MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TEXMACO RAIL AND ENGINEERING LIMITED (w.e.f.23.04.2010) |
|
|
|
|
Formerly Known
As : |
TEXMACO MACHINES LIMITED |
|
|
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Registered
Office : |
Belgharia Works, Birla Building, 9/1, R. N. Mukherjee Road,
Kolkata-700056, West Bengal |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
25.06.1998 |
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|
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Com. Reg. No.: |
21-087404 |
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Capital
Investment / Paid-up Capital : |
Rs. 181.783 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29261WB1998PLC087404 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALT02347C |
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|
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PAN No.: [Permanent Account No.] |
AABCT2592E |
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|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and producer of railway coaches and components. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 210000 |
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|
Status : |
No Business Activity |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Dr. K. K. Birla Group, India. As per last
available financials, the company has not done any business activities during
the year 2008-09 and 2009-2010. However, trade relations are reported as
fair. Payment terms are unknown. In view of strong promoters 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Corporate Office: |
Belgharia Works, Birla Building, 9/1, R. N. Mukherjee Road,
Kolkata-700056, West Bengal, India |
|
Tel. No.: |
91-33-25411631 |
|
Fax No.: |
91-33-25412448 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 12.08.2010
|
Name : |
Mr. Ashok Kumar Vijay |
|
Designation : |
Director |
|
Address : |
Flat No.34, Queens Mansion Park Street, Kolkata-700071, West Bengal,
India |
|
Date of Birth/Age : |
04.07.1953 |
|
Date of Appointment : |
07.03.2003 |
|
DIN No : |
01103278 |
|
PAN No : |
ABQPV3413R |
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|
|
|
Name : |
MR. Avtar Krishna Nanda |
|
Designation : |
Director |
|
Address : |
SSF-19, Tecxmaco Estate, Belgharia, Kolkata-700066, West Bengal, India |
|
Date of Birth/Age : |
10.10.1934 |
|
Date of Appointment : |
30.03.2003 |
|
DIN No : |
00201378 |
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PAN No : |
ABOPN8802C |
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|
|
|
Name : |
MR. Damodar Hazarimal Kela |
|
Designation : |
Director |
|
Address : |
Pankaj Apartment, 86, Bally Gunge Place, Kolkata-700019, West Bengal,
India |
|
Date of Birth/Age : |
30.04.1941 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No : |
01050842 |
|
PAN No : |
AEMPK2020A |
|
|
|
|
Name : |
Mr. Ramesh Maheshwari |
|
Designation : |
Director |
|
Address : |
Trivoli Court, 1A, Ballygunge, Circular Road, Kolkata-700019, West
Bengal, India |
|
Date of Birth/Age : |
25.12.1932 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No : |
00170811 |
|
PAN No : |
AEXPM8916N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
3487900 |
1.92 |
|
|
111599110 |
61.39 |
|
|
115087010 |
63.31 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
115087010 |
63.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
33151540 |
18.24 |
|
|
3515091 |
1.93 |
|
|
6955188 |
3.83 |
|
|
43621819 |
24.00 |
|
|
|
|
|
|
9721355 |
5.35 |
|
|
|
|
|
|
10518442 |
5.79 |
|
|
1313323 |
0.72 |
|
|
1521141 |
0.84 |
|
|
380726 |
0.21 |
|
|
318020 |
0.17 |
|
Trusts |
13381 |
0.01 |
|
Hindu Undivided
Families |
809014 |
0.45 |
|
|
23074261 |
12.69 |
|
Total Public shareholding (B) |
66696080 |
36.89 |
|
Total (A)+(B) |
181783090 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
Total (A)+(B)+(C) |
181783090 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and producer of railway coaches and components. |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India, Commercial Branch, Park
Street, Kolkata, West Bengal, India |
|
|
|
|
Banking
Relations : |
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Auditors : |
|
|
Name : |
K C Sharma Chartered Accountant |
|
Address : |
6C, Middleton Street, Flat No.23, Kolkata-700071, West Bengal, India |
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|
|
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Holding Company : |
Texmaco Limited CIN No : L35111WB1939PLC009800 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54600000 |
Equity Shares |
Rs.1/- each |
