MIRA INFORM REPORT
|
Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
|
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Registered
Office : |
|
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|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2012 |
|
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|
Date of
Incorporation : |
03.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-173762 |
|
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Capital
Investment / Paid-up Capital : |
Rs. 3882.500 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U52190MH2007PTC173762 |
|
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|
|
PAN No.: [Permanent Account No.] |
AAFCM2868L |
|
|
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Subject is primarily in the business of distribution of and retailing a
variety of lifestyle and consumer products through its own branded stores. |
|
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Satisfactory |
|
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record. There appears huge accumulated loss recorded by the company due to
continuous loss from its operations. However, it receives better support from its holding company. Trade
relations are fair. Business is active. Payments terms are usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
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
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BBB+ |
|
Rating Explanation |
Moderate degree if safety and moderate credit risk. |
|
Date |
08, May 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
08, May 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 DECLINED
Management Non – Cooperative (91-22-24905632)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-24905632/ 24935185/ 5186 / 24901441 |
|
Fax No.: |
91-22-2490833/ 24951236 |
|
E-Mail : |
DIRECTORS
As on 21.09.2012
|
Name : |
Mr. Rajeev Bidyanand Dubey |
|
Designation : |
Director |
|
Address : |
1701, Mahindra Height, |
|
Date of Birth/Age : |
24.06.1964 |
|
Date of Appointment : |
03.09.2007 |
|
DIN No.: |
00104817 |
|
|
|
|
Name : |
Mr. Zhooben Dosabhoy Bhiwandiwala |
|
Designation : |
Director |
|
Address : |
S-13, Cusrow Baugl, Shahid Bhagat Singh Roadl, Colaba, Mumbai-400039, |
|
Date of Birth/Age : |
29.09.1961 |
|
Date of Appointment : |
21.09.2007 |
|
DIN No.: |
00110373 |
|
|
|
|
Name : |
Mr. Arvind Kumar Singhal |
|
Designation : |
Nominee Director |
|
Address : |
3, Padmini Enclave, Hauz Khas, New Delhi-110016, |
|
Date of Birth/Age : |
10.08.1958 |
|
Date of Appointment : |
17.12.2008 |
|
DIN No.: |
00709084 |
|
|
|
|
Name : |
Mr. Parag Chandulal Shah |
|
Designation : |
Director |
|
Address : |
7, Kailas, |
|
Date of Birth/Age : |
29.11.1975 |
|
Date of Appointment : |
03.11.2009 |
|
DIN No.: |
00374944 |
|
|
|
|
Name : |
Mr. Rafique Abdul Malik Malik |
|
Designation : |
Director |
|
Address : |
23/C, 20th Floor, Kanchenjunga 72, |
|
Date of Birth/Age : |
30.10.1950 |
|
Date of Appointment : |
03.11.2009 |
|
DIN No.: |
00521563 |
|
|
|
|
Name : |
Mr. Shriprakash Shukla |
|
Designation : |
Director |
|
Address : |
C-Wing, Flat – 2202, Chaitanya Towers, Appasaheb Marathe Marg, Prabhadevi,
Opposite Sidhivinayak Temple, Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
03.010.1959 |
|
Date of Appointment : |
21.09.2012 |
|
DIN No.: |
00007418 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Technopak Advisors Private Limited, |
|
7173722 |
|
IDBI Trusteeship Services Limited, |
|
13000000 |
|
Retail Initiative Holdings Limited, |
|
288081266 |
|
Total |
|
308254988 |
As on 28.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Retail Initiative Holdings Limited, India |
|
80000000 |
|
Total |
|
80000000 |
Equity Share Break up (Percentage of Total Equity)
As on 21.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily in the business of distribution of and retailing
a variety of lifestyle and consumer products through its own branded stores. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/708l, Sharda Chambers, New Marine Lines, Mumbai-400020, |
|
Tel. No.: |
91-22-22000607/ 7318/ 6360/ 56315835/ 36 |
|
Fax No.: |
91-22-22003476 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB0265E |
|
|
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Holding company: |
Retail Initiative Holdings Limited, India |
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|
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|
Control the Reporting Enterprise: |
Mahindra and Mahindra Limited, India |
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Fellow Subsidiary company: |
|
CAPITAL STRUCTURE
As on 11.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
410000000 |
Equity Shares |
Rs.10/- each |
Rs. 4100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
388254988 |
Equity Shares |
Rs.10/- each |
Rs. 3882.550
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
310000000 |
Equity Shares |
Rs.10/- each |
Rs. 3100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
308254988 |
Equity Shares |
Rs.10/- each |
Rs. 3082.500
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 |
|
3082.500 |
1923.200 |
