MIRA
INFORM REPORT
|
Report Date : |
27.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BANGALORE METRO RAIL CORPORATION LIMITED [w.e.f. 02.09.2005] |
|
|
|
|
Formerly Known
As : |
BANGALORE MASS RAPID TRANSIT LIMITED |
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|
|
|
Registered
Office : |
III Floor, BMTC Complex, |
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|
Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.09.1994 |
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|
|
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Com. Reg. No.: |
08-016286 |
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Capital
Investment / Paid-up Capital : |
Rs.10399.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U16286KA1994GOI016286 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRB00878D |
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PAN No.: [Permanent Account No.] |
AAACB4881D |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
The company is set up for implementation of Bangalore Metro Rail
Project |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [44] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 78100000 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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|
Comments : |
Subject is a joint venture between Government of India and State
Government of Karnataka. The company is set up for implementation of Subject being a government 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 |
|
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 : |
III Floor, BMTC Complex, |
|
Tel. No.: |
91-80-22969300 / 301 |
|
Fax No.: |
91-80-22969222 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 17.07.2010
|
Name : |
Mr. Satish Kumar |
|
Designation : |
Director |
|
Address : |
#2, Metro Enclave, #41 Enclave Road, Pushpavihar, New
Delhi - 110017, India |
|
Date of Birth/Age : |
06.01.1942 |
|
DIN : |
00847145 |
|
Date of Appointment : |
28.10.2006 |
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|
|
|
Name : |
Mr. Sanjeev Kumar Lohia |
|
Designation : |
Director |
|
Address : |
#301/2b, Railway Officers, Enclave, Chelms, |
|
Date of Birth/Age : |
02.10.1964 |
|
DIN : |
02092958 |
|
Date of Appointment : |
28.10.2006 |
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|
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|
Name : |
Mr. Dev Dutt Pahuja |
|
Designation : |
Director |
|
Address : |
Flat No.186, G.F. Pocket-2, Sector - 1, Dwarka, |
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Date of Birth/Age : |
03.04.1948 |
|
DIN : |
02094790 |
|
Date of Appointment : |
07.03.2007 |
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|
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|
Name : |
Mr. Basavapatna Srinivasmurthy Sudhir Chandra |
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Designation : |
Director |
|
Address : |
A502, Sterling Terraces, Banashankari 3 Stg, |
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Date of Birth/Age : |
08.06.1943 |
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DIN : |
02359661 |
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Date of Appointment : |
08.03.2007 |
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Name : |
Mr. Sivasailam Narayanan |
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Designation : |
Managing Director |
|
Address : |
Navanith C9, Block 7, Mchs Colony, Sector Vi, HSR Layout, |
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Date of Birth/Age : |
23.04.1960 |
|
DIN : |
00131008 |
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Date of Appointment : |
12.06.2008 |
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|
|
|
Name : |
Mr. Molabanti Lakshminarayana |
|
Designation : |
Director |
|
Address : |
#302, Shimsha Block, National Games Housing Project,
Koramangala, |
|
Date of Birth/Age : |
01.09.1957 |
|
DIN : |
01895040 |
|
Date of Appointment : |
14.07.2008 |
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|
Name : |
Mr. Bharat Lal Meena |
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Designation : |
Nominee Director |
|
Address : |
Flat No.501, Shimsha, National Games Complex, Koramangala,
Bangalore-560047, |
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Date of Birth/Age : |
02.05.1957 |
|
DIN : |
01455649 |
|
Date of Appointment : |
08.07.2009 |
|
Date of Cessation : |
22.07.2010 |
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|
|
|
Name : |
Mr. Charangath Gopinathan |
|
Designation : |
Director |
|
Address : |
#303, E Ranka Corner, Appartments, |
|
Date of Birth/Age : |
10.12.1957 |
|
DIN : |
03102936 |
|
Date of Appointment : |
12.03.2010 |
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|
|
|
Name : |
Mr. Chandra Bushan Kumar Rao |
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Designation : |
Nominee director |
|
Address : |
D-611, Sector 18, Ircon Employees, Cghs Ltd, Plot No 14
Dwarka, |
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Date of Birth/Age : |
06.01.1945 |
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DIN : |
00545057 |
|
Date of Appointment : |
21.04.2010 |
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|
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|
Name : |