Rs. 54.600
Millions |
|
|
|
|
|
AS ON 12.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
181783090 |
Equity Shares |
Rs.1/- each |
Rs. 181.783
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.600 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1.080) |
(0.155) |
(0.133) |
|
|
NETWORTH |
53.520 |
(0.055) |
(0.033) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
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 |
|
|
|
|
|
|
|
|
TOTAL |
53.520 |
(0.055) |
(0.033) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
54.205 |
0.000 |
0.000 |
|
|
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 |
0.520
|
0.020 |
0.021 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
0.520
|
0.020 |
0.021 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.158
|
0.040 |
|
|
|
Other Current Liabilities |
0.047
|
0.035 |
0.054 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
1.205
|
0.075 |
0.054 |
|
|
Net Current Assets |
(0.685)
|
(0.055) |
(0.033) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.520 |
(0.055) |
(0.033) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(0.925) |
(0.022) |
(0.018) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(0.925) |
(0.022) |
(0.018) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.155) |
(0.133) |
(0.115) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1.080) |
(0.155) |
(0.133) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.15) |
(2.19) |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(177.88)
|
(110.00) |
(85.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.40 |
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
(1.36) |
(1.64) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.43
|
0.27 |
0.39 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF NAME
The Company was
incorporated as a Private Limited Company, limited by shares on 25th
June, 1998 under the Companies act, 1956 under the name and style. ‘Texmaco
Machines Private Limited’. The company changed its status from Private Limited
to Public Limited w.e.f. 3rd March, 2010. The company’s name was
subsequently, after necessary approval from the Registrar of Companies, changed
to ‘Texmaco Rail and Engineering Limited’ with effect from 3rd
March, 2010 so as to reflect the proposed core business activities which the
company proposes to undertake under the Scheme of Arrangement with Texmaco
Limited, filed with the Hon’ble Court, Calcutta.
AUDITED FINANCIAL
RESULTS FOR THE QUARTER /YEAR ENDED 31ST MARCH, 2011
(Rs. in millions)
|
Particulars |
31.03.2011 (Audited) |
31.03.2011 (Audited) |
|
Net Sales/Income from
Operations |
|
|
|
Gross Sales |
3679.968 |
11175.032 |
|
Les : Inter Segment Revenue |
396.660 |
1395.954 |
|
Less : Excise Duty |
121.771 |
393.571 |
|
Net Sales |
3161.537 |
9385.507 |
|
Other Operating Income |
19.542 |
26.766 |
|
Total Income |
3181.079 |
9412.273 |
|
|
|
|
|
Expenditure |
|
|
|
(Increase)/decrease in stock in trade and work-in
Progress |
(40.485) |
(245.613) |
|
Consumption of raw materials |
2235.456 |
6787.440 |
|
Power and Fuel |
95.822 |
319.336 |
|
Employee Cost |
109.943 |
393.171 |
|
Depreciation |
21.175 |
85.850 |
|
Other Expenditure |
183.506 |
425.208 |
|
Total Expenditure |
2605.417 |
7765.392 |
|
|
|
|
|
Profit from Operations
before Other Income and Interest |
575.662 |
1646.881 |
|
Other Income |
28.543 |
101.160 |
|
Profit Before Interest
|
604.205 |
1748.041 |
|
Interest |
(3.311) |
(8.580) |
|
Profit before Tax |
607.516 |
1756.621 |
|
Tax Expenses
(including current tax, deferred taxation, fringe benefit tax and prior
period adjustments for the period) |
171.861 |
541.861 |
|
Net Profit for the period |
435.655 |
1214.760 |
|
|
|
|
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
181.783 |
181.783 |
|
Reserves
excluding revaluation reserves (as per last audited balance sheet) |
---- |
4057.105 |
|
Basic and
diluted Earnings per share for the period, for the year to date (not
annualized) and for the previous year – Rs. |
2.40 |
6.68 |
|
|
|
|
|
Public shareholding |
|
|
|
Number of
Shares |
66696080 |
66696080 |
|
Percentage of Shareholding |
36.69% |
36.69% |
|
Promoters and
promoter group shareholding |
|
|
|
a)
Pledged / Encumbered Number of
Shares Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) Percentage of
Shares (as a % of the
total share capital of the company) b)
Non - encumbered Number of
Shares Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) Percentage of
Shares (as a % of
the total share capital of the company) |
187000 0.16 0.10 114900010 99.84 63.21 |
187000 0.16 0.10 114900010 99.84 63.21 |