|
(b) Reserves & Surplus |
|
(2351.300) |
(1521.800) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
149.300 |
|
Total
Shareholders’ Funds (1) + (2) |
|
731.200 |
550.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
129.400 |
24.300 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
4.100 |
3.900 |
|
Total Non-current
Liabilities (3) |
|
133.500 |
28.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
72.400 |
7.000 |
|
(b) Trade
payables |
|
259.100 |
161.000 |
|
(c) Other
current liabilities |
|
169.100 |
126.800 |
|
(d) Short-term
provisions |
|
1.000 |
0.700 |
|
Total Current
Liabilities (4) |
|
501.600 |
295.500 |
|
|
|
|
|
|
TOTAL |
|
1366.300 |
874.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
516.100 |
381.600 |
|
(ii)
Intangible Assets |
|
5.300 |
8.300 |
|
(iii)
Capital work-in-progress |
|
9.200 |
17.200 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
205.100 |
175.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
735.700 |
582.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
528.600 |
250.300 |
|
(c) Trade
receivables |
|
24.900 |
14.000 |
|
(d) Cash
and cash equivalents |
|
38.600 |
3.800 |
|
(e)
Short-term loans and advances |
|
38.500 |
24.200 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
630.600 |
292.300 |
|
|
|
|
|
|
TOTAL |
|
1366.300 |
874.400 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
953.121 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(919.659) |
|
|
NETWORTH |
|
|
33.462 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
110.702 |
|
|
2] Unsecured Loans |
|
|
110.000 |
|
|
TOTAL BORROWING |
|
|
220.702 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
254.164 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
217.497 |
|
|
Capital work-in-progress |
|
|
17.861 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
76.818 |
|
|
Sundry Debtors |
|
|
2.357 |
|
|
Cash & Bank Balances |
|
|
1.164 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
86.351 |
|
Total
Current Assets |
|
|
166.690 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
83.082 |
|
|
Other Current Liabilities |
|
|
62.335 |
|
|
Provisions |
|
|
2.467 |
|
Total
Current Liabilities |
|
|
147.884 |
|
|
Net Current Assets |
|
|
18.806 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
254.164 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
192.090 |
|
|
|
Other Income |
|
|
2.831 |
|
|
|
TOTAL |
1106.800 |
514.400 |
194.921 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
110.589 |
|
|
|
Employee Cost |
|
|
144.520 |
|
|
|
Other Expenditure |
|
|
299.311 |
|
|
|
Wealth Tax |
|
|
0.056 |
|
|
|
TOTAL |
NA |
NA |
554.476 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(638.600) |
(494.100) |
(359.555) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
125.800 |
90.100 |
55.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
INTEREST & TAX |
(764.400) |
(584.200) |
(415.316) |
|
|
|
|
|
|
|
|
|
|
INTEREST &
FINANCIAL EXPENSES |
65.100 |
17.900 |
25.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(829.500) |
(602.100) |
(441.213) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(829.500) |
(602.100) |
(441.213) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS
BALANCE BROUGHT FORWARD |
(1521.800) |
(919.700) |
(478.446) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2351.300) |
(1521.800) |
(919.659) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.69) |
(4.24) |
(6.06) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(61.12)
|
(70.24) |
(226.35) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
(114.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.65)
|
(2.04) |
(13.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.28
|
0.06 |
6.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
0.99 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
24.300 |
21.600 |
NA
|
|
|
|
|
|
|
Total |
24.300 |
21.600 |
NA
|
|
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 |
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 |
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 |
OPERATIONS
The Company recorded revenues of Rs.1106.800 Millions as compared to
Rs.514.400 Millions in the previous year and a loss after tax for the year of
Rs.829.500 Millions as compared to Rs.602.100 Millions in the previous year.
During the year, the Company increased its retail presence with the
addition of 33 new stores making its total store presence in the country to 72
in 32 cities across 16 states. In its third full year of operations, the
Company continues to enlarge its market presence, make enhancements in its
range and quality of product and maintain its excellent customer services.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
For Bank Guarantees issued to VAT
Authorities |
1.510 |
FIXED ASSETS
Tangible assets
- Furniture and
fixtures
- Vehicles
- Office
equipment
- Computer
equipments
- Other
equipments
- Leasehold
improvements
Intangible assets
- Computer
software
- Stock-in-trade
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 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.63.14 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.