MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED (w.e.f. 10.10.2007) |
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Formerly Known
As : |
CANBANK INVESTMENT MANAGEMENT SERVICES LIMITED |
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Registered
Office : |
Construction House, 4th Floor, 5 Walchand Hirachand Marg,
Ballard Estate, Mumbai-400001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.03.1993 |
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Com. Reg. No.: |
11-071003 |
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Capital
Investment / Paid-up Capital : |
Rs.201.043
Millions |
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CIN No.: [Company Identification
No.] |
U65990MH1993PLC071003 |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Administering Mutual Fund Scheme. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Canara Bank, It is an established company having satisfactory track. The company
has successful in wiping off the losses of previous year. 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.
INFORMATION DECLINED BY
Management Non Co-Operative.
LOCATIONS
|
Registered Office : |
Construction House, 4th Floor, 5 Walchand Hirachand Marg,
Ballard Estate, Mumbai-400001, |
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Tel. No.: |
91-22-66585000 |
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Fax No.: |
91-22-66585011/5013 |
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E-Mail : |
DIRECTORS
As on 22.09.2010
|
Name : |
Mr. Avinash Chander Mahajan |
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Designation : |
Director |
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Address : |
Canara Bank House No.72, |
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Date of Birth/Age : |
05.07.1950 |
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Date of Appointment : |
02.09.2008 |
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Date of Ceasing: |
31.07.2010 |
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Name : |
Mr. M.V. Shenoy |
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Designation : |
Director |
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Address : |
Flat No. 501, Krishna Apartments, |
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Date of Birth/Age : |
21.02.1950 |
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Date of Appointment : |
15.03.2007 |
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Date of Ceasing: |
01.03.2010 |
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Name : |
Franciscus Lucas Kusse |
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Designation : |
Director |
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Address : |
A Fokkerjaan 14, Sassenheih, 2171 RA, |
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Date of Birth/Age : |
21.12.1961 |
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Date of Appointment : |
26.09.2007 |
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Date of Ceasing: |
01.10.2009 |
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Name : |
Ms. Maria J.W. Klerkx |
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Designation : |
Alternate Director |
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Address : |
Mathenesserlaan 244A, |
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Date of Birth/Age : |
19.09.1969 |
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Date of Appointment : |
10.12.2009 |
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Date of Ceasing: |
26.04.2010 |
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Name : |
Cornelis Theodorus Leonardus Korthout |
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Designation : |
Director |
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Address : |
Molenmeesterstraat 6, Delfgaum, 2645 GW, |
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Date of Birth/Age : |
22.10.1962 |
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Date of Appointment : |
26.09.2007 |
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Name : |
Mr. Arvind Madan Sethi |
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Designation : |
Director |
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Address : |
02GFA, Court Green, The Labornum, Sushant Lok 1, Sector 28,
Gurgaon-122002, |
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Date of Birth/Age : |
12.08.1957 |
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Date of Appointment : |
26.09.2007 |
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Name : |
Mr. Deveshwer Kumar Kapila |
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Designation : |
Director |
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Address : |
C-4, 1st Floor, Jangapura Extension, New Delhi-110014, |
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Date of Birth/Age : |
03.05.1991 |
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Date of Appointment : |
20.12.2008 |
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Name : |
Mr. V.H. Ramakrishnan |
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Designation : |
Director |
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Address : |
Flat No. 1005, Block 2A, SMR Vinay City, Bollaram Road, Miyapur,
Hyderabad-500049, Andhra Pradesh, India |
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Date of Birth/Age : |
13.04.1941 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Hester Wendela Deseree Gillia Borrie |
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Designation : |
Director |
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Address : |
Apollolaan 52, |
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Date of Birth/Age : |
18.11.1969 |
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Date of Appointment : |
10.12.2009 |
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Name : |
Shital Kumar Jain |
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Designation : |
Director |
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Address : |
5/10, 2nd Floor, Shantiniketan, New Delhi-110021, |
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Date of Birth/Age : |
12.11.1939 |
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Date of Appointment : |
10.12.2009 |
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Name : |
Mr. M. Ramkumar |
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Designation : |
Director |
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Address : |
273, Jupiter Apartments, Cuffe Parade, Mumbai-400005, |
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Date of Birth/Age : |
03.05.1952 |
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Date of Appointment : |
27.03.2010 |
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Name : |
Mr. S. Raman |
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Designation : |
Director |
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Address : |
Canara Bank House No.72, |
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Date of Birth/Age : |
07.09.1952 |
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Date of Appointment : |
15.09.2010 |
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Name : |
Paulus J.M. Vrancken |
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Designation : |
Alternate Director |
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Address : |
Leendert Butterstraat 12, 3062 XN |
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Date of Birth/Age : |
17.04.1974 |
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Date of Appointment : |
27.03.2010 |
