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ANALYSIS AND PROGNOSTICATION OF BANKRUPTCY AMONG BSE (BOMBAY STOCK EXCHANGE INDIA) LISTED COMPANIES
Dr. M. Ravichandran 1 
,
R. Senthoorya 2
1 Assistant professor, Department of
Management studies, University College of Engineering, BIT Campus, Anna
university Tiruchirappalli
2 PG student, Department of Management studies, Department of Management studies, University College of Engineering, BIT Campus Anna university Tiruchirappalli
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ABSTRACT |
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When a company
faces difficulty in maintaining stability in financial performance of the
company, there is a vast chances of bankruptcy occurrence. There are two
possible ways when the company cannot financially survive, one is debt
restructuring and another one is proceeding for bankruptcy. The objective of
the research is to predict the sample companies which have the chance of
bankruptcy or not. The research design and sampling method for this project
is descriptive research and non-probability sampling method. Using Sample
size of 186 Non-Banking Financial companies’ secondary data that is five
years financial report, the Altman Z score analysis (Multi Discriminant
Analysis) was conducted with a help of Microsoft office Excel 2021. Based on
the analysis results, 11 out of 186 companies were in unsafe zone in 2021.
Similarly, 14 out of 186 companies were in unsafe zone in 2020, and 8 out of
186 companies were in unsafe zone in 2019. |
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Received 05 July 2022 Accepted 03 August 2022 Published 26 August 2022 Corresponding Author R. Senthoorya, senthoorya.r@gmail.com DOI 10.29121/ijetmr.v9.i8.2022.1180 Funding: This research
received no specific grant from any funding agency in the public, commercial,
or not-for-profit sectors. Copyright: © 2022 The
Author(s). This work is licensed under a Creative Commons
Attribution 4.0 International License. With the
license CC-BY, authors retain the copyright, allowing anyone to download, reuse,
re-print, modify, distribute, and/or copy their contribution. The work must
be properly attributed to its author.
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Keywords: Bankruptcy,
Safe zone, Distress zone, Gray zone, Non-Banking
Financial Companies |
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1. INTRODUCTION
When a company faces difficulty in maintaining stability in financial performance of the company, there is a vast chances of bankruptcy occurrence. There are two possible ways when the company cannot financially survive, one is debt restructuring and another one is proceeding for bankruptcy. However, the Insolvency is described in the code as “a situation where individuals or organizations are unable to meet their financial obligations.” Bankruptcy also called as financial distress or default. Monitoring, analysing, predicting financial distress are the crucial process for those who might get affected if there is a possibility of financial distress in the particular company. Mulyadi (2020)
A Non-Banking Financial
Company is a company that is registered under the Companies Act, 2013
of India, engaged in the business of chit-fund business or hire-purchase
insurance business, acquisition of shares, stock, bonds, loans and advances but
does not include any institution whose principal business is that of industrial
activity, agriculture, purchase or sale of any goods (other than securities) or
providing any services and purchase/construction/sale of immovable property.
The working and operations of Non-Banking Financial Companies are regulated by
the Reserve Bank of India within the framework of the RBI Act, 1934
As banks are not able to reach each and every corner
of financial business need in the country, NBFC plays a very important role in
financial sector of Indian economy. Kaur (2017)
BSE Limited, also known as the Bombay Stock
Exchange (BSE), is an Indian stock
exchange, established in 1875, it is the oldest stock exchange
in Asia, and also the
tenth oldest in the world. Based on the documents there are around 45779
companies were listed under Industrials, Consumer
Discretionary, Financial services, Energy, Commodities, Healthcare, Fast moving
consumer goods, Services, Telecommunication, Information technology,
Diversified and utilities sectors. About 11313 companies are currently
active.
The research
design and sampling method for this project is Descriptive research and
non-probability sampling method. Using Sample size of 186 Non-Banking Financial
companies’ secondary data that is five years financial report collected from
