MIRA
INFORM REPORT
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Report No. : |
307832 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIG MAGIC LIMITED |
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Registered
Office : |
401, 4th
Floor, Infinite, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.04.2011 |
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Com. Reg. No.: |
11-216414 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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CIN No.: [Company Identification
No.] |
U74900MH2011PLC216414 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB21183B |
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PAN No.: [Permanent Account No.] |
AAECB5352K |
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Legal Form : |
A Closely Held Public Limited liability Company |
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Line of Business
: |
Subject is engaged in the business of Television and Post
Production. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Reliance Broadcast Network Limited. It is an established company with limited operational history having
moderate track record. The company has incurred accumulated losses which has eroded net worth
of the company. No other details could be made available. Trade relations might be fair. Business is active. Payment are
reported to be slow. The subject can be considered for business dealing on safe and secured
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
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Mukesh Joshi |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-30689182 |
|
Date : |
12.02.2015 |
LOCATIONS
|
Registered Office : |
401, 4th
Floor, Infinite, Link Road, Oahiwara, Andheri (West), Mumbai - 400053,
Maharashtra, India |
|
Tel. No.: |
91-22-30689444/ 30689344 |
|
Fax No.: |
91-22-39888927 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Mr. Tarun Ashok Katial |
|
Designation : |
Director |
|
Address : |
403, A/20, Shastri Nagar, Andheri [West], Mumbai – 400053,
Maharashtra, India |
|
Date of Birth/Age : |
07.01.1975 |
|
Qualification : |
MBA (Marketing) |
|
Date of Appointment : |
19.04.2011 |
|
DIN No.: |
01665221 |
|
|
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|
Name : |
Malabika Boruah |
|
Designation : |
Additional Director |
|
Address : |
Flat A-18, Namaskar Chs, Near Poonam Nagar, Mahakali Caves Road, Andheri
(East), Mumbai – 400093, Maharashtra, India
|
|
Date of Birth/Age : |
26.09.1983 |
|
Date of Appointment : |
26.09.2014 |
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DIN No.: |
05298024 |
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|
Name : |
Mr. Gaurav Jayprakash Dattani |
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Designation : |
Additional director |
|
Address : |
Flat No. 702, 7th Floor, E Wing, Shiv Manthan CHSL, Soni
Complex, Off Link Road Malad (West), Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1984 |
|
Date of Appointment : |
26.09.2014 |
|
DIN No.: |
06626553 |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh Joshi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
As on 26.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Broadcast Network Limited, India |
|
49993 |
|
Sunil Kumavan [Nominee of Reliance Broadcast Network Limited, India] |
|
1 |
|
Shilpa Prabhakar Shetty [Nominee of Reliance Broadcast Network
Limited, India] |
|
1 |
|
Praveen Vilas Saravade [Nominee of Reliance Broadcast Network Limited,
India] |
|
2 |
|
Gaurav Jayprakash Dattani [Nominee of Reliance Broadcast Network
Limited, India] |
|
1 |
|
Malabika Boruah [Nominee of Reliance Broadcast Network Limited, India] |
|
1 |
|
Kritika Kapoor [Nominee of Reliance Broadcast Network Limited, India] |
|
1 |
|
Total |
|
50000 |
As on 26.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Television and Post
Production. |
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Products : |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
(Approximately) / Information declined by the management. |
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Bankers : |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714-715, Tulsiani Chambers 212, Nariman Point, Mumbai –
400021, Maharashtra, India |
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PAN No.: |
AAAFC0662N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Reliance Broadcast Network Limited |
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Fellow Subsidiary
Company: |
· Cinestar Advertising Private Limited · Reliance Television Private Limited · RBN US LLC (w.e.f. 18 June, 2012) |
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|
Subsidiary / Step
down Subsidiary Companies of Fellow Subsidiary Companies |
· Azalia Distribution Private Limited (formerly known as BIG CBS Networks Private Limited) (w.e.f. 21 December, 2013) · Reliance TV US LLC (w.e.f. 25 March, 2014) (Previous year: w.e.f. 18 June, 2012 upto 28 March, 2013) · Georgeville Television LLC (w.e.f. 25 March, 2014) (Previous year: w.e.f. 24 August, 2012 upto 28 March, 2013) · BIG RTL Broadcast Private Limited (upto 30 July, 2012) |
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Associate of Fellow
Subsidiary Company |
· Reliance TV US LLC (w.e.f. 29 March, 2013 upto 24 March, 2014) |
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Joint Venture of
Fellow Subsidiary Company |
· BIG RTL Broadcast Private Limited (w.e.f. 31 July, 2012) · Azalia Distribution Private Limited (formerly known as BIG CBS Networks Private Limited) (upto 20 December, 2013) |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.500 |
0.500 |
0.500 |
|
(b) Reserves &
Surplus |
(1211.295) |
(711.095) |
(406.535) |
|
(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) |
(1210.795) |
(710.595) |
(406.035) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2068.198 |
