|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
AKQUASUN HOLIDAYS ( |
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Registered
Office : |
B/306, Twin Arcade, Military Road, Marol, Andheri (East), Mumbai –
400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.11.2004 |
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Com. Reg. No.: |
11-149733 |
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Capital
Investment / Paid-up Capital : |
Rs.2.000 Millions |
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CIN No.: [Company Identification
No.] |
U63040MH2004PTC149733 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA27597D |
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PAN No.: [Permanent Account No.] |
AAFCA1461M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing all types of international holiday packages, international
air tickets, mice exhibitions, incentive tours etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 34000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered for small to mediocre 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 – 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 |
|
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 : |
B/306, Twin Arcade, Military Road, Marol, Andheri (East), Mumbai –
400059, Maharashtra, India |
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Tel. No.: |
91-22-42081515 |
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Fax No.: |
91-22-42081516 |
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E-Mail : |
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Branch Offices : |
Located at : · Calicutc · Bangalore · Chennai · Kolkata ·
New Delhi |
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Overseas Offices : |
Located at : · Srilanka · Maldives · Mauritius · China · Untied Arab Emirates · Russia · Tanzania · South Africa · USA |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rahim Basheer Abdul |
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Designation : |
Director |
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Address : |
Swaminathan Street, Krishna Nagar, Chennai – 600091, Tamilnadu, India |
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Date of Appointment : |
30.11.2004 |
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DIN No.: |
00609004 |
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Other Directorship :
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Name : |
Mr. Sujit Ramchandran Nair |
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Designation : |
Director |
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Address : |
101, Dipesh Enclave, Vasant
Kunj, Pawar Nagar, Pokharan Road No. 1, Thane – 400601, Maharashtra, India |
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Date of Appointment : |
27.02.2007 |
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DIN No.: |
00630525 |
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Other Directorship :
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Name : |
Mr. Sunny Raju Jadhav |
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Designation : |
Director |
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Address : |
Lovely Home Building, Flat No. 203, Kalina Church Road, Kalina, Mumbai
– 400029, Maharashtra, India |
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Date of Appointment : |
27.09.2011 |
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DIN No.: |
03631340 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sujit Ramchandra Nair |
|
100000 |
|
Rahim Basheer Abdul |
|
100000 |
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Total |
|
200000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing all types of international holiday packages, international
air tickets, mice exhibitions, incentive tours etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Union Bank of India, Goregaon (East) Branch,
172/73 Shri Sadan, Shantaben Estate, Goregaon (East), Mumbai – 400063,
Maharashtra, India ·
ICICI Bank ·
ABN Amro Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. N. Bhutra and Company Chartered Accountants |
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Address : |
608-609, Manish Chamber, Opposite Hotel Karan Palace, Sonawala Road,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-40214937/ 42661638 |
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Fax No.: |
91-22-26864871 |
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E-Mail : |
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PAN.: |
AJUPB5639F |
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Related Parties
: |
·
Akqua Tourism and Destination Private Limited ·
Akqua MICE Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.425 |
2.139 |
0.494 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.425 |
4.139 |
2.494 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
14.502 |
0.000 |
0.363 |
|
|
TOTAL BORROWING |
14.502 |
0.000 |
0.363 |
|
|
DEFERRED TAX LIABILITIES |
0.109 |
0.109 |
0.104 |
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|
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|
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TOTAL |
23.036 |
4.248 |
2.961 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.076 |
2.221 |
2.421 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
0.020 |
0.020 |
0.020 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
29.352
|
26.937 |
27.758 |
|
|
Cash & Bank Balances |
5.006
|
3.184 |
1.151 |
|
|
Other Current Assets |
0.000
|
0.009 |
0.003 |
|
|
Loans & Advances |
19.729
|
8.561 |
1.654 |
|
Total
Current Assets |
54.087
|
38.691 |
30.566 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.339
|
24.977 |
20.436 |
|
|
Other Current Liabilities |
16.278
|
9.873 |
7.796 |
|
|
Provisions |
4.530
|
1.834 |
1.818 |
|
Total
Current Liabilities |
33.147
|
36.684 |
30.050 |
|
|
Net Current Assets |
20.940
|
2.007 |
0.516 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
23.036 |
4.248 |
2.961 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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PROFIT AFTER TAX
|
4.685 |
1.646 |
NA |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
119.680 |
21.563 |
NA |
|
|
TOTAL EARNINGS |
119.680 |
21.563 |
NA |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.43 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.65
|
8.86 |
12.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.05 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last two years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U63040MH2004PTC149733 |
|
Name of the
company |
AKQUASUN HOLIDAYS
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B/306, Twin
Arcade, Military Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra,
India Email : finance@akquasungroup.com
|
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
10066075 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Union Bank of India, Goregaon (East) Branch, 172/73 Shri Sadan, Shantaben
Estate, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Nature of
instrument creating charge |
Extension
Memorandum |
|
Date of instrument
Creating the charge |
02.02.2011 |
|
Amount secured by
the charge |
Rs.13.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Together with interest,
compound interest, and or additional interest case of default, exchange,
fluctuation, costs, charges, expenses etc Terms of
Repayment On Demand Margin As per sanction
terms Extent and
Operation of the charge To secure
Additionally Revised Cash Credit (Hypothecation) Book-Debts facility of
Rs.13.500 Millions granted by the Bank to the Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Extension of Equitable
Mortgage by Deposit of Title Deeds b Oral Consent in respect of Company's
Immovable Properties viz. 1) Office Premises Nos. 306-A admeasuring 318.43
Sq.ft. carpet area, on the
3rd floor, Twin Arcade, constructed on land bearing CTS No.380 (pt) and 380/2
(pt) Village Marol, Taluka Andheri, Registration District and
Sub-District of Mumbai, Maharashtra,
India 2) Office
Premises Nos. 306-B admeasuring 318.43 Sq.ft. carpet area, on the 3rd floor,
Twin Arcade, constructed on land bearing CTS No. 380 (pt) and 380/2 (pt)
Village Marol, Taluka Andheri, Registration
District and Sub District of Mumbai, Maharashtra, India |
|
Date of
instrument modifying the charge |
31.01.2011 |
|
Particulars of
the present modification |
Vide this modification
Cash Credit (Hypothecation) Book-Debts facility of Rs.13.500 Millions is
additionally secured against Extension of Equitable Mortgage by Oral Consent
in respect of Company's Immovable Properties viz. 1) Office
Premises Nos. 306-A admesuring 318.43 Sq.ft. carpet area, 2) Office
Premises Nos. 306-B admeasuring 318.43 Sq.ft. carpet area, Both on the third
floor of building known as Twin Arcade constructed on land bearing CTS No.380
(pt) and 380/2 (pt) |
FIXED ASSETS
·
Air Conditioner
·
Bike
·
Computer
·
Fans
·
Furniture and Fixtures
·
Mobile Phones
·
Office Building
·
Office Equipment
·
Printer
·
Refrigerator
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.