MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ICICI HOME FINANCE COMPANY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.05.1999 |
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Com. Reg. No.: |
120106 |
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Capital
Investment / Paid-up Capital : |
Rs. 7987.500 Millions |
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CIN No.: [Company Identification
No.] |
U65922MH1999PLC120106 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04738G |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business
: |
Providing long term housing loans to individuals and corporates. |
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No. of
Employees: |
Not divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 |
|
Maximum Credit Limit : |
USD 51255160 |
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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 subsidiary of ICICI Bank Limited. It is an established
company having fine track. 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.
INFORMATION DECLINED BY
Unable to Contact the company
LOCATIONS
|
Registered Office : |
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Tel. No.: |
91-22-26531414 |
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Fax No.: |
91-22-26531215 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 25.08.2009
|
Name : |
Mr. Vemboo Vaidyanathan |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
1301 Radhika Apts., Off |
|
Date of Birth/Age : |
02.01.1968 |
|
Date of Appointment : |
25.04.2002 |
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|
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|
Name : |
Mr. Rajiv Sabharwal |
|
Designation : |
Director |
|
Address : |
Y-1301, 13th Floor, Callalily Nahar’s Amrit Shakti Off Saki
Vihar Road, Chandivali, Andheri East, Mumbai
- 400072, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1965 |
|
Date of Appointment : |
25.04.2002 |
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|
|
|
Name : |
Mr. Ashok Alladi |
|
Designation : |
Director |
|
Address : |
655, 11A Main Road, 5th Block Jayanagar, |
|
Date of Birth/Age : |
27.01.1951 |
|
Date of Appointment : |
18.10.2006 |
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|
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|
Name : |
Mr. Jayesh M. Gandhi |
|
Designation : |
Director |
|
Address : |
A/4, Mewawala Apartment, |
|
Date of Birth/Age : |
09.01.1962 |
|
Date of Appointment : |
18.10.2006 |
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|
Name : |
Mr. Sunil G. Rohokale |
|
Designation : |
Managing Director |
|
Address : |
203 2nd Floor, Gomantashram, Chittaranjan, Vile Parle East,
Mumbai – 400057, |
|
Date of Birth/Age : |
10.06.1970 |
|
Date of Appointment : |
05.11.2007 |
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|
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|
Name : |
Mr. Subramaniam Santhanakrishnan |
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Designation : |
Director |
|
Address : |
Flat G5, Block 2, Prime Terrace 150, |
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Date of Birth/Age : |
08.11.1944 |
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Date of Appointment : |
24.07.2008 |
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|
Name : |
Mr. Dileep C. Choksi |
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Designation : |
Additional Director |
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Date of Appointment : |
25.09.2009 |
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|
Name : |
Mr. Maninder S. Juneja |
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Designation : |
Director |
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Date of Appointment : |
08.04.2010 |
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|
|
Name : |
Mr. Harshil Mehta |
|
Designation : |
Nominee Director |
|
Date of Appointment : |
08.04.2010 |
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|
|
|
Name : |
Mr. Rahul P. Mallick |
|
Designation : |
Managing Director |
|
Address : |
Era-4, Flat No. 702, Marathon Nxt Gen Complex Off Ganpatrao Kadam Marg,
Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1964 |
|
Date of Appointment : |
07.12.2009 |
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|
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|
Name : |
Mr. Vijay K. Chandhok |
|
Designation : |
Director |
|
Address : |
501, ICICI Bank Apts., Near Kirti College, Dadar West, Mumbai –
400028, Maharashtra, India |
|
Date of Birth/Age : |
23.02.1968 |
|
Date of Appointment : |
08.04.2009 |
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|
Name : |
Mr. Sandeep Bakhshi |
|
Designation : |
Chairman |
|
Address : |
B/4 Tanna Residency, |
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Date of Birth/Age : |
28.05.1960 |
|
Date of Appointment : |
01.05.2009 |
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|
|
|
Name : |
Mr. Sanjeev Sehrawat |
|
Designation : |
Managing Director |
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Date of Appointment : |
08.04.2010 |
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|
|
|
Name : |
Mr. Sachin Khandelwal |
|
Designation : |
Director |
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Date of Birth/Age : |
04.03.1967 |
|
Date of Appointment : |
29.12.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sreekanth V. Narayanan |
|
Designation : |
Company Secretary |
|
Address : |
Flat NO. A701, Block 26A, New Mhada Colony, Goregaon East, Mumbai –
400097, Maharashtra, India |
|
Date of Birth/Age : |
30.01.1968 |
|
Date of Appointment : |
22.10.2008 |
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|
|
|
Name : |
Mr. Amol H. Chitnavis |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 13, Bldg. M-12, |
|
Date of Appointment : |
26.07.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Nationalized or other banks |
|
99.99 |
|
Bodies corporate |
|
0.01 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing long term housing loans to individuals and corporates. |
GENERAL INFORMATION
|
No. of Employees: |
Not divulged by the management |
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Financial Institution : |
|
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
S R Batliboi and Company Chartered Accountant |
|
Address : |
6th Floor, |
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|
