MIRA INFORM REPORT

 

 

Report No. :

311514

Report Date :

29.04.2015

 

IDENTIFICATION DETAILS

 

Name :

AU FINANCIERS (INDIA) LIMITED (w.e.f.11.01.2013)

 

 

Formerly Known As :

AU FINANCIERS (INDIA) PRIVATE LIMITED (w.e.f.24.05.2005)

 

L.N. FINCO GEMS PRIVATE LIMITED

 

 

Registered Office :

19 - A, Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan

Tel. No.:

91-141-3910000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015 [Provisional]

 

 

Date of Incorporation :

10.01.1996

 

 

Com. Reg. No.:

17-011381

 

 

Capital Investment / Paid-up Capital :

Rs. 440.808 Million

 

 

CIN No.:

[Company Identification No.]

U36911RJ1996PLC011381

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JPRL01384F

 

 

PAN No.:

[Permanent Account No.]

AAACL2777N

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject operates as Non Banking Financial Company [NBFC] engaged in onward lending to customer mainly in rural and semi urban area for SRTO and MSME Loans.

 

 

No. of Employees :

3553 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (66)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was promoted by Mr. Sanjay Agarwal. Subject operates in the asset-financing sector, primarily in the vehicle-financing segment. It is a well-established company having fine track record.

 

For the financial year ended 2014, the company has reported Rs. 610.67 Crore operating revenue against the revenue of Rs. 437.88 Crore previous year ended 2013. Company has achieved topline growth of 39.46% and it has maintained profitability margins at 14% (approx.).

 

Rating also takes into consideration extensive industry experience of promoters backed by well-established track record of business operations, comfortable capitalization levels and adequate financial profile of the company.

 

Trade relations are reported as fair. Payments are reported to be regular and as per commitment.

 

In view of decent financial as well business profile, the company can be considered good for normal business dealings at usual trade 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.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating = A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

April 10, 2015

 

 

Rating Agency Name

CRISIL

Rating

Billion Commercial Paper Programme = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

April 10, 2015

 

 

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

 

Name :

Mr. Nitin Jain

Designation :

Finance and Treasury Manager

Contact No.:

91-8003996103

Date :

27.04.2015

 

 

LOCATIONS

 

Registered Office :

19 - A, Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan, India

Tel. No.:

91-141-3910000/ 4110060/ 61

Mobile No.:

91-8003996103 [Mr. Nitin Jain]

Fax No.:

91-141-2368815

E-Mail :

manmohan.parnami@aufin.in

nitin.jain@aufin.in

kamal.lalwani@aufin.in

Website :

http://www.aufin.in

Location :

Owned

 

 

Corporate Office :

313, 3rd Floor, D Wing, Kanakia Zillion, LBS-CST Road Junction, BKC Annexure, Kurla (West), Mumbai – 400070, Maharashtra, India

 

 

Branch Offices :

Located at:

 

·         Chhattisgarh

·         Delhi/ NCR

·         Goa

·         Gujarat

·         Haryana

·         Himachal Pradesh

·         Madhya Pradesh

·         Maharashtra

·         Punjab

·         Rajasthan

 

NOTE:

AU Financiers is having 232 branches spread across 10 states as on 31.03.2015.

 

 

DIRECTORS

 

AS ON 06.08.2014

 

Name :

Mr. Sanjay Agarwal

Designation :

Managing director

Address :

D-111, Yasoda Path, Shyam Nagar, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

08.09.1970

Qualification :

Chartered Accountant

Experience :

19 Years

Date of Appointment :

22.01.2003

PAN No.:

ACDPA9685N

DIN No.:

00009526

 

 

Name :

Mr. Uttam Tibrewal

Designation :

Whole-time director

Address :

C-99, Om Path, Shyam Nagar, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

11.12.1970

Qualification :

Commerce Graduate

Experience :

25 Years

Date of Appointment :

22.01.2005

PAN No.:

