendor Default Risk Analytics, VC/PEInvestment Risk Analytics solutions and advisory reports and any other RiskAnalytical reports, are not recommendation or opinion that is intended tosubstitute for a financial advisor's or investor's independent assessment ofwhether to buy, sell or hold any financial product or to sanction, renew, disburseor recall the concerned credit facility or investment envisaged. Our variousanalytics solutions and advisory statement are only statement of opinion derivedobjectively through our cloud based risk analytics software (ORAC), varioussources of public information and other statutory information sources like ROC.The research information contained therein is an objective and independentreference source, which should be used in conjunction with other information informing the basis for an investment decision. CapAnalec has based its riskassessment on the information obtained from the sources believed by it to beaccurate and reliable. CapAnalec does not, however, guarantee the accuracy,adequacy or completeness of any information and is not responsible for anyerrors or omissions or for the results obtained from the use of such information.Although reasonable care has been taken to ensure that the information hereinis true, such information is provided ‘as is’ without any warranty of any kind, andCapAnalec and its group companies in particular, makes no representation orwarranty, express or implied, as to the accuracy, timeliness or completeness ofany such information. All information contained herein must be construed solelyas statements of opinion, and CapAnalec and its group companies shall not beliable for any losses incurred by users from any use of this document or itscontents in any manner. Opinions expressed in this document should only beconstrued as any indication of credit score for specific purpose on behest of thesaid subscriber alone for its own consumption. Finally, CapAnalec ServicesPrivate Limited and its employees accept no liabilities whatsoever for any direct,indirect or consequential loss of any kind arising from the use of its rating andrating research in way whatsoever, unless CapAnalec services Private Limited isnegligent in miss interpreting or manipulating the data, in which case, ourmaximum liability to our clients is the amount of our fee for the report.

Capanalec Privacy :

CapAnalec respects your privacy. We use your contact information, such as your name, address, and Email ID, to fulfill your request and service your account and to provide you with additional information from CapAnalec for your interest.

Analyst Disclosure: Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company.

Analyst Disclosure:

In INR Lakh.



Term Loan Proposal @ All rights reserved CapAnalec Services Pvt. Ltd. 3

Sample CompanySample, Sample, Sample, Sample, Mumbai, Thane, Maharashtra, 400701

Phone : : Website : : Sample

Vendor ID :031805Principal ID :031805Report Date :Nov 22, 2017

Risk Score

620

948 & Above Lowest Risk731-948 Moderate Risk554-731 Medium Risk442-554 Average Risk368-442 High Risk297-368 Very High Risk213-297 Highest Risk

0-213 Default Risk

CapAnalec Risk Scale

Our Value Add

Peer Group Benchmarking

Analyst Independent View

Risk Mitigation Strategies

Adherence to Banking Norms

Compliance with Risk Guidelines

Financial Credit Risk Trend

2013 2014 2015 2016 2017

Financial Year

40

50

60

Ris

k S

core

CapAnalec Normalized ScoreInvestement Threshold

Graph 1Market Risk Score

Credit Risk Risk Score in Medium Risk Zone Stable Trend

Risk Score Trend

Company Risk RationaleThe Company credit score has been derived on online risk assessment andcompliance platform with inbuilt financial technology tools validated on morethan 31,000 companies across 128 industry sectors for over 5-10 financialyears. CPCR is purely based on quantitative risk analytics derived on ORACplatform. This does not include any subjective assessment with regards toadditional Security collaterals, stocks, Personal Guarantees, CorporateGuarantees or any other credit enhancement structure to mitigate credit risk ofcompany.

Company Name : Sample CompanyTerm Loan ProposalPowered by ORAC Platform



Financial Risk Score

11

20

1823

28 Bankruptcy ProbabilityProfitability RiskRepaymentInterest CoverAsset Cover

Chart 1

Management Risk Score

67

67

67 Promoter Team EvaluationManagement TeamOrganization Evaluation

Chart 2

Operational Risk Score

67

67

67

0 20 40 60 80 100

Score

Business Integration

Compliance

Efficiency

Chart 3

Compliance Risk Score

67

67

67 Revenue RiskMarket RiskCompetition Risk

Chart 4

Financial Risk comprises ofbankruptcy, profitability,repayment, cash flow and CreditRisk and indicates consolidatedview on the same. The Analystcomments are:

Analyst Comments

Analyst CommentsManagement Risk comprises ofPromoter Team Evaluation,Management Team andOrganization Evaluation andindicates consolidated view on thesame.The Analyst comments are:

Operational Risk focuses onInfrastructure Facility, Technologyand Safety & Quality and indicatesconsolidated view on the same.The Analyst comments are:

Analyst Comments

Analyst CommentsBusiness Risk focuses onRevenue, Market and CompetitionRisk and indicates consolidatedview on the same. The Analystcomments are:

Risk View Summary




Financial Risk Assessment

Risk Methodology

Good74

Financial Risk Score

11

20

1823

28 Bankruptcy ProbabilityProfitability RiskRepaymentInterest CoverAsset Cover

Chart 5

13Repayment

Profitability Risk 15

8Bankruptcy Probability

Interest Cover 17

21Asset CoverAnalyst Risk Assessment

Financial risk assessment comprises of accountingquality, existing and future financial projections, cashflow adequacy and financial flexibility. It covers capitalstructure, profitability analysis, debt protection ratios,liquidity and short term factors, working capitalmanagement, sources and uses of funds, cash accrualin relations to the debt payments, capital expenditureplan, banks limits and utilization of working capital.Detailed analysis is carried out independently by ananalyst, arriving at a consolidated credit risk score thatis represented an inherent credit risk by the Company.

Risk RationaleAnalyst qualitative Assessment over here.

BankruptcyAnalyst qualitative Assessment overhere.

•

Analyst qualitative Assessment overhere.

•Interest Cover


•Credit Grade


•Profitability


•Repayment

Risk Mitigation View :Analyst qualitative Assessment over here.•Analyst qualitative Assessment over here.•Analyst qualitative Assessment over here.•




It constitute of Accounting quality, Existing and Future Financial position, Cash flow adequacy and financialflexibility. In accounting quality we do look at reporting and Disclosures available. Financial positions overlooks oncapital structure, profitability analysis, Debt protection ratios, off balance sheet obligations, sensitivity analysis,liquidity short term factors and working capital management. In cash flow adequacy assess sources and uses offunds, repayment flow and capital expenditure plan.

Financial Risk Analysis

Analyst qualitative Assessment over here.

Bankruptcy Risk Score

Risk Performance

2013 2014 2015 2016 2017

Financial Year

77.5

88.5

9

Z S

core

Altman Z-Score

Graph 2

3 & Above Safe Zone

2.7 to 3.0 Moderate Safe Zone

1.8 to 2.7 Risky Zone

Below 1.8 Highest Risk Zone

Z-Score Risk Profile

Profitability Risk Score

Analyst qualitative Assessment over here.Risk Performance

2013 2014 2015 2016 2017

Financial Year

2025303540

%

ROCE (%)

Chart 6

Positive Contributor


2013 2014 2015 2016 2017

Financial Year

2000300040005000600070008000

INR

Lak

hs

Cost Of SalesSales

Graph 42013

2014

2015

2016

2017

1000

2000

3000

4000

INR

Lak

hs

Total LiabilitiesGraph 3

2013 2014 2015 2016 2017

Financial Year

0

10

20

30

Tim

es

DSCR Interest Coverage

Graph 6Analyst qualitative Assessment over here.

Negative Contributor


2013 2014 2015 2016 2017

Financial Year

-100

102030405060

%

EBIDTA Margins (%) Growth in Sales (%)PAT Margins (%)

Graph 5

Analyst qualitative Assessment over here.




