MIRA INFORM REPORT
|
Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PIAGGIO VEHICLES PRIVATE LIMITED (w.e.f. 01.04.2002) |
|
|
|
|
Formerly Known
As : |
PIAGGIO GREAVES VEHICLES LIMITED (w.e.f.15.05.1998) PIAGGIO GREAVES VEHICLES PRIVATE LIMITED |
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|
Registered
Office : |
E-2, M.I.D.C. Industrial Area, Baramati, Pune – 413 133, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
17.02.1998 |
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|
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|
Com. Reg. No.: |
11-113606 |
|
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|
|
Capital
Investment / Paid-up Capital : |
Rs.349.370 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102MH1998PTC113606 |
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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.] |
AABCP1225G |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacturing of automobile
products consisting of three wheeled, four wheeled motor vehicles and
engines. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
Comments : |
Subject is a subsidiary of Piaggio and C Spa, Italy. It is a well-established company having good track record. There seems some dip in the profit of the company during FY 2014
However, general financial position of the company is sound. The rating also takes into consideration the Piaggio’s established
market position in the three-wheel segment. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
28.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
28.12.2014 |
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-cooperative (Tel No. : 91-2112-243770)
LOCATIONS
|
Registered Office/ Factory : |
E-2, M.I.D.C. Industrial Area, Baramati, Pune – 413133, Maharashtra,
India |
|
Tel. No.: |
91-2112-243770 / 304200 / 343730 |
|
Fax No.: |
91-2112-243772 / 243323 / 243198 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
102, “PHOENIX” Bund Garden Road, Pune – 411001, Maharashtra, India |
|
Tel. No.: |
91-20-66013150/ 30518300 |
|
Fax No.: |
91-20-66013157/ 26134972 |
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E-Mail : |
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Sales Office
: |
A-1, Site “B”, Surajpur Industrial Area, District Gautam Budha Nagar,
Greater Noida – 201 306, Uttar Pradesh, India |
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|
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|
Regional Office
: |
Located at:
|
DIRECTORS
As on 19.09.2014
|
Name : |
Mr. Ravindersing Gurucharansingh Chopra |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Flat No. A-101, Palladium SN No. 468C, Mangaldas Road, Pune – 411 001,
Maharashtra, India |
|
Date of Birth/Age : |
19.03.1943 |
|
Qualification : |
BE (Mechanical) AMP-Harvard Business School, USA |
|
Date of Appointment : |
01.04.1998 |
|
PAN No.: |
AAYCP7294E |
|
DIN No.: |
01680496 |
|
|
|
|
Name : |
Mr. Michele Colaninno |
|
Designation : |
Director |
|
Address : |
Via Bertani, Mantova 3146100, Italy |
|
Date of Birth/Age : |
23.11.1976 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
03142555 |
|
|
|
|
Name : |
Gabriele Gianni Galli |
|
Designation : |
Additional Director |
|
Address : |
Via Sani Giuseppe, 24 Lerici, Italy |
|
Date of Birth/Age : |
25.06.1969 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05105874 |
|
|
|
|
Name : |
Ulisse Spada |
|
Designation : |
Additional Director |
|
Address : |
Viale Rinaaldo, Piaggio 25, Pontedera Pisa, Italy 056025 |
|
Date of Birth/Age : |
01.03.1966 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05236512 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Dnyanoba Medankar |
|
Designation : |
Company Secretary |
|
Address : |
165/10, Mira Society, Salisbury Park, Pune – 411 037, Maharashtra,
India |
|
Date of Birth/Age : |
29.11.1960 |
|
Date of Appointment : |
22.07.2004 |
|
PAN No.: |
ABAPM3785F |
|
|
|
|
Name : |
Mr. Kapil Dube |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
As on 19.09.2014
|
Names of Shareholders |
% of Holding |
|
Piggio and C SPA, Italy |
34936999 |
|
Piaggio Vespa BV, The Netherlands |
1 |
|
Total |
34937000 |
Equity Share Break up (Percentage of Total Equity)
As on 19.09.2014
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing of automobile
products consisting of three wheeled, four wheeled motor vehicles and
engines. |
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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 : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users, OEM’s, Others and Manufacturer
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
SECURED
LOAN (Rs.
