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Report No. : |
353260 |
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Report Date : |
07.12.2015 |
IDENTIFICATION DETAILS
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Name : |
L AND T MUTUAL FUND |
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Head Office : |
Vrindavan Building, 6th Floor, Plot No. 177, C.S.T. Road,
Kalina, Santacruz (East), Mumbai – 400098, Maharashtra |
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Tel. No.: |
91-22-66554000 |
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Country : |
India |
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Financials (as
on) : |
Not Divulged |
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Year of
establishment : |
2010 |
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Com. Reg. No.: |
Not Divulged |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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CIN No.: [Company Identification
No.] |
Not Divulged |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
Mutual Fund |
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Line of Business
: |
The Purpose is to create prosperity for all stakeholders and deliver
consistent and superior long term investment performance. (From Indirect Sources) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa (87) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
L&T Mutual Fund, is a mutual fund company in India. It caters to
the investment needs of investors through various mutual fund schemes. The
purpose of L&T Mutual Fund is to create prosperity for all stakeholder
and deliver consistent long-term investment performance. The Asset Management Company (AMC) for all L&T Mutual Fund schemes
is “L&T Finance Holdings Limited”, the flagship holding company of the
financial services business of the L&T group. L&T Limited, as Indian
multinational conglomerate and India’s largest engineering and construction
company is the ultimate parent of L&T Investment Management Limited. The rating factors in the high credit quality of the underlying assets
of the schemes, comfortable asset coverage for the bank facility and low
duration of majority of asset under management (AUM). The rating also factors
in sponsorship from L&T Finance Holdings Limited and the experience of
the fund management team. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of aforesaid, the subject 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE RATING |
|
Rating |
Short Term Bank Facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
March 11, 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
31-03-2015.
INFORMATION DENIED
Management non co-operative (Tel. No.: 91-22-66554000)
LOCATIONS
|
Head/ Corporate Office : |
Vrindavan Building, 6th Floor, Plot No. 177, C.S.T. Road,
Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India |
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Tel. No.: |
91-22-66554000 |
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Fax No.: |
91-22-66554002 |
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E-Mail : |
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Official Points
of Acceptance : |
Locate At :
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Sales Branches : |
Located At :
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TEAM
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AMC BOARD : |
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Name : |
Mr. M. V. Nair |
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Designation : |
Independent Director |
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Name : |
Mr. R Shankar Raman |
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Designation : |
Associate Director |
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Name : |
Mr. P H Ravi Kumar |
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Designation : |
Independent Director |
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Name : |
Mr. Raji Vishwanathan |
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Designation : |
Additional Director |
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TRUSTEE
DIRECTOR : |
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Name : |
Mr. Yeshwant M. Deosthalee |
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Designation : |
Associate Director |
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Name : |
Mr. Hemant V. Joshi |
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Designation : |
Independent Director |
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Name : |
Mr. V. Natarajan |
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Designation : |
Independent Director |
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Name : |
Mr. Jairaj Purandare |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Kailash Kulkarni |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Shriram Ramanathan |
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Designation : |
Head Investment – Fixed Income |
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Name : |
Mr. Soumendra Nath Lahiri |
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Designation : |
Chief Investment Officer |
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Name : |
Mr. Vinod Venkateswaran |
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Designation : |
Head – Operations and Customer Services |
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Name : |
Mr. Apurva Rathod |
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Designation : |
Head – Legal and Compliance and Company Secretary |
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Name : |
Mr. Nilesh Naik |
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Designation : |
Head – Risk Management and Product Development |
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Name : |
Mr. Ankur Thakore |
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Designation : |
Head – Sales, Distribution and Marketing |
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Name : |
Mr. Mandar Shendye |
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Designation : |
National Head – Institutional Sales |
BUSINESS DETAILS
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Line of Business : |
The Purpose is to create prosperity for all stakeholders and deliver consistent
and superior long term investment performance. (From Indirect Sources) |
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Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
Not Divulged |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Million]
Not Divulged
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
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2 |
Constitution of the entity -Incorporation
details |
Yes |
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3 |
Locality of the entity |
Yes |
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4 |
Premises details |
No |
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5 |
Buyer visit details |
-- |
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6 |
Contact numbers |
Yes |
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7 |
Name of the person contacted |
No |
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8 |
Designation of contact person |
No |
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9 |
Promoter’s background |
No |
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10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
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11 |
Pan Card No. of Proprietor / Partners |
No |
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12 |
Voter Id Card No. of Proprietor / Partners |
No |
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13 |
Type of business |
Yes |
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14 |
Line of Business |
Yes |
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15 |
Export/import details (if applicable) |
No |
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16 |
No. of employees |
No |
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17 |
Details of sister concerns |
No |
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18 |
Major suppliers |
No |
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19 |
Major customers |
No |
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20 |
Banking Details |
No |
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21 |
Banking facility details |
No |
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22 |
Conduct of the banking account |
-- |
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23 |
Financials, if provided |
No |
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24 |
Capital in the business |
No |
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25 |
Last accounts filed at ROC, if applicable |
No |
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26 |
Turnover of firm for last three years |
No |
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27 |
Reasons for variation <> 20% |
-- |
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28 |
Estimation for coming financial year |
No |
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29 |
Profitability for last three years |
No |
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30 |
Major shareholders, if available |
No |
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31 |
External Agency Rating, if available |
No |
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32 |
Litigations that the firm/promoter
involved in |
-- |
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33 |
Market information |
-- |
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34 |
Payments terms |
No |
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35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
L & T Investment Management Limited (the
‘Company) is a public company domiciled in India. The principal shareholder of
the company as at 31st March, 2015 is L&T Finance Holdings
Limited.
The Company’s principal activity is to act as
an investment manager to L&T Mutual Fund (the “Fund”) and to provide
Portfolio Management Sevices (“PMS”) to clients under Securities and Exchange
Board of India (SEBI) (Portfolio Managers) Regulations, 1993. The company is
registered with Securities and Exchange Board of India (SEBI) under the SEBI
(Mutual Funds) Regulations, 1996 (the SEBI regulations). The company manages
the investment portfolios of the Fund and provides various administrative
services to the Fund is laid down in the Investment Management Agreement dated
23rd October, 1996.
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. 66.84 |
|
UK Pound |
1 |
Rs. 101.04 |
|
Euro |
1 |
Rs. 73.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
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|
Analysis Done by
: |
HNA |
|
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|
Report Prepared
by : |
JYO / PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
-- PROFITABILITY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
10 |
|
--LEVERAGE |
1~10 |
10 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
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--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
87 |
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.