MIRA
INFORM REPORT
|
Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
L AND T INFRASTRUCTURE FINANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Mount Poonamallee Road, Manapakkam, Chennai – 600089, Tamilnadu |
|
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2010 |
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|
Date of
Incorporation : |
18.04.2006 |
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|
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|
Com. Reg. No.: |
18-059527 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.6834.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67190TN2006PLC059527 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEL03946F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The company’s main business is to provide finance for infrastructure
projects. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 40500000 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of L and T Group India. It is an established company
having satisfactory track. The company is doing well. 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 normal for 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Mount Poonamallee Road, Manapakkam, Chennai – 600089, Tamilnadu, India
|
|
Tel. No.: |
91-44-22526000 |
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Fax No.: |
91-44-22528724 |
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E-Mail : |
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Website : |
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Corporate Mumbai : |
B-3, Laxmi Towers, 2nd Floor, Bandra (East), Mumbai –
400051, Maharashtra, India |
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Tel. No.: |
91-22-40605300 |
|
Fax No.: |
91-22-40605353 |
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|
|
|
Regional Office Delhi : |
411-415, Narain Manzil, 4th Floor, 23, Barakhamba Road,
Connaught Place, , New Delhi – 110001, Delhi, India |
|
Tel. No.: |
91-11-47345600 |
|
Fax No.: |
91-11-47345611 |
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|
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Regional Office Chennai : |
Montieth Place, No47, Montieth Road, Egmore, Chennai – 600008,
Tamilnadu, India |
|
Tel. No.: |
91-44-66881000 |
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Fax No.: |
91-44-66881010 |
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|
|
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Regional Office Hyderabad : |
1355A, Road No.45, Above HDFc Bank, Jubilee Hills, Hyderabad – 500033,
India |
|
Tel. No.: |
91-40-30991300 |
DIRECTORS
AS ON : 30.09.2010
|
Name : |
Mr. Yeshwant Moreshwar Deosthalee |
|
Designation : |
Director |
|
Address : |
1001, Prabhu Kutir, 15, Altamount Road, Mumbai -400 026 – Maharashtra,
India |
|
Date of Birth/Age : |
06.09.1946 |
|
Date of Appointment : |
18.04.2006 |
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|
|
|
Name : |
Mr. Sivaraman Narayanaswami |
|
Designation : |
Director |
|
Address : |
43, Kalpatam Residency, Tower A, Near Cine, Planet, Sion (East),
Mumbai -400022, India |
|
Date of Birth/Age : |
12.04.1958 |
|
Date of Appointment : |
18.04.2006 |
|
|
|
|
Name : |
Mr. Ramchandra Hanmant Patil |
|
Designation : |
Director |
|
Address : |
Flat No.901, Gloriosa Apartments, N M Kale Marg, Off. S. K Bole Road, Dadar
(West), Mumbai -400 028, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1937 |
|
Date of Appointment : |
12.01.2007 |
|
|
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|
Name : |
Mr. Bhupendranath Vidyanath Bhargava |
|
Designation : |
Director |
|
Address : |
B/1201, Gulmohar Apts., Ceaser Road, Amboli, Andheri (W), Mumbai
400058, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1936 |
|
Date of Appointment : |
17.02.2007 |
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|
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|
Name : |
Mr. Krishnamurthy Venkatesh |
|
Designation : |
Director |
|
Address : |
ECC Apartments, 36-C, B.N .Reddy Road, T. Nagar, Chennai – 600017,
Tamilnadu, India |
|
Date of Birth/Age : |
30.01.1957 |
|
Date of Appointment : |
18.04.2006 |
|
|
|
|
Name : |
Mr. Richard Charles Tinsley |
|
Designation : |
Director |
|
Address : |
Hay St Centre, 2 Hay St., Randwick NSW 2031, Australia |
|
Date of Birth/Age : |
17.10.1947 |
|
Date of Appointment : |
12.01.2007 |
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|
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|
Name : |
Mr. Suneet K Masheshwari |
|
Designation : |
Manager |
|
Address : |
193, Tower A, Kalpataru Habitat, Dr. S. S. Rao Marg, Parel, Mumbai
-400012, Maharashtra, India |
|
Date of Birth/Age : |
21.04.1958 |
|
Date of Appointment : |
21.09.2006 |
|
|
|
|
Name : |
Mr. Vipin Jyotindra Shukla |
|
Designation : |
Alternate Director |
|
Address : |
501, Palm Beach CHS, Gandhigram Road, Juhu, Vile Parle (West), Mumbai
-400049, Maharashtra, India |
|
Date of Birth/Age : |
21.04.1950 |
|
Date of Appointment : |
24.04.2010 |
|
Date of Ceasing : |
20.10.2009 |
|
|
|
|
Name : |
Mr. S. Krishna Kumar |
|
Designation : |
Secretary |
|
Address : |
303, Ravi Apartment, Navghar Road, Mulund (E), Mumbai 400081,
Maharashtra, India |
|
Date of Birth/Age : |
29.01.1973 |
|
Date of Appointment : |
09.03.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
L and T Capital Holdings Limited, India |
|
683399994 |
|
Y. M Deosthalee |
|
1 |
|
K V. Rangaswami |
|
1 |
|
Narayanaswami Sivaraman |
|
1 |
|
Krishnamurthy Venkatesh |
|
1 |
|
Balasubramaniam Ramakrishnan |
|
1 |
|
T. Subramanian Sundaresan |
|
1 |
|
|
|
|
|
Total |
|
683400000 |
AS ON : 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company’s main business is to provide finance for infrastructure
projects. |
GENERAL INFORMATION
|
Bankers : |
HDFC Bank (Mauritius) Limited, HSBC Centre, 18 Cybercity, Ebene,
Mauritius |
Facilities :
|
Secured Loan |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
Rs.
