MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
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Formerly Known
As : |
LUCAS-TVS DIESEL
SYSTEMS LIMITED |
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Registered
Office : |
No. 6, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.05.1952 |
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Com. Reg. No.: |
18 - 005704 |
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Capital
Investment / Paid-up Capital : |
Rs. 79.200 Millions |
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CIN No.: [Company Identification
No.] |
U24117TN1952PLC005704 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Automotive Component |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 9162000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Delphi automotive systems, It is a well established and reputed company having fine track.
Available information indicates high financial responsibility of the company.
Trade relations are reported as fair. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
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
|
Registered Office : |
No. 6, |
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E-Mail : |
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Website : |
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Corporate Office : |
Aalim Centre, 2nd Floor, 82
Dr.Radhakrishnan Salai, Mylapore, Chennai - 600 004, Tamil Nadu, |
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Tel. No.: |
91-44-28110063/ 28110074 |
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Fax No.: |
91-44-28115624 |
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E-Mail : |
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Office /Factory : |
Mannur, Thodukadu Post, Sriperumbudur
Taluk, |
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Tel. No.: |
91-44-27658454 (Extn . 130/131/133) |
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Fax No.: |
91-44-27658351/ 91-44-27659657 |
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E-Mail : |
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Website : |
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Plant Office : |
Uttrakhand Plant Plot number: 58 & 59, Sector 11, I.I.E- Panth nagar,
(District .U.S.NAGAR), Plot No B 16, Sipcot Industrial Park, Kancheepuram
District, Tamil Nadu, India |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Tirumala Kumara Balaji |
|
Designation : |
Managing director |
|
Address : |
34, |
|
Date of Appointment : |
15.10.1979 |
|
DIN No.: |
00002010 |
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Name : |
Mr. Kalathur Seshadri |
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Designation : |
Nominee director |
|
Address : |
No.23, |
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Date of Appointment : |
25.10.2000 |
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DIN No.: |
00301839 |
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Name : |
Mr. Nemali Seetharama Murthy |
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Designation : |
Nominee Director |
|
Address : |
Old No. 6, New No.25, Canal Bank Road, Raja Annamalaipuram, Chennai –
600028, |
|
Date of Appointment : |
12.07.1984 |
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DIN No.: |
00583761 |
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Name : |
Mr. Stephen David Gregory |
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Designation : |
Director |
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Address : |
Greentrees, |
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Date of Appointment : |
25.10.2000 |
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DIN No.: |
01014520 |
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Name : |
Mr. Ahmed Trabelsi |
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Designation : |
Director |
|
Address : |
27, Bis, Rue Es Blassiers, 60440, Boissy Fresnoy, France , 60440, |
|
Date of Appointment : |
26.09.2006 |
|
DIN No.: |
01274695 |
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Name : |
Mr. Arvind Balaji |
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Designation : |
Director Appionted in casual vacancy |
|
Address : |
34, |
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Date of Appointment : |
16.06.2009 |
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DIN No.: |
00557711 |
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Name : |
Mr. John Martin Fuerst |
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Designation : |
Director Appionted in casual vacancy |
|
Address : |
1219, Sandringham way, |
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Date of Appointment : |
18.12.2009 |
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DIN No.: |
02951266 |
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Name : |
Mr. Sanjay Sethi |
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Designation : |
Director Appionted in casual vacancy |
|
Address : |
3157, Sector 23, Gurgaon-122001, |
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Date of Appointment : |
17.09.2009 |
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DIN No.: |
02796512 |
KEY EXECUTIVES
|
Name : |
Mr. Subramanian Narayanaswamy Mangalam |
|
Designation : |
Secretary |
|
Address : |
New 38/2, Block 9 , SSV Apartments, Chockalingam Nagar, Velacherry,
Chennai – 600042, |
|
Date of Appointment : |
15.10.1979 |
|
PAN.: |
AACPS3496G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Delphi Automotive systems Instruments Private Limited, |
|
4158000 |
|
T.V. Sundaram Iyengar and Sons Limited, |
|
1071936 |
|
Sundaram Industries Limited, |
|
1081700 |
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Southern Roadways Limited, |
|
365468 |
|
Sundaram finance Limited, Chennai |
|
252896 |
|
Lucas – TVS Limited, Chennai |
|
264000 |
|
Lucas Indian Service Limited, Chennai |
|
66000 |
|
Life Insurance corporation of |
