MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
PSA SICAL TERMINALS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
18.06.1998 |
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Com. Reg. No.: |
18-040682 |
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CIN No.: [Company Identification
No.] |
U74999TN1998PLC040682 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRIP00449B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in construction/ development and commenced
container-handling operations. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 2466000 |
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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 an established company having satisfactory track. The
company incurred losses in the current year. However, trade relations are
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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
South India House, New No.73 (Old No.36-40), |
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Tel. No.: |
91-461-6451001/ 2354001 |
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Fax No.: |
91-461-2352260 |
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E-Mail : |
DIRECTORS
As on 30.06.2010
|
Name : |
Mr. Silaipillayarputhur Ramachandran Ramakrishnan |
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Designation : |
Whole-Time Director |
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Address : |
Plot No.74, 1st Street, Sheela Nagar, Madippakkam, Chennai – 600 091, |
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Date of Birth/Age : |
13.08.1949 |
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Date of Appointment : |
18.06.1998 |
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DIN No.: |
00120126 |
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Name : |
Mr. Ashwin Chidambaram Muthiah |
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Designation : |
Director |
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Address : |
Adyar House 26B, |
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Date of Birth/Age : |
01.01.1966 |
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Date of Appointment : |
18.06.1998 |
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DIN No.: |
00255679 |
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Name : |
Mr. Eddie Ewe Guan Teh |
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Designation : |
Director |
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Address : |
31, |
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Date of Birth/Age : |
28.08.1949 |
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Date of Appointment : |
08.09.2006 |
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DIN No.: |
01112014 |
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Name : |
Mr. Song Boon Tan |
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Designation : |
Director |
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Address : |
APT BLK 209, |
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Date of Birth/Age : |
04.12.1973 |
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Date of Appointment : |
01.06.2010 |
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DIN No.: |
02809438 |
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Name : |
Mr. Vincent Hak Sen NG |
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Designation : |
Director |
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Address : |
BLK 201B, Punggol Field, # 11-214, |
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Date of Birth/Age : |
20.07.1971 |
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Date of Appointment : |
01.06.2010 |
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DIN No.: |
02985812 |
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Name : |
Mr. Lee Chen Yong |
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Designation : |
Additional Director |
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Address : |
BLK 9, #01-03, |
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Date of Birth/Age : |
13.01.1956 |
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Date of Appointment : |
09.09.2010 |
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DIN No.: |
03271394 |
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Name : |
Mr. Suresh Narayana Amirapu |
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Designation : |
Director |
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Address : |
6B, |
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Date of Birth/Age : |
12.03.1953 |
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Date of Appointment : |
17.10.2006 |
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Date of Ceasing : |
09.09.2010 |
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DIN No.: |
00792915 |
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Name : |
Mr. Yang David Antonius |
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Designation : |
Additional Director |
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Address : |
30, |
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Date of Birth/Age : |
18.10.1966 |
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Date of Appointment : |
21.02.2008 |
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Date of Ceasing : |
01.06.2010 |
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DIN No.: |
02154758 |
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Name : |
Mr. Kenny K. Low |
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Designation : |
Director |
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Address : |
26, |
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Date of Birth/Age : |
31.10.1965 |
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Date of Appointment : |
29.06.2009 |
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Date of Ceasing : |
01.06.2010 |
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DIN No.: |
02193062 |
KEY EXECUTIVES
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Name : |
Mr. R.R. Gnanasekaran |
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Designation : |
Secretary |
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Address : |
14B/2, |
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Date of Birth/Age : |
04.03.1952 |
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Date of Appointment : |
01.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2010
