MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NETMAGIC SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
2nd Floor (North Side), Block B 2, Phase I, Nirlon
Knowledge Park, Goregaon (East), Mumbai – 400063, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.07.1998 |
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Com. Reg. No.: |
116053 |
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Paid-up Capital
: |
Rs. 187.833 Millions |
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CIN No.: [Company Identification
No.] |
U73900MH1998PTC116053 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10111D |
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PAN No.: [Permanent Account No.] |
AABCN1254B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Internet Service Provider (ISP), Internet Data Sector (IDS) |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3705484 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. The
profitability of the company is decreasing drastically since last two years. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Vishal |
|
Designation : |
Accounts Department |
|
Date : |
15.06.2011 |
LOCATIONS
|
Registered Office : |
2nd Floor (North Side), Block B 2, Phase I, Nirlon
Knowledge Park, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-40099099 / 67139199 |
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Fax No.: |
91-22-40099101/67139101 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Sharad Shyam Sanghi |
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Designation : |
Managing Director |
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Address : |
23, Seagull, Carmichael Road, Mumbai - 400 026, Maharashtra, India |
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Date of Birth/Age : |
28.10.1966 |
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Date of Appointment : |
30.07.1998 |
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Name : |
Mr. Rajesh Kumar Dugar |
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Designation : |
Director |
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Address : |
31, Chitrakoot, Altamount Road, Mumbai - 400 026, Maharashtra, India |
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Date of Birth/Age : |
01.07.1969 |
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Date of Appointment : |
24.01.2008 |
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Name : |
Mr. Shyam Vishnukumar Sanghi |
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Designation : |
Director |
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Address : |
23, Seagull, Carmichael Road, Mumbai - 400 026, Maharashtra, India |
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Date of Birth/Age : |
07.06.1936 |
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Date of Appointment : |
30.07.1998 |
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Name : |
Mr. Sandeep Shiamsunder Singhal |
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Designation : |
Director |
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Address : |
241, Tanhee Heights, A Wing, 66 D Napeansea Road, Mumbai-400 006,
Maharashtra, India |
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Date of Birth/Age : |
21.10.1966 |
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Date of Appointment : |
09.07.2001 |
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Name : |
Mr. Jagadeesh Bagalur Venkatasubba Rao |
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Designation : |
Chairman |
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Address : |
14232 Shady Oak Ct., Saratoga, Ca 95070, Usa 95070 |
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Date of Birth/Age : |
19.01.1957 |
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Date of Appointment : |
01.06.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
|
Names of Shareholders |
No. of Shares |
% of
Shareholding |
|
Existing Equity
Shareholders |
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|
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Indian |
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Mr. Sharad S. Sanghi and Mrs. Nirali Sanghi |
6952608 |
36.98 |
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Mrs. Tejal Lodaya and Mr. Dhanesh Lodaya |
288000 |
1.53 |
|
Mr. Shyam Sanghi and Mrs. Sunita S Sanghi |
1632000 |
8.68 |
|
Mr. Dhanesh J. Lodaya and Mrs. Tejal D. Lodaya |
703968 |
3.74 |
|
Mr. Jayabalan Subramanian |
343392 |
1.83 |
|
Global Technologies Ventures Limited |
327072 |
1.74 |
|
Manish Bhatnagar |
13163 |
0.07 |
|
Monika Singhvi |
5681 |
0.03 |
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Foreign |
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K.B. Chandrashekhar Trustee- The K B and Sukanyachandra Living Trust |
134016 |
0.71 |
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Mr. Kanwal Rekhi |
134016 |
0.71 |
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Mr. G. Arjavalingam |
100512 |
0.53 |
|
E Ventures India Holding Private Limited |
2044032 |
10.87 |
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Mr. B.V. Jagdeesh |
799968 |
4.25 |
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Mr. Prabhakar Sundarajan |
100512 |
