MIRA
INFORM REPORT
|
Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORTIS HEALTH MANAGEMENT LIMITED |
|
|
|
|
Registered
Office : |
Escorts Heart Institute and Research Centre, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.04.2008 |
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Com. Reg. No.: |
55-176412 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.918 Millions |
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|
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CIN No.: [Company Identification
No.] |
U85110DL2008PLC176412 |
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|
PAN No.: [Permanent Account No.] |
AABCF2101R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing clinical establishment services include OPD and
radio diagnostic services. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
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|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has reported continuous losses for past some year. However,
the rating also takes into consideration infusion of sufficient fund as
reserve during 2013. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
|
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
The worst is over for
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
|
Name : |
Dr. Daraspreet Singh |
|
Designation : |
Administrator |
|
Contact No.: |
91-9916756275 |
|
Date : |
17.02.2014 |
LOCATIONS
|
Registered Office : |
Escorts Heart Institute and Research Centre, |
|
Tel. No.: |
91-11-26825000 / 26825001 |
|
Mobile No.: |
91-9916756275 (Dr. Daraspreet Singh) |
|
Fax No.: |
91-11-41628435 |
|
E-Mail : |
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|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
|
|
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|
Branch Office 1 : |
No.23, |
|
Tel. No.: |
91-80-23014120 / 2314444 |
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Fax No.: |
91-80-23014242 |
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|
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Branch Office 2 : |
|
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Virender Kumar Sobti |
|
Designation : |
Whole-Time Director |
|
Address : |
I-81, Naraina Vihar, |
|
Date of Birth/Age : |
01.02.1962 |
|
Date of Appointment : |
15.02.2013 |
|
DIN No.: |
05287975 |
|
|
|
|
Name : |
Mr. Puneet Chadha |
|
Designation : |
Director |
|
Address : |
D-4, Flat No.1401, The Legend, Sector-57, Gurgaon – 122001, |
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Date of Birth/Age : |
11.03.1978 |
|
Date of Appointment : |
01.11.2012 |
|
DIN No.: |
06389040 |
|
|
|
|
Name : |
Mr. Sachin Batra |
|
Designation : |
Director |
|
Address : |
C-114, Ground Floor, Suncity, Sector-24, Gurgaon – 122002, |
|
Date of Birth/Age : |
27.11.1966 |
|
Date of Appointment : |
01.11.2012 |
|
DIN No.: |
03616349 |
KEY EXECUTIVES
|
Name : |
Dr. Daraspreet Singh |
|
Designation : |
Administrator |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2013
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
Fortis Global Healthcare Infrastructure Pte. Limited, |
|
1300000 |
|
Kanishka Healthcare Limited, |
|
1199994 |
|
Faizal Imtiaz |
|
01 |
|
Naveen Bhatia |
|
01 |
|
Sunil Kumar Singla |
|
01 |
|
Sachin Bhatia |
|
01 |
|
Virender Kumar Sobti |
|
01 |
|
Manish Agarwal |
|
01 |
|
Total |
|
2500000 |
|
Names of Shareholders (Preference
Share) |
|
No. of Shares |
|
Kanishka Healthcare Limited, |
|
91803 |
|
Total |
|
91803 |
As on 26.09.2013
Equity Share Break up (Percentage of Total Equity)
|
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 |
52.00 |
|
Bodies corporate |
48.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing clinical establishment services include OPD and
radio diagnostic services. |
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|
Terms : |
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Selling : |
Local |
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Purchasing : |
Local Purchase (As per Vender |
GENERAL INFORMATION
|
Suppliers : |
·
·
·
Roche Products |
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Customers : |
Member of Pubic Employee of Corporates Central and State Government
Employee |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Yes Bank, Axis Bank, Nagarbhavi, |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
S R B C and Company Chartered Accountants |
|
Address : |
Golf View Corporate, Towe r -B, Sector-42, Gurgaon, |
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PAN No.: |
ACHFS9117R |
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Sister Concern : |
Fortis Group |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives |
· Religare Technova IT Services Limited · SRL Limited · Fortis Malar Hospitals Limited · Fortis Hospitals Limited ·
Kanishka Healthcare Limited |
|
|
|
|
Fellow Subsidiary
company : |
· Escorts Heart and Super Speciality Hospital Limited · Fortis Health Management(North) Limited · Escorts Heart Institute and Research Centre Limited ·
Lalitha Healthcare Private Limited |
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|
|
|
Subsidiary Company
: |
· Hospitalia Eastern Private Limited · Fortis Hospotel Limited ·
International Hospital Limited |
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Holding company |
· Fortis Healthcare Holdings Private Limited · Fortis Healthcare Limited |
CAPITAL STRUCTURE
As on 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
1000000 |
Redeemable Preference shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.45.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
91803 |
Redeemable Preference shares |
Rs.10/- each |
Rs.0.918 Million |
|
|
Total |
|
Rs.25.918
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 |
25.918 |
25.290 |
24.010 |
|
(b) Reserves & Surplus |
283.849 |
427.997 |
203.353 |
|
(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) |
309.767 |
453.287 |