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Names of Shareholders |
|
No. of Shares |
|
Ashwin Chidambaram Muthiah |
|
10 |
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S.R. Ramakrishnan |
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10 |
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L.R. Sridhar |
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10 |
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Sical Logistics Limited, |
|
5625030 |
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PSA |
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9375000 |
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V. Ganesh |
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5 |
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B.J. Jacob |
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5 |
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Total
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|
15000070 |
As on 30.06.2010
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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] |
|
62.50 |
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Bodies
corporate |
|
37.50 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in construction/ development and commenced
container-handling operations. |
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Services : |
Container Terminal Operation |
GENERAL INFORMATION
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Bankers : |
New Address: 3rd Floor, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
No.10, |
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Tel. No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Holding Company : |
PSA |
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Ultimate Holding Company : |
PSA International Pte. Limited, |
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Companies having substantial interest : |
Sical Logistics Limited [formerly South
India Corporation (Agencies) Limited, Chennai] |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000070 |
Equity Shares |
Rs.10/- each |
Rs.150.001
millions |
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|
|
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|
(Of the above, 9375000 Equity Shares of Rs.10/- each are held by the
holding company, PSA
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
150.001 |
150.001 |
150.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
466.551 |
526.901 |
500.166 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
616.552 |
676.902 |
650.167 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.812 |
75.870 |
106.221 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
15.812 |
75.870 |
106.221 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
2.041 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
632.364 |
754.813 |
756.388 |
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|
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|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
250.673 |
374.245 |
503.395 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.323 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
27.566
|
23.090
|
23.607 |
|
|
Sundry Debtors |
2.934
|
4.357
|
9.582 |
|
|
Cash & Bank Balances |
370.628
|
365.605
|
259.605 |
|
|
Other Current Assets |
7.771
|
6.772
|
1.825 |
|
|
Loans & Advances |
70.130
|
59.029
|
39.176 |
|
Total
Current Assets |
479.029
|
458.853
|
333.795 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
78.078
|
51.844
|
49.590 |
|
|
Other Current Liabilities |
16.760
|
22.865
|
29.916 |
|
|
Provisions |
2.500
|
3.576
|
1.619 |
|
Total
Current Liabilities |
97.338
|
78.285
|
81.125 |
|
|
Net Current Assets |
381.691
|
380.568
|
252.670 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
632.364 |
754.813 |
756.388 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from services |
918.396 |
924.483 |
869.134 |
|
|
|
Other Income |
30.738 |
25.832 |
32.628 |
|
|
|
TOTAL (A) |
949.134 |
950.315 |
901.762 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
875.481 |
767.898 |
568.263 |
|
|
|
TOTAL (B) |
875.481 |
767.898 |
568.263 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
73.653 |
182.417 |
333.499 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST & FINANCIAL
EXPENSES (D) |
10.583 |
12.970 |
18.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
63.070 |
169.447 |
315.044 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
126.966 |
136.295 |
135.178 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(63.896) |
33.152 |
179.866 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.546) |
6.417 |
21.756 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(60.350) |
26.735 |
158.110 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
442.146 |
415.411 |
257.301 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
381.796 |
442.146 |
415.411 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Container handling and related services |
484.089 |
500.981 |
467.837 |
|
|
|
Software Revenue |
0.810 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
484.899 |
500.981 |
467.837 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
9.810 |
11.500 |
10.955 |
|
|
|
Capital Goods |
2.241 |
2.471 |
0.783 |
|
|
TOTAL IMPORTS |
12.051 |
13.971 |
11.738 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.02) |
1.78 |
10.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
(6.36) |
2.81
|
17.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.96) |
3.59
|
20.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.76) |
3.98
|
21.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
0.05
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.18 |
0.23
|
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.92 |
5.86
|
4.11 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
The company was incorporated as a joint venture between PSA India Pte.
Limited, Singapore, South India Corporation (Agencies) Limited and Nur
Investments and Trading Pte. Limited,
PERFORMANCE:
During the year 2009, the Company handled 461 (Last year 454) ships and
426184 TEUs (455061), earning an income of 918.400 millions (Last year
Rs.924.480 millions). The year-on-year volume decrease was -6% (Last year 5%).
In terms of efficiency, the Gross Crane Rate and the Vessel Rate remains the
same.
FINANCE:
As on 31st December, 2009, the Net worth of the company was
Rs.616.550 millions (Rs.676.900 millions) and Term Loan was Rs. Nil (Rs. Nil).