Mr. Rajiv Chaudhry |
|
Designation : |
Nominee Director |
|
Address : |
C-129, Sector 50, Nodia, Uttar Pradesh - 201301, |
|
Date of Birth/Age : |
27.12.1960 |
|
DIN : |
03146422 |
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Date of Appointment : |
30.11.2009 |
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|
|
|
Name : |
Mr. Navin Kumar |
|
Designation : |
Nominee Director |
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Address : |
A-3/25,Rajbanshi Nagar, |
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Date of Birth/Age : |
29.08.1952 |
|
DIN : |
01856742 |
|
Date of Appointment : |
01.07.2010 |
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|
|
|
Name : |
Mr. Nagarajan Lalgudi Venkataraman |
|
Designation : |
Nominee Director |
|
Address : |
No.52,5-A Cross,16th Main Ii Stage, B.T.M Layout |
|
Date of Birth/Age : |
13.07.1955 |
|
DIN : |
00151624 |
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Date of Appointment : |
01.04.2010 |
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|
|
|
Name : |
Mr. Subir Singh Hari |
|
Designation : |
Nominee Director |
|
Address : |
No. 173, |
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Date of Birth/Age : |
30.01.1953 |
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DIN : |
00131079 |
|
Date of Appointment : |
01.04.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Bindurao Shedbal |
|
Designation : |
Secretary |
|
Address : |
#208, 7th Main, 5th Stage, 1st Phase,
Rajareshwarinagar, |
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Date of Birth/Age : |
01.01.1953 |
|
PAN : |
AAPPA1229C |
|
Date of Appointment : |
04.09.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
President of |
|
519989965 |
|
Governor of Karnataka |
|
519989965 |
|
Sri. Navin Kumar |
|
10 |
|
Sri N.Sivasailam |
|
10 |
|
Sri Satish Kumar |
|
10 |
|
Sri. S.K. Lohia |
|
10 |
|
Sri. Rajiv Chaudhry |
|
10 |
|
Sri L V Nagarajan |
|
10 |
|
Sri Subir Hari Singh |
|
10 |
|
Total |
|
1039980000 |
As on 17.07.2010
|
Category |
Percentage |
|
|
|
|
Government [Central and State] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is set up for implementation of Bangalore Metro Rail
Project |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
K G M Gupta and Company Chartered Accountant |
|
Address : |
#2523, 27th Cross, 17th Main, Near Banashankri Police Station, Bsk, 2nd
Stage, Bangalore – 560070, Karnataka, India |
|
Tel. No.: |
11-80-6450226 / 26711688 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000,000 |
Equity Shares |
Rs.10/-each |
Rs.30000.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,039,980,000 |
Equity Shares |
Rs.10/-each |
Rs.10399.800
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10399.800 |
6040.000 |
3280.000 |
|
|
2] Share Application Money |
8400.500 |
5560.300 |
0.000 |
|
|
3] Reserves & Surplus |
741.537 |
108.577 |
1692.667 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19541.837 |
11708.877 |
4972.667 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
8613.879 |
4102.700 |
3542.600 |
|
|
TOTAL BORROWING |
8613.879 |
4102.700 |
3542.600 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
28155.716 |
15811.577 |
8515.267 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2860.936 |
5444.496 |
45.172 |
|
|
Capital work-in-progress |
12995.863 |
2274.527 |
1988.012 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
720.420 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
7042.139
|
4953.937 |
3526.509 |
|
|
Other Current Assets |
24.268
|
22.770 |
31.153 |
|
|
Loans & Advances |
6640.705
|
3498.092 |
3575.822 |
|
Total
Current Assets |
13707.112
|
8474.799 |
7133.484 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
961.743
|
284.252 |
33.864 |
|
|
Other Current Liabilities |
443.912
|
95.940 |
1719.979 |
|
|
Provisions |
2.540
|
2.053 |
48.635 |
|
Total
Current Liabilities |
1408.195
|
382.245 |
1802.478 |
|
|
Net Current Assets |
12298.917
|
8092.554 |
5331.006 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
430.657 |
|
|
|
|
|
|
|
|
TOTAL |
28155.716 |
15811.577 |
8515.267 |
|
Statement Of
Expenses During Construction Period [Net] For The Year Ending 31.03.2010
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Interest earned on Deposits |
182.527 |
268.485 |
234.336 |
|
|
|
Interest from others |
48.623 |
4.453 |
9.119 |
|
|
|
Interest on KNNL Bonds |
0.000 |
0.000 |
4.837 |
|
|
|
Tender Fee |
16.700 |
21.825 |
6.900 |
|
|
|
Miscellaneous Receipts |
40.349 |
3.772 |
37.699 |
|
|
|
Dividend Receipts |
0.000 |
10.211 |
31.315 |
|
|
|
Fringe Benefit Tax Return |
0.000 |
0.000 |
0.112 |
|
|
|
TOTAL (A) |
288.199 |
308.746 |
324.318 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Advertisement & Promotion |
16.891 |
11.354 |
|
|
|
|
Audit Fee |
0.728 |
0.579 |
|
|
|
|
Electricity Charges |
2.610 |
2.755 |
|
|
|
|
Other Adm. & Misc. Expenses |
23.459 |
20.851 |
|
|
|
|
Postage & Telegram |
0.239 |
0.345 |
|
|
|
|
Printing & Stationery |
1.983 |
1.966 |
|
|
|
|
Prior Period Adjustment |
0.603 |
0.000 |
|
|
|
|
Rent of Office Accommodation |
10.511 |
10.427 |
|
|
|
|
Repairs & Maintenance - Others |
1.356 |
0.713 |
|
|
|
|
Repairs & Maintenance - Vehicles |
0.252 |
0.279 |
|
|
|
|
Salaries & Allowances |
56.887 |
34.975 |
|
|
|
|
Security Charges |
