|
Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
FORTIS HEALTH MANAGEMENT LIMITED |
|
|
|
|
Registered
Office : |
Escorts Heart Institute and Research Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
07.04.2008 |
|
|
|
|
Com. Reg. No.: |
55-176412 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.24.010 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110DL2008PLC176412 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELF03601D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily involved in setting up and running of hospitals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 930000 |
|
|
|
|
Status : |
Recently commence business activity
|
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in the year 2008 April, it has
recently commenced business activity from 2011. Trade relations are reported
as fair. Business is active. Payments are unknown. The company can be considered for business dealings on a safe and
secured 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Escorts Heart Institute and Research Centre, Okhla Road, New
Delhi – 110025, India |
|
Tel. No.: |
91-11-26825000 |
|
Mobile No.: |
91-9717044423 (Mr. Anand) |
|
Fax No.: |
91-11-42628435 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Tower A, Unitech Business Park, Block F, South City 1, Sector 41,
Gurgaon – 122001, Haryana India |
|
Tel No. : |
91-124-4921061 |
|
Fax No.: |
91-124-4129900 |
DIRECTORS
As on 19.09.2011
|
Name : |
Mr. Daljit Singh |
|
Designation : |
Director |
|
Address : |
B-6/9, DLF Phase – 1, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
29.01.1953 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
00135414 |
|
|
|
|
Name : |
Mr. Yogesh Kumar Sareen |
|
Designation : |
Director |
|
Address : |
H. No. ES 083, Nirvana Country, Gurgaon – 122004, Haryana, India |
|
Date of Birth/Age : |
11.10.1964 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
00884252 |
|
|
|
|
Name : |
Mr. Anurag Yadav |
|
Designation : |
Director |
|
Address : |
21/504. East End Apartments, Mayur Vihar Extn. Phase I, New Delhi – 110096, India |
|
Date of Birth/Age : |
20.08.1969 |
|
Date of Appointment : |
17.03.2011 |
|
DIN No.: |
02242031 |
|
|
|
|
Name : |
Mr. Pawanpreet Singh Ahuja |
|
Designation : |
Director |
|
Address : |
E-3/3, DLF Phase – I, Gurgaon, Haryana, India |
|
Date of Birth/Age : |
26.10.1969 |
|
Date of Appointment : |
17.03.2011 |
|
DIN No.: |
02231081 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.09.2011
|
Names of Equity Shareholders |
|
No. of Equity
Shares |
|
|
|
|
|
Fortis Global Healthcare Infrastructure Pte Limited, Singapore |
|
1200000 |
|
Kanishka Healthcare Limited, India |
|
1199994 |
|
Escorts Heart Institute and Research Centre Limited, India |
|
1000 |
|
Yogesh Kumar Sareen (Held as a nominee of Kanishka Healthcare Limited) |
|
1 |
|
Pankaj Gulati (Held as a nominee of Kanishka Healthcare Limited) |
|
1 |
|
Manu Kapila (Held as a nominee of Kanishka Healthcare Limited) |
|
1 |
|
Pawan Preet Singh (Held as a nominee of Kanishka Healthcare Limited) |
|
1 |
|
Daljit Singh (Held as a nominee of Kanishka Healthcare Limited) |
|
1 |
|
Anurag Yadav (Held as a nominee of Kanishka Healthcare Limited) |
|
1 |
|
Total |
|
2401000 |
|
Names of Preference Shareholders |
|
No. of
Preference Shares |
|
|
|
|
|
Kanishka Healthcare Limited, India |
|
29000 |
|
Total |
|
29000 |
List of Allottees
As on 21.10.2011
|
Names of Allottes |
|
No. of Allotted (Equity Shares) |
|
|
|
|
|
Escorts Heart Institute and Research Centre Limited, India |
|
99000 |
|
Total |
|
99000 |
As on 19.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily involved in setting up and running of hospitals. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. N. Dhawan and Company Chartered Accountants |
|
Address : |
C-37, Connaught Place, New Delhi – 110001, India |
|
PAN.: |
AAQFS0580H |
|
|
|
|
Related Parties : |
