|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADANI POWER MAHARASHTRA LIMITED |
|
|
|
|
Registered
Office : |
Adani House, Near Mithakhali |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.04.2007 |
|
|
|
|
Com. Reg. No.: |
04-50506 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.21819.646 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40101GJ2007PLC050506 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA07282C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCA4102J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of power generation. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 86000000 |
|
|
|
|
Status : |
Recently Commenced Business Activity |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Adani Power Limited’. Mr. Prashant, Senior Executive Accountant has provided us with general
information and also confirmed that even though the company was incorporated
during April 2007, it has recently commenced its business activity during
August, 2012. There appear huge external borrowings recorded by the company. However, it receives strong support from its group. Trade relations
are reported as decent. Business is active. Payment terms are slow but
correct. The company can be considered for business dealings with slight
caution. |
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating: BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
09.07.2012 |
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 PARTED BY (General Details)
|
Name : |
Mr. Prashant |
|
Designation : |
Senior Executive Accountant |
|
Contact No.: |
91-9545554954 |
|
Date : |
15.03.2013 |
LOCATIONS
|
Registered Office : |
Adani House, Near Mithakhali |
|
Tel. No.: |
91-79-26565555 |
|
Mobile No.: |
91-9545554954 (Mr. Prashant) |
|
Fax No.: |
91-79-26565500 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No.1-A, Tirora Growth Centre, MIDC Area, Tirora, District Gondia
- 441911, Maharashtra, India |
|
Area : |
997 hector |
|
Location : |
Owned |
DIRECTORS
(AS ON 06.08.2012)
|
Name : |
Mr. Vineet Jain |
|
Designation : |
Chairman |
|
Address : |
A-146, Upper Ground Floor, Priyadarshani Vihar, Near Lovely Public
School, Delhi – 110092, India |
|
Date of Birth/Age : |
30.04.1971 |
|
Date of Appointment : |
06.08.2012 |
|
DIN No.: |
00053906 |
|
|
|
|
Name : |
Mr. Rajendra Kumar Madan |
|
Designation : |
Managing Director |
|
Address : |
K - 4/ 6, DLF Phase II, Gurgaon – 122 001, |
|
Date of Birth/Age : |
28.08.1941 |
|
Date of Appointment : |
01.03.2011 |
|
DIN No.: |
00899341 |
|
|
|
|
Name : |
Mr. Devang Sanat Desai |
|
Designation : |
Director |
|
Address : |
201, Parikrama, Opposite Shetrunjay Tower, Off 132 Ring Road,
Saterlite, Ahmedabad – 380015 |
|
Date of Birth/Age : |
01.07.1956 |
|
Date of Appointment : |
30.10.2009 |
|
DIN No.: |
00005743 |
|
|
|
|
Name : |
Mr. Vijay Pyarelal Ranchan |
|
Designation : |
Director |
|
Address : |
Plot no.131, Sector 8-C, Gandhinagar – 382008, Gujarat, India |
|
Date of Birth/Age : |
01.10.1942 |
|
Date of Appointment : |
06.05.2011 |
|
DIN No.: |
01602023 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant |
|
Designation : |
Senior Executive Accountant |
|
|
|
|
Name : |
Mr. Rajesh Ramchandra Shah |
|
Designation : |
Company Secretary |
|
Address : |
16, Hilton Residency, Opp Shaligram 2, Anand Nagar, Seterlite,
Ahmedabad – 380051, India |
|
Date of Birth/Age : |
18.10.1981 |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABHPS8793E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 06.08.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Adani Power Limited, India |
|
1614653683 |
|
Rajesh S. Adani (Nominee of Adani Power Limited, India) |
|
50 |
|
Gautam S. Adani (Nominee of Adani Power Limited, India) |
|
50 |
|
Ameet H. Desai (Nominee of Adani Power Limited, India) |
|
1 |
|
Rahul C. Shah (Nominee of Adani Power Limited, India) |
|
1 |
|
Devang Desai (Nominee of Adani Power Limited, India) |
|
1 |
|
Growmore Trade and Investment Private Limited, Mauritius |
|
567310790 |
|
Vineet Jain (Nominee of Adani Power Limited, India) |
|
1 |
|
|
|
|
|
Total |
|
2181964577 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.00 |
|
Bodies corporate |
|
74.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of power generation. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
400 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India State Bank
Bhavan, Madame Cama Road, Mumbai – 400021, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C.C. Chokshi and Company Chartered Accountants |
|
Address : |
Heritage, Third Floor, Near Gujarat Vidyapith, Off Ashram Road,
Ahmedabad – 380 014, Gujarat, India |
|
Tel No.: |
91-79-27582542/ 27582543 |
|
Fax No.: |
91-79-27582551 |
|
PAN No.: |
AACFC2938D |
|
|
|
|
Ultimate Holding Company: |
· Adani Enterprise Limited CIN No.: L51100GJ1993PLC019067 |
|
|
|
|
Holding Company : |
