|
Report Date : |
23.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOTAK MAHINDRA PRIME LIMITED (w.e.f. 01.12.2005) |
|
|
|
|
Formerly Known
As : |
KOTAK MAHINDRA PRIMUS LIMITED KOMAF AUTO FINANCE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
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|
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-097730 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 44.952 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67200MH1996PLC097730 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK06165F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ5934A |
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|
|
|
Legal Form : |
A closely held public limited liability company |
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|
Line of Business
: |
Subject is engaged in financing of retail customers of passenger
cars and multi-utility vehicles and inventory and term funding to car dealers
and also provides finance for loans against securities, personal loans,
corporate loans and developer funding. |
|
|
|
|
No. of Employees : |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (83) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 94100000 |
|
|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
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Comments : |
Subject is a subsidiary of Kotak Mahindra Bank Limited. It is a well-established and reputed company having excellent track
record. Financial position of the company appears to be sound. Fundamentals
are strong and healthy directors are reported to be well experienced and
respectable businessman. 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 any normal 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.
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AA+” |
|
Rating Explanation |
High degree of safety. It carry very low
credit risk. |
|
Date |
02.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+” |
|
Rating Explanation |
Highest degree of safety. It carry lowest
credit risk. |
|
Date |
02.09.2013 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66036825)
LOCATIONS
|
Registered Office : |
36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-66581100 |
|
Fax No.: |
91-22-22855577 |
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E-Mail : |
|
|
Website : |
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|
|
|
Corporate Office: |
Kotak Infiniti, 4th Floor, Building No.21, Infinity Park,
Off Western Express Highway, General A K Vaidya Marg, Malad (East), Mumbai –
400097, Maharashtra, India |
|
Tel. No.: |
91-22-66056825 |
|
Fax No.: |
91-22-67259086 |
DIRECTORS
As on 30.05.2013
|
Name : |
Mr. Uday Suresh Kotak |
|
Designation : |
Executive Vice-Chairman and Managing Director |
|
Address : |
62 NCPA Apartments, Doradjee Tata Marg, Nariman Pint, Mumbai – 400021,
|
|
Date of Birth/Age : |
15.03.1959 |
|
Date of Appointment : |
13.12.1996 |
|
DIN No. : |
00007467 |
|
|
|
|
Name : |
Mr. Dipak Brijmohandas Gupta |
|
Designation : |
Executive Director |
|
Address : |
Flat No. 32, A Wing Tanna Residency, 392, Veer Savarkar Marg, Mumbai –
400025, |
|
Date of Birth/Age : |
13.02.1961 |
|
Date of Appointment : |
28.02.1996 |
|
DIN No. : |
00004771 |
|
|
|
|
Name : |
Ms. Shanti A Ekambaram |
|
Designation : |
Director |
|
Address : |
101 A Kalpatru Habitat, Dr. S S Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
|
Date of Birth/Age : |
14.09.1962 |
|
Date of Appointment : |
04.10.2005 |
|
DIN No. : |
00004889 |
|
|
|
|
Name : |
Mr. Jaimin Mukund Bhatt |
|
Designation : |
Director |
|
Address : |
30.03.1962 |
|
Date of Birth/Age : |
18, 5th Floor, Jeevan Jyoti, 29B/C, Lallubhai Park, Andheri
(West), Mumbai – 400058, Maharashtra, India |
|
Date of Appointment : |
24.07.2007 |
|
DIN No. : |
00003657 |
|
|
|
|
Name : |
Mr. Mohan Narayan Shenoi |
|
Designation : |
Director |
|
Address : |
Flat No. 53, ‘A’ Tower, Kalpatru Residency Road No. 8, Sion (East),
Mumbai – 400022, |
|
Date of Birth/Age : |
28.04.1958 |
|
Date of Appointment : |
16.06.2007 |
|
DIN No. : |
01603606 |
|
|
|
|
Name : |
Mr. Arvind Yashpal Kathpalia |
|
Designation : |
Director |
|
Address : |
