MIRA INFORM REPORT
|
Report No. : |
309916 |
|
Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIAT GROUP AUTOMOBILES INDIA PRIVATE LIMITED (w.e.f. 26.07.2012) |
|
|
|
|
Formerly Known
As : |
AKAT AUTOMOTIVE DISTRIBUTION COMPANY PRIVATE LIMITED |
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Registered
Office : |
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Country : |
India |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
07.03.2012 |
|
|
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|
Com. Reg. No.: |
11-227795 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 937.900Million |
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|
|
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CIN No.: [Company Identification
No.] |
U50102MH2012PTC227795 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAKCA3372J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of distribution of FIAT
and Chrysler branded motor vehicles, spare parts and conducting and carrying
out Engineering and Procurement activity for FIAT, Chrysler branded motor
vehicles and parts. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established of “Fiat Group Automobiles S.P.S., Italy”. It is an established having moderate track record. Net worth of the company has been eroded due to continuous accumulated
loss incurred from its operations. However, business is active. Payment terms are slow. The company can be considered for business dealings on a safe 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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-39462600)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-39462600 |
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Fax No.: |
91-22-39462609 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 10.03.2014
|
Name : |
Mr. Nagesh Basavanhalli |
|
Designation : |
Managing Director |
|
Address : |
21, Thirurallurar Nagar, Seaward Drive, Chennai - 600041, Tamilnadu,
India |
|
Date of Birth/Age : |
23.02.1966 |
|
Date of Appointment : |
09.10.2012 |
|
DIN No.: |
01886313 |
|
|
|
|
Name : |
Mr. Pindanappilly Anil Kumar |
|
Designation : |
Additional director |
|
Address : |
290-D, Pocket – 2, Mayur Vihar, Phase – I, Delhi – 110091, India |
|
Date of Birth/Age : |
12.01.1961 |
|
Date of Appointment : |
17.09.2013 |
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PAN No.: |
AAFPP2870C |
|
DIN No.: |
03494014 |
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|
|
|
Name : |
Stefano Luigi Salvini |
|
Designation : |
Additional director |
|
Address : |
Strada Ferrero DI, Cambiano 49, Moncalleri, Torino, Italy – 10024 |
|
Date of Birth/Age : |
25.12.1965 |
|
Date of Appointment : |
17.09.2013 |
|
DIN No.: |
06714843 |
KEY EXECUTIVES
|
Name : |
Mr. Harsh Kumar Mishra |
|
Designation : |
Company Secretary |
|
Address : |
A-503, Jasper CHS, Hiranandani Estate, Thane - 400607 (West),
Maharashtra, India |
|
Date of Birth/Age : |
24.06.1974 |
|
Date of Appointment : |
02.09.2013 |
|
PAN No.: |
AGAPM0649K |
MAJOR SHAREHOLDERS
As on 10.03.2014
|
Names of Shareholders |
No. of Shares |
|
Fiat Group Automobiles S.P.A., Italy |
103789999 |
|
FGA Investmenti S.P.A., Italy |
1 |
|
Total |
103790000 |
As on 18.06.2014
|
Names of Allottees |
No. of Shares |
|
Fiat Group Automobiles S.P.A., Italy |
36200000 |
|
|
|
|
TOTAL
|
36200000 |
As on 10.03.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of distribution of FIAT
and Chrysler branded motor vehicles, spare parts and conducting and carrying out
Engineering and Procurement activity for FIAT, Chrysler branded motor
vehicles and parts. |
|
|
|
|
Products : |
Not Available |
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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 : |
Information denied by the management |
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Bankers : |
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Auditors : |
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Name : |
S R Batliboi and
Company LLP Chartered
Accountants |
|
Address : |
14th
Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028,
Maharashtra, India |
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PAN
No. : |
ACGFS9180N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
¨ Fiat Group Automobiles,
S.P.A., Italy |
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|
Fellow Subsidiaries : |
¨ FGA Investmenti S.P.A., Italy ¨ Fiat Automoveis S/A, Brazil ¨ Chrysler GroupInternational LLC, United States ¨ Chrysler Group LLC, United kingdom ¨ Fiat I.T.E.M. SpA, Italy |
CAPITAL STRUCTURE
After 10.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230000000 |
Equity Shares |
Rs.10/- each |
Rs.2300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1969900000 |
Equity Shares |
Rs.10/- each |
Rs. 1969.900 Million |
|
|
|
|
|
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs.1400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93790000 |
Equity Shares |
Rs.10/- each |
Rs. 937.900 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
01.04.2013 to 31.12.2013 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
937.900 |
112.100 |
|
(b) Reserves & Surplus |
|
(2897.748) |
(2185.850) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
500.000 |
750.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(1459.848) |
(1323.750) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
7.658 |
5.834 |
|
Total Non-current Liabilities
(3) |
|
7.658 |
5.834 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
2511.729 |
2216.023 |
|
(c) Other
current liabilities |
|
223.750 |
81.743 |
|
(d) Short-term provisions |
|
1041.155 |
317.640 |
|
Total Current
Liabilities (4) |
|
3776.634 |
2615.406 |
|
|
|
|
|
|
TOTAL |
|
2324.444 |
1297.490 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
|
28.457 |
7.368 |
|
(ii)
Intangible Assets |
|
115.954 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
61.966 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
31.166 |
108.965 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
175.577 |
178.299 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
356.976 |
410.378 |
|
(c) Trade
receivables |
|
497.575 |
20.747 |
|
(d) Cash
and cash equivalents |
|
673.175 |
672.373 |
|
(e)
Short-term loans and advances |
|
619.985 |
15.186 |
|
(f) Other
current assets |
|
1.156 |
0.507 |
|
Total
Current Assets |
|
2148.867 |
1119.191 |
|
|
|
|
|
|
TOTAL |
|
2324.444 |
1297.490 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
01.04.2013 to 31.12.2013 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
468.249 |
388.430 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
869.758 |
3022.280 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(401.509) |
(2633.850) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
(401.509) |
(2633.850) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
14.700 |
0.000 |
|
|
TOTAL EARNINGS |
|
14.700 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(4.28) |
(234.95) |
|
KEY RATIOS
|
PARTICULARS |
|
|
01.04.2013 to 31.12.2013 |
31.03.2013 |
|
Net Profit Margin (PAT/ Total Income) |
(%) |
|
(85.75) |
(678.08) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(17.27) |
(213.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.28 |
1.99 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.57 |
0.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
01.04.2013
to 31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
112.100 |
937.900 |
|
Reserves & Surplus |
(2185.850) |
(2897.748) |
|
Share Application money
pending allotment |
750.000 |
500.000 |
|
Net
worth |
(1323.750) |
(1459.848) |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
01.04.2013
to 31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
388.430 |
468.249 |
|
|
20.549 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
01.04.2013
to 31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
388.430 |
468.249 |
|
Profit |
(2633.850) |
(401.509) |
|
|
(678.08%) |
(85.75%) |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
No |
CORPORATE INFORMATION:
Subject is a Private Limited Company domiciled in India and incorporated on March 7, 2012 under the name AKAT Automotive Distribution Company Private Limited under the provisions of the Companies Act, 1956. On July 26, 2012, the Company changed the name to Subject. The Company is engaged in the business of distribution of FIAT and Chrysler branded motor vehicles, spare parts and conducting and carrying out Engineering and Procurement activity for FIAT, Chrysler branded motor vehicles and parts.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Plant and Equipment
- Furniture and Fixtures
- Office Equipment
- Computer Equipments
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.62.04 |
|
|
1 |
Rs.96.02 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--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 |
|
12 |
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.