MIRA
INFORM REPORT
|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
HINDALCO-ALMEX AEROSPACE LIMITED |
|
|
|
|
Registered Office : |
Century Bhavan, 3rd Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
02.01.2007 |
|
|
|
|
Com. Reg. No.: |
11-166651 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.433.700 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27203MH2007PLC166651 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH10495C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCH7909P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Aluminium Alloys |
|
|
|
|
No. of Employees : |
68 (Approximately) (In office +
In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Hindalco Industries Limited and
Amex Inc., In view of strong holding, the company can be considered normal for
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 PARTED BY
|
Name : |
Mr. Sachin Naidu |
|
Designation : |
General Manager (Finance) |
|
Contact No.: |
91-240-2622038/227 |
|
Date : |
02.07.2012 |
LOCATIONS
|
Registered Office / Marketing Office 1: |
Century Bhavan, 3rd floor,
Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra, India |
|
Tel. No.: |
91-22-66626666/ 66626632/ 66626643 |
|
Fax No.: |
91-22-24362516/ 24227586 |
|
E-Mail : |
|
|
Website : |
http://www.hindalco.com
http://www.hindalcoalmex.com
|
|
|
|
|
Marketing Office 2 : |
Aditya Birla Centre Association, 254 D-2,
Ground Floor, Dr. Annie Besant Road Worli, Mumbai 400 030, Maharashtra, India |
|
Tel. No.: |
91-22-66103200 |
|
Fax No.: |
91-22-66103280 / 6610 3223 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Aditya Birla Group, S. K. Ahire Marg, Worli, Mumbai 400030,
Maharashtra, India |
|
Tel. No.: |
91-22-66525000 / 24995000 |
|
Fax No.: |
91-22-66525841 / 24995841 |
|
|
|
|
Factory : |
AL-1, MIDC, Shendra, Aurangabad – 431 201, Maharashtra, India |
|
Tel. No.: |
91-240-2622035 / 34 / 38 |
|
Fax No.: |
91-240-2622034 |
|
E-Mail : |
|
|
|
|
|
Other Factory (Belongs to Hindalco Industries Limited – Holding Company) : |
Located at:
|
|
|
|
|
Regional Offices (Belongs to Hindalco Industries Limited – Holding Company) : |
North Address: Vandhana, 5th Floor,
11 Tolstoy Marg, New Delhi 110 001, India E-mail : nutan.singh@adityabirla.com South Address: Industry House,
7th Floor, 45, Race Course Road, Bangalore 560 001, Karnataka, India Tel. No. : 91-80-4041 6010 / 21 / 22 / 00 E-mail : jaya.shankar@adityabirla.com East Address: Industry House,
9th Floor, 10, Camac Street, Kolkata 700 017, West Bengal, India Tel. No. : 91-33-2280 9710 Fax No. : 91-33-2288 6139 E-mail: m.pandiyan@adityabirla.com West Address: Ahura Centre,
1st Floor, 82, Mahakali Caves Road, Mumbai 400 093, Maharashtra, India Tel. No. : 91-22-6691 7031 / 30 / 37 / 40
/ 00 Fax. No. : 91-80-2253 3086 E-mail : rajiv.parulekar@adityabirla.com |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sunirmal Talukdar |
|
Designation : |
Director |
|
Address : |
Flat No.406, 12 Ashoka Road, Ali Pore, Kolkata – 700027, West Bengal,
India |
|
Date of Birth/Age : |
06.12.1951 |
|
Qualification : |
B.SC (Chemistry) , ACAB.SC (Chemistry) , ACA |
|
Date of Appointment : |
02.01.2007 |
|
PAN No.: |
ABNPT6999B |
|
DIN No.: |
00920608 |
|
|
|
|
Name : |
Mr. Ajit Keshav Ranade |
|
Designation : |
Director |
|
Address : |
113, Lily Court, Kumari Jts Marg, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Date of Birth/Age : |
24.04.1961 |
|
Date of Appointment : |
02.01.2007 |
|
PAN No.: |
AACEPR7387K |
|
DIN No.: |
00918651 |
|
|
|
|
Name : |
Mr. Shashikant Maudgal |
|
Designation : |
Director |
|
Address : |
Flat No.2A, Ajanta Apartment, M L Dhanuker Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
01.02.1954 |
|
Date of Appointment : |
02.01.2007 |
|
PAN No.: |
AEWPM3880Q |
|
DIN No.: |
00918431 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Naidu |
|
Designation : |
General Manager (Finance) |
|
|
|
|
Name : |
Mr. Abhey Om Agarwal |
|
Designation : |
Manager |
|
Address: |
56, Vimlai Seven Hills, Vidhay nagar, Garkhed, Aurangabad – 431001,
Maharashtra, India |
|
Date of Birth/Age : |
17.10.1965 |
|
Date of Appointment : |
10.06.2008 |
|
PAN No.: |
ACBDA8130E |
|
|
|
|
Name : |
Mr. Shrikant Ramchandra Turalkar |
|
Designation : |
Company Secretary |
|
Address : |
A-6-04, Shivshankar 1 CHS, Plot No.2, Sector 15, Sanpada, Navi Mumbai
– 400705, Maharashtra, India |
|
Date of Birth/Age : |
23.08.1973 |
|
Date of Appointment : |
16.02.2007 |
|
PAN No.: |
ACDPT1199G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hindalco Industries Limited, |
|
172115684 |
|
Anil Malik |
|
10 |
|
Alphonso R. Das |
|
10 |
|
Uday Lokre |
|
10 |
|
Anil Mathew |
|
10 |
|
Vikram Sondhi |
|
10 |
|
Shrikant Turalkar |
|
10 |
|
Almex Inc. |
|
5000000 |
|
Total |
|
177115744 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
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 |
|
2.82 |
|
Bodies
corporate |
|
97.18 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Aluminium Alloys |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
· Aluminium Alloys |
||||||||
|
Countries : |
·
US ·
Korea ·
Taiwan ·
Israel |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
·
Raw Materials |
||||||||
|
Countries : |
·
US ·
Dubai |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C and PAD |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C and PAD |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed Capacity* |
Actual Production |
|
|
|
(Annual) |
|
|
Aluminium Billets |
MT |
12000 |
1218 |
Note:
* As certified by management and accepted by the Auditors, this being a technical matter.
