|
Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PIEM HOTELS LIMITED |
|
|
|
|
Registered
Office : |
Vivanta by Taj - President, 90, Cuffe Parade, Mumbai-400005, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.03.1968 |
|
|
|
|
Com. Reg. No.: |
11-013960 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 38.100 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH1968PLC013960 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Hospitality Services. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 17000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of the “PIEM GROUP”. It is promoted by the “TATA GROUP” and the Nagpal family of Mumbai. The company’s financial position reflect very low debt balance sheet
and a strong networth. The rating also take into consideration the benefit that the group
deserves from its association with the Taj brand of Hotels. 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 good for business dealings 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Having very strong degree of safety regarding timely payment of
financial obligation. It carry lowest credit risk. |
|
Date |
December, 2012 |
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.: 91-22-66650931)
LOCATIONS
|
Registered Office : |
Vivanta by Taj - President, 90, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Tel. No.: |
91-22-66650931 |
|
Fax No.: |
91-22-66650368 |
|
E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. R. K. Krishna Kumar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Raymond N. Bickson |
|
Designation : |
Managing Director (With effect from 01.10.2011) |
|
|
|
|
Name : |
Mr. Rajesh R. Nagpal |
|
Designation : |
Joint Managing Director (Designated With effect from 01.10.2011) |
|
|
|
|
Name : |
Mr. Sudhir L. Nagpal |
|
Designation : |
Joint Managing Director (Designated With effect from 01.10.2011) |
|
|
|
|
Name : |
Mr. L. M. Nagpal |
|
Designation : |
Executive Director (With effect from 01.10.2011) |
|
|
|
|
Name : |
Mr. R. M. Nagpal |
|
Designation : |
Executive Director (With effect from 01.10.2011) |
|
|
|
|
Name : |
Mr. Anil P. Goel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Ubale |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. N. M. Nagpal |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Deepa Misra Harris |
|
Designation : |
Appointed Director (With effect from 30.03.2012) |
|
|
|
|
Name : |
Mr. Sunil L. Nagpal |
|
Designation : |
Director (Resigned With effect from 25.05.2011) |
|
|
|
|
Name : |
Mr. Ajoy K. Misra |
|
Designation : |
Director (Resigned With effect from 09.01.2012) |
KEY EXECUTIVES
|
Name : |
Ms. Farzana Sam Billimoria |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
|
Line of Business : |
Providing Hospitality Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|
|
|
|
Bankers : |
· HDFC Bank Standard Chartered Bank Bank of Baroda |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Holding Company : |
The Indian Hotels Company Limited (IHCL) * |
|
|
|
|
Subsidiay Companies
: |
· Northern India Hotels Limited Piem International (H.K.) Limited (PIHK) BAHC 5 Pte Ltd (Subsidiary of PIHK) Premium Aircraft Leasing Corporation Limited (Subsidiary
of PIHK) |
|
|
|
|
Associates
Companies : |
· Taj Enterprises Limited ** Taj Trade and Transport Company Limited ** Inditravel Limited ** Taida Trading and Industries Limited St. James Court Hotels Limited (Associate of PIHK) ** |
|
|
|
|
Fellow Subsidiaries
: |
Domestic: · TIFCO Holdings Limited * KTC Hotels Limited Taj SATS Air Catering Limited Roots Corporation Limited Residency Food and Beverages Limited United Hotels Limited Ideal Ice and Cold Storage Company Limited Taj Rhein Shoes Company Limited Benares Hotels Limited International: · Taj International Hotels (H.K) Limited Cheiftain Corporation NV IHOCO BV Taj International Hotels Limited IHMS Inc. IHMS LLC – Boston IHMS LLC - San Francisco IHMS LLC – USA Samsara Properties Limited IHMS (Australia) Pty Limited Apex Hotel Management Services Pte Limited |
|
|
|
|
Firms/Companies in
which Key Management personnel are Interested : |
· Pokhardas Menghraj Pokhardas Menghraj and Sons MPOWER Information Systems Private Limited |
Note:
* During the year the Equity Shareholding of IHCL and its subsidiary TIFCO increased from 46.20% to 51.57%. Consequently, the Company has with effect from May 25, 2011 became a subsidiary of IHCL.