Flat No. 3 B, 3rd Floor, Brighton Apartments, Napeansea Road,
Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1958 |
|
Date of Appointment : |
26.05.2010 |
|
DIN No. : |
02630873 |
|
|
|
|
Name : |
Mr. Narayan Subramaniam Ayypankav |
|
Designation : |
Director |
|
Address : |
2nd Floor, Silvares Clear Villa, Plot No. 502, 13th
Road, Chembur, Mumbai – 400071, Maharashtra, India |
|
Date of Birth/Age : |
09.11.1960 |
|
Date of Appointment : |
26.05.2010 |
|
DIN No. : |
00007404 |
|
|
|
|
Name : |
Mr. Venkat Krishnan Subramanian |
|
Designation : |
Additional Director |
|
Address : |
Flat 31-32, Solitaire Central Avenue Road, Santacruz (West), Mumbai –
400054, Maharashtra, India |
|
Date of Birth/Age : |
05.10.1969 |
|
Date of Appointment : |
26.05.2010 |
|
DIN No. : |
00031794 |
|
|
|
|
Name : |
Mr. Sumit T. Bali |
|
Designation : |
Director |
|
Address : |
Flat No.101, Vasundhara Janaki, Kutir, M-22, Juhu Church Road, Juhu,
Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1967 |
|
Date of Appointment : |
01.06.2011 |
|
DIN No.: |
02896088 |
KEY EXECUTIVES
|
Name : |
Mr. Harish Mavji Shah |
|
Designation : |
Company Secretary |
|
Address : |
15 Ratandeep 4th Floor, S V Road, Santacruz (West), Mumbai –
400054, Maharashtra, India |
|
Date of Birth/Age : |
30.03.1958 |
|
Date of Appointment : |
28.09.1999 |
|
PAN No. : |
AAKPS3535L |
|
|
|
|
Name : |
Vyomesh Dineshchandra Kapasi |
|
Designation : |
Manager |
|
Address : |
504, Tower A., 5th Floor, Oberoi Springs, Opposite City
Mall, Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
24.07.1965 |
|
Date of Appointment : |
01.06.2011 |
|
PAN No. : |
ADPPK9032N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.05.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Kotak Mahindra Bank Limited, India |
|
1782520 |
|
Central Depositary Services Limited, India |
|
1224400 |
|
Kotak Securities Limited, India |
|
488200 |
|
Cyril Suresh Shroff |
|
20 |
|
Raghunath V. Tiupattur |
|
15 |
|
Narayan A. Subramaniyam |
|
20 |
|
Dipak Brijmohandas Gupta |
|
15 |
|
Jayaram M. Chengalath |
|
5 |
|
Jaimin M Bhatt |
|
5 |
|
Tota |
|
3495200 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Kotak Mahindra Capital Company Limited, India |
|
500000 |
|
Kotak Investment Advisors Limited, India |
|
250000 |
|
Kotak Mahindra Asset Management Company Limited, India |
|
250000 |
|
Total |
|
1000000 |
As on 30.05.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Nationalised or other banks |
51.00 |
|
Bodies corporate (not mentioned above) |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in financing of retail customers of passenger
cars and multi-utility vehicles and inventory and term funding to car dealers
and also provides finance for loans against securities, personal loans,
corporate loans and developer funding. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
Not Divulged |
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Facilities : |
NOTE LONG-TERM BORROWINGS The Debentures are redeemable at par. The Non-Convertible Debentures, Index Linked Debentures, Deep Discount Debentures and Debentures issued at Discount are secured by way of a first and pari passu mortgage in favour of the Security Trustee on the Company's immovable property of Rs. 1.807 Millions and further secured by way of hypothecation/mortgage of charged assets such as receivables arising out of loan, lease and hire purchase, book debts, current assets and investments (excluding investment in mutual fund units and strategic investments of the company which is in the nature of equity shares) The long term loans from banks are secured by first pari-passu and non-exclusive charge by way of hypothecation/ mortgage of charged assets such as receivables arising out of loans, lease and hire purchase, book debts, current assets and investments (excluding investment in mutual fund units and strategic investments of the company which is in the nature of equity shares) and / or mortgage on the Companys immovable property of Rs.1.807 Millions ranking pari-passu with charge created in favour of Security Trustee. SHORT TERM BORROWINGS The Debentures are redeemable at par. The Non-Convertible Debentures, Index Linked