Credit Risk Score Analysis

CapAnalec predictive credit risk Grading (PCRG) was inMedium Risky 78 (0= Worst, 100= best) for the FinancialYear ending 2015. The rating places the company in thebottom half of the Medium Risky group. Historically,companies with a PCRG at this level have demonstratedsufficient safety against the default. The existing rating showscompany is in sound financial condition and not facing anyfinancial stress for servicing his long term liability inimmediate future. Short term risk is just above the existingrisk grading.

Score Performance Rationale

Corporate Credit Risk Analysis

Financial Year 2017Publication Validity January 1, 2Company Name Sample CompanyCIN Number sample_______________Capanalec Risk Score 61

Capanalec Credit Grading SME 3

Risk Level Medium Risk

Year Audited Audited Audited Audited AuditedFinancial Year 2013 2014 2015 2016 2017CRS - I 1.2 1.3 1.5 1.1 1.3

CRS - II 1.2 1.3 1.6 1.2 1.2CapAnalec Normalized Score 60.4 61.1 62.3 60.7 60.7

Investement Threshold 36.8 36.8 36.8 36.8 36.8

Altman Z-Score 8.6 7.1 7.3 7.5 7.7

Predictive Credit Gading SME 3 SME 3 SME 3 SME 4 SME 3

Likely Up/Downgrading SME 3 SME 3 SME 3 SME 3 SME 3

Methodology of PCG ModelRisk MethodologyCapAnalec Predictive Credit Risk (CPCR) model has been derived, built and validatedwith regressive multivariate analysis carried our on the financial information constituteunsystematic risk of more than 15400 companies across 44 different industries and124 sub-industry for more than 5 consecutive years. CPCR is purely based onquantitative risk analytics derived on ORAC platform. This does not include anysubjective assessment with regards to additional Security collaterals, stocks, PersonalGuarantees, Corporate Guarantees or any other credit enhancement structure tomitigate credit risk of company. CPCR would be fined tuned further with subjectiveassessment evaluated & quantified score of management track record, operationaldetails, compliance and business risk details, and corporate restructuring details of thecompany. Based on the study, CPCR model has accurately predicted the defaultingNPA status of the companies published by RBI. CPCR is purely based on quantitativeassessment of financial statement forms clear bottom credit risk level for anycompany, upon which it could be further improved with additional credit enhancementmeasures like additional collaterals, corporate guarantees and structured obligation.

In INR Lakh.

Disclaimer:The Predictive Credit Rating score PCR is based on proprietary quantitative methodology and analysis developed by CapAnalec.CapAnalec ispromoted by the experienced team with profile of IIM/IIT with an cumulative experience of over 70 years in the field of Investment Banking/Banking/ITConsulting/Risk Management and contributed towards designing/conceptualizing various financial risk tools for assessment of financial risk for Banks andInstitution.The predictive credit score model and methodology incorporates all the requisite past financial information and relevant credit information beingsubmitted by the company for the specific purpose of this assignment and believed to be true and valid for analysis. We believe that getting PCR done isequivalent to self preparation by MSME in detail understanding Total credit strength from the perspective of credit rating agency and/or Bank for any loanproposal.

2013 2014 2015 2016 2017

Financial Year

1.2

1.6

Ris

k S

core

CRS - I CRS - II

Graph 7




Cash Flow Risk AnalysisRisk MethodologyCash flow analysis focuses on the assessment of capital sourcesand usages of Funds. It assesses the cash accruals in relationshipto debt repayments. Analysis assesses capital expenditure plansand WC financing, giving us an indication and trend of WC neededby the company and its banking viability for short term and longterm business loans.

Risk PerformanceAnalyst qualitative Assessment over here.

TCA FundingRisk PerformanceAnalyst qualitative Assessment over here.

Cash Flow Sources

2013 2014 2015 2016 2017

Financial Year

-300

-200

-100

0

100

200

300

400

INR

Lak

hs

Financing Activities Investing Activities Net Cash AccrualNet Change in Cash Operating Activities

Graph 10

CASH FLOWS 2013 2014 2015 2016 2017Net Cash Accrual 131.7 141.0 155.8 220.4 376.4

Operating Activities 0 29.5 271.2 55.8 369.4

Investing Activities 0 -70.8 4.6 -89.8 -266.7

Financing Activities 0 114.9 -155.0 21.8 -33.7

Net Change in Cash 0 73.6 120.7 -12.2 69.0

Maximum Credit Limit Risk ScoreEligibility Assessment for Banking FinanceYear 2013 2014 2015 2016 2017I: Min Stipulated NWC 45.4 107.9 226.7 325.4 367.7

II: Min Stipulated NWC 263.0 337.1 447.5 713.9 771.6

Actual/Projected NWC 33.3 179.5 159.2 410.4 520.2

I: MPBF 136.0 252.2 680.1 891.3 950.7

II: MPBF -81.6 94.6 459.3 587.9 699.2

In INR Lakh.

Risk PerformanceAnalyst qualitative Assessment over here.

Risk MethodologyMaximum permissible bank finance is derived asper Reserves Bank of India (RBI) guideline onworking capital finance by the Bank.


TCA Funding

2013 2014 2015 2016 2017

Financial Year

0

10

20

30

40

50

%Bank Borrowings Long Term FundsOther Current Liabilities Sundry Creditors

Graph 9

Funds Flow Analysis

2013 2014 2015 2016 2017

Financial Year

-100

0

100

200

300

400

500

INR

Lak

hs

Long Term Sources Long Term UsesSurplus / Deficit

Graph 8




Operational Financial Risk Analysis

Operational Financial Risk focuses on assessment and trend ofprofitability ratios and efficiency of the operating financial cycle for thebusiness. It assess the trade cycle of the company, capacity utilizationand its viability of the various repayment commitment to Bank Loans.It analyses various debt servicing ratios and their trend over pastyears and to provide a guiding trend for the future. It assesses overallleveraging capability of the company for short term and long termfinances.

Risk Methodology

Risk PerformanceAnalyst qualitative Assessment over here.forward.

Repayment Risk Analysis

2013 2014 2015 2016 2017

Financial Year

0

10

20

30

Tim

es

DSCR Interest Coverage TOL/TNWTotal Debt/ EBIDTA Total Debt/ NCA

Graph 12

DEBT SERVICES RATIOS

2013 2014 2015 2016 2017

Total Debt 236.0 398.7 804.1 1071.2 1213.7

Total Debt/ NCA 1.8 2.8 5.2 4.9 3.2Total Debt/ EBIDTA 0.0 0.0 0.0 0.0 0.0

TOL/TNW 3.1 2.3 2.4 2.9 2.2Interest Coverage 10.4 5.0 3.0 2.7 3.7

DSCR 0.0 23.7 26.7 16.3 19.6


In INR Lakh.

