MIRA
INFORM REPORT
|
Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASTI ELECTRONICS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 399, Sector – 8, IMT Manrsar, Gurgaon – 122050, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.11.2004 |
|
|
|
|
Com. Reg. No.: |
05-035533 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 841.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109HR2004PTC035533 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKA03460C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA9724G |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in production, processing and fabrication of all types of automotive component. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
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|
Litigation : |
Clear |
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Comments : |
Subject is a part of “ASTI CORPORATION, JAPAN”. It is an established
company having moderate track record. The net worth of the company stood substantially eroded as on March 31,
2013. However, during the year the company has been able to earn a profit
which has improved the position. Also the company has shown improvement in
its sales compare to last year. However, trade relations are fair. Business is active. Payment terms are
reported as slow. In view of financial and operating support from it’s parent company
the subject can be considered for business dealings with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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.
LOCATIONS
|
Registered Office / Mailing Address: |
Plot No. 399, Sector – 8, IMT Manrsar, Gurgaon – 122050, Haryana,
India |
|
Tel. No.: |
91-124-2291925/ 26 |
|
Fax No.: |
91-124-2291927 |
|
E-Mail : |
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|
Website : |
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|
|
|
Factory: |
Located at: ·
Manesar |
DIRECTORS
As on: 19.07.2012
|
Name : |
Mikio Uehira |
|
Designation : |
Director |
|
Address : |
991-1, Sasagase Cho, Hamamtsu Shizuoka, Prefacture – 4350042, Japan |
|
Date of Birth/Age : |
17.08.1941 |
|
Date of Appointment : |
19.11.2004 |
|
DIN No.: |
00335090 |
|
|
|
|
Name : |
Yasuhiro Uchiyama |
|
Designation : |
Director |
|
Address : |
508 A, Himilton Court, DLF Phase 4, Gurgaon – 122002, India |
|
Date of Birth/Age : |
23.01.1955 |
|
Date of Appointment : |
01.09.2007 |
|
DIN No.: |
01868887 |
|
|
|
|
Name : |
Hirofumi Fukada |
|
Designation : |
Managing director |
|
Address : |
691-19 Tomiokaiwiaka, Shizuoka – 4380803, Japan |
|
Date of Birth/Age : |
26.11.1963 |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
03350259 |
|
|
|
|
Name : |
Shashi Chaturvedi |
|
Designation : |
Director |
|
Address : |
H. No. 50, Block Deerwood Nirvana Country, Gurgaon – 122018, Haryana,
India |
|
Date of Birth/Age : |
23.06.1967 |
|
Qualification : |
B.E |
|
Date of Appointment : |
01.06.2011 |
|
PAN No.: |
ABLPC4440Q |
|
DIN No.: |
03541617 |
KEY EXECUTIVES
|
Name : |
Raqshanda Niazi |
|
Designation : |
Secretary |
|
Address : |
H. No. 46, Hakim Ahmednagar, Allhabad – 211001, Uttar Pradesh, India |
|
Date of Birth/Age : |
08.01.1982 |
|
Date of Appointment : |
06.01.2012 |
|
PAN No.: |
AIMPN2259E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 19.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Asti Corporation, Japan |
|
8256000 |
|
Om Planning Company Limited, Japan |
|
4000 |
|
Omron Automotive Electronics Company Limited, Japan |
|
150000 |
|
|
|
|
|
Total |
|
8410000 |
Equity Share Break up (Percentage of Total Equity)
As on: 19.07.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in production, processing and fabrication of all types of automotive component. |
GENERAL INFORMATION
|
Customers : |
· Suzuki Motorcycle India Private Limited · Maruti Suzuki India Limited · Subros Limited · Yamaha Motor India Private Limited · International Tractors Limited · Omron Automotive India Private Limited |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
HDFC Bank Limited ·
Mizuho Corporate Bank Limited ·
PNB Bank Limited ·
The Bank of Tokyo Mitsubishi UFJ Limited |
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|
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|
Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Ghosh Khanna and Company Chartered Accountants |
|
Address : |
L 2A, Hauz Khas Enclave |
|
PAN No.: |
AAAFG4486E |
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|
|
|
Holding company : |
· Asti Corporation, Japan |
|
|
|
|
Fellow Subsidiary
company : |
· Asti Electronics Corporation, Viet Nam · Asti Electronics Hanoi Corporation, Viet Nam · Hangzhou Asti Electronics Company Limited, China · Zhejiang Asti Electric Company Limited, China |
CAPITAL STRUCTURE
As on: 19.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8700000 |
Equity Shares |
Rs.100/- each |
Rs. 870.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8410000 |
Equity Shares |
Rs.100/- each |
Rs. 841.000
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 |
841.000 |
841.000 |
565.821 |
|
(b) Reserves & Surplus |
(516.465) |
(637.887) |
(543.545) |
|
(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) |
324.535 |
203.113 |
22.276 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
231.040 |
249.720 |
216.080 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
319.475 |
215.516 |
1.180 |
|
(d) long-term provisions |
6.567 |
4.005 |
0.000 |
|
Total Non-current Liabilities (3) |
557.082 |
469.241 |
217.260 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
206.085 |
262.300 |
335.295 |
|
(c) Other current liabilities |
87.485 |
49.299 |
23.876 |
|
(d) Short-term provisions |
4.705 |
3.343 |
4.014 |
|
Total Current Liabilities (4) |
298.275 |