Debentures, Deep Discount Debentures and Debentures issued at Discount are secured by way of a first and pari passu mortgage in favour of the Security Trustee on the Company's immovable property of Rs. 1.807 Millions and further secured by way of hypothecation/mortgage of charged assets such as receivables arising out of loan, lease and hire purchase, book debts, current assets and investments (excluding investment in mutual fund units and strategic investments of the company which is in the nature of equity shares) The short term loans from banks are secured by first pari-passu and non-exclusive charge by way of hypothecation/ mortgage of charged assets such as receivables arising out of loans, lease and hire purchase, book debts, current assets and investments (excluding investment in mutual fund units and strategic investments of the company which is in the nature of
equity shares) and / or mortgage on the Companys immovable property of
Rs.1.807 Millions ranking pari-passu with charge created in favour of
Security Trustee. |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
|
· Il & FS Trust Company Limited, Il & Fs Financial Centre, Plot No C22 G Block Bandra, Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India IDBI Trusteeship Services Limited, Asian Building, Ground
Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra,
India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD2337G |
|
|
|
|
Holding Company : |
Kotak Mahindra Bank Limited holds 51% of the Share Capital Uday S. Kotak along with relatives and entities controlled by him holds 44.96% of the equity share capital of Kotak Mahindra Bank Limited as on March 31, 2013 |
|
|
|
|
Fellow
Subsidiaries: |
· Kotak Mahindra Capital Company Limited Kotak Securities Limited Kotak Mahindra Asset Management Company Limited Kotak Mahindra Investments Limited Kotak Mahindra Old Mutual Life Insurance Limited Kotak Investment Advisors Limited |
|
|
|
|
Joint Venture: |
Kotak Mahindra Old Mutual Life Insurance Limited – Joint Venture with Kotak Mahindra Bank Limited, Old Mutual Financial Services (UK) plc and Kotak Mahindra Capital Company Limited |
|
|
|
|
Associate Company: |
Phoenix ARC Private Limited (upto 08-04-2011) |
|
|
|
|
Entities in which KMP
/ relatives of KMP have significant influence: |
Aero Agencies Limited |
|
|
|
|
Mutual Fund /
Venture Capital Fund managed by fellow subsidiary: |
· Kotak Mahindra Mutual Fund Managed by fellow subsidiary – Kotak Mahindra
Asset Management Company Limited Kotak Real Estate Fund Managed by fellow subsidiary – Kotak
Investment Advisors Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 Millions |
|
3,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 65.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,495,200 |
Equity Shares |
Rs. 10/- each |
Rs. 34.952
Millions |
|
1,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 44.952 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
44.952 |
44.952 |
44.952 |
|
(b) Reserves & Surplus |
23484.226 |
19178.400 |
15330.804 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
23529.178 |
19223.352 |
15375.756 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
59713.951 |
60938.687 |
39311.153 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
599.268 |
428.175 |
974.145 |
|
(d) long-term
provisions |
233.642 |
177.340 |
81.887 |
|
Total Non-current
Liabilities (3) |
60546.861 |
61544.202 |
40367.185 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
47869.558 |
28428.047 |
27584.325 |
|
(b)
Trade payables |
2927.647 |
2463.812 |
2357.175 |
|
(c)
Other current liabilities |
52024.033 |
40854.158 |
33042.017 |
|
(d) Short-term
provisions |
662.358 |
240.566 |
459.707 |
|
Total Current
Liabilities (4) |
103483.596 |
71986.583 |
63443.224 |
|
|
|
|
|
|
TOTAL |
187559.635 |
152754.137 |
119186.165 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
290.663 |
279.506 |
277.125 |
|
(ii)
Intangible Assets |
0.000 |
0.083 |
0.553 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2931.073 |
1004.888 |
1228.963 |
|
(c) Deferred tax assets (net) |
262.707 |
194.209 |
392.333 |
|
(d) Long-term Loan and Advances |
77488.632 |
59549.713 |
50777.935 |
|
(e) Other