ADRPT3343H

DIN No.:

01024940

 

 

Name :

Mr. Krishan Kant Rathi

Designation :

Director

Address :

B-72, 7th Floor, N.S. Road No. 10, JVPD Scheme, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

30.12.1961

Qualification :

Chartered Accountant and Company Secretary  

Experience :

27 Years

Date of Appointment :

18.03.2008

PAN No.:

AAHPR0982R

DIN No.:

00040094

 

 

Name :

Mr. Nishant Sharma

Designation :

Additional director

Address :

B-1/377, Janak Puri, New Delhi, New Delhi - 110058, India

Date of Birth/Age :

19.06.1978

Qualification :

MBA, B. Tech, M. Tech

Experience :

15 Years

Date of Appointment :

22.12.2014

DIN No.:

03117012

 

 

Name :

Mannil Venugopalan

Designation :

Director

Address :

Heritage City, Flat No. 201, Block No. 34, M.G. Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

23.04.1945

Qualification :

CA, LLB

Experience :

35 Years

Date of Appointment :

27.08.2011

PAN No.:

AFKPM8719B

DIN No.:

00255575

 

 

Name :

Mr. Vishal Kashyap Mahadevia

Designation :

Nominee director

Address :

81, Landmark Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

19.12.1972

Qualification :

B. S. In Economics

Experience :

20 Years

Date of Appointment :

10.03.2012

PAN No.:

AADPM9486F

DIN No.:

01035771

 

 

Name :

Mr. Ravindra Bahl

Designation :

Nominee director

Address :

EG-1/49, Garden Estate, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

27.07.1952

Qualification :

BA and MBA

Experience :

37 Years

Date of Appointment :

26.08.2013

PAN No.:

AAMPB6213A

DIN No.:

00123047

 

 

Name :

Mrs. Jyoti Narang

Designation :

Director

Address :

L-31, Maker Tower, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

15.02.1958

Qualification :

MBA

Experience :

36 Years

PAN No.:

AABPN4696E

 

 

KEY EXECUTIVES

 

Name :

Mr. Manmohan Parnami

Designation :

Secretary

Address :

301, Guru Nanak Pura, Adarsh Nagar, Jaipur – 302004, Rajasthan, India

Date of Birth/Age :

13.11.1979

Date of Appointment :

02.08.2008

PAN No.:

AHFPP5775R

 

 

Name :

Mr. Nitin Jain

Designation :

Finance and Treasury Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 06.08.2014

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

 

AS ON 06.08.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

63.28

Bodies corporate

6.37

Directors or relatives of directors

29.10

Other top fifty shareholders

1.25

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject operates as Non Banking Financial Company [NBFC] engaged in onward lending to customer mainly in rural and semi urban area for SRTO and MSME Loans.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

--

 

 

Purchasing :

--

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

Customers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

No. of Employees :

3553 (Approximately)

 

 

Bankers :

Bank Name:

ICICI Bank Limited

Branch:

4th Floor, Jaipur Stock Exchange Limited Building, Near Gaurav Tower, JLN Marg, Jaipur – 302017, Rajasthan, India

Person Name (with Designation):

Mr. Ankit Tambi [Relationship Manager]

ankit.tambi@icicibank.com

Contact Number:

91-8107122122

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Bank Name:

HDFC Bank Limited

Branch:

D-54, Siddhivinayak Apartments, Ashok Marg, C Scheme, Jaipur – 302001, Rajasthan, India

Person Name (with Designation):

Mrs. Pragya Khandelwal [Relationship Manager]

pragya.khandelwal@hdfcbank.com 

Contact Number:

91-9351557958

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         IDBI Bank Limited

Address: Jeevan Nidhi Building, Ground Floor, LIC Complex, Ambedkar Circle, Bhawani Singh Road, Jaipur – 302005, Rajasthan, India

Contact Person: Mr. Sandeep Bodha

Contact No.: 91-772-5933237

 

