|
Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
HUNTSMAN PERFORMANCE PRODUCTS (INDIA) PRIVATE LIMITED (w.e.f.
04.08.2011) |
|
|
|
|
Formerly Known
As : |
LAFFANS FINE CHEMICALS PRIVATE LIMITED
|
|
|
|
|
Registered
Office : |
Plot No.321, G.I.D.C., Panoli, Ankleshwar – 394 116, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.08.2010 |
|
|
|
|
Com. Reg. No.: |
04-062014 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.29.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100GJ2010PTC062014 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDL00551F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL9521H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and dealing in Specialty Chemicals (Surfactants
Science). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 791000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Hantsman Investment (Netherland) BV (Huntsman).
It is an established company having moderate track record. The company has incurred a loss from its operations during 2012. The rating also takes into consideration
the diversified and reputed customer base of the company. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of strength derived from the parent company, the subject can
be considered normal for business dealings with some 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) |
|
|
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
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
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
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A- (SO) = Long Term Fund Based Limits |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
August 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3 = Short Term Non Fund Based Limits |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
August 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.
LOCATIONS
|
Registered Office : |
Plot No.321, G.I.D.C., Panoli, Ankleshwar – 394 116, |
|
Tel. No.: |
91-2646-272009/272437 |
|
Fax No.: |
91-2646-272429 |
|
E-Mail : |
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|
|
|
|
Head Office : |
|
|
Tel. No.: |
91-22-40506565/40506315 |
|
Fax No.: |
91-22-40506300 |
DIRECTORS
As on 15.01.2013
|
Name : |
Mr. Deep Halendra Dholakia |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
503, Silver
Palm, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.01.1969 |
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|
Date of Appointment : |
29.03.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03466012 |
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|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Stephen James Stilliard |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
10, Prinsep
Link, #12-18, Singapore-187948ssssss |
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|
Date of Birth/Age : |
18.03.1952 |
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|
Date of Appointment : |
26.09.2011 |
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|
DIN No.: |
03475786 |
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Other Directorship:
|
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|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Patrick Albert Peter Verraes
|
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
Annegijsboslaan, Overijse-3090 |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.09.1972 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
26.09.2011 |
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|
DIN No.: |
03155820 |
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|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS
As on 15.01.2013
|
Names of Shareholders |
|
No. of Shares |
|
Huntsman International ( |
|
7434356 |
|
Deep Halendra Dholakia |
|
1 |
|
Huntsman Investments ( |
|
500000 |
|
Total |
|
7934357 |
Equity Share Break up (Percentage of Total Equity)
As on 15.01.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
6.30 |
|
Bodies corporate |
93.70 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and dealing in Specialty Chemicals (Surfactants
Science). |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
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|
|
|||||||||||||||
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Bankers : |
|
|||||||||||||||
|
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|
|||||||||||||||
|
Facilities : |
Note: Secured loan
from bank consists of overdraft facilities. These are secured by
hypothecation of operating supplies, stores and receivables. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Attar and Associates Chartered Accountants |
|
Address : |
216, Sai Vihar, |
|
PAN No.: |
AACFA2329N |
|
|
|
|
Ultimate Holding Company: |
|
|
|
|
|
Holding company
: |
CIN No.:
U24117MH2001PTC131020 |
|
|
|
|
Fellow
Subsidiary company : |
CIN No.: U24132MH2000PTC126012 |
CAPITAL STRUCTURE
As on 15.01.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7934357 |
Equity Shares |
Rs. 10/- each |
Rs. 79.344 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7934357 |
Equity Shares |
Rs. 10/- each |
Rs. 79.344 Millions |
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2960000 |
Equity Shares |
Rs. 10/- each |
Rs. 29.600 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 |
