MIRA
INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRATIBHA SHIPPING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
1201/02, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.02.1995 |
|
|
|
|
Com. Reg. No.: |
11-85742 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.999 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35110MH1995PLC085742 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of Operations of Ships Vessels of all types |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial position
of company is good. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
1201/02, |
|
Tel. No.: |
91-22-22886002 / 3 / 4 / 22822224 / 5 |
|
Fax No.: |
91-22-22886001 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 26.08.2010
|
Name : |
Mr. Sunil Anandrao Pawar |
|
Designation : |
Chairman and Managing Director |
|
Address : |
501, Laxmi Gopal CHS, Hatiskar Marg, Prabhadevi, Mumbai – 400 025, |
|
Date of Birth/Age : |
28.05.1963 |
|
Date of Appointment : |
16.12.2002 |
|
DIN No. : |
01195242 |
|
|
|
|
Name : |
Mr. Madan Anandrao Pawar |
|
Designation : |
Whole Time Director |
|
Address : |
At Post Pawarwad, Phaltan, Satara – 415 001, |
|
Date of Birth/Age : |
10.02.1957 |
|
Date of Appointment : |
16.12.2002 |
|
DIN No. : |
02313436 |
|
|
|
|
Name : |
Mr. Sachin Keshav Chavan |
|
Designation : |
Director |
|
Address : |
2B-404, Devratna Nagar, Shrirang CHSL, |
|
Date of Birth/Age : |
31.07.1965 |
|
Date of Appointment : |
16.12.2002 |
|
DIN No. : |
00182226 |
|
|
|
|
Name : |
Mr. Nikanth Balkrishna Vidwans |
|
Designation : |
Director |
|
Address : |
14 Marathi Asmita CHS, 22 RDP 1, Sector – II, Charkop, Kandivali West,
Mumbai-400067, |
|
Date of Birth/Age : |
12.01.1953 |
|
Date of Appointment : |
16.12.2002 |
|
DIN No. : |
00181828 |
|
|
|
|
Name : |
Mr. Suhas Anandrao Pawar |
|
Designation : |
Whole Time Director |
|
Address : |
1194/24, Chintamani Apartments, |
|
Date of Birth/Age : |
10.05.1961 |
|
Date of Appointment : |
21.11.2008 |
|
DIN No. : |
02479867 |
|
|
|
|
Name : |
Mr. Suresh Anandrao Pawar |
|
Designation : |
Whole Time Director |
|
Address : |
1, Chintamani Apartments, 1194/24, Shivajinagar, |
|
Date of Birth/Age : |
17.08.1959 |
|
Date of Appointment : |
14.11.2009 |
|
DIN No. : |
01752226 |
KEY EXECUTIVES
|
Name : |
Mr. Vitthal Maruti Chavan |
|
Designation : |
Company Secretary |
|
Address : |
205, R S M Boys Hostel, Near Bank of |
|
Date of Birth/Age : |
20.08.1984 |
|
Date of Appointment : |
16.07.2010 |
|
PAN No. : |
AHVPC3216G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pratibha Madan Pawar |
|
1 |
|
Sunil Anandrao Pawar |
|
1099944 |
|
Suresh Anandrao Pawar |
|
499974 |
|
Madan Anandrao Pawar |
|
299984 |
|
Suhas Anandrao Pawar |
|
99995 |
|
Nikanth Balkrishna Vidwans |
|
1 |
|
Sachin Keshav Chavan |
|
1 |
|
Total |
|
1999900 |
As on 26.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Operations of Ships Vessels of all types |
|
|
|
|
Products Description : |
Shipping |
GENERAL INFORMATION
|
Customers : |
In the Indian Market ·
Indian
Oil Corporation ·
Bharat
Petroleum Corporation Limited ·
Hindustan
Petroleum Corporation Limited ·
Mangalore
Refinery and Petrochemicals Limited ·
Haldia
Petrochemicals Limited ·
Reliance
Industries Limited ·
ESSAR
Oil Limited In the World Market ·
VITOL
Energy ·
Iran
Petrochemical Commercial Company, ·
Winsway
International Petroleum and Chemicals Limited ·
Glencore
- Crude Oil and Oil Products ·
Abu
Dhabi National Oil Company ·
Chemoil ·
Hinchest
Energy Pte. Limited, ·
Galana
Petroleum ·
Shell
global ·
State
Trading Corporation – ·
Petrosummit ·
Mansel
Oil Limited, |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
Corporation Bank Overseas Branch, I Floor, Earnest House, NCPA
Marg, Nariman Point, Mumbai – 400 021, ·
The Saraswat Co-operative Bank Limited 1st Floor, A Wing, Mittal
Court, Mumbai – 400 021, ·
State Bank of ·
State Bank of ·
Axis Bank Limited ·
The Cosmos Co-op. Bank Limited ·
Yes Bank Limited |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
L V Srinivasan and Associates Chartered Accountant |
|
Address : |
Building No. 38, A Wing, Flat No. 106, Kripanilaya CHS, Tilak Nagar,
Chembur, Mumbai – 400 089, |
|
|
|
|
Subsidiaries : |
·
Pratibha Logistics Private Limited CIN No. : U63013MH2007PTC171848 ·
Pratibha Offshore Private Limited CIN No. : U61200MH2008PTC182874 ·
Pratibha Oil and Natural Gas Private Limited CIN No. : U11102MH2008PTC183901 ·
Chandrabhaga Sugars Private Limited CIN No. : U15425MH2008PTC183032 ·
Pratibha Marine Private Limited CIN No. : U35110MH1996PTC099344 |