·         Oriental Bank of Commerce

Address: Ground Floor, Umrao Complex, M.I. Road, Jaipur – 302001, Rajasthan, India

Contact Person: Mr. Vikas

Contact No.: 91-8764186082

 

·         HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

 

 

Facilities :

(RS. IN MILLION)

 

SECURED LOANS

31.03.2015

(Provisional)

 

 

Term Loan

5203.026

Cash Credit facilities

4972.109

Non-Convertible Debentures

9925.000

 

 

Total

 

20100.135

 

 

 

Financial Institution :

·         IDBI Trusteeship Services Limited

Asian Building, Ground Floor, 17 R. Kamani Marg Ballard Estate, Mumbai - 400001, Maharashtra, India

 

 

Auditors :

 

Name :

S. R. Batliboi and Company LLP

Chartered Accountants

Address :

14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-61920000

Fax No.:

91-22-61921000

Income-tax PAN of auditor or auditor's firm :

ACHFS9180N

 

 

Associate Company :

[As on 31.03.2014]

M Power Micro Finance Private Limited

 

 

Subsidiary Company :

·         AU Housing Finance Limited [U65922RJ2011PLC034297]

Address: 201-202, 2nd Floor, South End Square, Mansarovar Industrial Area, Jaipur – 302020, Rajasthan, India

Activity: Housing Finance

 

·         Index Money Limited [U67190MH2008PLC180893]

Address: D-313, 3rd Floor, Kanakia Zillion, Junction of CST Road and LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India

 

·         AU Insurance Broking Services Private Limited

Address: 19-A, Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan, India

Activity: Insurance Broking Services

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015 [PROVISIONAL]

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

78,150,000

Equity Shares

Rs. 10/- each

Rs. 781.500 Million

1,885,000

Preference Shares

Rs. 100/- each

Rs. 188.500 Million

 

 

 

 

 

Total

 

Rs. 970.000 Million

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

44,093,813

Equity Shares

Rs. 10/- each

Rs. 440.938 Million

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

44,080,752

Equity Shares

Rs. 10/- each

Rs. 440.808 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2015

[Provisional]

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

440.808

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

7670.574

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

8111.382

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

20100.135

2] Unsecured Loans

 

 

9050.000

TOTAL BORROWING

 

 

29150.135

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

37261.517

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

186.164

Capital work-in-progress

 

 

3.989

 

 

 

 

INVESTMENT

 

 

1398.395

DEFERRED TAX ASSETS

 

 

138.727

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.000

 

Sundry Debtors
 

 

4.386

 

Cash & Bank Balances
 

 

2082.922

 

Other Current Assets
 

 

0.000

 

Loans & Advances
 

 

36795.008

Total Current Assets
 

 

38882.316

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

117.228

 

Other Current Liabilities
 

 

2623.312

 

Provisions
 

 

607.534

Total Current Liabilities
 

 

3348.074

Net Current Assets
 

 

35534.242

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

37261.517

 

 

SOURCES OF FUNDS

 

 

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

429.641

404.706

(b) Reserves & Surplus

 

5983.109

4250.610

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

6412.750

4655.316

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

12734.589

14625.127

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

149.763

121.889

(d) long-term provisions

 

261.926

142.337

Total Non-current Liabilities (3)

 

13146.278

14889.353

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

4684.675

6777.760

(b) Trade payables

 

117.756

88.536

(c) Other current liabilities

 

5648.778

4903.311

(d) Short-term provisions

 

119.071

77.517

Total Current Liabilities (4)

 

10570.280

11847.124

 

 

 

 

TOTAL

 

30129.308

31391.793

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

160.517

158.138

(ii) Intangible Assets

 

8.081

8.141

(iii) Capital work-in-progress

 

0.000

1.360

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

873.607

566.722

(c) Deferred tax assets (net)

 

