MIRA
INFORM REPORT
|
Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIR |
|
|
|
|
Indian Branch
Office : |
Shop No. 1, Ground Floor, Jaisingh Business Centre, 119/120, Sahar Road,
Parsiwada, Andheri (East) Mumbai – 400099, Maharashtra, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
10.08.2010 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 51.826 Millions |
|
|
|
|
FCRN : |
F04131 |
|
|
|
|
Legal Form : |
Foreign Registered Company |
|
|
|
|
Line of Business
: |
The licensed activity of the company is international commercial air transportation, aircraft trading, aircraft rental, aircraft rent. Aircraft spare parts trading, travel and tourist agencies, hotels, hotel apartment rentals, airlines companies’ representative office, passengers transport, cargo services, air cargo agents, documents transfer services, telecommunications devices trading, aviation training and aircraft repair and maintenance |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Branch office of a foreign registered company “AIR ARABIA
PJSC” incorporated in United Arab Emirates. It is an established entity
having fine track. The entity possesses a favourable financial profile marked by adequate
networth base and comfortable capital structure backed by zero gearing. Management has reported a decent profit margin during FYE December
2012. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of support from its strong percentage, the entity can be
considered for business dealings at usual terms and conditions. |
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
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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 DENIED BY
|
Name : |
Mr. Vikram |
|
Designation : |
Accounts Officer |
|
Contact No.: |
91- 11-33664444 |
|
Date : |
06.09.2014 |
LOCATIONS
|
Registered Office : |
Located at : United Arab
Emirates |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Shop No. 1, Ground Floor, Jaisingh Business Centre, 119/120, Sahar Road,
Parsiwada, Andheri (East), Mumbai – 400099, Maharashtra, India Also located at
: ·
Cochin ·
Thiruvananthapuram ·
Delhi ·
Chennai ·
Jaipur ·
Bangalore ·
Mumbai ·
Coimbatore ·
Calicut ·
Goa ·
Ahmedabad ·
Nagpur ·
Hyderabad |
MANAGEMENT
As on: 31.12.2012
|
Name : |
Mr. Sheikh Abdullah Bin Mohammed Al Thani |
|
Designation : |
Chairman |
|
Address : |
Sharjah Airport Authority, Post Office Box 8, Sharjah, UAE |
|
|
|
|
Name : |
Mr. Adel Abdullh Ali |
|
Designation : |
Group Chief Executive Officer |
|
Address : |
Air Arabia PJSC, Post Office Box 132, Sharjah, UAE |
|
|
|
|
Name : |
Mr, Arif Naqvi |
|
Designation : |
Executive Vice Chairman And Chief Executive Officer |
|
Address : |
Abraaj Capital Limited, DIFC – Gate Village 8, Level 3, Sh. Zayeed Road,
Post Office Box 504905, Dubai, UAE |
|
|
|
|
Name : |
Dr. Ghanem Mohammed Al Hajri |
|
Designation : |
Director General |
|
Address : |
Post Office Box 8, Sharjah, UAE |
|
|
|
|
Name : |
Mr. Mustafa Abdel – Wadood |
|
Designation : |
Managing Director |
|
Address : |
Abraaj Capital Limited, DIFC – Gate Village 8, Level 3, Sh. Zayeed
Road, Post Office Box 504905, Dubai, UAE |
|
|
|
|
Name : |
Mr. Abdulwahab Mohammed Al Roomi |
|
Designation : |
Director General |
|
Address : |
Post Office Box 8, Sharjah, UAE |
|
|
|
|
Name : |
Mr. Taryam Matter Taryam |
|
Designation : |
Director General |
|
Address : |
Post Office Box 8000, Sharjah, UAE |
|
|
|
|
Name : |
Mr. Sachin Nene |
|
Designation : |
Authorised Representative |
|
Address : |
355, Laxmi Nivas Building, V. P. Road, Girgaon, Mumbai – 400004,
Maharashtra, India |
|
Date of Birth : |
23.09.1968 |
|
PAN No. : |
AAXPN7705L |
KEY EXECUTIVES
|
Name : |
Mr. Vikram |
|
Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2012
|
Name of
shareholder |
No. of shares |
% of Holding |
|
|
|
|
|
IGCF SPV 4 Limited |
300069 |
6.43 |
|
Sharjah Asset Management LLC |
812006 |
17.40 |
|
Al Maha Holdings |
419536 |
8.99 |
BUSINESS DETAILS
|
Line of Business : |
The licensed activity of the company is international commercial air transportation, aircraft trading, aircraft rental, aircraft rent. Aircraft spare parts trading, travel and tourist agencies, hotels, hotel apartment rentals, airlines companies’ representative office, passengers transport, cargo services, air cargo agents, documents transfer services, telecommunications devices trading, aviation training and aircraft repair and maintenance |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Contractor, Nayak and Kishnadwala Chartered Accountants |
|
Address : |
Jash Chambers, 3rd Floor, 7 A Sir P. M. Road, Fort, Mumbai
– 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66230600 / 22661819 / 64577600 / 01 / 02 / 26286909 |
|
Fax No.: |
91-22-22615814 |
|
|
|
|
Subsidiaries : |
Cozmo Travel L. L.C. and Subsidiaries |
CAPITAL STRUCTURE
As on: 31.12.2012
Authorized Capital:
|
No. of Shares |
Type |
Amount |
|
|
|
|
|
4666700 |
Equity Shares of AED 1 each |
Rs. 51826.970 Millions |
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Amount |
|
|
|
|
|
4666700 |
Equity Shares of AED 1 each |
Rs. 51826.970 Millions |
|
|
|
|
RECONCILIATION OF THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END
OF THE REPORTING PERIOD
|
Particulars |
31.03.2012 |
|
|
|
|
At the Beginning of the Period |
51826970 |
|
Outstanding At the End of The Period |