CAPITAL STRUCTURE
As on 26.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1999900 |
Equity Shares |
Rs.10/- each |
Rs.19.999
millions |
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 |
|
|
|
|
|
1] Share Capital |
19.999 |
19.999 |
19.999 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2519.615 |
1969.493 |
1211.737 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2539.614 |
1989.492 |
1231.736 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2747.986 |
3071.910 |
1754.962 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2747.986 |
3071.910 |
1754.962 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5287.600 |
5061.402 |
2986.698 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4320.885 |
4677.300 |
2479.475 |
|
|
Capital work-in-progress |
100.576 |
0.000 |
28.270 |
|
|
|
|
|
|
|
|
INVESTMENT |
174.944 |
174.924 |
170.425 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
40.807
|
68.406 |
55.270 |
|
|
Sundry Debtors |
158.584
|
234.023 |
101.613 |
|
|
Cash & Bank Balances |
283.066
|
217.480 |
193.176 |
|
|
Other Current Assets |
6.564
|
11.716 |
22.509 |
|
|
Loans & Advances |
627.602
|
442.185 |
297.999 |
|
Total
Current Assets |
1116.623
|
973.810 |
670.567 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
219.350
|
450.550 |
251.482 |
|
|
Other Current Liabilities |
193.229
|
305.080 |
78.478 |
|
|
Provisions |
12.849
|
9.002 |
32.079 |
|
Total
Current Liabilities |
425.428
|
764.632 |
362.039 |
|
|
Net Current Assets |
691.195
|
209.178 |
308.528 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5287.600 |
5061.402 |
2986.698 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
2949.436 |
2829.876 |
1709.331 |
|
|
|
Other Income |
50.836 |
21.988 |
17.910 |
|
|
|
Profit on |
0.000 |
0.000 |
199.367 |
|
|
|
TOTAL (A) |
3000.272 |
2851.864 |
1926.608 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
1261.543 |
1173.905 |
886.123 |
|
|
|
Administrative and Other Expenses |
132.618 |
129.804 |
73.917 |
|
|
|
Drydock Expenses |
254.799 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1648.960 |
1303.709 |
960.040 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1351.312 |
1548.155 |
966.568 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST ON TERM
LOANS (D) |
278.645 |
308.605 |
223.146 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1072.667 |
1239.550 |
743.422 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
519.694 |
472.792 |
305.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
552.973 |
766.758 |
438.266 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.169 |
4.323 |
27.173 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
544.804 |
762.435 |
411.093 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
9.998 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED TO
TONNAGE TAX RESERVE |
110.594 |
153.351 |
47.780 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1251.641 |
723.480 |
406.182 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
54.480 |
76.243 |
41.109 |
|
|
|
Proposed Dividend on Equity Shares |
4.000 |
4.000 |
4.000 |
|
|
|
Tax on Dividend |
0.680 |
0.680 |
0.906 |
|
|
BALANCE CARRIED
TO THE B/S |
1636.689 |
1251.641 |
723.480 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
723.500 |
750.900 |
724.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
272.42 |
381.24 |
205.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.16
|
26.73 |
21.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.75
|
27.10 |
25.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.17
|
13.57 |
13.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.39 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.25
|
1.93 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.62
|
1.27 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from Nariman
Point, Mumbai – 400 021,
FINANCIAL
PERFORMANCE
During the
financial year, the performance of the Company was satisfactory. The income
from operations has increased from Rs.2829.876
millions to Rs.2949.436 millions registering growth of 4.22% over the previous
year. During the year, the operating expenses increased to Rs.1261.543 millions
from Rs.1173.905 millions in the previous year. The profit after tax decreased
to Rs.554.802 millions against Rs.762.435 millions - in the previous year. The
amount of Depreciation provided during financial year is Rs.519.694 millions
against Rs.472.792 millions - in the previous year. The Directors are confident
of maintaining the path of progress in the current year.
