MIRA
INFORM REPORT
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Report Date : |
27.09.2011 |
IDENTIFICATION DETAILS
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Name : |
MAHARASHTRA STATE POWER GENERATION COMPANY LIMITED |
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Formerly Known
As : |
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Registered
Office : |
Prakashgad, Plot No. G-9, Anant Kanekar Marg, Bandra (East), Mumbai –
400051, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.05.2005 |
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Com. Reg. No.: |
11-153648 |
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Capital
Investment / Paid-up Capital : |
Rs.25000.500
Millions |
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CIN No.: [Company Identification
No.] |
U40100MH2005SGC153648 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPM03683B |
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PAN No.: [Permanent Account No.] |
AAECM2935R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is a Government owned Organization, engaged in Power
Generation Business. |
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No. of Employees
: |
16773 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 190000000 |
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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 state government company. It is a well established
company having satisfactory track. The creditors and the lenders can be confident
of their exposure in the company since it is government run. Trade relations
are fair. Business is active. Payments are reported to be regular. 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.
INFORMATION DECLINED BY
|
Name : |
Mrs. Jambulkar |
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Designation : |
Personnal Assistant to Finance Director Mr. G. J. Girase |
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Mobile No.: |
91-9833930502 |
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Direct No. |
91-26477272 (Board Line No. 26474211) |
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Date : |
26.09.2011 |
LOCATIONS
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Registered Office : |
Prakashgad, Plot No. G-9, Anant Kanekar Marg, Bandra (East), Mumbai –
400051, Maharashtra, India |
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Tel. No.: |
91-22-26474524/ 26474211 |
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Fax No.: |
91-22-26475749/ 26475454 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 25.11.2009
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Name : |
Mr. Subrat
Ratho |
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Designation : |
Chairman Cum Managing Director ( Up to
17.05.2010) |
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Address : |
38, Ambar, 9th Floor, Narayan Dabholkar Marg, Malabar
Hills, Mumbai – 400 006, |
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Date of Birth/Age : |
10.10.1962 |
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Date of Appointment : |
02.02.2009 |
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Name : |
Mr. G. J. Girase |
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Designation : |
Director (Finance)
(w.e.f. 01.06.07 Till Date) |
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Name : |
Mr. M. R. Shelar |
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Designation : |
Director (Operations) (up to 26.11.2010) |
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Address : |
MSEB Officers Quarters, Flat No.702, BKC, Plot No. R-10, Block Bandra
East, Mumbai – 400 051, |
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Date of Birth/Age : |
22.09.1952 |
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Date of Appointment : |
30.09.2008 |
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Name : |
Mr. C. S. Thotwe |
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Designation : |
Director (Project) (w.e.f. 31.08.2009 Till Date) |
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Name : |
Mr. P.V. Page |
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Designation : |
Director (w.e.f. 01.12.2008 Till Date) |
KEY EXECUTIVES
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Name : |
Mr. Ajit Anantrao Pawar |
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Designation : |
Energy Minister Chairman |
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Name : |
Mr. Vijay Namdeorao Wadettiwar |
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Designation : |
Minister of State for Energy, Vice Chairman |
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Name : |
Mr. Rahul Asthana |
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Designation : |
Pr. Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 25.11.2009)
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Names of Shareholders |
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No. of Shares |
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49940 |
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Subreat Ratho Nominee Government of Maharashtra |
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10 |
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Gulabsingh Girase (Nominee GOM) |
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10 |
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S Y Zanzane |
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10 |
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Mohan Pandherkame |
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10 |
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P R Naik |
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10 |
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G K Gorde |
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10 |
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MSEB Holding company
Limited |
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2500000000 |
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Total |
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2500050000 |
(AS ON 31.12.2009)
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Category |
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Percentage |
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Government [Central and State] |
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0.01 |
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Government Companies |
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99.99 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a Government owned Organization, engaged in Power
Generation Business. |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Installed Capacity @ Installed (In MW) |
* Production/ Generation (In Million KWH )* @ |
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Hydro |
2469 |
4244 |
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Thermal |
6800 |
41522 |
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Gas |
852 |
5109 |
NOTE:
@ As certified by the Chief General Manager (RCD) and being a
technical matter accepted by the Auditors as correct. The Installed Capacity
for Thermal Units for FY 2009-10 is de-rated by 125MW. The installed capacity
for Hydro Units for FY 2009-10 has increased by 125MW.