|
29.600 |
24.600 |
|
(b) Reserves & Surplus |
|
168.073 |
0.000 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
0.000 |
0.000 |
|
(2) Share Application money pending
allotment |
|
0.000 |
350.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
197.673 |
374.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
239.371 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
1.600 |
0.000 |
|
(d) long-term
provisions |
|
1.490 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
242.461 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
496.926 |
0.000 |
|
(b) Trade
payables |
|
198.107 |
0.000 |
|
(c) Other
current liabilities |
|
48.577 |
0.023 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
743.610 |
0.023 |
|
|
|
|
|
|
TOTAL |
|
1183.744 |
374.623 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
315.890 |
0.000 |
|
(ii)
Intangible Assets |
|
250.631 |
0.000 |
|
(iii)
Capital work-in-progress |
|
6.522 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.249 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
574.292 |
0.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
190.427 |
0.000 |
|
(c) Trade
receivables |
|
351.724 |
0.000 |
|
(d) Cash
and cash equivalents |
|
25.743 |
348.425 |
|
(e)
Short-term loans and advances |
|
40.513 |
26.140 |
|
(f) Other
current assets |
|
1.045 |
0.058 |
|
Total
Current Assets |
|
609.452 |
374.623 |
|
|
|
|
|
|
TOTAL |
|
1183.744 |
374.623 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
GROSS
INCOME |
|
1621.639 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
|
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
(176.927) |
0.000 |
|
|
|
|
|
|
|
|
|
|
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
(176.927) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
239.366 |
0.000 |
|
|
TOTAL EARNINGS |
|
239.366 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(22.30) |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(29.03) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.89) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
3.72 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.81 |
16287.96 |
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
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 |
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Deferred Payment
Liabilities |
9.371 |
0.000 |
|
Loans and
advances from related parties |
230.000 |
0.000 |
|
Total |
239.371 |
0.000 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10281407 |
03/01/2013 * |
550,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP
SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006,
INDIA |
B66558842 |
* Date of charge modification
BUSINESS REVIEW
The company was
incorporated on 18/08/2010.
During the year
Company had incurred Rs. 1621.639 Millions gross income. However, there was a
loss of Rs. 176.927 Millions for a year. The Company commenced its business in
the current financial year, hence, have not generated any income in the
previous financial year.
The Company is desirous to adopt various steps to improve its
performance and undertake cost cutting measures to improve.
FIXED ASSETS:
PRESS RELEASE:
HUNTSMAN TO EXPAND CHEMICALS
BIZ IN INDIA; EYES $1 BN SALES
MUMBAI: Huntsman
Corporation, manufacturer and marketer of differentiated chemicals, today said
it plans to expand capacities and push sales in India to double revenues to USD
1 billion from the country by 2018-19.
"We have
ambitious growth plans for India. We are looking at capital expenditure of USD
10 million annually and 13-15 per cent growth per annum in Indian market,"
the newly appointed Vice President and Managing Director, Indian Subcontinent,
Steve Stilliard told PTI here.
The Indian arm
accounts for over USD 500 million of sales and has over 1,000 associates.
"We expect
to achieve USD 1,000 million sales by FY 2018-19," Stilliard said.
Performance
products and advanced materials used by the textile industry and polyurethanes
are the major contributors to Huntman's revenues in India.
The performance
products which include amines, carbonates and certain speciality surfactants
are used in a wide variety of consumer and industrial markets and applications.
The company is
also looking at expanding in Indian market through acquisition of mid-size
company, which will add to our technology," he said.
In 2011, it had
acquired the Ankleshwar-based chemicals maker, Laffans Petrochemicals that
produces amines used in detergents, automobile waxes, personal care products
and surfactants.
Huntsman also
acquired the Baroda facility from India's MetroChem Industries in 2009 and has
set up polyurethane (PU) systems house in Pune.
Huntsman
Corporation's operating companies manufacture products for a variety of global
industries, including chemicals, plastics, automotive, aviation, textiles,
footwear, paints and coatings.
Originally known
for pioneering innovations in packaging and, later, for rapid and integrated
growth in petrochemicals, Huntsman has approximately 12,000 employees and
operates from multiple locations worldwide.
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. 62.52 |
|
|
1 |
Rs. 100.26 |
|
Euro |
1 |
Rs. 84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
46 |
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.