MIRA INFORM REPORT

 

 

Report No. :

333437

Report Date :

24.07.2015

 

IDENTIFICATION DETAILS

 

Name :

AKBAR TRAVELS OF INDIA PRIVATE LIMITED

 

 

Registered Office :

69-71, Akbar Bhavan, 1st Floor, Janjikar Street, Near Crawford Market, Mumbai – 400003, Maharashtra

Tel. No.:

91-22-30012209/40666444

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.09.2001

 

 

Com. Reg. No.:

11-133469

 

 

Capital Investment / Paid-up Capital :

Rs. 450.000 Million

 

 

CIN No.:

[Company Identification No.]

U63040MH2001PTC133469

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA15152E

 

 

PAN No.:

[Permanent Account No.]

AADCA2140D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The company operates in different segments like sale of tickets (including commission earned on the same), visa/passport services and documentation, insurance services, forex services, car rental services, corporate services, hotel, cruise and Euro rail passes, Haj and Umrah Tours etc.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was established as proprietary concern in 1978 and reconstituted as a private limited company in the year 2001. It is approved by International Air Transport Association (IATA) and is the member of Travel Agent Association of India.

 

Subject is an old and well-established company having satisfactory track record.

 

For the financial year ended 2014, company possesses healthy operational risk profile and it has achieved sales turnover of Rs. 1139.900 Million with profit of Rs. 189.200 Million as compared to previous turnover (2013) of Rs. 1004.100 Million along with a profit of Rs. 177.900 Million.

 

Company possesses healthy financial risk profile marked by adequate net worth base and decent profitability margins of the company.

 

Rating also takes into consideration promoter’s experience extensive industry experience backed by established market position in the airlines ticketing segment.

 

Rating strength partially offset by cyclical nature of airlines industry and highly competitive and fragmented nature of tourism industry.

 

However, trade relations are reported as fair. Payment terms are reported to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long-term Bank Facilities = BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

22.04.2015

 

Rating Agency Name

CARE

Rating

Short-term Bank Facilities = A3

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

22.04.2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Anmol

Designation :

Account Department

Contact No.:

91-22-30012209

Date :

24.07.2015

 

 

LOCATIONS

 

Registered Office :

69-71, Akbar Bhavan, 1st Floor, Janjikar Street, Near Crawford Market, Mumbai – 400003, Maharashtra, India

Tel. No.:

91-22-30012209/40666444

Fax No.:

91-22-23432222

E-Mail :

headoffice@akbartravels.in

 

 

DIRECTORS

 

As on 29.09.2014

 

Name :

Mr. Abdul Nazar Karupam Veetil

Designation :

Managing Director

Address :

Nowroj Mansion CHS Limited, Flat No. 4, 3rd Floor, Wode House Road, N. P. Road, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

12.03.1959

Date of Appointment :

26.09.2001

DIN No.:

00989276

 

 

Name :

Mr. Noorjahan Abdul Nazar

Designation :

Director

Address :

Nowroj Mansion CHS Limited, Flat No. 4, 3rd Floor, Wode House Road, N. P. Road, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

10.03.1967

Date of Appointment :

26.09.2001

DIN No.:

01419676

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajendra Nedu Parambil

Designation :

CFO

Address :

Flat no. 707, Dosti Blossom, Dosti Acres Indian, Home Pipe Cmpd, Wadala (East), Mumbai – 400037, Maharashtra, India

Date of Birth/Age :

01.06.1964

Date of Appointment :

30.06.2014

PAN No.:

AAZPN6301Q

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Abdul Nazar Karupam Veetil

19950000

44.33

Noorjahan Abdul Nazar

50000

0.11

Abdul Nazar Karupam Veetil (Proprietor of M/s. Benzy Tours and Travels)

25000000

55.56

 

 

 

Total

45000000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The company operates in different segments like sale of tickets (including commission earned on the same), visa/passport services and documentation, insurance services, forex services, car rental services, corporate services, hotel, cruise and Euro rail passes, Haj and Umrah Tours etc.