90.851

43.959

(d)  Long-term Loan and Advances

 

107.267

67.519

(e) Other Non-current assets

 

45.315

430.888

(f) Receivable under financing activity

 

14914.126

11930.393

Total Non-Current Assets

 

16199.764

13207.120

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

261.974

6820.156

(b) Inventories

 

0.000

0.000

(c) Trade receivables

 

1.802

44.500

(d) Cash and cash equivalents

 

2033.638

3760.198

(e) Short-term loans and advances

 

311.046

279.429

(f) Other current assets

 

354.046

366.094

(g) Receivable under financing activity

 

10967.038

6914.296

Total Current Assets

 

13929.544

18184.673

 

 

 

 

TOTAL

 

30129.308

31391.793

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

[Provisional]

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

 

6106.781

4378.827

 

 

Other Income

 

79.817

29.757

 

 

TOTAL                                     (A)

7376.589

6186.598

4408.584

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Employees Remuneration and Benefits

953.248

696.774

520.953

 

 

Operative and Other Expenses

529.919

418.341

421.247

 

 

Provisions and written off

917.423

765.209

241.377

 

 

Prior Period Item

0.000

0.000

37.872

 

 

TOTAL                                     (B)

2400.590

1880.324

1221.449

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

4975.999

4306.274

3187.135

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

2867.114

2889.363

2015.778

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2108.885

1416.911

1171.357

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

62.763

32.958

29.106

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

2046.122

1383.953

1142.251

 

 

 

 

 

Less

TAX                                                                  (H)

642.817

460.028

340.186

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1403.305

923.925

802.065

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

--

22.15

20.90

 

Diluted

--

22.15

17.56

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

[Provisional]

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)
NA

15.13

18.32

 

 
 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)
NA

70.52

72.79

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.24

9.71

6.06

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25

0.22

0.25

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
3.59

2.72

4.60

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
11.61

1.32

1.53

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

 

31.03.2013

 

31.03.2014

 

31.03.2015 [Provisional]

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

4408.584

6186.598

7376.589

 

 

40.331

19.235

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

 

31.03.2013

 

31.03.2014

 

31.03.2015 [Provisional]

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

4408.584

6186.598

7376.589

Profit

802.065

923.925

1403.305

 

18.19%

14.93%

19.02%

 

 

 

 

 

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

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

Yes

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

Yes

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

Yes

 

------------------------------------------------------------------------------------------------------------------------------

 

UNSECURED LOANS

 

(RS. IN MILLION)

 

PARTICULARS

31.03.2015

[Provisional]

 

 

Commercial Papers

5100.000

Tier-2 Capital [Sub-Ordinate Debts]

1750.000

Non-Convertible Debentures

2200.000

 

 

Total

 

9050.000

 

------------------------------------------------------------------------------------------------------------------------------

 

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

 

OPERATING STATEMENT

 

(RS. IN MILLION)

 

SR. NO.

PARTICULARS

31.03.2016

PROJECTION

31.03.2017

PROJECTION

 

 

 

 

1

Gross Sales

 

 

 

(i) Domestic sales

95.849

124.089

 

(ii) Export sales

--

--

 

(iii) Other Revenue Income

8.796

10.334

 

 

 

 

 

Add: Other Revenue Income

--

--

 

 

 

 

 

Total

104.645

134.423

 

 

 

 

2

Less: Excise Duty

--

--

 

 

 

 

3

Net Sales (item 1 - item 2)

104.645

134.423

 

 

 

 

4

% age rise (+) or fall (-) in net sales as compared to previous year (annualised)

35.80%

28.46%

 

 

 

 

5

Cost of sales

 

 

 

i) Raw materials (including stores and spares and other items used in the process of manufacture

 

 

 

(a) Imported

--

--

 

(b) Indigenous

--

--

 

 

 

 

 

ii) Other spares

 

 

 

(a) Imported

--

--

 

(b) Indigenous

--

--

 

