MIRA
INFORM REPORT
|
Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
PIAGGIO VEHICLES PRIVATE LIMITED (w.e.f. 01.04.2002) |
|
|
|
|
Formerly Known
As : |
PIAGGIO GREAVES VEHICLES LIMITED (w.e.f.15.05.1998) PIAGGIO GREAVES VEHICLES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-2, M.I.D.C. Industrial Area, Baramati, Pune – 413 133, |
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Country : |
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|
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Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
17.02.1998 |
|
|
|
|
Com. Reg. No.: |
11-113606 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.340.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102MH1998PTC113606 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP1225G |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Subject is engaged in the business of manufacturing of automobile products
consisting of three wheeled, four wheeled motor vehicles and engines. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 8074000 |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having a good track record.
There appears slight dip in the profitability during 2012. However, general financial strength seems to be strong. Liquidity
position of is good. Trade relations are reported to be fair. Business is
active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. Profit & Loss A/c for the year 2012 is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
January 07, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 07, 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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ashok Dnyanoba Medankar |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-2112-243770 |
|
Date : |
03.07.2013 |
LOCATIONS
|
Registered Office/ Factory : |
E-2, M.I.D.C. Industrial Area, Baramati, Pune – 413 133, Maharashtra,
India |
|
Tel. No.: |
91-2112-243770/ 304200/ 343730 |
|
Fax No.: |
91-2112-243772/ 243323/ 243198 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
102, “PHOENIX” Bund Garden Road, Pune – 411 001, Maharashtra, India |
|
Tel. No.: |
91-20-66013150/ 30518300 |
|
Fax No.: |
91-20-66013157/ 26134972 |
|
E-Mail : |
|
|
|
|
|
Sales Office
: |
A-1, Site “B”, Surajpur Industrial Area, District Gautam Budha Nagar,
Greater Noida – 201 306, Uttar Pradesh, India |
|
|
|
|
Regional Office
: |
Located at: ·
Delhi ·
Mumbai ·
Chennai ·
Kolkata ·
Pune ·
Hyderabad ·
Patna ·
Bhopal ·
Bangalore ·
Cochin |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Ravindersing Gurucharansingh Chopra |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Flat No. A-101, Palladium SN No. 468C, Mangaldas Road, Pune – 411 001,
Maharashtra, India |
|
Date of Birth/Age : |
19.03.1943 |
|
Qualification : |
BE (Mechanical) AMP-Harvard Business School, USA |
|
Date of Appointment : |
01.04.1998 |
|
DIN No.: |
01680496 |
|
PAN No.: |
AAYCP7294E |
|
|
|
|
Name : |
Mr. Michele Colaninno |
|
Designation : |
Director |
|
Address : |
Via Bertani, Mantova 3146100, Italy |
|
Date of Birth/Age : |
23.11.1976 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
03142555 |
|
|
|
|
Name : |
Gabriele Gianni Galli |
|
Designation : |
Additional Director |
|
Address : |
Via Sani Giuseppe, 24 Lerici, Italy |
|
Date of Birth/Age : |
25.06.1969 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05105874 |
|
|
|
|
Name : |
Ulisse Spada |
|
Designation : |
Additional Director |
|
Address : |
Viale Rinaaldo, Piaggio 25, Pontedera Pisa, Italy 056025 |
|
Date of Birth/Age : |
01.03.1966 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05236512 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Dnyanoba Medankar |
|
Designation : |
Company Secretary |
|
Address : |
165/10, Mira Society, Salisbury Park, Pune – 411 037, Maharashtra,
India |
|
Date of Birth/Age : |
29.11.1960 |
|
Date of Appointment : |
22.07.2004 |
|
PAN No.: |
ABAPM3785F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Piggio and C SpA, Italy |
|
33999999 |
|
|
|
1 |
|
Total |
|
34000000 |
AS ON 28.09.2012
|
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 : |
Subject is engaged in the business of manufacturing of automobile
products consisting of three wheeled, four wheeled motor vehicles and
engines. |
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Products : |
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Exports : |
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Products : |
·
Finished Goods |
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Countries : |
·
Sri Lanka ·
Korea |
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Imports : |
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Products : |
·
Raw Materials |
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Countries : |
·
China ·
Italy |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Three Wheeled Motor Vehicles |
Nos. |
216000 |
185730 |
|
Four Wheeled Motor Vehicles |
Nos. |
53400 |
11054 |
|
Petrol Engine |
Nos. |
100000 |
1242 |
Note:
·
As per the prevailing
industrial licensing policy, no industrial license is required.
·
Installed capacity is as
certified by the management and has not been verified by the auditors, as this
is a technical matter.