Bombay stock exchange, Money control website, company’s own website and Groww website, the Altman Z score analysis was conducted
with a help of Microsoft office Excel 2021. Hillegeist et al. (2004) Altman Z-Score method is a Multiple Discriminant
Analysis model, used to predict financial distress of the business using
financial ratios and statistical method.
Altman Z-Score = 1.2A + 1.4B + 3.3C + 0.6D + 1.0E
Where:
·
A = working capital / total
assets
·
B = retained earnings / total
assets
·
C = earnings before interest
and tax /
·
D = market value of equity /
total assets total liabilities
·
E= sales / total assets
The
boundaries established by Altman are as follows.
1)
Z score > 2.99 – Safe zone
2)
1.80 < Z score < 2.99 Grey zone
3)
Z score < 1.80 Distress zone
3. ANALYSIS
Table 1
|
Table 1 |
|||||
|
S. No |
ISIN No |
Issuer Name |
Mar-21 |
Mar-20 |
Mar-19 |
|
1 |
INE442C01012 |
Charms Industries Ltd |
0.667592 |
570.322 |
642.3709 |
|
2 |
INE348I01018 |
Bervin Investments and
Leasing Ltd. |
18.10918 |
14.02308 |
13.10497 |
|
3 |
INE373D01017 |
Gujarat Investa Ltd., |
29.59351 |
10.99885 |
6.186993 |
|
4 |
INE671D01014 |
Hasti Finance Ltd. |
11.94035 |
13.44605 |
5.886223 |
|
5 |
INE890B01014 |
Upsurge Investment and Finance Ltd. |
92.6216 |
104.3791 |
133.757 |
|
6 |
INE804B01023 |
Mega Corporation Ltd |
7.203946 |
7.750102 |
7.399371 |
|
7 |
INE07P301011 |
Systematix Securities Ltd. |
14.28259 |
12.24536 |
11.48737 |
|
8 |
INE271D01013 |
Sungold Capital Ltd. |
9.469555 |
12.70911 |
14.85631 |
|
9 |
INE628F01019 |
Indergiri Finance Ltd. |
21.68647 |
19.80895 |
19.39957 |
|
10 |
INE623D01015 |
Step Two Corporation Ltd. |
22.28939 |
35.4195 |
56.85329 |
|
11 |
INE508J01015 |
Beryl Securities Ltd |
17.69603 |
17.27305 |
13.99763 |
|
12 |
INE483D01014 |
Rap Media Ltd. |
1.974841 |
9.367961 |
10.15723 |
|
13 |
INE802A01037 |
Bampsl Securities Ltd. |
27.07469 |
8.233069 |
40.15767 |
|
14 |
INE180C01026 |
Capri Global Capital Limited |
14.81991 |
18.00899 |
15.52537 |
|
15 |
INE546D01018 |
Tokyo Finance Ltd. |
11.12879 |
7.244969 |
9.207209 |
|
16 |
INE528C01018 |
Thirdwave Financial
Intermediaries |
429.3252 |
417.3074 |
328.7369 |
|
17 |
INE224C01014 |
Inani Securities Ltd. |
11.49723 |
10.35422 |
9.146446 |
|
18 |
INE621B01021 |
Prithvi Exchange (India) Limited |
15.98967 |
33.91129 |
32.51009 |
|
19 |
INE429Q01019 |
Prism Finance Ltd. |
38.932 |
6.18447 |
5.513532 |
|
20 |
INE703D01023 |
Biogen Pharmachem Industries
Limited |
76.52244 |
20.84751 |
4.224798 |
|
21 |
INE131D01019 |
G.K. Consultants Ltd. |
56.23948 |
142.4003 |
175.5167 |
|
22 |
INE348D01019 |
Munoth Financial
Services Ltd. |
8.170824 |
13.35664 |
12.313 |
|
23 |
INE935D01013 |
Indus Finance Limited |
2.151741 |
1.599393 |
5.59675 |
|
24 |
INE884X01011 |
Trinity League India Limited |
24.43641 |
9.760101 |
26.06592 |
|
25 |
INE283D01018 |
Anjani Finance Ltd |
30.2502 |
6.026561 |
7.422695 |
|
26 |
INE316D01024 |
Vertex Securities Ltd. |
18.84566 |
20.20569 |
21.4885 |
|
27 |
INE914B01012 |
Shree Metalloys Limited |
449.2765 |
555.216 |
280.3957 |
|
28 |
INE839E01023 |
Odyssey Corporation Ltd. |
33.68565 |
5.412968 |
29.05402 |
|
29 |
INE056J01015 |
R. B. Gupta Financials Ltd. |
20.76683 |
9.924449 |
18.38176 |
|
30 |
INE516F01016 |
Abhinav Capital Services Limited |
86.75151 |
15.09259 |
11.72289 |
|
31 |
INE807D01030 |
Sagar Productions Limited |
57.03828 |
424.5914 |
129.9383 |
|
32 |
INE957E01031 |
Brijlaxmi Leasing &
Finance Ltd. |
8.196914 |
8.321991 |
9.859667 |
|
33 |
INE440E01012 |
SMC Credits Ltd. |
2.202153 |
3.275501 |
2.147009 |
|
34 |
INE514C01018 |
Minolta Finance Ltd. |
4.786126 |
8.343164 |
6.471913 |
|
35 |
INE550B01022 |
Hb Stockholdings Ltd. |
26.81344 |
8.701928 |
-5.70179 |
|
36 |
INE027F01014 |
Siel Financial
Services Ltd. |
-54.6206 |
-37.1613 |
-28.0253 |
|
37 |
INE023A01030 |
Nalwa Sons Investment Ltd |
4.102688 |
5.290093 |
3.805261 |
|
38 |
INE389D01013 |
Tcfc Finance Ltd |
7.870062 |
11.2074 |
18.39452 |
|
39 |
INE602C01011 |
Kjmc Corporate
Advisors (India) Ltd. |
9.589424 |
13.15246 |
17.32787 |
|
40 |
INE418B01048 |
Vaarad Ventures Ltd |
9.372953 |
2.331371 |
4.034902 |
|
41 |
INE638B01025 |
Hb Portfolio Ltd. |
17.02673 |
12.63316 |
12.34205 |
|
42 |
INE330E01023 |
Transcorp International Ltd. |
1782.534 |
759.4372 |
2076.666 |
|
43 |
INE525F01017 |
Balmer Lawrie Investments Ltd. |
1.849489 |
1.784412 |
2.09651 |
|
44 |
INE722A01011 |
Shriram-City Union Finance Ltd. |
17.65775 |
20.09368 |
20.75736 |
|
45 |
INE530B01024 |
Iifl Finance Limited |
15.45576 |
14.82526 |
16.36828 |
|
46 |
INE774D01024 |
Mahindra & Mahindra Financial Services Limited |
15.42444 |
15.71643 |
15.39822 |
|
47 |
INE347H01012 |
Inditrade Capital Limited |
36.64567 |
