MIRA INFORM REPORT
|
Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
AAM INDIA MANUFACTURING CORPORATION PRIVATE LIMITED (w.e.f.
03.12.2008) |
|
|
|
|
Formerly Known
As : |
AAM INDIA GEAR ANS AXLE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 787 and 788, Village Hunga, Taluka Parner, Ahmednagar -
414301, Maharashtra |
|
|
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|
Country : |
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|
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Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
14.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-131616 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1005.200 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN2008FTC131616 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA10722F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCA93880 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter, Supplier and Manufacturer of gear and axle. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3290000 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of AAM International Holdings Inc. It is an established
company having moderate track. The management of the company has failed to file its financials with
the government departments since 2010. As per previous years, it is found that the company has recorded huge
accumulated losses. Trade relations are reported as improving. 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 with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Pravin Badade |
|
Designation : |
HR Manager |
|
Contact No.: |
91-7387095996 |
|
Date : |
24.09.2012 |
LOCATIONS
|
Registered Office : |
Gat No. 787 and 788, Village Hunga, Taluka Parner, Ahmednagar -
414301, Maharashtra, India |
|
Tel. No.: |
91-20-30551600 |
|
Fax No.: |
91-20-30551786 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Michael Keith Antonino Simonte |
|
Designation : |
Director |
|
Address : |
22526, Autumn Park, Boulevard, United States of America 48374 |
|
Date of Birth/Age : |
20.01.1964 |
|
Date of Appointment : |
14.03.2008 |
|
DIN No.: |
01039688 |
|
|
|
|
Name : |
Mr. Anand Moi Ganguly |
|
Designation : |
Director |
|
Address : |
10.10.196, Flat No. 804, Bramha Sun City, Wadgaon Shreeji, Pune – 411
014, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1968 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
03403575 |
|
|
|
|
Name : |
Mr. Steven James Proctor |
|
Designation : |
Director |
|
Address : |
1903, Lincolnshire DR Rochester Hills, Michigan, USA 483094530 |
|
Date of Birth/Age : |
18.05.1956 |
|
Date of Appointment : |
25.03.2011 |
|
DIN No.: |
03461018 |
|
|
|
|
Name : |
Mr. Francis George Nathakumar Leo |
|
Designation : |
Director |
|
Address : |
42100 Margaret DR Clinton Towns HIP, Michigan, USA 480382183 |
|
Date of Birth/Age : |
06.04.1944 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
03472470 |
|
|
|
|
Name : |
Mr. Steven Richard Keyes |
|
Designation : |
Director |
|
Address : |
3941, Cottontail LN Bloomfield Hills, Michigan, USA 483011909 |
|
Date of Birth/Age : |
17.05.1957 |
|
Date of Appointment : |
25.03.2011 |
|
DIN No.: |
03473112 |
|
|
|
|
Name : |
Mr. Lalit Kumar Pahwa |
|
Designation : |
Director |
|
Address : |
6 Vedang, Iti Road Aundh, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1958 |
|
|
|
|
Name : |
Mr. Yogendra Nath Rahangdale |
|
Designation : |
Director |
|
Address : |
3610, Nesting Ridge, Michigan, Rochester Hills 48309 USA |
|
Date of Birth/Age : |
02.02.1948 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Badade |
|
Designation : |
HR Manager |
|
|
|
|
Name : |
Mr. Umesh Madanlal Oza |
|
Designation : |
Secretary |
|
Address : |
Row House No.2, Tulsi Homes, Plot No. 15, SR. No. 253 Khese Park
Lohagaon Road, Pune – 411 032, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1984 |
|
Date of Appointment : |
21.05.2010 |
|
PAN No.: |
AAJPO2034K |
|
|
|
MAJOR SHAREHOLDERS
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
American Axle and Manufacturing Inc. , USA |
|
1000 |
|
AAM International Holdings Inc , USA |
|
159299000 |
|
|
|
|
|
TOTAL |
|
159300000 |
As on 05.07.2012
|
Names of Allottee |
|
No. of Shares |
|
|
|
|
|
AAM International Holdings Inc , USA |
|
50000000 |
|
|
|
|
|
TOTAL |
|
50000000 |
As on 09.01.2012
|
Names of Allottee |
|
No. of Shares |
|
|
|
|
|
AAM International Holdings Inc , USA |
|
32600000 |
|
|
|
|
|
TOTAL |
|
32600000 |
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 : |
Exporter, Supplier and Manufacturer of gear and axle. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 77th Floor, ICC Trade Tower, International
Convention Centre, Senapati Bapat Road, Pune – 411 016, Maharashtra, India |
|
Tel. No.: |
91-20-66244600 |
|
Fax No.: |
91-20-66244605 |
|
PAN No.: |
AACFD4815A |
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|
|
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Holding Company : |
AAM International Holdings Inc., USA |
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Fellow Subsidiary : |
|
CAPITAL STRUCTURE
After 30.09.2011