Operating Ratio AnalysisOperating RATIOS 2013 2014 2015 2016 2017EBIDTA Margins (%) 6.0 7.1 6.3 5.9 8.1

PAT Margins (%) 3.8 4.0 3.4 3.1 4.8

Growth in Sales (%) 0 -0.4 31.0 55.4 15.8

Days Payable 0 63 78 101 85

Days Receivable 86 125 103 107 110

Days Inventory 12 6 26 12 16

2013 2014 2015 2016 2017

Financial Year

-10

0

10

20

30

40

50

60

%EBIDTA Margins (%) Growth in Sales (%)PAT Margins (%)

Graph 11

2013 2014 2015 2016 2017Current Assets 1051.8 1348.3 1790.0 2855.4 3086.3

Current Liabilities 1018.5 1168.7 1630.8 2445.0 2566.2

Total Revenue 3165.3 3152.6 4131.2 6418.1 7435.2

EBIDTA 189.8 224.6 258.6 378.0 605.8

Cash From Ops. 144.5 29.5 271.2 55.8 369.4

Revenue/Assets 2.2 1.7 1.7 1.8 1.8EBIDTA/Revenue (%) 6.0 7.1 6.3 5.9 8.1

EBIDTA/Interest 14.8 6.9 4.0 3.7 5.2

Total Liabilities 1106.4 1315.3 1687.4 2624.9 2829.2

DSCR 0.0 23.7 26.7 16.3 19.6

ROCE (%) 39.8 34.9 23.5 24.1 32.3

Default risk is predominantly based on the strength of the variousrepayment ratios i.e. DSCR and interest cover TOL/TNW etc. Overallstrength of these ratios provide an better indication of the financialviability of cash flow. CapAnalec methodology constitute analysis ofthese various risk parameters and their trend.

Risk Methodology

Key Financial Data and Ratios




CMA MODULE-FORM II - OPERATING STATEMENT ANALYSIS

15.80%

8.10%

2014 2015 2016 2017Nature Of Financials Audited Audited Audited AuditedNumber of Months In Year 12 12 12 12Salesi) Domestic Sales 3152.65 4131.17 6418.10 7435.20ii) Export Sales 0.00 0.00 0.00 0.00Gross Sales 3152.65 4131.17 6418.10 7435.20Less: Excise Duty 0.00 0.00 0.00 0.00Net Sales 3152.65 4131.17 6418.10 7435.20% age rise (+) or fall (-) in net sales -0.40% 31.04% 55.36% 15.85%Cost of Salesi) Raw materials 2183.52 3148.53 4722.76 5478.40a. Imported 0.00 0.00 0.00 0.00b. Indigenous 2183.52 3148.53 4722.76 5478.40ii) Other Spares 0.00 0.00 0.00 0.00a. Imported 0.00 0.00 0.00 0.00b. Indigenous 0.00 0.00 0.00 0.00iii) Depreciation 10.66 13.36 13.98 16.07iv) Other Manufacturing Expenses 149.46 284.22 736.86 847.39v) Sub-total 2343.64 3446.11 5473.60 6341.86vi) Add: Opening Stock-in-process 0.00 0.00 0.00 0.00vii) Sub-total 2343.64 3446.11 5473.60 6341.86viii) Less : Closing Stock-in-process 0.00 0.00 0.00 0.00ix) Cost of Production 2343.64 3446.11 5473.60 6341.86x) Add : Opening Stock of finished goods 89.30 42.45 240.45 184.50xi) Sub-total 2432.94 3488.56 5714.05 6526.36xii) Less : Closing Stock of finished goods 42.45 240.45 184.50 284.02Sub-total(Total Cost of Sales) 2390.49 3248.11 5529.55 6242.34Selling, general and administrative expenses 548.27 637.81 524.50 603.18Sub-total 2938.76 3885.92 6054.05 6845.52Operating Profit before Interest 213.89 245.25 364.05 589.68Interest 32.73 65.08 101.55 116.77Interest on Fixed Loans and Term Loan 5.73 5.08 11.55 16.77Other Interest 27.00 60.00 90.00 100.00Operating Profit after Interest 181.16 180.17 262.50 472.91i) Add: Other non-operating Income 10.62 25.47 43.98 65.00ii) Less : Other non-operating expenses 0.00 0.00 0.00 0.00iii) Net of other non-operating income / expenses 10.62 25.47 43.98 65.00

Profit before tax/loss 191.78 205.64 306.48 537.91Provision for taxes 65.31 67.05 104.42 181.94Income Tax Provision 61.48 63.17 100.08 177.60Deferred Tax Liability 3.83 3.88 4.34 4.34Deferred Tax Assets 0.00 0.00 0.00 0.00Net Profit / Loss 126.47 138.59 202.06 355.97a. Equity dividend paid / proposed amount 0.0 0.0 0.0 0.0(Interim Div paid + Final Div proposed) 0.00 0.00 0.00 0.00b. Dividend Rate (% age) 0.00 0.00 0.00 0.00Retained Profit 126.47 138.59 202.06 355.97Retained Profit / Net Profit (% age) 100.00% 100.00% 100.00% 100.00%

In INR Lakh.




2014 2015 2016 2017Nature of FinancialsNumber of Months In Year 12 12 12 12CURRENT LIABILITIES1. Short-term borrowing from banksi) From Applicant Banks 252.17 747.51 891.34 950.66ii) From Other Banks 0.00 0.00 0.00 0.00iii) (of which BP & BD) 0.00 0.00 0.00 0.00Sub-total[i + ii] (A) 252.17 747.51 891.34 950.662. Short term borrowings from others 0.00 0.00 0.00 0.003. Sundry Creditors for goods 385.73 686.25 1328.76 1293.214. Advance received from customers 0.00 0.00 0.00 0.005. Provision for Taxation 157.85 0.00 145.68 235.896. Dividend payable 0.00 0.00 0.00 0.007. Other statutory liabilities (due within 1 year) 89.85 117.61 0.00 0.008. Instalments of term loans / debentures etc. (due within 1 year) 0.00 0.00 0.00 0.00

9. Other current liabilities & provisions 283.14 79.39 79.25 86.40a. Interest Accrued but not due 40.43 25.77 0.00 0.00b. Interest Accrued and due 0.00 0.00 0.00 0.00c. Creditors for Expenses 69.70 45.43 0.00 0.00d. Other current liabilities 173.01 8.19 79.25 86.40Sub total [2 to 9] (B) 916.57 883.25 1553.69 1615.5010. Total current liabilities[A + B] 1168.74 1630.76 2445.03 2566.16TERM LIABILITIES11. Debentures (not maturing within 1 year) 0.00 0.00 0.00 0.0012. Preference Shares (redeemable after 1 year) 0.00 0.00 0.00 0.00

13. Term loans 16.85 17.17 129.10 212.2014. Defferd Tax Liability 0.00 0.00 0.00 0.0015. Other term liabilities 129.70 39.42 50.80 50.8016. Total Term Liabilities[11 to 15] 146.55 56.59 179.90 263.0017. Total Outside Liabilities[10 + 16] 1315.29 1687.35 2624.92 2829.16NET WORTH18. Ordinary Share Capital 125.00 125.00 125.00 125.0019. Share Application Money 0.00 0.00 0.00 0.0020. General Reserve 317.97 444.46 575.28 777.3321. Balnce in profit and loss a/c 126.47 138.59 202.06 355.9722. Share Premium 0.00 0.00 0.00 0.0023. Revaluation Reserve 0.00 0.00 0.00 0.0024. Other Reserves 0.00 0.00 0.00 0.0025. Quasi Equity 0.00 0.00 0.00 0.0026. Net Worth 569.44 708.05 902.34 1258.30TOTAL LIABILITIES[17 + 26] 1884.73 2395.40 3527.26 4087.46CURRENT ASSETS1. Cash and Bank Balance 6.15 36.15 21.17 7.13i) Cash Balance 6.15 36.15 6.53 4.68ii) Bank Balance 0.00 0.00 14.64 2.452. Investments (other than long term) 196.00 308.73 596.27 625.05i) Govt. and other trustee securities 0.00 0.00 0.00 0.00ii) Fixed Deposits with banks 196.00 308.73 596.27 625.054. Sundry Debtors 926.94 998.32 1664.95 1776.49i) Domestic Receivables ( including bills purchased and discounted) 926.94 998.32 1664.95 1776.49

ii) Export Receivables ( including bills purchased and discounted) 0.00 0.00 0.00 0.00

5. Inventories 42.45 240.45 184.50 284.02i) Raw Material 0.00 0.00 0.00 0.00

950.70

4087.50

In INR Lakh.



