|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TATA SKY LIMITED (w.e.f July 2005) |
|
|
|
|
Formerly Known As : |
SPACE TV LIMITED (w.e.f 17.05.2004) SPACE TV PRIVATE LIMITED |
|
|
|
|
Registered Office : |
3rd Floor, C-1, Wadia International Centre ( |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
09.01.2001 |
|
|
|
|
Com. Reg. No.: |
11-130365 |
|
|
|
|
Paid-up Capital : |
Rs.11065.600 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U92120MH2001PTC130365 |
|
|
|
|
TAN No.: (Tax Deduction
& Collection Account No.) |
MUMS33388F |
|
|
|
|
PAN No.: (Permanent Account No.) |
AAGCS9294M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
To Provide Direct-To-Home (DTH) Broadcasting Services to Cable TV Viewers Across the Country. |
|
|
|
|
No. of Employees : |
Not divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
-- |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Tata and Star Television. It is an established company having a satisfactory track record. There
appear huge accumulated losses in the current year recorded by the company. However, the company gets good support from its holding companies.
Fundamental appears to be healthy and strong. Trade relations are reported to
be fair. Business is active. Payments are reported to be slow but correct. In view of strong promoters and experience business man the company
can be considered 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A (Long Term Loan) |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligations. It carry low credit risk. |
|
Date |
May 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Appurva Shah |
|
Designation : |
Treasury Department |
|
Contact No.: |
91-22-66133000 |
|
Date : |
21.12.2012 |
LOCATIONS
|
Registered Office : |
3rd Floor, C-1, Wadia International Centre ( |
|
Tel. No.: |
91-22-66133000 |
|
Fax No.: |
91-22-66133030 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 13.07.2012
|
Name : |
Mr. Ishaat Riyasat Hussain |
|
Designation : |
Director |
|
Address : |
Flat No.222, 2nd Floor, B Wing, NCPA, Residential Apartments, Sir Dorab Tata Road, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Date of Birth/Age : |
02.09.1947 |
|
Date of Appointment : |
06.02.2004 |
|
DIN No.: |
00027891 |
|
|
|
|
Name : |
Mr. Bharat Damodar Vasani |
|
Designation : |
Director |
|
Address : |
Flat No. B-11, Peregrine 400, Veer Savarkar Marg,
Prabhadevi, Mumbai-400025, |
|
Date of Birth/Age : |
24.08.1958 |
|
Date of Appointment : |
06.02.2004 |
|
DIN No.: |
00040243 |
|
|
|
|
Name : |
Mr. Farokh Nariman Subedar |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
24.09.1955 |
|
Date of Appointment : |
06.02.2004 |
|
DIN No.: |
00028428 |
|
|
|
|
Name : |
Mr. Harit Nagpal |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 5 2nd Floor, 27-A, |
|
Date of Birth/Age : |
02.11.1961 |
|
Date of Appointment : |
01.01.2011 |
|
PAN No.: |
AADPN5389A |
|
DIN No.: |
00481307 |
|
|
|
|
Name : |
Mr. Uday Shankar |
|
Designation : |
Director |
|
Address : |
Vastu CHS 3/4th Floor, Plat Nos. 301 and 302, Dr. R G Thandani Marg, Worli Sea Face, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1961 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
01755963 |
|
|
|
|
Name : |
Mr. Jan Koeppen |
|
Designation : |
Director |
|
Address : |
Flat 815, Onslow, Gardens |
|
Date of Birth/Age : |
11.12.1970 |
|
Date of Appointment : |
26.03.2010 |
|
DIN No.: |
03045923 |
|
|
|
|
Name : |
Mr. Rohit Sipahimalani |
|
Designation : |
Director |
|
Address : |
House 22, 2nd Avenue, Singapore-266673 |
|
Date of Birth/Age : |
03.10.1966 |
|
Date of Appointment : |
11.10.2011 |
|
DIN No.: |
00904065 |
KEY EXECUTIVES
|
Name : |
Mr. Kumud Goel |
|
Designation : |
Secretary |
|
Address : |
945/946, Kohinoor, |
|
Date of Birth/Age : |
31.05.1976 |
|
Date of Appointment : |
01.08.2009 |
|
PAN No.: |
AEZPJ8917L |
|
|
|
|
Name : |
Mr. Appurva Shah |
|
Designation : |
Treasury Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.07.2012
|
Names of Shareholders |
No. of Shares |
|
Tata Sons Limited, India |
584017278 |
|
Tata Sons
Limited, |
100 |
|
Tata Sons
Limited, |
100 |
|
Tata Sons
Limited, |
100 |
|
Tata Sons
Limited, |
100 |
|
Tata Sons
Limited, |
100 |
|
Network Digital
Distribution Services FZ- LLC, |
233607111 |
|
Baytree
Investments ( |
116803557 |
|
TS Investments
Limited, |
233607111 |
|
TOTAL
|
1168035557 |
AS ON 13.07.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
30.00 |
|
Bodies corporate |
70.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To provide direct-to-home (DTH) broadcasting services to cable TV viewers across the country. |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
6th Floor, |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Name 2 : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, |
|
PAN No.: |
AADFD2337G |
|
|
|
|
Holding Company : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Fellow Subsidiaries : |
CIN No.: -
U67120MH1994PLC080918
CIN No.: -
U65990MH1994PLC077090 |
|
|
|
|
Other Related Parties : |
CIN No.: -
U74900MH2010PLC198635 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs. 20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1106560001 |
Equity Shares |
Rs.10/- each |
Rs.
