MIRA INFORM REPORT
|
Report No. : |
329126 |
|
Report Date : |
26.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
9X MEDIA PRIVATE LIMITED (w.e.f. 13.07.2010) |
|
|
|
|
Formerly Known
As : |
INX MEDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Urmi Corporate Park, 5th Floor, Solaris D, Opposite L and T
Gate No.6, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra |
|
Tel. No.: |
91-22-66019999 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.08.2006 |
|
|
|
|
Com. Reg. No.: |
11-163657 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.914.530 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74300MH2006PTC163657 |
|
|
|
|
IEC No.: |
0307018954 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI07321G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI5594D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the business of telecasting television channels
and providing broadcasting services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is subsidiary of “NSR-PE MAURITIUS LLC.”, Mauritius and is
having satisfactory track record. During FY-2014, the company have performed above an average and
reported top line growth of 23% in its sales turnover. Company have reported
accumulated losses over past two years marked by its negative reserves. Rating take into accounts on strong financial as well as managerial
support which company receive from its holding company backed by its zero
debt balance sheet and well known recognized brand name of “9X Group” in
telecasting television channels industry. Trade relations are fair. Business is active. Payments are reported to
be slow but correct. In view of strong support from its holding company, the company can be
considered for business dealing 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
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. Manoj Raghani |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-22-66019999 |
|
Date : |
25.06.2015 |
LOCATIONS
|
Registered Office : |
Urmi Corporate Park, 5th Floor, Solaris D, Opposite L and T
Gate No.6, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-66019999 |
|
Fax No.: |
91-22-66019898 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.12.2014
|
Name : |
Mr. Pradeep Guha |
|
Designation : |
Director |
|
Address : |
701, Krishna Heights, 12th Road, Khar (West), Mumbai –
400052, Maharashtra, India |
|
Date of Birth/Age : |
06.06.1952 |
|
Date of Appointment : |
07.09.2011 |
|
PAN No.: |
AADPG1610M |
|
DIN No.: |
00180427 |
|
|
|
|
Name : |
Mr. Shantanu Yeshwant Nalavadi |
|
Designation : |
Director |
|
Address : |
RM 2903/4/5/6, FL-29, C107, Ashok Towers 63/74, DR-SS Rao Road, Parel,
Mumbai – 400012, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1970 |
|
Qualifications: |
B.A and A.A.M.D |
|
Experience: |
33 Years |
|
Date of Appointment : |
07.09.2011 |
|
DIN No.: |
02104220 |
|
|
|
|
Name : |
Mr. Darius Dinshaw Pandole |
|
Designation : |
Director |
|
Address : |
5B, Sunhine Apartment, 15B, Maharishi Karve Road, Opposite Oval
Maidan, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
27.04.1966 |
|
Date of Appointment : |
05.04.2011 |
|
DIN No.: |
00727320 |
KEY EXECUTIVES
|
Name : |
Mr. Atul Aggarwal |
|
Designation : |
Secretary |
|
Address : |
H. No. 3284, South Patel Nagar Ranjeet Nagar, Delhi – 110008, India |
|
Date of Birth/Age : |
01.06.1980 |
|
Date of Appointment : |
04.07.2013 |
|
PAN No.: |
ADMPA5692B |
|
|
|
|
Name : |
Mr. Manoj Raghani |
|
Designation : |
General Manager Finance |
MAJOR SHAREHOLDERS
AS ON 29.12.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
9X Media Employee Trust, India |
11453000 |
12.52 |
|
Kotak Mahindra Capital Company Limited, India |
128400 |
0.14 |
|
Kotak Mahindra Trusteeship Services Limited A/c India Growth Fund, a
unit scheme of Kotak SEAF India Fund |
250001 |
0.27 |
|
NSR-PE Mauritius LLC, Mauritius |
75387096 |
82.43 |
|
Pradeep Guha |
4234503 |
4.63 |
|
|
|
|
|
Total |
91453000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.12.2014
|
Category |
Percentage |
|
Venture capital |
0.27 |
|
Foreign holdings [Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others] |
82.43 |
|
Bodies corporate |
0.15 |
|
Directors or relatives of Directors |
4.63 |
|
Other top fifty shareholders |
12.52 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of telecasting television channels
and providing broadcasting services. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
PAN
No. : |
AABFS5321N |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
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Collaborators : |
Not Divulged |
|
|
|
|
Holding Company : |
NSR-PE Mauritius LLC |
|
|
|
|
Subsidiary : |
INX Music Private Limited |
|
|
|
|
Fellow Subsidiary : |
Paul Entertainments Private Limited |
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|
|
|
Enterprises owned or significantly
influenced by key management personnel or their relatives : |
INX Media UK Limited (till June, 2013) |
