MIRA INFORM REPORT
|
Report No. : |
314441 |
|
Report Date : |
28.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
EBAY INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
BAAZEE.COM INDIA PRIVATE LIMITED |
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|
|
|
Registered
Office : |
14th Floor, North Block, R-Tech Park, Western Express Highway,
Goregaon (East), Mumbai – 400063, Maharashtra |
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|
Country : |
India |
|
|
|
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Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
14.01.2000 |
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|
|
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Com. Reg. No.: |
11-123649 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 869.716 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH2000PTC123649 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB08331B |
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|
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PAN No.: [Permanent Account No.] |
AABCB2307H |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Online Shopping Portal and also offers Online
Advertisements. |
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|
|
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 |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “Ebay Inc., USA”. It is an established
company having satisfactory track record. Company has incurred huge accumulated losses which has eroded networth
of the company. However, the rating takes into consideration strong financial and
managerial support that company receives from its parent company back by
established market position in online shopping segment, diversified product
portfolio and distribution networks. Trade relations are fair. Business is active. Payments are reported to
be usually correct. In view of strong holding company support, 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
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-66690000 |
|
Date : |
25.03.2015 |
|
Name : |
Mr. Ashish Agrawal |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-56611323 |
|
Date : |
25.03.2015 |
LOCATIONS
|
Registered Office : |
14th Floor, North Block, R-Tech Park, Western Express Highway, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-66690000/ 56611323 |
|
Fax No.: |
91-22-66690010 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Latif Majid Nathani |
|
Designation : |
Managing director |
|
Address : |
293, Belasis Road, Kailash Apartments, E-403, Mumbai – 400008,
Maharashtra, India |
|
Date of Birth/Age : |
13.08.1974 |
|
Date of Appointment : |
20.05.2013 |
|
PAN No.: |
AFKPN2737G |
|
DIN No.: |
02117492 |
|
|
|
|
Name : |
Kyung Ho Koh |
|
Designation : |
Director |
|
Address : |
1 1871 Placer Spring CT Cupertino, 95014 California USA |
|
Date of Birth/Age : |
16.06.1963 |
|
Date of Appointment : |
20.03.2007 |
|
DIN No.: |
01352022 |
|
|
|
|
Name : |
Scott Frederick Schenkel |
|
Designation : |
Director |
|
Address : |
105 Kennedy Ct Los Gatos, CA, US, 95032 |
|
Date of Birth/Age : |
20.01.1968 |
|
Date of Appointment : |
19.10.2010 |
|
DIN No.: |
03414210 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Kumar |
|
Designation : |
Secretary |
|
Address : |
A/502, Gokul Regency-I, Asha Nagar, Thakur Complex, Kandivali (East),
Mumbai - 400101, Maharashtra, India |
|
Date of Birth/Age : |
07.07.1976 |
|
Date of Appointment : |
25.05.2012 |
|
PAN No.: |
AIOPG3599E |
|
|
|
|
Name : |
Mr. Nitin |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Ashish Agrawal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Bazee.Com Private Limited, Mauritius |
|
*82346855 |
|
Bazee.Com Inc, USA |
|
*41 |
|
|
|
|
|
Total |
|
82346896 |
NOTE: *
613872 equity shares of Rs. 10/- each has been issued to Bazee.Com Private Limited and 21 equity shares of Rs. 10/- each has been issued to Bazee.Com Inc., being shareholders of eBay Motors India Private Limited, consequent to the scheme of Amalgamation approved by the Hon’ble High Court of Bombay vide order dated July 4, 2014 to merge the eBay Motors India Private Limited [transferor Company] with the Company.