Non-current assets |
770.358 |
1217.229 |
790.796 |
|
Total Non-Current
Assets |
81743.433 |
62245.628 |
53467.705 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
8714.884 |
6518.507 |
2546.898 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
40.538 |
25.819 |
20.226 |
|
(d) Cash
and cash equivalents |
1986.319 |
7939.043 |
1416.834 |
|
(e)
Short-term loans and advances |
93119.146 |
74468.128 |
60912.703 |
|
(f)
Other current assets |
1955.315 |
1557.012 |
821.799 |
|
Total
Current Assets |
105816.202 |
90508.509 |
65718.460 |
|
|
|
|
|
|
TOTAL |
187559.635 |
152754.137 |
119186.165 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20915.160 |
17034.751 |
13328.593 |
|
|
|
Other Income |
1672.132 |
1151.513 |
402.695 |
|
|
|
TOTAL (A) |
22587.292 |
18186.264 |
13731.288 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefits expense |
499.564 |
451.372 |
433.080 |
|
|
|
Other expenses |
2197.516 |
1987.498 |
1735.293 |
|
|
|
TOTAL (B) |
2697.080 |
2438.870 |
2168.373 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19890.212 |
15747.394 |
11532.915 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13453.430 |
10025.211 |
6725.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6436.782 |
5722.183 |
4837.292 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.672 |
18.799 |
18.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6410.110 |
5703.384 |
4818.843 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2103.114 |
1854.626 |
1640.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4306.996 |
3848.758 |
3178.627 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1231.93 |
1100.82 |
909.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
19.07
|
21.16 |
23.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
30.65
|
33.48 |
36.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.48
|
3.76 |
4.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.30 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.57
|
4.65 |
4.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.26 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Non-Convertible Debentures |
14818.000 |
10409.000 |
15818.000 |
|
Index Linked Debentures |
1863.580 |
819.322 |
408.997 |
|
Deep Discount Debentures |
11158.231 |
5406.716 |
5991.384 |
|
Debentures issued at discount |
3244.991 |
749.284 |
0.000 |
|
Non-Convertible Debentures - Subordinated Debts |
89.000 |
0.000 |
0.000 |
|
Term loans from Banks |
18092.827 |
20515.769 |
9370.587 |
|
Inter Corporate Deposits |
0.000 |
20515.769 |
0.000 |
|
Hire Purchase/ Loan/ Lease Deposit |
0.000 |
0.000 |
3.098 |
|
Total |
49266.629 |
58415.860 |
31592.066 |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 06/07/2013 |
|
Lodging No:
ITXAL/998/2013 Filing Date:
06/07/2013 Reg. No.:
ITXA/1830/2013 Reg. Date: 30/09/2013 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX-3 Respondent: M/S. RAM
RATNA WIRES LIMITED Petn. Adv : PADMA DIVAKAR (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: CENTRAL EXCISE APPEAL (CEXA) Last Date: 18/01/2014
Stage:- Last Coram: ACCORDING TO SITTING LIST ACCORDING TO
SITTING LIST |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10401735 |
24/10/2013 * |
150,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B89298541 |
|
2 |
10349693 |
24/10/2013 * |
150,000,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL
CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA (EAST), MUMBAI,
MAHARASHTRA |
B89549604 |
|
3 |
10169079 |
29/06/2009 |
120,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
A66748625 |
|
4 |
10151602 |
26/03/2009 |
75,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
A59627158 |
|
5 |
90211146 |
27/01/2005 * |
1,400,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
6 |
90214128 |
27/10/2004 * |
1,200,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
7 |
90211122 |
04/01/2005 * |
3,350,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
8 |
90211118 |
23/11/2004 * |
2,100,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
9 |
90214029 |
05/03/2004 * |
2,100,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
10 |
90211111 |
16/12/2004 * |
2,690,000,000.00 |
