MIRA
INFORM REPORT
|
Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
TFL QUINN INDIA PRIVATE LIMITED |
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Registered
Office : |
TFL Estate, Bachupally, Near Miyapur, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.09.1998 |
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Com. Reg. No.: |
01-045836 |
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Capital Investment
/ Paid-up Capital : |
Rs.102.531 Millions |
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CIN No.: [Company Identification
No.] |
U18209AP1998PTC045836 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDQ00007A CHEQ00011E |
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PAN No.: [Permanent Account No.] |
AAACT7631D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Sale of Leather Tanning and Leather Finishing
chemicals. The Company is also engaged in the trading of Dyes and Leather
Speciality Chemical for Tanning Industry |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1700000 |
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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 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.
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 |
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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/ Corporate Office/ Factory 1 : |
325 and 326, TFL Estate, |
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Tel. No.: |
91-40-23046531 /
32 / 33 / 34 |
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Mobile No.: |
91-9701017283 (Mr. Durga Prasad) |
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Fax No.: |
91-40-23046540 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Durga Prasad Trikutam |
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Designation : |
Managing Director |
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Address : |
Plot No.128, House No.20-103, Dayanand Nagar, Malkajgiri, Hyederabad-500
047, |
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Date of Birth/Age : |
01.08.1956 |
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Date of Appointment : |
12.03.2004 |
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DIN No.: |
00056498 |
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Email: |
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Name : |
Mr. Kommandur Achyuthan |
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Designation : |
Executive Chairman |
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Address : |
4, Dr. Besant Nagar, Chennai – 600 005, |
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Date of Birth/Age : |
20.03.1948 |
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Qualification: |
Degree in Engineering, M.Sc in Business Management (IIM) |
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Experience: |
39 Years |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
01503084 |
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Email: |
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Previous Employment Held: |
Sanmar Engineering |
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Name : |
Mr. Gunther Hurlebaus |
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Designation : |
Director |
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Address : |
Krumme, Lange 17, |
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Date of Birth/Age : |
02.02.1966 |
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Date of Appointment : |
05.02.2010 |
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DIN No.: |
02259794 |
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Other
Directorship:
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Name : |
Mr. Werner Kuchenbecker |
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Designation : |
Director |
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Address : |
Berner, WEG 4, |
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Date of Birth/Age : |
04.05.1963 |
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Date of Appointment : |
04.07.2008 |
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DIN No.: |
02308534 |
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Other
Directorship:
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Name : |
Mr. Kai Edling |
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Designation : |
Director |
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Address : |
Bannweg 3 A, Steinen, 79585, |
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Date of Birth/Age : |
17.10.1964 |
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Date of Appointment : |
04.07.2008 |
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DIN No.: |
02925664 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
T. N. Kannan |
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Designation : |
Secretary |
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Address : |
House No.44, Environ Enclave, Sai Baba Nagar, Kukatpally,
Hyderabad-500 073, |
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Date of Birth/Age : |
12.08.1968 |
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Date of Appointment : |
16.11.2009 |
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Pan No.: |
AGMPK7315C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
TFL Ledertechnik |
|
10253096 |
|
TFL Holding |
|
17 |
|
Total |
|
10253113 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sale of Leather Tanning and Leather Finishing
chemicals. The Company is also engaged in the trading of Dyes and Leather
Speciality Chemical for Tanning Industry. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Leather Speciality Chemicals |
KGS |
25,000,000 |
25,000,000 |
10,605,596 |
Note: Installed capacities are as certified by
Management and have not been verified by the auditors as this is a technical
matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of ·
State Bank of ·
Deutsche Bank, AG, ·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel West, Mumbai-400 013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Associates (Mr. Sriram Mahalingam) Chartered Accountant |
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Address : |