|
Names of Preference Shareholder |
|
No. of Shares |
|
Bazee.Com Private Limited, Mauritius |
|
5238610 |
|
|
|
|
|
Total |
|
5238610 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Online Shopping Portal and also offers Online
Advertisements. |
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Products/ Services : |
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Brand Names : |
· eBay · PayPal · eBay Enterprise |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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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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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West),
Mumbai – 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
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|
|
|
Ultimate Holding
company : |
eBay Inc., USA |
|
|
|
|
Holding company : |
Baazee.com Private Limited |
|
|
|
|
Fellow Subsidiary
company : |
· PayPal India Private Limited [U72200TN2006PTC058697] ·
PayPal Payments Private Limited
[U74990MH2009PTC194653] |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86,260,000 |
Equity Shares |
Rs. 10/- each |
Rs. 862.600 Millions |
|
5,740,000 |
Preference Shares |
Rs. 10/- each |
Rs. 57.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 920.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82,346,896 |
Equity Shares |
Rs. 10/- each |
Rs. 823.469 Millions |
|
5,238,610 |
Preference Shares |
Rs. 10/- each |
Rs. 52.386 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 875.855
Millions |
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86,260,000 |
Equity Shares |
Rs. 10/- each |
Rs. 862.600 Millions |
|
5,740,000 |
Preference Shares |
Rs. 10/- each |
Rs. 57.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 920.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
81,733,024 |
Equity Shares |
Rs. 10/- each |
Rs. 817.330 Millions |
|
5,238,610 |
Preference Shares |
Rs. 10/- each |
Rs. 52.386 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 869.716
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
869.716 |
869.716 |
869.716 |
|
(b) Reserves & Surplus |
(2249.746) |
(1424.397) |
(702.944) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
6.139 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(1373.891) |
(554.681) |
166.772 |
|
|
|
|
|
|
(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 |
26.751 |
28.930 |
22.581 |
|
Total
Non-current Liabilities (3) |
26.751 |
28.930 |
22.581 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1400.277 |
503.820 |
0.000 |
|
(b)
Trade payables |
261.373 |
297.228 |
132.402 |
|
(c)
Other current liabilities |
341.857 |
279.330 |
208.493 |
|
(d)
Short-term provisions |
2.355 |
2.706 |
2.363 |
|
Total
Current Liabilities (4) |
2005.862 |
1083.084 |
343.258 |
|
|
|
|
|
|
TOTAL |
658.722 |
557.333 |
532.611 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
65.273 |
60.726 |
83.536 |
|
(ii)
Intangible Assets |
5.094 |
4.987 |
8.348 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
111.811 |
84.717 |
64.825 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
182.178 |
150.430 |
156.709 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
63.567 |
45.627 |
38.448 |
|
(d)
Cash and cash equivalents |
222.213 |
207.725 |
240.756 |
|
(e)
Short-term loans and advances |
119.045 |
103.063 |
60.273 |
|
(f)
Other current assets |
71.719 |
50.488 |
36.425 |
|
Total
Current Assets |
476.544 |
406.903 |
375.902 |
|
|
|
|
|
|
TOTAL |
658.722 |
557.333 |
532.611 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
GROSS INCOME |
1076.027 |
809.897 |
508.610 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(830.276) |
(721.453) |
(152.931) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(830.276) |
(721.453) |
(152.931) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2.867 |
2.513 |
0.411 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(9.55) |
(8.30) |
(1.76) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(126.04) |
(129.45) |
(28.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60 |
1.30 |
(0.92) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.02) |
(0.91) |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.24 |
0.38 |
1.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
869.716 |
869.716 |
869.716 |
|
Reserves & Surplus |
(702.944) |
(1424.397) |
(2249.746) |
|
Share Application money pending allotment |
0.000 |
0.000 |
6.139 |
|
Net
worth |
166.772 |
(554.681) |
(1373.891) |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
503.820 |
1400.277 |
|
Total
borrowings |
0.000 |
503.820 |
1400.277 |
|
Debt/Equity ratio |
0.000 |
(0.908) |
(1.019) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Gross Income |
508.610 |
809.897 |
1076.027 |
|
|
|
59.237 |
32.860 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Gross Income |
508.610 |
809.897 |
1076.027 |
|
Profit/ (Loss) |
(152.931) |
(721.453) |
(830.276) |
|
|
(30.07%) |
(89.08%) |
(77.16%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
COMPANY INFORMATION
eBay India Private Limited a company incorporated in India, is a subsidiary of Bazee.com Private Limited, Mauritius. It is in the business of e-commerce and operates eBay Website.
eBay website is a platform for the sale of goods and
services by a diverse community of individuals and businesses. The Company
provides a platform for online buying and selling of more than 50,000
categories including collectibles, antiques, sports memorabilia, computers, IT
and office, art, antiques, toys, dolls, stamps, comics, magazines, music,
pottery, glass, photography, electronics, jewellery and gemstones between
buyers and sellers, in return for which it receives revenue in the form of
transaction fees, listing fees, feature fees, etc. from the sellers. eBay
offers secure online payment services as well. eBay also offers online
advertisements which are based upon arrangements with concerned parties and
receives Advertisement revenue. The revenue is recognized as ‘impressions’
(i.e., the number of times that an Advertisement appears in pages viewed by
users of website) and as mailers (i.e. number of mails delivered to users) over
the term of the agreement/arrangement.
BUSINESS REVIEW
During the year, the company has registered a net loss/profit of INR
(830.276) Millions as against previous year profit/Loss of INR (721.453)
Millions.
AMALGAMATION
The Board of Directors of the Company wish to inform the members that
eBay Motors India Private Limited (‘Transferor Company’) has been amalgamated
with the Company, with the Appointed Date of 01 April 2013, by virtue of the
order of the Hon’ble High Court of Bombay dated July 4, 2014 in accordance with
the Scheme of Amalgamation filed under Sections 391 to 394 of the Companies Act,
1956.
Dividend since the Company is in a growth phase and the Company intends
to grow the business operations, the directors do not propose any dividend for
the year ending 31st March, 2014.
FIXED ASSETS:
· Furniture and fixtures
· Office equipment
· Computer equipments
· Other equipments
· Leasehold improvements
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.61 |
|
|
1 |
Rs. 92.95 |
|
Euro |
1 |
Rs. 68.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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.