|
330004 |
|
General Insurance Corporation of |
|
164996 |
|
United India Insurance Company Limited, Chennai |
|
164996 |
|
BalajiK. Sesahdri |
|
1 |
|
Arvind Balaji |
|
1 |
|
J.S. Chopra |
|
1 |
|
M |
|
1 |
|
Total |
|
7920000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Public financial
companies |
8.33 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
52.50 |
|
Bodies corporate |
39.17 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Component |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity # |
Actual
Production @ |
|
Fuel Injection Equipment (Sets) |
Nos. |
1510000 |
699000 |
340650 |
# as certified by Management
@ Production of Oragadam unit is from Single
shift
GENERAL INFORMATION
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Customers : |
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Bankers : |
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Facilities : |
Term loans due for repayment with in a year Rs. 277.800 Millions
* of this a sum of
Rs. 33.262 Millions falls due within a year (Previous year Rs. 28.655
Millions) **Received from
directors Rs. 2.600 Millions and from secretary Rs. 0.100 Million |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Brahmaya and Company Chartered Accountant |
|
Address : |
No.48, |
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PAN.: |
AANSP1860K |
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|
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Associates/Subsidiaries : |
Holding Company: Delphi Automotive systems Singapore Investments PTE Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7920000 |
Equity Shares |
Rs.10/- each |
Rs. 79.200 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 |
79.200 |
79.200 |
79.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2211.541 |
2168.104 |
2143.330 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2290.741 |
2247.304 |
2222.530 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2643.340 |
2987.648 |
947.427 |
|
|
2] Unsecured Loans |
655.454 |
797.413 |
514.643 |
|
|
TOTAL BORROWING |
3298.794 |
3785.061 |
1462.070 |
|
|
DEFERRED TAX LIABILITIES |
189.621 |
196.896 |
230.894 |
|
|
|
|
|
|
|
|
TOTAL |
5779.156 |
6229.261 |
3915.494 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4846.152 |
2404.242 |
2219.076 |
|
|
Capital work-in-progress |
332.573 |
2799.435 |
678.408 |
|
|
|
|
|
|
|
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INVESTMENT |
|
|
|
|
|
DEFERREX TAX ASSETS |
2.450 |
2.954 |
2.916 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
607.110
|
679.687 |
731.588 |
|
|
Sundry Debtors |
495.448
|
625.021 |
643.521 |
|
|
Cash & Bank Balances |
11.215
|
24.787 |
68.964 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
372.703
|
496.036 |
518.240 |
|
Total
Current Assets |
1486.476
|
1825.531 |
1962.313 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
805.556
|
639.096 |
776.894 |
|
|
Other Current Liabilities |
24.905
|
119.251 |
25.810 |
|
|
Provisions |
58.032
|
44.554 |
144.515 |
|
Total
Current Liabilities |
888.493
|
802.901 |
947.219 |
|
|
Net Current Assets |
597.981
|
1022.630 |
1015.094 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5779.156 |
6229.261 |
3915.494 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5402.984 |
4773.163 |
4648.059 |
|
|
|
Other Income |
138.878 |
166.481 |
93.421 |
|
|
|
TOTAL (A) |
5541.862 |
4939.644 |
4741.480 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed |
3029.343 |
2805.773 |
2673.707 |
|
|
|
Manufacturing Expenses |
665.097 |
666.910 |
522.136 |
|
|
|
Personnel |
537.110 |
479.120 |
419.344 |
|
|
|
Other Expenses |
403.796 |
487.133 |
386.451 |
|
|
|
Assets written off |
0.062 |
1.692 |
0.000 |
|
|
|
Loss on sale of assets/ investments |
0.347 |
0.000 |
0.260 |
|
|
|
Foreign Exchange Difference (net) |
8.804 |
78.451 |
12.028 |
|
|
|
TOTAL (B) |
4644.559 |
4519.079 |
4013.926 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
897.303 |
420.565 |
727.554 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
334.929 |
74.886 |
41.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
562.374 |
345.679 |
685.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
526.211 |
342.632 |
283.961 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
36.163 |
3.047 |
401.839 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(7.275) |
(21.727) |
115.087 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
43.438 |
24.774 |
286.752 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
240.154 |
215.380 |
126.885 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
50.000 |
|
|
|
Dividend |
NA |
NA |
126.721 |
|
|
|
Tax on Dividend |
NA |
NA |
21.536 |
|
|
BALANCE CARRIED
TO THE B/S |
283.592 |
240.154 |
215.380 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (on FOB Basis) |
565.643 |
954.150 |
NA |
|
|
|
Income from Engineering Services |
17.706 |
53.319 |
NA |
|
|
TOTAL EARNINGS |
583.349 |
1007.469 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
1163.490 |
1195.849 |
NA |
|
|
|
Machinery spares and tools |
112.038 |
102.768 |
NA |
|
|
|
Plant and Machinery |
136.502 |
1024.542 |
NA |
|
|
TOTAL IMPORTS |
1412.03 |
2323.159 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.48 |
3.13 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.78
|
0.50 |
6.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.67
|
0.06 |
8.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
|
0.07 |
9.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.83
|
0.49 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
2.27 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
ECONOMIC SCENARIO
AND OUTLOOK
Following concerted international action to inject billions of dollars
by way of stimuli to overcome the unprecedented global financial crisis,
economies around the world are showing signs of growth in 2009-10. The Indian
Economy revived strongly well ahead of expectations with a GDP growth of 7.4%
in 2009-10.
