MIRA
INFORM REPORT
|
The Ref. No.: |
220084/09/008/Vdb/inq |
|
Report Date : |
17.01.2014 |
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|
Tel. No.: |
91-2653045341 |
IDENTIFICATION DETAILS
|
Name : |
SEW – EURODRIVE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.4, GIDC Industrial Estate, Por-Ramangamdi, Vadodara – 391243,
Gujarat. |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.02.1997 |
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Com. Reg. No.: |
04-037646 |
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Capital
Investment / Paid-up Capital : |
Rs.158.576 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U34300GJ1997PTC037646 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS00751C |
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PAN No.: [Permanent Account No.] |
AABCS4703Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Assembling and dealing of Electric Motors and Accessories, Parts. |
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|
|
|
No. of Employees
: |
250 (Approximately) |
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 4000000 |
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|
Status : |
Satisfactory |
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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 dip in the profit of the company during 2013. However,
reserves of the company appears to be good. No extend borrowing are recorded
by the company. Trade relation are fair. Business is active. Payment are reported to
be usually correct. The company can be considered normal for business dealing at usual
trade terms and condition. |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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.4, GIDC Industrial Estate, POR-Ramangamdi, Vadodara – 391243,
Gujrat. |
|
Tel. No.: |
91-265-3045200 / 2831086 |
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Fax No.: |
91-265-3045300 / 2831087 |
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E-Mail : |
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Website : |
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Assembly Sales Services : |
Plot No. K3/1, Sipcot Industrial Park, Phase II, Mambakkam Village,
Sriperumbudur- 602105, Kancheepuram, District Tamil Nadu. |
|
Tel. No.: |
91-44-37188888 |
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Fax No.: |
91-44-37188811 |
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E-Mail : |
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Technical Offices : |
Located at: ·
Ahmedabad ·
Aurangabad ·
Bangalore ·
Bangladesh ·
Bellary ·
Chandigarh ·
Chennai ·
Cochin ·
Coimbatore ·
Cuttack ·
Gandhidham ·
Gurgaon ·
Hyderabad ·
Indore ·
Jamshedpur ·
Kolhapur ·
Kolkata ·
Lucknow ·
Mumbai ·
Nagpur ·
Nashik ·
New Delhi ·
Navi Mumbai ·
Pune ·
Raipur ·
Ranchi ·
Tiruchirappalli ·
Vadodara |
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Branches : |
Located at: ·
Ahmedabad ·
Bangalore ·
Chennai ·
Coimbatore ·
Hyderabad ·
Kolkata ·
Mumbai ·
New Delhi ·
Pune ·
Raipur |
DIRECTORS
AS ON 30.08.2013
|
Name : |
Mr. Rainer Blickle |
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|
Designation : |
Director |
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Address : |
Am, Mjhlweg – 18, Kraichtal – 076703, Germany |
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Date of Birth/Age : |
16.07.1947 |
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Date of Appointment : |
03.02.1997 |
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DIN No.: |
00105567 |
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Name : |
Mr. Hans Sondermann |
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Designation : |
Director |
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Address : |
FUM Raetig 19A, D- 76646, Bruchsal – 076646, Germany. |
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Date of Birth/Age : |
17.04.1959 |
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Date of Appointment : |
28.06.2000 |
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DIN No.: |
00105512 |
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Name : |
Mr. Sameer Oberoi |
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Designation : |
Director |
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Address : |
A-18, Chitranjan Park, New Delhi – 110019, Delhi |
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Date of Birth/Age : |
16.10.1968 |
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Date of Appointment : |
20.06.2005 |
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DIN No.: |
00105414 |
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Other Directorship:
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Name : |
Mr. Abraham Mazuachary |
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Designation : |
Managing Director |
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|
Address : |
Flat No.4, Shyam’s Castle, K62, Anna Nagar East, Chennai-600102,
Tamilnadu, |
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Date of Birth/Age : |
07.11.1965 |
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Date of Appointment : |
01.11.2010 |
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DIN No.: |
03393668 |
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KEY EXECUTIVES
|
Name : |
Mr.Vikas Johri |
|
Designation : |
Secretary |
|
Address : |
201, Shourya Residance, Kalyan Nagar, Society II, Vadodara- 390018,
Gujrat, India. |
|
Date of Birth/Age : |
10.01.1975 |
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Date of Appointment : |
08.04.2008 |
|
PAN No: |
AIFPJ5593E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2013
|
Names of Shareholders |
No. of Shares |
|
Sew Industriebeteiligings GmbH (Germany) |
15857579 |
|
Sew Eurodrive GmbH and Company (Germany) |
01 |
|
Total |
15857580 |
AS ON 30.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or others) |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Assembling and dealing of Electric Motors and Accessories, Parts. |
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GENERAL INFORMATION
|
No. of Employees : |
250 (Approximately) |
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|
Bankers : |
·
Corporation Bank. Alkapuri Branch,
National Plaza, R.C. Dutt Road, Vadodara – 390007, Gujrat, India. |
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Banking
Relations : |
---- |
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Financial Institution: |
Electronica Finance Limited. 810, Bilwakunj, Bhandarkar Road, Shivajinagar, Pune – 411004, Maharashtra, India |
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Auditors : |
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Name : |
B.S.R and Company (Chartered Accountants) |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compounds, N.M.