0.53 |
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Mr. Farrokh Billimoria |
67008 |
0.36 |
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Nexus India Ventures I Investments |
10 |
0.00 |
|
Multiconsult Trustees Ltd. (Trustee of Fidelity India Ventures) |
10 |
0.00 |
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Total Equity
Shares (A) |
13645968 |
72.58 |
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Existing
Preference Shareholders |
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Preference Shareholders |
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FIL Capital Management (Mauritius) Limited |
25713 |
0.14 |
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Nexus India Ventures I Investments |
1718740 |
9.14 |
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Multiconsult Trustees Ltd. (Trustee of Fidelity India Ventures) |
3411777 |
18.15 |
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Total Convertible
Preference Shares (B) |
5156230 |
27.42 |
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TOTAL SHARES [
(A) plus (B) ] = ( C ) |
18802198 |
100.00 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
45.40 |
|
Bodies corporate |
1.74 |
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Directors or relatives of Directors |
45.66 |
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Other top fifty shareholders |
7.20 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Internet Service Provider (ISP), Internet Data Sector (IDS) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
Corporate |
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No. of Employees : |
Not Divulged by the Management. |
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Bankers : |
· Axis Bank Limited, Credit Management Centre, Unit- 6,Corporate Park, Sion Trombay Road, Chembur, Mumbai - 400071, Maharashtra, India |
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Facilities : |
Note The above loan are secured by Primary exclusive first charge by way of hypothecation of entire
current assets of the company including stocks and receivables both present
and future Collateral
Security Extension of first charge on entire fixed assets of the company except
vehicles present and future Lien on fixed deposits aggregating Rs. 20.000 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, DR. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Associates/Subsidiaries : |
·
Netmagic IT Services Private Limited ·
Sky N Land Video Networks Private Limited ·
Netmagic Solutions Inc |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 230.000 Millions |
|
7,000,000 |
0.001% Cumulative Convertible Preference Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
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Total |
|
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,627,124, |
Equity Shares |
Rs. 10/- each |
Rs. 136.271
Millions |
|
5,156,230 |
0.001% Cumulative Convertible Preference Shares |
Rs. 10/- each |
Rs. 51.562
Millions |
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Total |
|
Rs. 187.833 Millions |
Note
1. Out of above 13,485,155 equity shares of Rs. 10/- each have been allotted
as fully paid up bonus shares by way of capitalization of securities premium
account in an earlier year
2. The 0.001% cumulative convertible preferences shares are to be
mandatorily and automatically converted into equity shares at a pre-determined
ratio in accordance with a share subscription agreement.
FINANCIAL DATA
[all figures are
in Rupees Millions]
.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
187.833 |
187.833 |
187.833 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
737.256 |
737.062 |
720.856 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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5] Stock Options Outstanding |
1.282 |
1.282 |
0.000 |
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NETWORTH |
926.371 |
926.177 |
908.689 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
92.667 |
28.714 |
1.000 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
92.667 |
28.714 |
1.000 |
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DEFERRED TAX LIABILITIES |
2.881 |
1.686 |
0.000 |
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TOTAL |
1021.919 |
956.577 |
909.689 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
610.798 |
391.183 |
205.072 |
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Capital work-in-progress |
9.779 |
101.340 |
10.218 |
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INVESTMENT |
98.393 |
248.544 |
500.099 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.965 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
138.061
|
94.730 |
62.798 |
|
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Cash & Bank Balances |
49.846
|
62.430 |
61.781 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
280.770
|
205.995 |
152.031 |
|
Total
Current Assets |
468.677
|
363.155 |
276.610 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
108.876
|
80.929 |
40.370 |
|
|
Other Current Liabilities |
36.688
|
52.030 |
36.226 |
|
|
Provisions |
20.164
|
14.686 |
7.679 |
|
Total
Current Liabilities |
165.728
|
147.645 |
84.275 |
|
|
Net Current Assets |
302.949
|
215.510 |
