|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOTAK MAHINDRA (INTERNATIONAL) LIMITED |
|
|
|
|
Office : |
36-38A, 3rd Floor, Nariman Bhavan, 227, Nariman Point,
Mumbai – 400 021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.03.1994 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.161.598
millions |
|
|
|
|
Legal Form : |
Foreign Registered Company |
|
|
|
|
Line of Business
: |
Subject’s principal
activity is to carry on business in financial services, corporate advisory
services, underwriting services, investment in shares, bonds and other
securities. It acts as distributor for schemes/products of various Kotak
funds and is an investment manager of various Kotak funds. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10060000 |
|
|
|
|
Status : |
Foreign Registered Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a foreign registered company having satisfactory track
record. External borrowing of the company has increased. However, company has
performed well. Reserves of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are
regular and as per commitment. The company can be considered for business dealing at usual trade
terms and condition. |
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.
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 BY
|
Name : |
Mr. Deepak Mukhija |
|
Designation : |
Head - Legal Department |
|
Contact No.: |
91-22-61660001 |
|
Date : |
20.12.2013 |
LOCATIONS
|
Office : |
36-38A, 3rd Floor, Nariman Bhavan, 227, Nariman Point,
Mumbai – 400 021, Maharashtra, India |
|
Tel. No.: |
91-22-61660001 |
|
Fax No.: |
Not Available |
|
|
|
|
Mauritius Office : |
4th Floor, Les Cascades Building, Edith Cavell Street, Port
Louis, Mauritius |
|
Tel. No.: |
+230 212 9800 |
|
|
|
|
Representative
Office : |
Al Otaiba Building, 907, Hamdan Street, Behind KFC, PO Box 131394, Abu
Dhabi, United Arab Emirates |
|
Tel. No.: |
+9712 622 9042 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Louis Didier Merle |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sow Man Ah Yuk Shing |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Somey Massey |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajiv Gujjalu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Viswanathan Varadarajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bilal Ibrahim Sassa |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gijo Joseph |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Deven Coopoosamy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Mukhija |
|
Designation : |
Head - Legal Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kotak Mahindra Bank Limited, Holding Company |
2081650 |
51.00 |
|
Kotak Mahindra Capital Company Limited, subsidiary of Kotak Mahindra
Bank Limited |
2000000 |
49.00 |
|
Total
|
4081650 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject’s
principal activity is to carry on business in financial services, corporate
advisory services, underwriting services, investment in shares, bonds and other
securities. It acts as distributor for schemes/products of various Kotak
funds and is an investment manager of various Kotak funds. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
JP Morgan International Bank Limited ·
United Bank of Switzerland |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Notes: SHORT-TERM BORROWINGS The loan from
Kotak Mahindra Inc, with a term of 90 days, bears an interest rate of 2% to
3% per annum (Previous year between 2% to 3% per annum). The Company has a
banking facility of Rs.1519.980 millions (Previous year approx Rs.1424.500 millions) of which Rs.1357.125 millions (Previous year Rs.1271.875 millions) is against floating charge on
the assets of the company. The assets that are subject to the floating charge
shall have book value of at least 1.5 times of the total outstanding amounts
at all times during the currency of any such borrowings by the Company from
the bank. Interest is payable on the amounts drawn at LIBOR plus 1.0% to
2.5%. The amount outstanding as at 31st March 2013 was Rs.338.256 millions (2012: USD Nil). The short term
loans from JP Morgan International Bank Limited and United Bank of
Switzerland are for a term of up to 30 days and bear an interest rate of
0.80% to 1% per annum (Previous year between 0.80% to 1.20% per annum). |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.C. Shah and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Holding Company
: |
Kotak Mahindra Bank Limited Address: 36-38A,
Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
|
|
|
Associate and Fellow Subsidiary |
Kotak Mahindra
(UK) Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Kotak Investment Advisors Limited ·
Kotak Securities Limited ·
Kotak Mahindra, INC. ·
Kotak Mahindra Financials Services Limited |
|
|
|
|
Investment
Management Companies : |
·
Kotak India Private Equity Fund ·
Kotak India Realty Fund ·
Kotak India Venture (Offshore) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4081650 |
Equity Shares |
USD 1 each |
$4081650 |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4081650 |
Equity Shares |
USD 1 each |
Rs.161.598
millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
|
Equity
shares |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Share capital outstanding at the beginning of the year |
4081650 |
161.598 |
|
Issued during the period |
-- |
-- |
|
Number of shares
at the end |
4
081650 |
161.598 |
Terms/rights attached to equity shares
The company has
only one class of equity shares having a par value of USD 1 per share. Each
holder of equity shares is entitled to one vote per share.