1.179 |
1.032 |
|
|
|
|
Survey Expenses |
0.000 |
0.112 |
|
|
|
|
State Taxes paid on goods received |
0.563 |
0.000 |
|
|
|
|
Traveling Expenses - Others |
23.984 |
8.882 |
|
|
|
|
TOTAL (B) |
141.245 |
94.270 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
146.954 |
214.476 |
324.318 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
146.954 |
214.476 |
324.318 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
5.676 |
4.333 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
141.278 |
210.143 |
324.318 |
|
|
|
|
|
|
|
|
|
Add |
Income tax paid/provision made written off |
[0.034] |
36.422 |
[3.605] |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.487 |
1.153 |
0.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
140.757 |
245.412 |
319.813 |
|
|
|
|
|
|
|
|
|
Less |
Transfer to
Equity Share Capital of GOK |
0.000 |
1260.400 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
139.745 |
1154.733 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
280.502 |
139.745 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
48.84
|
79.49 |
98.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.85
|
1.51 |
4.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.02 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.38 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.73
|
22.17 |
3.96 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from 305, 3rd Floorblue Cross Chambers, B Block,
PROJECT OVERVIEW
The
Directors are happy to inform that the civil works in the first elevated
section of about 7 km from Baiyappanahalli to Cricket Stadium will be
substantially completed by September 2010. First set of rolling stock
manufactured in
The
project, as finally approved, will have an East-West corridor - 18.10 km long,
starting from Baiyappanahalli in the East and terminating at Mysore Road terminal
in the West and a 24.20 km North-South corridor commencing at Hessarghatta
Cross in the North and terminating at Puttenahalli Cross in the South.
The
Bangalore Metro has been designed for a capacity of 40000 PHPDT (Peak Hour Peak
Direction Trips). The number of passengers expected to travel on the metro
everyday is estimated at 12 lakhs in 2013 and 19 lakhs in 2021.
PROJECT FINANCING AND ACCOUNTING
The
approved total project outlay is Rs.81580 millions (Phase 1 - 33 km : Rs.63950
millions + Phase 1 - Extension 9.3 km : Rs.17630 millions = Rs.81580 millions),
which is proposed to be financed by way of Equity, Subordinate debt and Senior
term debt.
The
Directors have proposed a revised outlay of Rs.116090 millions and the
important reasons for variation are (a) UG tunnel length has gone up from 6.7 km to 8.8 km, to
avoid disfiguring of the famous Cubbon Park (b) tunneling under high water
table and hard rock conditions in Bangalore (c) increase of one UG Station (d) elevated station areas are
larger than Delhi Stations due to site conditions (e) construction of additional
depot at Peenya based on operational necessity. (It can serve future increase
in network too) (f) financial provision for
elevators and escalators (g) substantial increase in prices of materials - cement
price increased by 108% and that of steel by 118% (h) constraints of site conditions
- working areas in Bangalore are much narrower than in Delhi. The cost of
Bangalore Metro Rail Project revised at Rs. 116090 millions, compares well with
similar project of Delhi Metro.
The
revised cost has been submitted to the Central and State Governments for
approval.
The
Shareholders - Government of
Contingent
Liabilities
Contingent Liabilities not
provided for :
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
|
0.100 |
0.000 |
|
646.700 |
0.000 |
|
58747.600 |
29982.000 |
|
19.300 |
0.000 |
|
5.000 |
1.500 |
FIXED ASSETS :
·
Land
·
BDA Flats
·
Interior Decoration
·
Plant and Machinery
·
Furniture and Fittings
·
Computer
·
Office Equipments
·
Motor Vehicles
·
Television
AS PER WEBSITE
Profile
Several MRTS proposals for
In 1983, the Metropolitan Transit Project, an organization
of Indian Railways, prepared a feasibility report for provision of suburban
rail services on existing lines, a circular railway of 57.9 km. metro system on
two corridors, in Phase-I 12.9 km. from Rajajinagar to Jayanagar and in Phase -
II 11.2 km. from
Later, in 1994, the Bangalore Mass Rapid Transit Limited (BMRTL) was incorporated by the State Government to implement the mass rapid transit system. BMRTL in turn asked the IL and FS to carry out a feasibility study for LRT System on Public-Private Partnership. However, though the partner was selected, the project did not take off. Later, Delhi Metro Rail Corporation (DMRC) in partnership with RITES prepared a Detailed Project Report (DPR) for Bangalore Metro Rail, Phase I in 2003 at the instance of the Government. It proposed two double line corridors: East-West (EW) and North-South (NS) with a total length of 33 km.
The Bangalore Metro Rail finally took shape with the
Karnataka Government clearing the project in March, 2005 and the Union
Government giving its approval in April, 2006.
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 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.46.05 |
|
|
1 |
Rs.75.19 |
|
Euro |
1 |
Rs.66.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.