MIRA INFORM REPORT
|
Report No. : |
342280 |
|
Report Date : |
24.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
JR TOLL ROAD PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai –
400710, Maharashtra |
|
Tel. No.: |
91-22-30386290 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
09.12.2009 |
|
|
|
|
Com. Reg. No.: |
11-197721 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.107 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203MH2009PTC197721 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction of Roads. |
|
|
|
|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Special Purpose Vehicle (SPV) majorly promoted by
Reliance Infra (controlled by Mr. Anil D. Ambani) a toll road project on a Build,
Operate and Transfer basis from Jaipur to Reengus Stretch of National Highway
– II which links the city of Agra to Bikaner through Jaipur. The project has
been completed and toll collection has started. For the financial year ended 2014, the company recently completed its
project which has led to losses incurred. Management has registered decent
sales turnover. The rating derives the strength from financial position of the company
and healthy networth base. Trade relations are fair. Business is active. Payments are usually
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 loan= A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March, 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
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Binayak Triparti |
|
Designation : |
Project Manager |
|
Contact No.: |
91-9309371204 |
|
Date : |
24.09.2015 |
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai –
400710, Maharashtra |
|
Tel. No.: |
91-22-30386290 / 30098181 |
|
Mobile No.: |
91-9309371204 (Mr. Binayak) |
|
Fax No.: |
91-22-30376633 / 30098128 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
2nd Floor, Devidas Lane, Off SVP Road, Near Devidas Lane Telephone Exchange,
Borivali (West), Mumbai – 400103, Maharashtra, India |
|
Tel. No.: |
91-22-30098251 |
|
Fax No.: |
91-22-30098261 |
DIRECTORS
AS ON 27.09.2014
|
Name : |
Mr. Sudhir Rao Hoshing |
|
Designation : |
Director |
|
Address : |
Flat No.604, Tower II, Challenger Tower, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
18.08.1964 |
|
Date of Appointment : |
09.12.2009 |
|
DIN No.: |
02460530 |
|
|
|
|
Name : |
Mr. Ajey Jaswantrai Joshi |
|
Designation : |
Director |
|
Address : |
K / 602, Gokul Vihar II, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1955 |
|
Date of Appointment : |
09.08.2013 |
|
DIN No.: |
01814893 |
KEY EXECUTIVES
|
Name : |
Mr. Binayak Triparti |
|
Designation : |
Project Manager |
MAJOR SHAREHOLDERS
AS ON 27.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Reliance Infrastructure Limited, India |
5138 |
48.00 |
|
AAA Communication Private Limited, India |
2783 |
26.00 |
|
Jiangsu Provincial Transportation Engineering Group Co. Limited, China |
2783 |
26.00 |
|
|
|
|
|
Total |
10704 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2014
|
Category |
Percentage |
|
Foreign holdings [Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others] |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction of Roads. |
|
|
|
|
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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|
|
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Terms : |
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|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
MKPS and Associates Chartered Accountants |
|
Address : |
1001 A Wing, Rassaz Castle, 10th Floor, Gundavli, Andheri
East, Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-65236959 |
|
Fax No.: |
91-22-26870770 |
|
E-mail : |
|
|
Website : |
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|
PAN No.: |
AASFM8070A |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Enterprises over which key management personnel and their relatives
have significant influence : |
·
Reliance Infrastructure Limited, India · AAA Communication Private Limited, India ·
Jiangsu Provincial Transportation Engineering
Group Company Limited, China |
CAPITAL STRUCTURE
AS ON 27.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6400000 |
Equity Shares |
Rs.10/- each |
Rs.64.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10704 |
Equity Shares |
Rs.10/- each |
Rs.0.107 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 |
0.107 |
0.107 |
0.107 |
|
(b) Reserves & Surplus |
773.836 |
651.411 |
(0.235) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
63.893 |
639.800 |
639.800 |
|
Total
Shareholders’ Funds (1) + (2) |
837.836 |
1291.318 |
639.672 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4500.567 |
3443.240 |
1840.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
165.475 |
257.733 |
150.617 |
|
(d) long-term
provisions |
