MIRA
INFORM REPORT
|
Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
FINANCIAL INCLUSION NETWORK AND OPERATIONS LIMITED (w.e.f. 02.02.2007) |
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Formerly Known
as: |
FINANCIAL INFORMATION NETWORK AND OPERATIONS PRIVATE LIMITED |
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Registered
Office : |
Tarun Bharat, Plot Nos. 38 and 39, Sector 30, Sanpada (West), Near
Sanpada Railway Station, Navi Mumbai – 400705, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.06.2006 |
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Com. Reg. No.: |
162656 |
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Capital
Investment / Paid-up Capital : |
Rs.704.584 Millions |
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CIN No.: [Company Identification
No.] |
U72900MH2006PLC162656 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF0486D |
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PAN No.: [Permanent Account No.] |
AAACF9869M |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business
: |
Subject acts as a inventor, innovator and implementer of
integrated technology solutions for institutions like Banks, Microfinance
Institutions, Government entities, Insurance companies to enable financial
inclusion environment for the micro customers. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 3619116 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears some accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered for business dealings at usual trade
terms na conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Sanjay Jain |
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Designation : |
Vice President Finance |
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Date : |
02.08.2011 |
LOCATIONS
|
Registered Office : |
Tarun Bharat, Plot Nos. 38 and 39, Sector 30, Sanpada (West), Near
Sanpada Railway Station, Navi Mumbai – 400705, Maharashtra, India |
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Tel. No.: |
91-22-41613466 |
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Fax No.: |
91-22-40973300 |
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E-Mail : |
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Head Office : |
Office Premises 6th Floor, Wing A 601 and 602, Godrej
Colesium, off Eastern Express Highway, Sion Road, Above Honda Showroom,
Mumbai – 400019, Maharashtra, India |
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Tel. No.: |
91-22-42430400 |
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Branch: |
Located at: ·
Ahmedabad ·
Bangalore ·
Hyderabad ·
Jaipur ·
Kolkata ·
New Delhi |
DIRECTORS
AS ON 30.07.2010
|
Name : |
Mr. Manish Khera |
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Designation : |
Director |
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Address : |
2503/A-Wing, 25th Floor, Sea Filama Dosti Plamingos, China Mill
Compaund, Sewree, Mumbai – 400015, Maharashtra, India |
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Date of Birth/Age : |
15.04.1970 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Ashok Kini |
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Designation : |
Director |
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Address : |
B-202, Mantripride Apartments, 1st block, Jaya Nagar,
Bangalore – 560011, Karnataka, India |
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Date of Birth/Age : |
12.12.1945 |
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Date of Appointment : |
11.09.2007 |
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Name : |
Mr. Ramesh Ramanathan |
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Designation : |
Director |
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Address : |
No.563, 3rd Block, RMV 2nd Stage, Bangalore –
560094, Karnataka, India |
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Date of Birth/Age : |
07.11.1963 |
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Date of Appointment : |
11.09.2007 |
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Name : |
Mr. Nachiket Mor |
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Designation : |
Director |
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Address : |
602, ICICI Apartment, Kirti College Lane, Dadar West, Mumbai – 400028,
Maharashtra, India |
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Date of Birth/Age : |
26.02.1964 |
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Date of Appointment : |
26.12.207 |
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Date of Ceasing: |
30.06.2010 |
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Name : |
Mr. Vijay Kumar Chandhok |
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Designation : |
Director |
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Address : |
501, ICICI Apartment, Kirti College Lane, Dadar West, Mumbai – 400028,
Maharashtra, India |
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Date of Birth/Age : |
23.02.1968 |
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Date of Appointment : |
27.02.2009 |
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Name : |
Mr. Mahendrakumar N Chouhan |
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Designation : |
Director |
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Address : |
A-1, Shitala Krupa 277 L J Road, Mahim West, Mumbai – 400016,
Maharashtra, India |
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Date of Birth/Age : |
02.12.1955 |
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Date of Appointment : |
29.04.2010 |
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Name : |
Mr. James Frederick |
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Designation : |
Director |
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Address : |
8A, Block 18, Baguio Villas, 555, Victoria Road, Pok Fu Lam, hong Kong |
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Date of Birth/Age : |
18.04.1969 |
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Date of Appointment : |
03.12.2009 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Jain |
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Designation : |
Vice President Finance |
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Name : |
