|
Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA RETAIL LIMITED (w.e.f
01.09.2006) |
|
|
|
|
Formerly Known
As : |
PUSHPAK FINANCE AND INVESTMENTS LIMITED |
|
|
|
|
Registered
Office : |
Skyline Icon, 86/92, 5th and 6th Floor, Near
Mittal, Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai –
400059, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.07.1988 |
|
|
|
|
Com. Reg. No.: |
11-48117 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1225.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1988PLC048117 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA28583C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2678Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Chain of Departmental Stores. |
|
|
|
|
No. of Employees
: |
Information declined by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a part of Aditya Birla Group. It is an established company having
moderate track. There appears to be huge accumulated losses recorded by the
company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. 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 DENIED BY
|
Name : |
Mr. Amit Bhatt |
|
Designation : |
Deputy Manager |
|
Date : |
15.03.2012 |
LOCATIONS
|
Registered Office : |
Skyline Icon, 86/92, 5th and 6th Floor, Near Mittal,
Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059,
Maharasahtra, India |
|
Tel. No.: |
91-22-22073341/ 66525000/ 24995000/ 66805555 |
|
Fax No.: |
91-22-66525841/ 24995841 / 66805394 |
|
E-Mail : |
investorrelations@adityabirla.com |
|
Website : |
|
|
|
|
|
Branch Office |
Located at: ·
Thane ·
·
·
·
·
|
DIRECTORS
As on 11.07.2011
|
Name : |
Mr. Gopi Krishna Tulsian |
|
Designation : |
Director |
|
Address : |
32 Peacock Palace, |
|
Date of Birth/Age : |
02.02.1937 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00017786 |
|
|
|
|
Name : |
Mr. Girish Mohanlal Dave |
|
Designation : |
Director |
|
Address : |
Dave and Girish and Company, Advocates, 1st
Floor, Sethna Building, 55 Maharshi Karve Road, Marine Lines, Mumbai –
400002, Maharashtra, India |
|
Date of Birth/Age : |
12.07.1938 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00036455 |
|
|
|
|
Name : |
Mr. Kamlesh Shivji Vikamsey |
|
Designation : |
Director |
|
Address : |
194, Kalpataru Habitat, Tower – A, Dr. S S Road, Parel, Mumbai
– 400012, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1960 |
|
Date of Appointment : |
22.04.2008 |
|
DIN No.: |
00059620 |
|
|
|
|
Name : |
Mr. Thomas Varghese |
|
Designation : |
Director and Manger |
|
Address : |
Flat No. 502, Park Lane Apartments, |
|
Date of Birth/Age : |
03.03.1961 |
|
Date of Appointment : |
01.08.2008 |
|
DIN No.: |
02263496 |
|
|
|
|
Name : |
Mr. Pranab Barua |
|
Designation : |
Director |
|
Address : |
D-1, Cedar Crest, 258, 10th Main, Defence
colony, Indira Nagar, |
|
Date of Birth/Age : |
21.09.1952 |
|
Date of Appointment : |
01.02.2009 |
|
DIN No.: |
00230152 |
KEY EXECUTIVES
|
Name : |
Mr. Sushil Kumar Agarwal |
|
Designation : |
Secretary |
|
Address : |
Flat A-301, Harmony, |
|
Date of Birth/Age : |
29.08.1970 |
|
Date of Appointment : |
01.12.2010 |
|
|
|
|
Name : |
Mr. Amit Bhatt |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kanishtha Finance and Investment Private Limited, |
|
122499930 |
|
G K Tulsian and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Sushil Ganesham Agarwal and Kanishtha Finance and Investment Private
Limited, |
|
10 |
|
Suresh Pitale and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Anil Chirania and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Omprakash Jajodia and Kanishtha Finance and Investment Private
Limited, |
|
10 |
|
Vivek Pendharkar and Kanishtha Finance and Investment Private Limited,
|
|
10 |
|
Nitin Madhura and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
TOTAL |
|
122500000 |
As on 11.07.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Chain of Departmental Stores. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
MORE |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management
|
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Bankers : |
Axis Bank Limited, 4/10, OPG House, |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. |
|
Tel. No.: |
91-22-66679000 |
|
Mobile No.: |
91-22-66679025 |
|
PAN.: |
AADFD2337G |
|
|
|
|
Holding Company : |
·
Kanishtha Finance and Investment Private Limited
CIN No.: U65990MH1988PTC48498 |
|
|
|
|
Subsidiaries : |
·
Trinethra Superretail Private Limited CIN No.:
U52520AP1990PTC011172 ·
H A S Two Holdings Private Limited
(Subsidiary Company of Trinethra Superretail Private Limited ) CIN No.:
U64202KA1999PTC025649 ·
Terrafirma Agroprocessing ( CIN No.:
U15499AP2005PTC047082 ·
Fabmall ( CIN No.:
U18101KA2002PTC031385 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122500000 |