In Millions 31.03.2007 |
|
Term Loan from Banks |
14558.300 |
13546.600 |
|
|
|
Bank Overdraft |
2359.257 |
2165.405 |
0.000 |
0.000 |
|
10.15% Secured Redeemable Non Convertible Debentures |
10550.000 |
1000.000 |
1000.000 |
|
|
|
|
|
|
|
|
Total |
27467.557 |
16712.005 |
10400.000 |
0.000 |
|
|
|
|
|
|
|
Unsecured Loan |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
Rs.
In Millions 30.06.2007 |
|
Term Loan From Banks |
1500.000 |
0.000 |
|
|
|
Term Loan from Banks |
1000.000 |
0.000 |
0.000 |
|
|
Unsecured Redeemable Non Convertible Debentures Commercial Paper |
850.000 |
0.000 |
0.000 |
0.000 |
|
Commercial paper (maximum Balance During the Year Rs. 3000.000
millions) |
1550.000 |
1000.000 |
0.000 |
|
|
|
|
|
|
|
|
Total |
4900.000 |
1000.000 |
3250.000 |
0.000 |
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, Dr. Annie Beasant Road, Opposite Shiv Sagar Estate, Worli, Mumbai
– 400018, Maharashtra, India |
|
|
|
|
Fellow Subsidiary Company : |
L and T Plastic Machinery Limited |
|
|
|
|
Holding Company : |
L and T Capital Holdings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
683400000 |
Equity Shares |
Rs.10/- each |
Rs.6834.000
Millions |
|
|
|
|
|
Note :
All Shares are held by L and T Capital Holdings Limited the Holding
Company.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
30.06.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
6834.000 |
5000.000 |
5000.000 |
2430.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
2570.000 |
|
|
3] Reserves & Surplus |
3291.679 |
1266.107 |
501.517 |
49.841 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10125.679 |
6266.107 |
5501.517 |
5049.841 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
27467.557 |
16712.005 |
10400.000 |
0.000 |
|
|
2] Unsecured Loans |
4900.000 |
1000.000 |
3250.000 |
0.000 |
|
|
TOTAL BORROWING |
32367.557 |
17712.005 |
13650.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
6.600 |
0.313 |
|
|
|
|
|
|
|
|
|
TOTAL |
42493.236 |
23978.112 |
19158.117 |
5050.154 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.989 |
7.201 |
6.956 |
7.410 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
250.000 |
1150.000 |
599.067 |
2087.389 |
|
|
DEFERREX TAX ASSETS |
119.500 |
26.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
4.153
|
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
50.943
|
2.199
|
221.199 |
566.688 |
|
|
Other Current Assets |
119.352
|
84.814
|
27.542 |
22.293 |
|
|
Loans & Advances |
303.053
|
244.226
|
19.656 |
35.396 |
|
Total
Current Assets |
477.501
|
331.239
|
268.397 |
624.377 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Other Current Liabilities |
911.422
|
116.573
|
53.583 |
55.091 |
|
|
Provisions |
4.719
|
3.225
|
6.550 |
22.077 |
|
Total
Current Liabilities |
916.141
|
119.798
|
60.133 |
77.168 |
|
|
Net Current Assets |
(438.640)
|
211.441
|
208.264 |
547.209 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
12.020 |
15.026 |
|
|
INFRASTRUCTURE LOANS |
42554.387 |
22583.470 |
18331.810 |
2393.121 |
|
|
|
|
|
|
|
|
|
TOTAL |
42493.236 |
23978.112 |
19158.117 |
5050.154 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING AND
OTHER INCOME (A) |
4504.232 |
2959.892 |
1103.240 |
131.442 |
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Employees Cost |
82.249 |
62.930 |
46.259 |
22.214 |
|
|
|
Establishment Expenses |
26.432 |
18.795 |
13.763 |
11.808 |
|
|
|
Other Expenses |
29.839 |
29.980 |
21.885 |
17.702 |
|
|
|
Provision and Contingencies |
253.600 |
77.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
392.120 |
188.705 |
81.907 |
51.724 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4112.112 |
2771.187 |
1021.333 |
79.718 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2456.441 |
1629.721 |
334.491 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1655.671 |
1141.466 |
686.842 |
79.718 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.479 |
1.777 |
1.251 |
0.764 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1653.192 |
1139.689 |
685.591 |
78.954 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
544.620 |
375.100 |
233.915 |
29.113 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1108.572 |
764.589 |
451.676 |
49.841 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