· Adani Power Limited CIN No.: U40100GJ1996PLC030533 |
|
|
|
|
Other related
parties : |
· Shantikrupa Estate Private Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Adani Pench Power Limited ·
Adani Infrastructure and Developers Private
Limited ·
Adani Infra (India) Limited ·
Adani Gas Limited ·
Adani Global Pte Limited |
CAPITAL STRUCTURE
(AS ON 06.08.2012)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4250000000 |
Equity Shares |
Rs.10/- each |
Rs.42500.000 Millions |
|
750000000 |
Cumulative Compulsorily Convertible Participatory Preference Shares |
Rs.10/- each |
Rs.7500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.50000.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2181964577 |
Equity Shares |
Rs.10/- each |
Rs.21819.646
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21819.646 |
21819.646 |
8085.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(327.553) |
(49.649) |
(29.678) |
|
|
NETWORTH |
21492.093 |
21769.997 |
8055.322 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
78721.997 |
42698.403 |
7943.207 |
|
|
2] Unsecured Loans |
21560.022 |
1160.000 |
0.000 |
|
|
TOTAL BORROWING |
100282.019 |
43858.403 |
7943.207 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
121774.112 |
65628.400 |
15998.529 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1102.644 |
597.873 |
208.326 |
|
|
Capital work-in-progress |
122730.244 |
65952.338 |
15581.241 |
|
|
|
|
|
|
|
|
INVESTMENT |
90.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000
|
|
|
Cash & Bank Balances |
1802.006
|
3128.191 |
974.068
|
|
|
Other Current Assets |
2133.571
|
171.491 |
0.000
|
|
|
Loans & Advances |
18388.773
|
9031.800 |
1308.144
|
|
Total
Current Assets |
22324.350
|
12331.482 |
2282.212 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
6.553
|
2.605 |
2014.791
|
|
|
Other Current Liabilities |
24441.200
|
13235.343 |
54.702
|
|
|
Provisions |
25.373
|
15.345 |
3.757
|
|
Total
Current Liabilities |
24473.126
|
13253.293 |
2073.250
|
|
|
Net Current Assets |
(2148.776)
|
(921.811) |
208.962
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
121774.112 |
65628.400 |
15998.529 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
417.522 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
417.522 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
11.789 |
19.971 |
5.928 |
|
|
|
TOTAL (B) |
11.789 |
19.971 |
5.928 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
405.733 |
(19.971) |
(5.928) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
638.209 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(232.476) |
(19.971) |
(5.928) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(232.476) |
(19.971) |
(5.928) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
45.427 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(277.903) |
(19.971) |
(5.928) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.13) |
(0.01) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(66.56)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.99)
|
(0.15) |
(0.24) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.67
|
2.01 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
0.93 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
6.553
|
2.605 |
2014.791
|
|
|
|
|
|
|
Total |
6.553
|
2.605 |
2014.791
|
|
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 |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PROJECT OF THE COMPANY:
The Company is setting
up 3300MW thermal power project at Tiroda, District Gondia, Maharashtra based
on super critical technology. The Power Project is being developed in three
phases i.e. Phase I 1320MW (2x660MW), Phase II 660MW (1x660MW), Phase III
1320MW (2x660MW).
Power Purchase
Agreement (PPA) has been executed with Maharashtra State Electricity
Distribution Company Limited (MSEDCL) for sale of 2,645 MW of electricity for a
term of 25 years.
Water requirement for
the projects has been fulfilled. The environmental clearances for the projects
have been received from MoEF, GoI.
Construction of a
200 km 440 kV double circuit transmission line from Tiroda to Warora in
Maharashtra, is under progress and the Company has received license by
Maharashtra Electricity Regulatory Commission (MERC). Coal requirement for
Tiroda I and II power project has been fulfilled from domestic sources and an
application for domestic coal linkage to meet the coal requirement of Phase III
power project has been made. In FY13, a capacity of 3300 MW is expected to be
commissioned.
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Loans and advances from related parties |
20060.022 |
1160.000 |
|
Loans and advances from others |
1500.000 |
0.000 |
|
|
|
|
|
Total |
21560.022 |
1160.000 |
FIXED ASSETS:
·
· Building
· Plant and Machinery
· Computer
· Office Equipments
· Furniture and Fixtures
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.