Joshi Marg Mahalakshmi – 400011, Maharashtra, India. |
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PAN No.: |
AAIFB4734C |
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Ultimate Holding
Company: |
SEW Eurodrive GmbH and Company |
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Holding Companies: |
SEW Industriebeteiligings GmbH |
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Associates : |
·
SEW Eurodrive Private Limited (Singapore) ·
SEW Industrial Gears. OY (Finland) ·
SEW Eurodrive Intl. BV Others (Netherland) ·
SEW Eurodrive Tianjin Company Limited (China) ·
SEW Eurodrive Inc.(USA) ·
SEW Motors (Suzho) China |
CAPITAL STRUCTURE
AS ON 30.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- Each |
Rs.160.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15857580 |
Equity Shares |
Rs.10/- Each |
Rs.158.576
Million |
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 |
158.576 |
158.576 |
99.281 |
|
(b) Reserves & Surplus |
844.834 |
767.109 |
511.385 |
|
(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) |
1003.410 |
925.685 |
610.666 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
13.163 |
2.127 |
13.828 |
|
(c) Other long term liabilities |
0.305 |
0.230 |
0.735 |
|
(d) long-term provisions |
5.192 |
3.935 |
1.428 |
|
Total Non-current Liabilities (3) |
18.660 |
6.292 |
15.991 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
92.527 |
261.720 |
|
(b) Trade payables |
615.538 |
695.343 |
699.620 |
|
(c) Other current
liabilities |
70.832 |
69.534 |
43.036 |
|
(d) Short-term provisions |
19.151 |
5.689 |
96.268 |
|
Total Current Liabilities (4) |
705.521 |
863.093 |
1100.644 |
|
|
|
|
|
|
TOTAL |
1727.591 |
1795.070 |
1727.301 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
615.125 |
463.159 |
459.328 |
|
(ii) Intangible Assets |
1.186 |
1.838 |
7.416 |
|
(iii) Capital
work-in-progress |
7.833 |
179.551 |
0.000 |
|
(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 |
36.079 |
20.053 |
85.641 |
|
(e) Other Non-current assets |
2.305 |
7.657 |
0.000 |
|
Total Non-Current Assets |
662.528 |
672.258 |
552.385 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
452.314 |
527.067 |
608.708 |
|
(c) Trade receivables |
339.187 |
424.321 |
406.948 |
|
(d) Cash and cash equivalents |
197.745 |
77.566 |
66.516 |
|
(e) Short-term loans
and advances |
73.473 |
93.348 |
92.744 |
|
(f) Other current
assets |
2.344 |
0.510 |
0.000 |
|
Total Current Assets |
1065.063 |
1122.812 |
1174.916 |
|
|
|
|
|
|
TOTAL |
1727.591 |
17925.070 |
1727.301 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1760.000 |
1873.390 |
1609.110 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
1553.490 |
1633.160 |
1316.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) |
206.510 |
240.230 |
292.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
7.030 |
13.360 |
33.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
199.480 |
226.870 |
259.140 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
61.790 |
66.460 |
66.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
137.690 |
160.410 |
193.130 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
59.950 |
45.380 |
69.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
77.740 |
115.030 |
123.150 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
626.400 |
511.380 |
388.250 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
704.140 |
626.400 |
511.380 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
4.42
|
6.14 |
7.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.82
|
8.56 |
12.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.01
|
9.93 |
11.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.17 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.10 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.30 |
1.07 |
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 |
Yes |
|
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 |
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 |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
|
Short Term Borrowing |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Unsecured
Borrowings |
|
|
|
Loan repayable on demand
from bank |
0.000 |
92.527 |
|
Total |
0.000 |
92.527 |
Operations:
Financial
year 2012/13 was a difficult year with GDP growth at 5% at a 10 year low and
Industrial growth at 1% at a 20 year low. This resulted in capital goods
contracting by 6.3% in the financial year which obviously caused very strong
headwinds in the segment the company operates in.
During
the year the company registered a sales decline of 6% as compared to the
financial year 2011/12. EBITDA margins declined by 14% because of higher
operating costs absorbed by lower than expected sales, but gross margin remained
healthy with almost no deterioration over the previous year.
The
prognosis for the coming financial year 2013-14 continues to be poor, and while
the drop in industrial growth seems to have bottomed out there are no current
signs of where a recovery will come from in the medium term. The competitive
landscape has heated up considerably as market players with already sunk
capacity investments chase volumes and local currency depreciation has added
further pressure on margins.
However,
they continue to view these events as cyclical and are convinced of the long
term structural drivers of the Indian economy; namely the demographic profile,
headroom to grow because of the low per capita income, huge infrastructure gap
which has to be addressed and the long term benefits of a mature democracy to
ensure stable and responsive governance.
The
company continues to build its organization, accepting the current impact on
profits to ensure that it is well positioned to benefit from the next recovery
and is currently putting up its 3rd assembly plant in Pune on the land leased
from MIDC last year.
On
standalone basis, the company registered a net turnover of Rs. 1760.000 Million
as against Rs. 1873.390 Million during the previous year, a growth of -6%. The
company registered EBIDTA of Rs. 206.510 Million as compared to Rs. 240.230 Million
during the relevant previous year. The net profit for the year was Rs. 77.740 Million
as against 115.010 Million in the relevant previous fiscal. The company has
become debt free during the previous year 2012-13.
VIEW INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10082058 |
17/12/2007 |
31,000,000.00 |
CORPORATION BANK |
ALKAPURI BRANCH, NATIONAL PLAZA, R. C. DUTT ROAD,, |
A29772415 |
FIXED ASSETS:
·
Land
·
Building
·
Plant & Equipment
·
Furniture & Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipment
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 records 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.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
AARTI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.