Equity Shares |
Rs.10/- each |
Rs.1225.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1225.000 |
1000.000 |
500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(15516.500) |
(10105.000) |
(3790.563) |
|
|
NETWORTH |
(14291.500) |
(9105.000) |
(3290.563) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9316.400 |
6160.100 |
1786.873 |
|
|
2] Unsecured Loans |
18799.900 |
14698.500 |
9737.522 |
|
|
TOTAL BORROWING |
28116.300 |
20858.600 |
11524.395 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Employee Stock Option Outstanding |
871.100 |
700.200 |
465.462 |
|
|
|
|
|
|
|
|
TOTAL |
14695.900 |
12453.800 |
8699.294 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1429.300 |
1628.000 |
1144.439 |
|
|
Capital work-in-progress |
223.200 |
354.900 |
340.356 |
|
|
|
|
|
|
|
|
INVESTMENT |
12425.000 |
9796.000 |
7166.022 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
628.700
|
605.200
|
698.822
|
|
|
Sundry Debtors |
85.200
|
55.700
|
12.087
|
|
|
Cash & Bank Balances |
359.700
|
513.800
|
73.659
|
|
|
Other Current Assets |
28.500
|
13.700
|
3.948
|
|
|
Loans & Advances |
1253.900
|
1142.000
|
818.627
|
|
Total
Current Assets |
2356.000
|
2330.400
|
1607.143
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
542.100
|
523.800
|
664.698
|
|
|
Current Liabilities |
1158.300
|
1089.200
|
870.677
|
|
|
Provisions |
37.200
|
42.500
|
23.291
|
|
Total
Current Liabilities |
1737.600
|
1655.500
|
1558.666
|
|
|
Net Current Assets |
618.400
|
674.900
|
48.477
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14695.900 |
12453.800 |
8699.294 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6049.100 |
4655.300 |
951.300 |
|
|
|
Other Income |
324.500 |
147.700 |
33.600 |
|
|
|
TOTAL (A) |
6373.600 |
4803.000 |
984.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
5412.100 |
4249.500 |
875.000 |
|
|
|
Administrative Expenses |
2552.100 |
3261.200 |
1647.700 |
|
|
|
Employees Cost |
1746.600 |
2235.800 |
1657.200 |
|
|
|
TOTAL (B) |
9710.800 |
9746.500 |
4179.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(3337.200) |
(4943.500) |
(3195.00) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1568.000 |
873.100 |
119.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
LOSS BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(4905.200) |
(5816.600) |
(3314.400) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
506.300 |
479.300 |
144.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
LOSS BEFORE TAX (E-F) (G) |
(5411.500) |
(6295.900) |
(3458.800) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
18.500 |
14.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
LOSS AFTER TAX (G-H) (I) |
(5411.500) |
(6314.400) |
(3472.800) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(10105.000) |
(3790.600) |
(317.800) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(15516.500) |
(10105.000) |
(3790.600) |
|
|
|
|
|
|
|
|
|
|
|
Capital Goods |
29.000 |
113.800 |
343.800 |
|
|
|
Trade Goods |
30.800 |
9.100 |
5.300 |
|
|
TOTAL IMPORTS |
59.800 |
122.900 |
349.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(54.05) |
(72.94) |
(69.46) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(84.90)
|
(131.47) |
(352.60) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(89.46)
|
(131.08) |
(363.59) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(142.96)
|
(159.05) |
(125.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.38)
|
(0.69) |
(1.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.09
|
2.47 |
3.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.41 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Micro , Small and Medium Enterprises |
0.000 |
0.000 |
1.294 |
|
Others |
542.100 |
523.800 |
663.404 |
|
|
542.100 |
523.800 |
664.698 |
Notes: The registered office of the company has been
shifted from “More Centre”,
BACKGROUND:
Subject is engaged in the business of
retailing under the brand name “MORE” as at 31st March, 2010 the
company operated through 146 supermarkets and 5 hypermarkets located in various
cities across the country.
BUSINESS
PERFORMANCE:
During the year the company launched 4 new hypermarkets under the brand
name More, Megamart at different locations across the country which received
overwhelming response from the consumers. The sales from the Hypermarket as a
consequence increased significantly from the previous year and constituted
about 25% of the total sales of the company. In respect of supermarkets the
focus continued on relentless pursuit of cost reduction, closure of unviable
and non performing stores, development and strengthening of private labels and continuous
improvement in gross margin to ensure that the business moves towards achieving
profitability.
