|
Report Date : |
28.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MERCURY TRAVELS LIMITED (w.e.f. 11.08.1989) |
|
|
|
|
Formerly Known
As : |
MERCURY TRAVELS ( |
|
|
|
|
Registered
Office : |
4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
31.03.1948 |
|
|
|
|
Com. Reg. No.: |
21-016503 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.42.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040WB1948PLC016503 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALM00961C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing Tour and Travel Related Services that
include Air Ticketing, Car Rentals, Inbound Tourism, Purchase and Sale of Foreign
Exchange, Overseas and Domestic Holiday Packages, Conferences, Outbound
Tours, Events and Exhibition Management. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 473000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Shashank |
|
Designation : |
General Manager in Finance |
|
Contact No.: |
91-22-66151140 |
|
Date : |
27.06.2012 |
LOCATIONS
|
Registered Office : |
4, |
|
Tel. No.: |
91-33-40002200 |
|
Fax No.: |
91-33-22486785 |
|
E-Mail : |
For assistance
with online bookings: support@mercurytravels.in For Information
on Indian Holidays: india@mercurytravels.in
For Information
on Holidays outside For Information
on Forex/ My Global Money Card: forex@mercurytravels.in
For Vacancies/
HR Team: hr@mercurytravels.in For Partnership
interests and Press Related queries: nancy.castelino@mercurytravels.in For feedback on our site: support@mercurytravels.in |
|
Website : |
|
|
|
|
|
Corporate Office : |
The Oberoi, Oberoi Shopping Centre, Nariman Point, Mumbai - 400 021, |
|
Tel. No.: |
91-22-66150627 |
|
Fax No.: |
91-22-22023663 |
|
|
|
|
Branch Office 1 : |
70, Dr. V.B. Gandhi Marg, Kalaghoda, Mumbai – 400 023, |
|
Tel. No.: |
91-22-66153479-82/ 66151140 |
|
|
|
|
Branch Office : |
Also located at: v
Mumbai v
v
Ahmedabad v
v
Chennai v
v
Panjim, v
Gurgaon v
Jaipur v
Kolkata v
v
v
Pune v
Secunderbad v
v
|
|
|
|
|
Overseas Office 1 : |
|
|
Tel. No.: |
+1 212 967 0050 |
|
Fax No.: |
+1 973 669 8056 |
|
|
|
|
Overseas Office 2 : |
Kurhessen Strasse 6, 60431 Frankfurt |
|
Tel. No.: |
+49-69-51 26 20 |
|
Fax No.: |
+49-69-52 18 49 |
|
|
|
|
Overseas Office 3 : |
Papenhuderstrasse 36, 22087 |
|
Tel. No.: |
+49-40-22 75 63 37 |
|
Fax No.: |
+49-40-22 75 63 38 |
|
|
|
|
Overseas Office 4 : |
|
|
Tel. No.: |
+44 79427 41352 |
|
|
|
|
Overseas Office 5 : |
AV, Belgrano 1377/8 B, 1093 |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Prithviraj Singh Oberoi |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Villa Aashiana, Kapashera Bijwasan, |
|
Date of Birth/Age : |
03.02.1929 |
|
Date of Appointment : |
28.02.1952 |
|
DIN No.: |
00051894 |
|
|
|
|
Name : |
Mr. Tej Kumar Sibal |
|
Designation : |
Director |
|
Address : |
35A, Oberoi Apartments, 2, Sham Nath Marg, |
|
Date of Birth/Age : |
25.10.1933 |
|
Date of Appointment : |
26.10.2007 |
|
DIN No.: |
00038992 |
|
|
|
|
Name : |
Mr. Ashwini Manmohan Vir Kakkar |
|
Designation : |
Whole-Time Director |
|
Address : |