OPERATIONS
The Company
presently owns and/operates eight vessels namely Pratibha Cauvery, Pratibha
Indrayani, Pratibha Chandrabhaga, Pratibha Warna, Pratibha Tapi, Pratibha Neera,
Pratibha Koyna and Pratibha Bheema. The vessel Pratibha Narmada is owned by
Pratibha Logistics Private Limited, a Wholly Owned Subsidiary of the Company
and she is undergoing conversion from oil tanker in to bulk carrier at COSCO (
During the year,
Pratibha Tapi, Pratibha Neera and Pratibha Warna successfully completed
dry-docking at Colombo Shipyard. Pratibha Cauvery completed dry-docking in June
2010 at Colombo Shipyard.
SUBSIDIARY
COMPANIES
The Company has
the following Wholly Owned Subsidiaries as on March 31, 2010:
·
Pratibha Logistics Private Limited
·
Pratibha Offshore Private Limited
·
Pratibha Oil and Natural Gas Private Limited
·
Chandrabhaga Sugars Private Limited
·
Pratibha Marine Private Limited
During the year,
Pratibha Logistics Private Limited, a Wholly Owned Subsidiary Company has
allotted 1,25,000 equity shares at Rs.40/- per share and 41,25,000 0%
Redeemable Preference Shares at Rs.40/- per share to the Company against the
share application money.
The Company has
acquired the balance 80% shares of Pratibha Marine Private Limited. Thus,
Pratibha Marine Private Limited has become 100% subsidiary of Pratibha Shipping
Company Limited.
In accordance with
the provisions of section 212 of the Companies Act, 1956, the accounts and
other information of the subsidiaries along with the Accounts of the Company
has been annexed to the Accounts of the Company.
FORM 8
|
Corporate identity number of the company |
U35110MH1995PLC085742 |
|
Name of the company |
PRATIBHA SHIPPING COMPANY LIMITED |
|
Address of the registered office or of the principal place of business in |
1201/02, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10284783 |
|
Type of charge |
Ship |
|
Particular of charge holder |
The Saraswat Co-operative Bank Limited 1st Floor, A Wing, Mittal Court, Mumbai – 400 021, |
|
Nature of instrument creating charge |
The Mortgage Deed registered with Mercantile Marine Department on 8th
June 2011 |
|
Date of instrument Creating the charge |
08.06.2011 |
|
Amount secured by the charge |
Rs.464.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 14% with monthly rests or such rate as may be prescribed in future by
the Bank from time to time Terms of Repayment 50 monthly instalments of Rs.9.100 millions and last installment of
Rs.9.000 millions Margin 20% Extent and Operation of the charge First charge on Pratibha Bheema |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
MT Pratibha Bheema bearing official no.3676 |
|
Particulars of the present modification |
By this first modification, the charge of Rs.464.000 millions on
vessel MT Pratibha Bheema was further secured
by registering the said charge with Mercantile Marine Department,
Mumbai in favour of the Saraswat Co-operative Bank Limited. |
FIXED ASSETS
·
Ships
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Vehicles
·
Electrical Installation
WEB DETAILS
Company Background
·
The Company was incorporated on 20th February 1995
by young technocrats from shipping and financial institution.
·
It is a closely held public limited company
registered under the Indian Companies Act, 1956.
·
Initially, the Company was owned by BT Shipping
London, Anders Wilhelmsen Group,
·
Since Dec 2002, the ownership of the Company is
with the A. N. PAWAR Family.
·
The Company is headed by technocrat Mr. Sunil A.
Pawar as Chairman and Managing Director (CMD) and assisted by the Board of
Directors.
·
Board of Directors are representing different
fields and possess shipping, technical and financial background.
·
Day to day function of the Company is carried out
by the CMD along with the strong team of professional managers and controlling
all the affairs of the Company efficiently and deligently.
·
The Company has total strength of 35 young people
in the office and about 400 Officers / Crew members on rotation and contractual
basis on the Ships owned by the Company.
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.45.37 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.