MIRA INFORM REPORT
|
Report No. : |
352271 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BREMBO BRAKE INDIA PRIVATE LIMITED (w.e.f. 24.02.2009) |
|
|
|
|
Formerly Known
As : |
KBX MOTORBIKE PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 307/7 and 8, Village Nanekarwadi, Taluka Rajgurnagar, Pune –
410501, Maharashtra |
|
Tel. No.: |
91-2135-669600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2014 |
|
|
|
|
Date of
Incorporation : |
19.09.2005 |
|
|
|
|
Com. Reg. No.: |
11-021321 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.140.000
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN2005PTC021321 |
|
|
|
|
IEC No.: |
3105017186 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK07194F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK6860B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in manufacturing of two
wheeler brake systems and related auxiliary parts. (Registered Activity) |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
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 |
|
Maximum Credit Limit : |
USD 4700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Brembo S.P.A.”, Italy. It is an auto parts
manufacturing company. Its products include brakes, disk brakes, bike disk
brakes and scooty disk brakes. For the financial year ended 2014, company has reported 21.43% sales
turnover growth as compared to previous sales turnover and it has maintained
satisfactory profitability margins at 7.35% during the year under a review. Rating takes into consideration company’s established track record of
business operations marked by its healthy financial base along with adequate
networth position and strong debt coverage indicators. Rating also takes into account of strong financial and managerial
support that company receives from its holding entity backed by its well
experienced management team. Trade relations are reported as fair. Payments are reported to be regular
and as per commitment. In view of aforesaid, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
Not Available
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjeev Kumar Maheshwari |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-2135-669600 |
LOCATIONS
|
Registered Office/ Factory : |
GAT No. 307/7 and 8, Village Nanekarwadi, Taluka Rajgurnagar, Pune –
410501, Maharashtra, India |
|
Tel. No.: |
91-2135-669600 / 669605 |
|
Fax No.: |
91-2135-669606 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
DIRECTORS
AS ON 20.06.2014
|
Name : |
Luca Bottazzi |
|
Designation : |
Managing Director |
|
Address : |
VIA L. DA Vinci, N.34 Paladina (BG), Paladina, Italy |
|
Date of Birth/Age : |
05.05.1970 |
|
Date of Appointment : |
29.02.2012 |
|
DIN No.: |
03632468 |
|
|
|
|
Name : |
Mr. Paolo Magri |
|
Designation : |
Director |
|
Address : |
VIA, Mario Lupo 1, 24129, Bergamo-24121, Italy |
|
Date of Birth/Age : |
30.08.1953 |
|
Date of Appointment : |
29.02.2012 |
|
DIN No.: |
00213464 |
|
|
|
|
Name : |
Mr. Sudhir Gajanan Nirantar |
|
Designation : |
Additional Director |
|
Address : |
B 1 Garud Heritage Aundh, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1961 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
03508413 |
|
PAN No.: |
AAKPN8039Q |
KEY EXECUTIVES
|
Name : |
Sanjeev Kumar Maheshwari |
|
Designation : |
Secretary |
|
Address : |
Flat No. A 302, Sr. No. 1/10, Balewadi, Regulas Apartment, Building A, Pune – 411045, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1967 |
|
Date of Appointment : |
16.06.2014 |
|
PAN No.: |
AFBPM1635B |
|
|
|
|
Name : |
Mr. Sanjeev Kumar Maheshwari |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS
AS ON 20.06.2014
|
Names of Shareholders |
No. of Shares |
|
Brembo,S.P.A, Italy |
13999999 |
|
Sudhir Gajanan Nirantar |
1 |
|
|
|
|
Total |
14000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 20.06.2014
|
Category |
Percentage |
|
Foreign holdings [Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others] |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in manufacturing of two
wheeler brake systems and related auxiliary parts. (Registered Activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
Taiwan |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit (30 / 60 / 90 Days) |
||||
|
|
|
||||
|
Purchasing : |
Cash, Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
C 401, 4th Floor, Panchshil Tech Park, Yerwada, Pune – 411006, Maharashtra, India |
|
PAN No.: |
ACHFS9180N |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Holding Company : |
Brembo S.P.A., Italy |
CAPITAL STRUCTURE
AS ON 20.06.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
140.000 |
140.000 |
140.000 |
|
(b) Reserves & Surplus |
1489.812 |
1226.517 |
984.188 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1629.812 |
1366.517 |
1124.188 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.501 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
15.334 |
16.111 |
8.798 |
|
Total Non-current
Liabilities (3) |
15.334 |
16.111 |
9.299 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
572.901 |
533.217 |
459.102 |
|
(c) Other
current liabilities |
9.334 |
12.199 |
11.123 |
|
(d) Short-term
provisions |
38.314 |
79.412 |
67.770 |
|
Total Current
Liabilities (4) |
