MIRA
INFORM REPORT
|
Report Date : |
26.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
GENX ENTERTAINMENT LIMITED |
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Registered
Office : |
1st Floor, Building No. 14, Solitaire Corporate
Park, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.02.2007 |
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Com. Reg. No.: |
11-167974 |
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Capital
Investment / Paid-up Capital : |
Rs. 109.690 Millions |
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CIN No.: [Company Identification
No.] |
U92142MH2007PLC167974 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG12195B |
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PAN No.: [Permanent Account No.] |
AACCG7831Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company engaged in broadcasting business. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 satisfactory track record. The company has processed above average financial performance which
has resulted into profitability achieved from its operational activities.
Further company has successful in wiping off its accumulated losses which led
to better improvement in its liquidity profile. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
Not Divulged
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
31-03-2014.
INFORMATION PARTED BY
Unable to contact (91-22-40981600 – is not exist)
LOCATIONS
|
Registered Office : |
1st Floor, Building No. 14, Solitaire Corporate
Park, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093,
Maharashtra, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mrs. Amrita Pandey |
|
Designation : |
Whole-time director |
|
Address : |
A/131, Nibbana Co-operative Housing Society Limited, Nargis Dutt Road,
Pali Hill Road, Bandra (West), Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
10.06.1979 |
|
Date of Appointment : |
13.05.2013 |
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DIN No.: |
06408180 |
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|
Name : |
Mrs. Zarina Mehta |
|
Designation : |
Managing director |
|
Address : |
Flat No. 11 and 12, Breach Candy House, 5th Floor, 68, |
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Date of Birth/Age : |
06.11.1961 |
|
Qualification : |
BA |
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Date of Appointment : |
19.02.2007 |
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PAN No.: |
AADPM4074H |
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DIN No.: |
00004518 |
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Name : |
Mr. Deven Khote |
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Designation : |
Director |
|
Address : |
Ashoka Apartment, 1st Floor, |
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Date of Birth/Age : |
05.04.1962 |
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Qualification : |
B.com |
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Date of Appointment : |
20.09.2007 |
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DIN No.: |
00003461 |
KEY EXECUTIVES
|
Name : |
Ms. Kavita Bedi |
|
Designation : |
Company Secretary |
|
Address : |
B/403, |
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Date of Birth/Age : |
12.06.1983 |
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Date of Appointment : |
24.05.2011 |
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Pan No.: |
ARBPP8177B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
UTV Global Broadcasting Limited, |
|
9544424 |
|
* Nimish Shah |
|
1 |
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* Anurag Shroff |
|
1 |
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* Sujit Vaidya |
|
1 |
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* S. Venkata Subramanian |
|
1 |
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* Charles Jacob |
|
1 |
|
* Roshini Bakshi |
|
1 |
|
Total |
|
9544430 |
Notes: * Holding shares as a nominee on behalf of UTV Global Broadcasting
Limited
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in broadcasting business. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
Axis Bank Limited, Credit Management Center, Unit No. 6, Corporate Park, Chembur, Mumbai, Mumbai - 400071, Maharashtra, India
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Facilities : |
-- |
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Banking
Relations : |
--- |
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Financial Institution : |
· SICOM Limited, Nirmal Building, 1st Floor, Nariman Point, Mumbai - 400021, Maharashtra, India · SBICAP Trustee Company Limited, 202, Maker Tower E’, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
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Auditors : |
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Name : |
Price Water House and Company Chartered Accountants |
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Address : |
5th Floor, Tower D, The Mellenia 1 and 2, Murphy Road,
Ulsoor, Bangalore – 560008, Karnataka, India |
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PAN No.: |
AADFP9359C |
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Holding Company : |
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Ultimate Holding
Company : |
The Walt Disney Company |
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Fellow Subsidiary
Company : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 Millions |
|
2500000 |
Preference Share |
Rs.10/- each |
Rs. 25.000 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10969341 |
Equity Shares |
Rs.10/- each |
Rs.109.693
Millions |
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|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
109.690 |
95.440 |
101.610 |
|
(b) Reserves & Surplus |
244.220 |
(1267.000) |
(784.720) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
353.910 |
(1171.560) |
(683.110) |
|
|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
0.000 |
975.800 |
725.800 |
|
(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 |
20.340 |
27.050 |
15.910 |
|
Total Non-current Liabilities (3) |
20.340 |
1002.850 |
741.710 |
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|
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(4) Current Liabilities |
|
|
|
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(a) Short term borrowings |
43.720 |
459.220 |
197.000 |
|
(b) Trade payables |
465.810 |
431.610 |
327.840 |
|
(c) Other current
liabilities |
45.980 |
60.210 |
72.930 |
|
(d) Short-term provisions |
5.680 |
3.250 |
0.720 |
|
Total Current Liabilities (4) |
561.190 |
954.290 |
598.490 |
|
|
|
|
|
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TOTAL |
935.440 |
785.580 |
657.090 |
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II.