SEGMENT REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Quarter Ended |
|
|
31.03.2011 |
31.03.2011 |
||
|
|
(audited) |
(audited) |
||
|
1 |
|
Segment Revenue (Net of Excise & Other Taxes) |
|
|
|
|
|
|
|
|
|
|
|
a) Heavy Engineering Division |
3075.707 |
9121.819 |
|
|
|
b) Steel Foundry |
482.490 |
1659.642 |
|
|
|
|
|
|
|
|
|
Total |
3558.197 |
10781.461 |
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
396.660 |
1395.954 |
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
3161.537 |
9385.507 |
|
|
|
|
|
|
|
2 |
|
Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment) |
|
|
|
|
|
|
|
|
|
|
|
a) Heavy Engineering Division |
555.828 |
1552.499 |
|
|
|
b) Steel Foundry |
48.377 |
195.542 |
|
|
|
|
|
|
|
|
|
Total |
604.205 |
1748.041 |
|
|
|
|
|
|
|
|
|
Less :Interest |
(3.311) |
(8.580) |
|
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
607.516 |
1756.621 |
|
|
|
|
|
|
|
3 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
|
|
|
|
|
|
a) Heavy Engineering Division |
1222.481 |
1222.481 |
|
|
|
b) Steel Foundry |
701.509 |
701.509 |
STATEMENT OF ASSEST AND LIABILITIES, AS PER CLAUSE 41(V) OFLISTING
AGREEMENT
|
STATEMENT OF ASSETS AND LIABILITIES |
31.03.2011
AUDITED |
|
SHAREHOLDERS
FUNDS |
|
|
1] Share Capital |
181.783 |
|
2] Employees Stock Option Outstanding
|
3.561 |
|
3] Reserves & Surplus |
4181.306 |
|
LOAN FUNDS |
972.000 |
|
|
|
|
TOTAL |
5338.650 |
|
|
|
|
APPLICATION OF
FUNDS |
|
|
FIXED ASSETS [Net Block] |
1065.851 |
|
INVESTMENT |
2618.538 |
|
DEFERREX TAX ASSETS |
17.139 |
|
|
|
|
CURRENT ASSETS, LOANS
& ADVANCES |
|
|
Inventories |
2157.422 |
|
Sundry Debtors |
2197.716 |
|
Cash and Bank Balances |
27.511 |
|
Loans and Advances |
696.279 |
|
Other Current Assets |
4.320 |
|
Total
Current Assets |
5083.248 |
|
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
3387.696 |
|
Provisions |
58.430 |
|
Total
Current Liabilities |
3446.126 |
|
Net Current
Assets |
1637.122 |
|
|
|
|
TOTAL |
5338.650 |
Notes:
1. In view of the satisfactory working results during the year, the Board of
Directors has recommended a dividend of Rs.1/- per Equity share of Rs. 1/- each
(100%).
2. This statement has been reviewed and recommended by the Audit Committee
and approved by the Board of Directors at its meeting held on 23rd
May, 2011.
3. Total income for Q4 and for the year does not include the value of the
free materials of approx. Rs. 2260.000 millions and Rs. 4670.000 millions
respectively provided to the Company by Indian Railways and other customers for
some major contracts.
4. The results for the current quarter and year ended 31st March,
2011 are for ‘Tex Rail” after giving effect to the scheme of Arrangement with
Texmaco Limited as approved by the Hon’ble High Court, Calcutta whereby its
Heavy Engineering and Steel Foundry business was demerged to the company with
Appointed date of 1st April, 2010. Accordingly the previous years
figures are not comparable with the current quarter/period. However, the
derived key numbers for the previous quarter/year for the demerged Heavy
Engineering and Steel Foundry business of Texmaco Limited are as under:-
(Rs. In Millions)
|
Particulars |
For the 4th Quarter Ended 31st March 2010 |
For The Year ended 31st March 2010 |
|
Gross Sales |
3119.338 |
11131.886 |
|
Profit Before Interest, Deprecation and Tax |
413.276 |
1409.567 |
|
Profit Before Tax |
406.396 |
1300.806 |
|
Profit After Tax |
244.092 |
841.603 |
5. There was no investors complaint pending at the beginning of the Quarter.
No complaints were received during the period upto 31st March 2011.
WEB SIDE DETAILS
NEWS
PRESS RELEASE
The Economic Times, Kolkata Edition, Date :26.05.2011
Railway Order Hopes Drive up Texmaco
Shares
Some brokerages are pushing Texmaco Rail and Engineering to clients after a gap
encouraged by the company’s fourth quarter earnings beat analysts’ estimates.
Investors are betting on Texmaco on hopes that the company would get a
significant chunk of an upcoming tender from Indian Railways to make 18,000
wagons. The company has an order-book to manufacture 3,500 wagons, analysts
said. The stock, which was frozen at 20% upper circuit of 31.50 on Wednesday,
has fallen 52% so far in 2011 against the 13% drop in BSE-500 index. Analysts
said investors have generally stayed away from companies in the rail
sector since 2009 after Lalu Prasad Prasad’s successful stint as railways
minister during which he is credited to have turned around Indian Railways.
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.44.61 |
|
|
1 |
Rs.73.28 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.