MIRA
INFORM REPORT
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Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
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Name : |
PIONEER WINCON PRIVATE LIMITED (w.e.f. 29.09.2003) |
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Formerly Known
as : |
PIONEER WINCON LIMITED |
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Registered
Office : |
No. 30/1 A, Harrington Chambers, 2nd Floor, “A and B”
Blocks, Abdul Razzaq, 1st Street, Saidapet, Chennai – 600015,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.12.1996 |
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Com. Reg. No.: |
18-037121 |
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Capital
Investment / Paid-up Capital : |
Rs.84.000 Millions |
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CIN No.: [Company Identification
No.] |
U40101TN1996PTC037121 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEP02367B |
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PAN No.: [Permanent Account No.] |
AAACP5834E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Wind Turbine Generators. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 310000 |
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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 an established company having moderate track. There appears
some 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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/ Corporate Office : |
No. 30/1 A, Harrington Chambers, 2nd Floor, “A and B”
Blocks, Abdul Razzaq, 1st Street, Saidapet, Chennai – 600015,
Tamilnadu, India |
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Tel. No.: |
91-44-24314790 |
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Fax No.: |
91-44-24336771 |
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E-Mail : |
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Website : |
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Factory : |
RS No. 104/9, EVR Street, Opposite to GM Pens, Muthamizh Nagar, Sedarpet,
Pondicherry – 605111, India |
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Tel. No.: |
91-413-2671302 |
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Fax No.: |
91-413-2671400 |
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Branch Office : |
Located at : ·
Madhya Pradesh ·
Karnataka ·
Maharashtra ·
Tamilnadu |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Sankaralingam Annamalai |
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Designation : |
Director |
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Address : |
Pioneer Avenue, 239/2, New Natham Raod, Madurai – 625014, Tamilnadu,
India |
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Date of Birth/Age : |
26.01.1947 |
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Date of Appointment : |
10.07.2000 |
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DIN No.: |
00001381 |
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Other Directorship :
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Name : |
Mr. Maheswaran Sankaralingam |
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Designation : |
Director |
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Address : |
174/1 A, Gnanagiri Road, Sivakasi – 626123, Tamilnadu, India |
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Date of Birth/Age : |
07.09.1948 |
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Date of Appointment : |
10.07.2000 |
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DIN No.: |
00143046 |
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Other Directorship :
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Name : |
Mr. Ashok Sankaralingam |
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Designation : |
Director |
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Address : |
56, Shield Road, Opposite Government Hospital, Near Periyakulam Colony,
Sivakasi – 626123, Tamilnadu, India |
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Date of Birth/Age : |
25.03.1954 |
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Date of Appointment : |
10.07.2000 |
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DIN No.: |
00143164 |
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Other Directorship :
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Name : |
Mr. Niranjan Sankar Annamalai |
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Designation : |
Director |
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Address : |
Pioneer Avenue, 239/2, New Natham Raod, Madurai – 625014, Tamilnadu,
India |
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Date of Birth/Age : |
03.05.1974 |
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Date of Appointment : |
02.03.2010 |
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DIN No.: |
00084014 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. S. Rajendra |
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Designation : |
Secretary |
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Address : |
AL – 138/6, Anna Nagar, Chennai – 600040, Tamilnadu, India |
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Date of Birth/Age : |
29.06.1963 |
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Date of Appointment : |
09.11.2002 |
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PAN No. : |
AACPR8812R |
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MANAGEMENT TEAM : |
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Name : |
Mr. D. V. Giri |
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Designation : |
President and Chief Executive Officer |
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Name : |
Mr. T. Asok Kumar |
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Designation : |
Senior Vice President – Design and Development |
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Name : |
Mr. S. Rajendra |
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Designation : |
Vice President – Commercial |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
No. of Shares |
|
S. Annamalai |
2 |
|
A. Rameshwari |
1 |
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S. Ashok |
1 |
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S. Maheswaran |
2 |
|
Niranjan Shankar Enterprises Private Limited, India |
279998 |
|
Pradeep Shankar Enterprises Private Limited, India |
279998 |
|
Boopathy Investments Private Limited, India |
279998 |
|
Total |