ASSETS |
|
|
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(1) Non-current assets |
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(a) Fixed Assets |
|
|
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(i) Tangible assets |
1.460 |
15.120 |
22.480 |
|
(ii) Intangible Assets |
0.130 |
0.840 |
2.980 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
106.400 |
91.390 |
63.560 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
107.990 |
107.350 |
89.020 |
|
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|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
327.700 |
158.090 |
157.080 |
|
(c) Trade receivables |
363.860 |
332.780 |
232.500 |
|
(d) Cash and cash
equivalents |
0.560 |
0.850 |
0.280 |
|
(e) Short-term loans and
advances |
132.700 |
186.510 |
178.210 |
|
(f) Other current assets |
2.630 |
0.000 |
0.000 |
|
Total Current Assets |
827.450 |
678.230 |
568.070 |
|
|
|
|
|
|
TOTAL |
935.440 |
785.580 |
657.090 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
|
|
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|
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Income |
1280.210 |
1092.440 |
1282.220 |
|
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Other Income |
3.350 |
0.270 |
1.310 |
|
|
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TOTAL (A) |
1283.560 |
1092.710 |
1283.530 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
201.950 |
203.920 |
171.040 |
|
|
|
Expenditure on production,
transportation and other expenditure pertaining to E&P activities |
711.990 |
1048.580 |
0.000 |
|
|
|
Other expenses |
231.560 |
237.550 |
1357.730 |
|
|
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TOTAL (B) |
1145.500 |
1490.050 |
1528.770 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
138.060 |
(397.340) |
(245.240) |
|
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|
Less |
FINANCIAL
EXPENSES (D) |
54.500 |
81.600 |
35.480 |
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
83.560 |
(478.940) |
(280.720) |
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.090 |
9.500 |
10.010 |
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|
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|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
79.470 |
(488.440) |
(290.730) |
|
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|
|
|
|
|
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|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
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|
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|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
79.470 |
(488.440) |
(290.730) |
|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10.740 |
10.910 |
0.830 |
|
|
TOTAL EARNINGS |
10.740 |
10.910 |
0.830 |
|
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|
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|
|
Earnings /
(Loss) Per Share (Rs.) |
7.61 |
(54.93) |
(35.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.21 |
(44.71) |
(22.67) |
|
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|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.78 |
(36.37) |
(19.13) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.50 |
(62.18) |
(44.25) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.42 |
0.43 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12 |
(1.22) |
(1.35) |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.47 |
0.71 |
0.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
101.610 |
95.440 |
109.690 |
|
Reserves & Surplus |
(784.720) |
(1267.000) |
244.220 |
|
Net worth |
(683.110) |
(1171.560) |
353.910 |
|
|
|
|
|
|
long-term borrowings |
725.800 |
975.800 |
0.000 |
|
Short term borrowings |
197.000 |
459.220 |
43.720 |
|
Total borrowings |
922.800 |
1435.020 |
43.720 |
|
Debt/Equity ratio |
-1.351 |
-1.225 |
0.124 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1282.220 |
1092.440 |
1280.210 |
|
|
|
(14.801) |
17.188 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1282.220 |
1092.440 |
1280.210 |
|
Profit / (Loss) |
(290.730) |
(488.440) |
79.470 |
|
|
(22.67%) |
(44.71%) |
6.21% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
GENERAL INFORMATION
Subject was incorporated in India as a Public Limited Company under the Companies Act, 1956 on February 19, 2007. The Company is a 100% subsidiary of UTV Global Broadcasting Limited (UGBL) which in turn is subsidiary of UTV Software Communications Limited (USCL). The Company owns and operates two channels namely UTV Bindass and UTV Action.
BUSINESS OVERVIEW
The Company owns and operates two channels namely bindass and UTV Action. bindass, the youth entertainment channel caters to Adults 15-24 years in SEC A and B across Hindi speaking 1mn+ towns. The channel has made its way to the No.2 position and has beaten the old timers through various innovative show concepts and brand led activations.
In this financial year, bindass successfully telecasted the fourth season of Emotional Atyachaar and launched two new shows Yeh Hai Aashiqui and Halla Bol which majorly helped the channel GRPs to improve from 36 to 47. bindass rolled out a new brand campaign b for change which is an initiative for the youth to make a difference in society, bindass also started a marketing initiative Dream Start which gives a chance to intern at one of Indias leading movie studios - UTV Motion pictures.
UTV Action has found success with a multitude of engaging Action movies from Hollywood, Bollywood and South regional cinema, presented in Hindi. The channel pioneered the sub-genre of Action and continues to enjoy patronage of loyal audiences. During the year, UTV Action has grown steadily in viewership and now trends at 37 GRPs.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long-term
borrowings |
|
|
|
Rupee term loans from banks |
0.000 |
250.000 |
|
Rupee term loans from others |
0.000 |
725.800 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
43.720 |
459.22 |
|
Total |
43.720 |
1435.020 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Plant and Machinery
- Office Equipment
- Computer
- Furniture and Fixture
- Leasehold Properties
- Computer Software
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.61.92 |
|
|
1 |
Rs.97.12 |
|
Euro |
1 |
Rs.76.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.