FORM 8:
|
Corporate
identity number of the company |
U74999TN1998PLC040682 |
|
Name of the
company |
PSA SICAL TERMINALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
South India House, New No.73 (Old No.36-40), E-Mail: ttn_psasical@sancharnet.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10163292 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Axis Bank Limited, V.V.D. Mahal, No.181, E-Mail: simon.k@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
10/02/2011 |
|
Amount secured by
the charge |
Rs.630.000 |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Not applicable as
the limit secured is non fund based (BG limit) Terms of
Repayment: BG Limit -
Rs.630.000 millions - Repayable on Demand; Limit is Tenable for one year from
date of sanction, viz.09/07/2010 Margin: BG Limit -
Rs.630.000 millions - Cash Margin - 25% to be placed as FD with Bank with
lien marked in favor of the bank.100% Cash Margin in case of disputed
liability. Extent and
Operation of the charge: Charge by way of
Hypothecation of Company's all Current Assets shall be available as Exclusive
First Charge in favour of the bank. Charge by way of
Hypothecation of Company's all Movable Fixed Assets shall be available as
Exclusive
Subservient Charge in favour of
the Bank (First Charge Holder being Tuticorin Port Trust Tuticorin - 628004) Others: 1. Period of BG:
15 Months (Inclusive of 3 months claim period) 2. Commission and
Other Charges: As per extant guidelines of the bank. 3. All other
terms and Conditions are as per sanction letter and instrument dated:09/07/2010 |
|
Short particulars
of the property charged |
Hypothecation of
Company's all Current Assets as Exclusive First Charge fvg. the Bank and Hypothecation of Company's all Movable
fixed assets and Charge on Company's all Immovable Fixed Assets as Exclusive
Subservient Charge fvg. the Bank (Prior charge holder being Tuticorin Port
Trust Tuticorin) . |
|
Date of latest
modification prior to the present modification |
09/07/2010 |
|
Particulars of
the present modification |
Overall Limit is unchanged
at Rs.630.000 millions Nature of
charge on Collateral Securities, viz. Company's all Movable and Immovable
fixed assets, is changed from Second Charge to Exclusive Subservient Charge (First Charge Holder being Tuticorin Port
Trust Tuticorin - 628004). All other terms and conditions remain unaltered. |
|
This form is for |
Creation of
charge |
||||||
|
Corporate
identity number of the company |
U74999TN1998PLC040682 |
||||||
|
Name of the
company |
PSA SICAL TERMINALS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
South India House, New No.73 (Old No.36-40), |
||||||
|
Type of charge |
Book Debts Movable Property Floating Charge |
||||||
|
Particular of
charge holder |
Axis Bank Limited, CMC 1st Floor, Karumuthu Nilayam,
No.192, Anna Salai, Chennai – 600 002, E-Mail: N.Parameswaran@axisbank.com |
||||||
|
Nature of description
of the instrument creating or modifying the charge |
Composite
Hypothecation Deed. |
||||||
|
Date of
instrument Creating the charge |
29/06/2009 |
||||||
|
Amount secured by
the charge |
Rs.550.000
millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment: As determined by
the Bank from time to time. Margin: 30% Cash margin
upfront and 100% Cash margin
in case of disputed liabilities Others:
All other terms
and conditions as per the sanction letter and instrument executed on
29.06.2009. |
|
Name of the company |
PSA SICAL TERMINALS LIMITED |
|
Presented By |
PSA SICAL TERMINALS LIMITED AND TUTICORIN PORT TRUST, TUTICORIN |
|
1) Date and description of instrument creating the change |
08 Aug, 2001 Deed
of Hypothecation executed by the Company in favour of Tuticorin Port Trust,
(hereinafter referred to the “TPT”) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20880.300
millions being the amount of Royalty payable by the Company to TPT pursuant
to the License Agreement executed by TPT and the Company on the 15th day of
July 1998 and such other amounts as mentioned in Annexure A to the extent
outstanding from time to time as explained in Article 7.2 of the License
Agreement together with all other sums of money actually becoming liable to
be paid by the company to the TPT under the said license Agreement including
any other costs, charges, expenses, and all other moneys payable in terms of
the said license Agreement. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of all
the infrastructure assets, structures, berths, wharves, container handling
equipments, other movable assets and other chattels situate on or about the
licensed premises or relating to or connected with the container terminal
created or provided by the Licensee (the assets precisely covered in the
Annexure B to the said Hypothecation deed and Article 7.1.2 of the said
License) save and except current assets comprising of receivables, stocks,
book debts, cash and bank balances (including bank balances in escrow account)
and fixed assets, both present and future not situated on the licenced
premises of the company. The charge in favour of DBS Bank the assets
described above excluding those assets not covered by article 7.1.2 of the
License Agreement shall rank second and subservient to the charge created
thereon in favour of Tuticorin Port Trust. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
a) The charge
operates as security for the due payment by the Company to the TPT of all the
dues of the company to the said TPT under the license Agreement together with
charge, costs, charges, expenses and all other monies payable by the company. b) Hypothecation
and / or charge and / or other encumbrances and / or mortgage shall, as per
Article 7.2 of the license Agreement, be subject to first charge as aforesaid
in favour of TPT and shall be valid only during the License period or early
termination, whichever is early. And any hypothecation and I or charge and /
or other encumbrances and / or mortgage created by the Company beyond the
License period shall be null and viod and shall not be binding On TPT. |
|
5) Name and Address and description of the person entitled to the charge. |
TUTICORIN PORT
TRUST Administrative
Building, |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
FIXED ASSETS:
·
Buildings
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Improvements
·
Assets taken on finance
lease
·
Software Licence
·
Build Operate Transfer
(“BOT”) Licence Fee
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.