314.942 |
363.185 |
|
|
|
|
|
|
TOTAL |
1179.892 |
987.296 |
602.721 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
429.835 |
337.473 |
257.968 |
|
(ii) Intangible Assets |
2.509 |
4.159 |
6.720 |
|
(iii) Capital work-in-progress |
0.619 |
18.504 |
4.710 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
131.319 |
170.848 |
76.016 |
|
(e) Other Non-current assets |
0.327 |
0.202 |
0.201 |
|
Total Non-Current Assets |
564.609 |
531.186 |
345.615 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
256.242 |
209.301 |
128.057 |
|
(c) Trade receivables |
274.494 |
151.191 |
58.068 |
|
(d) Cash and cash equivalents |
59.304 |
71.964 |
59.871 |
|
(e) Short-term loans and advances |
21.888 |
18.158 |
10.172 |
|
(f) Other current assets |
3.355 |
5.496 |
0.938 |
|
Total Current Assets |
615.283 |
456.110 |
257.106 |
|
|
|
|
|
|
TOTAL |
1179.892 |
987.296 |
602.721 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1700.986 |
1010.000 |
490.411 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
(61.258) |
(70.698) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
33.083 |
30.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
(94.341) |
(101.575) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
121.422 |
(94.341) |
(101.575) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(637.886) |
(543.545) |
(441.970) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(516.464) |
(637.886) |
(543.545) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
37.878 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
14.43 |
(11.21) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
(9.35) |
(20.71) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
(9.73) |
(16.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
(0.47) |
(4.56) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.71 |
1.22 |
9.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06 |
1.45 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
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 |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Loans and advance from others |
231.040 |
249.720 |
|
|
|
|
|
Total |
231.040 |
249.720 |
NATURE OF OPERATIONS
Subject is incorporated in India with main objective of production, processing and fabrication of all types of automotive component.
Presently the company is manufacturing three main products - Wire Harness, Printed Circuit Board and Lead Cord and Supplies to Suzuki Motorcycle India Limited, India Yamaha Motor Private Limited, Omron Automotive India Private Limited and Subros Limited.
The company is going to manufacture CNG product for which machinery and raw material has been imported.
The company utilizes indigenous raw materials except some quality product which are imported from Asti Corporation, Japan and Asti Corporation, Vietnam.
PERFORMANCE AND
OPERATIONS
This was the year where company has seen the turnover in terms of profitability. The year ended with bright bottom line and reduction in the accumulated losses for the first time. Not only they witnessed increased operational efficiency, remarkable improvement was seen in terms of customer satisfaction.
This year following were the highlights
· Commercial production for Honda France ECU
· Commercial production for Panasonic India for Washing machines.
· New orders from 2 wheeler customers for new generation motorcycles
This turnover also poses challenges for the coming future. With customer like Denso and Honda added to the list, coming year should also be the transformation year for quality improvements and operational efficiencies to cater to meet the added expectations of world class customers.
To improve the level of technology absorption, Engineers are being recruited and sent to Japan for In plant training. These will be pioneers for the future to develop In-house design capabilities.
FUTURE OUTLOOK
Wire harness section shall witness the start of wire harnesses for new generation motor cycles. With stringent environmental controls, the new vehicles will have fuel injection system. This shall be translated into more complicated wire harness and shall impose higher challenges in terms of quality expectation. A young design engineer shall be deputed to Asti Japan to understand modern harness technology.
PCB section shall gear up to meet higher customer expectation in terms of traceability and making environmental friendly products. They expect that company shall learn better practices after associating with world class customers like Denso. Company shall put the efforts in successful development of Meter Panel PCB and Generator controller.
Note: No Charges
Exist for Company
FIXED ASSETS
·
Land and Buildings
·
Plant and Equipment
·
Furniture and Fixture
·
Vehicle
·
Office Equipment
WEBSITE DETAILS
They are manufacturing Wiring harnesses for vehicles, controllers and related components designed on the basis of Production Design and Engineering Technologies from ASTI Corporation, Japan.
Subject was established in 19 November 2004 with the objective to fulfill the demand of products like Wire Harness for Automobile customers. The plant at IMT Manesar was started in October 2005 and at the same time supplies to SUZUKI Motorcycle India started. Subject also started supplies to SUBROS Limited in May 2006. In March 2007 their System was audited by MARUTI SUZUKI. AEIPL got certified by ISO/ TS 16949 Certification in May 2007. In June 2007 we started regular Supplies to MARUTI SUZUKI.
In September 2007 our SMT facility was started.
In January 2008 our Injection Molding Facility was started.
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. 65.96 |
|
|
1 |
Rs. 102.91 |
|
Euro |
1 |
Rs. 86.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.