1. Summary Information
|
Country |
India |
||
|
Company Name |
THORN LIGHTING INDIA PRIVATE LIMITED |
Principal Name 1 |
Richard Gareth Hall |
|
Status |
Moderate |
Principal Name 2 |
Keith Desmond Joseph Lobo |
|
Registration # |
18-039266 |
||
|
Street Address |
No. 43, Chamiers Road, Chennai-600028, Tamilnadu |
||
|
Established Date |
20.10.1997 |
SIC Code |
-- |
|
Telephone# |
91-44-24358744/24338745 |
Business Style 1 |
Trader |
|
Fax # |
91-44-24335671 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
Luminaries |
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.48,274,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings
100.00% |
Banking |
Bank of India |
|
Public Limited Corp. |
No |
Business Period |
16 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ca (15) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
Austria
|
Zumtobel Lighting GmbH |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
185,593,000 |
Current Liabilities |
128,817,000 |
|
Inventories |
43,008,000 |
Long-term Liabilities |
145,581,000 |
|
Fixed Assets |
19,857,000 |
Other Liabilities |
1,752,000 |
|
Deferred Assets |
000 |
Total Liabilities |
276,150,000 |
|
Invest& other Assets |
000 |
Retained Earnings |
000 |
|
|
|
Net Worth |
(27,692,000) |
|
Total Assets |
248,458,000 |
Total Liab. & Equity |
248,458,000 |
|
Total Assets (Previous Year) |
228,502,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
433,873,000 |
Net Profit |
(33,544,000) |
|
Sales(Previous yr) |
285,051,000 |
Net Profit(Prev.yr) |
(20,291,000) |
MIRA INFORM REPORT
|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
THORN LIGHTING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 43, Chamiers Road, Chennai-600028, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.04.2011 |
|
|
|
|
Date of
Incorporation : |
20.10.1997 |
|
|
|
|
Com. Reg. No.: |
18-039266 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.48.274
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210TN1997PTC039266 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading in Luminaries. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The
management of the company has failed to file its latest financial with the
government department. From the previous year financials it seems that the
company has recorded huge accumulated losses. However, trade relations are reported as fair. Business is active.
Payments terms are unknown. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
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.
LOCATIONS
|
Registered Office : |
No. 43, Chamiers Road, Chennai-600028, Tamilnadu, India |
|
Tel. No.: |
91-44-24358744/24338745 |
|
Fax No.: |
91-44-24335671 |
|
E-Mail : |
|
|
|
|
|
Head Office and Western Region Branch Office : |
Unit No. 404, Western Edge-I, 4th Floor, CTS No. 163A/165, Western
Express Highway, Borivali (East), Mumbai-400066, Maharashtra, India Tel No.: 91-22-40481900 Fax No.: 91-22-28541120 Also Located At:
|
|
|
|
|
National Capital Region Branch Office : |
Located At:
|
DIRECTORS
AS ON 18.10.2011
|
Name : |
Richard Gareth Hall |
|
Designation : |
Director |
|
Address : |
AM Kheler Park, 12, Dornbirn, Pin Code A6850, Austria |
|
Date of Birth/Age : |
30.10.1970 |
|
Date of Appointment : |
19.04.2007 |
|
Din No.: |
01741944 |
|
|
|
|
Name : |
Keith Desmond Joseph Lobo |
|
Designation : |
Director |
|
Address : |
KEHLEGG 137, Dornbirn, Pin Code A6850, Austria |
|
Date of Birth/Age : |
19.03.1956 |
|
Date of Appointment : |
19.04.2007 |
|
Din No.: |
01745346 |
|
|
|
|
Name : |
Wai Yee Tse |
|
Designation : |
Director |
|
Address : |
Flat B, 16/F, BLK 7, Villa Oceania Ma On Shan NT, Hong Kong 16 F,
China |
|
Date of Birth/Age : |
01.07.1962 |
|
Date of Appointment : |
26.10.2009 |
|
Din No.: |
02920402 |
|
|
|
|
Name : |
Mr. Bhaskar Pai |
|
Designation : |
Director |
|
Address : |
Flat D 2, Sangeetha Apartment, 137, Cart Track Road, Velachary,
Chennai-600042, Tamilnadu, India |
|
Date of Birth/Age : |
05.04.1974 |
|
Date of Appointment : |
26.10.2009 |
|
Din No.: |
03403368 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.10.2011
|
Names of Shareholders |
|
No. of Shares |
|
Thorn Lighting Limited, UK |
|
434471 |
|
Thorn Lighting Mauritius International Limited, Mauritius |
|
48274 |
|
Zumtobel Lighting GmbH, Austria |
|
4344690 |
|
|
|
|
|
TOTAL
|
|
4827435 |
AS ON 18.10.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Luminaries. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Bank of India, Chennai Corporate Banking Branch, IV Floor, Tarapore
Towers, 826, Anna Salai, Chennai-600002, Tamilnadu, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
|
PAN No: |
AAAFB9852F |
|
|
|
|
Holding Company : |
