MIRA
INFORM REPORT
REVISED REPORT
|
Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENAM SECURITIES PRIVATE LIMITED [w.e.f. 20.07.2007] |
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Formerly Known
As : |
ENAM SHARES AND SECURITIES PRIVATE LIMITED |
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Registered
Office : |
24, BD, Rajabahadur Compound, Ambalal Doshi Marg, Fort, Mumbai-400023,
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
30.03.2006 |
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Com. Reg. No.: |
11-152297 |
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Capital
Investment / Paid-up Capital : |
Rs.24.180
Millions |
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CIN No.: [Company Identification
No.] |
U67120MH2005PTC152297 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUME06934E |
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PAN No.: [Permanent Account No.] |
AABCE6756F |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Stock Broking. Merchant Banking Company. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 14000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established and a reputed stock broking company having
good track. Financial position of the company is sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. Note: Enam Securities will merge its Investment Banking. Institutional and
retail equities business with Axis Bank. Axis Bank cuts Enam Securities
buyout deal value by one-third to Rs.13.96 bln. The deal was approved by the
RBI. The Bank still requires approval from the high court and expects the
deal to be finalized by October-December of current financial year 2012-13. |
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
Management non co-operative.
LOCATIONS
|
Registered Office : |
24, BD, Rajabahadur Compound, Ambalal Doshi Marg, Fort, Mumbai-400023,
Maharashtra, India |
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Tel. No.: |
91-22-22653591 |
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Fax No.: |
91-22-22653593 |
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E-Mail : |
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IT Department : |
A-211, Dalamal Tower, Mumbai-400021, Maharashtra, India |
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Corporate Office : |
8th Floor, Dalamal Tower, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Tel No.: |
91-22-66381825 |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Vallabh Roopchand Bhanshali |
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Designation : |
Director |
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Address : |
12, Laxmi Vilas, 87, Nepean Sea Road, Mumbai-400006, Maharashtra,
India |
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Date of Birth/Age : |
04.03.1951 |
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Date of Appointment : |
30.03.2005 |
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Din No.: |
00184775 |
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Name : |
Mr. Nemish Shantilal Shah |
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Designation : |
Director |
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Address : |
244, Sudarshan Building, 1st Floor, Opposite Mata Laxmi
Park, Mumbai-400022, Maharashtra, India |
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Date of Birth/Age : |
17.10.1958 |
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Date of Appointment : |
30.03.2005 |
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Din No.: |
00198748 |
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Name : |
Mr. Jagdish Naresh Master |
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Designation : |
Director |
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Address : |
14, Laxmi Niwas, Church Road, Vile Parle (West), Mumbai-400056,
Maharashtra, India |
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Date of Birth/Age : |
21.07.1969 |
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Date of Appointment : |
15.11.2006 |
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Din No.: |
00202500 |
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Name : |
Mr. Manish Balkishan Chokhani |
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Designation : |
Director |
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Address : |
161, Silver Arch, Petit Hall, Compound 66, L Jagmohandas Road, Nepean
Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
14.10.1986 |
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Date of Appointment : |
15.11.2008 |
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Din No.: |
00204011 |
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Name : |
Mr. Vikas Harilal Mapara |
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Designation : |
Director |
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Address : |
8/7, Satram Society, Devi Dayal Road, Mulund (West), Mumbai-400080,
Maharashtra, India |
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Date of Birth/Age : |
20.01.1964 |
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Date of Appointment : |
15.11.2008 |
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Din No.: |
00211580 |
KEY EXECUTIVES
|
Name : |
Mr. Natarajan M Iyer |
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Designation : |
Secretary |
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Address : |
Plot No. 72, Flat 01, Bal Murli CHS, Chheda Nagar, Mumbai-400071, Maharashtra,
India |
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Date of Appointment : |
11.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vallabh Roopchand Bhanshali |
|
5000 |
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Nemish Shantilal Shah |
|
5000 |
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Vallabh Roopchand Bhanshali |
|
1000 |
|
Nemish Shantilal Shah |
|
250 |
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Lata Manek Bhanshali |
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1050 |
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Rekha Shah |
|
249000 |
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Krutarth N. Shah |
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1750 |
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Advance Compuflow Private Limited, India |
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249000 |
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Enam Investment Services Private Limited, India |
|
249500 |
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Talma Chemical Industries Private Limited, India |
|
248450 |
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Nemish Shantilal Shah |
|
422000 |
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Lata Manek Bhanshali |
|
422000 |
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Jagdish Master Demat A/C |
|
370600 |
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Manish Balkishan Chokhani Demat A/C |
|
193400 |
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Total |
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2418000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Bodies
corporate |
|
30.89 |
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Directors
or relatives of directors |
|