30.10774 |
17.972 |
|
48 |
INE804H01012 |
Transwarranty Finance Limited |
0.066039 |
-0.24891 |
25.34266 |
|
49 |
INE420C01042 |
Paisalo Digital Limited |
16.78606 |
18.23336 |
18.28538 |
|
50 |
INE274G01010 |
Dhani Services Limited |
14.31766 |
26.34348 |
14.3774 |
|
51 |
INE083K01017 |
Bengal & Assam Company Limited |
72.33995 |
70.66231 |
88.02203 |
|
52 |
INE143K01019 |
Essar Securities Limited |
27.53337 |
-13.9345 |
39.00643 |
|
53 |
INE519C01017 |
Summit Securities Ltd. |
3.726189 |
7.029712 |
115.5454 |
|
54 |
INE560K01014 |
Ptc India Financial
Services Limited |
10.54893 |
12.45094 |
10.82415 |
|
55 |
INE414G01012 |
Muthoot Finance Limited |
18.6426 |
19.22851 |
19.98691 |
|
56 |
INE726L01019 |
Delphi World Money Limited |
25.58502 |
423.8864 |
2283.278 |
|
57 |
INE912L01015 |
Onelife Capital
Advisors Ltd |
8.089184 |
10.10869 |
10.07705 |
|
58 |
INE793G01035 |
Pmc Fincorp Limited |
11.80573 |
13.86002 |
11.46089 |
|
59 |
INE241F01011 |
Futuristic Solutions Ltd. |
7.842784 |
8.269329 |
26.70801 |
|
60 |
INE883L01018 |
Pyxis Finvest Limited |
6.169787 |
14.97601 |
18.71038 |
|
61 |
INE456N01019 |
Comfort Commotrade Limited |
194.4005 |
163.1343 |
328.9663 |
|
62 |
INE176N01021 |
Caspian Corporate Services Limited |
193.1759 |
9.161044 |
473.3082 |
|
63 |
INE234G01022 |
Trio Mercantile & Trading Limited |
5.544746 |
72.5288 |
96.1825 |
|
64 |
INE274M01018 |
Comfort Fincap Limited |
16.61454 |
11.48047 |
14.39416 |
|
65 |
INE902D01013 |
Kifs Financial
Services Ltd |
11.45441 |
8.322674 |
7.244653 |
|
66 |
INE474O01010 |
India Finsec Limited |
15.77517 |
20.14727 |
12.6283 |
|
67 |
INE340O01013 |
Money Masters Leasing & Finance Limited |
9.382278 |
11.29119 |
12.49949 |
|
68 |
INE030P01017 |
Alacrity Securities Limited |
4.626877 |
4.381049 |
145.2187 |
|
69 |
INE200P01016 |
Gcm Commodity &
Derivatives Limited |
1.062758 |
1.33274 |
0.809931 |
|
70 |
INE326P01019 |
S R G Securities Finance Limited |
22.18327 |
21.35103 |
18.33818 |
|
71 |
INE218P01018 |
Amrapali Capital And Finance Services Limited |
199.5969 |
47.45671 |
2903.521 |
|
72 |
INE325P01011 |
Stellar Capital Services Limited |
2.691973 |
2.673616 |
14.15503 |
|
73 |
INE947C01010 |
B. P. Capital Ltd. |
-0.30084 |
-0.14783 |
0.560864 |
|
74 |
INE555P01013 |
Kiran Vyapar Limited |
14.95294 |
9.90252 |
13.46149 |
|
75 |
INE717C01025 |
Mangalam Industrial Finance Limited |
65.6893 |
17.9642 |
37.92293 |
|
76 |
INE159N01027 |
Viji Finance Limited |
2.062588 |
1.345358 |
1.183829 |
|
77 |
INE909D01026 |
Sharp Investments Ltd |
4.593245 |
3.435433 |
18.34073 |
|
78 |
INE191P01017 |
Gcm Capital
Advisors Limited |
13.29383 |
6.929059 |
7.539857 |
|
79 |
INE266P01017 |
West Leisure Resorts Limited |
205.6268 |
208.7357 |
400.1417 |
|
80 |
INE792G01011 |
Nam Securities Ltd. |
820.5351 |
1027.282 |
1197.377 |
|
81 |
INE502O01018 |
Sps Finquest Limited |
15.59147 |
7.64423 |
8.782627 |
|
82 |
INE296Q01012 |
Moneyboxx Finance Limited |
17.17511 |
13.21003 |
22.58666 |
|
83 |
INE901C01017 |
Thirani Projects
Limited |
28.08908 |
6.427387 |
67.21492 |
|
84 |
INE745P01010 |
Amarnath Securities Ltd. |
11.18732 |
14.89283 |
45.02587 |
|
85 |
INE172D01021 |
Capital Trade Links Limited |
14.66105 |
27.76381 |
21.39695 |
|
86 |
INE516P01015 |
Ramchandra Leasing & Finance Limited |
8.762523 |
9.345118 |
9.609313 |
|
87 |
INE404F01031 |
Tti Enterprise
Limited |
197.1659 |
28.83029 |
30.68712 |
|
88 |
INE457P01020 |
Toyam Industries
Limited |
169.5804 |
18.08372 |
25.12526 |
|
89 |
INE868G01019 |
Gajanan Securities Services Ltd. |
2.153702 |
2.825923 |
2.804808 |
|
90 |
INE840I01014 |
Real Touch Finance Limited |
13.93596 |
71.38422 |
73.53469 |
|
91 |
INE837C01013 |
Qgo Finance Limited |
13.77886 |
14.30447 |
10.1047 |
|
92 |
INE729C01020 |
Purshottam Investofin Limited |
8.107802 |
52.15502 |
73.416 |
|
93 |
INE898Q01015 |
Naysaa Securities
Limited |
1.053122 |
220.8899 |
1678.341 |
|
94 |
INE937K01014 |
Econo Trade (India)
Limited |
8.252367 |
10.17158 |
27.04551 |
|
95 |
INE475D01010 |
Suchitra Finance & Trading Company Limited |
14.40015 |
15.24908 |
8.438691 |
|
96 |
INE761Q01015 |
Vibrant Global Capital Limited |
103.9182 |
130.9188 |
149.7622 |
|
97 |
INE480D01010 |
Niyogin Fintech Limited |
20.29062 |
37.72919 |
127.8596 |
|
98 |
INE131Q01011 |
Asia Capital Limited |
16.49335 |
22.50079 |
838.6915 |
|
99 |
INE149Q01013 |
Akashdeep Metal
Industries Limited |
10.33743 |
13.97816 |
14.28206 |
|
100 |
INE997C01015 |
Goenka Business &
Finance Limited |
88.56162 |
32.82807 |
16.61718 |
|
101 |
INE918C01029 |
Gilada Finance &
Investments Ltd. |
10.29754 |
3.840083 |
23.76496 |
|
102 |
INE242Q01016 |
Meenakshi Enterprises Ltd. |
16.95167 |
18.7539 |
31.37941 |
|
103 |
INE892C01018 |
