MIRA INFORM REPORT
|
Report No. : |
339848 |
|
Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE BRANDS LIMITED |
|
|
|
|
Registered
Office : |
Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East) Mumbai – 400060, Maharashtra |
|
Tel. No.: |
91-9322653564 (Mr. Sanjay Rathi) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.11.2006 |
|
|
|
|
Com. Reg. No.: |
11-165722 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.218.975 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2006PLC165722 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF0462H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is involved in the business of creating, developing, managing,
acquiring and dealing in consumer-related brands and IPRs (Intellectual
Property Rights). |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of the Future Group – one of India’s largest
retailers. It is an established company having satisfactory track record. There is hefty Debt level which leads to create risk to liquidity
position of the company. However, the rating continues to derive strength from the experienced
management of Future Brands Limited, strong parentage and operational
synergies with the future group. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank
facilities = BBB- |
|
Rating Explanation |
Have moderate
degree of safety and carry moderate credit risk. |
|
Date |
April 02, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Sanjay Rathi |
|
Designation : |
Legal Advisor |
|
Contact No.: |
91-9322653564 |
|
Date : |
03.09.2015 |
LOCATIONS
|
Registered Office : |
Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East) Mumbai – 400060, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9322653564 (Mr. Sanjay Rathi) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 25.09.2014
|
Name : |
Mr. Santosh Desai |
|
Designation : |
Managing Director |
|
Address : |
64, Friends Colony-East, Mathura Road, New Delhi - 110065, India |
|
Date of Birth/Age : |
24.01.1963 |
|
Date of Appointment : |
29.01.2007 |
|
DIN No.: |
01237902 |
|
|
|
|
Name : |
Mr. Chandra Prakash Toshniwal |
|
Designation : |
Director |
|
Address : |
A-407/408,A-Wing, Oberoi Splendor, Jogeshwari Vikhroli Link Road, Andheri (East), Mumbai - 400060, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1966 |
|
Date of Appointment : |
22.11.2006 |
|
DIN No.: |
00036303 |
|
|
|
|
Name : |
Ms. Ashni Biyani Kishore |
|
Designation : |
Director |
|
Address : |
304, Jeevan Vihar, Manav Mandir Road, Mumbai, 400006, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1984 |
|
Date of Appointment : |
14.08.2010 |
|
DIN No.: |
00058775 |
|
|
|
|
Name : |
Mr. Ravie Manoharlal Lalpurria |
|
Designation : |
Director |
|
Address : |
701, Shakti Building, Mistry Complex, Near Om Nagar, J.B. Nagar, Andheri (E), Mumbai - 400059, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
02707789 |
|
|
|
|
Name : |
Mr. Abhishek Taparia |
|
Designation : |
Director |
|
Address : |
A/203, 2nd Floor, A Wing, Nirman Residency CHS, Rajmata Jijabai Road, Pump House, Andheri East, Mumbai - 400093, Maharashtra, INDIA |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
06974437 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Rathi |
|
Designation : |
Legal Advisor |
MAJOR SHAREHOLDERS
As on 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Future Ideas Company Limited |
|
19472494 |
|
Future Ideas Company Limited jointly with Sanjay Rathi |
|
1 |
|
Future Ideas Company Limited jointly with Chandra Prakash Toshniwal |
|
1 |
|
Future Ideas Company Limited jointly with Rajesh Kalyani |
|
1 |
|
Future Ideas Company Limited jointly with Pankaj Patel |
|
1 |
|
Future Ideas Company Limited jointly with Arun Bhandari |
|
1 |
|
Future Ideas Company Limited jointly with Vimal Dhruve |
|
1 |
|
Surplus Finvest Private Limited |
|
2000000 |
|
Future Corporate Resources Limited |
|
250000 |
|
C P Toshniwal, Ashni Biyani, Trustees – Future Brands Employees Stock Option Trust |
|
175000 |
|
Assicurazioni Generali Società per Azioni |
|
65700 |
|
Total |
|
21963200 |
As on 25.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.20 |
|
Others |
0.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is involved in the business of creating, developing, managing,
acquiring and dealing in consumer-related brands and IPRs (Intellectual
Property Rights). |
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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 : |
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
|
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 : |
(Rs.
