MIRA INFORM REPORT
|
Report No. : |
332314 |
|
Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
FERRERO INDIA PRIVATE LIMITED (w.e.f. 22.01.2008) |
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|
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|
Formerly Known
As : |
FERRERO MARKETING SERVICES PRIVATE LIMITED |
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Registered
Office : |
201-204 Pentagon Tower 1, Magarpatta City Hadapsar, Pune – 411028,
Maharashtra |
|
Tel. No.: |
91-20-66804000 |
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|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.08.2014 |
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|
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Date of
Incorporation : |
02.06.2004 |
|
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Com. Reg. No.: |
11-147065 |
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Capital
Investment / Paid-up Capital : |
Rs. 2869.715 Million |
|
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|
|
CIN No.: [Company Identification
No.] |
U74300PN2004PTC147065 |
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|
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IEC No.: |
0707029953 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACF8110B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in trading and manufacturing of Chocolates and Confectionery Products. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
|
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 company incorporated during the year 2004
having a moderate track record. The rating takes into consideration huge accumulated losses incurred
by the company which has fully eroded its entire net worth Further the rating also takes into consideration huge borrowings
recorded by the company. However, Business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a 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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Ms. Aarti |
|
Designation : |
Account Manager |
|
Contact No.: |
91-20-66804000 |
|
Date : |
16.07.2015 |
LOCATIONS
|
Registered Office : |
201-204 Pentagon Tower 1, Magarpatta City Hadapsar, Pune – 411028,
Maharashtra, India |
|
Tel. No.: |
91-20-66804000 |
|
Fax No.: |
91-20-66804050 |
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E-Mail : |
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|
Website : |
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|
Factory : |
Plot No. F-13, MIDC Bramati, Pune-413133, Maharashtra, India |
DIRECTORS
As on 27.02.2015
|
Name : |
Mr. Luigi Oddone |
|
Designation : |
Whole-time director |
|
Address : |
Piazza Vittorio Veneto No. 16 SC A, 10123, Torino Italy – 10123 |
|
Date of Birth/Age : |
16.01.1964 |
|
Date of Appointment : |
24.10.2013 |
|
DIN No.: |
05184230 |
|
|
|
|
Name : |
Mr. Claudio Olivero |
|
Designation : |
Director |
|
Address : |
Avenue Des Hirondelles, 34, 1410, Waterloo, Belgium |
|
Date of Birth/Age : |
25.08.1957 |
|
Date of Appointment : |
08.07.2013 |
|
DIN No.: |
06640959 |
|
|
|
|
Name : |
Mr. Vikas Goyal |
|
Designation : |
Whole-time director |
|
Address : |
B-148A, Gurdwara Road, Mahavir Enclave, Delhi – 110045, India |
|
Date of Birth/Age : |
08.09.1972 |
|
Date of Appointment : |
11.12.2013 |
|
DIN No.: |
06759863 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.02.2015
|
Names of Shareholders |
|
No. of Shares |
|
Ferrero International S.A., Luxembourg |
|
233052422 |
|
Ferrero BV Netherlands |
|
1 |
|
Ferrero SPA, Italy |
|
43427100 |
|
Simest SpA Italy |
|
7492000 |
|
Magic Production Group SPA |
|
2999950 |
|
Total |
|
286971473 |
Equity Share Break up (Percentage of Total Equity)
As on 27.02.2015
|
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 trading and manufacturing of Chocolates and Confectionery Products. |
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|
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|
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 : |
|
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Selling : |
Cash and Credit (30/60/90 Days) |
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|
|
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Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
· Ferrero International SA |
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Fellow Subsidiaries
: |
· Ferrero Asia (Singapore) Limited · Ferrero Asia (Hong Kong) Limited · Ferrero Asia (Taiwan) Limited · Ferrero Asia Limited (Korea Representative Office) · Ferrero Australia Mfg. Pty Limited · Ferrero Canada Limited · Ferrero Do Brasil Industrial Doceira · Ferrero Industrial Services G.E.I.E · Ferrero Ireland Limited · Ferrero Lanka Private Limited · Ferrero Ithemba RSA (PTY) Limited · Ferrero Offene Handelsegesellschaft · Ferrero Polska S.p.A. · Ferrero Trading Luxembourg SA · Ferrero Trading Shanghai Company Limited · Ferrero Pubbliregia S.R.L. · Imsofer Manufacturing Private Limited · Imsofer Manufacturing SA · Imsofer SA · Magic Production Group S.A. · MPG Multi Production Group India Private Limited · Soremartec Itallia Ferrero S.p.A. |
CAPITAL STRUCTURE
After 27.02.2015
Authorised Capital : Rs.3946.000 Million
Issued, Subscribed & Paid-up Capital : Rs.3150.653
Million
As on 27.02.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
394,600,000 |
Equity Shares |
Rs.10/- each |
Rs. 3946.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
318,857,195 |
Equity Shares |
Rs.10/- each |
Rs. 3188.572
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
286,971,473 |
Equity Shares |
Rs.10/- each |
Rs. 2869.715
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.08.2014 |
31.08.2013 |
31.08.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2869.715 |
2330.524 |
2330.524 |
|
(b) Reserves & Surplus |
(3743.513) |
(3744.707) |
(2437.867) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
539.191 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(873.798) |
(874.992) |
(107.343) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6004.049 |
3709.058 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
55.489 |
34.560 |
12.406 |
|
Total Non-current
Liabilities (3) |
6059.538 |
3743.618 |
12.406 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
304.679 |
5.550 |
0.000 |
|
(b) Trade
payables |
4030.413 |
3044.176 |
1031.728 |
|
(c) Other
current liabilities |