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Date of Ceasing: |
22.09.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Trupti Pranav Vyas |
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Designation : |
Company Secretary |
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Address : |
57, Dadi Seth Agiari Lane, 4th Floor, Vyas Bulding,
Kalbadevi Road, Mumbai-400002, Maharashtra, India |
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Date of Birth/Age : |
06.07.1976 |
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Date of Appointment : |
01.10.2008 |
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Date of Ceasing: |
31.01.2010 |
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Name : |
Mr. Jignesh B. Modi |
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Designation : |
Company Secretary |
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Address : |
B-603, Shatrunjay CHS Limited, |
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Date of Birth/Age : |
25.11.1976 |
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Date of Appointment : |
27.03.2010 |
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Name : |
Mr. Rajnish Narula |
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Designation : |
Manager |
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Address : |
C-7, |
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Date of Birth/Age : |
25.12.1959 |
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Date of Appointment : |
26.09.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Canara |
|
10251222 |
|
Robeco |
|
9746778 |
|
Canara |
|
800 |
|
Robeco |
|
104352 |
|
T. Sreek Anthan Jointly
With Canara |
|
200 |
|
Robeco Direct NV, |
|
1 |
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Robeco International Holding NV, |
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1 |
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1 |
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Robeco |
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1 |
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Robeco Institutional |
|
1 |
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M. Ramkumar Jointly With Canara |
|
200 |
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Dennis Rodrigues Jointly With Canara
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|
200 |
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V. Sundaresan Jointly With Canara |
|
200 |
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D. Muralidhar Rao Jointly With
Canara |
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200 |
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K R. Rao Jointly With
Canara |
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200 |
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Total |
|
20104357 |
As on 22.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
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Nationalized
or Other Banks |
|
51.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Administering Mutual Fund Scheme. |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khimji Kunverji and Company (Hashmukh B. Dedhia As Partner) Chartered Accountant |
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Address : |
Suite No. 52, |
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Holding Company: |
Canara Bank |
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Entity having
significant Influence over the
Company: |
Robeco Groep N.V. Robeco |
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Fellow
Subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20104357 |
Equity Shares |
Rs.10/- each |
Rs.201.043
Millions |
Note: Of the above shares:5,000,000 shares were allotted to Canara Bank as fully paid-up by way of Bonus Shares by capitalization of surplus in the Profit and Loss Account
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 |
201.043 |
101.043 |
101.043 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
147.005 |
84.713 |
256.463 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
348.048 |
185.756 |
357.506 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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TOTAL |
348.048 |
185.756 |
357.506 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.228 |
113.606 |
112.031 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
202.032 |
50.870 |
259.145 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
5.781 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
28.954
|
39.773 |
17.579 |
|
|
Cash & Bank Balances |
9.322
|
7.014 |
6.158 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
103.514
|
98.548 |
78.839 |
|
Total
Current Assets |
141.790
|
145.335 |
102.576 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.204
|
0.315 |
0.125 |
|
|
Other Current Liabilities |
85.824
|
116.095 |
108.469 |
|
|
Provisions |
3.974
|
7.645 |
13.433 |
|
Total
Current Liabilities |
90.002
|
124.055 |
122.027 |
|
|
Net Current Assets |
51.788
|
21.280 |
(19.451) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
348.048 |
185.756 |
357.506 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Management Fees |
358.549 |
179.576 |
150.339 |
|
|
|
Dividend on Current Investments |
2.808 |
7.425 |
12.032 |
|
|
|
Current Investments |
3.225 |
0.000 |
5.248 |
|
|
|
Long Term Investments |
0.000 |
11.910 |
0.000 |
|
|
|
Profit/ Loss on Sales of Fixed Assets |
14.576 |
0.000 |
0.000 |
|
|
|
Other Income |
2.460 |
3.620 |
2.359 |
|
|
|
TOTAL |
381.618 |
202.531 |
169.978 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Remuneration and Benefit (Net) |
139.993 |
207.680 |
100.775 |
|
|
|
Administrative Expenses |
157.573 |
144.052 |
105.584 |
|
|
|
Loss on |
0.000 |
0.149 |
0.042 |
|
|
|
Prior Period Items |
0.490 |
0.000 |
0.000 |
|
|
|
VRS Expenses |
0.000 |
0.000 |
53.585 |
|
|
|
TOTAL |
298.056 |
351.881 |
259.986 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
83.562 |
(149.350) |
(90.008) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.597 |
12.399 |
9.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
73.965 |
(161.749) |
(99.258) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11.674 |
10.001 |
(0.280) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
62.291 |
(171.750) |
(98.978) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(33.397) |
138.353 |
241.741 |
|
|
|
|
|
|
|
|
|
Less |
Provision
for Gratuity (Net of Tax) |
0.000 |
0.000 |
4.410 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
28.894 |
(33.397) |
138.353 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.891 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.55 |
(17.08) |
(9.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.32
|
(84.80) |
(58.22) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.63
|
(90.07) |
(66.02) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.33
|
(62.47) |
(46.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
(0.87) |
(0.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
0.67 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.17 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Others |
0.204
|
0.315 |
0.125 |
BUSINESS RESULTS
For the year ended March 31, 2010 the revenue of the company by way of management fees and other income earned was higher at Rs. 381.618 Millions as compared to Rs. 202.531 Millions earned in the year ended March 31, 2009. The average assets under management grew from Rs. 47439.000 Millions to Rs. 92199.000 Millions , a growth of 94.4% over the one year period. The AMC crossed the 10,000 Crores mark in terms on average assets under management in February 2010.