*Including auxiliary consumption of 4,449 Million Units
GENERAL INFORMATION
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No. of Employees : |
16773 (Approximately) |
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Bankers : |
· Bank of India, Mumbai Large Corporate Branch, 4th Floor, BOI Building,
70-80 MG Road, Mumbai – 400 001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
P.G. Bhagwat and Company Chartered Accountants |
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Address : |
Suit 101, Archid Dr. Pai Marg, Baner, Pune – 411 045, |
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Name 2 : |
Ford Rhodes Park and Company Chartered Accountants |
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Address : |
312-13, Commercial Complex, |
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Holding Company : |
MSEB Holding Company Limited CIN No.: U40100MH2005SGC153649 |
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Subsidiaries : |
Aurangabad Power Company Limited CIN No.: U40109MH2007SGC171852 Mahagunj Collieries Limited CIN No.: U10102MH2006SGC165327 Dhopave Coastal Power Limited CIN No.: U40108MH2007SGC168836 Dhule Thermal Power Company Limited CIN No.: U40105MH2007SGC173433 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500050000 |
Equity Shares |
Rs.10/- each |
Rs.25000.500
Millions |
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NOTE:
Out of the above 2500000000 shares are held by
MSEB Holding Company Limited and balance 50000 shares are held by nominees on behalf
of Government of Maharashtra.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25000.500 |
25000.500 |
0.500 |
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2] Share Capital Suspense A/C |
633.633 |
633.633 |
25633.634 |
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3] Share Application Money Pending Allotment |
16312.667 |
9640.000 |
5500.000 |
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4] Reserves & Surplus |
6627.352 |
4593.367 |
3752.415 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48574.152 |
39867.500 |
34886.549 |
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LOAN FUNDS |
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1] Secured Loans |
93104.614 |
65212.428 |
50281.494 |
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2] Unsecured Loans |
36775.304 |
22389.895 |
2530.502 |
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TOTAL BORROWING |
129879.918 |
87602.323 |
52811.996 |
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DEFERRED TAX LIABILITIES |
5008.079 |
3839.237 |
4073.842 |
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TOTAL |
183462.149 |
131309.060 |
91772.387 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59628.828 |
60985.822 |
45960.177 |
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Capital work-in-progress |
103532.074 |
61135.940 |
36908.630 |
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INVESTMENT |
1.100 |
1.600 |
1.800 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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Assets Retired from Active use and Held for sale |
0.315 |
0.283 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10878.903
|
8254.256
|
6852.417 |
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Sundry Debtors |
32408.578
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26863.957
|
17746.075 |
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Cash & Bank Balances |
2162.111
|
1901.814
|
133.142 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
64207.444
|
58489.122
|
48984.663 |
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Total
Current Assets |
109657.036
|
95509.149
|
73716.297 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
59148.582 |
61942.201 |
52099.734 |
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Other Current Liabilities |
23849.552
|
18494.676
|
7426.887 |
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Provisions |
6359.070
|
5886.857
|
5287.896 |
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Total
Current Liabilities |
89357.204
|
86323.734
|
64814.517 |
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Net Current Assets |
20299.832
|
9185.415
|
8901.780 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
183462.149 |
131309.060 |
91772.387 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
110832.507 |
93464.936 |
80819.722 |
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Other Income |
1032.889 |
1341.117 |
1667.744 |
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TOTAL (A) |
111865.396 |
94806.053 |
82487.466 |
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Less |
EXPENSES |
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|
|
|
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Cost of fuel |
83130.208 |
71562.499 |
59981.032 |
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Generation, administration and other expenses |
11324.139 |
8764.069 |
8492.804 |
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Employees costs |
5566.868 |
6301.210 |
4748.691 |
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TOTAL (B) |
100021.215 |
86627.778 |
73222.527 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11844.181 |
8178.274 |
9264.939 |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
4698.814 |
4483.297 |
1206.007 |