GENERAL INFORMATION
|
Customers : |
Others |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
·
State Bank of India, Industrial Finance Branch,
Tara Chambers, Mumbai-Pune Road, Pune – 411 003, Maharashtra, India ·
Credit Agricole and Corporate and Investment
Bank, A-203, 2nd Floor, ICC Trade Tower, Senapati Bapat Road, Pune
– 411 016, Maharashtra, India |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, 'B' Wing ,
7th Floor, ICC Trade Tower, International Convention Center,
Senapati Bapat Road, Pune – 411 016, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Holding Company
: |
Piaggio and C SpA, Italy |
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|
|
|
Subsidiary
Company : |
Piaggio Vietnam Company Limited, Vietnam |
CAPITAL STRUCTURE
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36000000 |
Equity Shares |
Rs.10/- each |
Rs.360.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34000000 |
Equity Shares |
Rs.10/- each |
Rs.340.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
340.000 |
340.000 |
|
(b) Reserves & Surplus |
|
1678.510 |
3369.810 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2018.510 |
3709.810 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
846.140 |
668.810 |
|
(b) Deferred tax liabilities (Net) |
|
351.950 |
308.150 |
|
(c) Other long
term liabilities |
|
35.780 |
57.470 |
|
(d) Long-term
provisions |
|
9.640 |
7.950 |
|
Total Non-current
Liabilities (3) |
|
1243.510 |
1042.380 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
62.660 |
0.000 |
|
(b)
Trade payables |
|
4256.580 |
4033.030 |
|
(c)
Other current liabilities |
|
1455.180 |
804.420 |
|
(d) Short-term
provisions |
|
2827.360 |
1767.660 |
|
Total Current
Liabilities (4) |
|
8601.780 |
6605.110 |
|
|
|
|
|
|
TOTAL |
|
11863.800 |
11357.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible
assets |
|
4226.840 |
3174.590 |
|
(ii)
Intangible Assets |
|
1544.110 |
1710.060 |
|
(iii)
Capital work-in-progress |
|
890.360 |
225.120 |
|
(iv) Intangible assets under development or
work-in-progress |
|
1500.120 |
956.780 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
369.840 |
405.200 |
|
(e) Other
Non-current assets |
|
0.250 |
0.250 |
|
Total Non-Current
Assets |
|
8531.520 |
6472.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
490.960 |
100.000 |
|
(b)
Inventories |
|
850.340 |
1043.840 |
|
(c)
Trade receivables |
|
328.090 |
481.400 |
|
(d) Cash
and cash equivalents |
|
253.580 |
2003.160 |
|
(e)
Short-term loans and advances |
|
1408.120 |
1252.200 |
|
(f)
Other current assets |
|
1.190 |
4.700 |
|
Total
Current Assets |
|
3332.280 |
4885.300 |
|
|
|
|
|
|
TOTAL |
|
11863.800 |
11357.300 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
340.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1509.510 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1849.510 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
85.250 |
|
|
TOTAL BORROWING |
|
|
85.250 |
|
|
DEFERRED TAX LIABILITIES |
|
|
210.500 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2145.260 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2669.010 |
|
|
Capital work-in-progress |
|
|
2599.980 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
6.820 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
711.440
|
|
|
Sundry Debtors |
|
|
271.710
|
|
|
Cash & Bank Balances |
|
|
1024.060
|
|
|
Other Current Assets |
|
|
102.430
|
|
|
Loans & Advances |
|
|
1174.860
|
|
Total
Current Assets |
|
|
3284.500
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2819.110 |
|
|
Other Current Liabilities |
|
|
1417.470
|
|
|
Provisions |
|
|
2178.470
|
|
Total
Current Liabilities |
|
|
6415.050
|
|
|
Net Current Assets |
|
|
(3130.550)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2145.260 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Revenue (Inclusive of Excise Duty) |
NA |
28556.000 |
23091.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
5480.000 |
5232.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
434.000 |
246.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
5046.000 |
4986.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
1644.000 |
1712.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
NA |
3402.000 |
3274.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
2925.020 |
2163.350 |
497.550 |
|
|
TOTAL EARNINGS |
2925.020 |
2163.350 |
497.550 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
80.170 |
397.060 |
|
|
|
Raw Materials and Components |
NA |
307.370 |
219.460 |
|
|
TOTAL IMPORTS |
NA |
387.540 |
616.520 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
NA |
100.06 |
96.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
49.59
|
83.75
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
1.36
|
2.70
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.45
|
0.18
|
0.05
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39
|
0.74
|
0.51
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
4256.580 |
4033.030 |
2819.110 |
|
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 |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last two 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 |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from others |
846.140 |
668.810 |
|
SHORT-TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
47.920 |
0.000 |
|
Total
|
894.060 |
668.810 |
BACKGROUND
Subject was incorporated on 17.02.1998, to manufacture diesel run three
wheeled motor vehicles as a joint venture between Piaggio and C. SpA,
Fixed Assets:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
Intangible Assets
·
Technical Know-how
·
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.59.41 |
|
|
1 |
Rs.90.38 |
|
Euro |
1 |
Rs.77.61 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.