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Holding Company : |
ICICI Bank Limited |
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|
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|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,385,000,000 |
Equity Shares |
Rs.10/- each |
Rs.23850.000 Millions |
|
15,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 24000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
783,750,000 |
Equity Shares |
Rs.10/- each |
Rs.7837.500 Millions |
|
15,000,000 |
0.01% Fully Convertible Cumulative Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 7987.500
Millions |
Note
1)
All shares are held by
ICICI Bank Limited, the holding company and its nominees
2)
Authorized capital has been
increased from Rs. 7000.000 Millions to Rs. 24000.000 Millions w.e.f. August
13, 2007
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 |
10987.500 |
10987.500 |
7987.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1826.290 |
1466.438 |
904.210 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12813.790 |
12453.938 |
8891.710 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14862.200 |
10700.000 |
0.000 |
|
|
2] Unsecured Loans |
100473.057 |
106912.457 |
72119.722 |
|
|
TOTAL BORROWING |
115335.257 |
117612.457 |
72119.722 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.0000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
128149.047 |
130066.395 |
81011.432 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
663.029 |
60.101 |
5.058 |
|
|
Capital work-in-progress |
4.840 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
13279.733 |
15697.960 |
11378.951 |
|
|
DEFERREX TAX ASSETS |
414.909 |
392.621 |
282.263 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
47.679
|
94.252 |
197.965 |
|
|
Cash & Bank Balances |
3085.188
|
4687.326 |
2749.529 |
|
|
Other Current Assets |
1069.613
|
1172.305 |
820.884 |
|
|
Loans & Advances |
4004.899
|
430.883 |
2544.743 |
|
Total
Current Assets |
8207.379
|
6384.766 |
6313.121 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
5026.663
|
2872.945 |
3953.693 |
|
|
Provisions |
863.009
|
740.941 |
494.109 |
|
Total
Current Liabilities |
5889.672
|
3613.886 |
4447.802 |
|
|
Net Current Assets |
2317.707
|
2770.880 |
1865.319 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Loans and other credit facilities |
111468.829 |
111144.833 |
67479.841 |
|
|
|
|
|
|
|
|
TOTAL |
128149.047 |
130066.395 |
81011.432 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14668.181 |
14053.527 |
5944.324 |
|
|
|
Other Income |
1231.904 |
667.713 |
402.221 |
|
|
|
TOTAL (A) |
15900.085 |
14721.240 |
6346.545 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salaries, Wages and Bonus |
753.360 |
909.501 |
630.248 |
|
|
|
Managerial Remuneration |
6.176 |
0.000 |
0.800 |
|
|
|
Payment of Auditors |
3.000 |
3.225 |
2.000 |
|
|
|
Insurance Expenses |
16.839 |
6.865 |
1.818 |
|
|
|
Power and Fuel |
24.451 |
30.255 |
11.902 |
|
|
|
Other Expenditure |
1118.884 |
1837.416 |
655.662 |
|
|
|
TOTAL (B) |
1922.710 |
2787.262 |
1302.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13977.375 |
11933.978 |
5044.115 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11825.706 |
10087.090 |
4046.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2151.669 |
1846.888 |
998.044 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.629 |
2.983 |
1.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2142.040 |
1843.905 |
996.484 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
535.265 |
415.238 |
292.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1606.775 |
1428.667 |
703.835 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.10
|
9.70 |
11.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.60
|
13.12 |
16.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.14
|
28.61 |
15.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.14 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.46
|
9.73 |
8.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.76 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Sundry Creditors details are not available
Form 8
|
Corporate
identity number of the company |
U65922MH1999PLC120106 |
||||||
|
Name of the
company |
ICICI HOME FINANCE COMPANY LIMITED |
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|
Address of the
registered office or of the principal place of business in |
|
||||||
|
This form is for |
Modification of
Charge |
||||||
|
Type of charge |
Floating charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Trust Deed
Executed on 10th August, 2009 |
||||||
|
Date of
instrument Creating the charge |
10.08.2009 |
||||||
|
Amount secured by
the charge |
Rs. 3116.900
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Not Applicable Terms of
Repayment Not Applicable -
Floating charge created on Securities of the Depositors/Investments purchased
by the Company as per the terms of Section - 29B (1) & 29B (2) of the
National Housing Bank Act, 1987 and has appointed IDBI Trusteeship Services
Limited to act as Trustees for the Depositors. Margin Not Applicable Extent and
Operation of the charge The Company has
created floating charge in favour of the Trustees on both present and future
securities purchased by investing the amount specified by the National
Housing Bank (NHB) in terms of Section - 29B (1) and investments made under
the provisions of Section - 29B (2) of the NHB Act from time to time, for the
benefit of Depositors on the revised amount of Securities as per the Trust
Deed. Others The trustees may
at any time, by notice in writing to the Company, convert the said floating
charge into a fixed charge and get it registered as legal charge |
||||||
|
Particulars of
the property charged |
Floating charge
on Securities of the Depositors/Investments purchased by the Company as per
the terms of Section - 29B (1) & 29B (2) of the National Housing Bank
Act, 1987 for the revised amount. |
||||||
|
Particulars of
the present modification |
By the Trust Deed
executed on 10th August, 2009 the floating charge is created on
Securities/Investments purchased by the Company under the provisions of
Section - 29B (1) and (2) of the NHB Act for the revised amount of
Rs.3116.900 millions and on future securities/investments also from time to
time. |
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 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
58 |
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.