 

 

Products :

Item Code No.

Product Description

9985

Travel Agent / Travel Services

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Bank of Baroda, Crowford Market Branch, Dada Manzil, 67/69, Mohammed Ali Road, Mumbai – 400003, Maharashtra, India
  • The South Indian Bank Limited, Fort Branch, EMCA Sadan, Ground Floor, 289, S.B. Singh Road, Fort, Mumbai – 400038, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee term loan from banks

152.895

73.341

Other loans and advances

9.045

6.994

 

 

 

SHORT TERM BORROWING

 

 

Loans repayable on demand from banks

1483.598

1558.095

 

 

 

Total

1645.538

1638.43

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Natarajan and Iyyappan Associates

Chartered Accountants

Address :

A-502, Moraj Manor, Off Palm Beach Road, Sector 14, Sanpada, Navi Mumbai-400703, Maharashtra, Indias

PAN N Income-tax PAN of auditor or auditor's firm :

ALMPS5625C

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries :
  • Akbar Travels of India and Partners LLC
  • Akbar Travels of India Limited

 

·          

Associated Company :
  • Akbar Travels of India W.L.L
  • Akbar Travels of India Private (LLC)

 
  •  

Companies and firms over which Directors/ relatives are able to exercise significant influence with whom the company has entered

into business transactions.:
  • Akbar Academy of Airline Studies
  • Akbar Travels of India Car Rental Services.
  • Akbar Insurance Agency Services Private Limited
  • Akbar Online Booking Company Private Limited
  • Akbar Holidays Private Limited
  • Benzy Cafeteria .
  • Benzy Communication.
  • Benzy Food and Beverages Private Limited
  • Benzy Holidays Private Limited
  • Benzy Inn
  • Benzy Inter-Continental, Murudeshwar
  • Benzy Palace
  • Benzy Palace Andheri
  • Benzy Tours and Travels
  • Benzy Transport Corp.
  • Benzy Travels
  • Hotel Benzy
  • Hotel Benzy Palace
  • Benzy Infotech Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50,000,000

Equity Shares

Rs.10/- each

Rs. 500.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

45,000,000

Equity Shares

Rs.10/- each

Rs. 450.000 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

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

450.000

450.000

450.000

(b) Reserves & Surplus

855.364

666.079

488.168

(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)

1305.364

1116.079

938.168

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

161.940

80.335

112.311

(b) Deferred tax liabilities (Net)

10.944

10.211

11.535

(c) Other long term liabilities

25.584

32.476

24.327

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

198.468

123.022

148.173

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1484.002

1558.493

999.032

(b) Trade payables

2334.677

2396.902

2207.661

(c) Other current liabilities

153.148

212.024

271.479

(d) Short-term provisions

428.158

315.266

208.378

Total Current Liabilities (4)

4399.985

4482.685

3686.550

 

 

 

 

TOTAL

5903.817

5721.786

4772.891

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

385.467

294.293

300.767

(ii) Intangible Assets

1.780

2.763

3.944

(iii) Capital work-in-progress

0.000

0.483

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

27.150

30.716

18.691

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

52.123

38.549

34.001

(e) Other Non-current assets

0.000

0.198

0.198

Total Non-Current Assets

466.520

367.002

357.601

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

9.794

15.260

11.511

(c) Trade receivables

2920.858

2877.977

2676.234

(d) Cash and cash equivalents

441.521

1225.899

967.358

(e) Short-term loans and advances

1964.268

1126.035

700.040

(f) Other current assets

100.856

109.613

60.147

Total Current Assets

5437.297

5354.784

4415.290

 

 

 

 

TOTAL

5903.817

5721.786

4772.891

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Commission Income (Net)

1139.958

1004.101

928.965

 

Other Income

255.882

330.542

273.402

 

TOTAL

1395.840

1334.643

1202.367

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL

1092.929

1051.168

929.621

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

302.911

283.475

272.746

 

 

 

 

 