192.335 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1021.919 |
956.577 |
909.689 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
|
|
|
|
|
|
|
Internet Service Income |
760.185 |
564.633 |
371.134 |
|
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|
Sale of Trading Goods and Materials |
7.901 |
5.427 |
22.776 |
|
|
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Other Income |
9.484 |
28.092 |
32.010 |
|
|
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TOTAL (A) |
777.570 |
598.152 |
425.920 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Internet Service Costs |
225.295 |
169.812 |
94.150 |
|
|
|
Purchase of Trading Goods and Materials |
7.048 |
4.356 |
19.436 |
|
|
|
Personnel Expenses |
229.273 |
178.568 |
101.598 |
|
|
|
Operating and Other Expenses |
180.100 |
139.933 |
80.695 |
|
|
|
TOTAL (B) |
641.716 |
492.669 |
295.879 |
|
|
|
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|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
135.854 |
105.483 |
130.041 |
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
4.455 |
0.869 |
0.137 |
|
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|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
131.399 |
104.614 |
129.904 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
129.208 |
83.329 |
37.433 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
2.191 |
21.285 |
92.471 |
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Less |
TAX (I) |
1.995 |
5.079 |
10.820 |
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PROFIT AFTER TAX
(G-I) (J) |
0.196 |
16.206 |
81.651 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
153.941 |
137.735 |
56.084 |
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Less |
APPROPRIATIONS |
|
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|
|
Preference Dividend |
0.001 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
154.136 |
153.941 |
137.735 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Bandwidth Services |
18.490 |
11.973 |
9.713 |
|
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|
Colocation Services |
11.594 |
10.067 |
7.221 |
|
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|
Mail and Messaging Services |
0.881 |
0.089 |
0.361 |
|
|
|
Managed Services |
15.700 |
1.744 |
2.997 |
|
|
|
Material/Equipment Sales |
1.683 |
0.002 |
1.666 |
|
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TOTAL EARNINGS |
48.348 |
23.875 |
21.958 |
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IMPORTS |
|
|
|
|
|
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|
Capital Goods |
3.709 |
55.962 |
15.745 |
|
|
TOTAL IMPORTS |
3.709 |
55.962 |
15.745 |
|
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|
Earnings Per
Share (Rs.) |
0.01 |
1.19 |
5.99 |
|
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
900.000 |
Expected Sales (2011-2012) : Rs. 1200.000 Millions
The above information has been parted by (Mr. Vishal – Accounts
Department.)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.02
|
2.70 |
19.17 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.20
|
2.82 |
19.21 |
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.02 |
0.10 |
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.27
|
0.19 |
0.09 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.82
|
2.45 |
3.28 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details
|
Particulars |
31.03.2010 (Rs.
In Millions) |
31.03.2009 (Rs.
In Millions) |
31.03.2008 (Rs.
In Millions) |
|
Total outstanding dues of creditors other than micro enterprises and
small enterprises |
108.876 |
80.929 |
39.385 |
|
Total outstanding dues of micro enterprises and small enterprises |
-- |
-- |
0.985 |
Note – the registered office
address of the company has been shifted from 22
Nirlon Campuswestern Express Highway, Goregaon (E), Mumbai – 400063, Maharashtra, India to
present address w.e.f. 26.10.2009
OPERATIONS
The Company achieved a Turnover of Rs.570.060 millions during the F.Y.
2008-09 which is an increase of 44.72 % over previous year’s Turnover of
Rs.393.910 millions. Due to substantial investment into business infrastructure
facilities and human resources, the Net Profit before Tax reduced to Rs.21.285
millions as against Rs.92.471 millions in the previous year.
The Company’s business improved substantially due to better recognition
and acceptance in IT Services market. The Company continued focus on automation
and optimization of data center operations resulted in better efficiencies in
operations. There was a material increase in Co-location and Managed Services
component over previous year. The first phase of the Vikhroli Internet Data
Centre (IDC) got operational in July 2008. The second phase at Vikhroli became
operational in June 2009. The Company’s IDC at Nirlon Complex continued to
perform at optimum capacity during the year. With the license term for the
Nirlon premises coming to an end in September 2009, almost all customers of the
Company at the said IDC have been migrated to the Vikhroli IDC seamlessly
without disruption of services. The Saki Vihar IDC has been completely booked
and the ITPL, Bangalore IDC is expected to be sold out soon. The Company also
expects to commence operations of its IDC in Chennai in October 2009.