During the year the company closed the year with 146 supermarkets and 5
hypermarket covering 6.96 Iacs sq. feet of retail space. The Company’s subsidiary
Trinethra Superretail Private Limited closed the year with 379 Supermarkets and
1 Hypermarket covering an area of 9.12 lacs sq feet.
More. is covering 155 cities and towns across 12 Indian states. It is
FINANCE:
The company has been assigned a rating of “A2+” for Short-Term
Loans-Fund Based limits and Non-Fund Based Limits and “LBBB +”for Long term Loans
and Fund Based Limits. Both the ratings are investment grade.
During the year, for meeting its capex and opex requirements, the
company raised resources through a mix of debt and equity (including 1%
Optionally Convertible Bonds). the Company issued and allotted 2,25,00,000
Equity Shares of the face value of Rs.10/- each for cash at par aggregating to
Rs.225.000 Millions and issued and allotted 2,59,70,000, 1% Optionally
Convertible Bonds -Series-lV of the face value of Rs.100/- each for cash at par
aggregating to Rs.2597.000 Millions.
During the year, the company subscribed for 25,45,150 1%Optionally
Convertible Bonds Series-Ill of Rs.30Sf- each aggregating to Rs.776.300
Millions issued by Trinethra Superretail Private Limited to enable meet its capex
and opex requirements. These OCBs at the sole option of the holder thereof will
be converted into I fully paid-up equity shares of the company of the face vale
of Rs.10/- per share at a premium of Rs.295/- per share at anytime from the
date of allotment but before the due date for redemption or it shall be
redeemed in full at a premium of 16% on the due date for redemption.
CONTINGENT
LIABILITY
a) The Company has given collateral Security
of Rs.550.000 Millions. (Previous year: Rs.550.000 Millions)to Banks for loans
taken by Trinethra Supertetall Private Limited (TSPL) (Subsidiary Company).
(Rs. in millions)
|
Bank Name |
Nature of Security Provided |
2009-10 |
2008-2009 |
|
Axis Bank Limited |
Letter of Undertaking |
500.000 |
500.00 |
|
HDFC Bank Limited |
Letter of comfort |
50.000 |
50.00 |
Further, the Company has iren an undertaking, not
to dispose of its investment in the Subsidiary during the peudency of the
credit fai1ity.
b) Premium on redemption of 1% Optionally
Convertible Bonds (Refer note 3 below): Rs.4020.200 millions (Previous year:
Rs.3604.700 millions).
c) Custom duty against import of capital.
Goods which may arise if the obligation for exports is not fulfilled is
its Rs. 90.900 millions (Previous year
Rs.90.900 millions)
d) Disputed dues towards leased property to
the .extent of Rs.102.700 millions (Previous year: Rs.102.700 millions)
e) Liabilities towards certain leased
properties. To the extent of Rs.5.400 millions (Previous year: Rs.5.50
Millions)
f) Other claims against the Company not
acknowledged as debts (to the extent quantifiable) Rs.4.400 millions. (Previous
year: Rs.1.90 millions)
FORM 8:
|
Corporate
identity number of the company |
U65990MH1988PLC048117 |
|
Name of the
company |
ADITYA BIRLA RETAIL LIMITED |
|
Address of the
registered office or of the principal place of business in |
Skyline Icon,
86/92, 5th Floor, Near Mittal Industrial Estate, Andheri Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra, India Email Id: atul.daga@retail.adityabirla.com |
|
This form is for |
Creation
of Charge |
|
Type of charge |
·
Book
debts ·
Others
|
|
Particular of
charge holder |
Axis Bank
Limited, 4/10, OPG House, Email : form8.axisbank@gmail.com |
|
Nature of
instrument creating charge |
Deed of
hypothecation of current assets (Stocks and Book debts) |
|
Date of
instrument Creating the charge |
20.07.2011 |
|
Amount secured by
the charge |
Rs.500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As per sanction
Letter No. AXISB/CO/2011-12/15183 dated 01.07.2011 to be amended from time to
time Terms of Repayment: As per sanction
Letter No. AXISB/CO/2011-12/15183 dated 01.07.2011 to be amended from time to
time Margin: As per sanction
Letter No. AXISB/CO/2011-12/15183 dated 01.07.2011 to be amended from time to
time Extent and
operation of the charge: First Pari Passu
Charge Others: The above is to
secure the following Overdraft
Rs.500.000 Millions Letter of Credit
Rs.500.000 Millions (Sub limit of Over draft) Bank Guarantee
Rs.500.000 Millions (Sub limit of Over
draft) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first Pari Passu charge over all present and future current assets of
the company stored or to be stored at the company’s godowns or premises or
where ever else same may be. |
FIXED ASSETS:
·
Leasehold Improvements
·
Furniture and Fixtures
·
Vehicles
·
Plant and Machinery
·
Software
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.50.22 |
|
|
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.65.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--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 |
|
30 |
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.