Mr. Sundaresan Rajaraman |
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Designation : |
Secretary |
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Address : |
Flat No.303, Building No.2B, Ratan Nagar Apartments, Four Bunglows,
Andheri West, Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
16.06.1960 |
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Date of Appointment : |
23.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
EQUITY SHARES AS ON 30.07.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Tarun Aggarwal |
|
16000 |
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IFMR Trust |
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500000 |
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Union Bank of India |
|
2250000 |
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Indian Bank |
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2250000 |
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Corporation Bank |
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2250000 |
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LIC of India |
|
2250000 |
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International Finance Corporation |
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4500000 |
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Intel Capital (Mauritius) Limited |
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4575000 |
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ICICI Bank Limited |
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5750000 |
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ICICI Lombard General Insurance Company Limited |
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2750000 |
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S Rajaraman |
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8000 |
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Navneet Kumar |
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8000 |
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Rajiv Arora |
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8000 |
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Rishi Gupta |
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10000 |
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Amit Jain |
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100 |
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Manish Khera |
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11000 |
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HAV 3 Holdings (Mauritius) Limited |
|
2925000 |
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Total |
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30061100 |
PREFERENCES SHARES AS ON 30.07.2010
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International Finance Corporation |
|
5173917 |
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Intel Capital (Mauritius) Limited |
|
4434273 |
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HAV 3 Holdings (Mauritius) Limited |
|
11329983 |
AS ON 30.07.2010
|
Category |
Percentage |
|
Public Financial
Companies |
7.50 |
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NAtionalised and
Other Banks |
41.60 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
40.00 |
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Bodies corporate |
9.20 |
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Other top fifty shareholders |
1.70 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject acts as a inventor, innovator and implementer of
integrated technology solutions for institutions like Banks, Microfinance Institutions,
Government entities, Insurance companies to enable financial inclusion
environment for the micro customers. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
·
Punjab National Bank, Andheri (East) Branch,Nirman
Darshan, Jijamata Road,, ·
Vikas Nagar, Nr. Pump House, Andheri (E),, Mumbai
- 400093, Maharashtra, India ·
ICICI Bank Limited, Landmarkrace Cource Circle,
Alkapuri, Baroda - 390015, ·
Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountant |
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Address : |
42, Free Press House, 215, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
30000000 |
Fully Convertible Preference Shares |
Rs.10/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30061100 |
Equity Shares |
Rs.10/- each |
Rs.300.611
Millions |
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|
(Paid up share capital include 11100 Equity shares of Rs.10/- each
issued pursuant to the exercise of options under employees stock option plan 2007) |
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|
20938173 |
Fully Convertible Preference Shares |
Rs.10/- each |
Rs.209.381 Millions |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
500.992 |
365.364 |
365.364 |
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2] Share Warrant |
62.480 |
62.480 |
62.480 |
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3] Reserves & Surplus |
924.653 |
382.253 |
382.253 |
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4] (Accumulated Losses) |
(583.346) |
(345.591) |
(172.811) |
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NETWORTH |
904.779 |
464.506 |
637.286 |
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LOAN FUNDS |
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1] Secured Loans |
333.768 |
145.914 |
0.000 |
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2] Unsecured Loans |
1.616 |
74.432 |
0.000 |
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TOTAL BORROWING |
335.384 |
220.346 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1240.163 |
684.852 |
637.286 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
336.261 |
310.071 |
60.043 |
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Capital work-in-progress |
87.522 |
16.317 |
117.286 |
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INVESTMENT |
331.060 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
256.696
|
168.191 |
100.315 |
|
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Sundry Debtors |
546.077
|
156.766 |
54.535 |
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Cash & Bank Balances |
110.666