840000 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Wind Turbine Generators. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
·
Hotel Leela Venture ·
Arasan Fireworks ·
Lakshminarayan Gaurisankar Private Limited ·
Manipal Academy of Higher Education ·
Fasteners and Allied Products ·
Hyderabad Chemical Supplies Limited ·
HLE Engineers ·
Ashiana Exports ·
M B Foods Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
Indian Overseas Bank, Madurai Main Branch, 127, East Veli Street,
Madurai – 625001, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jagannathan and Sarabewsaran Chartered Accountants |
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Address : |
New No. 7, Old No.35, Luz Avenue, 1st Street. Mylapore,
Chennai – 600004, Tamilnadu, India |
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PAN.: |
AABFJ6143N |
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Associates : |
·
Tenzing Match Works ·
Pioneer Jellice India Private Limited ·
Pioneer Asia Industries Private Limited ·
Sree Ayyanar Spg and Wvg Mills Limited ·
Arunshankar Inks and Chemicals ·
Asian Match Company Private Limited ·
Meena Shankar Enterprises |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity Shares |
Rs.100/- each |
Rs.85.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
840000 |
Equity Shares |
Rs.100/-
each |
Rs.84.000
Millions |
|
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|
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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 |
84.000 |
84.000 |
84.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
27.501 |
27.501 |
27.501 |
|
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4] (Accumulated Losses) |
33.570 |
38.322 |
4.055 |
|
|
NETWORTH |
77.931 |
73.179 |
107.446 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
475.662 |
465.519 |
248.832 |
|
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2] Unsecured Loans |
64.768 |
41.341 |
37.693 |
|
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TOTAL BORROWING |
540.430 |
506.860 |
286.525 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
4.208 |
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TOTAL |
618.361 |
580.039 |
398.179 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
67.315 |
56.925 |
43.283 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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INVESTMENT |
0.500 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
10.635 |
14.807 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
319.468
|
414.478 |
338.175 |
|
|
Sundry Debtors |
210.519
|
188.465 |
119.074 |
|
|
Cash & Bank Balances |
44.938
|
24.647 |
25.304 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
125.126
|
126.038 |
136.033 |
|
Total
Current Assets |
700.051
|
753.628 |
618.586 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
80.366
|
102.042 |
83.045 |
|
|
Other Current Liabilities |
70.563
|
139.429 |
177.413 |
|
|
Provisions |
9.211
|
3.850 |
3.232 |
|
Total
Current Liabilities |
160.140
|
245.321 |
263.690 |
|
|
Net Current Assets |
539.911
|
508.307 |
354.896 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
618.361 |
580.039 |
398.179 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from sale of WTG |
1283.982 |
840.390 |
1426.611 |
|
|
|
Income from sale of Electricity |
2.768 |
2.332 |
1.120 |
|
|
|
Income from sale of spares and services |
59.946 |
49.001 |
57.819 |
|
|
|
Other Income |
2.899 |
3.676 |
8.448 |
|
|
|
TOTAL (A) |
1349.595 |
895.399 |
1493.998 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Components |
794.017 |
504.832 |
939.780 |
|
|
|
Erection and Commissioning Expenses |
370.020 |
273.197 |
398.070 |
|
|
|
Power and Electricity |
0.945 |
1.240 |
1.266 |
|
|
|
Repair and Maintenance |
6.240 |
6.410 |
4.356 |
|
|
|
Employee Cost |
40.267 |
48.984 |
39.121 |
|
|
|
Administrative Expenses |
31.529 |
28.117 |
31.506 |
|
|
|
Selling Expenses |
5.963 |
9.893 |
6.491 |
|
|
|
Others |
8.780 |
9.302 |
5.927 |
|
|
|
TOTAL (B) |
1257.761 |
881.975 |
1426.517 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
91.834 |
13.424 |
67.481 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
72.026 |
62.476 |
42.811 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.808 |
(49.052) |
24.670 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.950 |
3.636 |
2.761 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
15.858 |
(52.688) |
21.909 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.106 |
(18.420) |
3.577 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-I) (I) |
4.752 |
(34.267) |
18.332 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(38.322) |
(4.055) |
(22.387) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(33.570) |
(38.322) |
(4.055) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3.002 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
3.002 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials and Components |
38.996 |
31.693 |
52.827 |
|
|
TOTAL IMPORTS |
38.996 |
31.693 |
52.827 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
60.00 |
(63.00) |
21.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.35
|
3.82 |
1.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.17
|
(5.91) |
1.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.06
|
(6.50) |
3.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.72 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.98
|
10.27 |
5.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.37
|
3.07 |
2.35 |
LOCAL AGENCY FURTHER INFORMATION
Performance and
Prospects :
The Indian wind turbine industry witnessed several events of far reaching
importance during the year. The industry added 1576 MW of wind energy capacity
as against the installation of 1497 MW during the previous year. Tamilnadu
added 616 MW during the year as compared to 424 MW during the previous year,
representing a sizeable increase over the previous year. TNEB revived the levy
of Infrastructure Development Charges consequent to the order issued by
Appellate Tribunal for Electricity in January 2010. The capacity addition would
have been more in the State had this levy not been revived. It is hoped that
with the consumer power tariff being revised upwards by the Tamil Nadu
Electricity Board w.e.f. 1st August 2010, the viability for wind power
investment should improve for captive consumption.
During the year, the Karnataka Government increased the power purchase
tariff for wind by the Utility from Rs.3.40 to Rs.3.70 per unit. Also there has
been increase in power tariff in a few other States like Gujarat and Madhya
Pradesh.
