MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MGH LOGISTICS PRIVATE LIMITED |
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Registered Office : |
304, Marine Chambers, New Marine Lines, Churchgate, Mumbai-400020,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
22.04.2002 |
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Com. Reg. No.: |
11-135607 |
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CIN No.: [Company
Identification No.] |
U63090MH2002PTC13607 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM27885E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Freight and Forwarding. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Small company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company and yet to establish itself. The
company has not started commercial activities till last available financials
as of 31.03.2005. No payment or further details could be available. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
304, Marine Chambers, New Marine Lines, Churchgate, Mumbai-400020,
Maharashtra, India |
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Tel. No.: |
91-22-22055858 |
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Branches : |
Located at : Bangladesh v Chittagong v Khulna United Kingdom China Sri Lanka Nepal Pakistan v Lahore India v Delhi v Mumbai v Chennai v Bangalore v Tirupur v Kolkata |
DIRECTORS
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Name : |
Mr. Arun T Arora |
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Designation : |
Director |
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Address : |
93, Makea Tower, K Cuffe Parade, Mumbai-400006, Maharashtra |
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Date of Birth/Age : |
03.01.1947 |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mr. Gopalkrishnan Mahadevan |
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Designation : |
Director |
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Address : |
3-604, Sad Leela, Near Pillai College, Sector 70, B 16, New
Panvel-410206, Maharashtra |
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Date of Birth/Age : |
29.03.1961 |
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Date of Appointment : |
22.04.2002 |
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Name : |
Mr. Haqve Gazin Anis Ahmed |
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Designation : |
Director |
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Address : |
House 24, Road 4, Block K, Dhaka, Police Station Gulshan, District
Dhaka, Bangladesh |
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Date of Appointment : |
13.06.2005 |
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Name : |
Mr. Hudda S S Shahed |
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Designation : |
Director |
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Address : |
36-5, Nooranee, Subid Bazar Sylhez, Bangladesh |
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Date of Appointment : |
13.06.2005 |
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Date of Ceasing : |
30.09.2005 |
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Name : |
Mr. Saadullah S M S I Zakir |
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Designation : |
Director |
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Address : |
House No.13, road No.34, Sector 7, Dhaka, Bangladesh |
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Date of Birth/Age : |
30.12.1959 |
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Date of Appointment : |
29.09.2005 |
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Date of Ceasing : |
30.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Arun T Arora |
5000 |
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Mr. Gopalkrishnan Mahadevan |
5000 |
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Galileo (Nepal) Pte Limited |
490000 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Freight and Forwarding. |
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Products : |
Freight and Forwarding |
GENERAL
INFORMATION
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No. of Employees : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A K Kochar & Associates Chartered Accountants |
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Address : |
25, Dimple Arcade, Asha Nagar, Kandivali (East), Mumbai-400101,
Maharashtra, India |
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Tel. No.: |
91-22-28540412 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.100 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.100 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.100 |
0.100 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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0.100 |
0.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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0.015 |
0.015 |
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Net Current Assets |
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0.085 |
0.085 |
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MISCELLANEOUS EXPENSES |
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0.015 |
0.015 |
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TOTAL |
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0.100 |
0.100 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.15 |
0.15 |
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Current Ratio (Current Asset/Current Liability) |
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6.67 |
6.67 |
LOCAL AGENCY
FURTHER INFORMATION
Directors Report :
The company carries out the business of freight, forwarding and
warehousing. During the year the company looks into various options and alternatives.
Since the company has not started any commercial activity, no Profit and Loss
account has been prepared.
The directors do not recommend any dividend for the year under review.
During the year the company has not done any manufacturing of its own.
Conservation the company is not a manufacturing company, no particulars
with respect to of energy is given.
Website Details :
Subject has core business interest and investments in International
Transportation, Contract Logistics, Aviation Services, Commercial Banking, and
Information Technology, respectively. Since the inception of the group in 1992,
the business portfolios have experienced quantum growth positioning each of the
business segments in the group as a distinct leader.
Enabling customers business processes the core competency of subject.
Whether strengthening a supply chain process, setting up a "quick
response" stock replenishment program, managing "Just-in-time"
inventory, helping travel agents access over 500 airlines reservation systems,
facilitating FMCG, and Pharmaceutical manufacturers in reaching over 60,000
retail outlets or making Banking easier for consumers, these are some of the
unique enabling propositions which result in excellence and profit to the
customer's bottom line.
Business
Supply Chain
Enabling world class retailers to manage
sourced materials from vendor's finishing line to the store racks.
Shipping
Subject represents
as general agents CSAV, Norasia, CSCL, Yang Ming Line, Orient Express Line.
Galileo
International Chicago: the number one Computer Reservation System in Bangladesh
with 362 travel agents with 544 terminals.
Banking
Subject has major
investments in Eastern Bank Ltd. and Bangladesh Commerce Bank Ltd.
Seamless coordination
from secondary retailing to integrated sales and operations planning
(S&OP).
A 50/50 Joint
Venture between ABC Group and MGH Group. The Terminal is supported by brand new
Kalmar Equipment.
Media Distribution
MGH Infocomm
represents Star Television Network as the authorized distributor for the
territory of Bangaldesh
Aviation
Renaissance
Aviation Services limited represents South African Airways, Garuda Indonesia,
Air Mauritius and Egypt Air as the GSA in Bangladesh.
Enhancing people's
abilities with interactive solutions to reach their potential, attain customer
satisfaction and increased efficiency.
Myshipment.com
Web
portal developed for shipping industry for cargo tracking, booking, and
Industry specific reports that has enabled in efficient work flow, well-timed
data availability, no paper work and high customer satisfaction.
Retiltrack.net
Web
portal with complete focus on retail sales in distribution business that helps
in forecasting in inventory management, purchase and sales
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.74 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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20 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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