 

 

 

 

iii) Power and fuel

--

--

 

 

 

 

 

iv)  Direct labour (Factory wages and salary)/ Employee Remuneration

11.951

14.714

 

 

 

 

 

v) Other mfg. Expenses

--

--

 

 

 

 

 

- Job Work charges

--

--

 

 

 

 

 

vi) Depreciation

0.596

0.751

 

 

 

 

 

vii) SUB-TOTAL (i to vi)

12.547

15.465

 

 

 

 

 

viii) Add: Opening stocks-in-process

--

--

 

 

 

 

 

Sub-total

12.547

15.465

 

 

 

 

 

ix) Deduct: Closing stocks-in-process

--

--

 

 

 

 

 

x) Cost of Production

12.547

15.465

 

 

 

 

 

xi) Add: Opening stock of Finished goods

--

--

 

 

 

 

 

Sub-total

12.547

15.465

 

 

 

 

 

xii) Deduct: Closing stock of Finished goods

--

--

 

 

 

 

 

xiii) SUB-TOTAL (Total cost of sales)

12.547

15.465

 

 

 

 

 

Gross Profit

92.098

118.958

 

 

 

 

6

Selling, General and adm. expenses

6.728

8.416

 

 

 

 

7

SUB-TOTAL (5+6)

19.275

23.880

 

 

 

 

8

Operating profit before interest (3-7)

85.370

110.543

 

 

 

 

9

Interest

52.632

69.399

 

 

 

 

10

Operating profit after interest (8-9)

32.737

41.144

 

 

 

 

11

(i) Add: Other non-operating income

 

 

 

(a) Export Incentives

--

--

 

(b) Trading sales  (Exports)

--

--

 

(c) Trading stock (net)

--

--

 

(d) Other Income

--

--

 

 

 

 

 

Sub-total (income)

--

--

 

 

 

 

 

(ii) Deduct other non-operating expenses

 

 

 

(a) Pre. Expenses (w.off)

--

--

 

(b) Loss on sale of fixed assets

--

--

 

(c) Loss in investment

--

--

 

(d) Bad debts written off/ Provision on NPA

8.879

12.035

 

 

 

 

 

Sub-total (expenses)

8.879

12.035

 

 

 

 

 

(iii) Net of other non-operating income/expenses

(8.879)

(12.035)

 

 

 

 

12

Profit before tax/loss {10+11(iii)}

23.859

29.109

 

 

 

 

13

Provision for taxes

7.953

9.703

 

Provision for deferred tax

--

--

 

Prior Period Items

--

--

 

 

 

 

14

Net Profit/Loss (12-13)

15.906

19.406

 

 

 

 

15

(a) Dividend and Dividend Tax

--

--

 

(b) Rate

0%

0%

 

 

 

 

16

Retained Profit (14-15)

15.706

19.406

 

 

 

 

17

Retained Profit/ Net Profit (% age)

100%

100%

 

------------------------------------------------------------------------------------------------------------------------------

 

ANALYSIS OF BALANCE SHEET

 

(RS. IN MILLION)

 

SR. NO.

PARTICULARS

31.03.2016

PROJECTION

31.03.2017

PROJECTION

 

LIABILITIES

 

 

 

CURRENT LIABILITIES

 

 

1

Short-term borrowings from banks (including bills purchased discounted and excess borrowing placed on repayment basis)

 

 

 

(i) From Applicant bank

--

--

 

(ii) From Other banks

127.503

168.854

 

(iii) (of which BP and BD)

--

--

 

 

 

 

 

Sub-total (A)

127.503

168.854

 

 

 

 

2

Sundry creditors- Capital Goods and Spares

--

--

 

 

 

 

3

Sundry creditor

--

--

 

 

 

 

4

Advance payments from customers/dep. from dealers

--

--

 

 

 

 

5

Provision for taxation

0.396

0.396

 

 

 

 