51826970 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
51826.970 |
51826.970 |
|
(b) Reserves & Surplus |
|
25963.711 |
18043.840 |
|
(c) Money received
against share warrants |
|
174.282 |
126.378 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
77964.963 |
69997.188 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
18993.999 |
13501.865 |
|
(d) long-term
provisions |
|
476.628 |
387.232 |
|
Total Non-current
Liabilities (3) |
|
19470.627 |
13889.097 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
1038.572 |
1258.682 |
|
(c)
Other current liabilities |
|
17596.664 |
11862.571 |
|
(d) Short-term
provisions |
|
670.891 |
546.579 |
|
Total Current
Liabilities (4) |
|
19306.127 |
13667.832 |
|
|
|
|
|
|
TOTAL |
|
116741.717 |
97554.117 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
46022.657 |
30973.612 |
|
(ii)
Intangible Assets |
|
18942.238 |
15813.313 |
|
(iii)
Capital work-in-progress |
|
235.999 |
386.497 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
13436.672 |
13261.684 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
9910.585 |
9245.871 |
|
(e) Other
Non-current assets |
|
318.754 |
201.773 |
|
Total Non-Current
Assets |
|
88866.905 |
69882.750 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
172.286 |
134.358 |
|
(c)
Trade receivables |
|
2351.052 |
2054.973 |
|
(d) Cash
and cash equivalents |
|
19799.342 |
19874.394 |
|
(e)
Short-term loans and advances |
|
0.000 |
0.000 |
|
(f)
Other current assets |
|
5552.132 |
5607.642 |
|
Total
Current Assets |
|
27874.812 |
27671.367 |
|
|
|
|
|
|
TOTAL |
|
116741.717 |
97554.117 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
44018.528 |
33366.555 |
|
|
|
Other Income |
|
2668.665 |
882.782 |
|
|
|
TOTAL (A) |
|
46687.193 |
34249.337 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Directors Remuneration |
|
0.000 |
26.048 |
|
|
|
Exceptional items |
|
(164.926) |
(372.333) |
|
|
|
Employees benefits expense |
|
6308.502 |
5298.286 |
|
|
|
Other expenses |
|
30587.909 |
24242.629 |
|
|
|
TOTAL (B) |
|
36731.485 |
29194.630 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
9955.708 |
5054.707 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
512.707 |
283.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
9443.001 |
4771.344 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2453.189 |
1411.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
6989.812 |
3359.792 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
716.324 |
(319.803) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
6273.488 |
3679.595 |
|
|
|
|
|
|
|
|
|
Less |
Minority
interest |
|
77.693 |
64.708 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
AND MINORITY INTEREST |
|
6195.795 |
3614.886 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.328 |
0.775 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
|
13.44 |
10.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
15.88 |
10.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.78 |
4.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.09 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.44 |
2.02 |
FINANCIAL ANALYSIS
[All figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
51826.970 |
51826.970 |
|
Reserves & Surplus |
18043.840 |
25963.711 |
|
Net worth |
69870.810 |
77790.681 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
33366.555 |
44018.528 |
|
|
|
31.924 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
33366.555 |
44018.528 |
|
Profit |
3679.595 |
6273.488 |
|
|
11.03% |
14.25% |
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 two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
GENERAL INFORMATION
Air Arabia P J S C. (Air Arabia) – Sharjah (the “company”) was incorporated on June 19, 2007 as a Public Joint Stock Company in accordance with UAE Federal Law No. 8 of 1984 (as Amended). The company operates in the United Arab Emirates under a trade license issued by the Economic Development Department of the Government of Sharjah and Air Operator’s Certificate Number AC 2 issued by the General Civil Aviation Authority, United Arab Emirates. The “Group” comprises air Arabia P. J. S. C. (air Arabia) and its Subsidiaries.
The Company’s ordinary shares are listed on the Dubai Financial Market. United Arab Emirates.
The company is domiciled in the United Arab Emirates and the registered office address is P. O. Box 8, Sharjah, United Arab Emirates.
The licensed activities of the company and its subsidiaries (together referred to as the “group”) are international commercial air transportation, aircraft trading, aircraft rental, aircraft rent. Aircraft spare parts trading, travel and tourist agencies, hotels, hotel apartment rentals, airlines companies’ representative office, passengers transport, cargo services, air cargo agents, documents transfer services, telecommunications devices trading, aviation training and aircraft repair and maintenance.
FIXED ASSETS:
·
Land
·
Building and Apartments
·
Aircraft Engines
·
Aircraft Rotable and
Equipment
·
EDP Equipments
·
Office Equipment
·
Furniture and Fixtures
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 judgment 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.60.26 |
|
|
1 |
Rs.97.51 |
|
Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
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 |
|
52 |
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.