MIRA
INFORM REPORT
|
Report Date : |
08.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
OPG POWER GENERATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.6, Sardar Patel Road, Guindy, Chennai-600032, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
21.02.2005 |
|
|
|
|
Com. Reg. No.: |
18-055442 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 107.687 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109TN2005PTC055442 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEO03592B |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Services Provider of Electricity Distribution. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a company having satisfactory track record. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report
number, name and date.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB- (Term Loan) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
November 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3 (Non Fund Based Limit) |
|
Rating Explanation |
Minimal degree of safety. It carry high credit risk. |
|
Date |
November 2011 |
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.6, Sardar Patel Road, Guindy, Chennai-600032, Tamilnadu, India |
|
Tel. No.: |
91-44-42911222 |
|
Fax No.: |
91-44-42911209 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
OPG Power Ventures Plc, IOMA House, Hope Street,
Douglas, Isle of Man, United Kingdom |
|
Tel No : |
91-44- 1624-681391 |
|
Fax No : |
91-44-1624-681200 |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Arvind Kumar Gupta |
|
Designation : |
Managing Director |
|
Address : |
No.17, Bishopgarden Rapuram, Chennai-600018, Tamil Nadu, India |
|
Date of Birth/Age : |
26.02.1961 |
|
Date of Appointment : |
21.02.2005 |
|
DIN No : |
00092677 |
|
|
|
|
Name : |
Mr. K Ramamoorthy |
|
Designation : |
Director |
|
Address : |
13, Gangai Street, Kalashetra Colony, Besant Nagar, Chennai-600090,
Tamil Nadu, India |
|
Date of Birth/Age : |
10.08.1938 |
|
Date of Appointment : |
16.09.2006 |
|
DIN No : |
00187030 |
|
|
|
|
Name : |
Mr. Chandramouleeswaran Thiagarajan |
|
Designation : |
Director |
|
Address : |
No.4, Pranel Building, Arunachalam Road, Kotturpuram, Chennai-600085,
Tamilnadu, India |
|
Date of Birth/Age : |
25.03.1967 |
|
Date of Appointment : |
17.03.2011 |
|
DIN No.: |
03463135 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders (Class A Equity Shares) |
No. of Shares |
|
Sri Hari Vallabhaa Enterprises and Investments Private Limited, India |
1925000 |
|
Dhanvarsha Enterprises and Investments Private Limited, India |
1925000 |
|
TOTAL
|
3850000 |
|
Names of Shareholders (Class B Equity Shares) |
No. of Shares |
|
Gita Energy Private Limited, Cyprus |
5093714 |
|
Gita Holdings Private Limited, Cyprus |
5098898 |
|
Gita Power and Infrastructure Private Limited, India |
349029 |
|
TOTAL
|
10541641 |
AS ON 28.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
73.25 |
|
Bodies corporate |
26.75 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Services Provider of Electricity Distribution. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Punjab National Bank ·
Indian Bank ·
Bank of India ·
Oriental Bank of
Commerce ·
ICICI Bank Limited ·
Union Bank Of
India, Industrial Finance Branch, No.12, Riaz Garden, Kodambakkam High Road,
Nungambakkam, Chennai-600034, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Om Prakash and Company Chartered Accountant |
|
Address : |
No.356, Mint Street, 2nd Floor, Chennai-600079, Tamilnadu,
India |
|
Tel. No.: |
91-44-25385665 |
|
PAN No.: |
AADPB8964D |
|
|
|
|
Related Parties : |
·
OPG Renewable Private Limited ·
OPG Power Gujarat Private Limited ·
Gita Power and Infrastructure Private Limited ·
Kanishk Steel Industries Limited ·
Sri Rukmani Rolling Mills Private Limited |
CAPITAL STRUCTURE
AS ON 28.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6470000 |
Class A Equity Shares |
Rs.10/- each |
Rs. 64.700 Millions |
|
18530000 |
Class B Equity Shares |
Rs.10/- each |
Rs. 185.300 Millions |
|
|
TOTAL |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3850000 |
Class A Equity Shares |
Rs.10/- each |
Rs. 38.500
Millions |
|
10541641 |
Class B Equity Shares |
Rs.10/- each |
Rs. 105.416 Millions |
|
|
TOTAL |
|
Rs. 143.916 Millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6470000 |
Class A Equity Shares |
Rs.10/- each |
Rs. 64.700 Millions |
|
18530000 |
Class B Equity Shares |
Rs.10/- each |
Rs. 185.300 Millions |
|
|
TOTAL |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3850000 |
Class A Equity Shares |
Rs.0.10/-
each |
Rs. 0.385
Million |
|
10730212 |
Class B Equity Shares |
Rs.10/- each |
Rs. 107.302 Millions |
|
|
TOTAL |
|
Rs. 107.687 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
107.687 |
100.380 |
98.211 |
|
|
2] Share Application Money |
2121.700 |
942.097 |
0.000 |
|
|
3] Reserves & Surplus |
3246.295 |
1852.914 |
1330.284 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5475.682 |
2895.391 |
1428.495 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4732.046 |
2896.708 |
2170.144 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4732.046 |
2896.708 |
2170.144 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10207.728 |
5792.099 |
3598.639 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2521.456 |
2861.942 |
168.787 |
|
|
Capital work-in-progress |
4295.132 |
1393.908 |
3557.783 |
|
|
|
|
|
|
|
|
INVESTMENT |
36.514 |
137.282 |