6

Dividend payable

--

--

 

 

 

 

7

Other statutory liabilities (due within one year)

--

--

 

 

 

 

8

Deposits/Instalments of term loans/DPGs/Debentures, etc. (due within one year)

152.333

166.235

 

 

 

 

9

Other current liabilities and provisions (due in 1yr.) (Specify major items)

27.123

33.753

 

 

 

 

 

Other Current Liabilities (repayment of unsecured loans)

--

--

 

 

 

 

 

Other Current Liabilities [Sub-total (B)]

179.852

200.384

 

 

 

 

10

Total Current Liabilities (total of 1 to 9 excl 1(iii)

307.355

369.238

 

 

 

 

11

Non Current Liabilities

11.464

14.491

 

 

 

 

 

TERM LIABILITIES

 

 

12

Debentures (not maturing within 1 yr.)

46.197

65.582

 

 

 

 

13

Preference shares (redeemable after1yr.)

--

--

 

 

 

 

14

Term loans (excluding instalments payable within 1 yr.)

95.975

126.389

 

 

 

 

15

Deferred Payment Credit excluding instt.due within 1 yr.)

--

--

 

 

 

 

16

Term deposits (repayable after 1 yr.)

--

--

 

 

 

 

17

Other term liabilities (unsecured loans + debentures)

40.721

53.021

 

 

 

 

18

TOTAL TERM LIABILITIES

182.894

244.993

 

 

 

 

19

Total Outside Liabilities (item 10 +17)

490.249

614.230

 

 

 

 

 

NET WORTH

 

 

20

Share Capital

4.408

4.408

 

 

 

 

21

General reserve

40.934

56.840

 

 

 

 

22

Reserve for deferred tax liability

--

--

 

 

 

 

23

Other reserves (excluding provisions)

--

--

 

 

 

 

24

Surplus(+) or deficit(-) in P&L account

15.906

19.406

 

 

 

 

25

Others – Share Premium

35.002

35.002

 

 

 

 

 

Deferred tax

(0.909)

(0.909)

 

 

 

 

26

NET WORTH

95.341

114.748

 

 

 

 

27

TOTAL LIABILITIES

597.054

743.469

 

 

 

 

 

ASSETS

 

 

 

CURRENT ASSETS

 

 

28

Cash and bank balances

2.416

2.416

 

 

 

 

29

Investments (other than long term investments)

19.442

17.914

 

 

 

 

 

(i)  Government and other Trustee securities

--

--

 

 

 

 

 

(ii) Fixed deposits with bank and Others

19.442

17.914

 

 

 

 

30

(i) Receivables other than deferred and export (including bills purchased and discounted by banks)

0.820

1.005

 

 

 

 

 

(ii) Export receivables (including bills purchased and discounted by bank)

--

--

 

 

 

 

31

Instalments of deferred receivables (due within 1 yr.)

--

--

 

 

 

 

32

Inventory:

 

 

 

(i) Raw materials (including stores and other items used in the process of manufacture)

 

 

 

a) Imported

--

--

 

b) Indigenous

--

--

 

 

 

 

 

(ii) Works-in-process

--

--

 

 

 

 

 

(iii) Finished goods

--

--

 

 

 

 

 

(iv) Other consumable spares

 

 

 

a) Imported

--

--

 

b) Indigenous

--

--

 

 

 

 

33

Advances to suppliers of raw materials and stores/spares

--

--

 

 

 

 

34

Advance payment of taxes

--

--

 

 

 

 

35

Other current assets

287.348

368.884

 

- stock of traded goods

--

--

 

- Others

287.348

368.884

 

 

 

 

36

TOTAL CURRENT ASSETS

310.026

390.219

 

 

 

 

 

FIXED ASSETS

 

 

37

Gross Block (land and building, machinery, work-in-process)

4.463

5.550

 

 

 

 

38

Depreciation to date

2.040

2.791

 