By way of overhauling Direct and Indirect taxes, Government of India is
proposing to introduce Goods and Services Tax (GST) and Direct Tax Code in the
next one or two years. The introduction of GST will have a major impact on the
Industry with the elimination of cascading effect of indirect taxes. The
Companies Amendment Bill, which sets great store on corporate governance, is
also slated to be passed soon. The Government have also announced plans for
convergence of the Indian Accounting Standards with that of International
Financial Reporting Standards.
AUTO INDUSTRY
OVERVIEW
The stimulus packages implemented by Government have led to a surge in
demand for automobiles in all segments including commercial vehicle segment
which has been stagnating in the past 2 years.
Passenger Vehicle
Segment
The Government’s announcement of the stimulus package and the consequent
reduction in interest rates for car finance kept demand high over the last
year. Car manufacturers ended 2009-10 on a bright note with a growth of 27%.
Maruti Suzuki’s sales crossed a million units. Other vehicle manufacturers such
as Hyundai, Tata Motors and Mahindra & Mahindra reported good growth in
sales of their vehicles.
For the current fiscal, however, there are concerns within the industry
on raw material prices, the fuel price hike and interest rate hikes. Vehicle
manufacturers have already hiked vehicle prices by one to two per cent in
January, followed by another round of price revision when the two percent
excise duty relief was rolled back. Another price increase is in store with the
proposed engine upgrades following the announcement of BS-4 emission norms and
higher finance costs following further interest rate hike.
The Government have announced the introduction of BS-4 emission norms
for vehicles in 13 metro cities from 1-4-2010, while the requirement for
vehicles to meet BS-3 norms for the rest of the country has been delayed by 6
months. As planned, vehicle manufacturers have introduced emission compliant
and fuel efficient engines in their existing and new model offerings.
All car launches now include a diesel version without which the model
offering is considered incomplete. The diesel offerings in Tata Motors New
Indica range, Maruti Swift and Dzire and Hyundai’s i10 and i20 have been well
received in the market.
The Auto Expo in January 2010 witnessed a slew of launches in the small
and medium car segments with multinationals like Renault-Nissan, Volkswagen,
Hyundai and General Motors announcing launch of several cars with diesel
options.
Commercial Vehicle
Segment
Small Commercial
Vehicles
Tata Motors’ Ace, a small commercial vehicle fitting a 2 cylinder engine
in the sub-1 ton category was launched in 2005 to facilitate intra-city
transport and continues to dominate this market. Mahindra announced the launch
of two small commercial vehicles to compete with Tata Motors in this fastest
growing segment. Ashok
In view of the potential in this segment, Tata Motors and Mahindra have
launched smaller versions of these vehicles. Tata Motors has also launched a
higher tonnage version of the Ace.
Medium and Heavy
Commercial Vehicles
The medium and heavy commercial vehicle segment which was most severely
affected in the previous two years saw an upswing in demand with production
registering a growth of 30% during the year.
Contingent
Liability
|
Particulars |
As on 31.03.2010 (Rs. in Millions |
As on 31.03.2009 (Rs. in Millions |
|
Sales Tax under dispute |
2.182 |
2.182 |
|
Income Tax under dispute |
5.330 |
0.440 |
|
Bills Discounted with Banks* |
1142.488 |
1036.501 |
|
Letters of credit outstanding |
24.692 |
0.000 |
|
Bank Guarantee |
18.497 |
23.360 |
|
Total |
1193.189 |
1062.483 |
* All the above Bills Discounted are within due date.
Form 8
|
Corporate identity
number of the company |
U24117TN1952PLC005704 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
No. 6, |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable Property Others (Equitable Mortgage) |
|
Particular of
charge holder |
State Industries Promotion Corporation of Tamilnadu Limited, 19-A, Rukmani
Lakshmipathy Road, Egmore, Chennai – 600008, Tamil Nadu, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation Dated_ 05.08.2010. Equitable
Mortgage Created on 05/08/2010 by Constructive delivery of Title Deeds of
Properties at |
|
Date of
instrument Creating the charge |
05.08.2010 |
|
Amount secured by
the charge |
Rs. 147.307
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 0.1% p.a. (In case of
default penal interest 17.5%) Terms of
Repayment as determined by
SIPCOT from time to time Margin not applicable Extent and Operation
of the charge As per
Hypothecation Deed. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Vehicles
Intangible Assets:
·
Technical Knowhow
·
Lease hold Land
Web Details:
Profile:
Subject is a joint venture between Delphi Corporation,
Subject has invested extensively on facilities, which include engine test
cells, emissions test equipment, endurance test rigs, pump calibrating rigs and
CAD systems to develop products and applications to meet the ever increasing
demands of customer requirement.
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.44.78 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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.