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|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7145.367 |
3694.977 |
8058.932 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3009.421 |
3075.329 |
2065.485 |
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PROFIT BEFORE
TAX (E-F) (G) |
4135.946 |
619.648 |
5993.447 |
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|
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Less |
TAX (H) |
2101.961 |
(221.304) |
2993.144 |
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PROFIT AFTER TAX
(G-H) (I) |
2033.985 |
840.952 |
3000.303 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4588.992 |
3739.290 |
3464.588 |
|
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to deferred tax liabilities |
-- |
-- |
2416.176 |
|
|
|
Transitional adjustment for employee
benefits |
-- |
-- |
296.300 |
|
|
|
Tax on Dividend |
|
|
|
|
|
|
|
|
|
|
|
Add/ Less |
Transferred
to/from debenture redemption reserve |
4.375 |
8.750 |
13.125 |
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|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
6627.352 |
4588.992 |
3739.290 |
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|
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IMPORTS |
|
|
|
|
|
|
|
Components and spare parts |
13.033 |
216.634 |
433.083 |
|
|
|
Capital Goods |
2160.802 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
2173.835 |
216.634 |
433.083 |
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|
|
|
|
|
|
|
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Earnings Per
Share (Rs.) |
0.55 |
0.26 |
60.01 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.82
|
0.89
|
3.64 |
|
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|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.73
|
0.66
|
7.42 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.44
|
0.40
|
5.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.02
|
0.17 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.51
|
4.36
|
3.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.11
|
1.14 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
(Rs. In Millions) |
||
|
Sundry Creditors
|
|
|
|
|
|
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For Capital Expenditure |
|
|
|
|
- Due to micro, small
and medium enterprises |
-- |
-- |
|
|
- Due to others |
1765.457 |
4333.198 |
|
|
|
|
|
52099.734 |
|
For goods and services |
|
|
|
|
- Due to micro,
small and medium enterprises |
-- |
-- |
|
|
- Due to others |
57383.125 |
57609.003 |
|
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|
|
|
|
|
Total |
59148.582 |
61942.201 |
52099.734 |
FINANCIAL
PERFORMANCE:
Total Income of the company for the year increased by 18.01
% to Rs.111865.395 Millions from Rs.94806.052 Millions during the previous year.
The Profit after tax but before prior period adjustments has gone up to
Rs.2225.572 Millions from Rs.732.826 Millions. The overall fuel cost was
increased by 16.16 % as compared to 19.31% previous year, Generation and Admn
exp by 29.21% as against 3 % last year. The Net profit after tax has gone up to
Rs.2033.984 Millions from Rs.840.951 Millions up 141 % over last year.
OPERATIONAL
PERFORMANCE:
The total Installed Capacity of Mahagenco is 10246 MW and
derated capacity is 10121 MW as on 31st March 2010. Ghatghar PSS (1*125 MW) is
taken over by Mahagenco on 17.08.09.
During the year 2009-10, for coal-fired plants, the average
availability factor was 88.40 as against 86.69% of last year. The plant load
factor was 69.71%. The overhaul of 18 units was taken up during 09-10 as
against overhaul of 24 units during 08-09. The planned outage and forced outage
factor for the year 09-10 were 5.82% and 5.78% as against 8.41% and 4.90% for
2008-09. For gas based plants, average availability was 93.49% and PLF was
68.46%.
The
other operational performance factors are as below:
The Realization of Coal for the current year was 89.49% as
against 88.11% of previous year. Specific coal consumption for the current year
was 0.826 Kg/ Kwh as against 0.828 Kg/ Kwh of previous year. The Boiler tube
leakage percentage for the current year was 3.02% as against 2.38% of
previous year. Specific oil consumption for the current year was 3.56 ml/Kwh as
against 4.12ml/Kwh of last year. The auxiliary consumption was 9.93% as against
9.49% of last year. The average gross calorific value of coal fired during the
year was 3537 Kcal/Kg. The heat rate for the current year was 2989 Kcal/Kwh.
The transit loss for the current year was 1.99% as against 0.96% for last year.
INSTALLED
CAPACITY
The Company owns Thermal Power Stations at seven locations
across the state, one Gas Turbine Power Station and 24 Hydro Power Stations
which are in operation having following total generation capacity as on
31.3.2010.
|
Type |
Capacity |
|
|
|
|
Thermal |
6800 MW |
|
Gas |
852 MW |
|
Hydro |
2469 MW |
|
|
|
|
Total |
10121 MW |
SUBSIDIARIES AND JOINT VENTURES:
MAHAGUJ COLLIERIES LIMITED:
The company is a joint venture between your company and
Gujarat State Electricity Company Limited for captive mining of coal blocks at
Machchakata. The Company has appointed Mine Developer cum Operator for
executing the project. The vital preliminary activities like acquisition of
land, various Govt clearances has been started. Coal Mining Service Agreement
between MDO i.e M/s Adani Enterprises Ltd. and Mahaguj Collieries Limited has
been signed on 6th May 2010.