Reliance Humsafar, IV, Road No.11, Banjara Hills, Hyderanbad-500 034, |
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PAN.: |
AADFB6889R |
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Tel. No.: |
91-40-30465000 |
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Fax No.: |
91-40-30465299 |
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Holding Companies: |
Ø
TFL Ledertechnik Address: IM Schwarzenbach, D – 79576, Weil Am |
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Ultimate Holding Companies: |
Odewald and Compagnie Gesellschaft fur Beteiligungen GmbH, |
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Company Having Significant Influence on the Holding Companies: |
TFL Holding |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,500,000 |
Equity Shares |
Rs.10/- each |
Rs.105.000 Millions |
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Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,500,000 |
Equity Shares |
Rs.10/- each |
Rs.105.000
Millions |
|
|
|
|
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Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,253,113 |
Equity Shares |
Rs.10/- each |
Rs.102.531
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 |
102.531 |
102.531 |
102.531 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
324.800 |
233.070 |
192.823 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
427.331 |
335.601 |
295.354 |
|
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
37.552 |
164.451 |
151.594 |
|
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2] Unsecured Loans |
1.875 |
1.875 |
1.875 |
|
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TOTAL BORROWING |
39.427 |
166.326 |
153.469 |
|
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DEFERRED TAX LIABILITIES |
38.262 |
41.493 |
43.403 |
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|
|
|
|
|
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TOTAL |
505.020 |
543.420 |
492.226 |
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
286.201 |
300.572 |
312.714 |
|
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Capital work-in-progress |
4.212 |
0.010 |
4.752 |
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|
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INVESTMENT |
1.162 |
0.887 |
0.564 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
94.931
|
97.257 |
78.503 |
|
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Sundry Debtors |
496.720
|
339.872 |
268.973 |
|
|
Cash & Bank Balances |
33.771
|
122.397 |
36.518 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
42.489
|
36.567 |
36.379 |
|
Total
Current Assets |
667.911
|
596.093 |
420.373 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
282.908
|
213.021 |
119.010 |
|
|
Other Current Liabilities |
99.703
|
81.219 |
68.939 |
|
|
Provisions |
71.855
|
59.902 |
58.228 |
|
Total
Current Liabilities |
454.466
|
354.142 |
246.177 |
|
|
Net Current Assets |
213.445
|
241.951 |
174.196 |
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
505.020 |
543.420 |
492.226 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1444.779 |
1146.896 |
1052.165 |
|
|
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Other Income |
NA |
NA |
51.739 |
|
|
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TOTAL (A) |
NA |
NA |
1103.904 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
951.135 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
951.135 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
237.248 |
173.030 |
152.769 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.411 |
19.253 |
30.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
219.837 |
153.777 |
122.622 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.338 |
16.565 |
17.620 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
203.499 |
137.212 |
105.002 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
62.473 |
47.510 |
38.241 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
141.026 |
89.702 |
66.761 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
71.516 |
113.975 |
101.872 |
|
|
|
|
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|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
41.012 |
41.012 |
20.506 |
|
|
|
Tax on Interim Dividend |
6.653 |
6.812 |
3.485 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
20.506 |
|
|
|
Tax on Proposed Dividend |
0.000 |
0.000 |
3.485 |
|
|
|
Transfer to General Reserve |
14.103 |
8.970 |
6.676 |
|
|
BALANCE CARRIED
TO THE B/S |
150.774 |
146.883 |
113.975 |
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
586.918 |
344.342 |
315.777 |
|
|
|
Commission Earnings |
12.464 |
13.339 |
12.790 |
|
|
TOTAL EARNINGS |
599.382 |
357.681 |
328.567 |
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Traded Goods |
112.171 |
103.104 |
109.170 |
|
|
|
Capital Goods |
0.000 |
0.149 |
4.990 |
|
|
TOTAL IMPORTS |
112.171 |
103.253 |
114.160 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.75 |
8.75 |
6.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
-
|
- |
6.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.08
|
11.96 |
9.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.33
|
15.30 |
14.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.41 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
1.55 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.68 |
1.71 |
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) |
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 |
Note: Register office of the company has been shifted from 54,
OPERATING
PERFORMANCE:
During the year, the company achieved 26% growth over the previous year
with net sales turnover of Rs.1444.779 millions as against the turnover of
Rs.1146.896 millions during the previous year. The company pre-tax profit for
the year grew substantially to Rs.203.499 millions as against Rs.137.212
millions in the previous year. This is an increase of about 45% reflecting the
cost cutting exercise undertaken during the year.
FUTURE OUTLOOK:
The leather
Industry being essentially export oriented, with Europe and
The Indian Leather Industry is focused on higher value added quality
products and has geared itself to cater to these exacting markets.
Productivity improvements, special techniques to upgrade leather and a
green product are all the challenges facing the Industry.