The Company was first among the Managed Services companies in India to
launch third party cloud services for enterprises. According to IDC, cloud
computing as a service is expected to reshape the IT market space, creating
and catalyzing changes in the traditional IT offerings. Cloud computing
transforms computer processing, data storage and software applications,
allowing them to be delivered as an utility via the internet. The IDC survey
expects the global spending to increase threefold to USD 42 billion by 2012.
The Company visualizes substantial business potential in cloud computing.
In order to facilitate better internal controls and linkages between
core functions, the Company has implemented SAP. Various marketing initiatives
were taken during the year which included the launch of new Company logo,
new corporate video and website. The market and brand perception of the
Company being a major player in the Data Center industry has significantly
increased. PR initiatives continue to provide visibility to the Company. New
alliances with ISVs and SAP Partners have been entered to propel the
enterprise/ channel business further.
The Company continues to add new customers during the year and most of
the existing customers renewed their services for further terms. A new Sales
office was opened in Delhi during the year under review to tap customers in the
North region of India.
During the year the Company extended its focus on high margin services
like Infrastructure Management Services (IMS), Data Vault Storage, Disaster
Recovery (DR), SAP Applications and Business Continuity Process (BCP) Services
which would supplement the existing Co-location, Mail & Messaging and
Managed Services of the Company.
Considering the business prospects, the Company is confident of
continued growth in line with the previous year.
Form 8
|
Corporate
identity number of the company |
U73900MH1998PTC116053 |
||||||
|
Name of the
company |
NETMAGIC SOLUTIONS PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
2nd Floor (North Side), Block B 2, Phase I, Nirlon
Knowledge Park, Goregaon (East), Mumbai – 400063, Maharashtra, India |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book debts Movable property |
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|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation (SDH) dated 15.12.2010 |
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|
Date of
instrument Creating the charge |
15.12.2010 |
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|
Amount secured by
the charge |
Rs. 260.500
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction
Letter or as stipulated by Bank from time to time. Terms of
Repayment As per Sanction
Letter or as stipulated by Bank from time to time. Margin As per Sanction
Letter or as stipulated by Bank from time to time. Extent and
Operation of the charge Cash Credit of
Rs.5 Crores enhanced to Rs. 70.000 millions thereby enhancing the total
amount secured by charge from Rs.240.500 millions to Rs.260.500 millions to secure various limts specifed in SDH.
The security by hypn. of Plant, machinery, furniture, fixtures, except
vehicles current assets, including RM, SIP, FG, Book Debts, outstanding money
receivables etc., given earlier, des. in Schedule to SDH shall extend to
secure the modified/ enhanced limits. Others CC, BG & LC
limits secured by exclusive first charge on present & future current
assets and extension of first charge on present & future fixed assets
except vehicles. TL limits secured
by exclusive first charge on present & future entire fixed assets except
vehicles and extension of first charge on present & future current
assets. |
||||||
|
Particulars of
the property charged |
Present &
future Movable fixed assets including plant machinery, furniture, fixtures,
fittings, computers etc except vehicles situated at company's premises or
elsewhere or in transit. Present &
future current assets consisting of RM, SIP, FG & other Current Assets
whatsoever situated or in transit, Book Debts, O/s monies, receivables claims
bills etc. due & owing to the Co |
||||||
|
Date of
instrument modifying the charge |
16.09.2010 |
||||||
|
Particulars of
the present modification |
Now vide this modification,
Cash Credit of Rs.50.000 millions enhanced to Rs. 70.000 millions thereby
enhancing the total amount secured by charge from Rs.240.500 millions to
Rs.260.500 millions. to secure various limts specifed in SDH. The security by
hypn. of Plant, machinery, furniture, fixtures, except vehicles current
assets, including RM, SIP, FG, Book Debts, outstanding money receivables
etc., given earlier, des. in Schedule to SDH shall extend to secure the
modified/ enhanced limits. |
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.