MIRA
INFORM REPORT
|
Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEVROLET SALES INDIA PRIVATE LIMITED (w.e.f. 31.03.2009) |
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|
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|
Formerly Known
As : |
GENERAL MOTORS ( |
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Registered Office
: |
Block-B, Chandrapura Industrial Estate, District Panchmahals, Halol –
389 351, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.06.2008 |
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Com. Reg. No.: |
04-054265 |
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|
Capital
Investment / Paid-up Capital : |
Rs.267.000
Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U34102GJ2008PTC054265 |
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|
PAN No.: [Permanent Account No.] |
AADCG2067M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Purchaser and Seller of Motor Vehicles and Spare Parts
("Automobiles"). |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1000000 |
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|
Status : |
Moderate |
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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. Company has incurred huge loss from its operation in the year 2013.
External borrowing of the company appears to be huge. However, trade relations are fair. Business is active. Payments terms
are slow but correct. The company can be considered 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 DENIED BY
|
Name : |
Mrs. Shweta Jain |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-124-3080132 |
|
Board Line No: |
91-124-3080000 |
|
Date : |
25.02.2014 |
LOCATIONS
|
Registered Office / Factory 1 : |
Block-B, Chandrapura Industrial Estate, District Panchmahals, Halol –
389 351, Gujarat, India |
|
Tel. No.: |
91-2676-221000 |
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Fax No.: |
91-2676-220666 |
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E-Mail : |
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Website : |
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Corporate Office/ Marketing Office : |
1st Floor, Plot No.15, Sector - 32, Gurgaon – 122 001,
Haryana, India |
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Tel. No.: |
91-124-3080000/ 4213333 |
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Fax No.: |
91-124-4213334 |
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E-Mail : |
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Factory 2 : |
Plot No: A-16 MIDC Phase:II Extension, Near Talegaon Floriculture
Park, Talegaon-Navlakh-Umbhre Village Road, Tehsil-Maval, Pune 410507,
Maharashtra India. |
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Tel. No.: |
91-21-14663939 |
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|
|
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Factory 3 : |
Units 4-8, 3rd Floor, Creator Building, International Tech Park, White
Field Road, Bangalore-560066, Karnataka, India |
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Tel. No.: |
91-80-51184201 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Abhinav Kumar Singh |
|
Designation : |
Director |
|
Address : |
Tower 19, Close South City, Nirvana Country, Gurgaon – 122 018,
Haryana, India |
|
Date of Birth/Age : |
12.02.1979 |
|
Date of Appointment : |
05.09.2012 |
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DIN No.: |
06360687 |
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Name : |
Mr Vikas Jain |
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Designation : |
Director |
|
Address : |
D 603, Nagarjuna Appartments, Mayur Vihar 1, New Delhi – 110 096,
Delhi, India |
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Date of Birth/Age : |
08.12.1967 |
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Date of Appointment : |
05.09.2012 |
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DIN No.: |
05358524 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Dulani |
|
Designation : |
Secretary |
|
Address : |
House No.69, Sector 41, Gurgaon – 122 001, Haryana, India |
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Date of Birth/Age : |
06.10.1969 |
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Date of Appointment : |
25.05.2009 |
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PAN No.: |
ACIPD6183B |
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|
|
|
Name : |
Mrs. Shweta Jain |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
SAIC General Motors Investment Limited, Hong Kong |
|
26696244 |
|
SAIC Motor HK Investment Limited, Hong Kong |
|
1 |
|
General Motors (Hong Kong) Company Limited, Hong Kong |
|
1 |
|
Total |
|
26696246 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies Corporate (not mentioned above) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Purchaser and Seller of Motor Vehicles and Spare Parts
("Automobiles"). |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
Citibank, India |
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Facilities : |
-- |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower-B, DLF Cyber City Complex, DLF City
Phase-II, Gurgaon - 122 002, Haryana, India. |
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Tel. No.: |
91-124-6792000 |
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Fax No.: |
91-124-6792012 |
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PAN No. : |
AABFD2095B |
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Holding Company : |
·
SAIC General Motors Investment Limited (HKJV) |
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Ultimate Joint Venturer(Shareholders of HKJV) (with effect from
February 1, 2010) : |
·
General Motors Company ·
SAIC Motor Corporation Limited |
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|
Fellow subsidiaries/associates
of General Motors Company and SAIC Motor Corporation Limited, where
transactions exists : |
·
General Motors Company(USA) ·
General Motors Overseas Distribution
Corporation(USA) ·
General Motors India Private Limited (CIN No:U34100GJ1994PTC021818) ·
General Motors do Brasil LTDA. ·
General Motors Powertrain (Thailand) Limited ·
General Motors Technical Centre India Private
Limited (CIN No:U74200KA2009PTC049932) ·