CMA MODULE-FORM III - ASSET AND LIABILITY STATEMENT ANALYSIS


a. Imported 0.00 0.00 0.00 0.00b. Indigenous 0.00 0.00 0.00 0.00ii) Stocks-in-process 0.00 0.00 0.00 0.00iii) Finished Goods 42.45 240.45 184.50 284.02iv) Stores and Spares 0.00 0.00 0.00 0.00a. Imported 0.00 0.00 0.00 0.00b. Indigenous 0.00 0.00 0.00 0.006. Advances recoverable in cash or in kind 0.00 0.00 0.00 0.007. Advances to suppliers of raw materials 0.00 4.19 2.12 15.658. Advance Income Tax 169.62 37.02 124.88 301.679. Other current assets (specify major items) 7.12 165.15 261.56 76.31a. Prepaid Expenses 5.17 158.40 254.52 73.27b. Other Advances / current asset 1.95 6.75 7.04 3.0410. Total Current Assets (1 to 10) 1348.28 1790.01 2855.45 3086.32FIXED ASSETS11. Gross Block 359.15 445.72 456.31 546.1912. Add : Capital Work in Progress 0.00 0.00 0.00 0.0013. Total 359.15 445.72 456.31 546.1914. Less Accumulated Depreciation 22.27 35.64 49.37 76.91Net Block (13-14) 336.88 410.08 406.94 469.28OTHER NON-CURRENT ASSETS15. Exposure in group companies 0.00 0.00 0.00 0.00a. Investments 0.00 0.00 0.00 0.00b. Advances 0.00 0.00 0.00 0.0016. Debtors more than six months 174.56 188.02 257.80 504.5017. Investments 0.00 0.00 27.00 47.0018. Fixed Deposits ( Non Current ) 25.04 7.00 0.00 0.0019. Others 0.00 0.00 0.00 0.00a. Dues from directors / partners / promoters 0.00 0.00 0.00 0.00b. Advances to suppliers of capital goods 0.00 0.00 0.00 0.00c. Security deposits with government departments 0.00 0.00 0.00 0.00

d. Other non current assets 0.00 0.00 0.00 0.0020. Total Other Non-current Assets(15 to 19) 199.60 195.02 284.80 551.5021. Intangible Assets 0.00 0.00 0.00 0.0022. Total Assets (10+14+20+21) 1884.76 2395.11 3547.19 4107.10Tangible Net Worth 569.44 708.05 902.34 1258.30Net Working Capital 179.54 159.25 410.43 520.16Current Ratio 1.15 1.10 1.17 1.20Total Liabilities/Tangible Net Worth 2.31 2.38 2.91 2.25Total Term Liabilities / Tangible Net Worth 0.26 0.08 0.20 0.21ADDITIONAL INFORMATIONContingent Liabilities:i) Arrears of cumulative dividends 0.00 0.00 0.00 0.00ii) Gratuity liability not provided for 0.00 0.00 0.00 0.00iii) Disputed excise / customs / tax liabilities 0.00 0.00 0.00 0.00iv) Letter of credit outstanding 0.00 0.00 0.00 0.00v) Other contingent liabilities 0.00 0.00 0.00 0.00vi) Performance guarantees 0.00 0.00 0.00 0.00vii) Financial Guarantees 0.00 0.00 0.00 0.00

551.50

1258.30

469.30

In INR Lakh.



CMA MODULE-FORM III - ASSET AND LIABILITY STATEMENT ANALYSIS


3086.30

CMA-FORM-IV : COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES2014 2015 2016 2017

Nature of FinancialsNumber of Months In Year 12 12 12 12CURRENT ASSETS1. Raw Materiala. Imported 0.00 0.00 0.00 0.00Month's Consumption 0.00 0.00 0.00 0.00b. Indigenous 0.00 0.00 0.00 0.00Month's Consumption 0.00 0.00 0.00 0.002. Stores and Sparesa. Imported 0.00 0.00 0.00 0.00Month's Consumption 0.00 0.00 0.00 0.00b. Indigenous 0.00 0.00 0.00 0.00Month's Consumption 0.00 0.00 0.00 0.003. Stocks-in-process 0.00 0.00 0.00 0.00Month's cost of production 0.00 0.00 0.00 0.004. Finished Goods 42.45 240.45 184.50 284.02Month's cost of sales 0.21 0.89 0.40 0.555. Domestic Receivables ( including bills purchased and discounted) 926.94 998.32 1664.95 1776.49

Month's domestic sales 3.53 2.90 3.11 2.876. Export Receivables ( including bills purchased and discounted) 0.00 0.00 0.00 0.00

Month's export sales 0.00 0.00 0.00 0.007. Advances recoverable in cash or in kind 0.00 0.00 0.00 0.008. Advances to suppliers of raw materials 0.00 4.19 2.12 15.659. Other current assets incl. cash & bank balances 378.89 547.05 1003.88 1010.16

i) Cash Balance 6.15 36.15 6.53 4.68ii) Bank Balance 0.00 0.00 14.64 2.45Investments (other than long term) 0.0 0.0 0.0 0.0i) Govt. and other trustee securities 0.00 0.00 0.00 0.00ii) Fixed Deposits with banks 196.00 308.73 596.27 625.05Advance Income Tax 169.62 37.02 124.88 301.67Other current assets (specify major items) 7.12 165.15 261.56 76.31Total Current Assets 1348.28 1790.01 2855.45 3086.32

2014 2015 2016 2017Nature of FinancialsNumber of Months In Year 12 12 12 12B. CURRENT LIABILITIES(Other than bank borrowings for working capital)10. Sundry Creditors for goods 385.73 686.25 1328.76 1293.21Month's purchases 2.12 2.62 3.38 2.8311. Advance received from customers 0.00 0.00 0.00 0.0012. Provision for Taxation 157.85 0.00 145.68 235.8913. Dividend payable 0.00 0.00 0.00 0.0014. Other statutory liabilities (due within 1 year) 89.85 117.61 0.00 0.00

15. Instalments of term loans / debentures etc. (due within 1 year) 0.00 0.00 0.00 0.00

16. Short term borrowings from others 0.00 0.00 0.00 0.0017. Other current liabilities & provisions 283.14 79.39 79.25 86.40a. Interest Accrued but not due 40.43 25.77 0.00 0.00b. Interest Accrued and due 0.00 0.00 0.00 0.00c. Creditors for Expenses 69.70 45.43 0.00 0.00d. Other current liabilities 173.01 8.19 79.25 86.4018. Total Current Liabilities 916.57 883.25 1553.69 1615.50

1615.50

In INR Lakh.




CMA MODULE - FORM V - COMPUTATION OF MAXIMUM PERMISIBLE BANK FINANCE FOR WORKING CAPITAL

950.70

699.20

In INR Lakh.