227.363 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5399.500 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.678 |
0.394 |
0.456 |
|
Total Non-current Liabilities (3) |
5400.178 |
0.394 |
0.456 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
41.999 |
6612.590 |
5.500 |
|
(b) Trade payables |
29.380 |
14.952 |
12.337 |
|
(c) Other current
liabilities |
555.248 |
96.719 |
242.392 |
|
(d) Short-term provisions |
0.807 |
0.445 |
0.566 |
|
Total Current Liabilities (4) |
627.434 |
6724.706 |
260.795 |
|
|
|
|
|
|
TOTAL |
6337.379 |
7178.387 |
488.614 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
686.265 |
57.091 |
64.361 |
|
(ii) Intangible Assets |
237.659 |
165.996 |
165.996 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5345.430 |
5344.700 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
25.072 |
8.997 |
3.890 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.021 |
|
Total Non-Current Assets |
6294.426 |
5576.784 |
234.268 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3.185 |
2.892 |
2.795 |
|
(c) Trade receivables |
25.855 |
14.106 |
10.260 |
|
(d) Cash and cash
equivalents |
2.623 |
10.796 |
240.140 |
|
(e) Short-term loans and
advances |
7.502 |
1559.833 |
0.742 |
|
(f) Other current assets |
3.788 |
13.976 |
0.409 |
|
Total Current Assets |
42.953 |
1601.603 |
254.346 |
|
|
|
|
|
|
TOTAL |
6337.379 |
7178.387 |
488.614 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
218.499 |
117.197 |
0.398 |
|
|
|
Other Income |
61.511 |
28.830 |
0.028 |
|
|
|
TOTAL (A) |
280.010 |
146.027 |
0.426 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
0.000 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
30.908 |
25.076 |
0.058 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.292) |
(0.097) |
0.101 |
|
|
|
Employees benefits expense |
33.967 |
18.891 |
1.305 |
|
|
|
Other expenses |
131.364 |
67.096 |
0.505 |
|
|
|
TOTAL (B) |
195.947 |
110.966 |
1.969 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
84.063 |
35.061 |
-1.543 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
708.234 |
30.322 |
0.833 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(624.171) |
4.739 |
-2.376 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.253 |
10.877 |
0.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(643.424) |
(6.138) |
(2.437) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(643.424) |
(6.138) |
(2.437) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(257.37) |
(2.50) |
(35.17) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(229.79) |
(4.20) |
(572.07) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(294.47) |
(5.24) |
(612.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(64.86) |
(0.33) |
(0.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.08) |
(0.01) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
59.43 |
6612.59 |
5.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.07 |
0.24 |
0.98 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
24.010 |
25.290 |
25.918 |
|
Reserves & Surplus |
203.353 |
427.997 |
283.849 |
|
Net
worth |
227.363 |
453.287 |
309.767 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
5,399.500 |
|
Short term borrowings |
5.500 |
6,612.590 |
41.999 |
|
Total
borrowings |
5.500 |
6,612.590 |
5,441.499 |
|
Debt/Equity
ratio |
0.024 |
14.588 |
17.566 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.398 |
117.197 |
218.499 |
|
|
|
29,346.482 |
86.437 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.398 |
117.197 |
218.499 |
|
Profit |
(2.437) |
(6.138) |
(643.424) |
|
|
(612.31%) |
(5.24%) |
(294.47%) |
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 |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
NATURE OF OPERATIONS
Subject was established as a clinical establishment company in the year 2008 for provision of clinical establishment services including IPD, OPD, radiology and other ancillary services. As a part of its business activity, the company holds interest in its subsidiaries through which it manages and operate a network of multi speciality hospitals. FHML was a subsidiary of Fortis Healthcare Limited (FHL) through Kanishka Healthcare Limited and Fortis Global Healthcare Infrastructure Pte. Limited.
Pursuant to restructuring exercise initiated by FHL, during the previous year ended March 31. 2012, the Company has purchased medical services business including in-patient healthcare services and emergency services from Fortis Hospitals Limited vide Business Transfer Agreement dated March 28, 2011 on slump sale basis.
The company is now focusing on carrying on business of providing clinical establishment services (certain OPD and radio diagnostic services) and has entered into Hospital and Medical Services Agreement (HMSA).
On October 19, 2012, Company became a 100% subsidiary of Religare Health Trust ('RHT') (an associate of FHL).
OPERATIONS
The Sound performance of the company is manifested in the operating revenue and net profit posted for the year under review. During the year, the Company recorded a total income of Rs.280.010 Milions as against Rs.146.027 Millions in the previous year.
During the year, the Company has entered into Hospital and Medical Services Agreement (HMSA) on October 17, 2012 with Fortis Malar Hospitals Limited. As per the agreement the Company shall provide Fortis Malar Hospitals Limited, on an exclusive principal to principal basis, hospital services including clinical establishment’s services, OPD Services and Radio Diagnostic Services and shall receive service fee in respect thereof.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Partly convertible debentures others |
5399.500 |
0.000 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand |
41.999 |
5962.590 |
|
Total |
5441.499 |
5962.590 |
|
|
|
|
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
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.62.28 |
|
|
1 |
Rs.103.84 |
|
Euro |
1 |
Rs.85.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
28 |
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.