MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELECTRONICS CORPORATION OF INDIA LIMITED |
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Registered Office : |
Industrial Development Area, Cherlapelli, ECIL P.O. Hyderabad – 500
062, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.04.1967 |
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Com. Reg. No.: |
02-001149 |
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CIN No.: [Company
Identification No.] |
U32100AP1967GOI001149 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDE00006G |
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Legal Form : |
Public Limited
Liability Company owned by the Government of India |
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Line of Business : |
Providing
Electronics Products and Services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 23713000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Government of India undertaking company. It is a well
established and reputed company having fine track. Financial position of the company
appears to be sound. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Industrial Development Area, Cherlapelli, Ecil P.O. Hyderabad-500062, |
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Tel. No.: |
91-40-27120131/ 27123409/ 27120671/ 27121802 |
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Mobile No.: |
91-40-27120517 |
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E-Mail : |
ecil.cpmkt@ecil.sprintrpg.ems.vsnl.net.in |
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Website : |
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Unit : |
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Guest Houses: |
Located at |
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Zonal Office: |
27,
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Tel. No.: |
91-11-23324507 |
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Fax No.: |
91-11-23725951 |
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E-Mail : |
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Zonal Office: |
1207,
Veer Savarkar Marg, Dadar (Prabha Devi), Mumbai – 400028, |
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Tel. No.: |
91-22-24223443 |
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Fax No.: |
91-22-24302105 |
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E-Mail : |
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Zonal Office: |
Tamilnadu
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Tel. No.: |
91-44-24349085 |
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Fax No.: |
91-44-24340130 |
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E-Mail : |
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Zonal Office: |
IV
Floor, Apeejay House, 15, |
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Tel. No.: |
91-33-2495523 |
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Fax No.: |
91-33-2495523 |
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E-Mail : |
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Resident
Representatives at |
ECIL
North Zone Office, B-7, DDA Local Shopping Centre, A Block, Ring Road,
Naraina, New Delhi – 110 028 |
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Tel. No.: |
91-11-25895041 /
49 |
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Fax No.: |
91-11-25895329 |
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Tel No. (Res)” |
91-11-26196354
(Res.) |
DIRECTORS
As on 18.09.2009
|
Name : |
Mr. Yelia Shivarama Mayya |
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Designation : |
Chairman cum Managing Director |
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Address : |
1-4-200, 181/C, Eswaripuri Colony, Sainikpuri Post, Ranga Reddy, Secunderabad
– 500 094, |
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Date of Birth/Age : |
24.10.1956 |
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Date of Appointment : |
01.05.2009 |
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DIN No.: |
01987315 |
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Name : |
Mr. Udipi Vishnumurthy |
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Designation : |
Whole Time Director |
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Address : |
Flat No.101, Shree Padmavathi Arcade, Ayodhya Nagar, Dr. A S Rao
Nagar, |
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Date of Birth/Age : |
01.07.1950 |
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Date of Appointment : |
09.05.2007 |
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DIN No.: |
01526930 |
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Name : |
Ms. Revathy Iyer |
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Designation : |
Director |
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Address : |
Flat No. 10 A, Purnima Little |
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Date of Birth/Age : |
28.05.1954 |
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Date of Appointment : |
18.10.2007 |
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DIN No.: |
01952230 |
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Name : |
Mr. Vindlachervu Raman Sadasivam |
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Designation : |
Director |
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Address : |
1-B, Zerlina Little |
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Date of Birth/Age : |
24.12.1953 |
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Date of Appointment : |
19.07.2007 |
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DIN No.: |
01734028 |
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Name : |
Mr. Umesh Chandra |
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Designation : |
Director |
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Address : |
33, Deonar House, Mumbai – 400 088, |
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Date of Birth/Age : |
10.08.1948 |
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Date of Appointment : |
08.08.2005 |
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DIN No.: |
02428036 |
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Name : |
Dr. Byrana Nagappa Suresh |
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Designation : |
Director |
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Address : |
TC 6/ 744, Anantha Colony, Vattiyoorkavu P.O Trivandrum – 695 013, |
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Date of Birth/Age : |
12.11.1943 |
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Date of Appointment : |
11.07.2006 |
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DIN No.: |
00276549 |
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Name : |
Dr. Manju Ji Zarabi |
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Designation : |
Director |
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Address : |
C-28, Pamposh Enclave, |
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Date of Birth/Age : |
24.08.1947 |