11B, Jolly Maker Apartments, No.1, 95-97, Cuffe Parade, Colaba, Mumbai
– 400 005, |
|
Date of Birth/Age : |
04.01.1954 |
|
Date of Appointment : |
28.07.2006 |
|
DIN No.: |
00390787 |
|
|
|
|
Name : |
Ms. Kritika Kakkar |
|
Designation : |
Director |
|
Address : |
11B, Jolly Maker Apartments, No.1, 95-97, Cuffe Parade, Colaba, Mumbai
– 400 005, |
|
Date of Birth/Age : |
01.09.1985 |
|
Date of Appointment : |
28.07.2006 |
|
DIN No.: |
01312695 |
KEY EXECUTIVES
|
Name : |
Mr. Shashank |
|
Designation : |
General Manager in Finance |
|
|
|
|
Name : |
Mr. Aashutosh Akshikar |
|
Designation : |
President and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Ajay Bhatia |
|
Designation : |
Vice President and Chief Operating Officer |
|
|
|
|
Name : |
Ms. Nancy Castelino |
|
Designation : |
Vice President - Marketing and HR |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
EIH Limited, |
|
845545 |
|
EIH Associated Hotels Limited, |
|
217175 |
|
EIH Limited jointly with Vikram Oberoi |
|
1000 |
|
EIH Limited jointly with Arjun Oberoi |
|
1000 |
|
EIH Limited jointly with P.K. Sarkar |
|
10 |
|
EIH Limited jointly with G. Ganguli |
|
2000 |
|
EIH Limited jointly with Manoj Kumar
Mukherjee |
|
10 |
|
EIH Limited jointly with Biswajit Mitra |
|
10 |
|
Ashwini Kakkar |
|
3183200 |
|
Manmohan Vir Kakkar |
|
10 |
|
Suraj Kakkar |
|
10 |
|
Kritika Kakkar |
|
10 |
|
Amita Bhatia |
|
10 |
|
Naveen Bhatia |
|
10 |
|
Total |
|
4250000 |
As on 28.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
25.10 |
|
Directors
or relatives of directors |
|
74.90 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing Tour and Travel Related Services that
include Air Ticketing, Car Rentals, Inbound Tourism, Purchase and Sale of
Foreign Exchange, Overseas and Domestic Holiday Packages, Conferences,
Outbound Tours, Events and Exhibition Management. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
v United Bank of v Centurion Bank of
Punjab Limited, 25/26 Maker Chambers III, Nariman Point, Mumbai - 400 021, v United Bank of v HDFC Bank
Limited v ICICI Bank
Limited |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Particulars of
Securities United bank of a) The Term loan from ICICI Bank Limited is secured against
hypothecation of Vehicles. Amount due with in twelve month Rs.0.149 million
(2010 - Rs.0.180 million) b) The cash credit from United Bank of |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ray and Ray Chartered Accountants |
|
Address : |
205, Ansal Bhawan, 2nd Floor, 16, Kasturba Gandhi Marg, |
|
Tel. No.: |
91-11-23705415/ 23705416/ 41525215 |
|
Fax No.: |
91-11-23705428 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAPS5670C |
|
|
|
|
Enterprises in which Key Management Personnel have significant influence
: |
v
Flight Raja Travels Private Limited v
|
|
|
|
|
|
v Mercury Himalayan Explorations Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4250000 |
Equity Shares |
Rs.10/- each |
Rs.42.500
millions |
|
|
|
|
|
Notes:
2050000 Equity Shares of Rs.10/- each were
allotted as fully paid up Bonus Shares by Capitalisation of General Reserve.