2014 2015 2016 2017Nature of FinancialsNumber of Months In Year 12 12 12 12FIRST OF METHODE OF LENDING1. Total Current Assets (Form-IV-10) 1348.28 1790.01 2855.45 3086.322. Other Current Liabilities (other than bank borrowings (Form-IV-18)) 916.57 883.25 1553.69 1615.50

3. Working Capital Gap (WCG (1-2)) 431.71 906.76 1301.77 1470.824. Min. stipulated Net Working Capital (25% of WCG excluding export receivables) 107.93 226.69 325.44 367.71

5. Actual / Projected Net Working Capital 179.54 159.25 410.43 520.166. Item-3 minus Item-4 323.78 680.07 976.32 1103.127. Item-3 minus Item-5 252.17 747.51 891.34 950.668. Max. permissible bank finance (item-6 or 7, whichever is lower) 252.17 680.07 891.34 950.669. Excess borrowings representing shortfall in NWC (4 - 5) 0.00 67.44 0.00 0.00

2014 2015 2016 2017Nature of FinancialsNumber of Months In Year 12 12 12 12SECOND METHOD OF LENDINGTotal Current Assets (Form-IV-10) 1348.28 1790.01 2855.45 3086.322. Other Current Liabilities (other than bank borrowings (Form-IV-18) 916.57 883.25 1553.69 1615.50

3. Working Capital Gap (WCG (1-2)) 431.71 906.76 1301.77 1470.824. Min. stipulated net working capital (25% of total Current Assets excluding export receivables)

337.07 447.50 713.86 771.58

5. Actual / Projected net working capital 179.54 159.25 410.43 520.166. Item-3 minus Item-4 94.64 459.26 587.90 699.247. Item-3 minus Item-5 252.17 747.51 891.34 950.668. Max. permissible bank finance (item-6 or 7, whichever is lower) 94.64 459.26 587.90 699.249. Excess borrowings representing shortfall in NWC (4 - 5) 157.53 288.25 303.44 251.42

FIRST METHOD OF LENDING

SECOND METHOD OF LENDING




CMA MODULE - FORM VI - FUNDS FLOW STATEMENT2015 2016 2017

Nature of FinancialsNumber of Months In Year 12 12 121. SOURCESa. Net Profit 138.59 202.06 355.97b. Depreciation 13.37 13.73 27.54c. Increase in Capital 0.00 0.00 0.00d. Increase in Term Liabilities 0.00 123.31 83.10e. Decrease ini) Fixed Assets 0.00 0.00 0.00ii) Other non-current Assets 4.58 0.00 0.00f. Others 0.02 0.00 0.00g. TOTAL 156.56 339.10 466.612. USESa. Net loss 0.00 0.00 0.00b. Decrease in Term Liabilities 89.96 0.00 0.00c. Increase ini) Fixed Assets 86.57 10.59 89.88ii) Other non-current Assets 0.00 89.78 266.70d. Dividend Payments 0.00 0.00 0.00e. Others 0.00 7.77 0.01f. TOTAL 176.53 108.14 356.593. Long Term Surplus (+) / Deficit (-) [1-2] -19.97 230.96 110.024. Increase/decrease in current assets* (as per details given below) 441.73 1065.44 230.87

5. Increase/decrease in current liabilities other than bank borrowings -33.32 670.44 61.82

6. Increase/decrease in working capital gap 475.05 395.01 169.067. Net Surplus / Deficit (-) [3-6] -495.02 -164.05 -59.038. Increase/decrease in bank borrowings 495.34 143.83 59.329. Increase/decrease in NET SALES 978.52 2286.93 1017.10* Break up of item-4i) Increase/decrease in Raw Materials 0.00 0.00 0.00ii) Increase/decrease in Stocks-in-Process 0.00 0.00 0.00iii) Increase/decrease in Finished Goods 198.00 -55.95 99.52iv) Increase/decrease in Receivablesa) Domestic 71.38 666.63 111.54b) Export 0.00 0.00 0.00v. Increase/decrease in Stores & Spares 0.00 0.00 0.00vi. Increase/decrease in other current assets 172.35 454.76 19.81TOTAL 441.73 1065.44 230.87

466.60

356.60

In INR Lakh.




CMA MODULE-KEY FINANCIAL INDICATOR FOR BANKS/INSTITUTIONS2014 2015 2016 2017

Nature Of FinancialsNumber Of Months In Year 12 12 12 12Total Operating Income(TOI) 3152.65 4131.17 6418.10 7435.20EBIDTA 224.55 258.61 378.03 605.75EBIDTA/Total Operating Income (%) 7.12% 6.26% 5.89% 8.15%Interest 32.73 65.08 101.55 116.77Depreciation 10.66 13.36 13.98 16.07Operating Profit after Dep.& Int. 181.16 180.17 262.50 472.91Non Operating Income/Exps. 10.62 25.47 43.98 65.00Profit Before Tax(PBT) 191.78 205.64 306.48 537.91Profit After Tax(PAT) 126.47 138.59 202.06 355.97PAT/ TOI (%) 4.01% 3.35% 3.15% 4.79%Net Cash Accruals (NCA) 140.96 155.83 220.38 376.38Net Fixed Assets 336.88 410.08 406.94 469.28Tangible Networth (TNW) 569.44 708.05 902.34 1258.30Exposure in Group Co./Sub.--- Investments 0.00 0.00 0.00 0.00--- Loans and Advances 0.00 0.00 0.00 0.00Quasi Equity 0.00 0.00 0.00 0.00Adjusted Tangible Net Worth (ATNW) 569.44 708.05 902.34 1258.30Long Term Debt (LTD) 146.55 56.59 179.90 263.00Short Term Debt (STD) 0.00 0.00 0.00 0.00Working Cap. Bank Finance 252.17 747.51 891.34 950.66Financial guarantees 0.00 0.00 0.00 0.00Total Debt 398.72 804.10 1071.24 1213.66Total Liabilities 1315.29 1687.35 2624.92 2829.16Total Debt/Adjusted Tangible Net Worth 0.70 1.14 1.19 0.96Long Term Debt / Adjusted Tangible Net Worth 0.26 0.08 0.20 0.21Total Liabilities / Tangible Net Worth 2.31 2.38 2.91 2.25Total Liabilities / Adjusted Tangible Net Worth 2.31 2.38 2.91 2.25Total Current Assets 1348.28 1790.01 2855.45 3086.32Total Current Liabilities 1168.74 1630.76 2445.03 2566.16Net Working Capital(NWC) 179.54 159.25 410.43 520.16Current Ratio 1.15 1.10 1.17 1.20Return on Capital Employed (%) 34.89% 23.52% 24.07% 32.32%Interest Coverage Ratio 4.98 3.00 2.74 3.67Total Debt/Net Cash Accrual 2.83 5.16 4.86 3.22Inventory Turnover days 6.39 26.65 12.01 16.38Debtors Turnover days 125.78 103.38 107.85 110.44Creditors Turnover days 63.60 78.47 101.29 84.98Debt Service Coverage Ratio (in case of term loan) 23.75 26.66 16.27 19.57

19.60

32.30%

In INR Lakh.




CMA MODULE-KEY FINANCIAL INDICATOR FOR BANKS/INSTITUTIONS

2014 2015 2016 2017Nature Of FinancialsNumber Of Months In Year 12 12 12 12Long Term Sources 282.15 156.56 339.10 466.61Long Term Uses 139.65 176.53 108.14 356.59Surplus/Deficit 142.50 -19.97 230.96 110.02Surplus / Incremental build up of current assets (%) 28.19% 32.76% 59.52% 8.09%

2014 2015 2016 2017Nature Of FinancialsNumber Of Months In Year 12 12 12 12Year ended / Ending March 31 0.00 0.00 0.00 0.00Sundry Creditors 28.61% 38.34% 46.53% 41.90%Other Current Liabilities 39.37% 11.01% 7.88% 10.44%Bank Borrowings 18.70% 41.76% 31.22% 30.80%Long Term funds 13.32% 8.90% 14.37% 16.85%Total 100.00% 100.00% 100.00% 100.00%

8.10%

Fund Flow Analysis

Pattern of TCA Funding

In INR Lakh.