The company
declares and pays dividends in USD. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Shares held by holding/ultimate holding company and/or their
subsidiaries/associates
Out of equity
shares issued by the company, shares held by its holding company, ultimate
holding company and their subsidiaries/ associates are as below:
|
Particulars |
31.03.2013 (No. of Shares) |
|
Kotak Mahindra Bank Limited, the holding company |
2081650 |
|
Kotak Mahindra Capital Company Limited, subsidiary of Kotak Mahindra
Bank Limited |
2000000 |
Details of shareholders holding more than 5% shares in the company
Equity shares of USD 1 fully paid up
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
% holding |
|
|
Kotak Mahindra Bank Limited, holding company |
2081650 |
51.00 |
|
Kotak Mahindra Capital Company Limited, subsidiary of Kotak Mahindra
Bank Limited |
2000000 |
49.00 |
|
|
4081650 |
100.00 |
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 |
161.598 |
161.598 |
161.598 |
|
(b) Reserves & Surplus |
2353.492 |
1948.956 |
1721.694 |
|
(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) |
2515.090 |
2110.554 |
1883.292 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4157.470 |
708.163 |
1810.949 |
|
(b)
Trade payables |
10.263 |
15.493 |
47.778 |
|
(c)
Other current liabilities |
2.355 |
2.912 |
2.421 |
|
(d) Short-term
provisions |
1.678 |
6.279 |
4.206 |
|
Total Current
Liabilities (4) |
4171.766 |
732.847 |
1865.354 |
|
|
|
|
|
|
TOTAL |
6686.856 |
2843.401 |
3748.646 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
0.242 |
0.384 |
0.374 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
1790.768 |
443.579 |
902.033 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
21.611 |
20.423 |
5.749 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1812.621 |
464.386 |
908.156 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3927.265 |
1538.667 |
2568.885 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
189.940 |
98.895 |
107.399 |
|
(d) Cash
and cash equivalents |
687.100 |
721.792 |
130.461 |
|
(e)
Short-term loans and advances |
3.047 |
2.684 |
6.417 |
|
(f)
Other current assets |
66.883 |
16.977 |
27.328 |
|
Total
Current Assets |
4874.235 |
2379.015 |
2840.490 |
|
|
|
|
|
|
TOTAL |
6686.856 |
2843.401 |
3748.646 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenues from
operations |
|
|
|
|
|
|
(a) Income from Services (net) |
208.174 |
204.408 |
327.989 |
|
|
|
(b) Income from Investments (net) |
142.659 |
0.000 |
231.518 |
|
|
|
Other Income |
14.948 |
80.035 |
2.895 |
|
|
|
TOTAL (A) |
365.781 |
284.443 |
562.402 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee cost |
16.814 |
13.312 |
3.990 |
|
|
|
Other expenses |
54.154 |
37.245 |
58.746 |
|
|
|
Loss on Investment (net) |
0.000 |
235.496 |
0.000 |
|
|
|
TOTAL (B) |
70.968 |
286.053 |
62.736 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
294.813 |
(1.610) |
499.666 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.694 |
25.006 |
26.775 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
274.119 |
(26.616) |
472.891 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.182 |
0.145 |
0.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
273.937 |
(26.761) |
472.781 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.391 |
6.766 |
12.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
266.546 |
(33.527) |
460.542 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
65.30 |
(8.21) |
112.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
72.87
|
(11.79) |
81.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
78.08
|
(13.09) |
84.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.60
|
(1.12) |
16.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
(0.01) |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65
|
0.34 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
3.25 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term Debt:
Not Available
|
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 |
No |
|
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 |
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 |
No |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Loan from fellow subsidiary |
4021.758 |
580.976 |
|
Total
|
4021.758 |
580.976 |
ORGANISATION AND
NATURE OF BUSINESS
The Company which
was incorporated on 29th March 1994 in Mauritius as a private
company with limited liability holds a Category 1 Global Business Licence and is
regulated by the Financial Services Commission. The Company has by special
resolution converted itself into a public company on 12th June 2007.
The Company’s
principal activity is to carry on business in financial services, corporate
advisory services, underwriting services, investment in shares, bonds and other
securities. It acts as distributor for schemes/products of various Kotak funds
and is an investment manager of various Kotak funds.
The Company
operates a Representative office (the “Representative office”) in Abu Dhabi,
United Arab Emirates and has an associate and fellow subsidiary in the United
Kingdom, Kotak Mahindra (UK) Limited (“KMUK”).
CONTINGENT LIABILITY (AS ON 31.03.2013):
·
Guarantee secured against margin deposit in Dubai
amounted to Rs.0.267 million.
FIXED ASSETS:
Tangible Assets
·
Office Equipment
·
Computers
·
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.62.24 |
|
|
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.