69.11 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Stock Broking. Merchant Banking Company. |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khimji Kunverji and Company Chartered Accountants |
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Address : |
52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai-400001,
Maharashtra, India |
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Pan No.: |
AAAFK1142M |
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Subsidiaries : |
·
Enam Securities Direct Private Limited, India
(ESDPL) ·
Enam Finance Private Limited, India (EFPL) ·
Enam International Limited, United Arab Emirates
(EIL) ·
Enam Securities Europe Limited, United Kingdom
(ESEL) |
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Related Companies: |
·
Enam Asset Management Company Private Limited
(EAMCPL) ·
Enam Shares & Securities Private Limited
(ESSPL) ·
Enam Holdings Private Limited (EHPL) ·
Nemish Shah (HUF) ·
Enam Financial Consultants Private Limited
(EFCPL) ·
Reema Business Services Private Limited (RBSPL) ·
Sudarshan Securities Private Limited (SSPL) ·
Advance Compuflow Private Limited (ACPL) ·
Aadi Financial Advisors LLP |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
250000 |
Preferences Shares |
Rs. 100/- each |
Rs.25.000 Millions |
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|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2418000 |
Equity Shares |
Rs.10/- each |
Rs.24.180
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
24.180 |
24.180 |
24.180 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3637.688 |
3027.853 |
2520.938 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3661.868 |
3052.033 |
2545.118 |
|
|
LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3661.868 |
3052.033 |
2545.118 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.648 |
58.064 |
55.579 |
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Capital work-in-progress |
2.257 |
0.000 |
0.000 |
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INVESTMENT |
2366.593 |
1873.171 |
1106.090 |
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DEFERREX TAX ASSETS |
12.776 |
0.038 |
1.494 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
34.971
|
3.892 |
61.895 |
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Sundry Debtors |
3358.682
|
2597.199 |
1035.010 |
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Cash & Bank Balances |
1239.882
|
936.111 |
1196.329 |
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Other Current Assets |
56.402
|
18.957 |
0.000 |
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Loans & Advances |
2329.999
|
1917.791 |
1614.569 |
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Total
Current Assets |
7019.936
|
5473.950 |
3907.803 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
3151.865
|
2267.538 |
1136.114 |
|
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Other Current Liabilities |
350.411
|
423.450 |
77.257 |
|
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Provisions |
2283.066
|
1662.202 |
1312.477 |
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Total
Current Liabilities |
5785.342
|
4353.190 |
2525.848 |
|
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Net Current Assets |
1234.594
|
1120.760 |
1381.955 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3661.868 |
3052.033 |
2545.118 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
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Income |
|
|
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Other Income |
|
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TOTAL |
2873.006 |
2496.729 |
1845.105 |
|
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
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Office Expenses |
|
|
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|
|
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Administrative Expenses |
1653.080 |
1648.291 |
1216.931 |
|
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Advertising Expenses |
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TOTAL |
1653.080 |
1648.291 |
1216.931 |
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|
PROFIT / (LOSS)
BEFORE TAX |
1219.926 |
848.438 |
628.174 |
|
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Less |
TAX |
385.833 |
341.523 |
236.551 |
|
|
|
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|
PROFIT / (LOSS)
AFTER TAX |
834.093 |
506.915 |
391.623 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
345 |
210 |
162 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
29.03
|
20.30 |
21.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.27
|
15.34 |
15.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.28 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
1.43 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.26 |
1.55 |
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 |
|
|
|
|
Due small micro
enterprises |
0.000 |
0.000 |
0.000 |
|
Due others |
3151.865 |
2267.538 |
960.433 |
|
For expenses |
0.000 |
0.000 |
175.681 |
|
Total |
3151.865 |
2267.538 |
1136.114 |
|
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 |
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8) No. of employees |
No |
|
9) Name of person contacted |
No |
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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 |
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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 |
No |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
BUSINESS OVERVIEW AND REVIEW OF OPERATIONS
The Indian capital
markets witnessed robust activity in the first half of FY 2011. There were
large public sector issues like Coal India and MOIL. These issues also created
a positive trend in the market. However there were set backs in the later part
of the year and there was hardly any activity in the last quarter of the year.
The Company’s
Merchant banking division handled 14 Equity issues during the year. Issue size
handled were about 52% of the total issue size during the fiscal year. Issues
handled were Coal India, Indosolar Limited, Claris Life science Limited,
Prestige Estates Projects Limited, among others. The Company managed QIP issues
for Mannapuram General Finance and Leasing Limited, Shoppers Stop Limited, and
Adani Enterprise among others. The Merger assignment for Ultratech Cement was
also handled by the division.
Institutional
broking activity maintained its performance in the year 2010-11. It continued
to grow its client base and helped them to achieve their objectives by
providing the best in house research reports and guidance. The research team is
supported by a team of 32 professionals and covers over 200 companies across 17
sectors representing 78% of market capitalization of BSE 500.
The Company’s
market share in distribution of IPO was 13.88% and it ranked 4th as per the
research report provided by Prime. The Mutual Fund team has been performing
well and has achieved an AUM of 13,535 Crores.
SUBSIDIARY COMPANIES
Enam Finance
Private Limited which kicked off complete financing activity in secondary
market operations last year also accelerated in their activities this year and
the results have been quite satisfactory. The Company has been conscious of the
risk and within those parameters have been selecting and registering new
clients.