The company is
poised to meet the chemical requirements of the leather industry to make these
products. The company in the last couple of years has developed specialty
products meeting the price / performance expectations of the customers and is
in a position to offer products to enable tanners to meet the challenge of
delivering high fashion environmentally friendly leather products.
They are confident
with the continuing developments in these areas the company would be able to
play a larger role in the market during the coming years.
FUTURE PLAN OF
ACTION:
Several new projects
are in the offing, the major thrust areas being standardisation of EHS
practices at production site, continual economization of the operations and
introduction of newer and safer products for the market. The new dyestuffs,
pigments, fat liquors, retaining agents, finishing chemicals and beam house
products, are being designed to target unexplored areas in market keeping in
view the safety requirements prescribed by the statutory bodies worldwide and
major brands. The development of tailor made finishing formulations continues
to cater the specific requirements of specific customers thus providing the
ready solutions for current fashion trends. The similar concept in the area of
wet end chemicals has been successful in the form of building blocks to offer
innovative compacts readily. The innovation pipe line is expected to generate
new efficient but still competent and safe solutions in the near future.
Amalgamation of Quinn International Private Limited (QIPL) with the
Company:
In accordance with
the Scheme of amalgamation of erstwhile QIPL with the Company as approved by
the Board of Directors and members at their meetings held on 29 August 2003 and
subsequently by the Honorable High Court at Chennai and Hyderabad on 29 January
2004 and 15 February 2004, respectively, the assets and liabilities of QIPL
were transferred and vested in the Company with effect from 1 April 2003.
Accordingly, the Scheme was given effect to in the accounts for the year ended
31 March 2004.
The amalgamation
was accounted for under the purchase method as prescribed by Accounting
Standard (AS) 14 issued by The Institute of Chartered Accountants of India.
Accordingly, the assets and liabilities of QIPL as at 1 April 2003 were taken
over at their book values. As per the Scheme, the difference between the book
value of 985,000 equity shares of Rs.10 each held by the Company in QIPL and
the book value of the net assets of QIPL was reflected as Goodwill in Schedule
5. Subsequently, to reflect the fair values of the land and buildings taken
over from QIPL, the Company carried a revaluation of these assets as at 1 April
2005 resulting in a revaluation surplus, which has been offset against the
goodwill arising on amalgamation.
The details of the
above are set out in the table below:
|
PARTICULARS |
Rs. in Millions |
|
Book Value of shares held by the company in Quinn |
146.114 |
|
Less: Book value of net assets taken over |
33.467 |
|
Goodwill arising on amalgamation |
112.647 |
|
Adjustment to reflect
fair values (as at 1 April 2003) of land and buildings taken over on amalgamation |
83.588 |
|
Adjusted goodwill |
28.789 |
|
|
|
The adjusted
goodwill arising on amalgamation of QIPL has been amortized over a period of
five years within the guidelines prescribed by AS 14.
Further, pursuant
to the Scheme of amalgamation, the reserves of QIPL are merged with those of
the Company in the same form as they appear in the financial statements of
Quinn International. Accordingly, Rs. 23.616 millions was debited to the
amalgamation adjustment account during the year ended 31 March 2005, which is
different from the treatment as prescribed by the AS 14 in the case of an
amalgamation in the nature of purchase. AS 14 prescribes, that in the case of
an amalgamation in the nature of purchase, the identity of reserves is not
preserved. Accordingly, in the year ended 31 March 2005, the Company adjusted
the balance in amalgamation adjustment account to the general reserves.
During the previous
year 2009-10 the Company had rectified the accounting treatment with respect to
the adjustment of revaluation reserve against the goodwill balance, which arose
on merger accounting in earlier years. On account of the treatment adopted by
the Company in earlier years, the revaluation reserve was understated and the
profit and loss account was overstated in the books of accounts. Accordingly,
the Company had transferred Rs.75.366 millions from profit and loss account to
revaluation reserve to rectify the earlier accounting and to appropriately
reflect the balances as of 31 March 2010.
FIXED ASSETS
Ø
Ø
Buildings
Ø
Plant
and Machinery
Ø
Laboratory
Equipment
Ø
Computers
Ø
Office
Equipment
Ø
Furniture
and Fixtures
Ø
Motor
Vehicles
Ø
Goodwill
Ø
Technical
Know-how
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.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPTP |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--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 |
|
46 |
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.