FSA between Mahaguj Collieries Limited and JV Partners i.e.
Mahagenco and GSECL is expected in current year.
The Ministry of Coal, GoI has permitted coal rejects from
the above project to be used by qualified third party (including MDO) for power
generation at the pit head. The power so generated shall be used by M/s
Mahagenco and GSECL. Therefore it is proposed to have coal reject based power
station at pit head. The modalities of execution of the same are being worked
out. Considering the availability of coal reserves, the Ministry of Coal has
directed to increase the Mine capacity of Machchakata coal block from 30 MTPA
to 50 MTPA. Accordingly Board of Mahaguj Collieries Limited has approved
increase in capacity of Mines from 30 MTPA to 50 MTPA.
DHULE THERMAL POWER COMPANY LIMITED –
These companies have been incorporated to implement various
Thermal Power Projects as green field project under case-2 as per the
guidelines of Ministry of Power, Government of India. During the year there was
no activity in this company.
UCM COAL COMPANY LIMITED
The UCM Coal Company Limited is a JV company between your
company and Uttarpradesh Rajya Vidyut Uttpadan Nigam Limited (UPRVUNL) and
Chattisgarh Mineral Development Corporation (CMDC) to share the output of Coal
to be generated from Chendipada and Chendipada II coal blocks. The share of
Mahagenco of these blocks shall be used for (2X660 MW) Supercritical Power
Projects at Dondicha.
FINANCING OF NEW
PROJECTS
All the planned capacity addition programs will be financed with a debt
to equity ratio of 80:20. The company would utilize the revenue resources for
part of equity contribution in the expansion project. Up to 80% of the total
project cost is to be financed by financial institutions and Banks. The 20 %
equity will mainly come from the Government of Maharashtra.
FIXED ASSETS:
·
Land (Including
development)
·
Freehold
·
Leasehold
·
Building
·
Factory Buildings
·
Hydraulic Works
·
Other Civil Works
·
Railway Sidings
·
Road and Others
·
Plant, Machinery and
Equipments
·
Lines and Cable Networks
·
Vehicles
·
Furniture and Fixtures
·
Other Equipments
(Including Computers)
WEBSITE DETAILS:
HISTORY:
Company (hereinafter referred to as “The Company”) has been
incorporated under Indian Companies Act 1956 pursuant to decision of Govt. of
Maharashtra to reorganize Erstwhile Maharashtra State Electricity Board (herein
after referred to as “MSEB”). The said reorganization of the MSEB has been done
by Govt. of Maharashtra pursuant to Part XIII read with section 131 of The
Electricity Act 2003. Mahagenco has been incorporated on 31.5.2005 with The
Registrar of Companies, Maharashtra, Mumbai and has obtained Certificate of
Commencement of Business on 15.09.2005. Mahagenco is engaged in the business of
generation and supply of Electricity and has been vested with generation
assets, interest in property, rights and liabilities of MSEB as per Gazette
Notification dated 4th June 2005 issued by Industry, Energy and Labour Dept of
Govt of Maharashtra pursuant to section 131 of Electricity Act 2003.
Following is composition of the Current Board of Directors
of the Company.
Mr. Subrat Ratho, Chairman and Managing Director
Mr. Rahul Asthana, Pr. Secretary (E), GoM and Director
Mr. Subrat Ratho, MD, MSEB Holding Company Limited
Mr. Chandrakant S.
Thotwe , Director (Projects)
Mr. G.J.Girase, Director (Finance)
Mr. M. R. Shelar, Director (Operations)
As per Articles 75 and 77 of Articles of Association of the
Company Chairman, Managing Director and other Directors of the Company shall be
nominated by MSEB Holding Company Limited. The desired qualifications and
experience of the Directors of the Company has been prescribed in Article 78 of
the Articles of Association of the Company.
Meetings of the Company
As per Section 285 read with article 86 of Articles of
Association of the Company, Meetings of the Board of the Directors of the
Company should be held once in every three months and at least four meetings
should be held every year. Normally meetings of the Board are held once in a
month depending upon the necessity of business to be transacted. The date, time
and venue of the meeting being fixed by Secretary with prior approval of
Chairman and Managing Director of the Company. The notice and agenda of the Meeting
is circulated to the members of the Board and one copy of agenda is endorsed to
Secretary (Energy) and Minister (Energy).
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 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.49.67 |
|
|
1 |
Rs.76.51 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.