MIRA
INFORM REPORT
|
Report Date : |
31.03.2011 |
Notes : Given address does not belong to the following
company Vadinar Oil and Terminal Limited.
IDENTIFICATION DETAILS
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Name : |
VADINAR OIL TERMINAL LIMITED |
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Registered Office : |
Essar Refinery Site, 39 KM Stone, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.06.1993 |
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Com. Reg. No.: |
18-053434 |
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CIN No.: [Company
Identification No.] |
U35111GJ1993FLC053434 |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Transportation of Crude and Petroleum Product. |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 30000000 |
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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 subsidiary of Essar Ports and Terminals Limited, Maritus.
It is an established company having moderate track. There appears huge accumulated
losses recorded by the company. 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.
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 |
INFORMATION DENIDED BY
|
Name : |
Mr. Devang Sanghvi |
|
Designation : |
Commercial Department |
|
Date : |
30.03.2011 |
LOCATIONS
|
Registered Office : |
Essar Refinery Site, 39 KM Stone, Okha Highway (SH-25),
Khambhalia-361305, Gujarat, India |
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Tel. No.: |
91-2833-241444 |
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Fax No.: |
91-2833-241818 |
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E-Mail : |
DIRECTORS
As On : 26.06.2010
|
Name : |
Mr. Shahsikant Nandkishore Ruia |
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Designation : |
Director |
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Address : |
40-B, RIDGE Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
23.12.1943 |
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Date of Appointment : |
28.09.2005 |
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Date of Ceasing : |
15.05.2010 |
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DIN No : |
00047050 |
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Name : |
Mr. Anshuman Sashikant Ruia |
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Designation : |
Director |
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Address : |
67 A, Walkeshwar Road, Opposite Birla School, Walkeshwar,
Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
11.03.1971 |
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Date of Appointment : |
02.12.2004 |
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DIN No : |
00008501 |
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Name : |
Mr. Sanjay Mehta |
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Designation : |
Director |
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Address : |
Panhar, Worli Sea Face, Khan Abdul, Gaffar Khan Road, Mumbai-400025,
Maharashtra, India |
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Date of Birth/Age : |
26.03.1968 |
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Date of Appointment : |
19.09.2000 |
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DIN No : |
01269027 |
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Name : |
Mr. Kamla Kant Sinha |
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Designation : |
Director |
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Address : |
111, Dhawalgiri, Off Film City Road, Yashodham, Goregaon (East),
Mumbai-400063, Maharashtra, India |
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Date of Birth/Age : |
05.07.1948 |
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Date of Appointment : |
29.09.2006 |
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DIN No : |
00009113 |
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Name : |
Mr. Ashok Vaidyanathan |
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Designation : |
Director |
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Address : |
Flat No.501, Bullet Apartment, Hindu Colony, Dadar (East), Mumbai-400014,
Maharashtra, India |
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Date of Birth/Age : |
08.06.1963 |
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Date of Appointment : |
31.12.2007 |
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DIN No : |
01089738 |
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Date of Birth/Age : |
Mr. Ram Nath Bansal |
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Designation : |
Director |
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Address : |
B-365, New Friends Colony, New Delhi-110065, Delhi, India |
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Date of Birth/Age : |
15.07.1930 |
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Date of Appointment : |
31.12.2006 |
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DIN No : |
00270908 |
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Name : |
Mr. Cottagiri Philipose Philip |
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Designation : |
Director |
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Address : |
123 A, Jolly Marker Apartments No.1, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
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Date of Birth/Age : |
20.04.1949 |
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Date of Appointment : |
16.02.2009 |
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DIN No : |
00054325 |
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Name : |
Ms. Manju Jain |
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Designation : |
Director |
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Address : |
102, Blue Diamond Apartments, Juhu Tara Road, Santacruz,
Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
21.12.1971 |
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Date of Appointment : |
24.10.2008 |
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DIN No : |
00049428 |
KEY EXECUTIVES
|
Name : |
Ms. Rashmi Pandey |
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Designation : |
Secretary |
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Address : |
B-701, Marol Hill View, Millitary Road, Marol, Andheri (East),
Mumbai-400059, Maharashtra, India |
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Date of Birth/Age : |
03.10.1975 |
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Date of Appointment : |
04.06.2007 |
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PAN No : |
AMVPP7226J |
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Name : |
Mr. Habib Jain |
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Designation : |
Secretary |
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Address : |
103, Swaraj Palace, Plot No.12/13, Sector 12 D, Koparkhirane,
Mumbai-400076, Maharashtra, India |
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Date of Birth/Age : |
17.03.1979 |
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Date of Appointment : |
26.08.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.06.2010
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Names of Shareholders |
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No. of Shares |
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Essar Ports and Terminals Limited jointly with Mr. Prabhakar Iyer |
|
10 |
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Essar Ports and Terminals Limited jointly with Mr. Manoj Contractor |
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10 |
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Essar Ports and Terminals Limited jointly with Mr. Vaidyanathan Ravi |
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10 |
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Essar Ports and Terminals Limited jointly with Mr. Subramanian Raman |
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10 |
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Essar Ports and Terminals Limited jointly with Mr. Raghavan
Jagannathan |
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10 |
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Essar Ports and Terminals Limited jointly with Mr. Vaidyanathan Ashok |
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10 |
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Essar Ports and Terminals Limited, Mauritius |
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1046141940 |
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Total |
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1046142000 |
AS ON 26.06.2010
|
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] |
|
100.000 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Transportation of Crude and Petroleum Product. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management. |
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Bankers : |
Not Divulged |
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Facilities : |
Notes: 1.
