MIRA
INFORM REPORT
|
Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
RANE TRW STEERING SYSTEMS LIMITED [w.e.f. 13.03.1997] |
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Formerly Known As : |
RANE POWER STEERING LIMITED |
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Registered Office : |
Maithari 132, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.07.1987 |
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Com. Reg. No.: |
18-14600 |
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Capital
Investment / Paid-up Capital : |
Rs.87.382 Millions |
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CIN No.: [Company
Identification No.] |
U35999TN1987PLC014600 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHER05581C |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Automobile Equipments like Power Steering, Fi Gear,
Pumps and PRP. |
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No. of Employees
: |
2000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 5900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Directors are reported to be experience and respectable businessmen.
Financials position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
Maithari 132, |
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Tel. No.: |
91-44-28112472 |
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Fax No.: |
91-44-28112449 |
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E-Mail : |
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Website : |
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Head Office : |
45, |
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Tel No.: |
91-44-24330106 |
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Fax No.: |
91-44-24330112 |
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Factory : |
St. Thomar Mount, Chennai- 600016, |
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Factory 1 : |
FIG and |
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Factory 2 and 3 : |
Pump and PRP Division 38th KM Stone, |
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Factory 4 : |
Seat Belt Division 48th KM Stone, GST Road Singaperumalkoll
603 204 Kanchepuram District Tamilnadu, |
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Factory 5 : |
Uttarakhand Division Plot No, 46-51, Sector IV, IIE SIDCUL Pant Nagar,
uttarakhand 263 153 |
DIRECTORS
As on 04.08.2010
|
Name : |
Mr. Lakshman Laxmi Narayan |
|
Designation : |
Nominee Director |
|
Address : |
06, Crescent Street, Arch Bishop Mathias, Avenue Abhiramapuram,
Chennai- 600028, |
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Date of Birth/Age : |
17.07.1946 |
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Date of Appointment : |
03.07.1987 |
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DIN : |
00012554 |
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Name : |
Mr. Ganesh Laxmi Narayan |
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Designation : |
Nominee Director |
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Address : |
Door No.5A, |
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Date of Birth/Age : |
18.03.1954 |
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Date of Appointment : |
03.07.1987 |
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DIN : |
00012583 |
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Name : |
Mr. Mark S Wynn |
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Designation : |
Director |
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Address : |
527, |
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Date of Birth/Age : |
06.11.1967 |
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Date of Appointment : |
27.07.2006 |
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DIN : |
00443811 |
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Name : |
Mr. Philip Cunningham |
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Designation : |
Director |
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Address : |
1612 Blushing Drive, |
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Date of Birth/Age : |
31.05.1957 |
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Date of Appointment : |
22.05.2007 |
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DIN : |
01512234 |
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Name : |
Mr. Gordon S Bennett |
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Designation : |
Director |
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Address : |
37-22-6 Sri Penega, Jalan Bandaraya, Kuala Lumpur Malaysia- 59100 |
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Date of Birth/Age : |
21.05.1957 |
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Date of Cessation : |
20.05.2009 |
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Name : |
Mr. Harish Lakshman |
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Designation : |
Managing Director |
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Address : |
G-B No.11, |
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Date of Birth/Age : |
12.02.1974 |
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Date of Cessation : |
01.06.2006 |
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DIN : |
00012602 |
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Name : |
Mr. David Kean |
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Designation : |
Nominee Director |
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Address : |
6/F, Building 62, |
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Date of Birth/Age : |
24.08.1957 |
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Date of Appointment : |
16.11.2005 |
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DIN : |
00963135 |
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Name : |
Ms. Nancy Stubbins Gougarty |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.12.1955 |
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Date of Appointment : |
24.03.2010 |
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DIN : |
02576528 |
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Date of Cessation : |
25.03.2011 |
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Name : |
Mr. Martin Georg Knotgen |
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Designation : |
Director |
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Address : |
32, C Campana, |
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Date of Birth/Age : |
15.12.1965 |
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Date of Appointment : |
29.07.2009 |
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Date of Cessation : |
18.11.2009 |
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Name : |
Mr. Alexander Heilig |
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Designation : |
Director |
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Address : |
Flat No 10 & 11, 4th Floor, Precious Gem Society, Lane No 6, |
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Date of Birth/Age : |
09.04.1968 |
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Date of Appointment : |
25.03.2011 |
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DIN : |
03496011 |
KEY EXECUTIVES
|
Name : |
Mr. V. Raghuraman |
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Designation : |
Secretary |