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Date of Appointment : |
19.10.2006 |
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DIN No.: |
00648928 |
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Name : |
Dr. Ramineni Sreehari Rao |
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Designation : |
Director |
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Address : |
9-7-45, Road No. 10, Yadgiri Nagar, Colony, Sai Dabad, |
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Date of Birth/Age : |
01.07.1950 |
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Date of Appointment : |
12.04.2007 |
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DIN No.: |
01492846 |
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Name : |
Mr. Kambhammettu Srirama Rajasekhara Rao |
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Designation : |
Chairman cum Managing Director |
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Address : |
3-14-27/1, Srinivasapuram Colony, Amberpet, Ramanthpur, |
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Date of Birth/Age : |
15.04.1949 |
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Date of Appointment : |
29.09.2006 |
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Date of Ceasing : |
30.04.2009 |
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DIN No.: |
01151924 |
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Name : |
Mr. Suryadevara Hanumantha Rao |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 303, |
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Date of Birth/Age : |
04.07.1951 |
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Date of Appointment : |
01.04.2007 |
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Date of Ceasing : |
13.03.2009 |
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DIN No.: |
01554372 |
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Name : |
Mr. Raja Pakshi Veeraraghavan |
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Designation : |
Director |
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Address : |
102, Praneet, 234, Jayant Palkar Marg, Worli, Mumbai – 400 025, |
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Date of Birth/Age : |
05.09.1948 |
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Date of Appointment : |
22.07.2008 |
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Date of Ceasing: |
18.10.2007 |
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Name : |
Sastry Venkata Rama Vadlamani |
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Designation : |
Director |
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Address : |
957, 9th Main, 3rd Stage, 3rd Block, Basaveswara
Nagar, |
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Date of Birth/Age : |
23.04.1949 |
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Date of Appointment : |
10.03.2011 |
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DIN No.: |
00027875 |
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Name : |
Partha Mohapatra |
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Designation : |
Director |
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Date of Appointment : |
15.10.2008 |
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DIN No.: |
02353943 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.09.2009
|
Names of Shareholders |
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No. of Shares |
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President of |
|
1633709 |
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Y.S. Mayya |
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1 |
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Revathy Iyer |
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1 |
|
Kakodakar Anil |
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1 |
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Total |
|
1633712 |
Equity Share Breakup (Percentage of Total Equity)
As on 18.09.2009
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Government [Central and State] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing
Electronics Products and Services. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
4827 (Approximately) |
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Bankers : |
·
Andhra Bank, R P Road Branch, Secunderabad – 500
003, ·
State Bank of ·
State Bank of |
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Facilities : |
Note: # Secured by first charge by way of hypothecation of Raw Materials, Stores
and Spares, Work-in-progress, Finished Stock, Book Debts, Fixed Assets and
Equitable Mortgage on Land and Building, ranking pari passu amongst the
consortium member banks.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anjaneyulu and Company Chartered Accountants |
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Address : |
30, Bhagya Lakshmi Nagar, Behind Kalpana Theatre, Gandhi Nagar, |
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Joint Venture
Company : |
ECIL- Rapiscan Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.1000/- each |
Rs.2000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1633712 |
Equity Shares |
Rs.1000/-
each |
Rs.1633.712
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
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|
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1] Share Capital |
1633.712 |
1633.712 |
1633.712 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
4294.521 |
4045.878 |
3966.254 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
5928.233 |
5679.590 |
5599.966 |
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
1001.850 |
2025.032 |
1132.983 |
|
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2] Unsecured Loans |
1502.877 |
504.173 |
636.414 |
|
|
TOTAL BORROWING |
2504.727 |
2529.205 |
1769.397 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
8432.960 |
8208.795 |
7369.363 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
945.261 |
909.343 |
723.194 |
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Capital work-in-progress |
465.015 |
39.392 |
58.711 |
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INVESTMENT |
16.464 |
16.464 |
16.464 |
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DEFERREX TAX ASSETS |
402.155 |
393.844 |
238.844 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
1946.787
|
1268.098 |
688.413
|
|
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Sundry Debtors |
14174.487
|
14360.086 |
12700.359
|
|
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Cash & Bank Balances |
3114.746
|
2331.845 |
2679.423
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
1458.022
|
1725.258 |
2461.717
|
|
Total
Current Assets |
20694.042
|
19685.287 |
18529.912 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3915.833
|
4552.046 |
3460.400 |
|
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Other Current Liabilities |
8956.400
|
7335.578 |
6150.571 |
|
|
Provisions |
1217.744
|
947.911 |
2586.791 |
|
Total
Current Liabilities |
14089.977
|
12835.535 |
12197.762