972.137 |
382.847 |
39.871 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
222.500 |
155.000 |
91.000 |
9.970 |
|
|
|
Tax on Dividend |
60.600 |
20.300 |
17.700 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1797.409 |
972.137 |
382.847 |
39.871 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.21 |
1.53 |
0.96 |
0.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
30.06.2007 |
|
PAT / Total Income |
(%) |
24.61
|
38.50
|
40.94 |
37.91 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
340.52
|
336.74
|
248.98 |
12.49 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.18
|
0.12 |
0.01 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.28
|
2.84
|
2.49 |
0.01 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.52
|
2.76
|
4.46 |
8.09 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY
The Company achieved commendable results during 2009-10, highlights of
which are given below :
·
Total assets grew by 77 per cent from Rs.23978.112
millions on March 31, 2009 to Rs.42493.238 millions on March 31, 2010.
·
Total Income grew by S2 per cent from Rs.2959.893
millions in 2008-09 to Rs.4504.232 millions In 2009-10.
·
Profit Before Tax (PBT) grew by 45 per cent from
Rs.1139.689 millions In 2008-09 to Rs.1653.192 millions In 2009-10.
·
Profit After Tax (PAT) grew by 45 per cent from
Rs.764.589 millions In 2008-09 to Rs.1108.573 millions In 200910.
·
Capital Adequacy Ratio continued to be a
comfortable level of around 23.27 per cent compared to the statutorily required
12 per cent as at March 31, 2010.
This performance was facilitated by the improved performance of the
Indian economy and How of Investment into the infrastructure and capital goods
sectors, apart from the positive environment for raising resources. The Company
IS cautiously optimistic about its prospectus In 2010-11.
FORM : 8
|
Corporate identity number of the company |
U67190TN2006PLC059527 |
|
Name of the company |
LANDT INFRASTRUCTURE FINANCE COMPANY
LIMITED |
|
Address of the registered office or of the
principal place of business in |
Mount Poonamallee Road, Manapakkam,
Chennai - 600089, Tamil Nadu, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Others |
|
Particular of charge holder |
HSBC Bank (Mauritius) Limited, HSBC
Centre, 18 Cybercity, Ebene, MAURITIUS |
|
Nature of instrument creating charge |
Deed of Hypothecation for Book Debts. |
|
Date of instrument Creating the charge |
13/07/2011 |
|
Amount secured by the charge |
Rs. 890.600 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 6 months LIBOR + 190 bps p.a. Terms
of repayment 36 months from the date of drawdown. Margin 10% Extent
and operation of the charge First and exclusive hypothecation and
charge over all specific present and future receivables pertaining to
infrastructure finance portfolio of the Borrower as identified in the stock
statement to be provided by the Borrower from time to time (as more
particularly described in Part 1 of the Deed of Hypothecation of Book Debt
dated July 13, 2011) to secure the external commercial borrowing facility of
USD 20 million. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
First and exclusive hypothecation and
charge over all specific present and future receivables, book debts, outstanding
moneys, claims and bills which are now due and owing or which may at any
time. become due and owing to the Borrower in
the course of its business by any person, firm, company or body corporate or
any debtors or borrowers of the Borrower (i.e. L and T Infrastructure Finance
Company Limited) pertaining to infrastructure finance portfolio of the
Borrower as identified in the stock statement to be provided by the Borrower
from time to time and acceptable to the Bank with an asset
cover of 1.10 times of the outstanding under facility (as more particularly
described in Part 1 of the Deed of Hypothecation of Book Debt dated July 13,
2011) to secure the external commercial
borrowing facility of USD 20 million and all amounts due or outstanding there
under from time to time. |
FIXED ASSETS
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Software
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. 44.96 |
|
|
1 |
Rs. 73.94 |
|
Euro |
1 |
Rs. 64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.