Zumtobel Lighting GmbH, Austria |
|
|
|
|
Ultimate Holding Company : |
Zumtobel Ag |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12500000 |
Equity Shares |
Rs.10/- each |
Rs.125.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4827435 |
Equity Shares |
Rs.10/- each
|
Rs.48.274
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.04.2011 |
30.04.2010 |
30.04.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
48.274 |
48.274 |
48.274 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(75.966) |
(42.422) |
(22.130) |
|
|
NETWORTH |
(27.692) |
5.852 |
26.144 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
28.420 |
|
|
2] Unsecured Loans |
145.581 |
96.257 |
52.877 |
|
|
TOTAL BORROWING |
145.581 |
96.257 |
81.297 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
117.889 |
102.109 |
107.441 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19.857 |
11.665 |
13.394 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
43.008
|
58.464 |
30.579 |
|
|
Sundry Debtors |
149.762
|
131.837 |
77.969 |
|
|
Cash & Bank Balances |
1.523
|
0.871 |
22.600 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
34.308
|
25.665 |
20.856 |
|
Total
Current Assets |
228.601
|
216.837 |
152.004 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
128.817
|
122.226 |
54.693 |
|
|
Provisions |
1.752
|
4.167 |
3.264 |
|
Total
Current Liabilities |
130.569
|
126.393 |
57.957 |
|
|
Net Current Assets |
98.032
|
90.444 |
94.047 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
117.889 |
102.109 |
107.441 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.04.2011 |
30.04.2010 |
30.04.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
285.051 |
299.862 |
|
|
|
Other Income |
|
4.414 |
11.135 |
|
|
|
TOTAL (A) |
433.873 |
289.465 |
310.997 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
221.211 |
243.231 |
|
|
|
Employee costs |
448.071 |
30.816 |
27.600 |
|
|
|
General and administrative costs |
|
40.795 |
39.563 |
|
|
|
TOTAL (B) |
448.071 |
292.822 |
310.394 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(14.198) |
(3.357) |
0.603 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.097 |
12.897 |
9.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(29.295) |
(16.254) |
(8.630) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.249 |
4.100 |
3.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(33.544) |
(20.354) |
(12.196) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(0.063) |
(0.004) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(33.544) |
(20.291) |
(12.192) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(42.422) |
(22.130) |
(9.938) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(75.966) |
(42.421) |
(22.130) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export o Goods on FOB Basis |
0.666 |
4.530 |
NA |
|
|
|
Service Charges |
1.800 |
0.000 |
NA |
|
|
TOTAL |
2.466 |
4.530 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
40.917 |
30.555 |
NA |
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(6.95) |
(4.20) |
(2.53) |
|
KEY RATIOS
|
PARTICULARS |
|
30.04.2011 |
30.04.2010 |
30.04.2009 |
|
PAT / Total Income |
(%) |
(7.73)
|
(7.00) |
(3.92) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(7.14) |
(4.07) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.50)
|
(8.91) |
(7.37) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.21
|
3.47 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(5.25)
|
(16.45) |
(3.11) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.72 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
REVIEW OF
OPERATION:
During the
financial year, the Company achieved Sales and other Income of Rs. 433.873
Millions showing a growth of 50.51% compared to previous year. Whereas the Loss
before Finance Cost, Depreciation and Tax higher by Rs. 10.840 Millions to Rs.
14.197 Millions. The loss before tax is also higher by Rs. 13.190 Millions to
Rs. 33.544 Millions. The loss after tax increases by 65.31% to Rs. 33.544
Millions compared to Rs. 20.291 Millions in 2009-10.
The directors are expecting and continuously looking for the avenues for future growth of the company.
|
Unsecured Loan |
As
on 31.03.2011 [Rs.
in Millions] |
As
on 31.03.2010 [Rs.
in Millions] |
|
Unsecured Loan |
145.581 |
96.257 |
|
TOTAL
|
145.581 |
96.257 |
FIXED ASSETS:
- Leasehold
Land
- Plant and
Machinery
- Office
Equipments
- Computer
- Vehicles
- Furniture and
Fixtures
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 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 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.54.39 |
|
|
1 |
Rs.82.05 |
|
Euro |
1 |
Rs.69.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
|
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.