Term loans and funded interest facilities from
banks and financial institutions (other than (b) below) are secured / to be secured
by first ranking security interests on all movable and immovable assets,
present and future, pledge of shares of the Company held by the promoters and
persons associated with the promoters/Company, security interest on rights,
titles and interests under each of the project documents, trust and retention
accounts/sub-accounts, insurance policies related to the terminal project,
immovable properties of Essar Oil Limited (EOL) pertaining to terminal
project, guarantee by the promoters and guarantee of holding company for Rs.
2,500,000,000 (Previous year Rs 2,500,000,000) and pledge of shares of the
Company held by the holding company. 2.
The facilities provided by a financial
institution up to Rs. 2,000,000,000 (Previous year Rs. 2,000,000,000) and interest
and other charges thereon are secured by a Guarantee of EOL for Rs.
2,000,000,000. To secure obligation of EOL pursuant to the said guarantee,
security is created by first mortgage and charge on immovable and movable
properties pertaining to the EOL refinery project, pledge over shares of EOL
and an assignment of the project contracts relating to EOL refinery project,
the trust and retention accounts pertaining thereto. |
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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, Opposite, Shiv Sagar Road, Worli,
Mumbai-400018, Maharashtra, India |
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Immediate Holdings Company : |
·
Essar Ports and Terminals Limited, Mauritius |
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Ultimate Holing Company : |
·
Essar Global Limited ·
Essar Shipping and Logistics Limited ·
Essar Shipping Ports and Logistics Limited |
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Subsidiaries : |
Vadinat Ports and Terminals Limited CIN No : U63023GJ2009FLC056684 |
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Association : |
·
Essar Oil Limited ·
Essar Bulk Terminal (Salaya) Limited ·
Essar Projects (India) Limited. ·
Global Supplies (UAE) FZE ·
Essar Energy Services Limited ·
Essar House Limited ·
Essar Infrastructure Services Limited ·
Essar Bulk Terminal Limited ·
Essar Engineering Services Limited ·
Essar House Services Limited ·
Essar Information Technology Limited ·
Essar Investments Limited. ·
Essar Project Management Consultants Limited ·
Essar Logistics Limited ·
Aegis Limited ·
Vadinar Power Company Limited. |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
4000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40000.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1046142000 |
Equity Shares |
Rs. 10/- each |
Rs.
10461.420 millions |
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|
Notes : (of the above 1046142000 shares are held by
Essar Ports and Terminals Limited, the immediate holding company.)
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 |
|
|
|
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|
1] Share Capital |
10461.420 |
10461.420 |
9443.905 |
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|
2] Share Application Money |
0.000 |
0.000 |
471.425 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2918.558) |
(2254.096) |
(1464.543) |
|
|
NETWORTH |
7542.862 |
8207.324 |
8450.787 |
|
|
LOAN FUNDS |
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|
1] Secured Loans |
22339.572 |
22727.421 |
22867.476 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
22339.572 |
22727.421 |
22867.476 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29882.434 |
30934.745 |
31318.263 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
25458.381 |
26805.497 |
27970.280 |
|
|
Capital work-in-progress |
275.922 |
4616.381 |
1501.881 |
|
|
|
|
|
|
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|
INVESTMENT |
2214.800 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.972
|
40.787 |
16.147 |
|
|
Sundry Debtors |
472.293
|
329.402 |
262.213 |
|
|
Cash & Bank Balances |
165.459
|
26.449 |
335.904 |
|
|
Other Current Assets |
0.206
|
0.000 |
0.578 |
|
|
Loans & Advances |
1496.535
|
1854.909 |
1874.035 |
|
Total
Current Assets |
2179.465
|
2251.547 |
2488.877 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
211.831
|
2687.049 |
323.967 |
|
|
Other Current Liabilities |
27.248
|
43.938 |
286.108 |
|
|
Provisions |
7.055
|
7.693 |
32.700 |
|
Total
Current Liabilities |
246.134
|
2738.680 |
642.775 |
|
|
Net Current Assets |
1933.331
|
(487.133) |
1846.102 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29882.434 |
30934.745 |
31318.263 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4125.527 |
3867.319 |
1404.377 |
|
|
|
Other Income |
148.615 |
126.715 |
99.194 |
|
|
|
TOTAL (A) |
4274.142 |
3994.034 |
1503.571 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
701.539 |
654.802 |
311.112 |
|
|
|
Establishment and Other Expenses |
308.026 |
226.751 |
147.109 |
|
|
|
TOTAL (B) |
1009.565 |
881.553 |
458.221 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3264.577 |
3112.481 |
1045.350 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2557.982 |
2528.627 |
1618.434 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
706.595 |
583.854 |
(573.084) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1375.088 |
1369.726 |
882.843 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(668.493) |
(785.872) |
(1455.927) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(4.030) |
3.680 |
2.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(664.463) |
(789.552) |
(1458.459) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2254.096) |
(1464.544) |
(6.085) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2918.559) |
(2254.096) |
(1464.544) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
16.872 |
12.901 |
36.018 |
|
|
|
Capital Goods |
7.896 |
125.135 |
5.474 |
|
|
TOTAL IMPORTS |
24.768 |
138.036 |
41.492 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.64) |
(0.81) |
(1.62) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(15.55)
|
(19.77) |
(96.99) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(16.20)
|
(19.68) |
(96.83) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.42)
|
(2.70) |
(4.78) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
(0.09) |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
3.10 |
2.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.85
|
0.82 |
3.87 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY DREDITORS
DETAILS
(Rs.
In millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry creditors |
|
|
|
|
Due to micro, small and medium enterprises |
1.141 |
0.305 |
0.080 |
|
For expenses |
52.147 |
176.682 |
0.000 |
|
For capital expenses |
158.543 |
2510.062 |
323.887 |
|
|
|
|
|
|
Total |
211.831 |
2687.049 |
323.967 |
|
|
|
|
|
Note : Registered Office
of the company has been shifted from 77 (Old No.56), C.P. Ramaswamy Road,
Abhiramapuram, Chennai-600018, Tamil Nadu, India to the present address w.e.f.
21.02.2008
REVIEW OF
OPERATIONS:
The Directors are
pleased to inform you that with the dedicated efforts of all employees of the
Company and guided by the support of Banks and Financial Institutions, the
Company successfully completed the third year of full-fledged operations.
During the year under, the Company has successfully handled the following
throughput:
|
Cargo handled |
Quantity in MMT |
|
|
Crude Handling |
|
13.66 |
|
Product Handling |
|
|
|
-Jetty |
7.56 |
|
|
-Road |
3.01 |
|
|
-Rail |
2.09 |
12.66 |
|
Intermediate Handling |
|
3.07 |
|
TOTAL |
|
29.39 |
The Marine
division has successfully handled 102 Crude Oil Tankers and evacuated 13.66
million metric tonne (MMT) of crude by using its Single Point Mooring facility.
Approximately 7.56 MMT of the petroleum products were despatched from the Jetty
through 200 vessels. Road and Rail operations successfully evacuated products
of 5.10 MMT during the year. 839 rakes were dispatched by rail during the year
and the road operations successfully handled all the products including
Superior Kerosene Oil (SKO), Liquid Petroleum Gas (LPG), Fuel Oil (FO), High
Speed Diesel (HSD), Aviation Turbine Fuel (ATF) etc.
ACHIEVEMENTS:
During the year,
the Company has achieved the following:
• The Marine
Terminal has been awarded ISO 29001 certification by ABS; and
• The Marine
Terminal has been awarded the IMS along with Essar Oil Limited Refinery by DNV.
EXPANSION PLANS:
In line with the expansion
of refinery capacity of Essar Oil Limited from 10.5 million metric tonnes per
annum (MMTPA) to 16 MMTPA, your Company has also started pursuing the expansion
of its facility to cater to increased throughput by 5.5 MMTPA through an
associate company. The commercial operation for the first phase of expansion is
expected to start from April 2011.
INDUSTRY SCENARIO:
The year 2009-2010
saw an improvement in global fortunes post the shrinking of the global economy
in 2008-09 Service companies are however
still in the process of coming out of the impact of the global financial
turmoil, falling oil demand and lower oil and gas prices. With the scenario
looking bright, port operations globally are being scaled up due to increase in
volumes of international trade. India has 196 ports along its 7500 km long
coastline. There are 13 major ports handling approx 72% of the traffic and
around 187 minor/intermediate ports handling the balance. The traffic at minor
ports has grown at a CAGR of 10.8% during the year as against a total CAGR of
approx 9%. The Company has adequate port and terminalling facilities at the
refining hub of India i.e., Jamnagar for receipt of crude oil and export of
finished goods to cater the present refining capacity of Essar’s Refinery and
after commissioning of additional facilities as per expansion plan, the Company
would also usher third party business apart from the guaranteed revenues from
Essar Oil’s Refinery.
HOLDING COMPANY:
The Company
continues to be the wholly owned subsidiary of Essar Ports and Terminals
Limited.
SUBSIDIARY
COMPANY:
During the period
under, Vadinar Ports and Terminals Limited has become a subsidiary of the
Company.
FIXED ASSETS
·
Land – Freehold
·
Buildings
·
Pipelines
·
Tankages
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Computer Software
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.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
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 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--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.