In Million)
|
|
Financial Institute : |
Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing
Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra,
India |
|
|
|
|
Auditors : |
|
|
Name : |
Lunawat and Company Chartered Accountants |
|
Address : |
54, Darya Ganj, New Delhi – 110002, India |
|
PAN No.: |
AAAFL1539M |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
Future Ideas Company Limited, India |
|
|
|
|
Subsidiary company
: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26500000 |
Equity Shares |
Rs.10/- each |
Rs.265.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21897500 |
Equity Shares |
Rs.10/- each |
Rs.218.975
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 |
218.975 |
218.975 |
218.975 |
|
(b) Reserves &
Surplus |
356.241 |
331.893 |
235.572 |
|
(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) |
575.216 |
550.868 |
454.547 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4095.811 |
4059.774 |
657.000 |
|
(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 |
6.836 |
5.606 |
4.435 |
|
Total Non-current
Liabilities (3) |
4102.647 |
4065.380 |
661.435 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
234.305 |
0.000 |
7.007 |
|
(b) Trade payables |
206.512 |
378.736 |
388.462 |
|
(c) Other current
liabilities |
185.516 |
13.539 |
75.423 |
|
(d) Short-term provisions |
1.408 |
1.192 |
14.993 |
|
Total Current Liabilities
(4) |
627.741 |
393.467 |
485.885 |
|
|
|
|
|
|
TOTAL |
5305.604 |
5009.715 |
1601.867 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5.898 |
6.426 |
6.918 |
|
(ii) Intangible Assets |
1755.065 |
662.108 |
515.918 |
|
(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 |
233.691 |
233.690 |
233.601 |
|
(c) Deferred tax assets
(net) |
99.100 |
96.937 |
96.480 |
|
(d) Long-term Loan and Advances |
768.333 |
1387.131 |
3.533 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.090 |
|
Total Non-Current Assets |
2862.087 |
2386.292 |
856.540 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
450.000 |
450.000 |
0.000 |
|
(c) Trade receivables |
706.949 |
496.944 |
556.410 |
|
(d) Cash and cash
equivalents |
7.373 |
131.198 |
17.771 |
|
(e) Short-term loans and
advances |
1279.195 |
1545.281 |
0.000 |
|
(f) Other current assets |
0.000 |
0.000 |
171.146 |
|
Total Current Assets |
2443.517 |
2623.423 |
745.327 |
|
|
|
|
|
|
TOTAL |
5305.604 |
5009.715 |
1601.867 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
939.819 |
803.432 |
616.754 |
|
|
Other Income |
194.915 |
1.582 |
1.960 |
|
|
TOTAL |
1134.734 |
805.014 |
618.714 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
449.613 |
800.126 |
147.592 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
(450.000) |
0.000 |
|
|
Employees benefits
expense |
113.709 |
103.048 |
64.796 |
|
|
Other expenses |
147.536 |
134.509 |
337.477 |
|
|
TOTAL |
710.858 |
587.683 |
549.865 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
423.876 |
217.331 |
68.849 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
326.206 |
96.192 |
39.562 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
97.670 |
121.139 |
29.287 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
69.937 |
0.937 |
0.876 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
27.733 |
120.202 |
28.411 |
|
|
|
|
|
|
|
Less |
TAX |
3.386 |
23.882 |
(1.604) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
24.347 |
96.320 |
30.015 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.11 |
4.39 |
1.37 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
157.500 |
0.000 |
58.566 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from |
730.452 |
(2992.580) |
128.129 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.59 |
11.99 |
4.87 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
45.10 |
27.05 |
11.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.56 |
2.57 |
2.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.22 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
7.80 |
7.37 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.89 |
6.67 |
1.53 |
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 |
218.975 |
218.975 |
218.975 |
|
Reserves & Surplus |
235.572 |
331.893 |
356.241 |
|
Net worth |
454.547 |
550.868 |
575.216 |
|
|
|
|
|
|
long-term borrowings |
657.000 |
4059.774 |
4095.811 |
|
Short term borrowings |
7.007 |
0.000 |
234.305 |
|
Current Maturities of
Long Term Debt |
58.566 |
0.000 |
157.500 |
|
Total borrowings |
722.573 |
4059.774 |
4487.616 |
|
Debt/Equity ratio |
1.590 |
7.370 |
7.802 |
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 |
616.754 |
803.432 |
939.819 |
|
|
|
30.268 |
16.976 |
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 |
616.754 |
803.432 |
939.819 |
|
Profit |
30.015 |
96.320 |
24.347 |
|
|
4.87% |
11.99% |
2.59% |
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 |
No |
|
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 |
No |
|
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 |
Yes |
|
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 |
BUSINESS OVERVIEW,
GROWTH AND EXPANSION
The Company is the India’s first brand IPR Company and specializes in branding services. The Company has created and will continue to create, develop, grow and protect the brand asset value of its trademarks across apparels, FMCG, household durables and general merchandise categories across Future Group formats.
During the Financial Year, the Company has acquired 7 brands viz. Ateesa, Navrasa, Primadiva, Morepankh, J Jo, Ignite and Hey.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Fully convertible debentures intercorporate |
657.000 |
657.000 |
|
Loans and advances from related parties |
886.354 |
700.000 |
|
SHORT TERM
BORROWING |
|
|
|
Loans and advances from related parties |
147.113 |
0.000 |
|
Total |
1690.467 |
1357.000 |
INDEX OF CHARGES
|
S.
No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10532796 |
24/09/2014 |
1,750,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61, NEHRU PLACE, NEW DELHI - 110019, INDIA |
C34575696 |
|
2 |
10394294 |
24/07/2013 * |
2,800,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA |
B84277284 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
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- Office Equipment
- Computer Equipments
- Other Equipments
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.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Information Gathered
by : |
MNJ |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.