992.921 |
480.661 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.630 |
1.338 |
0.000 |
|
(d) long-term provisions |
1.009 |
0.878 |
0.486 |
|
Total Non-current
Liabilities (3) |
2070.837 |
995.137 |
481.147 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
102.510 |
113.940 |
51.352 |
|
(c) Other current
liabilities |
87.379 |
55.311 |
34.468 |
|
(d) Short-term provisions |
0.625 |
0.767 |
0.430 |
|
Total Current Liabilities
(4) |
190.514 |
170.018 |
86.250 |
|
|
|
|
|
|
TOTAL |
1050.556 |
454.560 |
161.362 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
24.995 |
33.670 |
26.220 |
|
(ii) Intangible Assets |
2.730 |
6.188 |
4.028 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13.624 |
10.502 |
2.483 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
41.349 |
50.360 |
32.731 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
299.941 |
161.481 |
57.964 |
|
(c) Trade receivables |
118.144 |
65.950 |
21.950 |
|
(d) Cash and cash
equivalents |
1.182 |
0.303 |
2.693 |
|
(e) Short-term loans and
advances |
269.967 |
100.166 |
46.024 |
|
(f) Other current assets |
319.973 |
76.300 |
0.000 |
|
Total Current Assets |
1009.207 |
404.200 |
128.631 |
|
|
|
|
|
|
TOTAL |
1050.556 |
454.560 |
161.362 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
247.302 |
221.559 |
70.606 |
|
|
Other Income |
0.000 |
0.000 |
0.001 |
|
|
TOTAL (A) |
247.302 |
221.559 |
70.607 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
383.305 |
231.955 |
197.379 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Employees benefits
expense |
66.199 |
37.017 |
21.078 |
|
|
Other expenses |
285.355 |
241.815 |
250.056 |
|
|
TOTAL (B) |
734.859 |
510.787 |
468.513 |
|
|
|
|
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|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
(487.557) |
(289.228) |
(397.906) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.171 |
3.058 |
1.015 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(487.728) |
(292.286) |
(398.921) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.471 |
12.274 |
7.613 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(500.199) |
(304.560) |
(406.534) |
|
|
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|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
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|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
(500.199) |
(304.560) |
(406.534) |
|
|
|
|
|
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|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
(711.095) |
(406.535) |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S
(I+J) |
(1211.294) |
(711.095) |
(406.534) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Subscription Revenue |
41.679 |
NA |
NA |
|
|
TOTAL EARNINGS |
41.679 |
NA |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(10.004) |
(6.091) |
(8.131) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/ Sales) |
(%) |
(202.26) |
(137.46) |
(575.78) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(197.15) |
(130.54) |
(563.56) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(47.61) |
(67.00) |
(251.94) |
|
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.43 |
1.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.71) |
(1.40) |
(1.18) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.30 |
2.38 |
1.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
0.500 |
0.500 |
0.500 |
|
Reserves & Surplus |
(406.535) |
(711.095) |
(1211.295) |
|
Net worth |
(406.035) |
(710.595) |
(1210.795) |
|
|
|
|
|
|
long-term borrowings |
480.661 |
992.921 |
2068.198 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
480.661 |
992.921 |
2068.198 |
|
Debt/Equity ratio |
(1.184) |
(1.397) |
(1.708) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
70.606 |
221.559 |
247.302 |
|
|
|
213.796 |
11.619 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
70.606 |
221.559 |
247.302 |
|
Profit |
(406.534) |
(304.560) |
(500.199) |
|
|
(575.78%) |
(137.46%) |
(202.26%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS IS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL PERFORMANCE
During the Year the Company has earned an income of Rs. 247.302 Millions against Rs. 221.558 Millions for the previous year. The Company has incurred loss of Rs. 500.199 Millions
BUSINESS OPERATIONS
BIG MAGIC the most prominent Television channel continued its progress with viewership growth of 122% over last 6 months, fortifying its position as fastest growing TV channel in Hindi heartland. Its creative comedy genre like Har Mushkil ka Hal Akbar Birbal and a hilarious family comic caper Ajab Gazab Ghar Jamai together with weekend offerings around festivals, topical issues and seasons like Rangon Ka Magic, BIG Chunavi Magic, BIG Garmi Bhagao Yojna and BIG Monsoon Magic contributed much towards its success.
BIG MAGIC Bihar and Jharkhand (BMBJ) (Now known as Big Magic Ganga), the Bhojpuri TV Channel has been able to make a deeper connect with the people of Bihar and Jharkhand and has cemented its position as the No. 1 Channel in the region with 27% market share in GVT. It has strengthen its foothold in the regional markets with a launch of top rated locally relevant and regional based shows like Police Files, Super Hit Bhojpuri, Daastaan E Ishq and some non-fiction shows like BIG Bahuria, Big Memsaab, Rasoi Ke Rani etc.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from others |
2068.198 |
992.921 |
|
Total |
2068.198 |
992.921 |
VIEW INDEX OF CHARGES:
No Charges Exist for Company
FIXED ASSETS
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Office equipment
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. 62.43 |
|
|
1 |
Rs. 95.02 |
|
Euro |
1 |
Rs. 70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
0 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
15 |
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.