INDUSIND BANK LIMITED. |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
11 |
90214003 |
24/08/2004 * |
2,690,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
12 |
90211103 |
24/11/2004 * |
2,690,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
13 |
90211100 |
06/07/2004 * |
1,820,000,000.00 |
INDUSIND BANK LIMITED. |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
14 |
90211092 |
22/04/2004 * |
2,010,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
15 |
90213941 |
18/08/2004 * |
2,010,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
16 |
90211088 |
02/09/2003 * |
965,000,000.00 |
INDUSIND BANK LIMITED. |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
17 |
90213909 |
11/04/2003 * |
965,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
18 |
90211081 |
28/07/2004 * |
1,450,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
19 |
90213887 |
20/08/2003 * |
1,450,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
20 |
90211073 |
10/07/2003 * |
1,249,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
21 |
90213869 |
14/06/2003 * |
1,249,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
22 |
90211061 |
04/05/2003 * |
500,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
23 |
90213840 |
07/04/2003 * |
500,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
24 |
90211050 |
21/11/2002 * |
1,020,000,000.00 |
INDUSIND BANK LIMITED. |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
25 |
90213801 |
20/12/2003 * |
1,020,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
26 |
90211044 |
02/08/2004 * |
2,295,000,000.00 |
INDUSIND BANK LIMITED. |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
27 |
90213764 |
19/08/2004 * |
2,295,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
28 |
90211036 |
13/05/2004 * |
1,300,000,000.00 |
INDUSIND BANK LIMITED. |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
29 |
90214834 |
15/01/2001 |
1,300,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
30 |
90211024 |
22/11/2002 * |
690,000,000.00 |
INDUSIND BANK LIMITED. |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
31 |
90211018 |
04/09/2002 * |
1,035,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
32 |
90211005 |
22/02/2003 * |
500,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
33 |
90210989 |
31/10/2002 * |
645,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425; DADASAHEB BHADKAMAKAR MARG, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
34 |
90213030 |
11/05/1997 |
400,000,000.00 |
THE SAKURA BANK LIMITED |
MITTAL COURT B WING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
35 |
90213022 |
26/07/1997 * |
50,000,000.00 |
BANK OF MADURA LT; |
240; ; D N ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
36 |
90212991 |
27/02/1997 |
150,000,000.00 |
BANK OF AMERICA |
EXPRESS TOWERS; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Non-Convertible Debentures - Subordinated Debts |
5378.000 |
4567.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Deposits Inter Corporate Deposits |
1650.000 |
35.000 |
|
Commercial Paper |
20980.391 |
13523.940 |
|
Total |
28008.390 |
18125.940 |
CORPORATE INFORMATION
The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is registered as a Non-Banking Financial Company with Reserve Bank of India. The Company is primarily engaged in financing of retail customers of passenger cars and multi-utility vehicles and inventory and term funding to car dealers. The Company also provides finance for loans against securities, personal loans, corporate loans and developer funding.
FINANCE
The Company continues to be a “Non Deposit Accepting – Asset Financing” company. The Company continued its strategy of diversified funding. The Company has a diversified and large pool of lenders comprising of Public Sector Banks, Private and MNC Banks, Mutual Funds, Insurance Companies, Financial Institutions, Foreign Institutional Investors (FII) and Corporates. The Company introduced new investors and continued to borrow through instruments like Debentures (NCDs), Commercial papers, etc. The Company continues to make use of derivative products like interest rate / foreign currency swaps to manage its Asset / Liability GAP and optimize borrowings costs.