· Fortis Healthcare (India) Limited · Fortis Healthcare Holdings Limited · Fortis Hospotel Limited (Upto March 16, 2011) · Religare Enterprises Limited (REL) · Religare Securities Limited · Religare Finvest Limited · Religare Commodities Limited · REL Infrafacilities Limited (formerly known as Religare Realty Limited · Religare Venture Capital Limited · Religare Insurance Broking Limited · Religare Finance Limited · Religare Capital Markets Limited · Religare Macquarie Wealth Management Limited · Religare Health Insurance Company Limited · Religare Arts Initiative Limited · Religare United Soccer Limited · Religare Arts Investment Management Limited · AEGON Religare Life Insurance Company Limited · Vistaar Religare Capital Advisors Limited · Religare Asset Management Company Limited · Religare Trustee Company Limited · Mausam Films Limited · Vistaar Religare Films Limited · Vistaar Religare Media Limited · Vistaar Religare Pictures Limited · Vistaar Reliqare Entertainment Limited · Milestone Religare Investment Advisors Private Limited · Religare Housing Development Finance Corporation Limited (Formerly know Religare Advisory Services Limited · Religare Capital Markets Plc. · Hichens, Harrison (Middle East) Limited · Hichens, Harrison (Ventures) Limited · Religare Capital Markets (UK) Limited · Religare Hichens Harrison Consultoria International Ltda · Religare Capital Markets Pty Limited · Religare Capital Markets Inc · London Wall Nominees Limited · HH1803.Com Limited · Tobler (Mauritius) Limited · Tobler (UK) Limited · Religare Global Asset Management Japan Copmay Limited · Religare Investment Advisory (Mauritius) · Religare Investment Holdings (UK) Limited · Charterpace Limited Blamire Limited · Hichens, Harrison (Far East) Pte Limited · Dion Global Solutions Limited · Religare Technologies Limited · Regius Overseas Holding Co. Limited, · Dion Global Solutions Pty Limited, · Dion Global Solutions (Australia) Pty Limited · Dion Global Solutions (Development) Pty Limited, · Dion Global Solutions (Asia Pacific) Pty Limited · Dion Global Solutions (NZ) Limited · Dion Global Solutions (HK) Limited · Dion Global Solutions (UK) Limited · Dion Global Solutions (MY) Sdn Bhd · Dion Global Solutions (Singapore) Pte. Limited · Religare Technova Global Solutions Vietnam Company Limited · Super Religare Laboratories Limited · MENA Healthcare Investment Company Limited · Medical Management Company Limited · Super Religare Laboratories International Limited · Super Religare Laboratories International FZ-LLC · Super Religare Reference Laboratories (Nepal) Private Limited · RHC Holding Private Limited Oscar Investments Limited · A -1 Book Company Private Limited · Malav Holdings Private Limited · Luxury Farms Private Limited · Vistas Realtors Private Limited · Shivi Holdings Private Limited · Greenview Buildtech Private Limited · RC Nursery (Private) Limited, · Shimal Research Laboratories Limited · Hospitalia Informations Systems (Private) Limited · ANR Securities Limited. · Bindas Realtors Private Limited · Vistas Complexes Private Limited · Meadows Buildtech Private Limited · Fortis Clinical Research Limited · Green Biofuels Farms Private Limited · Malsh Healthcare (Partnership Firm) · Oscar Traders (Partnership Firm) · Religare Voyages Limited · Religare Aviation Limited · Religare Aviation Training Academy Limited · Religare Travels (India) Limited · Religare Bullion Limited · Religare Aviation Engineering Limited · Religare Flyslms Limited · Religare Share Brokers Limited · Pirarnal Diagnostic Services Private Limited · DDRC Pirarnal Diagnostic Services Private Limited · Religare Global Asset Management (HK) Limited · Religare Capital Markets (EMEA) Limited · Kyte Management Limited · Religare Capital Markets (USA) LLC · Religare Capital Markets (Hongkong) Limited · Religare Capital Markets (Singapore) Pte Limited ·
Religare Voyages Business Services Private
Limited |
CAPITAL STRUCTURE
After 19.09.2011
Authorised Capital : Rs.45.000 Millions
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
Millions |
|
29000 |
Preference Shares |
Rs.10/- each |
Rs.0.290
Million |
|
|
|
|
Rs.25.290 Millions |
As on 19.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2401000 |
Equity Shares |
Rs.10/- each |
Rs.24.010
Millions |
|
29000 |
Preference Shares |
Rs.10/- each |
Rs.0.290
Million |
|
|
|
|
Rs.24.300 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 |
24.010 |
0.500 |
0.500 |
|
|
2] Share Application Money |
4.900 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
211.590 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(8.237) |
(5.799) |
(2.824) |
|
|
NETWORTH |
232.263 |
(5.299) |