CREDIT ANALYTICS MODULE - DETAILED FINANCIAL CASH FLOW ANALYSIS

369.40

-266.70

-33.70

2015 2016 2017Nature Of FinancialsNo of months 12 12 12Cash Flows from Operating activitiesNet profit before taxation 205.64 306.48 537.91Adjustment for :Depreciation 13.36 13.98 16.07Dividend Received 0.00 0.00 0.00Interest expenses 65.08 101.55 116.77Interest Received 0.00 0.00 0.00Profit / Loss on sale of fixed assets / investments 0.00 0.00 0.00

Extraordinary income / expenses 0.00 0.00 0.00Operating profit before working capital changes 284.08 422.01 670.75

Changes in current assets (Exclude Cash and Bank balances) -411.73 -1080.42 -244.91

Change in Debtors -71.38 -666.63 -111.54Change in Stock -198.00 55.95 -99.52Change in other current assets -142.35 -469.74 -33.85Changes in current liabilities(Exclude div. and debts) 462.02 814.27 121.13

Change in creditors 300.52 642.51 -35.55Change in bank finance 495.34 143.83 59.32Change in other current liabilities -333.84 27.93 97.37Cash generated from operations 334.37 155.86 546.98Income tax for the current year ( excluding deferred tax) 63.17 100.08 177.60

Cash from opeartions before extraordinary items 271.20 55.78 369.38

Extraordinary items 0.00 0.00 0.00Net cash from operating activities ( 1 ) 271.20 55.78 369.38Cash Flows from Investing activitiesDividend Received 0.00 0.00 0.00Interest Received 0.00 0.00 0.00Purchase / Sale of Fixed Assets 0.00 0.00 0.00Purchase / Sale of Intangible Assets 0.00 0.00 0.00Change in Non current assets 4.58 -89.78 -266.70Net cash from investing activities ( 2 ) 4.58 -89.78 -266.70Cash Flows from Financing activitiesInterest expenses -65.08 -101.55 -116.77Dividend Paid 0.00 0.00 0.00Increase / Decrease in Share Capital 0.00 0.00 0.00Change in Share Premium 0.00 0.00 0.00Change in Debentures / Preference Shares 0.00 0.00 0.00Change in Term Debt 0.32 111.93 83.10Change in other short / long term debts -90.28 11.38 0.00Net cash from financing activities ( 3 ) -155.04 21.76 -33.67Net increase in cash / bank balance ( 4 ) = ( 1 ) + ( 2 ) + ( 3 ) 120.74 -12.25 69.01

Cash / Bank Balance at the beginning of period ( 5 ) 6.15 36.15 21.17

Cash / Bank Balance at the end of period ( 4 ) + ( 5 ) 126.89 23.90 90.18

Cash / Bank Balance at the end of period ( As per input sheet ) 36.15 21.17 7.13

Check 90.74 2.73 83.05

In INR Lakh.




CREDIT ANALYTICS MODULE - TREND ANALYSIS OF COMPONENT OF COST2014 2015 2016 2017

Nature of FinancialsNo. of month 12 12 12 12Sales growthDomestic -0.40% 31.04% 55.36% 15.85%Exports 0.00% 0.00% 0.00% 0.00%% growth in sales -0.40% 31.04% 55.36% 15.85%Sales 100.00% 100.00% 100.00% 100.00%Raw Material Consumed 69.26% 76.21% 73.59% 73.68%Spares consumed 0.00% 0.00% 0.00% 0.00%Other Manufacturing Exp 4.74% 6.88% 11.48% 11.40%Change in Work-in-Progress 0.00% 0.00% 0.00% 0.00%Change in Finished goods 1.49% -4.79% 0.87% -1.34%Administartive and Selling Exp 17.39% 15.44% 8.17% 8.11%EBIDTA 7.12% 6.26% 5.89% 8.15%Depreciation 0.34% 0.32% 0.22% 0.22%Interest 1.04% 1.58% 1.58% 1.57%Operating Profit 5.75% 4.36% 4.09% 6.36%Non Operating Income 0.34% 0.62% 0.69% 0.87%Non Operating Expenses 0.00% 0.00% 0.00% 0.00%Profit Before Tax (PBT) 6.08% 4.98% 4.78% 7.23%Tax 2.07% 1.62% 1.63% 2.45%Proft After Tax (PAT) 4.01% 3.35% 3.15% 4.79%

4.80%

In INR Lakh.




CREDIT ANALYTICS MODULE- SUMMARY OF CREDIT KEY PARAMETER FOR WC/TL DECISION FOR BANK/INSTITUTIONS

2014 2015 2016 2017Nature Of Financials Audited Audited Audited AuditedNumber Of Months 12 12 12 12BALANCE SHEET : ASSETSCash and Marketable Securities 202.15 344.88 617.44 632.18Debtors 926.94 998.32 1664.95 1776.49Inventory 42.45 240.45 184.50 284.02Other Current Assets 176.74 206.36 388.56 393.63CURRENT ASSETS 1348.28 1790.01 2855.45 3086.32Net Fixed Assets 336.88 410.08 406.94 469.28Non Current Assets 199.60 195.02 284.80 551.50TOTAL ASSETS 1884.76 2395.11 3547.19 4107.10BALANCE SHEET : LIABILITIESShort Term Debts 0.00 0.00 0.00 0.00Creditors 385.73 686.25 1328.76 1293.21Working Capital Bank Finance 252.17 747.51 891.34 950.66Other Current Liabilities 530.84 197.00 224.93 322.29CURRENT LIABILITIES 1168.74 1630.76 2445.03 2566.16Tangible Net Worth 569.44 708.05 902.34 1258.30Long Term Debt 146.55 56.59 179.90 263.00TOTAL LIABILITIES 1884.73 2395.40 3527.26 4087.46PROFIT & LOSSSALES 3152.65 4131.17 6418.10 7435.20COST OF SALES 2390.49 3248.11 5529.55 6242.34SELLING AND ADMINISTRATION 548.27 637.81 524.50 603.18EBIDTA 224.55 258.61 378.03 605.75INTEREST 32.73 65.08 101.55 116.77DEPRECIATION 10.66 13.36 13.98 16.07OPERATING PROFIT 181.16 180.17 262.50 472.91Profit Before Tax(PBT) 191.78 205.64 306.48 537.91Profit After Tax(PAT) 126.47 138.59 202.06 355.97CHANGE IN TANGIBLE NET WORTH 215.42 138.61 194.29 355.96CASH FLOWSNET CASH ACCRUALS 140.96 155.83 220.38 376.38OPERATING ACTIVITIES 29.51 271.20 55.78 369.38INVESTING ACTIVITIES -70.84 4.58 -89.78 -266.70FINANCING ACTIVITIES 114.90 -155.04 21.76 -33.67NET CHANGE IN CASH 73.57 120.74 -12.25 69.01RATIOSOperating RatiosEBIDTA Margins 7.12% 6.26% 5.89% 8.15%PAT Margins 4.01% 3.35% 3.15% 4.79%Growth in Sales -0.40% 31.04% 55.36% 15.85%Days Payable 63.60 78.47 101.29 84.98Days Receivable 125.78 103.38 107.85 110.44Days Inventory 6.39 26.65 12.01 16.38Repayment RatiosTotal Debt 398.72 804.10 1071.24 1213.66Total Debt / Net Cash Accrual 2.83 5.16 4.86 3.22Total Debt / EBIDTA 0.00 0.00 0.00 0.00Total Liabilities / Tangible Net Worth 2.31 2.38 2.91 2.25Interest Coverage 4.98 3.00 2.74 3.67Debt Service Coverage Ratio 23.75 26.66 16.27 19.57

1213.70

3.70

In INR Lakh.