** These Companies are also fellow subsidiaries.
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4750000 |
Equity Shares |
Rs.10/- each |
Rs. 47.500 Millions |
|
18000 |
9.5% First Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 1.800 Millions |
|
7000 |
3% Second Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 0.700 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3810000 |
Equity Shares |
Rs.10/- each |
Rs. 38.100 Millions |
|
|
|
|
|
Note:
(a) Reconciliation of Number of Equity shares :
|
Particulars |
31.03.2012 |
|
|
No. of shares |
Rs. In millions |
|
|
Shares outstanding at the beginning of the year |
3,810,000 |
38.100 |
|
Add : Shares Issued during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
3,810,000 |
38.100 |
(b) Equity Shares: The Company has one class of Equity Shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive any of the remaining assets of the Company after distribution of all preferential amounts in proportion to their shareholding.
(c) Shares held by Holding Company and Subsidiary of Holding Company
|
Particulars |
31.03.2012 |
|
|
No. of shares |
% of Holding |
|
|
Holding
Company |
|
|
|
The Indian Hotels Company Limited (IHCL) |
986,760 |
25.90 |
|
Subsidiary of
Holding Company (Wholly owned) |
|
|
|
TIFCO Holdings Limited (TIFCO) |
978,010 |
25.67 |
|
Total |
1,964,770 |
51.57 |
During the year the equity shareholding of IHCL and its wholly owned subsidiary TIFCO increased from 46.20% to 51.57%. Consequently, the Company has with effect from May 25, 2011 became a subsidiary of IHCL.
(d) Details of shares held by other shareholders holding more than 5% of the aggregate shares in the Company
|
Name of Shareholder |
31.03.2012 |
|
|
No. of shares |
% of Holding |
|
|
Mr. Rajesh R. Nagpal |
499,429 |
13.11 |
|
Mr. Sunil Nagpal |
- |
- |
|
Mr. Sudhir L. Nagpal |
337,566 |
8.86 |
|
New Vernon Private Limited |
259,000 |
6.80 |
|
Mr. Rajkumar M. Nagpal |
246,088 |
6.46 |
|
Mrs. Subhadra R. Nagpal |
199,418 |
5.23 |
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 |
|
38.100 |
38.100 |
|
(b) Reserves & Surplus |
|
4225.947 |
3814.341 |
|
(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) |
|
4264.047 |
3852.441 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
135.290 |
123.090 |
|
(c) Other long term liabilities |
|
3.926 |
5.774 |
|
(d) long-term provisions |
|
36.889 |
32.323 |
|
Total Non-current Liabilities (3) |
|
176.105 |
161.187 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
165.409 |
155.048 |
|
(c) Other current
liabilities |
|
335.314 |
184.399 |
|
(d) Short-term provisions |
|
226.238 |
204.296 |
|
Total Current Liabilities (4) |
|
726.961 |
543.743 |
|
|
|
|
|
|
TOTAL |
|
5167.113 |
4557.371 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2512.818 |
2522.864 |
|
(ii) Intangible Assets |
|
6.410 |
8.454 |
|
(iii) Capital
work-in-progress |
|
217.547 |
110.078 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
972.622 |
980.559 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
41.020 |
50.226 |
|
(e) Other Non-current assets |
|
0.922 |
27.954 |
|
Total Non-Current Assets |
|
3751.339 |
3700.135 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
557.090 |
39.512 |
|
(b) Inventories |
|
59.615 |
55.608 |
|
(c) Trade receivables |
|
99.699 |
100.761 |
|
(d) Cash and cash
equivalents |
|
109.852 |
357.256 |
|
(e) Short-term loans and
advances |
|
586.315 |
299.853 |
|
(f) Other current assets |
|
3.203 |
4.246 |
|
Total Current Assets |
|
1415.774 |
857.236 |
|
|
|
|
|
|
TOTAL |
|
5167.113 |
4557.371 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2841.322 |
2728.896 |
|
|
|
Other Income |
|
125.147 |
73.229 |
|
|
|
TOTAL (A) |
|
2966.469 |
2802.125 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Food and Beverages Consumed |
|
311.134 |
269.323 |
|
|
|
Employee Benefits Expense |
|
615.803 |
553.372 |
|
|
|
Other Operating and General Expenditure |
|
1163.073 |
1095.403 |
|
|
|
Exceptional Items |
|
(172.790) |
0.000 |
|
|
|
TOTAL (B) |
|
1917.220 |