Less

TAX

113.626

105.564

109.674

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

189.285

177.911

163.072

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

666.079

488.168

289.003

 

 

 

 

 

 

Balance Carried to the B/S

855.364

666.079

488.168

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 4.21

3.95 

3.62 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

6.825

38.149

33.919

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

302.911

283.475

272.746

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

16.60

17.72

17.55

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.15

4.98

5.74

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.23

0.25

0.29

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.27

1.50

1.22

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.24

1.19

1.20

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

450.000

450.000

450.000

Reserves & Surplus

488.168

666.079

855.364

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

938.168

1116.079

1305.364

 

 

 

 

long-term borrowings

112.311

80.335

161.940

Short term borrowings

999.032

1558.493

1484.002

current maturities of long-term debts

33.919

38.149

6.825

Total borrowings

1145.262

1676.977

1652.767

Debt/Equity ratio

1.221

1.503

1.266

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Commission Income (Net)

928.965

1004.101

1139.958

 

 

8.088

13.530

 

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Commission Income (Net)

928.965

1004.101

1139.958

Profit

163.072

177.911

189.285

 

17.55%

17.72%

16.60%

 

 

 

 

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

Yes

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

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

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 three 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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Loans repayable on demand

0.404

0.398

 

 

 

Total

0.404

0.398

 

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10573651

03/06/2015

58,900,000.00

THE SOUTH INDIAN BANK LIMITED

FORT BRANCH, EMCA HOUSE, GROUND FLOOR, 289, S B S 
INGH ROAD, FORT, MUMBAI, Maharashtra - 400038, INDIA

C55832836

2

10512261

07/07/2014

640,000.00

THE SOUTH INDIAN BANK LIMITED

JOS JUNCTION, M G ROAD, ERNAKULAM, Kerala - 682016, INDIA

C14637847

3

10436976

24/06/2013

1,650,000.00

THE SOUTH INDIAN BANK LIMITED

EMCA SADAN, GROUND FLOOR, 289, S B SINGH ROAD, FORT, MUMBAI, Maharashtra - 400038, INDIA

B79681284

4

10342550

23/02/2012

1,170,000.00

Bank of Baroda

Crawford Market Branch, "Bada Manzil",, Ground Floor 67/69, Mohammed Ali Road,, Mumbai, Maharashtra 
- 400003, INDIA

B35153238

5

10330856

27/02/2013 *

125,000,000.00

THE SOUTH INDIAN BANK LIMITED

FORT BRANCH, EMCA SADAN, GROUND FLOOR, 289, S B S 
INGH ROAD, FORT, MUMBAI, Maharashtra - 400038, INDIA

B72322019

6

10259692

13/11/2010

775,000.00

The Federal Bank Ltd

Ponnani Branch Pb No 23, Chamravattom Junction, 
Malappuram (Dt), Ponnani, Kerala - 679577, INDIA

B02782571

7

10209811

02/03/2010

25,000,000.00

Bank of India

Mandvi Branch , Kanmoor House ,, 281/287 Narsi Na 
tha Street,, Mumbai, Maharashtra - 400009, INDIA

A82271925

8

10166119

05/03/2015 *

60,000,000.00

The Federal Bank Limited

Mumbai Fort Branch, P B No. 251, Bombay Samachar 
Marg, Fort, Mumbai, Maharashtra - 400001, INDIA

C46992798

9

10134339

02/12/2008

50,000,000.00

BANK OF BARODA

CRAWFORD MARKET BRANCH , DADA MANZIL, 67 / 69 MOH 
AMEDALI ROAD,, MUMBAI, Maharashtra - 400003, INDIA

A53053856

10

10062590

16/07/2007

15,000,000.00

INDIABULLS HOUSING FINANCE LIMITED

F-60 MALHOTRA BUILDING2ND FLOOR CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA

A20227112

 

*Date of charge modification

 

 

FIXED ASSETS

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.71

UK Pound

1

Rs.99.57

Euro

1

Rs.69.63

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

 

50

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.