2238.222 |
1484.301 |
68.321 |
|
(d) Short-term
provisions |
6.156 |
12.829 |
2.595 |
|
Total Current
Liabilities (4) |
6579.470 |
4546.856 |
1102.644 |
|
|
|
|
|
|
TOTAL |
11765.210 |
7415.482 |
1007.707 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3864.560 |
3511.970 |
41.435 |
|
(ii)
Intangible Assets |
83.260 |
81.946 |
5.104 |
|
(iii) Capital
work-in-progress |
1002.959 |
160.197 |
13.910 |
|
(iv)
Intangible assets under development |
0.000 |
2.551 |
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 |
848.262 |
136.376 |
16.955 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5799.041 |
3893.040 |
77.404 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2756.896 |
1985.699 |
412.491 |
|
(c) Trade
receivables |
632.527 |
766.741 |
87.264 |
|
(d) Cash
and cash equivalents |
2057.532 |
341.301 |
232.252 |
|
(e)
Short-term loans and advances |
511.402 |
428.701 |
198.296 |
|
(f) Other
current assets |
7.812 |
0.000 |
0.000 |
|
Total
Current Assets |
5966.169 |
3522.442 |
930.303 |
|
|
|
|
|
|
TOTAL |
11765.210 |
7415.482 |
1007.707 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.08.2014 |
31.08.2013 |
31.08.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9412.692 |
5729.436 |
3411.675 |
|
|
|
Other Income |
727.781 |
21.370 |
6.288 |
|
|
|
TOTAL |
10140.473 |
5750.806 |
3417.963 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
9720.259 |
7550.382 |
4420.806 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
420.214 |
(1799.576) |
(1002.843) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
419.020 |
166.429 |
7.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
1.194 |
(1966.005) |
(1010.314) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(6.744) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.194 |
(1959.261) |
(1010.314) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.01 |
(8.41) |
(4.34) |
|
|
Particulars |
|
|
31.08.2015 |
|
Sales Turnover (Approximately) |
|
|
15000.000 |
The above information has been parted by Ms. Aarti (Accounts Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.08.2014 |
31.08.2013 |
31.08.2012 |
|
Current Maturities of Long term debt |
750.713 |
648.615 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
371.631 |
44.528 |
(837.387) |
KEY
RATIOS
|
PARTICULARS |
|
31.08.2014 |
31.08.2013 |
31.08.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.01 |
(34.20) |
(29.61) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.01 |
(27.11) |
(101.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
2.25 |
9.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(8.08) |
(4.99) |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.77 |
0.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.08.2012 |
31.08.2013 |
31.08.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
2330.524 |
2330.524 |
2869.715 |
|
Reserves & Surplus |
(2437.867) |
(3744.707) |
(3743.513) |
|
Share Application money pending allotment |
0.000 |
539.191 |
0.000 |
|
Net
worth |
(107.343) |
(874.992) |
(873.798) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
3709.058 |
6004.049 |
|
Short term borrowings |
0.000 |
5.550 |
304.679 |
|
Current maturities of long-term debts |
0.000 |
648.615 |
750.713 |
|
Total
borrowings |
0.000 |
4363.223 |
7059.441 |
|
Debt/Equity
ratio |
0.000 |
(4.987) |
(8.079) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.08.2012 |
31.08.2013 |
31.08.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3411.675 |
5729.436 |
9412.692 |
|
|
|
67.936 |
64.287 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.08.2012 |
31.08.2013 |
31.08.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3411.675 |
5729.436 |
9412.692 |
|
Profit |
(1010.314) |
(1959.261) |
1.194 |
|
|
(29.61%) |
(34.20%) |
0.01% |
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 |
No |
|
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) |
No |
|
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 |
ACTIVITIES OF THE COMPANY
During the year, the Company has achieved the turnover of Rs. 9412.700 Million as compared to previous year’s turnover of Rs. 5729.400 Million and the Company has earned profits (after tax) of Rs. 1.200 Million as compared to previous year’s loss which was Rs. 1959.200 Million. The Directors are putting all efforts to further improve the operations results & profitability of the Company.
AMALGAMATION
During the year, Imsofer Manufacturing India Private Limited (Imsofer) engaged in the manufacture as well as repackaging and distribution of confectionary items and MPG Multi Production Group India Private Limited (MPG India) engaged in the manufacture of manual, semi-automatic, automatic monument, toys, barbies, gadgets, merchandising and premiums and their components, parts, fittings and accessories through contract manufacturers (together referred to as the “Transferor companies”) have been amalgamated with the Company, vide the Scheme of Amalgamation (‘the Scheme') sanctioned by the Hon’ble High Court of Judicature at Mumbai vide its Order dated September 20, 2013, with effect from April 1, 2013, the appointed date in terms of the Scheme. The amalgamation is expected to channelize synergies and lead to better utilization of available resources and result in greater economies of scale.
The Company discharged the purchase consideration for the amalgamation aggregating to Rs. 1,191,612,110 through issue of 53,919,100 equity shares of Rs. 10/- each fully paid; in the Company to the erstwhile shareholders of the Transferor Companies on October 24, 2013. In terms of the scheme, the company has
accounted for the amalgamation under the purchase method and recognized assets and liabilities acquired at fair value. The excess of purchase consideration paid by the company over the aggregate value of the net assets acquired has been treated as goodwill, to be amortized over a period of 5 years from the date of amalgamation.
UNSECURED LOAN
|
PARTICULAR |
31.08.2014 (Rs.
in Million) |
31.08.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from others |
6004.049 |
3709.058 |
|
Total |
6004.049 |
3709.058 |
INDEX
OF CHARGES NO CHARGES EXIST FOR COMPANY
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
Intangible assets
- Goodwill
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.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
17 |
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.