11065.600 Millions |
|
|
|
|
|
AS ON 13.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs. 20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1168035557 |
Equity Shares |
Rs.10/- each |
Rs.
11680.355 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11065.600 |
9836.089 |
8430.933 |
|
|
2] Share Application Money |
1487.708 |
0.000 |
1188.000 |
|
|
3] Reserves & Surplus |
(27918.263) |
(27764.708) |
9054.067 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(35313.394) |
|
|
NETWORTH |
(15364.955) |
(17928.619) |
(16640.394) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5348.841 |
8547.848 |
11314.675 |
|
|
2] Unsecured Loans |
4189.104 |
3930.593 |
2199.421 |
|
|
TOTAL BORROWING |
9537.945 |
12478.441 |
13514.096 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(5827.010) |
(5450.178) |
(3126.298) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9350.673 |
4567.243 |
2551.089 |
|
|
Capital work-in-progress |
3146.787 |
2733.979 |
550.982 |
|
|
|
|
|
|
|
|
INVESTMENT |
121.953 |
1.952 |
1023.229 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.869
|
1.756
|
259.210
|
|
|
Sundry Debtors |
161.035
|
535.237
|
187.978
|
|
|
Cash & Bank Balances |
151.877
|
29.183
|
145.316
|
|
|
Other Current Assets |
240.064
|
114.406
|
0.000
|
|
|
Loans & Advances |
1174.128
|
1337.028
|
1765.840
|
|
Total
Current Assets |
1737.973
|
2017.610 |
2358.344 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2668.321
|
3283.313
|
2473.375
|
|
|
Other Current Liabilities |
16237.877
|
10578.790
|
6077.572
|
|
|
Provisions |
1278.198
|
908.859
|
1058.995
|
|
Total
Current Liabilities |
20184.396
|
14770.962 |
9609.942 |
|
|
Net Current Assets |
(18446.423)
|
(12753.352)
|
(7251.598)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(5827.010) |
(5450.178) |
(3126.298) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15893.725 |
13538.087 |
11079.468 |
|
|
|
Other Income |
58.972 |
40.861 |
20.760 |
|
|
|
TOTAL (A) |
15952.697 |
13578.948 |
11100.228 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
11137.322 |
13385.454 |
3193.942 |
|
|
|
Employee Related Expenses |
1161.479 |
932.797 |
990.720 |
|
|
|
Other expenses |
3169.794 |
2154.309 |
6478.060 |
|
|
|
Changes in inventories of finished goods, work-in progress and stock
in trade |
0.000 |
(535.001) |
3889.912 |
|
|
|
TOTAL (B) |
15468.595 |
15937.559 |
14552.634 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
484.102 |
[2358.611] |
[3452.406] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1723.184 |
1343.342 |
1317.913 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[1239.082] |
[3701.953] |
[4770.319] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1742.348 |
1035.286 |
1495.792 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
[2981.430] |
[4737.239] |
[6266.111] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
[2981.430] |
[4737.239] |
[6266.111] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
[29047.283] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA
|
NA |
[35313.394] |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.82) |
(5.11) |
[7.58] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(18.69)
|
(34.89) |
(56.31) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(18.76)
|
(34.99) |
(56.41) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.89)
|
(71.94) |
(127.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.26 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(1.93)
|
(1.52) |
(1.39) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.09
|
0.14 |
0.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
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 involved in |
----- |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Trade Payables |
2668.321 |
3283.313 |
2473.375 |
|
|
|
|
|
|
TOTAL |
2668.321 |
3283.313 |
2473.375 |
BACKGROUND
Subject was
incorporated in India on January 9, 2001 to provide direct-to-home (DTH) broadcasting
services to TV viewers across the country. The Company has commenced its
operations on August 1, 2006.
OPERATIONS
The DTH sector in
India is a six-player industry with about 46 million connections reported by
March 2012. About 11 million fresh connections got added during this financial
year. Tata Sky had about 19% share of the fresh additions of the year and about
25% of the gross additions in March 2012 retaining the leadership position in
gross additions from December 2011. During the year, the Company reached the
milestone of 9 million connections and now has about 25% market share in terms
of value.
FIXED ASSETS
·
Office equipment
·
Computer Equipment
·
Plant and Machinery
·
Motor Vehicles
·
Furniture and Fixtures
·
Leasehold Improvements
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 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. 54.84 |
|
|
1 |
Rs. 89.11 |
|
Euro |
1 |
Rs. 72.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.