Business Risk Assessment Compliance Risk Score

Competition Risk

Market Risk Revenue Risk

0

20

40

60

80

100

Sco

re

Chart 7

Analyst Risk Assessment

Analyst qualitative Assessment over here.Risk Rationale

Business risk assessment checks business viability ofits products/services growth. Niche position, innovativenature, customer need & market demand areconsidered for analysis. Forward and backwardlinkages with its operational viability are validated ondifferent parameter. Overall financial and operationalcost input structure is emphasized in analysis.Business strength on its product positioning, pricing,manufacturing and delivery logistic are being assessedin comparison to the market and industry parameters.Market and Industry situation has been assessed forbusiness viability.

Risk Methodology

Good67

Revenue Risk 67

67Market Risk

Competition Risk

67

Revenue RiskAnalyst qualitative Assessmentover here.

• Analyst qualitative Assessmentover here.

•Market Risk

Market PositionAnalyst qualitative Assessment overhere.

•

Competition Risk

Industry PositionAnalyst qualitative Assessment overhere.

•





Business Risk Analysis

Revenue

Financial Year 2014 2015 2016 2017Product 1 11.0 15.0 20.0 22.0

Product 2 15.0 20.0 25.0 26.0

Product 3 4.5 10.0 20.0 25.0

Product 4 0 0 0 0

Product 5 0 0 0 0

Miscellaneous 0 0 0 0

Revenue Segment Growth (Value wise)

Analyst Comments :Analyst qualitative Assessment over here.

Financial Year 2014 2015 2016 2017Product 1 238.0 400.0 456.0 524.0

Product 2 245.0 320.0 376.0 380.0

Product 3 34.0 50.0 55.0 60.0

Product 4 0 0 0 0

Product 5 0 0 0 0


Revenue Segment Growth (No./ Qty)

Analyst Comments : Analyst qualitative Assessment over here.

0

Financial Year

0

5

10

15

INR

Lak

hs

Product 1Product 2Product 3Product 4Product 5

Graph 13

0

Financial Year

0

50

100

150

200

250

No.

of P

rodu

cts

Product 1Product 2Product 3Product 4Product 5

Graph 14

Analyst Comments

Analyst Comments

In INR Lakh.





Customer

Financial Year 2014 2015 2016 2017Customer 1 8.0 15.0 25.0 10.0

Customer 2 12.0 20.0 22.0 23.0

Customer 3 6.0 25.0 46.0 46.0

Customer 4 24.0 21.0 10.0 10.0

Customer 5 0 0 0 0


Customer Segment Growth (Value wise)


0

Financial Year

0

5

10

15

20

25

INR

Lak

hs

Customer 1Customer 2Customer 3Customer 4Customer 5

Graph 15

Analyst Comments

Financial Year 2014 2015 2016 2017Customer 1 0 0 0 0

Customer 2 0 0 0 0

Customer 3 0 0 0 0

Customer 4 0 0 0 0

Customer 5 0 0 0 0


Customer Segment Growth (No./ Qty)


0

Financial Year

0

0.2

0.4

0.6

0.8

1

No.

of C

usto

mer

s

Customer 1Customer 2Customer 3Customer 4Customer 5

Graph 16

Analyst Comments

In INR Lakh.




Supplier


Financial Year 2014 2015 2016 2017Supplier 1 0 0 0 0

Supplier 2 0 0 0 0

Supplier 3 0 0 0 0

Supplier 4 0 0 0 0

Supplier 5 0 0 0 0


Supplier Segment Growth (Value wise)


0

Financial Year

0

0.2

0.4

0.6

0.8

1

INR

Lak

hs

Supplier 1Supplier 2Supplier 3Supplier 4Supplier 5

Graph 17

Analyst Comments

Financial Year 2014 2015 2016 2017Supplier 1 0 0 0 0

Supplier 2 0 0 0 0

Supplier 3 0 0 0 0

Supplier 4 0 0 0 0

Supplier 5 0 0 0 0


Supplier Segment Growth (No./ Qty)


0

Financial Year

0

0.2

0.4

0.6

0.8

1

No.

of S

uppl

iers

Supplier 1Supplier 2Supplier 3Supplier 4Supplier 5

Graph 18

Analyst Comments

In INR Lakh.




Operational Risk Assessment

Business Integration

Compliance Efficiency0

20

40

60

80

100

Sco

re

Chart 8Operational Risk Score


Analyst qualitative Assessment over here.Risk Rationale

Operational Risk constitutes an assessment ofoperating efficiency. Methodology encompassesindustry micro and macro economic factors, size,structure, demand and supply, extent of competition etc.It covers business cost structure, technological factors,business infrastructure, access to resources, labourrelations, capacity utilization, integration (backward orforward), flexible production capacities, Research andDevelopment set up for safety and quality risk indeliverables services. Overall business risk coveredunder operational risk. Operational risk score indicatesa viability of the company for underlying deliverables.

Risk Methodology

Good67

Efficiency 67

67Business Integration

Compliance 67

EfficiencyCapacity


•


•Infrastructure


•Technology

Analyst qualitative Assessmentover here.

•

Business Integration ComplianceAnalyst qualitative Assessment overhere.

•





Management Risk Assessment

Promoter Team Evaluation

67

67Management Team

Organization Evaluation

67

67

67

67Promoter Team EvaluationManagement TeamOrganization Evaluation

Chart 9Management Risk Score

Good67


Risk MethodologyManagement Risk constitute assessment of promoterand management teams experience, risk appetite infinancial policy, growth plans, unrelated diversification,attitude to business risk, risk management practice. Itconstitutes assessment of competence of the team intrack record, consistency of performance, success ofpast strategies, quality of senior management,experience in managing downturns and ability to attractretain the talent. It assesses management governancepractices in organization in terms of equitable treatmentof shareholders, transparency in disclosure, boardcomposition. It also covers group resources and externalsupport to the company either economically ofotherwise, based on the strategic or economicrelevance.

Risk RationaleAnalyst qualitative Assessment over here.

Promoter Team EvaluationAnalyst qualitative Assessment overhere.

•Management Team


•Organization Evaluation


•





Market Value AddRepresents a consolidated overall market research informationpertaining to various market drivers like growth, market potential,economic parameters and policy issues impacting the companyrisk either positively or negatively. News and the informationregarding them are collected from the various sources believed tobe credible and authentic, provides an insight into the company.

Market Risk Indicator

Industry News

Growth Indicators

Economic Indicators

Industry / Company NewsDate Topic Most Recent Headlines

Analyst Independent AssessmentAnalyst qualitative Assessment over here.

Analyst qualitative Assessment over here.•

Market & Economy Indicators

Peer Competitors




Company Profile OverviewAnalyst qualitative Assessment over here.

Company Full Name Sample Company

Year Of Incorporation 2010

Nature Of Business Manufacturing

Incorporation Legal Status Private Ltd

Industry Type Engineering- Construction

Legal History Sample Legal History

Registered With ROC,MSME

Category of Entrepreneur First Generation

Listed At NSE

Registered Office Sample, Sample, Sample, Sample,Mumbai, Thane, Maharashtra, 400701

Manufacturing Facility Maharashtra

Number Of Employees 10

Certification & Awards Sample

Contact Person Sample

Contact Number NA

Email Id Sample

Website Sample

Board And Management

Mr. Sample

Sample•Sample•

Sample•Sample•

Sample•Sample•

Products

Services

Products And Services




Peer’s BenchmarkingPeer's Benchmarking help compare important financial parameter like Profitability trend, ROI trend, capitalefficiency trend, solvency trend and lending sufficiency trend of the individual company with its peer groupcompanies. Its benchmarking analysis provides an interesting insight and peek in to what is happening in themarket and how does rate the company performance as average trend of the industry. We have comparedthe company with 580 Software companies.