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Address : |
S – 1, Vasanth Apartment, 312, |
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Date of Birth/Age : |
27.04.1977 |
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Date of Appointment : |
24.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Trw Automotive JV LLC |
|
4369123 |
|
Rane Holdings Limited |
|
4369118 |
|
L Lakshman |
|
1 |
|
L Ganesh |
|
1 |
|
Harish Lakshman |
|
1 |
|
|
|
1 |
|
C. Siva |
|
1 |
|
Total |
|
8738246 |
As on 04.08.2010
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Equipments like Power Steering, Fi Gear,
Pumps and PRP. |
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|
|
|
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Products : |
Products
Description |
ITC Code |
|
|
Steering Gear Fully Integral-HCV, MCV and Utility Vehicles |
8708.99.00 |
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Hydraulic Pump |
8413.81.20 |
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Steering Gear- Passenger Car |
8708.40.00 |
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Safety Seat Belts for Automobiles |
8708.21.00 |
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PRODUCTION STATUS
|
Particulars |
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Unit |
Actual Production |
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Steering Gears |
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Nos |
416799 |
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Hydraulic Pumps |
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Nos |
295416 |
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Seat Belt |
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Nos |
1347607 |
GENERAL INFORMATION
|
No. of Employees : |
2000 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
ASV Tower, 7th Floor, Old No.37, New No.52, Venkatanarayana
Road, T Nagar, Chennai- 600017, Tamilnadu, India |
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Pan No.: |
AEPPS7189P |
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Joint Venture |
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Significant influence |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,000,000 |
Equity Share |
Rs.10/- Each |
Rs.90.000 millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,804,000 |
Equity Share |
Rs.10/- Each |
Rs.88.040
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,738,246 |
Equity Share |
Rs.10/- Each |
Rs.87.382
millions |
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|
|
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|
*100,000 Equity shares were allotted as fully paid for consideration other
than cash pursuant to the amalgamation with erstwhile TRW Rane Occupant
Restraints limited.
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 |
87.382 |
87.382 |
87.382 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1389.907 |
1298.991 |
1388.988 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1477.289 |
1386.373 |
1476.370 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
35.000 |
2.650 |
14.905 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
35.000 |
2.650 |
14.905 |
|
|
DEFERRED TAX LIABILITIES |
58.618 |
67.483 |
70.484 |
|
|
|
|
|
|
|
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TOTAL |
1570.907 |
1456.506 |
1561.759 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1061.466 |
923.318 |
900.758 |
|
|
Capital work-in-progress |
28.154 |
182.523 |
70.326 |
|
|
|
|
|
|
|
|
INVESTMENT |
287.841 |
241.056 |
414.004 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
426.900
|
396.124
|
372.157 |
|
|
Sundry Debtors |
444.373
|
319.847
|
354.812 |
|
|
Cash & Bank Balances |
61.246
|
48.665
|
13.735 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
164.911
|
73.686
|
99.789 |
|
Total
Current Assets |
1097.430
|
838.322
|
840.493 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
458.452
|
330.559
|
231.859 |
|
|
Current Liabilities |
201.786
|
99.530
|
106.920 |
|
|
Provisions |
243.746
|
298.624
|
325.043 |
|
Total
Current Liabilities |
903.984
|
728.713
|
663.822 |
|
|
Net Current Assets |
193.446
|
109.609
|
176.671 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1570.907 |
1456.506 |
1561.759 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3981.971 |
2859.322 |
3666.564 |
|
|
|
Other Income |
76.392 |
74.760 |
77.506 |
|
|
|
TOTAL (A) |
4058.363 |
2934.082 |
3744.070 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
3269.572 |
2459.651 |
2837.541 |
|
|
|
TOTAL (B) |
3269.572 |
2459.651 |
2837.541 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
788.791 |
474.431 |
906.529 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.755 |
0.605 |
0.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
787.036 |
473.826 |
905.868 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
173.354 |
162.125 |
149.524 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
613.682 |
311.701 |
756.344 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
211.135 |
94.999 |
261.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
402.547 |
216.702 |
494.504 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.381 |
143.378 |
208.922 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.255 |
36.000 |
100.000 |
|
|
|
Interim Dividend |
262.147 |
262.147 |
218.455 |
|
|
|
Dividend tax |
44.214 |
44.552 |
66.828 |
|
|
|
Final Dividend |
0.000 |
0.000 |
174.765 |
|
|
BALANCE CARRIED
TO THE B/S |
73.312 |
17.381 |
143.378 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
10.127 |
16.082 |
28.514 |
|
|
TOTAL EARNINGS |
10.127 |
16.082 |
28.514 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
822.505 |
419.759 |
333.807 |
|
|
|
Capital Goods |
6.501 |
32.206 |
43.954 |
|
|
TOTAL IMPORTS |
829.006 |
451.965 |
377.761 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
46.07 |
24.80 |
56.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.92 |
7.38 |
13.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.41 |
10.90 |
20.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.42 |
17.69 |
43.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.22 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63 |
0.53 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.15 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
Appropriation
Profit available for appropriation is Rs.420 million. The Directors have
declared and paid interim dividend of 200% on the equity capital of the company
for the year ended March 31, 2010 and have declared a further interim dividend
of 100%, making for a total dividend of 300% for the year. The directors do not
recommend any final dividend for the year ended March 31.2010. The amount on
this account inclusive of tax on distributed profits and surcharge thereon,
works out to Rs.307 million leaving the company with retained profits of Rs.113
million. Out of this, Rs.40 million is being transferred to the General Reserve
and Rs. 73 million being retained as surplus in the Profit and Loss Account
Management
Discussion and Analysis
Industry structure
and Developments
The domestic market continues its strong recovery which started in
January 2009. Heavy and Light Commercial Vehicle segments recovered strongly in
the second half of the year. The Passenger Cars continued to do extremely well and
had a record year. The Farm Tractors achieved its highest ever production in
the current financial year.
