MIRA INFORM REPORT
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Report No. : |
321483 |
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Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ASCENT HOTELS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 114, Dr. E Moses Road, Mumbai - 400018, Maharashtra |
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Tel. No.: |
91-22-24818919 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.07.2005 |
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Com. Reg. No.: |
11-154475 |
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Capital
Investment / Paid-up Capital : |
Rs. 349.717 million |
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CIN No.: [Company Identification
No.] |
U55101MH2005PTC154475 |
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TIN: |
0306006235 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA26101F |
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PAN No.: [Permanent Account No.] |
AAFCA2878Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The subject is engaged into the business of hotels. |
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No. of Employees
: |
Above 100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (22) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company is continuously incurring heavy losses which has resulted into
fully erosion of net worth. Borrowings recorded by the company are also huge. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = C |
|
Rating Explanation |
Poor credit quality and high limited prospects of recovery. |
|
Date |
January 23, 2015 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A4 |
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Rating Explanation |
Minimal degree of safety and carry very high credit risk. |
|
Date |
January 23, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Hitesh |
|
Designation : |
Assistant Manager Account |
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Contact No.: |
91-22-24818910 |
|
Date : |
07.05.2015 |
LOCATIONS
|
Registered Office : |
Plot No. 114, Dr. E Moses Road, Mumbai - 400018, Maharashtra, India |
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Tel. No.: |
91-22-66627770/ 24818910/ 24818919 |
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Fax No.: |
91-22-66528088 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 29.09.2014
|
Name : |
Mr. Adarsh Rajkumar Katia |
|
Designation : |
Director |
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Address : |
5th floor, Krishnabad Building, Gamadai Road, Mumbai -
400026, Maharashtra, India |
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Date of Birth/Age : |
15.11.1980 |
|
Date of Appointment : |
06.07.2005 |
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Din No.: |
00136214 |
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|
Name : |
Mr. Rajkumar Subhkaran Jatia |
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Designation : |
Director |
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Address : |
5th floor, Krishnabad Building, Warden Road, Mumbai -
400026, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1951 |
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Date of Appointment : |
06.07.2005 |
|
Din No.: |
00136303 |
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|
|
|
Name : |
Mr. Somnath Biswas |
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Designation : |
Nominee director |
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Address : |
Sr. No. 51, Bilding No.C1, Flat No. 403, Citadel, Enclave BT Kawade
Road, Near Rome, Ghorpadi, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
14.06.21967 |
|
Date of Appointment : |
29.09.2014 |
|
Din No.: |
06607023 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh |
|
Designation : |
Assistant Manager Account |
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|
|
|
Name : |
Mr. Mohammad Labban |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Adarsh Rajkumar Jatia |
|
7400 |
|
Bridgestone Developers Private Limited, Mauritius |
|
28294762 |
|
Vascon Engineers Limited, India |
|
6669492 |
|
Total |
|
34971654 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
99.98 |
|
Directors or relatives of Directors |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged into the business of hotels. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
-- |
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Countries : |
UK |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 Days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
Above 100 (Approximately) |
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Bankers : |
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Facilities : |
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Financial
Institution: |
Infrastructure Development Finance Company Limited, KRM Tower, 8th
Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamilnadu, India |
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Auditors : |