CAPITAL STRUCTURE
AS ON 29.12.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91478000 |
Equity Shares |
Rs.10/- each |
Rs.914.780 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91453000 |
Equity Shares |
Rs.10/- each |
Rs.914.530 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 |
914.530 |
714.530 |
714.530 |
|
(b) Reserves & Surplus |
(452.562) |
(335.925) |
54.568 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
183.871 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
461.968 |
562.476 |
769.098 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
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 |
2.927 |
3.249 |
1.871 |
|
Total Non-current
Liabilities (3) |
2.927 |
3.249 |
1.871 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
41.891 |
0.000 |
|
(b) Trade
payables |
121.901 |
135.397 |
73.650 |
|
(c) Other current
liabilities |
200.295 |
129.909 |
148.061 |
|
(d) Short-term
provisions |
3.645 |
3.830 |
2.835 |
|
Total Current
Liabilities (4) |
325.841 |
311.027 |
224.546 |
|
|
|
|
|
|
TOTAL |
790.736 |
876.752 |
995.515 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
44.219 |
35.947 |
52.769 |
|
(ii)
Intangible Assets |
1.620 |
2.205 |
2.518 |
|
(iii)
Capital work-in-progress |
0.086 |
1.271 |
0.534 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
81.250 |
81.250 |
95.066 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
175.568 |
168.362 |
222.822 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
302.743 |
289.035 |
373.709 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.645 |
0.645 |
21.818 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
363.006 |
313.232 |
269.506 |
|
(d) Cash
and cash equivalents |
40.856 |
86.948 |
189.790 |
|
(e)
Short-term loans and advances |
83.295 |
186.892 |
140.648 |
|
(f) Other
current assets |
0.191 |
0.000 |
0.044 |
|
Total
Current Assets |
487.993 |
587.717 |
621.806 |
|
|
|
|
|
|
TOTAL |
790.736 |
876.752 |
995.515 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Advertisement revenue (net of service tax) |
1239.964 |
1007.881 |
918.002 |
|
|
|
Income from Subscription revenue (net of service tax) |
11.686 |
196.696 |
17.455 |
|
|
|
Income from Digital |
12.200 |
10.440 |
0.000 |
|
|
|
Syndication |
0.000 |
0.000 |
6.785 |
|
|
|
Other Income |
53.425 |
74.104 |
59.573 |
|
|
|
TOTAL |
1317.275 |
1112.094 |
1001.815 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Content and Production cost |
290.280 |
352.040 |
214.775 |
|
|
|
Personnel Expenses |
303.816 |
275.937 |
259.380 |
|
|
|
Administrative & General Cost including financial
expenses |
797.108 |
844.214 |
445.874 |
|
|
|
TOTAL |
1391.204 |
1472.191 |
920.029 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(73.929) |
(360.097) |
81.786 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
17.707 |
30.396 |
35.573 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(91.636) |
(390.493) |
46.213 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
25.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
2.692 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(116.636) |
(390.493) |
43.521 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.28) |
(5.46) |
0.61 |
|
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 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(12.92) |
(49.17) |
5.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
(0.69) |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.07 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.89 |
2.77 |
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 |
714.530 |
714.530 |
914.530 |
|
Reserves & Surplus |
54.568 |
(335.925) |
(452.562) |
|
Share Application money pending
allotment |
0.000 |
183.871 |
0.000 |
|
Net worth |
769.098 |
562.476 |
461.968 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
41.891 |
0.000 |
|
Total
borrowings |
0.000 |
41.891 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.074 |
0.000 |
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 |
|
Total
Income |
1001.815 |
1112.094 |
1317.275 |
|
|
|
11.008 |
18.450 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total
Income |
1001.815 |
1112.094 |
1317.275 |
|
Profit |
43.521 |
(390.493) |
(116.636) |
|
|
4.34% |
(35.11%) |
(8.85%) |
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 |
NOTE: Registered office
has been shifted from Urmi Corporate Park, 1st Floor, Solaris D,
Opposite L and T Gate No.6, Powai, Mumbai – 400072, Maharashtra, India to the
present address w.e.f. 01.07.2013
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10561681 |
23/03/2015 |
220,000,000.00 |
HDFC Bank Limited |
4th Tower B, Peninsula Business Park, Lower Parel, Mumbai, Maharashtra - 400013, India |
C50171495 |
FIXED ASSETS:
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Leasehold Improvements
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.63.61 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
43 |
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.