During the financial year 2012-13 the growth and growth expectations in the economy moderated. Even with current growth moderating, inflation remained a key concern. The RBI adjusted policy rates by cumulative 100bps (repo - reverse repo rates) during the year to 7.5% - 6.5% respectively. The RBI further reduced CRR for banks during the year by cumulative 75bps to 4.0%. Liquidity in the system was maintained in deficit mode, though largely in a comfort zone.
Globally, Central banks in the biggest economies continued their accommodative monetary policies amid an uneven and weak economic recovery. Easing of EURO Zone crisis due to strong supportive measures taken by European Central Bank helped in bringing some stability to the world economy at large.
The Company with its established treasury philosophies and practices is well geared to meet the challenges of a dynamic interest rate and liquidity environment.
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY BUSINESS
The Company is primarily into car finance, engaged in financing of retail customers of passenger cars and multi-utility vehicles and inventory and term funding to car dealers. The Company finances new and used cars under retail loan, hire purchase and lease contracts.
The main streams of income for the Company are retail income, dealer finance income and fee based income. The Company also receives income from loans against securities, securitization / assignment transactions, purchase of non-performing assets, personal loans, corporate loans and developer funding. The major expenses for the Company are interest expense, business sourcing expense and cost of running operations.
During the Financial Year 2012-13, the Company’s retail vehicle disbursements were at Rs.66655.700 Millions as against Rs.56771.500 Millions in the previous year. During the year, gross advances stood at Rs.170564.700 Millions as against Rs.134176.9 Millions in the previous year. The Financial Year 2012-13 witnessed a benign interest rate environment. The pressure of maintaining the margins in the retail car finance business continued during the year. The Company continued to focus on cost control and credit losses, while improving its positioning in the car finance market by scaling up the business. The Company’s good relationships with key stake holder’s viz. manufacturers, dealers and customers helped it to substantially grow disbursement volumes by 17%.
As detailed in the ‘Financial Results’ section above, Gross Income of the Company increased from Rs.181,862.64 Millions in 2011-12 to Rs.22587.292 Millions in 2012-13. Profit before Tax was at Rs.6410.110 Millions in 2012-13 as compared to Rs.5703.384 Millions in 2011-12, an increase of 12%. The credit loss ratio of the Company was maintained at 0.19% in a very challenging year.
There have been certain instances of frauds involving an aggregate amount of Rs.0.750 Millions, also reported in annexure to auditors report. The said instances are inherent in the nature of business of the Company and adequate provision in respect thereof has been made in the accounts for the year.
INDUSTRY SCENARIO
The passenger car market in India saw a growth of 2% for the Financial Year 2012-13 as compared to a growth of % for 2011-12. Total unit sales of cars and MUV’s crossed 26.84 lakh units in financial year 2012-13.
PROSPECTS
Passenger car sales are likely to grow in single digit at about 4%. The Company has, carved out a niche for itself in the car-financing segment focusing on distribution and relationship management across manufacturers, dealers, channel partners and customers. Fee based income is an important initiative of the Company. Dedicated infrastructure is in place to give a further impetus to the growth of fee based income with a twin objective of offering value added services to customers and leveraging the large existing customer database to generate further fee based income.
Customer knowledge, easy accessibility through its wide network of branches and a firm commitment to deliver superior customer service are key drivers for the Company’s performance.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debt in case of suits filed by various customers with respect to release of repossessed vehicles and related matters. The Company has preferred an appeal against the same with State / National Consumer Dispute Redressal Forum. |
27.848 |
30.075 |
|
(b) The Company has received a demand (net of provision) of Rs.2.431 Millions on completion of income tax assessment for the assessment year 2011-12. The said amount is disputed and the company has preferred an appeal against the same. The amounts for the same have been paid to the credit of the Central Government. |
2.431 |
0.000 |
FIXED ASSETS:
v
Tangible
Assets
Buildings
Computers
Furniture
and Fixtures
Vehicles
Office
Equipment
Leasehold
Improvements
v
Intangible Assets
Computer
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 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. 62.24 |
|
|
1 |
Rs. 101.81 |
|
Euro |
1 |
Rs. 84.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
83 |
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.