Scintilla Commercial & Credit Limited |
71.17235 |
108.1588 |
129.1094 |
|
104 |
INE655P01029 |
Panafic Industrials Ltd |
3.547376 |
4.047249 |
8.454578 |
|
105 |
INE985Q01010 |
Sri Amarnath Finance Limited |
19.09628 |
14.82535 |
17.46365 |
|
106 |
INE183Q01012 |
Continental Securities Limited |
38.26052 |
32.41373 |
28.20584 |
|
107 |
INE370Q01015 |
Nexus Surgical and Medicare Limited |
393.4735 |
785.2601 |
49.81134 |
|
108 |
INE243E01010 |
Galada Finance Limited |
1.772234 |
1.754145 |
17.23936 |
|
109 |
INE030Q01015 |
Emerald Leasing Finance & Investment Company
Limited |
26.9314 |
43.23229 |
43.56042 |
|
110 |
INE513C01010 |
Octal Credit Capital Ltd. |
4.111967 |
5.347254 |
51.09841 |
|
111 |
INE661Q01017 |
Vani Commercials Limited |
6.613829 |
7.624694 |
68.44558 |
|
112 |
INE554R01012 |
Karnavati Finance Limited |
9.02603 |
14.30045 |
13.73446 |
|
113 |
INE321M01017 |
Sonal Mercantile
Limited |
10.24471 |
8.424339 |
5.201733 |
|
114 |
INE211D01027 |
Abhinav Leasing & Finance Limited |
553.1842 |
323.4592 |
51.17599 |
|
115 |
INE820R01017 |
Sspn Finance Limited |
12.9791 |
18.9042 |
9.729343 |
|
116 |
INE736P01019 |
Northlink Fiscal and
Capital Services Ltd. |
35.07705 |
154.0287 |
123.7327 |
|
117 |
INE291E01019 |
Paul Merchants Ltd. |
829.0077 |
9.553384 |
16.22303 |
|
118 |
INE029H01016 |
Sujala Trading &
Holdings Ltd. |
4.667759 |
8.291404 |
63.22634 |
|
119 |
INE822Q01015 |
Sarvottam Finvest Limited |
115.7072 |
198.0402 |
257.8565 |
|
120 |
INE738P01015 |
Helpage Finlease Ltd. |
7.282401 |
8.145193 |
7.11627 |
|
121 |
INE206F01022 |
Authum Investment
& Infrastructure Limited |
15.31809 |
-0.99229 |
-56.026 |
|
122 |
INE960C01013 |
Capfin India Limited |
46.51543 |
12.87092 |
21.91572 |
|
123 |
INE618R01015 |
Moongipa Securities Ltd. |
31.66261 |
2.045635 |
2.717609 |
|
124 |
INE563C01015 |
Saumya Consultants
Ltd. |
22.00028 |
22.43387 |
21.86988 |
|
125 |
INE446E01019 |
Surya India Limited |
9.302971 |
9.497725 |
9.381769 |
|
126 |
INE653R01012 |
Symbiox Investment
& Trading Co. Ltd. |
8.093172 |
4.735038 |
4.120496 |
|
127 |
INE897B01019 |
Krishna Capital And Securities Limited |
33.20779 |
59.91894 |
32.35357 |
|
128 |
INE636B01011 |
Acme Resources Limited |
9.093561 |
13.68068 |
6.291153 |
|
129 |
INE836B01017 |
Satin Creditcare Network
Limited |
18.18262 |
21.64874 |
22.73822 |
|
130 |
INE661F01010 |
Brilliant Portfolios Ltd. |
8.987595 |
8.599235 |
15.20745 |
|
131 |
INE201C01012 |
Richfield Financial Services Ltd. |
35.63514 |
47.75042 |
282.1135 |
|
132 |
INE761R01013 |
Typhoon Financial Services Limited |
14.96711 |
6.41369 |
3.844483 |
|
133 |
INE270F01010 |
Pariksha
Fin-Invest-Lease Limited |
27.55496 |
6.824091 |
57.23413 |
|
134 |
INE721C01019 |
Garbi Finvest Limited |
18.27475 |
15.53765 |
18.26686 |
|
135 |
INE269F01012 |
Adharshila Capital
Services Limited |
4.382208 |
2.580255 |
42.32324 |
|
136 |
INE766D01020 |
Smart Finsec Limited |
143.2517 |
84.85742 |
41.00309 |
|
137 |
INE805Q01028 |
Adcon Capital
Services Limited |
76.37901 |
49.45394 |
7.352235 |
|
138 |
INE364T01012 |
Navigant Corporate Advisors Limited |
37.18583 |
40.78263 |
46.31382 |
|
139 |
INE217S01014 |
Apoorva Leasing Finance & Investment Company
Limited |
13.43044 |
23.88366 |
26.22964 |
|
140 |
INE108T01013 |
F Mec International Financial
Services Limited |
14.34236 |
19.24603 |
7.814213 |
|
141 |
INE728Q01014 |
Shivansh Finserv Limited |
25.01845 |
40.7581 |
37.51853 |
|
142 |
INE681Q01015 |
Delta Industrial Resources Limited |
39.57172 |
10.6806 |
298.7388 |
|
143 |
INE727C01016 |
Oracle Credit Limited |
34.55124 |
66.53227 |
52.2164 |
|
144 |
INE368E01023 |
Bcl Enterprises
Limited |
37.67471 |
14.81181 |
68.59506 |
|
145 |
INE562S01013 |
Blueblood Ventures Limited |
0.484366 |
2.008747 |
0.623729 |
|
146 |
INE948Q01018 |
Bfl Asset Finvest Limited |
27.71302 |
-10.3249 |
32.15881 |
|
147 |
INE332Q01015 |
Kapil Raj Finance Ltd. |
17.58794 |
7.628683 |
3.306183 |
|
148 |
INE874E01012 |
Dynamic Archistructures
Limited |
100.3918 |
135.0038 |
13.11924 |
|
149 |
INE064T01018 |
Interactive Financial Services Limited |
13.88554 |
28.03725 |
51.31415 |
|
150 |
INE178T01024 |
Advik Capital Limited |
41.97956 |
50.06571 |
39.30959 |
|
151 |
INE574R01028 |
Superior Finlease Limited |
3.997063 |
3.592778 |
3.262659 |
|
152 |
INE399S01010 |
Franklin Leasing and Finance Limited |
4.209849 |
23.11487 |
24.232 |
|
153 |
INE334L01012 |
Ujjivan Financial
Services Limited |
16.4562 |
16.65652 |
15.2231 |
|
154 |
INE616F01022 |
Rsd Finance Limited |
25.36316 |
35.15811 |
30.47512 |
|
155 |
INE858Q01019 |
Medico Intercontinental Limited |
229.0199 |
228.607 |
114.4468 |
|
156 |
INE217E01014 |
Bazel International
Limited |
7.062494 |
12.04727 |