GM Korea Company ·
Adam Opel GmbH ·
General Motors Overseas Corporation(USA) ·
General Motors Thailand Limited ·
SAIC GM Wuling Automobile Limited ·
General Motors (China) Investment Company Limited ·
Shanghai General Motors Company Limited ·
GM Holden Limited (Australia) |
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26696246 |
Equity Shares |
Rs.10/- each |
Rs. 267.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
267.000 |
267.000 |
267.000 |
|
(b) Reserves & Surplus |
44.600 |
500.300 |
302.200 |
|
(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) |
311.600 |
767.300 |
569.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
35.100 |
102.100 |
256.500 |
|
(c) Other long term
liabilities |
140.200 |
256.100 |
289.300 |
|
(d) long-term provisions |
|
|
|
|
Total
Non-current Liabilities (3) |
175.300 |
358.200 |
545.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3,700.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2,055.400 |
1,810.600 |
3,678.500 |
|
(c) Other current liabilities |
252.100 |
349.400 |
418.700 |
|
(d) Short-term provisions |
516.000 |
533.600 |
242.300 |
|
Total
Current Liabilities (4) |
6523.500 |
2693.600 |
4339.500 |
|
|
|
|
|
|
TOTAL |
7010.400 |
3819.100 |
5454.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
438.400 |
326.400 |
212.800 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
12.700 |
69.100 |
82.800 |
|
(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 |
8.800 |
7.800 |
|
(d) Long-term Loan and Advances |
6.700 |
7.000 |
6.500 |
|
(e) Other Non-current assets |
0.000 |
0.200 |
0.200 |
|
Total
Non-Current Assets |
457.800 |
411.500 |
310.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,407.100 |
1,540.600 |
1,545.200 |
|
(c) Trade receivables |
400.100 |
39.000 |
478.900 |
|
(d) Cash and cash equivalents |
1,388.100 |
404.600 |
489.200 |
|
(e) Short-term loans and
advances |
3,356.700 |
1,422.900 |
2,624.000 |
|
(f) Other current assets |
0.600 |
0.500 |
7.100 |
|
Total
Current Assets |
6552.600 |
3407.600 |
5144.400 |
|
|
|
|
|
|
TOTAL |
7010.400 |
3819.100 |
5454.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from sale of products |
48994.800 |
56317.900 |
50324.600 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
455.700 |
198.100 |
203.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/- Each) |
17.07 |
19.81 |
7.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
11.87
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.27 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
267.000 |
267.000 |
267.000 |
|
Reserves & Surplus |
302.200 |
500.300 |
44.600 |
|
Net
worth |
569.200 |
767.300 |
311.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
3,700.00 |
|
Total
borrowings |
0.000 |
0.000 |
3,700.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
11.874 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
50324.600 |
56317.900 |
48994.800 |
|
|
|
11.909 |
-13.003 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
50324.600 |
56317.900 |
48994.800 |
|
Profit |
203.600 |
198.100 |
455.700 |
|
|
0.40% |
0.35% |
0.93% |
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 |
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 |
Yes |
|
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 |
UNSECURED LOANS
|
Particular |
31.03.2013 (Rs. In millions) |
31.03.2012 (Rs. In millions) |
|
Working capital
loan |
|
|
|
Demand loans |
3700.000 |
0.000 |
|
Total |
3700.000 |
0.000 |
The Company has
availed a working capital facility from Citibank India for an amount of up to
INR equivalent to USD 90 Million .The said facility is backed by an unconditional
irrevocable stand by letter of credit (SBLC) issued by CITI Bank Hong Kong
Branch, and shall be valid till the SBLC is in force. The interest accrued but
not due amounting to Rs. 0.300 Millions (Previous year Rs. Nil) on such
borrowings is included in other current liabilities.
ACTIVITIES:
During the
financial year 2012-2013, the passenger car market sales, recorded the sharpest
drop in the last 12 years, and stood at 6.69%. Sales by the company in the same
period declined by 19.5%, partially driven by the unavailability of Tavera
during the first quarter of financial 2012-2013 and phasing out of aging UVA
and Aveo brands from the growing Mini B2 and Small markets, respectively.
However, towards the latter half of the financial year 2012-13, the company
made two significant launches in the very same segments with Sail Hatch back
and Sail Notch back. Both models were launched in petrol and diesel powertrain
simultaneously, and they were well received by the customers, during the
initial launch period.
During this
financial year 2012-2013, CSIPL also strengthened its sales and service network
by upgrading the existing facilities and creating new ones throughout the
country, thereby significantly improving the company’s penetration in the
upcountry areas. The company also started a massive drive towards improving the
retail capability of its channel partners through focused efforts on key
enablers like Exchange, Corporate, Fleet and Upcountry penetration. Major
efforts have also been made towards improving human capital at the dealerships.
With a refreshed and enhanced portfolio, the company is looking forward to make
major gains in volume, and leverage the scale to bring down operating costs
further.
During the year
the company’s turnover was Rs. 48994.800 Million against Rs. 56317.900 Million
for the previous year and Loss after Tax for the year stood at Rs.455.700
Million.
CONTINGENT
LIABILITIES
|
Particular |
31.03.2013 (Rs. In millions) |
31.03.2012 (Rs. In millions) |
|
(a) Claims against the Company not acknowledged as debts |
|
|
|
Excise and service tax matters |
67.500 |
0.000 |
|
Sales tax matters |
20.600 |
0.000 |
|
Others |
10.400 |
0.000 |
The above matters are
subject to legal proceedings in the ordinary course of business. The legal
proceedings when ultimately concluded will not, in the opinion of management,
have a material effect on the results of operations or the financial position
of the Company.
INDEX OF CHARGE:
No Charges Exist for Company
FIXED ASSETS:
·
Leasehold Improvements
·
Buildings – Non Factory
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Vehicles
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.