The aftermarket continued to be very
robust during the year.
For Exports the year was difficult due to the effects of slowdown in the
Operational and
Financial Performance
Sales and Operating Revenue grew by 38% compared to (22%) in the previous
year. This was lead by a very strong growth of 18% in OEM and Aftermarket.
Exports grew fifteen times and thereby contributed to overall growth in sales
of 24%.
The PBT for the year was RS.614 Million against Rs.312 Million in the
previous year. This was achieved not only due to a robust growth in sales but
also effective cost reduction initiatives and a reasonably stable raw material
cost trend. Compared to the previous year the foreign exchange volatility was
also far less which helped the performance.
Uttarakhand Plant
The Company has successfully commenced Its new plant at Pant Nagar,
Uttarakhand for manufacture of Fully Integral Gears for Commercial Vehicles,
Power Rack & Pinion Gears for Passenger Cars and Hydraulic Pumps and
Seatbelts. The Commercial production has commenced during the year.
Outlook
Domestic market is expected to continue its strong growth, Passenger Car
and Two wheelers are expected to register significant growth with new products
launches. Light and Heavy commercial vehicles and tractors are expected to
continue its growth momentum although at a lower rate. The Aftermarket demand
continues to be strong.
Export market, which has also shown positive signs. is likely to improve
further in the current year and the company is well placed to further grow in
this segment.
lIncreases in Raw material prices
started from second half of 2009·10. Volatility in prices expected to continue
this year, "The recent trend of strengthening of the Indian currency is
causing concern, The continuance of subsidized exports from
Merger of Rane
Investments Limited, Joint venture partner with Rane Holdings Limited
Dunng the year, Rane Investments Ltd. the joint venture partner in the
company has merged with Its holding company Viz
Rane Holdings Ltd., vide order of the Madras High Court dated September
29, 2009. to terms of the said order sanctioning the scheme, all assets and
liabilities of Rane Investments ltd, are transferred and vested with Rane
Holdings Ltd with effect from the Appointed Date viz. April 1 , 2009 As a
result. Rane Holdings Ltd. has become the joint-venture partner in the company.
Contingent Liabilities
:
Rs. In millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances) |
81.989
|
50.744
|
|
Outstanding commitments for acquisition of tangible assets |
0.000
|
32.506
|
|
Letters of Credit Outstanding |
33.452
|
17.245
|
|
Bills
Discounted (netted off against Sundry Debtors) |
560.951
|
143.511
|
|
Excise, Sales
Tax, Provident Fund and Income Tax Act claims
under Appeal |
73.240
|
75.004
|
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U35999TN1987PLC014600 |
|
Name of the
company |
RANE TRW STEERING
SYSTEMS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Maithri 132, |
|
This form is for |
Creation
of Charge |
|
Type of charge |
|
|
Particular of
charge holder |
CITI Bank NA, |
|
Nature of
instrument creating charge |
Goods Security
Agreement |
|
Date of
instrument Creating the charge |
20.11.2009 |
|
Amount secured by
the charge |
Rs.100.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Goods Security Agreement Terms of
Repayment - All facilities are repayable on demand Margin - 25%
against Stock and 25% against Book debts Extent and Operation
of the charge - Pari passu charge on whole of the stocks, book debts and
moveable assets both present and
future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
present and future stocks of raw material and finished goods stored at all
locations as detailed in the schedule in the Deed of Hypothecation. All the present
and future book debts, outstanding monies, receivables, claims, bills etc.
forming part of current assets as detailed in the schedule in Deed of
Hypothecation. |
Fixed Assets
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Vehicles
- 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.46.12 |
|
|
1 |
Rs.75.51 |
|
Euro |
1 |
Rs.66.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.