 

 

 

39

NET BLOCK (35-36)

2.423

2.760

 

 

 

 

 

OTHER NON-CURRENT ASSETS

 

 

40

Investments/ book debts/ adv./ deposits which are not Current Assets

284.606

350.491

 

(i) a) Investments in subsidiary companies/affiliates

9.695

11.195

 

b) Others

0.329

0.329

 

 

 

 

 

(ii) Advances to suppliers of capital goods and contractors

--

--

 

 

 

 

 

(iii) Deferred receivables

--

--

 

 

 

 

 

(iv) Others-Debtors

 

 

 

-Security deposit

--

--

 

-Loans and advances

274.582

338.967

 

 

 

 

41

Non-consumables stores and spares

--

--

 

 

 

 

42

Other non-current assets incl.dues from directors

--

--

 

 

 

 

43

TOTAL OTHER NON-CURRENT ASSETS

284.606

350.491

 

 

 

 

44

Intangible assets (patents, goodwill, prelim. exp. bad/doubtful expenses not provided for, etc.)

--

--

 

 

 

 

45

TOTAL ASSETS (34+37+41+42)

597.054

743.469

 

 

 

 

46

TANGIBLE NET WORTH (24-42)

95.341

114.748

 

 

 

 

47

NET WORKING CAPITAL (17+24)-(37+41+42)

2.671

20.981

 

 

 

 

48

Current Ratio

1.01

1.06

 

 

 

 

49

Total Outside Liabilities/ Tangible Net Worth

5.14

5.35

 

 

 

 

50

Total Term Liabilities/Tangible Net Worth

1.92

2.14

 

------------------------------------------------------------------------------------------------------------------------------

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10554683

23/02/2015

1,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17 R. KAMANI MARG B 
ALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C46175295

2

10562741

23/02/2015

440,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C50630482

3

10561598

23/02/2015

620,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C50135532

4

10522481

31/08/2014

650,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C23016678

5

10523277

28/08/2014

850,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C24785651

6

10520449

25/08/2014

1,200,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C21068077

7

10519138

14/08/2014

800,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C19977792

8

10519169

14/08/2014

1,020,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C19994078

9

10517963

04/09/2014 *

1,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17 R. KAMANI MARG BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C20744249

10

10518107

31/07/2014

850,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C19223734

11

10514642

25/07/2014

1,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C16258212

12

10518628

25/07/2014

1,020,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C19628767

13

10511515

16/07/2014

1,020,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C14014153

14

10511181

01/07/2014

1,020,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C13726930

15

10517327

16/09/2014 *

1,475,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17 R. KAMANI MARG BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C24784720

16

10491061

30/04/2014

1,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17 R. KAMANI MARG BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C03587888

17

10493796

28/03/2014

500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C03401049

18

10470553

08/11/2013

500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

B89499263

19

10470767

18/09/2013

250,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17 R. KAMANI MARG BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

B85354983

20

10451252

14/09/2013

500,000,000.00

ALLAHABAD BANK

ALLAHABAD BANK BUILDING, GROUND FLOOR, 37 MUMBAI 
SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA

B85803534

21

10446191

17/08/2013

500,000,000.00

JAMMU AND KASHMIR BANK LIMITED

CORPORATE HEADQUARTERS, M.A. ROAD, SRINAGAR, JAMMU 
AND KASHMIR - 190001, INDIA

B83625871

22

10444817

16/08/2013

100,000,000.00

KARNATAKA BANK LTD.