In Millions)
|
|
Auditor 1 : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Suite No. 8, Mutha Towers, Airport Road, Yerwada, Pune, Maharashtra,
India |
|
PAN No.: |
AAHFP0187A |
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|
|
|
Auditor 2 : |
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|
Name : |
Thakur Narendra and Company Chartered Accountants |
|
Address : |
Advait, 25, Jaydeonagar, Vitthalwadi Road, Pune-411030, Maharashtra,
India |
|
Tel. No.: |
91-22-24250815 |
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Mobile No.: |
91-9850776515 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Piaggio and C SpA, Italy |
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Fellow Subsidiary Company : |
|
CAPITAL STRUCTURE
After 19.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34937000 |
Equity Shares |
Rs.10/- each |
Rs.349.370 Millions |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
349.370 |
340.000 |
340.000 |
|
(b) Reserves & Surplus |
2522.190 |
1779.340 |
1678.510 |
|
(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) |
2871.560 |
2119.340 |
2018.510 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2240.480 |
2079.790 |
846.140 |
|
(b) Deferred tax liabilities (Net) |
522.140 |
514.680 |
351.950 |
|
(c) Other long term
liabilities |
125.360 |
16.230 |
35.780 |
|
(d) long-term
provisions |
49.800 |
52.000 |
56.090 |
|
Total Non-current
Liabilities (3) |
2937.780 |
2662.700 |
1289.960 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
138.880 |
62.660 |
|
(b) Trade payables |
6688.180 |
5995.720 |
4136.430 |
|
(c) Other current liabilities |
766.140 |
1112.140 |
1575.330 |
|
(d) Short-term
provisions |
324.780 |
1203.870 |
2779.860 |
|
Total Current
Liabilities (4) |
7779.100 |
8450.610 |
8554.280 |
|
|
|
|
|
|
TOTAL |
13588.440 |
13232.650 |
11862.750 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5724.720 |
5417.150 |
4226.610 |
|
(ii) Intangible Assets |
2156.680 |
2844.020 |
1544.340 |
|
(iii) Capital
work-in-progress |
56.210 |
531.700 |
890.360 |
|
(iv)
Intangible assets under development |
133.970 |
168.060 |
1500.120 |
|
(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 |
341.620 |
343.840 |
368.790 |
|
(e) Other
Non-current assets |
2.010 |
0.280 |
0.250 |
|
Total Non-Current
Assets |
8415.210 |
9305.050 |
8530.470 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
490.960 |
|
(b) Inventories |
1220.490 |
1094.570 |
850.340 |
|
(c) Trade receivables |
1185.070 |
602.630 |
328.090 |
|
(d) Cash and cash
equivalents |
1159.730 |
990.120 |
253.330 |
|
(e) Short-term loans
and advances |
1236.480 |
1030.030 |
1408.120 |
|
(f) Other current
assets |
371.460 |
210.250 |
1.440 |
|
Total Current Assets |
5173.230 |
3927.600 |
3332.280 |
|
|
|
|
|
|
TOTAL |
13588.440 |
13232.650 |
11862.750 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Total Revenue (Exclusive of excise duty) |
25369.000 |
25460.000 |
26286.000 |
|
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
|
TOTAL |
NA |
NA |
NA |
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||
|
Less |
EXPENSES |
NA |
NA |
NA |
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||
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|
PROFIT/(LOSS) BEFORE
TAX |
1666.000 |
2902.000 |
3798.000 |
||
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|
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||
|
Less |
TAX |
534.000 |
936.000 |
1182.000 |
||
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||
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|
PROFIT/(LOSS)
AFTER TAX |
1132.000 |
1966.000 |
2616.000 |
||
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
0.000 |
1244.330 |
2925.020 |
|
|
|
TOTAL EARNINGS |
0.000 |
1244.330 |
2925.020 |
||
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IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
278.410 |
223.460 |
216.070 |
|
|
|
|
Purchase of stock |
35.910 |
18.560 |
5.950 |
|
|
|
|
Capital Goods |
83.400 |
291.150 |
504.640 |
|
|
|
TOTAL IMPORTS |
397.72 |
533.170 |
726.660 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
32.58 |
57.80 |
NA |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.46 |
7.72 |
9.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.43 |
23.16 |
40.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58 |
1.37 |
1.88 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.78 |
1.05 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67 |
0.46 |
0.39 |
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 |
340.000 |
340.000 |
349.370 |
|
Reserves & Surplus |
1678.510 |
1779.340 |
2522.190 |
|
Net
worth |
2018.510 |
2119.340 |
2871.560 |
|
|
|
|
|
|
long-term borrowings |
846.140 |
2079.790 |
2240.480 |
|
Short term borrowings |
62.660 |
138.880 |
0.000 |
|
Total
borrowings |
908.800 |
2218.670 |
2240.480 |
|
Debt/Equity
ratio |
0.450 |
1.047 |
0.780 |
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 |
26286.000 |
25460.000 |
25369.000 |
|
|
|
-3.142 |
-0.357 |
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 |
26286.000 |
25460.000 |
25369.000 |
|
Profit |
2616.000 |
1966.000 |
1132.000 |
|
|
9.95% |
7.72% |
4.46% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long-term debt |
0.000 |
94.530 |
0.000 |
|
Total |
0.000 |
94.530 |
0.000 |
|
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
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
Yes |
LITIGATION DETAILS
|
Case Details |
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|
Bench:- Bombay |
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|
Presentation Date:- 30/05/2014 |
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|
Lodging No.:- |
CEXAL/157/2014 |
Filing Date:- |
03/05/2014 |
|||
|
Petitioner:- |
COMMISSIONER OF CENTRAL EXCISE PUNE |
Respondent:- |
PIAGGIO VEHICLES PRIVATE
LIMITED |
|||
|
Petn.Adv:- |
NEELESH VASANT KALANTRI (I4349) |
Resp. Adv.: |
0 (0) |
|||
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District:- |
PUNE |
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|
Bench:- |
DIVISION |
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|
Status:- |
Pre-Admission |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
|||
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|
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|
Act. : |
Central Excise and Salt Act |
Under Section: 3G |
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UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Rupee term loans from bank |
1827.650 |
1905.880 |
|
Loans and advances from others |
412.830 |
173.910 |
|
Total |
2240.480 |
2079.790 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90090789 |
30/12/2010 * |
500,000,000.00 |
Credit
Agricole and Corporate and Investment Bank |
A-203,
2nd Floor, ICC Trade Tower, Senapati Bapat Road, Pune, Maharashtra - 411016,
India |
B02391258 |
|
2 |
90090738 |
26/08/2011 * |
1,950,000,000.00 |
STATE
BANK OF INDIA |
Industrial
Finance Branch, Tara Chambers, Mumbai Pune Road, Pune, Maharashtra - 411003,
India |
B20865457 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Technical Know-how
·
Computer Software
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. 63.28 |
|
|
1 |
Rs. 98.38 |
|
Euro |
1 |
Rs. 76.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.