MIRA
INFORM REPORT
|
Report Date : |
06.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
EDHAYAM
FROZEN FOODS PRIVATE LIMITED |
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Registered Office : |
3/52 –
B, Krishnarajapuram, Tuticorin – 628002, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
23.01.1995 |
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Com. Reg. No.: |
18-29921 |
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CIN No.: [Company
Identification No.] |
U15431TN1995PTC029921 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer,
Exporter, Rearing and Trader of Sea Food |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
175000 |
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Status : |
-- |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having satisfactory track records. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company
can be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered/Administrative Office/Factory : |
3/52 –
B, Krishnarajapuram, Tuticorin – 628002, Tamilnadu |
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Tel. No.: |
91-461-2361354/2360952/2360346/2360117 |
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Fax No.: |
91-461-2362693/2361109 |
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E-Mail : |
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Website : |
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Factory |
Theva & Company 5 / 55, Senthilam Pannai, Pudukottai, Tuticorin, Tamil Nadu, India Tel -
91 461 227 1367 / 227 1368 Fax - 91 461 227 1569 |
DIRECTORS
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Name : |
Mr. D
Paulpandi |
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Designation : |
Chairman
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Profile : |
Responsible for the source of raw materials all along the lower East and South coasts of India & Production Incharge. |
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Name : |
Mr. D
Durairaj |
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Designation : |
Director
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Profile : |
Controls general administration, finance and export marketing |
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Name : |
Mr. D
Sathiyanathan |
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Designation : |
Director
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Profile :: |
Procurement of raw material from local areas and maintenance of ice plant. Spare parts Business and Boat components. |
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Name : |
Mr. D
Manoharan |
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Designation : |
Director
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Profile : |
In-charge of Plant and Machinery maintenance and Vehicle movements |
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Name : |
Mr. D
Anbazhagan |
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Designation : |
Director
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Profile : |
Takes care of prawn feed marketing and assists raw material purchases |
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Name : |
Mr. D
Neesar Prince Giftson |
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Designation : |
Director
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Name : |
Ms. P
Jeyasusila |
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Designation : |
Director
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr. D
Neesar Prince Giftson |
2000 |
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Ms. P
Jeyasusila |
2000 |
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Mr. D
Paulpandi |
148000 |
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Mr. D
Durairaj |
148000 |
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Mr. D
Sathiyanathan |
147000 |
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Mr. D
Manoharan |
147000 |
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Mr. D
Anbazhagan |
147000 |
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Total |
741000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter, Rearing and Trader of Sea Food |
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Products : |
v Reef cod v Emperor v Seerfish v Black
Pomfret v Silver
Pomfret v Swimming
Crab (Female) v Swimming
Crab (Male) v H.L. Flower
Prawns v H.L. White
Prawns v Cuttlefish
Whole Cleaned v Octopus v Sooparai v Silver Belly v Anchovy v Red Mullet v Half Beaks v
HL Black Tiger |
GENERAL
INFORMATION
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Bankers : |
Canara
Bank, Beach Road, Tuticorin |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Auditors : |
M.
Arumugam Chartered
Accountant |
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Associates/Subsidiaries : |
Diamond
seafood Exports Kadalkanni
Frozen Foods Theva
& Comapny King
ICE Plant |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.625 |
30.145 |
20.238 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.625 |
40.145 |
30.238 |
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LOAN FUNDS |
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1] Secured Loans |
87.632 |
109.295 |
81.437 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
87.632 |
109.295 |
81.437 |
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DEFERRED TAX LIABILITIES |
1.925 |
1.301 |
1.987 |
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TOTAL |
137.182 |
150.741 |
113.662 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.509 |
37.488 |
35.376 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.429 |
0.429 |
0.427 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
57.575
|
61.214 |
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Sundry Debtors |
25.740
|
40.090 |
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Cash & Bank Balances |
17.426
|
13.621 |
90.977 |
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Other Current Assets |
2.389
|
3.713 |
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Loans & Advances |
2.580
|
1.788 |
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Total Current Assets |
105.710
|
120.426 |
90.977 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
1.617
|
4.416 |
13.118 |
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Provisions |
3.849
|
3.186 |
0.000 |
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Total Current Liabilities |
5.466
|
7.602 |
13.118 |
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Net Current Assets |
100.244
|
112.824 |
77.859 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
137.182 |
150.741 |
113.662 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
458.218 |
380.425 |
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Profit/(Loss)
Before Tax |
|
11.953 |
12.055 |
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Provision
for Taxation |
|
4.474 |
2.148 |
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Profit/(Loss)
After Tax |
|
7.479 |
9.907 |
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Export
Value |
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411.966 |
188.810 |
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Total
Expenditure |
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446.264 |
368.370 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
1.63
|
2.60 |
-- |
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Net
Profit Margin (PBT/Sales) |
(%) |
2.60
|
3.16 |
-- |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
8.40
|
7.63 |
-- |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.25
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0.30 |
-- |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.95
|
2.91 |
5.70 |
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Current
Ratio (Current
Asset/Current Liability) |
|
19.33
|
15.84 |
6.93 |
LOCAL AGENCY
FURTHER INFORMATION
The Group of
Companies
Mr. S. Devanesam, their Founder Chairman
was initially a small line fishing vessel operator, hails from a fishing
hamlet-near Tuticorin, the historic Pearl city in the South east Coast of
Peninsula. His foresightedness in the world trade of seafood has versioned a
feature for the nation in sea food industry inspired him to put up a unit to
process and export frozen seafood in a humble way in 1976. His untiring and
dedicated work with the ardent help of his cherished children enables the
company to scale new peaks in seafood business and the group company has
attained an unprecedental growth touching an annual turnover of Rs. 758.000
million in 1997-1998 from Rs. 0.500 Millions at the time of inception. The
goals and missions set for the future trading of the company is far reaching
and the company is dynamic in product improvement and market diversification.
The Company aspires to capture principal position in the export of seafood from India. The Company with young, educated and experienced work force backed by Executives who are professionals in the trade and are hopeful of achieving the cherished vision of their company
Plant Location:
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1. |
Door No. |
3 / 52 |
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Street |
Krishnarajapuram |
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Place |
Tuticorin |
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State |
Tamil
Nadu, South India |
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Country |
India |
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2. |
Nearest Air Port |
Tuticorin
/ Madurai / Trivandrum |
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3. |
Distance from Air Port |
22 km
/ 160 km / 180 km |
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4. |
Nearest Sea Port |
Tuticorin |
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5. |
Distance from Sea Port |
10 km |
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6. |
Nearest Railway Station |
Tuticorin |
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7. |
Distance from Railway Station |
3 km |
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8. |
Source of Water |
Municipal
Portable Water and own Bore well water |
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9. |
Availability of Power |
Permanent
Power connection is available for the plant. As a Generator 320 KVA is
installed. |
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10. |
Availability of communication facilities |
STD / ISD Telephone services, Fax
and Telex Facilities are available. |
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11. |
Freezing Capacity |
10
Tons Per day (Plate Freezer) |
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12. |
Cold Store Capacity |
500
Tons Three Chamber |
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13. |
Ice Capacity |
50
Tons Can Ice |
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14. |
Chill Room |
50
Tons |
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15 |
Processing Hall |
2 No.
s (200 workers capacity) |
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16. |
Pre Processing Hall |
2 No.
s(100 workers capacity) |
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17. |
Workers |
350
workers (Male & Female) |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records 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 records 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.44.45 |
|
UK
Pound |
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.57.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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