11.15784 |
|
157 |
INE890S01018 |
Visco Trade
Associates Ltd |
25.24449 |
50.05841 |
24.38045 |
|
158 |
INE202R01026 |
Arc Finance Limited |
11.8579 |
15.74049 |
8.852364 |
|
159 |
INE268T01015 |
Supra Pacific Management Consultancy Limited |
8.471678 |
10.66604 |
9.589025 |
|
160 |
INE964R01013 |
Regency Fincorp Limited |
9.906431 |
10.04939 |
8.974302 |
|
161 |
INE894E01028 |
Salem Erode Investments Ltd. |
11.64533 |
8.0584 |
33.23068 |
|
162 |
INE850R01014 |
Corporate Merchant Bankers Limited |
34.39024 |
19.77221 |
30.60494 |
|
163 |
INE245H01018 |
Marg Techno Projects Limited |
9.806606 |
11.46744 |
8.624667 |
|
164 |
INE615R01029 |
Dhanvarsha Finvest Limited |
19.10768 |
43.81991 |
38.11215 |
|
165 |
INE715Q01011 |
Leading Leasing Finance and Investment Co. Limited |
19.30412 |
4.9658 |
13.49038 |
|
166 |
INE081R01016 |
Kd Leisures Limited |
19.55197 |
18.34874 |
45.06196 |
|
167 |
INE989S01034 |
Ontic Finserve Limited |
263.7975 |
230.6299 |
55.27276 |
|
168 |
INE953W01016 |
Escorp Asset
Management Limited |
7.602449 |
11.04014 |
25.76541 |
|
169 |
INE949C01016 |
Classic Leasing & Finance Ltd. |
1.082177 |
1.170458 |
0.411056 |
|
170 |
INE453S01015 |
Kanungo Financiers Limited |
1.542619 |
7.314189 |
3.615804 |
|
171 |
INE348L01012 |
Mas Financial Services Limited |
13.13987 |
16.08276 |
17.3837 |
|
172 |
INE758W01019 |
Apex Capital and Finance Limited |
9.172007 |
12.52265 |
3.521436 |
|
173 |
INE896L01010 |
Indostar Capital Finance
Limited |
14.30698 |
16.92972 |
11.75576 |
|
174 |
INE741K01010 |
Creditaccess Grameen Ltd. |
17.18876 |
17.83025 |
14.69573 |
|
175 |
INE726X01014 |
Spa Capital Services Limited |
1.385411 |
1.198591 |
161.0465 |
|
176 |
INE512R01010 |
Aar Shyam India Investment
Company Limited |
9.693234 |
-12.4109 |
14.5192 |
|
177 |
INE572J01011 |
Spandana Sphoorty Financial Limited |
19.02893 |
26.51828 |
22.41374 |
|
178 |
INE466L01020 |
Iifl Wealth
Management Limited |
21.22112 |
13.34029 |
17.09758 |
|
179 |
INE08KJ01012 |
Apm Finvest Limited |
42.43097 |
5.683987 |
6.833594 |
|
180 |
INE317W01014 |
Jsg Leasing Limited |
3.148882 |
4.23594 |
3.211883 |
|
181 |
INE771C01014 |
Easun Capital Markets
Limited |
127.046 |
96.2943 |
6.227375 |
|
182 |
INE165G01010 |
Assam Entrade Limited |
64.72836 |
19.0561 |
9.404601 |
|
183 |
INE018E01016 |
Sbi Cards And
Payment Services Limited |
38.01998 |
39.60862 |
35.29724 |
|
184 |
INE018S01016 |
Rita Finance and Leasing Limited |
4.344203 |
7.296571 |
8.722212 |
|
185 |
INE660A01013 |
Sundaram Finance Ltd |
13.48541 |
11.39567 |
13.37769 |
|
186 |
INE094B01013 |
Ashika Credit Capital
Limited |
55.96114 |
30.66633 |
30.3896 |
Table 2
|
Table 2 |
|||||
|
S. NO |
ISIN No |
Issuer Name |
Mar-2021 |
Mar-2020 |
Mar-2019 |
|
1 |
INE442C01012 |
Charms
Industries Ltd |
Distress |
Safe |
Safe |
|
2 |
INE348I01018 |
Bervin
Investments and Leasing Ltd. |
Safe |
Safe |
Safe |
|
3 |
INE373D01017 |
Gujarat
Investa Ltd., |
Safe |
Safe |
Safe |
|
4 |
INE671D01014 |
Hasti
Finance Ltd. |
Safe |
Safe |
Safe |
|
5 |
INE890B01014 |
Upsurge
Investment and Finance Ltd. |
Safe |
Safe |
Safe |
|
6 |
INE804B01023 |
Mega
Corporation Ltd |
Safe |
Safe |
Safe |
|
7 |
INE07P301011 |
Systematix
Securities Ltd. |
Safe |
Safe |
Safe |
|
8 |
INE271D01013 |
Sungold
Capital Ltd. |
Safe |
Safe |
Safe |
|
9 |
INE628F01019 |
Indergiri
Finance Ltd. |
Safe |
Safe |
Safe |
|
10 |
INE623D01015 |
Step
Two Corporation Ltd. |
Safe |
Safe |
Safe |
|
11 |
INE508J01015 |
Beryl
Securities Ltd |
Safe |
Safe |
Safe |
|
12 |
INE483D01014 |
Rap
Media Ltd. |
Grey |
Safe |
Safe |
|
13 |
INE802A01037 |
Bampsl
Securities Ltd. |
Safe |
Safe |
Safe |
|
14 |
INE180C01026 |
Capri
Global Capital Limited |
Safe |
Safe |
Safe |
|
15 |
INE546D01018 |
Tokyo
Finance Ltd. |
Safe |
Safe |
Safe |
|
16 |
INE528C01018 |
Thirdwave
Financial Intermediaries |
Safe |
Safe |
Safe |
|
17 |
INE224C01014 |
Inani
Securities Ltd. |
Safe |
Safe |
Safe |
|
18 |
INE621B01021 |
Prithvi
Exchange (India) Limited |
Safe |
Safe |
Safe |
|
19 |
INE429Q01019 |
Prism
Finance Ltd. |
Safe |
Safe |
Safe |
|
20 |
INE703D01023 |
Biogen
Pharmachem Industries Limited |
Safe |
Safe |
Safe |
|
21 |
INE131D01019 |
G.
K. Consultants Ltd. |
Safe |
Safe |
Safe |
|
22 |
INE348D01019 |
Munoth
Financial Services Ltd. |
Safe |
Safe |
Safe |
|
23 |
INE935D01013 |
Indus
Finance Limited |
Grey |
Distress |
Safe |
|
24 |
INE884X01011 |
Trinity
League India Limited |
Safe |
Safe |
Safe |
|
25 |
INE283D01018 |
Anjani
Finance Ltd |
Safe |
Safe |
Safe |
|
26 |
INE316D01024 |
Vertex
Securities Ltd. |
Safe |
Safe |
Safe |
|
27 |
INE914B01012 |
Shree
Metalloys Limited |
Safe |
Safe |
Safe |
|
28 |
INE839E01023 |
Odyssey
Corporation Ltd. |
Safe |
Safe |
Safe |
|
29 |
INE056J01015 |
R.
