MIRA INFORM REPORT

 

 

Report No. :

326936

Report Date :

15.06.2015

 

IDENTIFICATION DETAILS

 

Name :

LM WIND POWER BLADES (INDIA) PRIVATE LIMITED (w.e.f.12.05.2010)

 

 

Formerly Known As :

LM GLASFIBER (INDIA) PRIVATE LIMITED (w.e.f.19.12.2002)

 

LM GLASFIBER (INDIA) LIMITED

 

 

Registered Office :

Plot No.85, Kiadb Industrial Area, Dabaspet, Nelamangala Taluka, Bangalore-562111, Karnataka

Tel. No.:

91-80-67764815/66470200

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

21.05.1993

 

 

Com. Reg. No.:

08-026157

 

 

Capital Investment / Paid-up Capital :

Rs. 126.000 Million

 

 

CIN No.:

[Company Identification No.]

U31101KA1993PTC026157

 

 

IEC No :

0794012183

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACL3093R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in Manufacturing and Selling of Rotor Blades for Wind Turbine Generators.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 6500000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having fine track record.

 

Subject is a subsidiary of its parent company “LM Wind Power A/S Denmark.” LMWPL Manufacturers blades of various sizes, which are used in wind power turbines.

 

Rating takes into consideration excellent profit margin backed by good liquidity position of the company.

 

 

Rating also takes into consideration. Subjects Strong operating linkages with the parent company and its established relationship with clients. in the industry.

 

 

Subject 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.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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 DENIED BY

 

Name :

Mr. Vijay Kumar

Designation :

Assistant Manager Finance

Contact No.:

91-80-67764800

Date :

12.06.2015

 

LOCATIONS

 

Registered Office :

Plot No.85, Kiadb Industrial Area, Dabaspet, Nelamangala Taluka, Bangalore-562111, Karnataka, India

Tel. No.:

91-80-67764800/66470200

Fax No.:

Not Available

E-Mail :

mas@imwindpower.com

 

 

Manufacturing Plant:

Located At:

 

Dobaspet, Bangalore, India

 

 

DIRECTORS

 

As on 29.12.2014

 

Name :

Mr. Neeraj Bisaria

Designation :

Director

Address :

A-304, Samvridhi Gardenia, Sahakara Nagar, Bangalore-560092, Karnataka, India

Date of Birth/Age :

01.07.1971

Qualification:

MBA IIM – B, B.Tech Electrical Engineering

Experience:

22 Years

Date of Appointment :

23.09.2014

PAN No.:

ABKPB3561A

DIN No.:

02833292

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31101KA1993PTC026157

LM Wind Power Blades (India) Private Limited

Managing director

23/09/2014

12/11/2009

-

Active

NO

 

Name :

Mr. Damien Harte

Designation :

Director

Address :

Prinsengracht 574-II, KR, Amsterdam, 1017, Netherlands

Date of Birth/Age :

07.06.1956

Date of Appointment :

30.09.2013

DIN No.:

06395163

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31101KA1993PTC026157

LM Wind Power Blades (India) Private Limited

Director

30/09/2013

09/11/2012

30/06/2014

Active

NO

 

 

Name :

Richard Srinivasa Reddy

Designation :

Director r

Address :

Birkealle 8, Skaerbaek, 6780, Denmark

Date of Birth/Age :

11.04.1957

Date of Appointment :

30.09.2013

DIN No.:

06424695

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31101KA1993PTC026157

LM Wind Power Blades (India) Private Limited

Director

30/09/2013

09/11/2012

-

Active

NO

 

 

Name :

Ms. Kareti Srinivasa Reddy

Designation :

Director

Address :

No. 10024, 2 Floor, Block – 10, Milford, Prestige Wellington Park, G.G.C, Bangalore – 560013, Karnataka, India

Date of Birth/Age :

02.03.1975

Date of Appointment :

29.12.2014

DIN No.:

06429729

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U72300KA2004PTC035163

CAE SIMULATION TECHNOLOGIES PRIVATE LIMITED

Additional director

20/11/2012

20/11/2012

01/05/2013

Active

NO

2

U31101KA1993PTC026157

LM Wind Power Blades (India) Private Limited

Director

29/12/2014

10/11/2014

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Ms.Priyanka Sethia

Designation :

Secretary

Address :

366, 4th Main, 2nd Floor, Pipeline Vijaynagar, Bangalore – 560040, Karnataka, India

Date of Birth/Age :

08.09.1989

Date of Appointment :

01.09.2014

PAN No.:

BREPS9873F

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.12.2014

 

Names of Shareholders

No. of Shares

LM Wind Power A/S, Denmark

12599990

LM Wind Blades (ND) INC

5

LM Wind Power Blades (Ponferrada), S.A (LMPSA)

3

LM Glasfiber (Holland) B.V. (LMSBV)

2

Total

12600000

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.12.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in Manufacturing and Selling of Rotor Blades for Wind Turbine Generators.

 

 

Products :

Item Code No.

Product Description

85030090

Rotor Blades

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

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 Name

BNP Paribas

Branch

MG Road, Bangalore, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

Price Waterhouse and Company

 Chartered Accountants

Address :

5th Floor, Tower D, The Millenia, 1 and 2, Murphy Road, Ulsoor, Bangalore-560008, Karnataka, India

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

AADFP9359C

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Immediate Holding Company :

LM Wind Power A/S, Denmark (LMD)

 

 

Ultimate Holding Company:

LM Wind Power Holding A/S, Denmark (LMD)

 

 

Fellow Subsidiary

company:
  • LM Wind Power Espanola, S.A. (LMSA)
  • LM Wind Power (Tianjin) Company Limited, China (LMT)
  • LM Wind Power Deutschland GmbH (LMGH)
  • LM Wind Power (ND), Inc (LM (ND) Inc)
  • LM Wind Power Poland Sp. z.o.o (LMPSp)
  • LM Wind Power (Services) B.V.(LMSBV)
  • LM Wind Power Canada Inc. (LMC Inc)
  • LM Wind Power Bl. (Little Rock) (LMBL)
  • LM Wind Power Technologies (India) Private Limited
  • LM Wind Power Blades(Jiangsu) company limited(LMJG)
  • LM Wind Power Blades (Ponferrada), (S.A) (LMPSA)
  • LM Wind Powern Blades (Qunhuangdao) Company Limited(LMQHD)
  • LM Wind Power Blades (Xinjang) Company Limited(LMX)
  • LM Powerm Services (Spain) SL (LM Spain Service)
  • Svendborg Brakes Korea Company Limited (Svendborg)

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12600000

Equity Shares

Rs.10/- each

Rs. 126.000  Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12600000

Equity Shares

Rs.10/- each

Rs. 126.000Million

 

 

 

 

 

 

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

126.000

126.000

126.000

(b) Reserves & Surplus

2165.996

1678.908

1145.234

(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)

2291.996

1804.908

1271.234

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

359.926

377.622

418.525

(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

34.553

155.734

199.077

Total Non-current Liabilities (3)

394.479

533.356

617.602

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

40.000

0.000

0.000

(b) Trade payables

2353.191

2145.481

1614.380

(c) Other current liabilities

1202.280

1081.467

945.817

(d) Short-term provisions

96.696

155.877

159.351

Total Current Liabilities (4)

3692.167

3382.825

2719.548

 

 

 

 

TOTAL

6378.642

5721.089

4608.384

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1454.185

1646.307

1760.801

(ii) Intangible Assets

177.146

259.156

246.106

(iii) Capital work-in-progress

1.495

0.193

45.172

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

321.204

425.767

332.699

(d)  Long-term Loan and Advances

301.797

212.275

216.442

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

2255.827

2543.698

2601.220

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

23.625

(b) Inventories

1120.485

613.666

764.632

(c) Trade receivables

2096.397

2371.827

359.592

(d) Cash and cash equivalents

882.514

124.028

662.428

(e) Short-term loans and advances

22.913

67.870

195.248

(f) Other current assets

0.506

0.000

1.639

Total Current Assets

4122.815

3177.391

2007.164

 