GENERAL INFORMATION
|
Customers : |
Manufacturers |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
68 (Approximately) (In office +
In Factory) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252 Veer Savarkar Marg, |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Holding Company : |
CIN
No. : L27020MH1958PLC011238 |
|
|
|
|
Investing Company : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000000 |
Equity Shares |
Rs.10/- Each |
Rs.2250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
177115744 |
Equity Shares |
Rs.10/- Each |
Rs.1771.157
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
135000000 |
Equity Shares |
Rs.10/- Each |
Rs.1350.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43370000 |
Equity Shares |
Rs.10/- Each |
Rs.433.700
millions |
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 |
433.700 |
433.700 |
382.600 |
|
|
2] Share Application Money |
490.000 |
490.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(249.206) |
(219.034) |
(153.023) |
|
|
NETWORTH |
674.494 |
704.666 |
229.577 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.309 |
47.010 |
832.754 |
|
|
2] Unsecured Loans |
210.000 |
210.000 |
0.000 |
|
|
TOTAL BORROWING |
216.309 |
257.010 |
832.754 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
890.803 |
961.676 |
1062.331 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
767.478 |
795.303 |
863.375 |
|
|
Capital work-in-progress |
73.287 |
90.672 |
133.022 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
75.454
|
53.278
|
89.764
|
|
|
Sundry Debtors |
52.453
|
26.805
|
17.676
|
|
|
Cash & Bank Balances |
72.095
|
31.908
|
28.695
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
5.323
|
3.708
|
4.134
|
|
Total
Current Assets |
205.325
|
115.699
|
140.269
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
132.531
|
31.561
|
50.068 |
|
|
Other Current Liabilities |
19.839
|
6.584
|
22.109
|
|
|
Provisions |
2.918
|
1.854
|
2.159
|
|
Total
Current Liabilities |
155.288
|
39.999
|
74.336
|
|
|
Net Current Assets |
50.037
|
75.700
|
65.933
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
890.803 |
961.676 |
1062.331 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
26.11.2008 To 31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
240.868 |
219.387 |
62.474 |
|
|
|
Other Income |
1.354 |
12.550 |
0.000 |
|
|
|
TOTAL (A) |
242.222 |
231.937 |
62.474 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
144.287 |
135.062 |
|
|
|
|
Manufacturing service costs |
25.127 |
23.378 |
|
|
|
|
Employee related expenses |
21.195 |
17.085 |
|
|
|
|
Administrative selling other expenses |
21.622 |
34.218 |
|
|
|
|
TOTAL (B) |
212.231 |
209.743 |
175.732 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
29.991 |
22.194 |
(113.258) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.672 |
39.704 |
18.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.319 |
(17.510) |
(131.462) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.491 |
48.501 |
21.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(30.172) |
(66.011) |
(152.472) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
(0.550) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(30.172) |
(66.011) |
(153.022) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(219.033) |
(153.022) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(249.205) |
(219.033) |
(153.022) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
18.634 |
36.452 |
26.920 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17.206 |
5.621 |
214.247 |
|
|
|
Capital Goods |
17.386 |
41.818 |
122.394 |
|
|
TOTAL IMPORTS |
34.592 |
129.526 |
336.641 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(0.70) |
(1.58) |
(4.61) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
530.000 (Due to business
expansion) |
Expected Sales (2012-2013) : Rs.1000.000 Millions
The above information has been parted by Mr. Sachin Naidu
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(12.46)
|
(28.46)
|
(244.94) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.53)
|
(30.09)
|
(244.06) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.88)
|
(6.59)
|
(13.41) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.09)
|
(0.66) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.42
|
3.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
2.89
|
1.89 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
- Due Others |
132.531
|
31.561
|
50.068 |
|
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 |
Yes |
|
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% |
Yes |
|
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 |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
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 |
State of Company's Affairs:
During the year, the Company has made some improvement in its financial position. The Company recorded a turnover of Rs.240.800 Millions and made net loss of Rs. 30.100 Millions against a last financial year turnover of Rs. 219.300 Millions and net loss of Rs. 66.000 Millions respectively.
There were various factors such as the global slowdown, focus on inventory reduction by customers & the slow pace of qualification at key international customer locations. which affected the performance of the Company during the year.
The Company is aggressively pursuing product qualifications in the international markets. Successful product qualifications coupled with the improving market conditions will see the Company improving its performance in the coming years.
India is also emerging as one of the largest importers of defense and related products. These import orders which have a mandatory offset clause, will also further help to improve the Company's performance in the coming years.
Fixed Assets:
- Computers
- Office Equipment
- Plant and Machinery
- Building
- Motor Car
- Furniture
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.55.83 |
|
|
1 |
Rs.87.41 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
43 |
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.