The company has incurred expenses over the past year, to the tune of Rs. 307.283 Millions as compared to Rs. 364.280 Millions incurred in the last financial year. While expenditure under personnel costs were kept under tight control, one of the significant items under expenditure was the marketing and distribution expenses incurred.
In view of the need to conserve resources of the Company to meet planned expenditure, your Directors express their inability to recommend any dividend for the year ended 31st March, 2010.
OPERATIONS:
In tune with the market
demand, the following schemes were launched during the year:
|
Name |
Type |
Initial
Subscription |
|
CR Dynamic Bond Fund |
Open Ended Income Fund |
Rs. 3386.500 Millions |
|
CR F.O.R.C.E Fund |
Open Ended Equity Fund |
Rs. 2720.000 Millions |
|
CR Interval Series 2 – Quarterly Plan 2 |
Open-Ended Interval Plan |
Rs. 3389.500 Millions |
|
CR Fixed Maturity Plan Series 5 -13 Months Plan A |
Close-Ended Fixed Maturity Plan |
Rs. 994.400 Millions |
|
CR Fixed Maturity Plan Series 5 -13 Months Plan B |
Close-Ended Fixed Maturity Plan |
Rs. 184.700 Millions |
Pursuant to SEBI circular SEBI/IMD/CIR No. 4/168230/09 dated June 30,
2009, from August 1, 2009 no entry load is being charged on any scheme of
Canara Robeco.
Apart from capital appreciation under growth plans of various Schemes
and daily/weekly dividends in Canara Robeco Liquid, Canara Robeco Treasury
Advantage, Canara Robeco Floating Rate and Canara Robeco Interval Funds and
Canara Robeco Fixed Maturity Plans, the following Schemes declared dividends
during the year under dividend plans:
- Canara Robeco
Infrastructure: 10%
- Canara Robeco
Multicap: 10%
- Canara Robeco
Balance: 10%
- Canara Robeco
Dynamic Bond: 1% (twice during the year)
- Canara Robeco
Equity Diversified: 20% (twice during the year)
- Canara Robeco
Equity Taxsaver: 20% (twice during the year)
As on 31st March, 2010, your Company was managing twenty schemes of
Canara Robeco Mutual Fund, of which 11 were debt oriented schemes, 7 were
equity oriented schemes and 2 were hybrid schemes.
As on 31st March, 2010, the Average Assets under Management of Canara
Robeco Mutual Fund stood at Rs. 92204.500 Millions (previous year: Rs.
47438.800 Millions).
RECOGNITION AND
AWARDS:
The Canara Robeco Investment Team delivered good performance throughout the year in the fixed income and equity asset classes. This performance has been recognized by the various awards conferred upon us recently. For the second consecutive year, Lipper felicitated us as the Bond Fund House of the Year at the Lipper Fund Awards India 2010.
Lipper also presented the Best Indian Rupee Bond Fund for five- and three-years to the Canara Robeco Income Fund. This fund was also awarded the 7 star (3 Years) and 5 star (1 Year) award by ICRA Mutual Fund Awards 2010 in the open ended debt long term category. At the CNBC TV18 CRISIL Mutual Fund Awards 2010 and Business world Mutual Fund Awards 2010, Canara Robeco Income Fund was named the Best Income Fund. The Canara Robeco Gilt PGS Fund was awarded the Best India Intermediate/Long Term Fund award by Morningstar at their awards ceremony held in March 2010.
CONTINGENT LIABILITY
- Contingent Liability to Canara Bank on receipt of Claim/Settlement of dispute towards property tax and other charges pertaining to the building occupied by the company till 30/9/03. The sum involved is not quantified.
- Income from Management Fee includes Rs.10.803 millions from Canbank Mutual Fund - General Administration Dept. (CMF - GAD) and Erstwhile Unitholders Account for the year 2009-2010. The accounts of CMF - GAD and Erstwhile Unitholders Account for the year 2009-2010 are not yet audited and hence the amount of Rs. 10.803 millions has been taken as income on the basis of certificate obtained from the statutory auditors of CMF - GAD.
- Remuneration payable to the CEO (Manager) appointed with effect from September 26, 2007, being in excess of the limits prescribed under sections 198, 269 of the Act and provisions of Schedule XIII to the Act, though accrued in the books of accounts was not paid. Upon subsequent decision to pay the CEO’s remuneration upto the maximum permissible limit in accordance with the provisions of the Act, the excess amount provided in earlier years has been reversed during the year. Had the said excess provision not been reversed, the ‘Employee’s Remuneration and Benefit’ for the year would have been Rs 187.947 millions instead of Rs 139.992 millions.
Fixed Assets:
- Residential Flats
- Office Equipments
- Air Conditioners
- Comp and Peripherals
- Electrical Fittings
- Furniture and Fixtures
- Motor Vehicles
- Leasehold Improvements
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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.