B. Gupta Financials Ltd. |
Safe |
Safe |
Safe |
|
30 |
INE516F01016 |
Abhinav
Capital Services Limited |
Safe |
Safe |
Safe |
|
31 |
INE807D01030 |
Sagar
Productions Limited |
Safe |
Safe |
Safe |
|
32 |
INE957E01031 |
Brijlaxmi
Leasing & Finance Ltd. |
Safe |
Safe |
Safe |
|
33 |
INE440E01012 |
SMC
Credits Ltd. |
Grey |
Safe |
Grey |
|
34 |
INE514C01018 |
Minolta
Finance Ltd. |
Safe |
Safe |
Safe |
|
35 |
INE550B01022 |
Hb
Stockholdings Ltd. |
Safe |
Safe |
Distress |
|
36 |
INE027F01014 |
Siel
Financial Services Ltd. |
Distress |
Distress |
Distress |
|
37 |
INE023A01030 |
Nalwa
Sons Investment Ltd |
Safe |
Safe |
Safe |
|
38 |
INE389D01013 |
Tcfc
Finance Ltd |
Safe |
Safe |
Safe |
|
39 |
INE602C01011 |
Kjmc
Corporate Advisors (India) Ltd. |
Safe |
Safe |
Safe |
|
40 |
INE418B01048 |
Vaarad
Ventures Ltd |
Safe |
Grey |
Safe |
|
41 |
INE638B01025 |
Hb
Portfolio Ltd. |
Safe |
Safe |
Safe |
|
42 |
INE330E01023 |
Transcorp
International Ltd. |
Safe |
Safe |
Safe |
|
43 |
INE525F01017 |
Balmer
Lawrie Investments Ltd. |
Grey |
Distress |
Grey |
|
44 |
INE722A01011 |
Shriram-City
Union Finance Ltd. |
Safe |
Safe |
Safe |
|
45 |
INE530B01024 |
Iifl
Finance Limited |
Safe |
Safe |
Safe |
|
46 |
INE774D01024 |
Mahindra
& Mahindra Financial Services Limited |
Safe |
Safe |
Safe |
|
47 |
INE347H01012 |
Inditrade
Capital Limited |
Safe |
Safe |
Safe |
|
48 |
INE804H01012 |
Transwarranty
Finance Limited |
Distress |
Distress |
Safe |
|
49 |
INE420C01042 |
Paisalo
Digital Limited |
Safe |
Safe |
Safe |
|
50 |
INE274G01010 |
Dhani
Services Limited |
Safe |
Safe |
Safe |
|
51 |
INE083K01017 |
Bengal
& Assam Company Limited |
Safe |
Safe |
Safe |
|
52 |
INE143K01019 |
Essar
Securities Limited |
Safe |
Distress |
Safe |
|
53 |
INE519C01017 |
Summit
Securities Ltd. |
Safe |
Safe |
Safe |
|
54 |
INE560K01014 |
Ptc
India Financial Services Limited |
Safe |
Safe |
Safe |
|
55 |
INE414G01012 |
Muthoot
Finance Limited |
Safe |
Safe |
Safe |
|
56 |
INE726L01019 |
Delphi
World Money Limited |
Safe |
Safe |
Safe |
|
57 |
INE912L01015 |
Onelife
Capital Advisors Ltd |
Safe |
Safe |
Safe |
|
58 |
INE793G01035 |
Pmc
Fincorp Limited |
Safe |
Safe |
Safe |
|
59 |
INE241F01011 |
Futuristic
Solutions Ltd. |
Safe |
Safe |
Safe |
|
60 |
INE883L01018 |
Pyxis
Finvest Limited |
Safe |
Safe |
Safe |
|
61 |
INE456N01019 |
Comfort
Commotrade Limited |
Safe |
Safe |
Safe |
|
62 |
INE176N01021 |
Caspian
Corporate Services Limited |
Safe |
Safe |
Safe |
|
63 |
INE234G01022 |
Trio
Mercantile & Trading Limited |
Safe |
Safe |
Safe |
|
64 |
INE274M01018 |
Comfort
Fincap Limited |
Safe |
Safe |
Safe |
|
65 |
INE902D01013 |
Kifs
Financial Services Ltd |
Safe |
Safe |
Safe |
|
66 |
INE474O01010 |
India
Finsec Limited |
Safe |
Safe |
Safe |
|
67 |
INE340O01013 |
Money
Masters Leasing & Finance Limited |
Safe |
Safe |
Safe |
|
68 |
INE030P01017 |
Alacrity
Securities Limited |
Safe |
Safe |
Safe |
|
69 |
INE200P01016 |
Gcm
Commodity & Derivatives Limited |
Distress |
Distress |
Distress |
|
70 |
INE326P01019 |
S
R G Securities Finance Limited |
Safe |
Safe |
Safe |
|
71 |
INE218P01018 |
Amrapali
Capital And Finance Services Limited |
Safe |
Safe |
Safe |
|
72 |
INE325P01011 |
Stellar
Capital Services Limited |
Grey |
Grey |
Safe |
|
73 |
INE947C01010 |
B.
P. Capital Ltd. |
Distress |
Distress |
Distress |
|
74 |
INE555P01013 |
Kiran
Vyapar Limited |
Safe |
Safe |
Safe |
|
75 |
INE717C01025 |
Mangalam
Industrial Finance Limited |
Safe |
Safe |
Safe |
|
76 |
INE159N01027 |
Viji
Finance Limited |
Grey |
Distress |
Distress |
|
77 |
INE909D01026 |
Sharp
Investments Ltd |
Safe |
Safe |
Safe |
|
78 |
INE191P01017 |
Gcm
Capital Advisors Limited |
Safe |
Safe |
Safe |
|
79 |
INE266P01017 |
West
Leisure Resorts Limited |
Safe |
Safe |
Safe |
|
80 |
INE792G01011 |
Nam
Securities Ltd. |
Safe |
Safe |
Safe |
|
81 |
INE502O01018 |
Sps
Finquest Limited |
Safe |
Safe |
Safe |
|
82 |
INE296Q01012 |
Moneyboxx
Finance Limited |
Safe |
Safe |
Safe |
|
83 |
INE901C01017 |
Thirani
Projects Limited |
Safe |
Safe |
Safe |
|
84 |
INE745P01010 |
Amarnath
Securities Ltd. |
Safe |
Safe |
Safe |
|
85 |
INE172D01021 |
Capital
Trade Links Limited |
Safe |
Safe |
Safe |
|
86 |
INE516P01015 |
Ramchandra
Leasing & Finance Limited |
Safe |
Safe |
Safe |
|
87 |
INE404F01031 |
Tti
Enterprise Limited |
Safe |
Safe |
Safe |
|
88 |
INE457P01020 |
Toyam
Industries Limited |
Safe |
Safe |
Safe |
|
89 |
INE868G01019 |
Gajanan
Securities Services Ltd. |
Grey |
Grey |
Grey |
|
90 |
INE840I01014 |
Real
Touch Finance Limited |
Safe |
Safe |
Safe |
|
91 |
INE837C01013 |
Qgo
Finance Limited |
Safe |
Safe |
Safe |
|
92 |
INE729C01020 |
Purshottam
Investofin Limited |
Safe |
Safe |
Safe |
|
93 |
INE898Q01015 |
Naysaa
Securities Limited |
Distress |
Safe |
Safe |
|
94 |
INE937K01014 |
Econo
Trade (India) Limited |
Safe |
Safe |
Safe |
|
95 |
INE475D01010 |
Suchitra
Finance & Trading Company Limited |
Safe |
Safe |
Safe |
|
96 |
INE761Q01015 |
Vibrant
Global Capital Limited |
Safe |
Safe |
Safe |
|
97 |
INE480D01010 |
Niyogin
Fintech Limited |
Safe |
Safe |
Safe |
|
98 |
INE131Q01011 |
Asia
Capital Limited |
Safe |
Safe |
Safe |
|
99 |
INE149Q01013 |
Akashdeep
Metal Industries Limited |
Safe |
Safe |
Safe |
|
100 |
INE997C01015 |
Goenka
Business & Finance Limited |
Safe |
Safe |
Safe |
|
101 |
INE918C01029 |
Gilada
Finance & Investments Ltd. |
Safe |
Safe |