 

 

 

TOTAL

6378.642

5721.089

4608.384

 

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL INCOME          

5913.932

6436.125

4867.841

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL EXPENSES     

5082.429

5675.519

4091.044

 

 

 

 

 

 

PROFIT BEFORE TAX

804.493

760.606

769.378

 

 

 

 

 

Less

TAX                                                     

317.404

226.933

247.632

 

 

 

 

 

 

PROFIT AFTER TAX

487.089

533.673

521.746

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

304.320

119.454

5.894

 

TOTAL EARNINGS

304.320

119.454

5.894

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Travelling and Conveyance and Other

44.851

393.613

332.052

 

TOTAL IMPORTS

44.851

438.464

725.665

 

 

 

 

 

 

Earnings Per Share (Rs.)

38.66

42.36

40.82

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

8.24

8.29

10.72

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

14.06

11.82

15.96

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

13.28

14.36

18.19

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.35

0.42

0.61

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.17

0.21

0.33

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.12

0.94

0.74

 

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

126.000

126.000

126.000

Reserves & Surplus

1145.234

1678.908

2165.996

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

1271.234

1804.908

2291.996

 

 

 

 

long-term borrowings

418.525

377.622

359.926

Short term borrowings

0.000

0.000

40.000

CURRENT MATURITIES OF LONG-TERM DEBTS

0.000

0.000

0.000

Total borrowings

418.525

377.622

399.926

Debt/Equity ratio

0.329

0.209

0.174

 

 

 

 

 

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)

Sales

4867.841

6436.125

5913.932

 

 

32.217

(8.113)

 

 

 

 

NET PROFIT MARGIN

 

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

4867.841

6436.125

5913.932

Profit

521.746

533.673

487.089

 

10.72%

8.29%

8.24%

 

 

 

 

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

No

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

No

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

 

 

NOTE: Registered office of the company has been shifted from 61 and 62, Kasaba Industrial Area, Hosakote, Area, Hosakote, Bangalore-562111, Karnataka, India to the present address w.e.f. 1.04.2009

BUSINESS OPERATIONS OVERVIEW AND OUTLOOK:

 

The Company has achieved a sales turnover of Rs.5447.147 Million as compared to Rs. 6309.819 Million achieved in the previous year ended 31st March 2013. The Company earned and profit before tax of Rs. 804.493 Million as compared to Rs. 760.606 Million earned in the previous period. The Wind Energy market in India is poised for significant growth in the coming years and the Company has geared up to meet the market challenges. The Company endeavors to maximize its strong and satisfied customer base, to maintain its impeccable track record of quality and efficiency to the customer’s utmost satisfactory levels and achieving greater profitability during the years to come.

 

 

DISCLOSURE OF GENERAL INFORMATION ABOUT COMPANY:

 

LM Wind Power Blades (India) Private Limited the “Company” incorporated on May 21, 1993, which is a subsidiary of LM Wind Power A/S, Denmark, is engaged in manufacturing and selling of Rotor Blades for wind turbine generators. The Company has manufacturing plant at Dobaspet, Bangalore, India and sells wind turbine rotor blades primarily in India and abroad.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Borrowing

359.926

377.622

Short-term borrowings

 

 

Borrowing

40.000

0.000

 

 

 

Total

399.926

377.622

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

FIXED ASSETS

 

·         Freehold Land

·         Leasehold Land

·         Building

·         Plant and Machinery

·         Data Processing Equipments

·         Furniture and Fixtures

·         Motor 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.64.03

UK Pound

1

Rs.99.27

Euro

1

Rs.71.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

PJA

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

62

 

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.