Profitability Trend

Benchmarking PerformanceAnalyst qualitative Assessment over here.

2013 2014 2015 2016 2017

Financial Year-4

-2

0

2

4

6

8

%

Company IndustryGraph 19

ROI Rating Trend

Analyst qualitative Assessment over here.Benchmarking Performance

2013 2014 2015 2016 2017

Financial Year

-40

-20

0

20

40

60

%


Lending Sufficiency Trend


2013 2014 2015 2016 2017

Financial Year

0

50

100

150

200

%

Industry CompanyGraph 23

Solvency Trend

Benchmarking PerformanceAnalyst qualitative Assessment over here.

2013 2014 2015 2016 2017

Financial Year

0

1

2

3

4

5

6

7

%


Capital Efficiency Trend


2013 2014 2015 2016 2017

Financial Year

0

5

10

%





Financial Benchmarking

Gross Sales(Crores)

2013 2014 2015 2016 20170

100

200

300

400Average Company Median

Operating Profit(%)

2013 2014 2015 2016 20170

2

4

6

8


Profit After Tax(%)

2013 2014 2015 2016 2017

-2

-1

0

1

2

3

4


2013 2014 2015 2016 20170

20

40

60


Total Debt(%)

Total Assets(%)

2013 2014 2015 2016 20170

50

100

150

200


EBIDTA(%)

2013 2014 2015 2016 20170

5

10





Current Assets(%)

2013 2014 2015 2016 20170

20

40

60

80

100


2013 2014 2015 2016 20170

20

40

60

80


Current Liability(%)

Total Expenditure(%)

2013 2014 2015 2016 20170

20

40

60

80


2013 2014 2015 2016 20170

10

20


Sundry Creditors(%)

Sundry Debtors(%)

2013 2014 2015 2016 20170

10

20

30


Financial Benchmarking




Risk AssessmentAnalyst qualitative Assessment over here.






Term Loan Proposal @ All rights reserved CapAnalec Services Pvt. Ltd.

This page is intentionally left blank




Online Risk Assessment & Compliance Platform (ORAC) is financial technology cloud based platformfacilitating and evaluating instant credit and investment risk analysis of any company. Founded by theteam of experienced investment bankers with pedigree of IIM, NIT & BITS Pilani, with an cumulativeexperience of over 80 years of working in the field of Investment Banking & Corporate Bank. ORACcomprises of latest secured technology for financial analysis of credit & investment risk. Our platform(ORAC) offers a seamlessly experience built with deep technology which is uniform and transparency.ORAC is promoted by CapAnalec Services Pvt. Limited which is Incubated and Funded by Center ofInnovation- VNIT Nagpur (CIVN). ORAC fin-tech platform has been shortlisted as one of top 30 fin-techstartup initiative by NASSCOM 10000, FInlab Singapour, Fintegrate by Startup Zone & BSE India in last 6months.

Corporate and Sales OfficeNagpurBU2, CIVN, 3rd Floor, LibraryBuilding,VNIT Campus, South AmbazariRoad,Nagpur - 440010Ph: (0712) 2801861

MumbaiNASSCOM 10000 StartUp Warehouse,304, Building No.2, Millennium BusinessPark, Sector-1, Mahape, Navi Mumbai –400710

Email And Website

Email [email protected], [email protected]

Financial Statement Submission or any queries - Email: [email protected]

Fintech Solutions for Corporate & Investment Banking (CIB)We offer financial services on ORAC a SAAS based Cloud platform as follows : CapAnalec Financial Services andOperational Risk Analytics enables business-user driven reporting through true enterprise-wide operational risk analysis witha comprehensive and readily deployable suite of pre-built analytics, allowing institutions to capitalize on their presentinvestments. Through better, in-depth analysis of loss, risk and control data, see areas of weakness and scope forimprovement in the firm.

Corporate Banking (CB) Solutions

Cloud Deal Sourcing Platform•Predictive Credit Risk Rating Score Modeling•Industry Benchmarking & Peer Group Benchmarking•Portfolio Benchmarking•Post disbursement dynamic Credit Risk Evaluation and Monitoring Solutions•

Corporate Investment Banking (CIB) Solution

Reschedulement, Restructuring and Turnaround Risk Analytics•Stressed Asset Dynamic Credit Risk Evaluation and Monitoring•Business Valuation for Business Sale, promoter exit, Private equity investors, turnaround investors (ARC), IPO Pricingetc.

•

Risk Analytics Consulting & Advisory Services for SME/ CorporateOur advisory capabilities are comprehensive in scope and provide management teams with the guidance and a completesuite of services necessary to achieve a successful turnaround, whether it is through an in-court or out-of-court process. Inaddition, should the need arise, our Advisory practice integrates seamlessly with our interim management practiceprofessionals.

Liquidity Management1.Operational Improvement2.Turnaround Restructuring3.Fund Raising –Capital Solutions4.Credit Risk and Investment Risk Mitigation5.Startup Venture Risk Mitigation6.New Project Finance Risk Mitigation7.Performance Benchmarking Analysis8.Vendor Default Risk Analysis9.Business Valuation Analysis10.




CapAnalec PrivacyCapAnalec respects your privacy. We use your contact information, such as your name, address, and Email ID, to fulfill yourrequest and service your account and to provide you with additional information from CapAnalec for your interest.

Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interestthat can bias the grading recommendation of the company.

Analyst Disclosure

DisclaimerCapAnalec Predictive Credit Risk Rating Analytics, Performance Benchmarking Analytics, Business Valuation Analytics,Vendor Default Risk Analytics, VC/PE Investment Risk Analytics solutions and advisory reports and any other Risk Analyticalreports, are not recommendation or opinion that is intended to substitute for a financial advisor's or investor's independentassessment of whether to buy, sell or hold any financial product or to sanction, renew, disburse or recall the concerned creditfacility or investment envisaged. Our various analytics solutions and advisory statement are only statement of opinion derivedobjectively through our cloud based risk analytics software (ORAC), various sources of public information and other statutoryinformation sources like ROC. The research information contained therein is an objective and independent reference source,which should be used in conjunction with other information in forming the basis for an investment decision. CapAnalec hasbased its risk assessment on the information obtained from the sources believed by it to be accurate and reliable. CapAnalecdoes not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errorsor omissions or for the results obtained from the use of such information. Although reasonable care has been taken to ensurethat the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and CapAnalec and itsgroup companies in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness orcompleteness of any such information. All information contained herein must be construed solely as statements of opinion, andCapAnalec and its group companies shall not be liable for any losses incurred by users from any use of this document or itscontents in any manner. Opinions expressed in this document should only be construed as any indication of credit score forspecific purpose on behest of the said subscriber alone for its own consumption. Finally, CapAnalec Services Private Limitedand its employees accept no liabilities whatsoever for any direct, indirect or consequential loss of any kind arising from the useof its rating and rating research in way whatsoever, unless CapAnalec services Private Limited is negligent in miss interpretingor manipulating the data, in which case, our maximum liability to our clients is the amount of our fee for the report.




Credit Risk Evaluation (CRE)€¦ · 19. Company Profile •Risk Methodology •Credit Risk Rationale Analyst Risk Assessment Revenue and Product Services Customer and Supplier Risk

Documents