Safe |
|
102 |
INE242Q01016 |
Meenakshi
Enterprises Ltd. |
Safe |
Safe |
Safe |
|
103 |
INE892C01018 |
Scintilla
Commercial & Credit Limited |
Safe |
Safe |
Safe |
|
104 |
INE655P01029 |
Panafic
Industrials Ltd |
Safe |
Safe |
Safe |
|
105 |
INE985Q01010 |
Sri
Amarnath Finance Limited |
Safe |
Safe |
Safe |
|
106 |
INE183Q01012 |
Continental
Securities Limited |
Safe |
Safe |
Safe |
|
107 |
INE370Q01015 |
Nexus
Surgical and Medicare Limited |
Safe |
Safe |
Safe |
|
108 |
INE243E01010 |
Galada
Finance Limited |
Distress |
Distress |
Safe |
|
109 |
INE030Q01015 |
Emerald
Leasing Finance & Investment Company Limited |
Safe |
Safe |
Safe |
|
110 |
INE513C01010 |
Octal
Credit Capital Ltd. |
Safe |
Safe |
Safe |
|
111 |
INE661Q01017 |
Vani
Commercials Limited |
Safe |
Safe |
Safe |
|
112 |
INE554R01012 |
Karnavati
Finance Limited |
Safe |
Safe |
Safe |
|
113 |
INE321M01017 |
Sonal
Mercantile Limited |
Safe |
Safe |
Safe |
|
114 |
INE211D01027 |
Abhinav
Leasing & Finance Limited |
Safe |
Safe |
Safe |
|
115 |
INE820R01017 |
Sspn
Finance Limited |
Safe |
Safe |
Safe |
|
116 |
INE736P01019 |
Northlink
Fiscal and Capital Services Ltd. |
Safe |
Safe |
Safe |
|
117 |
INE291E01019 |
Paul
Merchants Ltd. |
Safe |
Safe |
Safe |
|
118 |
INE029H01016 |
Sujala
Trading & Holdings Ltd. |
Safe |
Safe |
Safe |
|
119 |
INE822Q01015 |
Sarvottam
Finvest Limited |
Safe |
Safe |
Safe |
|
120 |
INE738P01015 |
Helpage
Finlease Ltd. |
Safe |
Safe |
Safe |
|
121 |
INE206F01022 |
Authum
Investment & Infrastructure Limited |
Safe |
Distress |
Distress |
|
122 |
INE960C01013 |
Capfin
India Limited |
Safe |
Safe |
Safe |
|
123 |
INE618R01015 |
Moongipa
Securities Ltd. |
Safe |
Grey |
Grey |
|
124 |
INE563C01015 |
Saumya
Consultants Ltd. |
Safe |
Safe |
Safe |
|
125 |
INE446E01019 |
Surya
India Limited |
Safe |
Safe |
Safe |
|
126 |
INE653R01012 |
Symbiox
Investment & Trading Co. Ltd. |
Safe |
Safe |
Safe |
|
127 |
INE897B01019 |
Krishna
Capital And Securities Limited |
Safe |
Safe |
Safe |
|
128 |
INE636B01011 |
Acme
Resources Limited |
Safe |
Safe |
Safe |
|
129 |
INE836B01017 |
Satin
Creditcare Network Limited |
Safe |
Safe |
Safe |
|
130 |
INE661F01010 |
Brilliant
Portfolios Ltd. |
Safe |
Safe |
Safe |
|
131 |
INE201C01012 |
Richfield
Financial Services Ltd. |
Safe |
Safe |
Safe |
|
132 |
INE761R01013 |
Typhoon
Financial Services Limited |
Safe |
Safe |
Safe |
|
133 |
INE270F01010 |
Pariksha
Fin-Invest-Lease Limited |
Safe |
Safe |
Safe |
|
134 |
INE721C01019 |
Garbi
Finvest Limited |
Safe |
Safe |
Safe |
|
135 |
INE269F01012 |
Adharshila
Capital Services Limited |
Safe |
Grey |
Safe |
|
136 |
INE766D01020 |
Smart
Finsec Limited |
Safe |
Safe |
Safe |
|
137 |
INE805Q01028 |
Adcon
Capital Services Limited |
Safe |
Safe |
Safe |
|
138 |
INE364T01012 |
Navigant
Corporate Advisors Limited |
Safe |
Safe |
Safe |
|
139 |
INE217S01014 |
Apoorva
Leasing Finance & Investment Company Limited |
Safe |
Safe |
Safe |
|
140 |
INE108T01013 |
F
Mec International Financial Services Limited |
Safe |
Safe |
Safe |
|
141 |
INE728Q01014 |
Shivansh
Finserv Limited |
Safe |
Safe |
Safe |
|
142 |
INE681Q01015 |
Delta
Industrial Resources Limited |
Safe |
Safe |
Safe |
|
143 |
INE727C01016 |
Oracle
Credit Limited |
Safe |
Safe |
Safe |
|
144 |
INE368E01023 |
Bcl
Enterprises Limited |
Safe |
Safe |
Safe |
|
145 |
INE562S01013 |
Blueblood
Ventures Limited |
Distress |
Grey |
Distress |
|
146 |
INE948Q01018 |
Bfl
Asset Finvest Limited |
Safe |
Distress |
Safe |
|
147 |
INE332Q01015 |
Kapil
Raj Finance Ltd. |
Safe |
Safe |
Safe |
|
148 |
INE874E01012 |
Dynamic
Archistructures Limited |
Safe |
Safe |
Safe |
|
149 |
INE064T01018 |
Interactive
Financial Services Limited |
Safe |
Safe |
Safe |
|
150 |
INE178T01024 |
Advik
Capital Limited |
Safe |
Safe |
Safe |
|
151 |
INE574R01028 |
Superior
Finlease Limited |
Safe |
Safe |
Safe |
|
152 |
INE399S01010 |
Franklin
Leasing and Finance Limited |
Safe |
Safe |
Safe |
|
153 |
INE334L01012 |
Ujjivan
Financial Services Limited |
Safe |
Safe |
Safe |
|
154 |
INE616F01022 |
Rsd
Finance Limited |
Safe |
Safe |
Safe |
|
155 |
INE858Q01019 |
Medico
Intercontinental Limited |
Safe |
Safe |
Safe |
|
156 |
INE217E01014 |
Bazel
International Limited |
Safe |
Safe |
Safe |
|
157 |
INE890S01018 |
Visco
Trade Associates Ltd |
Safe |
Safe |
Safe |
|
158 |
INE202R01026 |
Arc
Finance Limited |
Safe |
Safe |
Safe |
|
159 |
INE268T01015 |
Supra
Pacific Management Consultancy Limited |
Safe |
Safe |
Safe |
|
160 |
INE964R01013 |
Regency
Fincorp Limited |
Safe |
Safe |
Safe |
|
161 |
INE894E01028 |
Salem
Erode Investments Ltd. |
Safe |
Safe |
Safe |
|
162 |
INE850R01014 |
Corporate
Merchant Bankers Limited |
Safe |
Safe |
Safe |
|
163 |
INE245H01018 |
Marg
Techno Projects Limited |
Safe |
Safe |
Safe |
|
164 |
INE615R01029 |
Dhanvarsha
Finvest Limited |
Safe |
Safe |
Safe |
|
165 |
INE715Q01011 |
Leading
Leasing Finance and Investment Co. Limited |
Safe |
Safe |
Safe |
|
166 |
INE081R01016 |
Kd
Leisures Limited |
Safe |
Safe |
Safe |
|
167 |
INE989S01034 |
Ontic
Finserve Limited |
Safe |
Safe |
Safe |
|
168 |
INE953W01016 |
Escorp
Asset Management Limited |
Safe |
Safe |
Safe |
|
169 |
INE949C01016 |
Classic
Leasing & Finance Ltd. |
Distress |
Distress |
Distress |
|
170 |
INE453S01015 |
Kanungo
Financiers Limited |
Distress |
Safe |
Safe |
|
171 |
INE348L01012 |
Mas
Financial Services Limited |