|
199.586 |
336.306 |
|
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Other Current Assets |
27.057
|
28.544 |
59.836 |
|
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Loans & Advances |
114.603
|
74.249 |
11.619 |
|
Total
Current Assets |
1055.099
|
627.336 |
562.611 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
322.984 |
191.982 |
97.763 |
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Other Current Liabilities |
219.631
|
65.079 |
0.000 |
|
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Provisions |
18.164
|
11.811 |
4.891 |
|
Total
Current Liabilities |
560.779
|
268.872 |
102.654 |
|
|
Net Current Assets |
494.320
|
358.464 |
459.597 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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TOTAL |
1240.163 |
684.852 |
637.286 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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Sales/Income from Operation |
1045.702 |
457.243 |
75.217 |
|
|
|
Other Income |
28.981 |
50.223 |
47.362 |
|
|
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TOTAL (A) |
1074.683 |
507.466 |
122.579 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / (Decreased) In Finished Goods |
(88.505) |
(67.876) |
(87.867) |
|
|
|
Increase / (Decreased) In WIP Enrollment |
6.864 |
(16.102) |
(9.144) |
|
|
|
Direct Costs |
588.957 |
423.835 |
140.942 |
|
|
|
Personal Costs |
279.532 |
148.360 |
71.694 |
|
|
|
Administrative and Other Expenses |
262.747 |
124.669 |
86.949 |
|
|
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TOTAL (B) |
1049.595 |
612.886 |
202.574 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.088 |
(105.420) |
(79.995) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
57.684 |
9.675 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(32.596) |
(115.095) |
(79.995) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
134.159 |
55.026 |
21.479 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(166.755) |
(170.121) |
(101.474) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
(2.658) |
(7.477) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX AND BEFORE EXTRAORDINARY AND PRIOR PERIOD ITEMS
(G-I) (J) |
(166.755) |
(172.779) |
(108.951) |
|
|
|
|
|
|
|
|
|
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EXTRAORDINARY
ITEMS |
71.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
PROFIT / LOOS
AFTER EXTRAORDINARY AND PRIOR PERIOD ITEMS
|
(237.755) |
(172.779) |
(108.951) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(345.591) |
(172.811) |
(63.860) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(583.346) |
(345.591) |
(172.811) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.55) |
(5.75) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(15.52)
|
(34.05) |
(88.88) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(15.95)
|
(37.20) |
(82.78) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.98)
|
(18.14) |
(16.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18)
|
(0.37) |
(0.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99
|
1.05 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
2.33 |
5.48 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due of Micro Small and
Medium Enterprise |
0.000 |
0.000 |
0.000 |
|
Dues of Creditors other
than Micro Enterprises and Small Enterprises |
322.004 |
191.062 |
64.644 |
|
Advanced from Customers |
0.980 |
0.920 |
33.119 |
|
|
|
|
|
NOTE:
The registered office address of the company
has been shifted from C-401, Business Square, Chakala, Andheri-Kurla Road,
Andheri (East), Mumbai – 400093, Maharashtra, India to present address w.e.f.
01.11.2008
FORM 8:
|
Corporate identity number of the company |
U72900MH2006PLC162656 |
|
Name of the company |
FINANCIAL INCLUSION NETWORK AND OPERATIONS
LIMITED |
|
Address of the registered office or of the
principal place of business in |
Tarun Bharat, Plot Nos.38 and 39,
Sector-30,Sanpada (W), Near Sanpada Railway Station, Navi Mumbai – 400705,
Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
YES BANK LIMITED |
|
Nature of instrument creating charge |
Supliemental Deed Of Hypothecation. |
|
Date of instrument Creating the charge |
29/09/2010 |
|
Amount secured by the charge |
Rs.350.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest SBLC:1.75%p.a LC-Sight:1%p.a LC-Usance:1.25%p.a BG-Financial:1.75%p.a Terms of Repayment SBLC:Tenor: 12 Months LC - Sight:Validity: 6 Months, Tenor: 1 month LC - Usance:Validity: 3 Months, Usance: 6
Months BG - Financial:Tenor: 12 Months BG - Performance:Tenor: 12
Months(including claim period), BGs to an extend of INR 30 MM can have tenor
of 36 months BG - Bid Bond:Tenor: 12 Months Buyers Credit:Validity: 6 Months Cash Credit:Tenor: 12 Months WCDL:Tenor: 6 Months Revolving STL:Tenor: 6 Months Margin Pari passu first charge on current assets
and moveable fixed assets of the Borrower to Secure all principle amount of respective
dues together with Interest, commission, costs and expenses. |
|
Short particulars of the property charged |
Pari passu hypothecation charge on current
assets and moveable fixed assets of the Borrower to secure all principle
amount of respective dues together with Interest, Commission, costs and
expenses. more particularly described in schedule to Deed of Hypothecation |
|
Date of instrument modifying the charge |
26/10/2009 |
|
Particulars of the present modification |
Modification in nature of facilities
within the available limit ie CC/WCDL facility enhanced from INR 150 MM to
INR 200 MM. Total facility secured through Deed of Hypothecation remain
unchanged at Rs.350.000 Millions |
PRESS RELEASE:
BLACKSTONE TO INVEST INR 150 CR IN FINO
Largest Private Equity investment in
supporting Financial Inclusion in India
New York / Mumbai, 07 July 2011: The Blackstone Group (NYSE: BX), announced
today an investment of Rs. 1500.000 Millions (approximately US $ 33 million) in
FINO Limited (FINO) for a significant minority stake. FINO is a pioneer in
providing integrated technology solutions and physical network to enable
financial inclusion in India. FINO is a channel with enabling technology
platform for an end-to-end sourcing and servicing of micro customers in rural
India on scale across a range of basic financial products and services.