0.465 |
0.700 |
0.228 |
|
Total Non-current
Liabilities (3) |
4666.507 |
3701.673 |
1990.845 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
22.500 |
0.000 |
|
(b) Trade
payables |
50.264 |
404.508 |
0.000 |
|
(c) Other
current liabilities |
74.801 |
43.042 |
369.430 |
|
(d) Short-term provisions |
0.076 |
0.064 |
0.021 |
|
Total Current
Liabilities (4) |
125.141 |
470.114 |
369.451 |
|
|
|
|
|
|
TOTAL |
5629.484 |
5463.105 |
2999.968 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4.523 |
1.604 |
0.885 |
|
(ii)
Intangible Assets |
5107.259 |
0.019 |
0.068 |
|
(iii)
Capital work-in-progress |
434.723 |
5211.530 |
2625.482 |
|
(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 |
9.325 |
32.555 |
220.173 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5555.830 |
5245.708 |
2846.608 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
49.164 |
86.937 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and
cash equivalents |
11.137 |
121.238 |
2.256 |
|
(e)
Short-term loans and advances |
62.517 |
46.995 |
64.167 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
73.654 |
217.397 |
153.360 |
|
|
|
|
|
|
TOTAL |
5629.484 |
5463.105 |
2999.968 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
254.498 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.034 |
|
|
|
TOTAL (A) |
254.498 |
0.000 |
0.034 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
3.947 |
|
|
|
|
|
Other Expenses |
46.366 |
|
|
|
|
|
TOTAL (B) |
50.313 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
204.185 |
|
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
283.037 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(78.852) |
|
|
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
79.557 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(158.409) |
0.000 |
0.034 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(158.409) |
0.000 |
0.023 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(14799.05) |
0.00 |
2.19 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
58.380 |
19.460 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
(159.360) |
0.000 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
(62.24) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
80.23 |
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(3.05) |
0.00 |
0.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.44 |
2.70 |
2.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59 |
0.46 |
0.42 |
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 |
0.107 |
0.107 |
0.107 |
|
Reserves & Surplus |
(0.235) |
651.411 |
773.836 |
|
Share Application money pending
allotment |
639.800 |
639.800 |
63.893 |
|
Net
worth |
639.672 |
1291.318 |
837.836 |
|
|
|
|
|
|
long-term borrowings |
1840.000 |
3443.240 |
4500.567 |
|
Short term borrowings |
0.000 |
22.500 |
0.000 |
|
Current Maturities of Long term debt |
0.000 |
19.460 |
58.380 |
|
Total
borrowings |
1840.000 |
3485.200 |
4558.947 |
|
Debt/Equity
ratio |
2.876 |
2.699 |
5.441 |
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 |
0.034 |
0.000 |
254.498 |
|
|
|
(100.000) |
|
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 |
0.034 |
0.000 |
254.498 |
|
Profit |
0.023 |
0.000 |
(158.409) |
|
|
67.65% |
|
(62.24%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
Yes |
|
17 |
Details of sister concerns |
No |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
The Company was set up with the objective to Design, Engineering, Construction, Operation and Maintenance for 4/6 laning of Jaipur to Reengus section of National Highway -11 in Rajasthan for 52.650 km.
The Company commenced construction of the project during 2009 and the project is expected to go operational in 1st quarter of financial year 2014-15. During the year the Company has collected toll charges aggregating about Rs. 253.500 Million.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Sub Ordinate Debts from Reliance Infrastructure Limited, Holding Company |
688.407 |
0.000 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Loans and advances
from related parties |
|
|
|
Inter Corporate Deposit from Reliance Infrastructure Limited, Holding Company |
0.000 |
22.500 |
|
|
|
|
|
Total |
688.407 |
22.500 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10269932 |
25/01/2011 |
3,890,000,000.00 |
Axis Trustee Services Limited |
2nd Floor - E, Axis House,, Bombay Dyeing Mill Compound, P. B. Marg, Worli, Mumbai, Maharashtra - 400005, India |
B06481808 |
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer Software
·
Toll Collection Rights
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.65.97 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
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 |
5 |
|
--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 |
|
45 |
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.