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
249000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2490.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
241900000 |
Equity Shares |
Rs. 10/- each |
Rs. 2419.000
millions |
|
|
|
|
|
As on 31.12.2010
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1440.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100520000 |
Equity Shares |
Rs. 10/- each |
Rs. 1005.200
millions |
|
|
|
|
|
NOTE:
(Of the above 100,610.000 (Previous year 33IM9,000)
equity share are held by AAM International Holdings Inc.. the holding Company,
and 1,000 (Previous year 1000) equity shares are held by American Axle and
Manufacturing Inc., a Subsidiary of the Holding Company.)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1005.200 |
340.000 |
121.000 |
|
|
2] Share Application Money |
0.000 |
175.000 |
127.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(181.133) |
(38.316) |
(2.872) |
|
|
NETWORTH |
824.067 |
476.684 |
245.128 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
308.277 |
171.474 |
0.000 |
|
|
TOTAL BORROWING |
308.277 |
171.474 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1132.344 |
648.158 |
245.128 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
693.437 |
89.421 |
89.310 |
|
|
Capital work-in-progress |
119.336 |
305.906 |
59.612 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
79.696
|
0.000 |
0.000 |
|
|
Sundry Debtors |
17.721
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
60.631
|
59.681 |
60.144 |
|
|
Other Current Assets |
8.894
|
3.421 |
0.000 |
|
|
Loans & Advances |
337.179
|
127.868 |
0.531 |
|
Total
Current Assets |
504.121
|
190.970 |
60.675 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
256.607
|
31.845 |
14.467 |
|
|
Other Current Liabilities |
9.996
|
1.123 |
3.845 |
|
|
Provisions |
0.678
|
1.413 |
0.017 |
|
Total
Current Liabilities |
267.281
|
34.381 |
18.329 |
|
|
Net Current Assets |
236.840
|
156.589 |
42.346 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Capital Expenditure, Preoperative Expenditure |
82.731 |
96.242 |
0.000 |
|
|
Capital Advances, Preoperative Expenditure |
0.000 |
0.000 |
53.860 |
|
|
|
|
|
|
|
|
TOTAL |
1132.344 |
648.158 |
245.128 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1.672 |
0.259 |
|
|
|
Other Income |
|
0.447 |
0.000 |
|
|
|
TOTAL (A) |
62.605 |
2.119 |
0.259 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
205.422 (Including
Financial and Depreciation Expenses) |
37.537 |
3.103 |
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(35.418) |
(2.844) |
||
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
0.001 |
0.001 |
||
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(35.419) |
(2.845) |
||
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
||
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(142.817) |
(35.419) |
(2.845) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.025 |
0.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(142.817) |
(35.444) |
(2.872) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(38.316) |
(2.872) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(181.133) |
(38.316) |
(2.872) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Travelling Expenses |
NA |
0.000 |
0.074 |
|
|
|
Project Management Fees and
Construction design service charges |
NA |
12.891 |
0.000 |
|
|
|
Expenditure in
respect of asset under construction |
NA |
47.753 |
0.000 |
|
|
|
Engineering, Quality Control
and other infrastructure support
services |
NA |
3.165 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
63.809 |
0.074 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
4.624 |
0.000 |
|
|
|
Prototype Material |
NA |
9.103 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
13.727 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.52) |
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
(228.12)
|
(1672.67) |
(1108.88) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(2118.36) |
(1098.45) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.92)
|
(28.60) |
(2.64) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.07) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.69
|
0.43 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
5.55 |
3.31 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Total outstanding dues of Micro Enterprises
and Small Enterprises |
0.000 |
0.000 |
0.000 |
|
Total outstanding dues of creditors other
than Micro Enterprises and Smell Enterprises |
256.607 |
31.845 |
14.467 |
|
|
|
|
|
|
TOTAL |
256.607 |
31.845 |
14.467 |
|
Sr. No. |
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 |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
Registered office of the company has been shifted from Suite
No. 21, Vatika Business Centre, Level – 5, C Wing, Tech Patk, Airport Road,
Yerwada, Pune – 411 006, Maharashtra, India to the present address w.e.f
10.09.2009
FIXED ASSETS
- Freehold Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- 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.53.29 |
|
|
1 |
Rs.86.44 |
|
Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.