Safe |
Safe |
Safe |
|
172 |
INE758W01019 |
Apex
Capital and Finance Limited |
Safe |
Safe |
Safe |
|
173 |
INE896L01010 |
Indostar
Capital Finance Limited |
Safe |
Safe |
Safe |
|
174 |
INE741K01010 |
Creditaccess
Grameen Ltd. |
Safe |
Safe |
Safe |
|
175 |
INE726X01014 |
Spa
Capital Services Limited |
Distress |
Distress |
Safe |
|
176 |
INE512R01010 |
Aar
Shyam India Investment Company Limited |
Safe |
Distress |
Safe |
|
177 |
INE572J01011 |
Spandana
Sphoorty Financial Limited |
Safe |
Safe |
Safe |
|
178 |
INE466L01020 |
Iifl
Wealth Management Limited |
Safe |
Safe |
Safe |
|
179 |
INE08KJ01012 |
Apm
Finvest Limited |
Safe |
Safe |
Safe |
|
180 |
INE317W01014 |
Jsg
Leasing Limited |
Safe |
Safe |
Safe |
|
181 |
INE771C01014 |
Easun
Capital Markets Limited |
Safe |
Safe |
Safe |
|
182 |
INE165G01010 |
Assam
Entrade Limited |
Safe |
Safe |
Safe |
|
183 |
INE018E01016 |
Sbi
Cards And Payment Services Limited |
Safe |
Safe |
Safe |
|
184 |
INE018S01016 |
Rita
Finance and Leasing Limited |
Safe |
Safe |
Safe |
|
185 |
INE660A01013 |
Sundaram
Finance Ltd |
Safe |
Safe |
Safe |
|
186 |
INE094B01013 |
Ashika
Credit Capital Limited |
Safe |
Safe |
Safe |
Table 3
|
Table 3 |
|||
|
Mar-21 |
Mar-20 |
Mar-19 |
|
|
Safe Zone |
168 |
166 |
174 |
|
Distress Zone |
11 |
14 |
8 |
|
Grey Zone |
7 |
6 |
4 |
Figure 1
|
Figure 1 Prediction Results |
Based on the results, 11 out of 186 companies were in unsafe zone in 2021. Similarly, 14 out of 186 companies were in unsafe zone in 2020, and 8 out of 186 companies were in unsafe zone in 2019. It is founded that 7 out of 186 companies were in grey zone that is these companies have moderate chance of filing for bankruptcy. Similarly, 6 out of 186 companies were founded to be in grey zone in 2020 and 4 out of 186 companies were in grey zone in 2019. Mossman et al. (2005), Rao and Atmanathan (2013), Vel and Zala (2019), Bărbuţă-Mişu and Codreanu (2014), Utami et al. (2020), Michelle (1989).
5. CONCLUSION
The prediction results of this project accuracy fall between 80-90%. This project was aims to provide information to the stakeholders, mainly investors who have plan to invest in these NBFC companies, about which companies are potentially stable and potentially unstable like they might have the chances being bankrupted, and to alert investors whose investments are at risk and suggest them to safeguard their interests in the investments.
6. AUTHOR CONTRIBUTIONS
Methodology,
Formal analysis, Project administration, Supervision, Writing-review &
Editing, and Final approval are contributed by Author 1(Name deleted for blind
review). Conceptualisation, Formal analysis, Writing-original draft, Software,
Data curation, and Writing-review & Editing are contributed by Author 2
(Name deleted for blind review)
7. DATA AVAILABILITY
The raw
data for the research was available in these websites
https://www.moneycontrol.com, https://groww.in, https://www.bseindia.com. The
readers can get the data from these websites by entering the ISSIN number of
the particular company as mentioned in this paper (ex.
INE709B01016).
8. DISCLAIMER
A statement that the views expressed in the submitted article are his or her own and not an official position of the institution or funder.
CONFLICT OF INTERESTS
The authors declare that they have no financial or personal relationship that may have inappropriately influenced them in writing this article.
ACKNOWLEDGMENTS
There are only two authors for this paper. Hence all the details of both are mentioned. Nobody has been more important to me in the pursuit of this project than the members of my family. I would like to thank my parents, whose love and guidance are with me in whatever I pursue. They are the ultimate role models.
REFERENCES
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Hillegeist, S.A., Keating, E.K., Cram, D.P., Lundstedt, K.G. (2004). Assessing the Probability of Bankruptcy. Review of Accounting Studies 9, 5–34. https://doi.org/10.1023/B:RAST.0000013627.90884.b7.
Kaur, S. (2017). Comparative Analysis of Bankruptcy Prediction Models : An Indian perspective. Dias Technology Review, 14(2), 21-28.
Michelle, J. (1989). The Corporate Bankruptcy Decision. Journal of Economic Perspectives, 3(2),129-151.
Mossman, C., Bell, G., Swartz, L., & Turtle, H. (2005). An Empirical Comparison of Bankruptcy Models. The Financial Review, 33(2), 35-54. https://doi.org/10.1111/j.1540-6288.1998.tb01367.x.
Mulyadi, D. (2020). Analysis Prediction of Bankruptcy Business by Using the Method Altman Z Score and Springate (Case study in PT holcim Indonesia TBK). International Journal of Innovation, Creativity Change, 12(5),723-735.
Rao, N. V. and Atmanathan, G. (2013). Analysis of Bankruptcy Prediction Models And Their Effectiveness : An Indian Perspective. Great Lakes Herald. 7(2), 3-15.
Utami, R., Siregar, H., Syarifuddin, F. (2020). The Analysis of Bankruptcy Prediction Model with Adjustment of Earning Management on Textile and Garment Sub-Sector in Indonesia Stock Exchange. International Journal of Research and Review, 7(1), 208-218.
Vel, R. and Zala, P. (2019). Bankruptcy Prediction Using Multivariate Discriminant Analysis - Empirical Evidence from Cases Referred to NCLT. International Journal of Innovative Technology and Exploring Engineering, 8(9), 13-17.
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