(2.324) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
5.500 |
11.563 |
3.128 |
|
|
TOTAL BORROWING |
5.500 |
11.563 |
3.128 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
237.763 |
6.264 |
0.804 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
64.361 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
Goodwill on acquisition |
165.996 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.795
|
0.000 |
0.000 |
|
|
Sundry Debtors |
10.260
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
240.140
|
0.112 |
0.000 |
|
|
Other Current Assets |
0.410
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.652
|
6.207 |
1.951 |
|
Total
Current Assets |
258.257
|
6.319 |
1.951 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
247.336
|
0.006 |
0.072 |
|
|
Other Current Liabilities |
2.493
|
0.000 |
1.046 |
|
|
Provisions |
1.022
|
0.049 |
0.029 |
|
Total
Current Liabilities |
250.851
|
0.055 |
1.147 |
|
|
Net Current Assets |
7.406
|
6.264 |
0.804 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
237.763 |
6.264 |
0.804 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income / Consultancy Charges |
0.398 |
0.000 |
0.200 |
|
|
|
Other Income |
0.028 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
0.426 |
0.000 |
0.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Medical Consumable and Pharmacy |
0.159 |
0.000 |
0.000 |
|
|
|
Personnel Expenses |
1.305 |
1.697 |
2.476 |
|
|
|
Operating Expenses |
0.230 |
0.000 |
0.000 |
|
|
|
Selling, General and Administrative Expenses |
0.275 |
0.192 |
0.419 |
|
|
|
TOTAL (B) |
1.969
|
1.889 |
2.895 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.543) |
(1.889) |
(2.695) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.834 |
1.087 |
0.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2.377) |
(2.976) |
(2.823) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.061 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(2.438) |
(2.976) |
(2.823) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(2.438) |
(2.976) |
(2.823) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(5.799) |
(2.823) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(8.237) |
(5.799) |
(2.823) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.02) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(572.30)
|
0.00 |
(1411.50) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(612.56)
|
0.00 |
(1411.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.76)
|
(47.10) |
(144.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.56 |
1.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
110.37
|
(2.19) |
(1.84) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
114.89 |
1.70 |
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 |
Yes |
|
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 |
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 |
-- |
|
23) Banking Details |
No |
|
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 |
BACKGROUND:
Subject was incorporated on April 7, 2008 as a wholly owned subsidiary of Fortis Hospotel Limited ('FHTL'). The Company entered into a business transfer agreement with Fortis Hospitals Limited on March 28, 2011 to acquire the business division consisting of Nagarbhavi Hospital situated at Bangalore, on a going concern slump sale basis. The business of the hospital has been transferred to the Company on March 29, 2011.
FINANCIAL PERFORMANCE AND OPERATIONS
The Company was incorporated on April 7, 2008 and is primarily involved
in setting up and running of hospitals.
The Company is in its initial stages of operations and
is in the phase of exploring new business opportunities. During the year, the
Company acquired a hospital located at Nagarbhavi, Bangalore from Fortis
Hospitals Limited for a consideration of Rs 235.000 Millions. (The deal was
consummated on 28,tt March 2011.
The Company has recorded total revenue of Rs.0.426
Millios during the year due to acquisition of the hospital located at
Nagarbhavi, Bangalore.
FIXED ASSETS:
·
Leasehold Improvements
·
Plant and Machinery
·
Medical Equipments
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Vehicles
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.56.42 |
|
|
1 |
Rs.88.45 |
|
Euro |
1 |
Rs.71.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.