|
|
|
Net Current Assets |
6604.065
|
6849.752 |
6332.150
|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
8432.960 |
8208.795 |
7369.363 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
10580.318 |
9746.311 |
9418.639 |
|
|
|
Other Income |
579.998 |
592.643 |
459.543 |
|
|
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TOTAL (A) |
11160.316 |
10338.954 |
9878.182 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
7127.490 |
6041.713 |
4290.840 |
|
|
|
Employee Remuneration and Benefits |
2958.257 |
3181.538 |
2423.631 |
|
|
|
Manufacturing, Administrative and Other Expenses |
684.042 |
664.914 |
556.272 |
|
|
|
Selling Expenses |
238.961 |
218.819 |
324.742 |
|
|
|
Research and Development |
209.166 |
242.331 |
213.969 |
|
|
|
Transfer to Projects and Other Accounts |
(345.762) |
(324.176) |
(333.009) |
|
|
|
Prior Period Items |
3.923 |
(2.499) |
6.813 |
|
|
|
Accretion/ Decretion in stocks of Work in process and Finished Goods |
(560.775) |
(189.857) |
61.199 |
|
|
|
Price Variation Adjustments |
13.865 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
10329.167 |
9832.783 |
7544.457 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
831.149 |
506.171 |
2333.725 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
202.978 |
215.651 |
188.303 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
628.171 |
290.520 |
2145.422 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
83.991 |
101.549 |
131.882 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
544.180 |
188.971 |
2013.540 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
124.082 |
54.134 |
672.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
420.098 |
134.837 |
1341.466 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3780.878 |
3701.254 |
2877.060 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
147.034 |
47.193 |
326.742 |
|
|
|
Dividend Tax on Proposed Dividend |
24.421 |
8.020 |
55.530 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
135.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4029.521 |
3780.878 |
3701.254 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports – Products |
3.841 |
55.526 |
30.926 |
|
|
TOTAL EARNINGS |
3.841 |
55.526 |
30.926 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
257.14 |
82.53 |
821.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.76
|
1.30 |
13.58
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.14
|
1.94 |
21.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.51
|
0.92 |
10.46
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.03 |
0.36
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.80
|
2.71 |
2.49
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.53 |
1.52
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U32100AP1967GOI001149 |
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Name of the
company |
ELECTRONICS CORPORATION OF INDIA LIMITED |
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Address of the
registered office or of the principal place of business in |
Industrial Development Area, Cherlapelli, ECIL P.O. Hyderabad – 500
062, E-Mail: secretary@ecil.co.in |
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|
This form is for |
Modification of
charge |
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|
Charge
identification number of the modified |
10126001 |
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Type of charge |
Immovable
Property Book Debts Movable Property Others
(Hypothecation of all current assets) |
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Particular of
charge holder |
State Bank of E-Mail: agmamt2.caghyd@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
1. Joint deed of
hypothecation - Form CF-2 2. Working capital
consortium agreement - Form CF-1 |
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Date of
instrument Creating the charge |
07/06/2010 |
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Amount secured by
the charge |
Rs.5500.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1. Cash credit
(Hypothecation) 1.50% below SBAR, present effective rate being 10.25 p.a.
with monthly rests. 2. As per
instructions in force from time to time. Terms of
Repayment: Working capital:
On demand Margin: RM-Domestic-25% SIP-25% FG-25% Stores, spares
and consumables-25% Receivables-40%(cover
period 90 days) Letter of
credit-Nil Bank
guarantees-Nil Extent and
Operation of the charge: The charge
operates as security, inter alia, for the due repayment by the company to the
State Bank of India Consortium for its limits sanctioned to the extent of
Rs.5500.000 millions, together with interest, additional interest, liquidated
damages, commitment charges, premia on repayment or on redemption, costs,
charges, expenses and all other moneys payable by the company to State Bank
of India Consortium. Others:
|
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|
Short particulars
of the property charged |
Hypothecation on
all the current assets of the company namely stocks, stores and spares not relating
to Plant and Machinery (CS and S) bills receivables and book debts and all
other movable assets of the borrower. EM on the land
situated at ECIL, |
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Particulars of
the present modification |
|
|
Name of the company |
ELECTRONICS CORPORATION OF INDIA LIMITED |
|
Presented By |
Sanjay Agarwal,
Company Secretary |
|
1) Date and description of instrument creating the change |
Composite Agreement
Dated : 02.11.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 700.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Goods/ Stocks
received under FLC/ILC |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
i) Margin 10% ii) Interest
1.60% over ABPLR of 10.5%, effective Rate being 12.10% p.a., Commission on LC
as per lead bank (SBI) iii) All Goods
and other property under security shall be insured |
|
5) Name and Address and description of the person entitled to the charge. |
Andhra Bank, R P Road Branch, Secunderabad-500003, |
|
6) Date and brief description of instrument modifying the charge |
N.A |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
a) Letters of Credit |
1523.562 |
|
b) Bank Guarantees |
1141.815 |
|
c) Corporate Guarantees favouring Government Departments / PSUs |
4729.062 |
|
d) Indemnity Bonds |
2581.601 |
|
e) Guarantee on behalf of employees |
NIL |
|
f) Court/Arbitration cases |
30.739 |
|
g) Demands from Government authorities and appeals filed against the
Company not provided for in respect of taxation matters. |
1178.826 |
|
h) Cess payable under Section 441 A of the Companies Act, 1956 at 0.1%
of the Annual Turnover from 2002-03 to 2009-10 |
76.818 |
|
i) Others |
220.172 |
FIXED ASSETS:
·
·
Development of Land
·
Roads, Bridges and
Culverts
·
·
Administration and Other
Building
·
Research and Development
Plant and Machinery
·
Electronic Testing and
Measuring Equipments
·
Computer Systems Hired
out to Customers
·
Air Conditioner
·
Vehicle
·
Furniture, Fittings and
Other Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.