During the year, the company installed Wind turbines in Tamilnadu and
Gujarat aggregating to 27 MW. This is as compared to installation of 21.5 MW
during the previous year. Pioneer Wincon has successfully exported its 1st 250
KW turbine to Turkey in the month of May 2010. The turbine has been commissioned
successfully and is in operation. The company expects to receive further orders
for exports in the coming months. After the severe set back during 2008-09 due
to global recession, the above performance has been encouraging.
The captive consumption facility for commercial establishments in Tamil
Nadu with LT supply could not take off due to various reasons. If this could be
introduced, the demand for smaller wind turbines (250 KW) would be substantial
which will also improve the power situation in the State. The company has
identified sites in Gujarat and Maharashtra where the infrastructure
development work is taking place. This will support the Company’s growth plan
for 2010-11.
750kw
The efforts of Pioneer Wincon team to develop 750 wind turbines are
going in right direction. The company is confident of selling about 30 nos. of
750 KW wind turbines during the current financial year 2010- 11. The turbine
has been included in the C-WET’s Revised List of Models and Manufacturers of
Wind Electric Generators (RLMM) in May 2010.
Outlook for
future:
The Generation Based Incentive (GBI) has been announced by the
Government in December 2009 providing for an incentive of Rs.0.50 per unit with
a cap of Rs.6.200 Millions per MW, spread over a period of 4-10 years. This
incentive is available for investors who do not avail the accelerated
depreciation benefit and is expected to bring more Foreign Direct Investment by
Independent Power Producers in wind farms in India.
Several new manufacturers have set up manufacturing facilities in India
to produce MW class turbines with new technology. The increase in annual
addition of capacity due to IPP investments has already created interest in the
market to introduce larger turbines with better PLF.
There has been a conscious effort by the Government to encourage more
investment in renewable energy sector. The introduction of REC (Renewable
Energy Certificate) benefit and special notification by CERC to fix
differential tariff for various wind zones which will be applicable to PSU’s
investments in wind power have provided a positive direction encouraging more
investment in wind power. Various public sector undertakings including Banks
and power sector companies are setting up wind farms in various parts of the
country to contribute towards green energy. In this context, the Company is
moving forward with consolidating the presence in the industry with commercial
launch of 750 KW wind turbines. The Directors are also actively pursuing plans
for sourcing MW class turbines with advanced technology.
FORM 8
|
Corporate identity number of the company |
U40101TN1996PTC037121 |
|
Name of the company |
PIONEER WINCON PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No. 30/1 A,
Harrington Chambers, 2nd Floor, “A and B” Blocks, Abdul Razzaq, 1st
Street, Saidapet, Chennai – 600015, Tamilnadu, India Email Id : finance@pioneerwincon.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10033893 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
Indian Overseas Bank,
Madurai Main Branch, 127, East Veli Street, Madurai – 625001, Tamilnadu,
India Email Id : madubr@madsco.iobnet.co.in |
|
Nature of instrument creating charge |
Letter of Hypothecation Dated 22.07.2011 |
|
Date of instrument Creating the charge |
22.07.2011 |
|
Amount secured by the charge |
Rs.600.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest BPLR-1% (PRESENTLY 12.25%) Terms of Repayment Cash Credit : on demand Letter Of Credit : on respective due dates
of letter of credit Margin Cash Credit : On Stocks 25%; On Book Debts 30% Letter Of Credit : 10% Extent and operation of the charge Hypothecation of stocks, spares,
components, work in progress, finished goods and book debts and machineries,
equipments etc. (value addition such as land cost, foundation work expenses,
assembly expenses, technical fees paid, infrastructure development fee paid
to EB) Others Nil |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
stock, spares, components, work in
progress, finished goods, and machineries, equipments stored at all places of
companies stockyards, sites and customer site, book debts and value addition
such as land |
|
Date of instrument modifying the charge |
06.12.2010 |
|
Particulars of the present modification |
Hypothecation of Stocks, Book Debts and
Receivables of the Company with Indian Overseas Bank, Madurai Main Branch,
Madurai for the credit Limit revised from Rs.500.000 Millions to Rs.600.000
Millions - 1. Cash Credit Rs.200.000 Millions, 2. Letter of Credit (I/F)
Rs.100.000 Millions with a permission to full Interchangeability from LC to
CC Limit upto Rs.100.000 Millions, 3. Letter of Credit (I/F) Rs. 200.000
Millions 4. Additional Letter of Credit (I/F) Rs.100.000 Millions Total Limit
of Rs.600.000 Millions |
Contingent Liability
exists in respect of (31.03.2010) :
a)
Bills Discounted Rs. Nil
b)
Outstanding Letters of Credit Rs.2.117 Millions
c)
Bank Guarantees/ Corporate Guarantees Rs. Nil
d)
Claim against the company not Acknowledged as debts
Rs.8.500 Millions
FIXED ASSETS
·
Land
·
Buildings
·
Wind Turbines
·
Plant and Machinery
·
Vehicles
·
Car
·
Furniture and Fittings
·
Office appliances
·
Computers
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.52.25 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.69.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.