620.549 |
624.828 |
537.995 |
|
|
|
|
|
|
TOTAL |
2265.695 |
2007.456 |
1671.482 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
396.812 |
366.548 |
419.169 |
|
(ii)
Intangible Assets |
10.265 |
20.626 |
30.985 |
|
(iii)
Capital work-in-progress |
17.460 |
5.583 |
2.985 |
|
(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) |
22.420 |
12.489 |
0.000 |
|
(d) Long-term Loan and Advances |
67.388 |
86.088 |
35.840 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
514.345 |
491.334 |
488.979 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
302.328 |
183.093 |
155.865 |
|
(c) Trade
receivables |
460.681 |
440.320 |
369.404 |
|
(d) Cash
and cash equivalents |
933.327 |
867.985 |
643.201 |
|
(e)
Short-term loans and advances |
43.956 |
17.196 |
9.539 |
|
(f) Other
current assets |
11.058 |
7.528 |
4.494 |
|
Total
Current Assets |
1751.350 |
1516.122 |
1182.503 |
|
|
|
|
|
|
TOTAL |
2265.695 |
2007.456 |
1671.482 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3581.750 |
2950.910 |
2548.500 |
|
|
|
Other Income |
83.990 |
67.940 |
47.820 |
|
|
|
TOTAL (A) |
3665.740 |
3018.850 |
2596.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
3133.930 |
2548.870 |
2215.790 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
531.810 |
469.980 |
[Including
Financial] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.870 |
3.230 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
526.940 |
466.750 |
380.530 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
111.140 |
103.360 |
93.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
415.800 |
363.390 |
287.320 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
152.510 |
121.060 |
97.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
263.290 |
242.330 |
190.160 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY – FOB |
263.280 |
215.030 |
219.240 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.81 |
17.31 |
13.58 |
|
|
Particulars |
|
|
31.12.2015 |
|
Sales Turnover (Approximately) |
|
|
4000.000 |
The above information has been parted by Mr. Sanjeev
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
420.042 |
445.673 |
424.803 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
7.35 |
8.21 |
7.46 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.85 |
15.93 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
18.68 |
18.27 |
17.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.27 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.82 |
2.43 |
2.20 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
140.000 |
140.000 |
140.000 |
|
Reserves & Surplus |
984.188 |
1226.517 |
1489.812 |
|
Net
worth |
1124.188 |
1366.517 |
1629.812 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
2548.500 |
2950.910 |
3581.750 |
|
|
|
15.790 |
21.378 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
2548.500 |
2950.910 |
3581.750 |
|
Profit |
190.160 |
242.330 |
263.290 |
|
|
7.46% |
8.21% |
7.35% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: The Registered Office
of the company has been shifted from
CORPORATE INFORMATION
Subject, is a wholly owned subsidiary of Brembo S.p.A, Italy. It was incorporated on September 19, 2005, and is primarily engaged in manufacturing of two wheeler brake systems and related auxiliary parts. The company caters to both domestic and international markets.
OPERATIONS
Subject manufactured and supplied 2.2 Million Systems and 1.38 Million Discs during 2014 achieving a growth of 16% and 35.5% respectively over 2013.
During the year, subject continued its thrust to improve all the processes leading to improvement in reliability and quality of products produced and sold by it. This was reflected in improved QMS Quality Management System) Audit score from 56% in 2013 to 88% in 2014. Subject’s quality and service levels there appreciated by Yamaha and Suzuki through awards given in their respective vendor meets.
During the year, lot of efforts have gone in the area of standardization and efficiency improvement in different manufacturing processes during the year. The resultant improvement in BPS (Brembo Production System) Audit score from 57.5% in 2013 to 67.1% achieved in 2014 validates this. Both the audits are performed by Brembo’s corporate departments and methodology is uniformly applied at all plants of Brembo across the world.
MARKET SCENARIO
In comparison to 2013, during 2014, the Two Wheeler market grew by about 12%. The Scooter segment grew by 29% and Motorcycle segment grew by 7% during the same period. This growth was led by Royal Enfield with very strong sale of its motorcycles which saw an increase of 70% over 2013 numbers, Honda and TVS also delivered 31% growth. However Bajaj Auto reported de-growth of 14% and consequent drop in domestic market share. The company’s market share was 52% in 2014 and it was in line with our projections.
During the year, subject was awarded new programs from Harley Davidson and TVS (For BMW projects) to preferred supplier relationship that Brembo S.p.A enjoys with Harley Davidson and BMW.
NO CHARGES EXIST
FOR COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.52 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
70 |
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.