FINO works with most
of the leading banks in the country across a comprehensive product suite -
saving bank accounts, recurring deposits, loan products, remittances, insurance
products, government subsidies disbursement, among others. The Company has
enrolled more than 35 million customers and plans to double its customer base
in the next couple of years.
Mr. Manish Khera, Chief Executive
Officer, FINO Limited, said: "The
Company has done well and the outlook is even stronger with Government focus of
using Business Correspondent channel for cash subsidies and RBI's drive to
achieve total financial inclusion. We are quite excited to partner with
Blackstone. FINO is a pioneer in the financial inclusion space and we plan to
extensively leverage Blackstone's global expertise of scaling up and
transforming businesses."
"With Blackstone joining our
shareholder group and the Board, we look forward to more exciting time ahead
and hope to contribute even better and bigger to the financial inclusion
initiative. The funds that we have raised will primarily be utilized towards
funding overall growth of the company and to meet long term capital
requirements" added Mr. Rishi Gupta, Chief Financial Officer, FINO
limited.
Mr. Akhil Gupta, Chairman
and Managing Director of Blackstone Advisors India Private Limited, said "India has a significantly high
number of financially excluded households - more than 100 Million, with an
exclusion rate of over 50%. The exclusion is much more prevalent in the rural
areas. For sustainable and inclusive growth, India needs to extend basic
utilities like financial services to the excluded population. As a dominant
market leader, FINO is uniquely positioned to capitalize on this opportunity.
While growing at almost 100% CAGR in the last few years, FINO has demonstrated
conviction and commitment to changing India's rural banking landscape. We are
proud to partner with FINO and to participate in an initiative that is a high
priority for our country."
FINO is
headquartered in Mumbai and employs over 2500 employees and 20000 business
correspondent agents spread across 239 offices. With over 35 million customer
base across 300 districts across 24 states, FINO delivers financial products
and services including banking, insurance and remittances in the first and last
mile. FINO solutions are anchored around using biometric smart card, hand-held
devices and Micro Deposit Machines to perform field operations and biometric
authentication. E and Y advised FINO for this fund raising.
About FINO
FINO Limited (FINO)
is an integrated technology platform and delivery channel and aims to provide
innovative, technical and management services for the masses, in both financial
and non-financial domain. Built on a foundation of organic growth, FINO draws
its strength from its unique integrated business model of technology, field
force, central operations and products and solutions bouquet. FINO's technology
is built on a robust, scalable and comprehensive platform which is developed at
the state of the art in-house R and D facility. FINO's field force are the
pioneers in sourcing and servicing of micro-customers across range of
products. The company's central operations have developed the ability to
process and handle large volume of customer data and mitigate risk. FINO's
products and solutions enable opportunity for businesses to roll out multiple
product strategy for consumption by micro-customers.
About The Blackstone Group
Blackstone is one of
the world's leading investment and advisory firms. We seek to create positive
economic impact and long-term value for our investors, the companies we invest
in, the companies we advise and the broader global economy. We do this through
the commitment of our extraordinary people and flexible capital. Our
alternative asset management businesses include the management of corporate
private equity funds, real estate funds, funds of hedge funds, credit-oriented
funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual
funds. The Blackstone Group also provides various financial advisory services,
including mergers and acquisitions advisory, restructuring and reorganization
advisory and fund placement services.
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.44.37 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.62.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.