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Name : |
Sushil Budhia Associates Chartered Accountants |
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Address : |
1103 Level-11, Universal Majestic, B/H R B K International School, Ghatkopar Mankhurd Link Road, Chembur Mumbai – 400088, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ABEFS9500J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Entities controlled
by Directors or their relatives: |
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Firms controlled by
directors or their relatives |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
34,971,654 |
Equity Shares |
Rs.10/- each |
Rs. 349.717 Million |
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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 |
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|
|
|
(a) Share Capital |
349.717 |
349.717 |
349.717 |
|
(b) Reserves & Surplus |
(388.140) |
100.852 |
468.578 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
37.500 |
37.500 |
37.500 |
|
Total Shareholders’
Funds (1) + (2) |
(0.923) |
488.069 |
855.795 |
|
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3935.563 |
3710.089 |
3250.552 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.342 |
0.341 |
29.983 |
|
(d) long-term
provisions |
25.704 |
8.974 |
1.724 |
|
Total Non-current
Liabilities (3) |
3961.609 |
3719.404 |
3282.259 |
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(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
254.256 |
254.964 |
229.020 |
|
(b) Trade
payables |
25.306 |
12.894 |
36.521 |
|
(c) Other
current liabilities |
289.385 |
154.392 |
107.353 |
|
(d) Short-term
provisions |
11.215 |
16.651 |
4.140 |
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Total Current
Liabilities (4) |
580.162 |
438.901 |
377.034 |
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TOTAL |
4540.848 |
4646.374 |
4515.088 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
4292.916 |
4435.116 |
3300.293 |
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(ii) Intangible
Assets |
13.680 |
17.561 |
20.192 |
|
(iii)
Capital work-in-progress |
55.576 |
54.623 |
885.646 |
|
(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 |
47.723 |
32.813 |
24.229 |
|
(e) Other
Non-current assets |
19.909 |
2.016 |
22.661 |
|
Total Non-Current
Assets |
4429.804 |
4542.129 |
4253.021 |
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(2)
Current assets |
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
14.150 |
21.579 |
22.088 |
|
(c) Trade
receivables |
23.937 |
18.216 |
16.842 |
|
(d) Cash
and cash equivalents |
41.419 |
28.371 |
202.006 |
|
(e) Short-term
loans and advances |
14.109 |
16.339 |
4.051 |
|
(f) Other
current assets |
17.429 |
19.740 |
17.080 |
|
Total
Current Assets |
111.044 |
104.245 |
262.067 |
|
|
|
|
|
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TOTAL |
4540.848 |
4646.374 |
4515.088 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
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Other Income |
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TOTAL |
589.531 |
487.094 |
447.293 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
509.909 |
453.377 |
415.937 |
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Advertising Expenses |
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TOTAL |
509.909 |
453.377 |
415.937 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
79.622 |
33.713 |
31.356 |
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Less |
FINANCIAL
EXPENSES |
399.449 |
271.349 |
276.494 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(319.827) |
(237.632) |
(245.138) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
169.165 |
125.624 |
115.051 |
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|
PROFIT / (LOSS)
BEFORE TAX, AND PERIOD ADJUSTMENTS |
(488.992) |
(363.256) |
(360.189) |
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|
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Less |
PRIOR PERIOD
ADJUSTMENTS |
0.000 |
4.470 |
4.763 |
|
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|
PROFIT / (LOSS)
BEFORE TAX |
(488.992) |
(367.726) |
(364.952) |
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|
Less |
TAX |
0.000 |
0.000 |
0.000 |
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|
PROFIT / (LOSS)
AFTER TAX |
(488.992) |
(367.726) |
(364.952) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(947.998) |
(580.272) |
(215.320) |
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BALANCE CARRIED
TO THE B/S |
(1436.990) |
(947.998) |
(580.272) |
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EARNINGS IN
FOREIGN CURRENCY |
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|
Sales of Room / F&B Income |
271.187 |
217.681 |
205.779 |
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TOTAL EARNINGS |
271.187 |
217.681 |
205.779 |
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Earnings /
(Loss) Per Share (Rs.) |
(13.98) |
(10.51) |
(10.44) |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