The other
subsidiary company, Enam Securities Direct Private Limited has continued to
strengthen its business by focusing on potential locations and building on
client size and is establishing its presence in selected geographical areas to
capture the potential business.
The overseas
subsidiaries companies, Enam International Limited and Enam Europe Private
Limited could not perform in line with domestic companies in year 2010-11 due
to global economic crisis.
DEMERGER SCHEME
The Company in
their Board of Directors meeting held on November 17, 2010 has entered into an
arrangement with Axis Bank Limited to de-merge its investment banking,
institutional equities, retail equities and related businesses such as
distribution of financial products, loan against shares among others conducted
by the Company directly and through its wholly owned subsidiaries with effect
from April 01, 2010 to Axis Securities and Sales Limited, subsidiary of Axis
Bank Limited. The execution of arrangement is contingent based on satisfactory
approval from the respective regulatory authorities and also through a scheme
of arrangements under section 391 to 394 of the Companies Act, 1956 by way of a
court process.
PRESS RELEASE
16.02.2012, 07.59 PM
RBI OK FOR AXIS
BANK-ENAM MERGER LIKELY NEXT WEEK: SOURCE
New Delhi: Fifteen months after the deal was struck, the proposed merger of investment banking and equities businesses of Enam Securities Pvt Ltd with Axis Bank Ltd is set to get the green signal from the Reserve Bank of India, sources told NewsWire18 on Thursday.
"All formalities are complete. All conditions that the RBI had insisted on
have been complied with. The approval from the RBI should come next week,"
one of the sources said.
The RBI approval is the most crucial for the deal--it being a merger of two
financial entities.
RBI had frowned upon Axis's invitation to Enam co-founder and Chairman Vallabh
Bhansali to join the Bank's board.
"It is unlikely that Vallabh will join the board. At least not in the
immediate future," another source said.
The RBI had also felt that Axis had overvalued Enam's businesses in question.
Under the deal, Enam Securities will merge its investment banking, institutional
and retail equities, distribution of financial products, loans against shares
and related businesses with Axis Bank.
Thereafter, Axis will sell the business to its own fully-owned subsidiary Axis
Securities and Sales Limited for 2.74 bln rupees.
In the all share-swap deal, Enam shareholders will get 5.7 shares of Axis Bank
for every share held in Enam, translating into an approximately 3.37%
shareholding in the bank.
The new structure had emerged after another objection raised by RBI—this one
pertaining to Axis bank issuing its own shares to Enam shareholders even though
the business was being acquired by a subsidiary and not the parent itself.
After the RBI clearance, the deal will take another six months to complete with
the parties then needing to approach the capital market regulator and the
Gujarat high court for their approvals.
(Agencies)
Tags: Dainik Jagran news, news on Jagran post, Axis Bank-Enam merger, RBI, Enam co-founder and Chairman Vallabh Bhansali, Gujarat high court
AXIS BANK CUTS ENAM
SECURITIES' BUYOUT DEAL VALUE BY ONE-THIRD TO RS 13.96 BLN
28.04.2012, 07.38 PM IST
New Delhi: India's third largest private sector lender Axis Bank has cut the valuation of the transaction to acquire the equities and investment banking businesses of financial services firm Enam Securities Private Limited by almost one-third of the original deal size to Rs 13.96 billion in view of the prevailing market conditions.
Earlier, in 2010, Axis Bank had valued the businesses at Rs 20.7 billion. The deal was approved by the the Reserve Bank of India on April 25.
"Pursuant to the revised scheme and in consideration for the proposed demerger, Enam shareholders would receive Axis Bank shares in the ratio of 5 shares for every 1 share held in Enam, translating into approximately 2.93% shareholding in Axis Bank," the bank said in a statement Friday.
Axis Bank Managing Director and Chief Executive Officer Shikha Sharma said the bank still requires approval from the high court and expects the deal to be finalized by the October-December quarter of current financial year 2012-13.
Prior to revision in the deal valuation, Enam shareholders were being offered one share of Axis Bank for every 5.7 shares of Enam, which translated into a 3.35% stake in the bank.
Also, now there will not be any board seat for any member of Enam Securities, the statement said, adding that Enam Securities will nominate two directors to the board of Axis Securities Ltd, the broking arm of the private sector lender.
Earlier, ENAM's co-founder and chairman Vallabh Bhansali had been roped in to join the board of Axis Bank, according to media reports. However, the banking regulator had objected to the move.
The bank had submitted a revised deal structure to the RBI in September 2011, the reports added.
The private sector lender will have the right to use the ENAM brand, Sharma told reporters while announcing the bank's January-March quarter financial earnings for fiscal 2011-12 Friday.
Earlier on November 17, 2010, Axis Bank's board had approved the acquisition of Enam Securities' financial services businesses directly and through its subsidiaries.
Axis Bank's fourth quarter (January-March) net profit for fiscal 2011-12 rose 25.2% to Rs 12.77 billion from Rs 10.2 billion in the same quarter a year ago, driven by higher income from interest and investments and fall in provisions.
Shares of Axis Bank Saturday closed at Rs 1,120.65, up 1.58%, on the Bombay Stock Exchange (BSE).
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.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.