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 |
42.500 |
42.500 |
42.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
75.870 |
71.432 |
80.679 |
|
|
4] (Accumulated Losses) |
0.000 |
(13.594) |
0.000 |
|
|
NETWORTH |
118.370 |
100.338 |
123.179 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
164.475 |
147.694 |
103.302 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
164.475 |
147.694 |
103.302 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
282.845 |
248.032 |
226.481 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
39.213 |
44.159 |
53.249 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.600 |
1.600 |
0.600 |
|
|
DEFERRED TAX ASSETS |
16.008 |
22.044 |
13.909 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.090
|
9.126 |
8.981 |
|
|
Sundry Debtors |
256.736
|
237.333 |
190.559 |
|
|
Cash & Bank Balances |
56.540
|
51.411 |
24.700 |
|
|
Other Current Assets |
0.189
|
0.109 |
0.007 |
|
|
Loans & Advances |
93.368
|
75.217 |
77.733 |
|
Total
Current Assets |
413.923
|
373.196 |
301.980 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
161.568
|
165.050 |
120.075 |
|
|
Other Current Liabilities |
11.513
|
11.812 |
8.720 |
|
|
Provisions |
16.818
|
16.105 |
14.462 |
|
Total
Current Liabilities |
189.899
|
192.967 |
143.257 |
|
|
Net Current Assets |
224.024
|
180.229 |
158.723 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
282.845 |
248.032 |
226.481 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Commission |
106.071 |
61.840 |
43.103 |
|
|
|
Other Income |
157.142 |
131.840 |
137.458 |
|
|
|
TOTAL (A) |
263.213 |
193.680 |
180.561 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees’ Remuneration and Welfare Expenses |
112.097 |
103.962 |
131.938 |
|
|
|
Administrative, Selling and Other
Expenses |
90.835 |
87.181 |
105.776 |
|
|
|
Repairs and Maintenance |
6.734 |
7.901 |
8.346 |
|
|
|
Exceptional Items – Profit on |
0.000 |
0.000 |
(46.752) |
|
|
|
TOTAL (B) |
209.666 |
199.044 |
199.308 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.547 |
(5.364) |
(18.747) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
19.554 |
16.024 |
12.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.993 |
(21.388) |
(31.383) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.925 |
9.703 |
8.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
24.068 |
(31.091) |
(40.014) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.036 |
(8.250) |
(9.914) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
18.032 |
(22.841) |
(30.100) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(52.513) |
(29.672) |
0.428 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(34.481) |
(52.513) |
(29.672) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Inbound tours and allied services (as certified by the Management and Company bankers) |
211.275 |
166.802 |
258.978 |
|
|
TOTAL EARNINGS |
211.275 |
166.802 |
258.978 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
4.24 |
(5.37) |
(7.08) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.85
|
(11.79) |
(16.67) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.69
|
(50.28) |
(92.83) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.31
|
(7.45) |
(11.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
(0.31) |
(0.32) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
3.40 |
2.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
1.93 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Total
outstanding dues of Micro and Small Enterprises |
-- |
-- |
-- |
|
- Total outstanding
dues of Creditors other than Micro and Small Enterprises |
161.568 |
165.050 |
120.075 |
|
Total |
161.568 |
165.050 |
120.075 |
|
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 |
FINANCIAL
HIGHLIGHTS:
The Foreign and Indian markets economically improved compare to the
2009-10. Corporate business improved and because of that their business is also
gone up. The improved performance during the year was driven primarily by
increase in sale compared to the last year and because of that their earnings
from airline, Foreign exchange business and hotel reservations The Board is
confident that barring unforeseen circumstances, the performance during the
current year will improve further. In view of the carried forward losses and
with a view to conserve resources for future expansion, the Directors have
decided to skip dividend for the year.
The Company is also focusing on improving employee productivity. With
the introduction of skills training, service quality, familiarization and team
building initiatives, the Company intends to be the employer of choice in the
Travel and Tourism Industry.
Contingent
Liabilities not provided for in respect of: (As on 31.03.2011)
1. Claim against the company not acknowledged as debts
v
Demand made by landlord Rs.61.953 millions
v
Disputed service tax demand Rs.1.800 millions
against which appeals are preferred.
2. Some employees have filed claims in various forums and sought relief.
The ultimate liability, if any, with respect to their claims is not
ascertainable and in the opinion of the management would not have a material
impact on these accounts.
3. The Income tax department to gone Into appeal to Hon'ble High Court
of Kolkata in the matter of claim made by the Company in respect of the
deductions under section 80HHD of the Income Tax Act, 1961 for the assessment
year 2001-02. Pending decision, further liability, if any not ascertainable.
FIXED ASSETS:
Tangible Assets
v Building
v Furniture and Fittings
v Computers
v Air Conditioning
v Plant and Machinery
v Vehicles
v Leased Vehicles
Intangible Assets
v Computer Software
v Business Rights
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.57.22 |
|
|
1 |
Rs.89.42 |
|
Euro |
1 |
Rs.71.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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.