1.838 |
|
|
DEFERREX TAX ASSETS |
56.772 |
9.566 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
459.811
|
335.224 |
94.090
|
|
|
Sundry Debtors |
1348.527
|
317.470 |
108.658
|
|
|
Cash & Bank Balances |
378.764
|
457.986 |
35.283
|
|
|
Other Current Assets |
19.043
|
134.595 |
0.000 |
|
|
Loans & Advances |
1769.594
|
864.858 |
63.333
|
|
Total
Current Assets |
3975.739
|
2110.133 |
301.364 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
63.274
|
559.151 |
169.339
|
|
|
Other Current Liabilities |
506.078
|
148.675 |
261.794
|
|
|
Provisions |
108.533
|
12.906 |
0.000
|
|
Total
Current Liabilities |
677.885
|
720.732 |
431.133 |
|
|
Net Current Assets |
3297.854
|
1389.401 |
(129.769)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10207.728 |
5792.099 |
3598.639 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3031.300 |
1729.700 |
103.415 |
|
|
|
Other Income |
29.200 |
88.200 |
14.914 |
|
|
|
TOTAL |
3060.500 |
1817.900 |
118.329 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
2848.800 |
1513.000 |
114.862 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
211.700 |
304.900 |
3.467 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(6.700) |
51.200 |
1.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
218.400 |
253.700 |
2.282 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.98 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.14
|
13.96 |
1.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.98
|
17.63 |
3.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.23
|
6.12 |
0.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.11 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86
|
1.00 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.86
|
2.93 |
0.70 |
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 |
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 |
Yes |
NOTE
Registered office has been shifted from Old No.31 and 32, New No. 6 and
8, Sardar Patel Road, Guindy, Chennai-600032, Tamilnadu, India to the present
address w.e.f. 05.01.2012.
BACKGROUND
Subject is a company incorporated in India under the Companies Act 1956.
The address of the Company’s registered office is No.06, Sardar Patel Road,
Guindy, Chennai-600032, Tamilnadu, India. The main object of the company is
Generation of Power. The company has 77 MW Power Plant in Gummidipoondi,
Tamilnadu and is also in the process of setting up additional plants in
Gummidipoondi, Tamilnadu.
FORM 8
|
Corporate
identity number of the company |
U40109TN2005PTC055442 |
|
Name of the
company |
OPG POWER
GENERATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.6, Sardar Patel Road, Guindy, Chennai-600032, Tamilnadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
Union Bank Of India, Industrial Finance Branch, No.12, Riaz Garden, Kodambakkam High Road, Nungambakkam, Chennai-600034, Tamilnadu, India |
|
Nature of
instrument creating charge |
Dead of
Hypothecation dated 01.02.2013 |
|
Date of
instrument Creating the charge |
01.02.2013 |
|
Amount secured by
the charge |
Rs. 5720.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest -- Terms of repayment -- Margin As per the
agreement Extent and operation of the charge As per the
agreement |
|
Short particulars
of the property charged (Including location of the property) |
First Charge by
way of mortgage of entire land used for Phase I, II &III of the project
ranking pari-passu amongst all the lenders of Phase I, II and III including
expansion and Phase III of the project First charge by
way of hypothecation of all movable assets of the III Phase of the Project,
other than current assets, both present and future; ranking paripassu amongst
all the lenders of Phase III First charge by
way of mortgage of all immovable assets of the IIIrd phase of the Project
other than land both present and future; ranking pari passu amongst all the
lenders of Phase III of the project First pari Passu
charge on the Trust and retention Account (RTA), DSRA covering term loan
principal + interest serving liability for one Quarter of Phase III of the
project; Assignment on all
the project related documents, contracts, rights, interests, insurance
contracts and all benefits incidental to the project activities of Phase III ranking pari passu
amongst all Second charge on current assets of Phase III of the Project; Second charge by
way of mortgage of all immovable assets of Phase I and II of the project,
other than land ranking pari passu amongst all the lenders of Phase III of
the project on reciprocal basis; Second Charge by
way of Hypothecation of all movable assets of Phase I and II of the project
other than current assets ranking pari passu amongst all the lenders of Phase
III of the project on reciprocal basis and Irrevocable and Unconditional
personal guarantee of Mr. Aravind Gupta to the satisfaction of the Lenders. Borrower's
project to establish 1x160 MW coal based thermal power plant at
Gummidipoondi, Gummidipoondi TK, Tiruvallur Dist Tamilnadu (the "Phase
III Project or Project) |
FIXED ASSETS
·
Free Hold Land
·
Lease Hold Land
·
Computer and Accessories
·
Furniture and Fixtures
·
Office Equipments
·
Tools
·
Vehicles
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. 54.88 |
|
|
1 |
Rs. 83.54 |
|
Euro |
1 |
Rs. 70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
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 |
|
45 |
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.