1918.098 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1049.249 |
884.027 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
1.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1049.249 |
883.014 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
220.777 |
215.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
828.472 |
667.880 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
217.603 |
210.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
610.869 |
457.477 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
2472.576 |
2238.022 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
|
0.000 |
152.400 |
|
|
|
Tax on Interim Dividend |
|
0.000 |
24.723 |
|
|
|
Proposed Dividend |
|
171.450 |
0.000 |
|
|
|
Tax on Proposed Dividend |
|
27.813 |
0.000 |
|
|
|
General Reserve |
|
62.500 |
45.800 |
|
|
BALANCE CARRIED
TO THE B/S |
|
2821.682 |
2472.576 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earnings from Rooms, Restaurants, Banquets and Other Operating Income excluding pure encashment |
|
881.413 |
809.875 |
|
|
TOTAL EARNINGS |
|
881.413 |
809.875 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Food and Beverages |
|
36.724 |
28.022 |
|
|
|
Components and Spare parts |
|
4.457 |
3.000 |
|
|
|
Capital Goods (including professional fees) |
|
27.197 |
48.774 |
|
|
TOTAL IMPORTS |
|
68.378 |
79.796 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
160.33 |
120.07 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
20.59 |
16.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
29.16 |
24.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
20.83 |
19.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.95 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
Trade Payables |
165.409 |
155.048 |
|
|
|
|
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
Yes |
OPERATING RESULTS AND PERFORMANCE
The Company earned a Total Income of Rs. 2966.469 millions, which is 5.86% more than the previous year’s Total Income of Rs. 2802.125 millions. Profit for the year before exceptional items decreased by 1.83% to Rs. 655.682 millions, as compared to Rs. 667.880 millions in the previous year. The Indian hotel industry is still in the early stages of recovery and is yet to make the transition from an occupancy-led cycle to one supported by rising Average Room Realization (ARRs). Sustained demand assisted the return of some pricing power during the current year. However, supply pressures in many cities have negated the impact of the same and also prevented any significant increases in room tariffs. The longer-term prospects of the industry however remain robust, given that it can absorb significant capacity additions in a scenario of robust economic growth. However, the industry’s room inventory remains low, as compared to global standards.
The Company continued its efforts to upgrade and modernize facilities in its hotels. Renovations of Vivanta by Taj - President, Mumbai, Vivanta by Taj - Blue Diamond, Pune, were carried out during the year. During the financial year 2012-13, it is proposed to carry out further renovations at Vivanta by Taj - President, Mumbai, Vivanta by Taj - M. G. Road, Bengaluru, Vivanta by Taj – Blue Diamond, Pune and The Gateway Hotel - Fatehabad Road, Agra.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
(a) Claims against the Company not acknowledged as debts |
5.137 |
4.336 |
|
(b) Disputed Tax Matters: |
|
|
|
- Income-Tax |
5.740 |
16.080 |
|
- Luxury tax |
1.397 |
0.000 |
|
- Service tax |
85.625 |
55.609 |
|
- Value added tax (VAT) |
0.082 |
0.082 |
|
- Sales tax |
77.330 |
81.337 |
|
- Property Tax |
11.601 |
21.937 |
|
- Water Tax |
13.130 |
23.301 |
|
- Others |
5.319 |
4.373 |
FIXED ASSETS
v
Tangible
Assets
Freehold
Land
Leasehold
Land
Buildings
Plant,
Machinery and Data Processing Equipments
Furniture
and Fixtures
Office
Equipment
Vehicles
v
Intangible Assets
·
Goodwill
· Customer Reservation System
· Website Development Cost
· 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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.