1ST FLOOR, RAJ ADITYA MANDIR,, KASHINATH DHURU MARG, AGAR BAZAR,, MUMBAI, MAHARASHTRA - 400028, INDIA

B82980533

23

10435410

27/06/2013

500,000,000.00

CANARA BANK

WARDEN HOUSE, SIR P.M.ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B79002093

24

10432993

31/05/2013

250,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17. R. KAMANI MARG 
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

B77363927

25

10423933

26/04/2013

500,000,000.00

ING VYSYA BANK LIMITED

22, M G ROAD,BANGALORE, BANGALORE, KARNATAKA - 560001, INDIA

B74495912

26

10419393

11/04/2013

150,000,000.00

STATE BANK OF TRAVANCORE

JAIPUR BRANCH, ASHOK MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA

B73079378

27

10424442

30/03/2013

250,000,000.00

STATE BANK OF PATIALA

11, GOPI NATH MARG,, M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA

B74676503

28

10423943

08/03/2013

1,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

B71018626

29

10410938

28/02/2013

190,000,000.00

ADITYA BIRLA FINANCE LIMITED

INDIAN RAYON COMPOUND,, VERAVAL, GUJARAT - 362266, INDIA

B70482195

30

10411210

28/02/2013

200,000,000.00

DHANLAXMI BANK LIMITED

GROUND FLOOR, ARUNACHAL BUILDING, PLOT NO. 19, BA 
RAKHAMBA ROAD, CONNAUGHT PLACE, NEW DELHI, DELHI - 
110001, INDIA

B70589825

 

* Date of charge modification

 

 

CORPORATE INFORMATION

 

Subject is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956.

 

The company is engaged in lending activities. The Company had obtained its license from Reserve Bank of India to operate as a Non Banking Financial Company [NBFC] on November 07, 2000 vide Certificate of Registration No. B-10-00139.

 

 

REVIEW OF OPERATIONS

 

Looking at the macro economy level, the challenges of the previous financial year in terms of low GDP growth, sticky inflation, sluggish Index of Industrial Production slowdown in the investment cycle and a widening current account deficit continued during the financial year 2013-14.

 

During the year, weak operating environment continued and further contraction of industrial activities, slow development in infrastructure sector continued to constrain growth. Credit growth for NBFCs slowed to around 9%. There was De-growth in commercial vehicle segment. Delinquencies in the CV and CE segments rose. Relatively stable asset classes including carlauto and loan against property (LAP) also shown a rising trend in delinquencies. Retail credit growth for NBFCs has slowed considerably with a sluggish economy and high interest rates adversely affecting demand for credit, especially in the asset financing segments

 

In spite of all the adverse indications from the economy, affecting barely all the sectors, the company continued to display better performance than its peers and achieved steady growth in constraining market conditions and tightening regulatory environment. The Company responded well to the market conditions by increasing diversification of its product lines this year. The result is reflected in an evolving portfolio mix. Company also kept focus on diversifying its resource profile, and reduction of cost of funds.

 

Despite tough macro-economic conditions and negative growth rates in sales of new M and HCV, the business of the Company was not impacted due to the Company's continued focus on financing of pre-owned commercial vehicles, thrust on financing small ticket revenue generating vehicles, rural market penetration, customer relationships. Despite tight liquidity conditions, the Company continued to focus on diversifying its resource profile and successfully raised finance from multilateral financial institutions, insurance companies and mutual funds through issue of non-convertible debentures and commercial papers, it was possible on account of build-up of good track record of debt servicing, and continued investors' confidence.

 

During the year the company registered disbursement figure of H2685.04 crore as compared to H2438.09 crore in the preceding financial year 2012-13 registering a growth of 10% over previous year. The total revenues earned during the year were H618.66 crore with a growth of 40% over the previous year and the Profit after Tax grew by 15% attaining a figure of H92.39 crore.

 

The company's total Assets under Management (AUM) increased by H744.69 crore from H3704.32 crore as on 31" March 2013 to H4449.01 crore as on 31st March, 2014. Your company has increased its branch network by 43 branches during the year from 177 branches at beginning of year to 220 branches as at year end.

 

------------------------------------------------------------------------------------------------------------------------------

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 63.33

UK Pound

1

Rs. 96.52

Euro

1

Rs. 68.93

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILITY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

66

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.