700.000 |
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|
The above information has been parted by Mr. Mr. Hitesh (Assistant
Manager Account)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(10.90) |
(8.01) |
(10.06) |
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Return on Investment (ROI) (PBT/Networth) |
|
529.79 |
(0.75) |
(0.43) |
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Debt Equity Ratio (Total Debt /Networth) |
|
(4539.35) |
8.12 |
4.07 |
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Current Ratio (Current Asset/Current Liability) |
|
0.19 |
0.24 |
0.70 |
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 |
349.717 |
349.717 |
349.717 |
|
Reserves & Surplus |
468.578 |
100.852 |
(388.140) |
|
Share Application money pending allotment |
37.500 |
37.500 |
37.500 |
|
Net worth |
855.795 |
488.069 |
(0.923) |
|
|
|
|
|
|
long-term borrowings |
3250.552 |
3710.089 |
3935.563 |
|
Short term borrowings |
229.020 |
254.964 |
254.256 |
|
Total borrowings |
3479.572 |
3965.053 |
4189.819 |
|
Debt/Equity ratio |
4.066 |
8.124 |
(4,539.349) |
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 |
447.293 |
487.094 |
589.531 |
|
|
|
8.898 |
21.030 |
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 |
447.293 |
487.094 |
589.531 |
|
Profit/ Loss |
(364.952) |
(367.726) |
(488.992) |
|
|
(81.59%) |
(75.49%) |
(82.95%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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 |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE OF THE COMPANY:
Hyatt Regency Pune completed three years & six months of operations in March 2014 with full inventory of 222 rooms in the hotel block with an additional 79 Apartments added to the inventory in early 2013. Hyatt Regency Pune is the only hotel in Pune having serviced apartments as well as hotel rooms, which is its unique selling point. The presence of apartment units has helped/ is expected to continue to assist us in getting long term business and increase the Average Length of Stay (ALOS) for the hotel. The long stay nature of the apartments would boost the top-line by generating additional revenue in various outlets of the Hotel e.g. Food & Beverage outlets, Spa, Laundry and other revenue centers.
During the Financial Year 2013-2014, the Company earned a total income of Rs. 589.531 Million as against Rs. 487.094 Million of the previous Financial Year which includes revenue from its hotel operations of Rs. 582.693 Million against revenue of Rs. 480.450 Million of the previous Financial Year.
Financial Year 2013-14 witnessed a growth in Total revenue of 21% as compared to the previous year FY 12-13. The EBITDA (Operating) for Financial Year 2013-2014 stood at Rs. 67.566 Million as against Rs. 22.500 Million of previous financial year. The Operating Expenses increased marginally and were in line with inflation having grown by 12.47%. The financing costs expensed however increased significantly from Rs 260.132 Million to Rs 387.393 Million in line with the capitalization of Rs 1134.800 Million at the end of financial year FY 12-13.
During the Financial Year 2013-2014, ARR stood at Rs. 545.900 Million with occupancy of 54.4% against the previous Financial Year 2012-2013, ARR of Rs. 579.400 Million at the occupancy level of 49.2%.
BUSINESS OVERVIEW
The Indian Economy recorded its lowest GDP growth rate in a decade at 5% in 2012/2013; a stark departure from the 9.3% growth rate achieved a couple of years ago. Successive cuts to key lending rates to control inflation, a consequent rise in borrowing costs, poor availability of overseas credit, sluggish industrial output and weak private-public sector investment were the key reasons behind the deceleration.
Pune which is a business travel destination as opposed to being a tourist attraction suffered on account of declining interest in local business sentiment. The idea behind the apartment building was also to leverage on the expat business / professional community that would book long stays. This business too was impacted with the apartment growth curve becoming less steep on account of the sustained downturn in the economy.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
156.170 |
40.710 |
|
Other loans and advances, others |
209.900 |
206.650 |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
203.321 |
205.029 |
|
Total |
569.391 |
452.389 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10330822 |
25/11/2011 |
2,970,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR, 25, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B30250484 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Outstanding bank guarantees |
185.428 |
|
Total |
185.428 |
FIXED ASSETS
- Land
- Air Conditioner
- Furniture and Fixtures
- Office Equipments
- Generator
- Computers and Peripherals
- Vehicles
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.63.88 |
|
|
1 |
Rs.97.21 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
22 |
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.